| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||
| (dollars and share count in thousands, except per share data) | |||||
| Nine months ended | |||||
| September 30, | |||||
| 2023 | 2022 | ||||
| REVENUES | $ 1,070,969 | $ 1,274,387 | |||
| COST OF REVENUES | 801,867 | 932,805 | |||
| GROSS PROFIT | 269,102 | 341,582 | |||
| OPERATING COSTS AND EXPENSES: | |||||
| Research and development | 58,959 | 63,205 | |||
| Marketing, general and administrative | 54,053 | 61,402 | |||
| Restructuring cost (income, net) * | (32,506) | 4,033 | |||
| Merger-contract termination fee, net ** | (313,501) | -- | |||
| (232,995) | 128,640 | ||||
| OPERATING PROFIT | 502,097 | 212,942 | |||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 20,896 | (19,646) | |||
| PROFIT BEFORE INCOME TAX | 522,993 | 193,296 | |||
| INCOME TAX EXPENSE, NET | (55,182) | (12,667) | |||
| NET PROFIT | 467,811 | 180,629 | |||
| Net loss (income) attributable to non-controlling interest | (3,164) | 616 | |||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ 464,647 | $ 181,245 | |||
| BASIC EARNINGS PER SHARE | $ 4.22 | $ 1.66 | |||
| Weighted average number of shares | 110,118 | 109,165 | |||
| DILUTED EARNINGS PER SHARE | $ 4.18 | $ 1.64 | |||
| Weighted average number of shares | 111,184 | 110,691 | |||
| * Restructuring cost (income, net) resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. | |||||
| ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost. | |||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||
| GAAP NET PROFIT | $ 464,647 | $ 181,245 | |||
| Amortization of stock based compensation | 21,269 | 17,784 | |||
| Amortization of acquired intangible assets | 1,481 | 1,523 | |||
| Restructuring cost (income, net) *** | (11,224) | 1,910 | |||
| Merger-contract termination fee, net **** | (289,988) | -- | |||
| ADJUSTED NET PROFIT | $ 186,185 | $ 202,462 | |||
| ADJUSTED EARNINGS PER SHARE: | |||||
| Basic | $ 1.69 | $ 1.85 | |||
| Diluted | $ 1.67 | $ 1.83 | |||
| *** Restructuring cost (income, net) resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. | |||||
| **** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax. | |||||
Tower Semiconductor Reports 2023 Third Quarter Financial Results
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