| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
| (dollars and share count in thousands, except per share data) | |||||||
| Year ended | |||||||
| December 31, | |||||||
| 2023 | 2022 | ||||||
| REVENUES | $ | 1,422,680 | $ | 1,677,614 | |||
| COST OF REVENUES | 1,069,161 | 1,211,306 | |||||
| GROSS PROFIT | 353,519 | 466,308 | |||||
| OPERATING COSTS AND EXPENSES: | |||||||
| Research and development | 79,808 | 83,911 | |||||
| Marketing, general and administrative | 72,454 | 80,282 | |||||
| Restructuring income, net * | (32,506 | ) | (9,559 | ) | |||
| Merger-contract termination fee, net ** | (313,501 | ) | -- | ||||
| (193,745 | ) | 154,634 | |||||
| OPERATING PROFIT | 547,264 | 311,674 | |||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 37,578 | (19,701 | ) | ||||
| PROFIT BEFORE INCOME TAX | 584,842 | 291,973 | |||||
| INCOME TAX EXPENSE, NET | (65,312 | ) | (25,502 | ) | |||
| NET PROFIT | 519,530 | 266,471 | |||||
| Net income attributable to non-controlling interest | (1,036 | ) | (1,902 | ) | |||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 518,494 | $ | 264,569 | |||
| BASIC EARNINGS PER SHARE | $ | 4.70 | $ | 2.42 | |||
| Weighted average number of shares | 110,289 | 109,349 | |||||
| DILUTED EARNINGS PER SHARE | $ | 4.66 | $ | 2.39 | |||
| Weighted average number of shares | 111,216 | 110,754 | |||||
| * Restructuring 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 | $ | 518,494 | $ | 264,569 | |||
| Stock based compensation | 27,931 | 24,215 | |||||
| Amortization of acquired intangible assets | 1,923 | 2,033 | |||||
| Restructuring income, net *** | (11,224 | ) | (7,056 | ) | |||
| Merger-contract termination fee, net **** | (289,988 | ) | -- | ||||
| ADJUSTED NET PROFIT | $ | 247,136 | $ | 283,761 | |||
| ADJUSTED EARNINGS PER SHARE: | |||||||
| Basic | $ | 2.24 | $ | 2.60 | |||
| Diluted | $ | 2.22 | $ | 2.56 | |||
| *** Restructuring 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 Fourth Quarter and Full Year Financial Results
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