| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
| (dollars and share count in thousands, except per share data) | |||||||
| Six months ended | |||||||
| June 30, | |||||||
| 2024 | 2023 | ||||||
| REVENUES | $ | 678,419 | $ | 712,802 | |||
| COST OF REVENUES | 518,891 | 530,568 | |||||
| GROSS PROFIT | 159,528 | 182,234 | |||||
| OPERATING COSTS AND EXPENSES: | |||||||
| Research and development | 38,945 | 38,783 | |||||
| Marketing, general and administrative | 37,720 | 36,016 | |||||
| Restructuring income, net * | (6,270 | ) | (32,506 | ) | |||
| 70,395 | 42,293 | ||||||
| OPERATING PROFIT | 89,133 | 139,941 | |||||
| FINANCING AND OTHER INCOME, NET | 11,694 | 10,921 | |||||
| PROFIT BEFORE INCOME TAX | 100,827 | 150,862 | |||||
| INCOME TAX EXPENSE, NET | (1,030 | ) | (20,788 | ) | |||
| NET PROFIT | 99,797 | 130,074 | |||||
| Net income attributable to non-controlling interest | (1,718 | ) | (7,482 | ) | |||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 98,079 | $ | 122,592 | |||
| BASIC EARNINGS PER SHARE | $ | 0.88 | $ | 1.11 | |||
| Weighted average number of shares | 110,938 | 110,025 | |||||
| DILUTED EARNINGS PER SHARE | $ | 0.88 | $ | 1.10 | |||
| Weighted average number of shares | 111,964 | 111,153 | |||||
| * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. | |||||||
| RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY: | |||||||
| GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 98,079 | $ | 122,592 | |||
| Stock based compensation | 14,542 | 13,371 | |||||
| Amortization of acquired intangible assets | 896 | 990 | |||||
| Restructuring income, net ** | (2,634 | ) | (11,224 | ) | |||
| ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 110,883 | $ | 125,729 | |||
| ADJUSTED EARNINGS PER SHARE: | |||||||
| Basic | $ | 1.00 | $ | 1.14 | |||
| Diluted | $ | 0.99 | $ | 1.13 | |||
| ** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. | |||||||
Tower Semiconductor Reports 2024 Second Quarter Financial Results
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