TowerJazz Reports First Quarter 2017 Results: Record Free Cash Flow Resulting from Strong Year over Year Growth in Revenue and Margins
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
UNAUDITED RECONCILIATION OF CERTAIN FINANCIAL DATA
| | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
T h r e e
m o n t h s
e n d e d | | | | | | | | | | |
March 31,
| | |
December 31, | | |
March 31,
| | | | | | | | | | |
2017 | | |
2016 | | |
2016 | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
45,509 | |
$ |
48,281 | |
$ |
65,944 | | | | | |
Stock based compensation
| | |
2,098 | | |
2,381 | | |
2,156 | | | | | |
Amortization of acquired intangible assets
| | |
2,336 | | |
2,777 | | |
2,241 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | | |
--
| | |
--
| | |
(627 |
) | | | | |
Gain from San Antonio acquisition, net | | |
--
| | |
--
| | |
(41,140 |
) | | | | |
San Antonio acquisition related costs | | |
--
| | |
--
| | |
3,005 | | | | | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT | |
$ |
49,943 | |
$ |
53,439 | |
$ |
31,579 | | | | | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT PER SHARE: | | | | | | | | | | | | | |
Basic | | |
$ |
0.53 | |
$ |
0.59 | |
$ |
0.37 | | | | | |
Diluted | | |
$ |
0.50 | |
$ |
0.54 | |
$ |
0.34 | | | | | |
Fully diluted, see (1) below | |
$ |
0.49 | |
$ |
0.52 | |
$ |
0.31 | | | | | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | | | | | | | | | | | | | |
Basic | | |
$ |
49,943 | |
$ |
53,439 | |
$ |
31,579 | | | | | |
Diluted | | |
$ |
52,100 | |
$ |
55,555 | |
$ |
31,579 | | | | | |
Fully diluted | |
$ |
52,100 | |
$ |
55,555 | |
$ |
33,637 | | | | | | | | | | | | | | | | | | | | | |
NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | | | | | | | | | | | |
Basic | | | |
93,900 | | |
91,235 | | |
84,521 | | | | | |
Diluted | | | |
104,915 | | |
103,613 | | |
92,902 | | | | | |
Fully diluted, see (1) below | | |
107,245 | | |
107,121 | | |
106,865 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA CALCULATION: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GAAP OPERATING PROFIT
| |
$ |
52,763 | |
$ |
55,202 | |
$ |
30,814 | | | | | |
Cost of revenue: | | | | | | | | | | | | | | |
Depreciation of fixed assets
| | |
43,819 | | |
44,874 | | |
40,064 | | | | | | |
Stock based compensation | | |
678 | | |
835 | | |
989 | | | | | | |
Amortization of acquired intangible assets | | |
2,148 | | |
2,589 | | |
2,053 | | | | | | |
San Antonio acquisition related costs | | |
--
| | |
--
| | |
3,005 | | | | | |
Research and development: | | | | | | | | | | | | | | |
Stock based compensation | | |
539 | | |
557 | | |
528 | | | | | |
Marketing, general and administrative: | | | | | | | | | | | | | | |
Stock based compensation | | |
881 | | |
989 | | |
639 | | | | | | |
Amortization of acquired intangible assets | | |
188 | | |
188 | | |
188 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | | |
--
| | |
--
| | |
(627 |
) | | | | | | | | | | | | | | | | | | | | |
EBITDA | | |
$ |
101,016 | |
$ |
105,234 | |
$ |
77,653 | | | | | | | | | | | | | | | | | | | | |
(1 |
) |
Fully diluted share count as of March 31, 2017 included all issued and outstanding securities; outstanding ordinary share count as of March 31, 2017 was 95,605. | |
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