Tower Semiconductor Reports 2023 Fourth Quarter and Full Year Financial Results
|
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. | | | | | | | | |
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