| 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, | |||||||
| 2024 | 2023 | ||||||
| REVENUES | $ | 1,048,931 | $ | 1,070,969 | |||
| COST OF REVENUES | 796,342 | 801,867 | |||||
| GROSS PROFIT | 252,589 | 269,102 | |||||
| OPERATING COSTS AND EXPENSES: | |||||||
| Research and development | 58,812 | 58,959 | |||||
| Marketing, general and administrative | 55,152 | 54,053 | |||||
| Restructuring income, net * | (6,270 | ) | (32,506 | ) | |||
| Merger-contract termination fee, net ** | -- | (313,501 | ) | ||||
| 107,694 | (232,995 | ) | |||||
| OPERATING PROFIT | 144,895 | 502,097 | |||||
| FINANCING AND OTHER INCOME, NET | 17,798 | 20,896 | |||||
| PROFIT BEFORE INCOME TAX | 162,693 | 522,993 | |||||
| INCOME TAX EXPENSE, NET | (8,056 | ) | (55,182 | ) | |||
| NET PROFIT | 154,637 | 467,811 | |||||
| Net income attributable to non-controlling interest | (1,911 | ) | (3,164 | ) | |||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 152,726 | $ | 464,647 | |||
| BASIC EARNINGS PER SHARE | $ | 1.38 | $ | 4.22 | |||
| Weighted average number of shares | 111,039 | 110,118 | |||||
| DILUTED EARNINGS PER SHARE | $ | 1.36 | $ | 4.18 | |||
| Weighted average number of shares | 112,135 | 111,184 | |||||
| * 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.
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| RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY: | |||||||
| GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 152,726 | $ | 464,647 | |||
| Stock based compensation | 23,153 | 21,269 | |||||
| Amortization of acquired intangible assets | 1,344 | 1,481 | |||||
| Restructuring income, net *** | (2,634 | ) | (11,224 | ) | |||
| Merger-contract termination fee, net **** | -- | (289,988 | ) | ||||
| ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 174,589 | $ | 186,185 | |||
| ADJUSTED EARNINGS PER SHARE: | |||||||
| Basic | $ | 1.57 | $ | 1.69 | |||
| Diluted | $ | 1.56 | $ | 1.67 | |||
| *** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax. | |||||||
|
**** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.
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