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Tower Semiconductor Reports 2021 Fourth Quarter and Full Year Financial Results

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Tower Semiconductor
Tower Semiconductor

MIGDAL HAEMEK, Israel, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the fourth quarter and for the year ended December 31, 2021.

Fourth Quarter of 2021 Results Overview

Revenue for the fourth quarter of 2021 was $412 million, as compared to $345 million and $387 million in the fourth quarter of 2020 and in the third quarter of 2021, respectively, reflecting 19% and 7% of revenue growth, respectively. Organic revenue for the fourth quarter of 2021, defined as total revenue excluding revenues from Nuvoton in the Japanese fabs and from Maxim in the San Antonio fab, grew by 28% year over year.

Gross profit for the fourth quarter of 2021 was $100 million, 44% higher than $70 million recorded in the fourth quarter of 2020 and 17% higher than $85 million recorded in the third quarter of 2021.

Operating profit
for the fourth quarter of 2021 was $56 million, 67% higher than the $33 million recorded in the fourth quarter of 2020 and 26% higher than $44 million recorded in the third quarter of 2021.

Net profit
for the fourth quarter of 2021 was $52 million, or $0.48 basic and $0.47 diluted earnings per share, 67% higher than the $31 million or $0.29 basic and $0.28 diluted earnings per share recorded in the fourth quarter of 2020. This net profit of $52 million is 32% higher than $39 million recorded in the third quarter of 2021, which represented $0.36 basic and diluted earnings per share.

Adjusted
net profit for the fourth quarter of 2021 was $61 million (as reconciled in the tables below), resulting in adjusted basic and diluted earnings per share of $0.56 and $0.55, respectively, as compared to adjusted basic and diluted earnings per share of $0.34 for the fourth quarter of 2020, and as compared to adjusted basic and diluted earnings per share of $0.42 and $0.41, respectively, for the third quarter of 2021.

Cash flow generated from operating activities in the fourth quarter of 2021 was $134 million with investment in fixed assets of $86 million, net. During the fourth quarter of 2021, the company invested $47 million in short term deposits and marketable securities.

Full year 2021 Results Overview

Revenue for the full year of 2021 was $1.508 billion, as compared to $1.266 billion in 2020, reflecting 19% year over year revenue growth and 29% year over year organic revenue (as defined above) growth.

Gross profit for the full year of 2021 was $329 million, 41% higher than $233 million in 2020.

Operating profit for the full year of 2021 was $167 million, 83% higher than the $91 million in 2020.

Net profit for the full year of 2021 was $150 million, or $1.39 basic and $1.37 diluted earnings per share, 82% higher than the $82 million or $0.77 basic and $0.76 diluted earnings per share in 2020.

Cash flow generated from operating activities for full year of 2021 was $421 million with investment in fixed assets of $279 million, net. During the year ended December 31, 2021, the company repaid $77 million of its debt and invested $60 million in short term deposits, marketable securities and other assets, net.

Loan Refinance
During the fourth quarter of 2021, TPSCo refinanced its loan from its lenders’ consortium led by JA Mitsui (a Japanese financial institution), resulting in a JPY 11 billion long-term loan payable in seven semi-annual installments from 2024 to 2027, with a fixed interest rate of 1.95% per annum.

Guidance and Conference Call

As stated in the Company’s announcement on February 15, 2022 of its definitive agreement with Intel Corporation, the Company is not providing herewith revenue guidance for the first quarter 2022 and will not host an earnings conference call.

The Company presents its financial statements in accordance with U.S. GAAP. The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we describe in this release as “adjusted” financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission as they apply to our Company. These adjusted financial measures are calculated excluding one or both of the following: (1) amortization of acquired intangible assets and (2) compensation expenses in respect of equity grants to directors, officers, and employees. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as calculated in the tables herein, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g, research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense and (iii) amortization of acquired intangible assets. EBITDA is reconciled in the tables below from GAAP operating profit. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $134 million, $107 million and $73 million for the three months period ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively and in the amount of $421 million for the year ended December 31, 2021) less cash used for investments in property and equipment, net (in the amounts of $86 million, $88 million and $64 million for the three months period ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively and in the amount of $279 million for the year ended December 31, 2021). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the leading foundry of high value analog semiconductor solutions, provides technology and manufacturing platforms for integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating positive and sustainable impact on the world through long term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm), three facilities in Japan (two 200mm and one 300mm) which it owns through its 51% holdings in TPSCo and is sharing a 300mm manufacturing facility being established in Italy by STMicroelectronics. For more information, please visit: www.towersemi.com

CONTACTS:
Noit Levy | Investor Relations | +972 74 737 7556 | noitle@towersemi.com

This press release, including our revenue guidance and other projections with respect to our business and activities, includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements. Potential risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) over demand for our foundry services and/or products that exceeds our capacity, (iii) maintaining existing customers and attracting additional customers, (iv) high utilization and its effect on cycle time, yield and on schedule delivery which may cause customers to transfer their product(s) to other fabs, (v) operating results fluctuate from quarter to quarter making it difficult to predict future performance, (vi) impact of our debt and other liabilities on our financial position and operations, (vii) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (viii) fluctuations in cash flow, (ix) our ability to satisfy the covenants stipulated in our agreements with our lender banks, (x) pending litigation, (xi) new customer engagements, qualification and production ramp-up at our facilities,(xii) meeting the conditions set in the approval certificates received from the Israeli Investment Center under which we received a significant amount of grants in past years, (xiii) receipt of orders that are lower than the customer purchase commitments, (xiv) failure to receive orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) effect of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we manufacture products before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) the execution of debt re-financing and/or other fundraising activities to enable the service of our debt and/or other liabilities and/or for strategic opportunities, including to fund Agrate fab’s significant 300mm capacity investments, in addition to other previously announced capacity expansion plans, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at high utilization rates which is critical in order to cover a portion or all of the high level of fixed costs associated with operating a foundry, and our debt, in order to improve our results, (xxii) the purchase of equipment to increase capacity, the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) the concentration of our business in the semiconductor industry, (xxiv) product returns, (xxv) our ability to maintain and develop our technology processes and services to keep pace with new technology, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxvi) competing effectively, (xxvii) use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxviii) achieving acceptable device yields, product performance and delivery times, (xxix) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxx) our fab3 landlord’s construction project adjacent to our fabrication facility, including possible temporary reductions or interruptions in the supply of utilities and/or fab manufacturing, as well as claims that our noise abatement efforts are not adequate under the terms of the amended lease, (xxxi) retention of key employees and recruitment and retention of skilled qualified personnel, (xxxii) exposure to inflation, currency rates (mainly the Israeli Shekel and Japanese Yen) and interest rate fluctuations and risks associated with doing business locally and internationally, as well fluctuations in the market price of our traded securities, (xxxiii) issuance of ordinary shares as a result of conversion and/or exercise of any of our convertible securities, as well as any sale of shares by any of our shareholders, or any market expectation thereof, which may depress the market price of our ordinary shares and may impair our ability to raise future capital, (xxxiv) meeting regulatory requirements worldwide, including environmental and governmental regulations, (xxxv) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with Agrate fab establishment project, its qualification schedule, technology, equipment and process qualification and production facility ramp-up, customer engagements, cost structure and investment amounts and other terms, which may require additional funding to cover its significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxvi) potential impact on TPSCo and the Company due to the purchase of 49% of TPSCo by NTCJ (previously named PSCS) from Panasonic, (xxxvii) industry and market impact due to the coronavirus and its potential impact on our business, operational continuity, supply chain, revenue and profitability, (xxxviii) potential security, cyber and privacy breaches, (xxxix) our ability to satisfy the covenants stipulated in our agreements with the series G bondholders (as of December 31, 2021, we are in compliance with this indenture’s covenants), (xxxx) risks associated with the transaction announced on February 15, 2022, including the timely receipt of certain governmental and other regulatory approvals, the potential for regulatory authorities to require divestitures, behavioral remedies or other concessions in order to obtain their approval of the proposed transaction, the occurrence of any event, change or other circumstance that could give rise to a termination of the merger agreement, the effect of the announcement or pendency of the transaction on business relationships, operating results and business generally, delays, disruptions or increased costs due to the integration process with the acquirer, the potential that our shareholders may not approve the transaction, litigation related to or resulting from the transaction, difficulties to retain key personnel and customers, diverting management’s attention from the ongoing business operations, potential negative reactions or changes to business relationships resulting from the announcement or completion of the transaction, and (xxxxi) business interruption due to fire, earthquake and other natural disasters, the security situation in Israel, global trade “war”, COVID-19 pandemic, including its impact on global supply chain to the fabs and from the fabs, power interruptions and other events beyond our control.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.


(Financial tables follow)

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollars in thousands)

December 31,

September 30,

December 31,

2021

2021

2020

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

210,930

$

211,503

$

211,683

Short-term deposits

363,648

315,964

310,230

Marketable securities

190,068

190,523

188,967

Trade accounts receivable

142,228

144,878

162,100

Inventories

234,512

220,668

199,126

Other current assets

54,817

43,653

30,810

Total current assets

1,196,203

1,127,189

1,102,916

LONG-TERM INVESTMENTS

39,597

39,157

40,699

PROPERTY AND EQUIPMENT, NET

876,683

879,323

839,171

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

18,820

17,581

17,962

DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET

99,938

91,786

93,401

TOTAL ASSETS

$

2,231,241

$

2,155,036

$

2,094,149

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

Short-term debt

$

83,868

$

105,414

$

106,513

Trade accounts payable

78,712

92,989

96,940

Deferred revenue and customers' advances

39,992

31,866

10,027

Other current liabilities

73,756

69,796

59,432

Total current liabilities

276,328

300,065

272,912

LONG-TERM DEBT

230,972

212,271

283,765

LONG-TERM CUSTOMERS' ADVANCES

69,968

39,074

25,451

EMPLOYEE RELATED LIABILITIES

14,622

15,959

15,833

DEFERRED TAX AND OTHER LONG-TERM LIABILITIES

23,962

28,211

41,286

TOTAL LIABILITIES

615,852

595,580

639,247

TOTAL SHAREHOLDERS' EQUITY

1,615,389

1,559,456

1,454,902

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

2,231,241

$

2,155,036

$

2,094,149


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars and share count in thousands, except per share data)

Three months ended

December 31,

September 30,

December 31,

2021

2021

2020

REVENUES

$

412,108

$

386,706

$

345,211

COST OF REVENUES

311,935

301,330

275,602

GROSS PROFIT

100,173

85,376

69,609

OPERATING COSTS AND EXPENSES:

Research and development

22,371

21,591

19,913

Marketing, general and administrative

21,939

19,620

16,317

44,310

41,211

36,230

OPERATING PROFIT

55,863

44,165

33,379

FINANCING AND OTHER EXPENSE, NET

(372)

(2,714)

(1,498)

PROFIT BEFORE INCOME TAX

55,491

41,451

31,881

INCOME TAX EXPENSE, NET

(3,614)

(1,084)

(1,823)

NET PROFIT

51,877

40,367

30,058

Net loss (income) attributable to non-controlling interest

(138)

(1,282)

974

NET PROFIT ATTRIBUTABLE TO THE COMPANY

$

51,739

$

39,085

$

31,032

BASIC EARNINGS PER SHARE

$

0.48

$

0.36

$

0.29

Weighted average number of shares

108,768

108,354

107,762

DILUTED EARNINGS PER SHARE

$

0.47

$

0.36

$

0.28

Weighted average number of shares

110,267

109,825

108,985

RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT

$

51,739

$

39,085

$

31,032

Stock based compensation

8,815

5,452

5,190

Amortization of acquired intangible assets

506

504

365

ADJUSTED NET PROFIT

$

61,060

$

45,041

$

36,587

ADJUSTED EARNINGS PER SHARE:

Basic

$

0.56

$

0.42

$

0.34

Diluted

$

0.55

$

0.41

$

0.34



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,

2021

2020

REVENUES

$

1,508,166

$

1,265,684

COST OF REVENUES

1,179,048

1,032,366

GROSS PROFIT

329,118

233,318

OPERATING COSTS AND EXPENSES:

Research and development

85,386

78,320

Marketing, general and administrative

77,221

63,965

162,607

142,285

OPERATING PROFIT

166,511

91,033

FINANCING AND OTHER EXPENSE, NET

(11,412)

(2,345)

PROFIT BEFORE INCOME TAX

155,099

88,688

INCOME TAX EXPENSE, NET

(1,024)

(5,399)

NET PROFIT

154,075

83,289

Net income attributable to non-controlling interest

(4,063)

(987)

NET PROFIT ATTRIBUTABLE TO THE COMPANY

$

150,012

$

82,302

BASIC EARNINGS PER SHARE

$

1.39

$

0.77

Weighted average number of shares

108,279

107,254

DILUTED EARNINGS PER SHARE

$

1.37

$

0.76

Weighted average number of shares

109,798

108,480

RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT

$

150,012

$

82,302

Stock based compensation

25,144

16,988

Amortization of acquired intangible assets

1,993

1,658

ADJUSTED NET PROFIT

$

177,149

$

100,948

ADJUSTED EARNINGS PER SHARE:

Basic

$

1.64

$

0.94

Diluted

$

1.61

$

0.93



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED)

(dollars in thousands)

Three months ended

December 31,

September 30,

December 31,

2021

2021

2020

GAAP OPERATING PROFIT

$

55,863

$

44,165

$

33,379

Depreciation

64,692

63,021

56,956

Stock based compensation

8,815

5,452

5,190

Amortization of acquired intangible assets

506

504

365

EBITDA

$

129,876

$

113,142

$

95,890


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)

(dollars in thousands)

Three months ended

December 31,

September 30,

December 31,

2021

2021

2020

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

$

211,503

$

215,755

$

207,704

Net cash provided by operating activities

133,656

106,974

73,010

Investments in property and equipment, net

(85,947)

(87,714)

(64,233)

Exercise of options

48

46

1,026

Debt received (repaid), net

1,040

(29,211)

(8,147)

Effect of Japanese Yen exchange rate change over cash balance

(2,102)

(597)

1,624

Investments in short-term deposits, marketable securities and other assets, net

(47,268)

6,250

699

CASH AND CASH EQUIVALENTS - END OF PERIOD

$

210,930

$

211,503

$

211,683

Year ended

December 31,

December 31,

2021

2020

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

$

211,683

$

355,561

Net cash provided by operating activities

421,293

276,561

Investments in property and equipment, net

(279,260)

(256,539)

Exercise of options

458

2,512

Debt repaid, net

(77,315)

(63,699)

Effect of Japanese Yen exchange rate change over cash balance

(6,245)

4,357

Investments in short-term deposits, marketable securities and other assets, net

(59,684)

(107,070)

CASH AND CASH EQUIVALENTS - END OF PERIOD

$

210,930

$

211,683



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands)

Year ended

December 31,

December 31,

2021

2020

CASH FLOWS - OPERATING ACTIVITIES

Net profit for the period

$

154,075

$

83,289

Adjustments to reconcile net profit for the period

to net cash provided by operating activities:

Income and expense items not involving cash flows:

Depreciation and amortization

270,710

240,531

Effect of exchange rate differences on debentures

1,138

6,645

Other expense (income), net

(1,461)

5,215

Changes in assets and liabilities:

Trade accounts receivable

14,335

(33,087)

Other assets

(26,731)

(7,999)

Inventories

(44,192)

(2,891)

Trade accounts payable

(25,004)

(18,576)

Deferred revenue and customers' advances

74,524

(3,072)

Other current liabilities

16,850

347

Long-term employee related liabilities

(2,681)

3,936

Deferred tax, net and other long-term liabilities

(10,270)

2,223

Net cash provided by operating activities

421,293

276,561

CASH FLOWS - INVESTING ACTIVITIES

Investments in property and equipment, net

(279,260)

(256,539)

Investments in deposits, marketable securities and other assets, net

(59,684)

(107,070)

Net cash used in investing activities

(338,944)

(363,609)

CASH FLOWS - FINANCING ACTIVITIES

Debt (repaid), net

(77,315)

(63,699)

Exercise of options

458

2,512

Net cash (used in) financing activities

(76,857)

(61,187)

EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE

(6,245)

4,357

(DECREASE) IN CASH AND CASH EQUIVALENTS

(753)

(143,878)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

211,683

355,561

CASH AND CASH EQUIVALENTS - END OF PERIOD

$

210,930

$

211,683