TowerJazz Reports Results for the First Quarter of 2018 and Second Quarter Guidance Growth
| | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
RECONCILIATION OF CERTAIN FINANCIAL DATA (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | |
Three
months
ended | | | |
March 31,
| |
December 31, | |
March 31,
| | | |
2018 | |
2017
| |
2017 | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | |
GAAP NET PROFIT
|
$ |
26,118 |
$ |
147,211 | |
$ |
45,509 | | | |
Stock based compensation
| |
3,367 | |
3,481 | | |
2,098 | | | |
Amortization of acquired intangible assets
| |
1,661 | |
1,564 | | |
2,336 | | | |
Non-recurring items related to long term investments
| |
--
| |
3,009 | | |
--
| | | |
Income tax benefit resulted from Israeli deferred tax asset realization following valuation allowance release,
see (a) above | |
--
| |
(82,370 |
) | |
--
| | | |
Income tax benefit related to U.S. tax reform,
see (a) above | |
--
| |
(12,970 |
) | |
--
| | | | | | | | | | |
ADJUSTED NET PROFIT |
$ |
31,146 |
$ |
59,925 | |
$ |
49,943 | | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT PER SHARE
: | | | | | | | | | |
Basic
|
$ |
0.32 |
$ |
0.61 | |
$ |
0.53 | | | |
Diluted
|
$ |
0.31 |
$ |
0.58 | |
$ |
0.50 | | | |
Fully diluted
|
$ |
0.31 |
$ |
0.58 | |
$ |
0.49 | | | | | | | | | | |
ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | | | | | | | | | |
Basic
|
$ |
31,146 |
$ |
59,925 | |
$ |
49,943 | | | |
Diluted
|
$ |
31,146 |
$ |
62,216 | |
$ |
52,100 | | | |
Fully diluted
|
$ |
33,486 |
$ |
62,216 | |
$ |
52,100 | | | | | | | | | | |
NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | | | | | | | |
Basic
| |
98,495 | |
98,312 | | |
93,900 | | | |
Diluted
| |
101,112 | |
106,776 | | |
104,915 | | | |
Fully diluted
| |
107,717 | |
107,721 | | |
107,245 | | | | | | | | | | | | | | | | | |
EBITDA CALCULATION: | | | | | | | | | | | | | | | | |
GAAP OPERATING PROFIT
|
$ |
31,905 |
$ |
54,486 | |
$ |
52,763 | | | |
Depreciation of fixed assets
| |
47,357 | |
47,741 | | |
43,819 | | | |
Stock based compensation | |
3,367 | |
3,481 | | |
2,098 | | | |
Amortization of acquired intangible assets | |
1,661 | |
1,564 | | |
2,336 | | | | | | | | | | |
EBITDA
|
$ |
84,290 |
$ |
107,272 | |
$ |
101,016 | | | | | | | | |
|
