$TSEM
TOWER SEMICONDUCTOR LTD

2022 Q4 Form 20-F Financial Statement

#000117891323001918 Filed on May 16, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $403.2M $1.678B $412.1M
YoY Change -2.16% 11.24% 19.38%
Cost Of Revenue $278.5M $1.211B $311.9M
YoY Change -10.72% 2.74% 13.18%
Gross Profit $124.7M $466.3M $100.2M
YoY Change 24.51% 41.68% 43.93%
Gross Profit Margin 30.93% 27.8% 24.31%
Selling, General & Admin $18.88M $80.28M $21.94M
YoY Change -13.94% 3.96% 34.6%
% of Gross Profit 15.14% 17.22% 21.9%
Research & Development $20.71M $83.91M $22.37M
YoY Change -7.44% -1.73% 12.42%
% of Gross Profit 16.6% 17.99% 22.33%
Depreciation & Amortization $79.89M $292.6M $73.69M
YoY Change 8.41% 8.1% 17.16%
% of Gross Profit 64.05% 62.76% 73.57%
Operating Expenses $39.59M $164.2M $44.31M
YoY Change -10.66% 0.98% 22.4%
Operating Profit $85.14M $302.1M $55.86M
YoY Change 52.41% 81.44% 67.25%
Interest Expense -$55.00K -$19.70M -$1.833M
YoY Change -97.0% 82.26% -149.54%
% of Operating Profit -0.06% -6.52% -3.28%
Other Income/Expense, Net -$6.934M -$6.934M $1.461M
YoY Change -574.61% 1049.92% -128.1%
Pretax Income $98.68M $292.0M $55.49M
YoY Change 77.83% 88.25% 73.95%
Income Tax $12.84M $25.50M $3.614M
% Of Pretax Income 13.01% 8.73% 6.51%
Net Earnings $83.32M $264.6M $51.74M
YoY Change 61.05% 76.37% 66.9%
Net Earnings / Revenue 20.66% 15.77% 12.55%
Basic Earnings Per Share $2.42
Diluted Earnings Per Share $0.75 $2.39 $469.2K
COMMON SHARES
Basic Shares Outstanding 110.0M shares 109.3M shares
Diluted Shares Outstanding 110.8M shares

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.006B $1.006B $764.6M
YoY Change 31.54% 31.54% 7.56%
Cash & Equivalents $340.8M $340.8M $210.9M
Short-Term Investments $665.1M $665.1M $553.7M
Other Short-Term Assets $34.32M $34.32M $54.82M
YoY Change -37.39% -27.15% 77.98%
Inventory $302.1M $302.1M $234.5M
Prepaid Expenses
Receivables $152.9M $152.9M $142.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.495B $1.495B $1.196B
YoY Change 24.99% 24.99% 8.46%
LONG-TERM ASSETS
Property, Plant & Equipment $962.3M $962.3M $876.7M
YoY Change 9.76% 8.02% 4.47%
Goodwill $7.000M $7.000M
YoY Change 0.0%
Intangibles $7.031M $11.82M
YoY Change -40.52%
Long-Term Investments $8.796M $8.796M $39.60M
YoY Change -77.79% -77.79% -2.71%
Other Assets $76.15M $76.15M $99.94M
YoY Change -23.81% -11.28% 7.0%
Total Long-Term Assets $1.052B $1.052B $1.035B
YoY Change 1.68% 1.68% 4.42%
TOTAL ASSETS
Total Short-Term Assets $1.495B $1.495B $1.196B
Total Long-Term Assets $1.052B $1.052B $1.035B
Total Assets $2.548B $2.548B $2.231B
YoY Change 14.18% 14.18% 6.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.9M $150.9M $78.71M
YoY Change 91.75% 91.75% -18.77%
Accrued Expenses $253.0K
YoY Change -95.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $62.28M $62.28M $83.87M
YoY Change -25.75% -21.52% -21.25%
Total Short-Term Liabilities $387.4M $387.4M $276.3M
YoY Change 40.19% 40.19% 1.26%
LONG-TERM LIABILITIES
Long-Term Debt $210.1M $210.1M $231.0M
YoY Change -9.05% -5.11% -18.61%
Other Long-Term Liabilities $40.89M $40.89M $84.59M
YoY Change -51.66% -56.59% 104.82%
Total Long-Term Liabilities $251.0M $251.0M $315.6M
YoY Change -20.47% -20.47% -2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $387.4M $387.4M $276.3M
Total Long-Term Liabilities $251.0M $251.0M $315.6M
Total Liabilities $659.1M $659.1M $609.2M
YoY Change 8.18% 8.18% -4.25%
SHAREHOLDERS EQUITY
Retained Earnings -$50.88M -$315.4M
YoY Change -83.87%
Common Stock $440.2M $435.5M
YoY Change 1.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.072M $9.072M
YoY Change 0.0%
Treasury Stock Shares 87.00K shares 87.00K shares
Shareholders Equity $1.889B $1.889B $1.622B
YoY Change
Total Liabilities & Shareholders Equity $2.548B $2.548B $2.231B
YoY Change 14.18% 14.18% 6.55%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $83.32M $264.6M $51.74M
YoY Change 61.05% 76.37% 66.9%
Depreciation, Depletion And Amortization $79.89M $292.6M $73.69M
YoY Change 8.41% 8.1% 17.16%
Cash From Operating Activities $132.8M $529.8M $133.7M
YoY Change -0.68% 25.76% 83.09%
INVESTING ACTIVITIES
Capital Expenditures $38.19M $213.5M -$120.5M
YoY Change -131.69% -168.05% -0.75%
Acquisitions
YoY Change
Other Investing Activities -$150.4M -$115.9M -$12.72M
YoY Change 1082.57% 361.14% -122.01%
Cash From Investing Activities -$188.6M -$329.4M -$133.2M
YoY Change 41.58% -2.8% 109.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $44.00K $48.00K
YoY Change -100.0% -90.39% -95.2%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.249M -66.65M 1.088M
YoY Change -582.44% -13.28% -115.32%
NET CHANGE
Cash From Operating Activities 132.8M 529.8M 133.7M
Cash From Investing Activities -188.6M -329.4M -133.2M
Cash From Financing Activities -5.249M -66.65M 1.088M
Net Change In Cash -61.11M 133.7M 1.529M
YoY Change -4096.6% 2334.85% -36.29%
FREE CASH FLOW
Cash From Operating Activities $132.8M $529.8M $133.7M
Capital Expenditures $38.19M $213.5M -$120.5M
Free Cash Flow $94.56M $316.3M $254.2M
YoY Change -62.79% -56.97% 30.74%

Facts In Submission

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TOWER SEMICONDUCTOR LTD.
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Ramat Gavriel Industrial Park
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Migdal Haemek
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CY2022 dei Security12b Title
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Ordinary Shares, par value New Israeli Shekels 15.00 per share
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Brightman Almagor Zohar & Co.
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<div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:21.25pt;vertical-align:top;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">B.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div style="font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Use of Estimates in Preparation of Financial Statements</span></span></div> </td> </tr> </table> <div style="line-height:1.25"> </div> <div style="text-align:justify;text-indent:0.3pt;margin-left:78pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></span></div> </div>
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1500 shares
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.42
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2558 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.16
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
32805 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.28
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2558 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
17.16
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
32805 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
15.28
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
77000 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
504000 usd
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4429000 usd
CY2022 tsem Fair Value Of Options Exercised
FairValueOfOptionsExercised
19000 usd
CY2021 tsem Fair Value Of Options Exercised
FairValueOfOptionsExercised
188000 usd
CY2020 tsem Fair Value Of Options Exercised
FairValueOfOptionsExercised
1018000 usd
CY1998Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
87000 shares
CY1999Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
87000 shares
CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
57000 usd
CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
57000 usd
CY2022 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
696000 usd
CY2021 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
771000 usd
CY2020 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
787000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
727000 usd
CY2022 tsem Reduction Due To Statute Of Limitation Of Prior Years
ReductionDueToStatuteOfLimitationOfPriorYears
0 usd
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
624000 usd
CY2021 tsem Reduction Due To Statute Of Limitation Of Prior Years
ReductionDueToStatuteOfLimitationOfPriorYears
8175000 usd
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
624000 usd
CY2020 tsem Reduction Due To Statute Of Limitation Of Prior Years
ReductionDueToStatuteOfLimitationOfPriorYears
423000 usd

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