We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tower Semiconductor Ltd | NASDAQ:TSEM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.44 | 35.55 | 36.44 | 0 | 09:12:36 |
TOWER SEMICONDUCTOR LTD. | |||
Date: July 27, 2023
|
By:
|
/s/ Nati Somekh | |
Name: Nati Somekh | |||
Title: Corporate Secretary | |||
TOWER SEMICONDUCTOR LIMITED
AND SUBSIDIARIES
UNAUDITED CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2023
Page | |
F-2 | |
F-3 | |
F-4 | |
F-5 | |
F-6 - F-7 | |
F-8 - F-9 |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
(dollars in thousands)
|
As of
|
||||||||
June 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term deposits
|
|
|
||||||
Marketable securities (*)
|
|
|
||||||
Trade accounts receivable
|
|
|
||||||
Inventories
|
|
|
||||||
Other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
LONG-TERM INVESTMENTS
|
|
|
||||||
PROPERTY AND EQUIPMENT, NET
|
|
|
||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
|
|
|
||||||
DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Current maturities of long-term debt
|
$
|
|
$
|
|
||||
Trade accounts payable
|
|
|
||||||
Deferred revenue and customers' advances
|
|
|
||||||
Employee related liabilities
|
|
|
||||||
Other current liabilities
|
|
|
||||||
Total current liabilities
|
|
|
||||||
LONG-TERM DEBT
|
|
|
||||||
LONG-TERM CUSTOMERS' ADVANCES
|
|
|
||||||
EMPLOYEE RELATED LIABILITIES
|
|
|
||||||
DEFERRED TAX AND OTHER LONG-TERM LIABILITIES
|
|
|
||||||
TOTAL LIABILITIES
|
|
|
||||||
TOTAL SHAREHOLDERS' EQUITY
|
|
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
|
$
|
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
(dollars and shares in thousands, except per share data)
|
Six months ended June 30,
|
Three months ended June 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
REVENUES
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
COST OF REVENUES
|
|
|
|
|
||||||||||||
GROSS PROFIT
|
|
|
|
|
||||||||||||
OPERATING COSTS AND EXPENSES:
|
||||||||||||||||
Research and development
|
|
|
|
|
||||||||||||
Marketing, general and administrative
|
|
|
|
|
||||||||||||
Restructuring gain from sale of machinery and equipment, net
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Restructuring expense
|
|
|
|
|
||||||||||||
|
|
|
|
|||||||||||||
OPERATING PROFIT
|
|
|
|
|
||||||||||||
FINANCING AND OTHER INCOME (EXPENSE), NET
|
|
(
|
)
|
|
(
|
)
|
||||||||||
PROFIT BEFORE INCOME TAX
|
|
|
|
|
||||||||||||
INCOME TAX EXPENSE, NET
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
NET PROFIT
|
|
|
|
|
||||||||||||
Net loss (income) attributable to non-controlling interest
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
NET PROFIT ATTRIBUTABLE TO THE COMPANY
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
BASIC EARNINGS PER SHARE
|
||||||||||||||||
Earnings per share
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average number of shares
|
|
|
|
|
||||||||||||
DILUTED EARNINGS PER ORDINARY SHARE:
|
||||||||||||||||
Earnings per share
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Net profit used for diluted earnings per share
|
|
$
|
|
|
$
|
|
||||||||||
Weighted average number of ordinary shares outstanding
|
||||||||||||||||
used for diluted earnings per share
|
|
|
|
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
|
(dollars in thousands)
|
Six months ended June 30,
|
Three months ended June 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Net profit
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income, net of tax:
|
||||||||||||||||
Foreign currency translation adjustment
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Change in employees plan assets and benefit obligations, net of taxes
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Unrealized loss on derivatives
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Comprehensive income
|
|
|
|
|
||||||||||||
Comprehensive loss (income) attributable to non-controlling interest
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
Comprehensive income attributable to the Company
|
$
|
|
$
|
|
$
|
|
$
|
|
See notes to consolidated financial statements.
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
|
THE COMPANY'S SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||||||||||
Accumulated
|
Foreign
|
|||||||||||||||||||||||||||||||||||||||||||
Ordinary
|
Ordinary
|
Additional
|
other
|
currency
|
Accumulated |
Non
|
||||||||||||||||||||||||||||||||||||||
shares
|
shares
|
paid-in
|
Unearned
|
comprehensive
|
translation
|
profit |
Treasury
|
Comprehensive
|
controlling
|
|||||||||||||||||||||||||||||||||||
issued
|
amount
|
capital
|
compensation
|
loss
|
adjustments
|
(deficit)
|
stock
|
income
|
interest
|
Total
|
||||||||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||||||||||||
Changes during the period:
|
||||||||||||||||||||||||||||||||||||||||||||
Proceeds from an investment in a subsidiary
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Exercise of options and RSUs
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||||||||||
Employee stock-based compensation
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||||||||||
Profit
|
|
$
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||||||||||||||
Change in employees plan assets and benefit obligations
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivatives
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||
Comprehensive income
|
$
|
|
||||||||||||||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|||||||||||||||||||||
OUTSTANDING SHARES, NET OF TREASURY STOCK
AS OF JUNE 30, 2023 |
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
(dollars in thousands)
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
CASH FLOWS - OPERATING ACTIVITIES
|
||||||||
Net profit for the period
|
$
|
|
$
|
|
||||
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
|
|
|
||||||
Effect of exchange rate differences and fair value adjustment
|
|
|
||||||
Other expense, net
|
|
|
||||||
Changes in assets and liabilities:
|
||||||||
Trade accounts receivable
|
(
|
)
|
(
|
)
|
||||
Other current assets
|
|
|
||||||
Inventories
|
(
|
)
|
(
|
)
|
||||
Trade accounts payable
|
|
|
||||||
Deferred revenue and customers' advances
|
(
|
)
|
(
|
)
|
||||
Employee related liabilities and other current liabilities
|
(
|
)
|
|
|||||
Long-term employee related liabilities
|
|
|
||||||
Deferred tax, net and other long-term liabilities
|
(
|
)
|
|
|||||
Net cash provided by operating activities
|
|
|
||||||
CASH FLOWS - INVESTING ACTIVITIES
|
||||||||
Investments in property and equipment, net
|
(
|
)
|
(
|
)
|
||||
Investments in marketable securities and other assets, net
|
|
(
|
)
|
|||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
CASH FLOWS - FINANCING ACTIVITIES
|
||||||||
Proceeds from an investment in a subsidiary
|
|
|
||||||
Exercise of options, net
|
|
|
||||||
Principal payments on account of capital lease obligation
|
(
|
)
|
(
|
)
|
||||
Debentures repayment
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE
|
(
|
)
|
(
|
)
|
||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(
|
)
|
|
|||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
|
|
||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$
|
|
$
|
|
See notes to consolidated financial statements.
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
(dollars in thousands)
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
NON-CASH ACTIVITIES:
|
||||||||
Investments in property and equipment
|
$
|
|
$
|
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash received during the period from interest, net of interest paid
|
$
|
|
$
|
|
||||
Cash paid for income taxes, net during the period
|
$
|
|
$
|
|
See notes to consolidated financial statements.
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS AS OF JUNE 30, 2023
(dollars in thousands, except per share data)
NOTE 2 - INITIAL ADOPTION OF NEW STANDARDS
During the period there was no initial adoption of new accounting standards.
F - 8
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS AS OF JUNE 30, 2023
(dollars in thousands, except per share data)
F - 9
Details
|
2023
|
2022
|
||||||
Revenues
|
100
|
%
|
100
|
%
|
||||
Cost of Revenues
|
74.4
|
74.4
|
||||||
Gross profit
|
25.6
|
25.6
|
||||||
Research and Development expense
|
5.4
|
4.8
|
||||||
Marketing, general and administrative expense
|
5.1
|
5.0
|
||||||
Restructuring gain from sale of machinery and equipment, net
|
(7.1
|
)
|
--
|
|||||
Restructuring expense
|
2.6
|
--
|
||||||
Operating profit
|
19.6
|
15.8
|
||||||
Financing and other income (expense), net
|
1.6
|
(1.2
|
)
|
|||||
Profit before income tax
|
21.2
|
14.6
|
||||||
Income tax expense, net
|
(3.0
|
)
|
(1.2
|
)
|
||||
Net profit
|
18.2
|
13.4
|
||||||
Net income attributable to non-controlling interest
|
(1.0
|
)
|
(0.2
|
)
|
||||
Net profit attributable to the company
|
17.2
|
%
|
13.2
|
%
|
Details
|
2023
|
2022
|
||||||
Revenues
|
$
|
712,802
|
$
|
847,300
|
||||
Cost of Revenues
|
530,568
|
630,229
|
||||||
Gross profit
|
182,234
|
217,071
|
||||||
Research and Development expense
|
38,783
|
40,799
|
||||||
Marketing, general and administrative expense
|
36,016
|
42,538
|
||||||
Restructuring gain from sale of machinery and equipment, net
|
(50,282
|
)
|
--
|
|||||
Restructuring expense
|
17,776
|
--
|
||||||
Operating profit
|
139,941
|
133,734
|
||||||
Financing and other income (expense), net
|
10,921
|
(10,295
|
)
|
|||||
Profit before income tax
|
150,862
|
123,439
|
||||||
Income tax expense, net
|
(20,788
|
)
|
(9,492
|
)
|
||||
Net profit
|
130,074
|
113,947
|
||||||
Net income attributable to non-controlling interest
|
(7,482
|
)
|
(1,837
|
)
|
||||
Net profit attributable to the company
|
$
|
122,592
|
$
|
112,110
|
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Entity Registrant Name | TOWER SEMICONDUCTOR LTD. |
Entity Central Index Key | 0000928876 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Entity File Number | 000-24790 |
Entity Address, Address Line One | Ramat Gavriel Industrial Park |
Entity Address, Address Line Two | P.O. Box 619 |
Entity Address, City or Town | Migdal Haemek |
Entity Address, Postal Zip Code | 2310502 |
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 318,195 | $ 340,759 | ||
Short-term deposits | 419,528 | 495,359 | ||
Marketable securities | [1] | 175,872 | 169,694 | |
Trade accounts receivable | 163,293 | 152,935 | ||
Inventories | 330,819 | 302,108 | ||
Other current assets | 32,396 | 34,319 | ||
Total current assets | 1,440,103 | 1,495,174 | ||
LONG-TERM INVESTMENTS | 8,829 | 8,796 | ||
PROPERTY AND EQUIPMENT, NET | 1,018,636 | 962,258 | ||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 13,049 | 14,031 | ||
DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET | 53,459 | 67,349 | ||
TOTAL ASSETS | 2,534,076 | 2,547,608 | ||
CURRENT LIABILITIES | ||||
Current maturities of long-term debt | 41,300 | 62,275 | ||
Trade accounts payable | 154,507 | 150,930 | ||
Deferred revenue and customers' advances | 22,402 | 38,911 | ||
Employee related liabilities | 58,399 | 58,920 | ||
Other current liabilities | 25,231 | 76,352 | ||
Total current liabilities | 301,839 | 387,388 | ||
LONG-TERM DEBT | 178,865 | 210,069 | ||
LONG-TERM CUSTOMERS' ADVANCES | 31,209 | 40,893 | ||
EMPLOYEE RELATED LIABILITIES | 8,349 | 7,711 | ||
DEFERRED TAX AND OTHER LONG-TERM LIABILITIES | 2,709 | 13,006 | ||
TOTAL LIABILITIES | 522,971 | 659,067 | ||
TOTAL SHAREHOLDERS' EQUITY | 2,011,105 | 1,888,541 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,534,076 | $ 2,547,608 | ||
|
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 184,974 | $ 181,247 |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Statement [Abstract] | ||||
REVENUES | $ 357,191 | $ 426,168 | $ 712,802 | $ 847,300 |
COST OF REVENUES | 270,674 | 313,728 | 530,568 | 630,229 |
GROSS PROFIT | 86,517 | 112,440 | 182,234 | 217,071 |
OPERATING COSTS AND EXPENSES: | ||||
Research and development | 19,452 | 20,481 | 38,783 | 40,799 |
Marketing, general and administrative | 17,387 | 21,285 | 36,016 | 42,538 |
Restructuring gain from sale of machinery and equipment, net | (1,952) | 0 | (50,282) | 0 |
Restructuring expense | 1,101 | 0 | 17,776 | 0 |
TOTAL OPERATING COSTS AND EXPENSES | 35,988 | 41,766 | 42,293 | 83,337 |
OPERATING PROFIT | 50,529 | 70,674 | 139,941 | 133,734 |
FINANCING AND OTHER INCOME (EXPENSE), NET | 3,924 | (8,162) | 10,921 | (10,295) |
PROFIT BEFORE INCOME TAX | 54,453 | 62,512 | 150,862 | 123,439 |
INCOME TAX EXPENSE, NET | (5,747) | (4,339) | (20,788) | (9,492) |
NET PROFIT | 48,706 | 58,173 | 130,074 | 113,947 |
Net loss (income) attributable to non-controlling interest | 2,484 | (96) | (7,482) | (1,837) |
NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ 51,190 | $ 58,077 | $ 122,592 | $ 112,110 |
BASIC EARNINGS PER SHARE | ||||
Earnings per share | $ 0.46 | $ 0.53 | $ 1.11 | $ 1.03 |
Weighted average number of shares | 110,088 | 109,138 | 110,025 | 109,037 |
DILUTED EARNINGS PER ORDINARY SHARE: | ||||
Earnings per share | $ 0.46 | $ 0.53 | $ 1.1 | $ 1.01 |
Net profit used for diluted earnings per share | $ 51,190 | $ 58,077 | $ 122,592 | $ 112,110 |
Weighted average number of ordinary shares outstanding used for diluted earnings per share | 111,234 | 110,561 | 111,153 | 110,561 |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net profit | $ 48,706 | $ 58,173 | $ 130,074 | $ 113,947 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustment | (11,904) | (16,921) | (12,818) | (25,206) |
Change in employees plan assets and benefit obligations, net of taxes | 93 | (10) | 185 | (20) |
Unrealized loss on derivatives | (1,964) | (8,151) | (2,727) | (14,922) |
Comprehensive income | 34,931 | 33,091 | 114,714 | 73,799 |
Comprehensive loss (income) attributable to non-controlling interest | 2,484 | (96) | (7,482) | (1,837) |
Comprehensive income attributable to the Company | $ 37,415 | $ 32,995 | $ 107,232 | $ 71,962 |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2023 - USD ($) shares in Thousands, $ in Thousands |
Ordinary shares [Member] |
Additional paid-in capital [Member] |
Unearned compensation [Member] |
Accumulated other comprehensive loss [Member] |
Foreign currency translation adjustments [Member] |
Accumulated profit (deficit) [Member] |
Treasury stock [Member] |
Comprehensive income [Member] |
Noncontrolling interest [Member] |
Total |
---|---|---|---|---|---|---|---|---|---|---|
BALANCE at Dec. 31, 2022 | $ 440,150 | $ 1,384,398 | $ 174,121 | $ (2,040) | $ (45,497) | $ (50,879) | $ (9,072) | $ (2,640) | $ 1,888,541 | |
BALANCE, SHARES at Dec. 31, 2022 | 110,041 | |||||||||
Proceeds from an investment in a subsidiary | 1,960 | 1,960 | ||||||||
Exercise of options and RSUs | $ 697 | (697) | 0 | |||||||
Exercise of options and RSUs, shares | 169 | |||||||||
Employee stock-based compensation | 13,495 | 13,495 | ||||||||
Other comprehensive income: | ||||||||||
Profit | 122,592 | $ 122,592 | 7,482 | 130,074 | ||||||
Foreign currency translation adjustments | (12,818) | (12,818) | (7,605) | (20,423) | ||||||
Change in employees plan assets and benefit obligations | 185 | 185 | 185 | |||||||
Unrealized loss on derivatives | (2,727) | (2,727) | (2,727) | |||||||
Comprehensive income | $ 107,232 | 107,232 | ||||||||
BALANCE at Jun. 30, 2023 | $ 440,847 | $ 1,383,701 | $ 187,616 | $ (4,582) | $ (58,315) | $ 71,713 | $ (9,072) | $ (803) | $ 2,011,105 | |
BALANCE, SHARES at Jun. 30, 2023 | 110,210 | |||||||||
OUTSTANDING SHARES, NET OF TREASURY STOCK AS OF JUNE 30, 2023 at Jun. 30, 2023 | 110,123 |
GENERAL |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL |
NOTE 1 - GENERAL
Basis for Presentation
The unaudited condensed interim consolidated financial statements of Tower Semiconductor Ltd. (“Tower” or “the Company”) as of June 30, 2023 include the financial statements of Tower and (i) its wholly-owned subsidiary Tower US Holdings Inc., the sole owner of: (1) Tower Semiconductor NPB Holdings, Inc. and its wholly-owned subsidiary, Tower Semiconductor Newport Beach, Inc. and (2) Tower Semiconductor San Antonio, Inc. (ii) its 51% owned subsidiary, Tower Partners Semiconductor Co., Ltd. (“TPSCo”) and (iii) its wholly-owned subsidiary, Tower Semiconductor Italy S.r.l. (“TSIT”). Tower and its subsidiaries are collectively referred to as the “Company”.
The Company’s unaudited condensed interim consolidated financial statements are presented after elimination of inter-company transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“US GAAP”).
The unaudited condensed interim consolidated financial statements of the Company should be read in conjunction with the audited consolidated financial statements of the Company as of December 31, 2022 and for the year then ended, including the notes thereto.
In the opinion of the Company's management, the unaudited condensed interim consolidated financial statements include all adjustments necessary for a fair presentation of the Company’s financial position as of the dates presented and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected on a full-year basis.
|
INITIAL ADOPTION OF NEW STANDARDS |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
INITIAL ADOPTION OF NEW STANDARDS |
NOTE 2 - INITIAL ADOPTION OF NEW STANDARDS During the period there was no initial adoption of new accounting standards. |
SUBSEQUENT EVENTS |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS |
NOTE 3 - SUBSEQUENT EVENTS
In July 2023, the Company’s affiliates, including TPSCo, extended their existing capital lease lines with JA Mitsui Leasing, Ltd., described in Note 11D to the Company’s annual financial statements as of December 31, 2022, whereby the availability period of such lines was extended to June 2024 with an updated remaining amount available for future utilization, totaling up to approximately JPY 6.5 billion (approximately $45,000 as of July 1, 2023). The lease agreements’ terms did not change and contain annual interest rates of approximately 2%.
On July 3, 2023, the Company's shareholders approved the following RSU awards to the CEO and members of the Board of Directors of the Company under the Company’s 2013 Plan:
(i) 75.8 thousand time-vested RSUs and 125.1 thousand performance RSUs (“PSUs”) subject also to time-vesting, to the CEO, with 33% of such RSUs and PSUs to vest at the end of each year for 3 years following the grant date for a total compensation value of approximately $7,500. The grant also includes a provision requiring the CEO to own, commencing May 2024, ordinary shares of the Company at a minimum value that equals at least three times his annual base salary as of May 2024 (the “Minimum Holding”). The CEO has until May 2024 to accumulate the Minimum Holding (whether by conversion of RSUs to ordinary shares or by purchase of ordinary shares), and during such period, until he accumulates the Minimum Holding, he must retain at least 20% of the vested time-based RSUs granted to him on or after May 2019;
(ii) 8.0 thousand time-vested RSUs to the chairman of the Board of Directors (“the Chairman”) for a total compensation value of $300, to vest 33% at the end of each year following the grant date; and
(iii) 3.3 thousand time-vested RSUs to each of the seven members of the Board of Directors then serving (other than to the Chairman and the CEO), for an aggregate compensation value of $875, vesting over a two-year period, with 50% vesting at the first anniversary of the date of grant and 50% on the second anniversary of the date of grant.
The Chairman and the members of the Board will have to own, commencing July 2025, ordinary shares of the Company at a minimum value that equals at least 50% of their annual cash compensation (the “BOD Minimum Holding”). The Chairman and the members of the Board have until July 2025 to accumulate the BOD Minimum Holding (whether by conversion of RSUs to ordinary shares or by purchase of ordinary shares), and during such period, until they accumulate the BOD Minimum Holding, they must retain at least 20% of the vested time-based RSUs granted to them on or after July 2020.
|
GENERAL (Narrative) (Details) |
Jun. 30, 2023 |
---|---|
TPSCo [Member] | |
Property, Plant and Equipment [Line Items] | |
Percentage of interests acquired | 51.00% |
1 Year Tower Semiconductor Chart |
1 Month Tower Semiconductor Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions