TSEM FY 2022 Earnings Report — Tower Semiconductor Ltd. Revenue & Financial Results | Market Cap Arena

Tower Semiconductor Ltd.TSEM

FY 2022 Earnings

Reported May 16, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$1.7B	—	$1.5B	—	11.2%
Op. Income	$312M	—	$167M	—	87.2%
Gross Margin	27.8%	—	21.8%	—	6.0pp
Net Margin	15.8%	—	9.9%	—	5.8pp
EPS (Diluted)	$2.39	—	$1.37	—	74.5%
Free Cash Flow	$163M	—	$107M	—	52.0%

Revenue Flow

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$1.2B
GROSS PROFIT	$466M
R&D Expenses	$84M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$80M
Other Expenses	-$10M
Operating Expenses	$155M
Cost & Expenses	$1.4B
OPERATING INCOME	$312M
Interest Income	$14M
Interest Expense	$6M
Other Income/Expenses	-$20M
INCOME BEFORE TAX	$292M
Income Tax Expense	$26M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$265M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$265M
D&A	$293M
EBIT	$298M
EBITDA	$590M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$1.2B
GROSS PROFIT	$466M
R&D Expenses	$84M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$80M
Other Expenses	-$10M
Operating Expenses	$155M
Cost & Expenses	$1.4B
OPERATING INCOME	$312M
Interest Income	$14M
Interest Expense	$6M
Other Income/Expenses	-$20M
INCOME BEFORE TAX	$292M
Income Tax Expense	$26M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$265M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$265M
D&A	$293M
EBIT	$298M
EBITDA	$590M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$265M
Depreciation & Amortization	$293M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$19M
Change in Working Capital	-$47M
OPERATING CASH FLOW	$530M
Capital Expenditure	-$366M
Acquisitions (Net)	$153M
Purchases of Investments	-$117M
Sales/Maturities of Investments	$3M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$329M
Net Debt Issuance	-$40M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$27M
NET CASH FROM FINANCING	-$67M
FREE CASH FLOW	$163M
Net Change in Cash	$130M

Balance Sheet

Item	Amount
Cash & Equivalents	$341M
Short-Term Investments	$665M
Net Receivables	$177M
Inventory	$302M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.5B
PP&E (Net)	$973M
Goodwill	$7M
Intangible Assets	$10M
Long-Term Investments	$7M
Tax Assets	$33M
Other Non-Current Assets	$23M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$2.5B
Account Payables	$151M
Short-Term Debt	$62M
Deferred Revenue	$39M
Other Current Liabilities	$120M
TOTAL CURRENT LIABILITIES	$387M
Long-Term Debt	$210M
Deferred Revenue NC	$41M
Deferred Tax Liabilities	$13M
Other Non-Current Liabilities	$8M
TOTAL NON-CURRENT LIABILITIES	$272M
TOTAL LIABILITIES	$659M
Common Stock	$440M
Additional Paid-In Capital	$1.4B
Retained Earnings	-$51M
Treasury Stock	-$9M
Accum. Other Comp. Income	-$48M
Other Equity	$174M
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	-$3M
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$2.5B
Total Debt	$272M
Net Debt	-$68M