Tower Semiconductor Reports First Quarter 2020 with Year over Year Organic Revenue Growth 



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED)
(dollars in thousands)
       
       
   T h r e e  m o n t h s  e n d e d
   March 31,  December 31,  March 31,
   2020  2019  2019
       
       
EBITDA CALCULATION:      
       
  GAAP OPERATING PROFIT $ 16,438 $ 18,898 $ 27,342
   Depreciation of fixed assets   51,484  52,222  46,041
   Stock based compensation  4,543  3,066  3,823
   Amortization of acquired intangible assets  310  453  1,641
       
  EBITDA $ 72,775 $ 74,639 $ 78,847
       



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
            
               
      T h r e e  m o n t h s  e n d e d
      March 31,   December 31,   March 31,
      2020   2019   2019
               
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD $ 355,561   $ 417,636   $ 385,091  
               
  Net cash provided by operating activities   68,336     71,561     74,868  
  Investments in property and equipment, net   (62,907 )   (43,704 )   (41,718 )
  Exercise of options, net   87     1,402     397  
  Debt repaid, net   (24,197 )   (3,247 )   (3,074 )
  Effect of Japanese Yen exchange rate change over cash balance   (176 )   (557 )   (740 )
  Investments in short-term deposits, marketable securities and other assets, net   (85,356 )   (87,530 )   (6,726 )
               
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 251,348   $ 355,561   $ 408,098  
               

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