Tower Semiconductor Reports Second Quarter 2021 Record Revenues; Guides Third Quarter Further Strong Revenue Growth

Rhea-AI Summary

Tower Semiconductor (NASDAQ: TSEM) reported record second quarter revenue of $362 million, reflecting a 17% total and 26% organic year-over-year growth. The company guided a third quarter revenue of $385 million, translating to 24% total and 38% organic growth. Key highlights include a significant increase in gross profit to $74 million and net profit rising to $31 million, up 62% year-over-year. Tower also expanded its capacity expansion plan by $100 million and established a partnership with ST Microelectronics to triple its 300mm capacity.

Positive

• Record revenue of $362 million in Q2 2021, a 17% increase year-over-year.
• Organic revenue growth of 26% in Q2 2021.
• Gross profit rose to $74 million, 28% higher than Q2 2020.
• Net profit increased by 62% to $31 million in Q2 2021.
• Guidance for Q3 2021 revenue at $385 million, 24% year-over-year growth.
• Partnership with ST Microelectronics to increase 300mm foundry capacity.

Negative

• None.

Second quarter 2021 revenue represents 17% total and 26% organic year over year growth, with 2021 third quarter mid-range revenue guidance of 24% total and 38% organic year over year growth

MIGDAL HAEMEK, Israel, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the second quarter ended June 30, 2021.

Highlights

• Second quarter revenue of $362 million, reflecting record revenue for the company, with year over year 26% organic growth and 17% total growth.
• Significant year over year increases in gross profit, operating profit, and net profit.
• Guides mid-range revenue for the third quarter of 2021 of $385 million, demonstrating 24% year over year growth and 38% organic growth.
• Expanding the previously announced capacity expansion plan by an additional $100 million, to support continued increases in customers’ demand for highly differentiated 200mm platforms.
• Established partnership with ST Microelectronics accelerating the volume ramp-up of the Agrate 300mm factory, tripling Tower’s 300mm capacity. 

Second Quarter of 2021 Results Overview

Revenue for the second quarter of 2021 was $362 million, the highest quarterly revenue in Company’s history, as compared to $310 million in the second quarter of 2020, reflecting 17% year over year growth. Organic revenue for the second quarter of 2021, defined as total revenue excluding revenues from Nuvoton Japan (previously named Panasonic Semiconductor Solutions) and from Maxim in the San Antonio fab, grew by 26% year over year.

Gross profit for the second quarter of 2021 was $74 million, 28% higher than $58 million in the second quarter of 2020.

Operating profit for the second quarter of 2021 was $34 million, 54% higher than $22 million in the second quarter of 2020.

Net profit for the second quarter of 2021 was $31 million, or $0.29 basic earnings per share, 62% higher as compared to net profit of $19 million or $0.18 basic earnings per share in the second quarter of 2020.

Cash flow generated from operating activities in the second quarter of 2021 was $93 million with investment in fixed assets of $56 million, net. In addition, in the second quarter of 2021, the company repaid $20 million of its debt and invested $17 million in deposits and marketable securities. 

Agreement with ST Microelectronics accelerating the ramp-up of Agrate 300mm fab to large volumes
In June 2021, Tower and ST Microelectronics announced joining forces to accelerate Agrate 300mm factory ramp-up. Tower and ST will share the cleanroom in Agrate facility, with Tower installing its own equipment in one third of the total space. The transaction will support Tower’s customers’ increasing demand for analog RF, power platforms, displays and other technologies, tripling its 300mm foundry capacity.

Manufacturing Expansion and Capabilities
The Company continues to execute its $150 million capacity expansion plan and is now announcing an additional $100 million investment for further expansion of 200mm differentiated platforms.

Business Outlook
Tower Semiconductor guides revenue for the third quarter of 2021 to be $385 million, with an upward or downward range of 5%. Mid-range revenue guidance represents year over year 24% total growth and 38% organic growth.

Mr. Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated: “We are excited with the second quarter 2021 record revenue performance, leading to a third quarter revenue guidance of substantial continued growth, breaking a $1.5 billion annual run rate. We remain confident that we are serving the right customers in the right markets as evidenced by the 38% mid-range year over year organic revenue growth guidance.”

Ellwanger added, “We are effectively executing our expansion plans, and hence expect continued fourth quarter 2021 growth in both top and bottom lines. Our announced partnership with ST Microelectronics at the Agrate, Italy 300mm factory, will significantly enhance our 300mm capabilities, in order to further boost our leading position in advanced 300mm based analog RF, power platforms, displays and other technologies.”

Teleconference and Webcast
Tower Semiconductor will host an investor conference call today, Monday, August 2, 2021, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the company’s financial results for the second quarter of 2021 and its outlook.

This call will be webcast and can be accessed via Tower Semiconductor’s website at www.towersemi.com or by calling 1-888-642-5032 (U.S. Toll-Free), 03-918-0610 (Israel), +972-3-918-0610 (International).  For those who are not available to listen to the live broadcast, the call will be archived on Tower Semiconductor’s website for 90 days.

The Company presents its financial statements in accordance with U.S. GAAP.  The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we describe in this release as “adjusted” financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission as they apply to our Company. These adjusted financial measures are calculated excluding one or both of the following: (1) amortization of acquired intangible assets and (2) compensation expenses in respect of equity grants to directors, officers, and employees. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as calculated in the tables herein, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of net profit in accordance with GAAP, excluding financing and other income (expense), net, taxes, non-controlling interest, depreciation and amortization expense and stock-based compensation expense. EBITDA is reconciled in the tables below from GAAP operating profit. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as used and/or presented in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $93 million, $87 million and $67 million for the three months periods ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively) less cash used for investments in property and equipment, net (in the amounts of $56 million, $49 million and $63 million for the three months periods ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively).  The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the leading foundry of high value analog semiconductor solutions, provides technology and manufacturing platforms for integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating positive and sustainable impact on the world through long term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle, as well as process transfer services including development, transfer, and optimization to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm) through TPSCo. For more information, please visit: www.towersemi.com

CONTACTS:
Noit Levy | Investor Relations | +972 74 737 7556 | noitle@towersemi.com

This press release, including our revenue guidance and other projections with respect to our business and activities, includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements. Potential risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets; (ii) over demand for our foundry services and/or products that exceeds our capacity; (iii) maintaining existing customers and attracting additional customers, (iv) high utilization and its effect on cycle time, yield and on schedule delivery which may cause customers to transfer their product(s) to other fabs, (v) operating results fluctuate from quarter to quarter making it difficult to predict future performance, (vi) impact of our debt and other liabilities on our financial position and operations, (vii) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (viii) fluctuations in cash flow, (ix) our ability to satisfy the covenants stipulated in our agreements with our lender banks and bondholders (as of June 30, 2021 we are in compliance with all such covenants included in our banks’ agreements, bond G indenture and others), (x) pending litigation, (xi) new customer engagements, qualification and production ramp-up at our facilities, including TPSCo and the San Antonio facility, (xii) meeting the conditions set in the approval certificates received from the Israeli Investment Center under which we received a significant amount of grants in past years, (xiii) receipt of orders that are lower than the customer purchase commitments, (xiv) failure to receive orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) effect of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we manufacture products before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) the execution of debt re-financing and/or other fundraising activities to enable the service of our debt and/or other liabilities and/or for strategic opportunities, including to fund Agrate fab’s significant 300mm capacity investments, in addition to other previously announced capacity expansion plans, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at high utilization rates which is critical in order to cover a portion or all of the high level of fixed costs associated with operating a foundry, and our debt, in order to improve our results, (xxii) the purchase of equipment to increase capacity, the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) the concentration of our business in the semiconductor industry, (xxiv) product returns, (xxv) our ability to maintain and develop our technology processes and services to keep pace with new technology, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxvi) competing effectively, (xxvii) use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers; (xxviii) achieving acceptable device yields, product performance and delivery times, (xxix) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxx) our fab3 landlord’s construction project adjacent to our fabrication facility, including possible temporary reductions or interruptions in the supply of utilities and/or fab manufacturing, as well as claims that our noise abatement efforts are not adequate under the terms of the amended lease; (xxxi) retention of key employees and recruitment and retention of skilled qualified personnel, (xxxii) exposure to inflation, currency rates (mainly the Israeli Shekel and Japanese Yen) and interest rate fluctuations and risks associated with doing business locally and internationally, as well fluctuations in the market price of our traded securities, (xxxiii) issuance of ordinary shares as a result of conversion and/or exercise of any of our convertible securities, as well as any sale of shares by any of our shareholders, or any market expectation thereof, which may depress the market price of our ordinary shares and may impair our ability to raise future capital, (xxxiv) meeting regulatory requirements worldwide, including environmental and governmental regulations, (xxxv) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with Agrate fab establishment project, its qualification schedule, customer engagements, cost structure and investment amounts and other terms, which may entail new customer engagements, technology, equipment and process qualification and production facility ramp-up, and which may require additional funding to cover its significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all; (xxxvi) potential impact on TPSCo and the Company due to the purchase of 49% of TPSCo by NTCJ (previously named PSCS) from Panasonic, (xxxvii) industry and market impact due to the coronavirus and its potential impact on our business, operational continuity, supply chain, revenue and profitability; (xxxviii) potential security, cyber and privacy breaches, and (xxxix) business interruption due to fire and other natural disasters, the security situation in Israel and other events beyond our control such as power interruptions.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

 

(Financial tables follow)

 

	TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
	CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
	(dollars in thousands)
								June 30,		March 31,		December 31,
								2021		2021		2020
	A S S E T S
		CURRENT ASSETS
			Cash and cash equivalents				$	215,755	$	215,581	$	211,683
			Short-term deposits					323,713		307,386		310,230
			Marketable securities					189,489		187,027		188,967
			Trade accounts receivable					144,868		164,166		162,100
			Inventories					209,306		197,189		199,126
			Other current assets					39,929		27,854		30,810
				Total current assets				1,123,060		1,099,203		1,102,916
		LONG-TERM INVESTMENTS						41,453		40,765		40,699
		PROPERTY AND EQUIPMENT, NET						859,589		827,230		839,171
		GOODWILL AND INTANGIBLE ASSETS, NET						16,978		17,471		17,962
		DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET						91,312		92,980		93,401
				TOTAL ASSETS			$	2,132,392	$	2,077,649	$	2,094,149
	LIABILITIES AND SHAREHOLDERS' EQUITY
		CURRENT LIABILITIES
			Short-term debt				$	104,062	$	101,295	$	106,513
			Trade accounts payable					100,426		85,288		96,940
			Deferred revenue and customers' advances					19,608		20,814		10,027
			Other current liabilities					78,411		66,160		59,432
				Total current liabilities				302,507		273,557		272,912
		LONG-TERM DEBT						234,500		241,634		283,765
		LONG-TERM CUSTOMERS' ADVANCES						32,047		33,971		25,451
		EMPLOYEE RELATED LIABILITIES						15,958		15,447		15,833
		DEFERRED TAX AND OTHER LONG-TERM LIABILITIES						29,771		35,011		41,286
				TOTAL LIABILITIES				614,783		599,620		639,247
				TOTAL SHAREHOLDERS' EQUITY				1,517,609		1,478,029		1,454,902
					TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	2,132,392	$	2,077,649	$	2,094,149

	TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	(dollars and share count in thousands, except per share data)
					Three months ended
					June 30,		March 31,		June 30,
					2021		2021		2020
	REVENUES			$	362,138	$	347,214	$	310,090
	COST OF REVENUES				288,383		277,400		252,385
			GROSS PROFIT		73,755		69,814		57,705
	OPERATING COSTS AND EXPENSES:
		Research and development			21,081		20,343		19,424
		Marketing, general and administrative			18,671		16,991		16,154
					39,752		37,334		35,578
			OPERATING PROFIT		34,003		32,480		22,127
	FINANCING AND OTHER INCOME (EXPENSE), NET				(484)		(7,842)		1,831
			PROFIT BEFORE INCOME TAX		33,519		24,638		23,958
	INCOME TAX BENEFIT (EXPENSE), NET				(2,202)		5,876		(2,484)
			NET PROFIT		31,317		30,514		21,474
	Net income attributable to non-controlling interest				(451)		(2,192)		(2,422)
			NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	30,866	$	28,322	$	19,052
	BASIC EARNINGS PER SHARE			$	0.29	$	0.26	$	0.18
	Weighted average number of shares				108,043		107,940		106,956
	DILUTED EARNINGS PER SHARE			$	0.28	$	0.26	$	0.18
	Weighted average number of shares				109,629		109,462		108,277
	RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:
		GAAP NET PROFIT		$	30,866	$	28,322	$	19,052
			Stock based compensation		5,971		4,906		3,795
			Amortization of acquired intangible assets		492		491		493
		ADJUSTED NET PROFIT		$	37,329	$	33,719	$	23,340
	ADJUSTED EARNINGS PER SHARE:
		Basic		$	0.35	$	0.31	$	0.22
		Diluted		$	0.34	$	0.31	$	0.22

	TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	(dollars and share count in thousands, except per share data)
					Six months ended
					June 30,
					2021		2020
	REVENUES			$	709,352	$	610,261
	COST OF REVENUES				565,783		500,013
			GROSS PROFIT		143,569		110,248
	OPERATING COSTS AND EXPENSES:
		Research and development			41,424		38,838
		Marketing, general and administrative			35,662		32,845
					77,086		71,683
			OPERATING PROFIT		66,483		38,565
	FINANCING AND OTHER EXPENSE, NET				(8,326)		(282)
			PROFIT BEFORE INCOME TAX		58,157		38,283
	INCOME TAX BENEFIT (EXPENSE), NET				3,674		(778)
			NET PROFIT		61,831		37,505
	Net income attributable to non-controlling interest				(2,643)		(1,433)
			NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	59,188	$	36,072
	BASIC EARNINGS PER SHARE			$	0.55	$	0.34
	Weighted average number of shares				107,992		106,885
	DILUTED EARNINGS PER SHARE			$	0.54	$	0.33
	Weighted average number of shares				109,545		108,213
	RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:
		GAAP NET PROFIT		$	59,188	$	36,072
			Stock based compensation		10,877		8,338
			Amortization of acquired intangible assets		983		803
		ADJUSTED NET PROFIT		$	71,048	$	45,213
	ADJUSTED EARNINGS PER SHARE:
		Basic		$	0.66	$	0.42
		Diluted		$	0.65	$	0.42

 

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED)
(dollars in thousands)
				Three months ended
				June 30,		March 31,		June 30,
				2021		2021		2020
	GAAP OPERATING PROFIT		$	34,003	$	32,480	$	22,127
		Depreciation of fixed assets		58,474		56,624		55,175
		Stock based compensation		5,971		4,906		3,795
		Amortization of acquired intangible assets		492		491		493
	EBITDA		$	98,940	$	94,501	$	81,590
				Six months ended
				June 30,		June 30,
				2021		2020
	GAAP OPERATING PROFIT		$	66,483	$	38,565
		Depreciation of fixed assets		115,098		106,659
		Stock based compensation		10,877		8,338
		Amortization of acquired intangible assets		983		803
	EBITDA		$	193,441	$	154,365

 

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
			Three months ended
			June 30,		March 31,		June 30,
			2021		2021		2020
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		$	215,581	$	211,683	$	251,348
	Net cash provided by operating activities		93,250		87,413		66,603
	Investments in property and equipment, net		(56,184)		(49,415)		(62,537)
	Exercise of options		--		364		1,127
	Debt repaid, net		(19,769)		(29,375)		(5,000)
	Effect of Japanese Yen exchange rate change over cash balance		(68)		(3,478)		682
	Investments in short-term deposits, marketable securities and other assets, net		(17,055)		(1,611)		6,570
CASH AND CASH EQUIVALENTS - END OF PERIOD		$	215,755	$	215,581	$	258,793
			Six months ended
			June 30,
			2021		2020
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		$	211,683	$	355,561
	Net cash provided by operating activities		180,663		134,939
	Investments in property and equipment, net		(105,599)		(125,444)
	Exercise of options		364		1,214
	Debt repaid, net		(49,144)		(29,197)
	Effect of Japanese Yen exchange rate change over cash balance		(3,546)		506
	Investments in short-term deposits, marketable securities and other assets, net		(18,666)		(78,786)
CASH AND CASH EQUIVALENTS - END OF PERIOD		$	215,755	$	258,793

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
							Six months ended				Three months ended
							June 30,		June 30,		June 30,		March 31,		June 30,
							2021		2020		2021		2021		2020
CASH FLOWS - OPERATING ACTIVITIES
	Net profit for the period					$	61,831	$	37,505	$	31,317	$	30,514	$	21,474
	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			127,535		117,299		65,482		62,053		60,268
				Effect of exchange rate differences on debentures			(1,994)		(910)		1,798		(3,792)		3,159
				Other expense (income), net			(3,227)		(890)		1,758		(4,985)		(876)
			Changes in assets and liabilities:
				Trade accounts receivable			12,722		(1,296)		18,996		(6,274)		(12,981)
				Other assets			(8,983)		5,122		(16,065)		7,082		(1,998)
				Inventories			(15,484)		(17,380)		(12,077)		(3,407)		(11,209)
				Trade accounts payable			(14,568)		(12,950)		(5,302)		(9,266)		(6,751)
				Deferred revenue and customers' advances			16,207		(2,498)		(3,133)		19,340		(1,927)
				Other current liabilities			19,696		10,729		12,612		7,084		13,977
				Long-term employee related liabilities			140		2,078		247		(107)		2,109
				Deferred tax, net and other long-term liabilities			(13,212)		(1,870)		(2,383)		(10,829)		1,358
					Net cash provided by operating activities		180,663		134,939		93,250		87,413		66,603
CASH FLOWS - INVESTING ACTIVITIES
	Investments in property and equipment, net						(105,599)		(125,444)		(56,184)		(49,415)		(62,537)
	Investments in deposits, marketable securities and other assets, net						(18,666)		(78,786)		(17,055)		(1,611)		6,570
					Net cash used in investing activities		(124,265)		(204,230)		(73,239)		(51,026)		(55,967)
CASH FLOWS - FINANCING ACTIVITIES
	Debt repaid, net						(49,144)		(29,197)		(19,769)		(29,375)		(5,000)
	Exercise of options						364		1,214		--		364		1,127
					Net cash used in financing activities		(48,780)		(27,983)		(19,769)		(29,011)		(3,873)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE							(3,546)		506		(68)		(3,478)		682
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS							4,072		(96,768)		174		3,898		7,445
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD							211,683		355,561		215,581		211,683		251,348
CASH AND CASH EQUIVALENTS - END OF PERIOD						$	215,755	$	258,793	$	215,755	$	215,581	$	258,793

FAQ

What is Tower Semiconductor's revenue for Q2 2021?

Tower Semiconductor reported a record revenue of $362 million for Q2 2021.

What is the organic growth percentage for Tower Semiconductor in Q2 2021?

The organic growth percentage for Q2 2021 was 26%.

What revenue does Tower Semiconductor expect for Q3 2021?

Tower Semiconductor expects a revenue of $385 million for Q3 2021.

How much did Tower Semiconductor increase its capacity expansion plan by?

Tower Semiconductor expanded its capacity plan by an additional $100 million.

What was the net profit for Tower Semiconductor in Q2 2021?

The net profit for Tower Semiconductor in Q2 2021 was $31 million.