Tower Semiconductor(TSEM) - 2024 Q2 - Quarterly Report

Financial Performance - Net profit for the six months ended June 30, 2024, was $99,797 thousand, a decrease from$130,074 thousand for the same period in 2023[20] - Comprehensive income attributable to the company for the six months ended June 30, 2024, was $78,228 thousand, down from$107,232 thousand for the same period in 2023[20] - Revenues for the six months ended June 30, 2024, were $678,419, down 4.8$712,802 in the same period of 2023[28] - Gross profit for the six months ended June 30, 2024, was $159,528, representing a gross margin of 23.5$182,234 and a margin of 25.6% in 2023[28] - Operating profit decreased to $89,133 for the six months ended June 30, 2024, from$139,941 in the same period of 2023, reflecting a decline of 36.2%[28] - Basic earnings per share for the six months ended June 30, 2024, were $0.88, down from$1.11 in the same period of 2023, a decrease of 20.7%[28] - The company reported a restructuring expense of $6,270 for the six months ended June 30, 2024, compared to a gain of$17,776 in the same period of 2023[28] Assets and Liabilities - Total current assets as of June 30, 2024, increased slightly to $1,710,702 thousand from$1,709,158 thousand as of December 31, 2023[3] - Total liabilities decreased to $449,454 thousand as of June 30, 2024, from$491,478 thousand as of December 31, 2023[3] - Total shareholders' equity increased to $2,512,713 thousand as of June 30, 2024, compared to$2,427,039 thousand as of December 31, 2023[3] - Long-term debt decreased significantly to $126,715 thousand as of June 30, 2024, from$172,611 thousand as of December 31, 2023[3] Cash Flow - Cash provided by operating activities increased to $223,123 for the six months ended June 30, 2024, compared to$148,221 in the same period of 2023, marking a significant increase of 50.5%[22] - Net cash used in investing activities was $194,303 for the six months ended June 30, 2024, compared to$127,869 in the same period of 2023, indicating an increase of 52.0%[22] - Cash and cash equivalents increased to $265,313 thousand as of June 30, 2024, from$260,664 thousand as of December 31, 2023[3] - Cash and cash equivalents at the end of the period were $265,313, a decrease from$318,195 at the end of June 30, 2023[22] Inventory and Receivables - Trade accounts receivable increased to $165,161 thousand as of June 30, 2024, from$154,067 thousand as of December 31, 2023[3] - Inventories decreased slightly to $276,082 thousand as of June 30, 2024, from$282,688 thousand as of December 31, 2023[3] - Deferred revenue and customers' advances increased to $23,988 thousand as of June 30, 2024, from$18,418 thousand as of December 31, 2023[3] Investment Activities - The company invested $68,901 in property and equipment during the six months ended June 30, 2024, compared to$67,967 in the same period of 2023[23]