| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (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, | ||||||||||||||||
| 2017 | 2016 | 2016 | ||||||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||||||||
| Net profit for the period | $ | 47,046 | $ | 52,253 | $ | 64,548 | ||||||||||||
| 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 | 49,698 | 51,861 | 48,584 | |||||||||||||||
| Effect of indexation, translation and fair value measurement on debt | 6,888 | (2,617 | ) | 1,401 | ||||||||||||||
| Other expenses (income), net | (511 | ) | 948 | -- | ||||||||||||||
| Gain from acquisition, net | -- | -- | (41,140 | ) | ||||||||||||||
| Changes in assets and liabilities: | ||||||||||||||||||
| Trade accounts receivable | 9,529 | (18,200 | ) | (8,519 | ) | |||||||||||||
| Other current assets | (4,439 | ) | 61 | 822 | ||||||||||||||
| Inventories | (1,421 | ) | (300 | ) | (9,224 | ) | ||||||||||||
| Trade accounts payable | (4,128 | ) | (7,347 | ) | 10,143 | |||||||||||||
| Deferred revenue and customers' advances | (8,735 | ) | 5,634 | 15,030 | ||||||||||||||
| Other current liabilities | (9,090 | ) | (2,448 | ) | (1,953 | ) | ||||||||||||
| Employee related liabilities | (257 | ) | (385 | ) | (245 | ) | ||||||||||||
| Deferred tax liability, net | (2,440 | ) | 2,375 | (2,005 | ) | |||||||||||||
| Net cash provided by operating activities | 82,140 | 81,835 | 77,442 | |||||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||||||
| Investments in property and equipment, net | (40,348 | ) | (42,929 | ) | (57,533 | ) | ||||||||||||
| Deposits and other long-term investments, net | (5,118 | ) | (34,093 | ) | 10,000 | |||||||||||||
| Net cash used in investing activities | (45,466 | ) | (77,022 | ) | (47,533 | ) | ||||||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||||||
| Debt received (repaid), net | (11,805 | ) | (5,653 | ) | 6,746 | |||||||||||||
| Exercise of warrants and options, net | 12,756 | 10,644 | 5,881 | |||||||||||||||
| Di vidend payment to Panasonic | (4,378 | ) | -- | (2,563 | ) | |||||||||||||
| Net cash provided by (used in) financing activities | (3,427 | ) | 4,991 | 10,064 | ||||||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 4,371 | (17,353 | ) | 9,029 | ||||||||||||||
| I NCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 37,618 | (7,549 | ) | 49,002 | ||||||||||||||
| C ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 355,284 | 362,833 | 175,575 | |||||||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | 392,902 | 355,284 | 224,577 | |||||||||||||||
| Short-term deposits | 39,211 | 34,093 | 20,000 | |||||||||||||||
| C ASH AND SHORT-TERM DEPOSITS - END OF PERIOD | $ | 432,113 | $ | 389,377 | $ | 244,577 | ||||||||||||
TowerJazz Reports First Quarter 2017 Results: Record Free Cash Flow Resulting from Strong Year over Year Growth in Revenue and Margins
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