| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| (dollars in thousands) | ||||||||
| Three months ended | ||||||||
| June 30, | June 30, | |||||||
|
2017
|
2016
| |||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||
| Net profit for the period | $ | 51,727 | $ | 40,347 | ||||
| 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 | 52,389 | 48,117 | ||||||
| Effect of indexation, translation and fair value measurement on debt | 4,873 | 6,700 | ||||||
| Other income, net | (142 | ) | (4,362 | ) | ||||
| Gain from acquisition, net | -- | (10,158 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Trade accounts receivable | (17,242 | ) | (1,916 | ) | ||||
| Other current assets | (7,307 | ) | (5,476 | ) | ||||
| Inventories | 1,688 | (6,300 | ) | |||||
| Trade accounts payable | (6,530 | ) | 130 | |||||
| Deferred revenue and customers' advances | (4,564 | ) | 8,294 | |||||
| Other current liabilities | 12,866 | 11,194 | ||||||
| Long-term employee related liabilities | (234 | ) | (143 | ) | ||||
| Deferred tax liability, net | (3,230 | ) | (4,646 | ) | ||||
| Net cash provided by operating activities | 84,294 | 81,781 | ||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||
| Investments in property and equipment, net | (41,312 | ) | (54,323 | ) | ||||
| Deposits and other long-term investments, net | -- | 19,600 | ||||||
| Net cash used in investing activities | (41,312 | ) | (34,723 | ) | ||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||
| Debt received (repaid), net | (5,655 | ) | 27,444 | |||||
| Exercise of warrants and options, net | 14,254 | 360 | ||||||
| Net cash provided by (used in) financing activities | 8,599 | 27,804 | ||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (91 | ) | 11,623 | |||||
| I NCREASE IN CASH AND SHORT-TERM DEPOSITS | 51,490 | 86,485 | ||||||
| C ASH AND SHORT-TERM DEPOSITS - BEGINNING OF PERIOD | 432,113 | 224,577 | ||||||
| CASH AND SHORT-TERM DEPOSITS - END OF PERIOD | $ | 483,603 | $ | 311,062 | ||||
TowerJazz Announces Records in Revenues, Margins, EBITDA and Free Cash Flow for the Second Quarter and First Half of 2017
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