| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||
| Nine months ended | Three months ended | ||||||||||||||||||
|
September
30, |
September
30, |
September
30, |
September
30, | ||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||||||
|
Net profit for the period
| $ | 153,014 | $ | 156,913 | $ | 54,241 | $ | 52,018 | |||||||||||
|
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
| 157,101 | 145,830 | 55,014 | 49,180 | |||||||||||||||
|
Effect of indexation, translation and fair value measurement on debt
| 10,584 | 10,974 | (1,177 | ) | 2,822 | ||||||||||||||
|
Other expense (income), net
| (400 | ) | (9,443 | ) | 253 | (5,081 | ) | ||||||||||||
|
Gain from acquisition, net
| -- | (51,298 | ) | -- | -- | ||||||||||||||
|
Changes in assets and liabilities:
| |||||||||||||||||||
|
Trade accounts receivable
| (7,352 | ) | (11,904 | ) | 361 | (1,469 | ) | ||||||||||||
| Other current assets | (8,766 | ) | (326 | ) | 2,980 | 4,328 | |||||||||||||
|
Inventories
| (4,369 | ) | (21,769 | ) | (4,636 | ) | (6,245 | ) | |||||||||||
|
Trade accounts payable
| (5,863 | ) | 12,897 | 4,795 | 2,624 | ||||||||||||||
|
Deferred revenue and customers' advances
| (3,921 | ) | 17,947 | 9,378 | (5,377 | ) | |||||||||||||
|
Other current liabilities
| (9,984 | ) | 2,303 | (13,760 | ) | (6,938 | ) | ||||||||||||
|
Long-term employee related liabilities
| (765 | ) | (413 | ) | (274 | ) | (25 | ) | |||||||||||
|
Deferred tax liability, net
| (8,929 | ) | (6,078 | ) | (3,259 | ) | 573 | ||||||||||||
|
Net cash provided by operating activities
| 270,350 | (c) | 245,633 | 103,916 | (c) | 86,410 | |||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||||||
|
Investments in property and equipment, net
| (123,368 | ) | (166,752 | ) | (41,708 | ) | (54,896 | ) | |||||||||||
|
Long-term deposits and other investments, including marketable securities
| (49,869 | ) | 17,049 | (49,869 | ) | (12,551 | ) | ||||||||||||
|
Net cash used in investing activities
| (173,237 | ) | (149,703 | ) | (91,577 | ) | (67,447 | ) | |||||||||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||||||||||
|
Debt received (repaid), net
| (33,392 | ) | 42,744 | (15,932 | ) | 8,554 | |||||||||||||
|
Exercise of warrants and options, net
| 28,037 | 28,159 | 1,027 | 21,918 | |||||||||||||||
| D ividend payment to Panasonic | (4,378 | ) | (2,563 | ) | -- | -- | |||||||||||||
|
Net cash provided by (used in) financing activities
| (9,733 | ) | 68,340 | (14,905 | ) | 30,472 | |||||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 3,650 | 22,988 | (630 | ) | 2,336 | ||||||||||||||
| IN CREASE (DECREASE) IN CASH AND SHORT-TERM DEPOSITS | 91,030 | 187,258 | (3,196 | ) | 51,771 | ||||||||||||||
| CA SH AND SHORT-TERM DEPOSITS - BEGINNING OF PERIOD | 389,377 | 175,575 | 483,603 | 311,062 | |||||||||||||||
| CASH AND SHORT-TERM DEPOSITS - END OF PERIOD | $ | 480,407 | $ | 362,833 | $ | 480,407 | $ | 362,833 | |||||||||||
| (c) |
Net cash provided by operating activities for the nine months and three months periods ended September 30, 2017 included $18,000 received from Tacoma as announced on August 21, 2017.
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