| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| Three months ended | |||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||
|
2018
|
2017
|
2017
| |||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||
| Net profit for the period | $ | 27,181 | $ | 148,642 | $ | 47,046 | |||||||||
| 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 | 53,977 | 51,310 | 49,698 | ||||||||||||
| Effect of indexation, translation and fair value measurement on debt | (1,740 | ) | 2,281 | 6,888 | |||||||||||
| Other expense (income), net | (22 | ) | 3,027 | (511 | ) | ||||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Trade accounts receivable | 8,089 | 788 | 9,529 | ||||||||||||
|
O
ther current assets
| 3,370 | 445 | (4,439 | ) | |||||||||||
| Inventories | (2,692 | ) | 92 | (1,421 | ) | ||||||||||
| Trade accounts payable | (6,313 | ) | (2,786 | ) | (4,128 | ) | |||||||||
| Deferred revenue and customers' advances | (712 | ) | (17,882 | ) | (8,735 | ) | |||||||||
| Other current liabilities | (4,219 | ) | 1,765 | (9,090 | ) | ||||||||||
| Long-term employee related liabilities | (387 | ) | (2,482 | ) | (257 | ) | |||||||||
| Deferred tax, net | (1,531 | ) | (99,915 | ) | (2,440 | ) | |||||||||
| Net cash provided by operating activities | 75,001 | 85,285 | 82,140 | ||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||
| Investments in property and equipment, net | (40,047 | ) | (41,349 | ) | (40,348 | ) | |||||||||
| Investments in marketable securities and others, net | (14,963 | ) | (64,867 | ) | (5,118 | ) | |||||||||
| Net cash used in investing activities | (55,010 | ) | (106,216 | ) | (45,466 | ) | |||||||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||||||
| Debt repaid | (6,656 | ) | (16,863 | ) | (11,805 | ) | |||||||||
| Exercise of warrants and options, net | 658 | 3,278 | 12,756 | ||||||||||||
|
Dividend payment to Panasonic
| -- | -- | (4,378 | ) | |||||||||||
| Net cash used in financing activities | (5,998 | ) | (13,585 | ) | (3,427 | ) | |||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 4,707 | 70 | 4,371 | ||||||||||||
|
INC
REASE (DECREASE) IN CASH AND CASH EQUIVALENTS
| 18,700 | (34,446 | ) | 37,618 | |||||||||||
|
CAS
H AND CASH EQUIVALENTS - BEGINNING OF PERIOD
| 445,961 | 480,407 | 355,284 | ||||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | 464,661 | 445,961 | 392,902 | ||||||||||||
| Short-term deposits | -- | -- | 39,211 | ||||||||||||
|
CAS
H, CASH EQUIVALENTS AND SHORT-TERM DEPOSITS - END OF PERIOD
| $ | 464,661 | $ | 445,961 | $ | 432,113 | |||||||||
TowerJazz Reports Results for the First Quarter of 2018 and Second Quarter Guidance Growth
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