| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| Three months ended | |||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||
|
2018
|
2018
|
2017
| |||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||
| Net profit for the period | $ | 36,009 | $ | 27,181 | $ | 51,727 | |||||||||
| 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 | 53,493 | 53,977 | 52,389 | ||||||||||||
| Effect of indexation, translation and fair value measurement on debt | (4,797 | ) | (1,740 | ) | 4,873 | ||||||||||
| Other income, net | (1,578 | ) | (22 | ) | (142 | ) | |||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Trade accounts receivable | (18,351 | ) | 8,089 | (17,242 | ) | ||||||||||
|
Other
current assets
| 5,713 | 3,370 | (7,307 | ) | |||||||||||
| Inventories | (6,713 | ) | (2,692 | ) | 1,688 | ||||||||||
| Trade accounts payable | 10,222 | (6,313 | ) | (6,530 | ) | ||||||||||
| Deferred revenue and customers' advances | (5,466 | ) | (712 | ) | (4,564 | ) | |||||||||
| Other current liabilities | 13,355 | (4,219 | ) | 12,866 | |||||||||||
| Long-term employee related liabilities | 193 | (387 | ) | (234 | ) | ||||||||||
| Deferred tax, net | (5,151 | ) | (1,531 | ) | (3,230 | ) | |||||||||
| Net cash provided by operating activities | 76,929 | 75,001 | 84,294 | ||||||||||||
|
C
ASH FLOWS - INVESTING ACTIVITIES
| |||||||||||||||
|
Investments i
n property and equipment, net
| (40,148 | ) | (40,047 | ) | (41,312 | ) | |||||||||
|
Investments i
n marketable securities and other assets, net
| (15,488 | ) | (14,963 | ) | -- | ||||||||||
| Net cash used in investing activities | (55,636 | ) | (55,010 | ) | (41,312 | ) | |||||||||
|
C
ASH FLOWS - FINANCING ACTIVITIES
| |||||||||||||||
|
Debt receive
d (repaid), net
| 3,809 | (6,656 | ) | (5,655 | ) | ||||||||||
|
Exercise of w
arrants and options, net
| 26 | 658 | 14,254 | ||||||||||||
| Net cash provided by (used in) financing activities | 3,835 | (5,998 | ) | 8,599 | |||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (2,909 | ) | 4,707 | (91 | ) | ||||||||||
| INCREASE IN CASH AND CASH EQUIVALENTS | 22,219 | 18,700 | 51,490 | ||||||||||||
|
C
ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
| 464,661 | 445,961 | 432,113 | ||||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 486,880 | $ | 464,661 | $ | 483,603 | |||||||||
TowerJazz Reports Results for the Second Quarter of 2018: Revenue of $335 million with Strong Increases in Net Profit and Profit Margins over Prior Quarter
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