| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Six months ended | ||||||||||||
| June 30, | June 30, | |||||||||||
| 2018 | 2017 | |||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||
| Net profit for the period | $ | 63,190 | $ | 98,773 | ||||||||
| 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 | 107,470 | 102,087 | ||||||||||
| Effect of indexation, translation and fair value measurement on debt | (6,537 | ) | 11,761 | |||||||||
| Other income, net | (1,600 | ) | (653 | ) | ||||||||
| Changes in assets and liabilities: | ||||||||||||
| Trade accounts receivable | (10,262 | ) | (7,713 | ) | ||||||||
| Other current assets | 9,083 | (11,746 | ) | |||||||||
| Inventories | (9,405 | ) | 267 | |||||||||
| Trade accounts payable | 3,909 | (10,658 | ) | |||||||||
| Deferred revenue and customers' advances | (6,178 | ) | (13,299 | ) | ||||||||
| Other current liabilities | 9,136 | 3,776 | ||||||||||
| Long-term employee related liabilities | (194 | ) | (491 | ) | ||||||||
| Deferred tax, net | (6,682 | ) | (5,670 | ) | ||||||||
| Net cash provided by operating activities | 151,930 | 166,434 | ||||||||||
| C ASH FLOWS - INVESTING ACTIVITIES | ||||||||||||
| Investments i n property and equipment, net | (80,195 | ) | (81,660 | ) | ||||||||
| Investments i n marketable securities and other assets, net | (30,451 | ) | -- | |||||||||
| Net cash used in investing activities | (110,646 | ) | (81,660 | ) | ||||||||
| C ASH FLOWS - FINANCING ACTIVITIES | ||||||||||||
| Debt repaid, net | (2,847 | ) | (17,460 | ) | ||||||||
| Exercise of w arrants and options, net | 684 | 27,010 | ||||||||||
| Dividend paid to Panasonic | -- | (4,378 | ) | |||||||||
| Net cash provided by (used in) financing activities | (2,163 | ) | 5,172 | |||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 1,798 | 4,280 | ||||||||||
| INCREASE IN CASH AND CASH EQUIVALENTS | 40,919 | 94,226 | ||||||||||
| C ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 445,961 | 389,377 | ||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 486,880 | $ | 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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