| | |
| | |
| | |
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
|
(dollars in thousands) | |
| | | | | | | | | | |
| | | | | | |
Nine months ended | |
| | | | | | |
September 30, | |
| | | | | | |
2018 | | |
2017 | | |
| | | | | | | | | | |
|
CASH FLOWS - OPERATING ACTIVITIES | | | | | |
| | | | | | | | | | |
| |
Net profit for the period
|
$ |
96,864 | |
$ |
153,014 | | |
| | | | | | | | | | |
| |
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 | |
160,234 | | |
157,101 | | |
| | | |
Effect of indexation, translation and fair value measurement on debt |
(5,749 |
) | |
10,584 | | |
| | | |
Other expense, net | |
(1,564 |
) | |
(400 |
) | |
| | |
Changes in assets and liabilities: | | | | | |
| | | |
Trade accounts receivable | |
(14,029 |
) | |
(7,352 |
) | |
| | | |
O
ther assets | |
8,164 | | |
(8,766 |
) | |
| | | |
Inventories | |
(16,642 |
) | |
(4,369 |
) | |
| | | |
Trade accounts payable | |
1,221 | | |
(5,863 |
) | |
| | | |
Deferred revenue and customers' advances
| |
(6,143 |
) | |
(3,921 |
) | |
| | | |
Other current liabilities | |
6,372 | | |
(9,984 |
) | |
| | | |
Long-term employee related liabilities | |
(434 |
) | |
(765 |
) | |
| | | |
Deferred tax, net
| |
(6,893 |
) | |
(8,929 |
) | |
| | | | |
Net cash provided by operating activities | |
221,401 | | |
270,350 | |
(d) |
| | | | | | | | | | |
|
CASH FLOWS - INVESTING ACTIVITIES | | | | | |
| |
Investments in property and equipment, net | |
(121,087 |
) | |
(123,368 |
) | |
| |
Investments in marketable securities and other assets, net | |
(35,350 |
) | |
(49,869 |
) | |
| | | | |
Net cash used in investing activities | |
(156,437 |
) | |
(173,237 |
) | |
| | | | | | | | | | |
|
CASH FLOWS - FINANCING ACTIVITIES | | | | | |
| | | | | | | | | | |
| |
Debt repaid, net | |
(45,925 |
) | |
(33,392 |
) | |
| |
Exercise of warrants and options, net | |
705 | | |
28,037 | | |
| |
Dividend paid to Panasonic | |
--
| | |
(4,378 |
) | |
| | | | |
Net cash used in financing activities | |
(45,220 |
) | |
(9,733 |
) | |
| | | | | | | | | | |
|
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
(1,259 |
) | |
3,650 | | |
| | | | | | |
| |
| |
| | | | | | | | | | |
|
INC
REASE IN CASH AND SHORT-TERM DEPOSITS | |
18,485 | | |
91,030 | | |
|
CAS
H AND SHORT-TERM DEPOSITS - BEGINNING OF PERIOD | |
445,961 | | |
389,377 | | |
| | | | | | | | | | |
|
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
464,446 | |
$ |
480,407 | | |
