| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||
| Six months ended | Three months ended | ||||||||||||||||||
| June 30, | June 30, | June 30, | March 31, | June 30, | |||||||||||||||
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2019
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2018
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2019
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2019
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2018
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| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||||||
| Net profit for the period | $ | 46,122 | $ | 63,190 | $ | 19,722 | $ | 26,400 | $ | 36,009 | |||||||||
| 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 | 104,867 | 107,470 | 52,853 | 52,014 | 53,493 | ||||||||||||||
| Effect of exchange rate differences on debentures | 6,205 | (6,537 | ) | 2,204 | 4,001 | (4,797 | ) | ||||||||||||
| Other income, net | (445 | ) | (1,600 | ) | (428 | ) | (17 | ) | (1,578 | ) | |||||||||
| Changes in assets and liabilities: | |||||||||||||||||||
| Trade accounts receivable | 31,271 | (10,262 | ) | 12,665 | 18,606 | (18,351 | ) | ||||||||||||
| O ther assets | (5,755 | ) | 9,083 | (2,050 | ) | (3,705 | ) | 5,713 | |||||||||||
| Inventories | (3,017 | ) | (9,405 | ) | 378 | (3,395 | ) | (6,713 | ) | ||||||||||
| Trade accounts payable | (15,204 | ) | 3,909 | (12,553 | ) | (2,651 | ) | 10,222 | |||||||||||
| Deferred revenue and customers' advances | (13,649 | ) | (6,178 | ) | (2,964 | ) | (10,685 | ) | (5,466 | ) | |||||||||
| Other current liabilities | (1,846 | ) | 9,136 | 2,957 | (4,803 | ) | 13,355 | ||||||||||||
| Long-term employee related liabilities | 39 | (194 | ) | (29 | ) | 68 | 193 | ||||||||||||
| Deferred tax, net and other long-term liabilities | (1,564 | ) | (6,682 | ) | (599 | ) | (965 | ) | (5,151 | ) | |||||||||
| Net cash provided by operating activities | 147,024 | 151,930 | 72,156 | 74,868 | 76,929 | ||||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||||||
| Investments in property and equipment, net | (85,445 | ) | (80,195 | ) | (43,727 | ) | (41,718 | ) | (40,148 | ) | |||||||||
| Investments in deposits, marketable securities and other assets, net | (33,825 | ) | (30,451 | ) | (27,099 | ) | (6,726 | ) | (15,488 | ) | |||||||||
| Net cash used in investing activities | (119,270 | ) | (110,646 | ) | (70,826 | ) | (48,444 | ) | (55,636 | ) | |||||||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||||||||||
| Debt received (repaid), net | (10,549 | ) | (2,847 | ) | (7,475 | ) | (3,074 | ) | 3,809 | ||||||||||
| Exercise of options | 397 | 684 | -- | 397 | 26 | ||||||||||||||
| Net cash provided by (used in) financing activities | (10,152 | ) | (2,163 | ) | (7,475 | ) | (2,677 | ) | 3,835 | ||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 2,465 | 1,798 | 3,205 | (740 | ) | (2,909 | ) | ||||||||||||
| INC REASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 20,067 | 40,919 | (2,940 | ) | 23,007 | 22,219 | |||||||||||||
| CAS H AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 385,091 | 445,961 | 408,098 | 385,091 | 464,661 | ||||||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 405,158 | $ | 486,880 | $ | 405,158 | $ | 408,098 | $ | 486,880 | |||||||||
TowerJazz Announces Second Quarter 2019 Results with Strong Organic Growth and Guides Third Quarter Revenue Increase with Continued Organic Growth
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