| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||||
| (dollars in thousands) | ||||||||||||||
| Three months ended | ||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||
| 2019 | 2019 | 2018 | ||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||||
| Net profit for the period | $ | 22,354 | $ | 19,722 | $ | 33,674 | ||||||||
| 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 | 53,203 | 52,853 | 52,764 | |||||||||||
| Effect of exchange rate differences on debentures | 3,095 | 2,204 | 788 | |||||||||||
| Other income, net | (266 | ) | (428 | ) | -- | |||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Trade accounts receivable |
(496
| ) | 12,665 | (3,767 | ) | |||||||||
| Other assets | (1,978 | ) | (2,050 | ) | (919 | ) | ||||||||
| Inventories | (13,276 | ) | 378 | (7,237 | ) | |||||||||
| Trade accounts payable |
12,110
| (12,553 | ) | (2,652 | ) | |||||||||
| Deferred revenue and customers' advances | 4,178 | (2,964 | ) | 35 | ||||||||||
| Other current liabilities | (6,494 | ) | 2,957 | (2,764 | ) | |||||||||
| Long-term employee related liabilities | (32 | ) | (29 | ) | (240 | ) | ||||||||
| Deferred tax, net and other long-term liabilities | 337 | (599 | ) | (211 | ) | |||||||||
| Net cash provided by operating activities | 72,735 | 72,156 | 69,471 | |||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||
| Investments in property and equipment, net | (43,017 | ) | (43,727 | ) | (40,892 | ) | ||||||||
| Investments in deposits, marketable securities and other assets, net | (11,573 | ) | (27,099 | ) | (4,899 | ) | ||||||||
| Net cash used in investing activities | (54,590 | ) | (70,826 | ) | (45,791 | ) | ||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||
| Debt repaid, net | (5,606 | ) | (7,475 | ) | (43,078 | ) | ||||||||
| Exercise of options | 43 | -- | 21 | |||||||||||
| Net cash used in financing activities | (5,563 | ) | (7,475 | ) | (43,057 | ) | ||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (104 | ) | 3,205 | (3,057 | ) | |||||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 12,478 | (2,940 | ) | (22,434 | ) | |||||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 405,158 | 408,098 | 486,880 | |||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 417,636 | $ | 405,158 | $ | 464,446 | ||||||||
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