| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Year ended | ||||||||||||
| December 31, | ||||||||||||
| 2019 | 2018 | |||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||
| Net profit for the period | $ | 88,073 | $ | 133,379 | ||||||||
| 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 | 214,474 | 214,391 | ||||||||||
| Effect of indexation, translation and fair value measurement on debt | 10,294 | (9,791 ) | ||||||||||
| Other expense, net | (4,293 ) | 2,442 | ||||||||||
| Changes in assets and liabilities: | ||||||||||||
| Trade accounts receivable | 27,317 | (3,096 ) | ||||||||||
| Other assets | (4,600 ) | 11,260 | ||||||||||
| Inventories | (21,021 ) | (26,344 ) | ||||||||||
| Trade accounts payable | (339 ) | (3,562 ) | ||||||||||
| Deferred revenue and customers' advances | (10,331 ) | 2,625 | ||||||||||
| Other current liabilities | (9,435 ) | (867 ) | ||||||||||
| Long-term employee related liabilities | (310 ) | (795 ) | ||||||||||
| Deferred tax, net and other long-term liabilities | 1,491 | (6,745 ) | ||||||||||
| Net cash provided by operating activities | 291,320 | 312,897 | ||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||
| Investments in property and equipment, net | (172,166 ) | (169,741 ) | ||||||||||
| Investments in deposits, marketable securities and other assets, net | (132,928 ) | (158,476 ) | ||||||||||
| Net cash used in investing activities | (305,094 ) | (328,217 ) | ||||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||
| Debt repaid, net | (19,402 ) | (48,849 ) | ||||||||||
| Exercise of options | 1,842 | 714 | ||||||||||
| Net cash used in financing activities | (17,560 ) | (48,135 ) | ||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 1,804 | 2,585 | ||||||||||
| DECREASE IN CASH AND CASH EQUIVALENTS | (29,530 ) | (60,870 ) | ||||||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 385,091 | 445,961 | ||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 355,561 | $ | 385,091 | ||||||||
TowerJazz Reports Full Year 2019 Results with 5% Organic Revenue Growth; Expects Revenue Growth for 2020
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