| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| T h r e e m o n t h s e n d e d | |||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||
| 2020 | 2019 | 2019 | |||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||
| Net profit for the period | $ | 16,031 | $ | 19,596 | $ | 26,400 | |||||||||
| 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 | 56,796 | 56,404 | 52,014 | ||||||||||||
| Effect of exchange rate differences on debentures | (4,069 | ) | 994 | 4,001 | |||||||||||
| Other income, net | (14 | ) | (3,582 | ) | (17 | ) | |||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Trade accounts receivable | 11,685 | (3,458 | ) | 18,606 | |||||||||||
| Other assets | 7,355 | 3,133 | (3,705 | ) | |||||||||||
| Inventories | (6,171 | ) | (4,728 | ) | (3,395 | ) | |||||||||
| Trade accounts payable | (6,199 | ) | 2,755 | (2,651 | ) | ||||||||||
| Deferred revenue and customers' advances | (571 | ) | (860 | ) | (10,685 | ) | |||||||||
| Other current liabilities | (3,248 | ) | (1,095 | ) | (4,803 | ) | |||||||||
| Long-term employee related liabilities | (31 | ) | (317 | ) | 68 | ||||||||||
| Deferred tax, net and other long-term liabilities | (3,228 | ) | 2,719 | (965 | ) | ||||||||||
| Net cash provided by operating activities | 68,336 | 71,561 | 74,868 | ||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||
| Investments in property and equipment, net | (62,907 | ) | (43,704 | ) | (41,718 | ) | |||||||||
| Investments in deposits, marketable securities and other assets, net | (85,356 | ) | (87,530 | ) | (6,726 | ) | |||||||||
| Net cash used in investing activities | (148,263 | ) | (131,234 | ) | (48,444 | ) | |||||||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||||||
| Debt repaid, net | (24,197 | ) | (3,247 | ) | (3,074 | ) | |||||||||
| Exercise of options | 87 | 1,402 | 397 | ||||||||||||
| Net cash used in financing activities | (24,110 | ) | (1,845 | ) | (2,677 | ) | |||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (176 | ) | (557 | ) | (740 | ) | |||||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (104,213 | ) | (62,075 | ) | 23,007 | ||||||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 355,561 | 417,636 | 385,091 | ||||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 251,348 | $ | 355,561 | $ | 408,098 | |||||||||
Tower Semiconductor Reports First Quarter 2020 with Year over Year Organic Revenue Growth
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