| 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, | |||||||||||||||||
| 2020 | 2019 | 2020 | 2020 | 2019 | |||||||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||||||||
| Net profit for the period | $ | 37,505 | $ | 46,122 | $ | 21,474 | $ | 16,031 | $ | 19,722 | |||||||||||
| 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 | 117,299 | 104,867 | 60,268 | 56,796 | 52,853 | ||||||||||||||||
| Effect of exchange rate differences on debentures | (910 | ) | 6,205 | 3,159 | (4,069 | ) | 2,204 | ||||||||||||||
| Other income, net | (890 | ) | (445 | ) | (876 | ) | (14 | ) | (428 | ) | |||||||||||
| Changes in assets and liabilities: | |||||||||||||||||||||
| Trade accounts receivable | (1,296 | ) | 31,271 | (12,981 | ) | 11,685 | 12,665 | ||||||||||||||
| Other assets | 5,122 | (5,755 | ) | (1,998 | ) | 7,355 | (2,050 | ) | |||||||||||||
| Inventories | (17,380 | ) | (3,017 | ) | (11,209 | ) | (6,171 | ) | 378 | ||||||||||||
| Trade accounts payable | (12,950 | ) | (15,204 | ) | (6,751 | ) | (6,199 | ) | (12,553 | ) | |||||||||||
| Deferred revenue and customers' advances | (2,498 | ) | (13,649 | ) | (1,927 | ) | (571 | ) | (2,964 | ) | |||||||||||
| Other current liabilities | 10,729 | (1,846 | ) | 13,977 | (3,248 | ) | 2,957 | ||||||||||||||
| Long-term employee related liabilities | 2,078 | 39 | 2,109 | (31 | ) | (29 | ) | ||||||||||||||
| Deferred tax, net and other long-term liabilities | (1,870 | ) | (1,564 | ) | 1,358 | (3,228 | ) | (599 | ) | ||||||||||||
| Net cash provided by operating activities | 134,939 | 147,024 | 66,603 | 68,336 | 72,156 | ||||||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||||||||
| Investments in property and equipment, net | (125,444 | ) | (85,445 | ) | (62,537 | ) | (62,907 | ) | (43,727 | ) | |||||||||||
| Investments in deposits, marketable securities and other assets, net | (78,786 | ) | (33,825 | ) | 6,570 | (85,356 | ) | (27,099 | ) | ||||||||||||
| Net cash used in investing activities | (204,230 | ) | (119,270 | ) | (55,967 | ) | (148,263 | ) | (70,826 | ) | |||||||||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||||||||||||
| Debt repaid, net | (29,197 | ) | (10,549 | ) | (5,000 | ) | (24,197 | ) | (7,475 | ) | |||||||||||
| Exercise of options | 1,214 | 397 | 1,127 | 87 | -- | ||||||||||||||||
| Net cash used in financing activities | (27,983 | ) | (10,152 | ) | (3,873 | ) | (24,110 | ) | (7,475 | ) | |||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 506 | 2,465 | 682 | (176 | ) | 3,205 | |||||||||||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (96,768 | ) | 20,067 | 7,445 | (104,213 | ) | (2,940 | ) | |||||||||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 355,561 | 385,091 | 251,348 | 355,561 | 408,098 | ||||||||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 258,793 | $ | 405,158 | $ | 258,793 | $ | 251,348 | $ | 405,158 | |||||||||||
Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and Margins Growth
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