Tower Semiconductor Reports Third Quarter 2020 Results and Guides Fourth Quarter Significant Revenue Increase


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
        
        
    Three months ended
    September 30,   June 30,   September 30, 
    2020   2020   2019 
        
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD $ 258,793  $ 251,348  $ 405,158 
        
  Net cash provided by operating activities  68,612   66,603   72,735 
  Investments in property and equipment, net  (66,862 )  (62,537 )  (43,017 )
  Exercise of options  272   1,127   43 
  Debt repaid, net  (26,355 )  (5,000 )  (5,606 )
  Effect of Japanese Yen exchange rate change over cash balance  2,227     682     (104 )
  Investments in short-term deposits, marketable securities and other assets, net   (28,983 )   6,570     (11,573 )
               
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 207,704   $ 258,793   $ 417,636  
               
               
               
      Nine months ended    
      September 30,    
      2020     2019      
               
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD $ 355,561   $ 385,091      
               
  Net cash provided by operating activities   203,551     219,759      
  Investments in property and equipment, net   (192,306 )   (128,462 )    
  Exercise of options   1,486     440      
  Debt repaid, net   (55,552 )   (16,155 )    
  Effect of Japanese Yen exchange rate change over cash balance   2,733     2,361      
  Investments in short-term deposits, marketable securities and other assets, net   (107,769 )   (45,398 )    
               
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 207,704   $ 417,636      
               

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