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


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
               
       Nine months ended  Three months ended
       September 30,   September 30,   September 30,   June 30,   September 30, 
       2020   2019   2020   2020   2019 
               
CASH FLOWS - OPERATING ACTIVITIES          
               
  Net profit for the period $ 53,231  $ 68,477  $ 15,726  $ 21,474   $ 22,354  
                             
  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   177,576     158,070     60,277     60,268     53,203  
        Effect of exchange rate differences on debentures   (82 )   9,300     828     3,159     3,095  
        Other expense (income), net   (332 )   (711 )   558     (876 )   (266 )
      Changes in assets and liabilities:                    
        Trade accounts receivable   10,260     30,775     11,556     (12,981 )   (496 )
        Other assets   (2,508 )   (7,733 )   (7,630 )   (1,998 )   (1,978 )
        Inventories   (10,691 )   (16,293 )   6,689     (11,209 )   (13,276 )
        Trade accounts payable   (23,249 )   (3,094 )   (10,299 )   (6,751 )   12,110  
        Deferred revenue and customers' advances   (3,094 )   (9,471 )   (596 )   (1,927 )   4,178  
        Other current liabilities   (103 )   (8,340 )   (10,832 )   13,977     (6,494 )
        Long-term employee related liabilities   3,847     7     1,793     2,109     (32 )
        Deferred tax, net and other long-term liabilities   (1,304 )   (1,228 )   542     1,358     337  
        Net cash provided by operating activities   203,551     219,759     68,612     66,603     72,735  
                             
CASH FLOWS - INVESTING ACTIVITIES                    
  Investments in property and equipment, net   (192,306 )   (128,462 )   (66,862 )   (62,537 )   (43,017 )
  Investments in deposits, marketable securities and other assets, net   (107,769 )   (45,398 )   (28,983 )   6,570     (11,573 )
        Net cash used in investing activities   (300,075 )   (173,860 )   (95,845 )   (55,967 )   (54,590 )
                             
CASH FLOWS - FINANCING ACTIVITIES                    
                             
  Debt repaid, net   (55,552 )   (16,155 )   (26,355 )   (5,000 )   (5,606 )
  Exercise of options   1,486     440     272     1,127     43  
        Net cash used in financing activities   (54,066 )   (15,715 )   (26,083 )   (3,873 )   (5,563 )
                             
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   2,733     2,361     2,227     682     (104 )
                             
                             
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (147,857 )   32,545     (51,089 )   7,445     12,478  
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   355,561     385,091     258,793     251,348     405,158  
                             
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 207,704   $ 417,636   $ 207,704   $ 258,793   $ 417,636  
                             

Primary Logo



« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7             



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise