|
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 | |
| | | | | | | | | | | | | | | |
