Tower Semiconductor Reports Double Digit Revenue Growth for the Fourth Quarter of 2020


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
           
         Year ended
         December 31,
         2020  2019
           
CASH FLOWS - OPERATING ACTIVITIES    
           
  Net profit for the period $ 83,289 $ 88,073
           
  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  240,531  214,474
     Effect of indexation, translation and fair value measurement on debt  6,645  10,294
     Other expense (income), net  5,215  (4,293)
    Changes in assets and liabilities:    
     Trade accounts receivable  (33,087)  27,317
        Other assets   (7,999)   (4,600)
        Inventories   (2,891)   (21,021)
        Trade accounts payable   (18,576)   (339)
        Deferred revenue and customers' advances   (3,072)   (10,331)
        Other current liabilities   347   (9,435)
        Long-term employee related liabilities   3,936   (310)
        Deferred tax, net and other long-term liabilities   2,223   1,491
          Net cash provided by operating activities   276,561   291,320
                     
CASH FLOWS - INVESTING ACTIVITIES        
  Investments in property and equipment, net   (256,539)   (172,166)
  Investments in deposits, marketable securities and other assets, net   (107,070)   (132,928)
          Net cash used in investing activities   (363,609)   (305,094)
                     
CASH FLOWS - FINANCING ACTIVITIES        
                     
  Debt repaid, net   (63,699)   (19,402)
  Exercise of options   2,512   1,842
          Net cash used in financing activities   (61,187)   (17,560)
                     
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   4,357   1,804
                     
DECREASE IN CASH AND CASH EQUIVALENTS   (143,878)   (29,530)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   355,561   385,091
                     
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 211,683 $ 355,561
                     

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