| 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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