Tower Semiconductor Reports First Quarter 2021 Double Digit Year over Year Revenue Growth


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 
(dollars in thousands) 
               
        Three months ended 
        March 31,   December 31,   March 31, 
        2021   2020   2020 
               
CASH FLOWS - OPERATING ACTIVITIES         
               
  Net profit for the period $ 30,514  $ 30,058  $ 16,031 
                             
  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   62,053     62,955     56,796  
        Effect of exchange rate differences on debentures   (3,792)     6,727     (4,069)  
        Other expense (income), net   (4,985)     5,547     (14)  
  Changes in assets and liabilities:                  
        Trade accounts receivable   (6,274)     (43,347)     11,685  
        Other assets   7,082     (5,491)     7,355  
        Inventories   (3,407)     7,800     (6,171)  
        Trade accounts payable   (9,266)     4,673     (6,199)  
        Deferred revenue and customers' advances   19,340     22     (571)  
        Other current liabilities   7,084     450     (3,248)  
        Long-term employee related liabilities   (107)     89     (31)  
        Deferred tax, net and other long-term liabilities   (10,829)     3,527     (3,228)  
          Net cash provided by operating activities   87,413     73,010     68,336  
                             
CASH FLOWS - INVESTING ACTIVITIES                  
  Investments in property and equipment, net   (49,415)     (64,233)     (62,907)  
  Investments in deposits, marketable securities and other assets, net   (1,611)     699     (85,356)  
          Net cash used in investing activities   (51,026)     (63,534)     (148,263)  
                             
CASH FLOWS - FINANCING ACTIVITIES                  
                             
  Debt repaid, net   (29,375)     (8,147)     (24,197)  
  Exercise of options   364     1,026     87  
          Net cash used in financing activities   (29,011)     (7,121)     (24,110)  
                             
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (3,478)     1,624     (176)  
                             
                             
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   3,898     3,979     (104,213)  
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   211,683     207,704     355,561  
                             
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 215,581   $ 211,683   $ 251,348  
                             

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