Tower Semiconductor Reports Record Revenues and Strong Margins Growth



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,
         2021  2020  2021  2021  2020
                 
CASH FLOWS - OPERATING ACTIVITIES          
                 
  Net profit for the period $ 102,198 $ 53,231 $ 40,367 $ 31,317 $ 15,726
                    
  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   197,017   177,576   69,482   65,482   60,277
        Effect of exchange rate differences on debentures   (1,215)   (82)   779   1,798   828
        Other expense (income), net   (1,286)   (332)   1,941   1,758   558
      Changes in assets and liabilities:                    
        Trade accounts receivable   12,044   10,260   (678)   18,996   11,556
        Other assets   (13,169)   (2,508)   (4,186)   (16,065)   (7,630)
        Inventories   (28,037)   (10,691)   (12,553)   (12,077)   6,689
        Trade accounts payable   (16,668)   (23,249)   (2,100)   (5,302)   (10,299)
        Deferred revenue and customers' advances   35,495   (3,094)   19,288   (3,133)   (596)
        Other current liabilities   11,609   (103)   (8,087)   12,612   (10,832)
        Long-term employee related liabilities   97   3,847   (43)   247   1,793
        Deferred tax, net and other long-term liabilities   (10,448)   (1,304)   2,764   (2,383)   542
          Net cash provided by operating activities   287,637   203,551   106,974   93,250   68,612
                                 
CASH FLOWS - INVESTING ACTIVITIES                    
  Investments in property and equipment, net   (193,313)   (192,306)   (87,714)   (56,184)   (66,862)
  Investments in deposits, marketable securities and other assets, net   (12,416)   (107,769)   6,250   (17,055)   (28,983)
          Net cash used in investing activities   (205,729)   (300,075)   (81,464)   (73,239)   (95,845)
                                 
CASH FLOWS - FINANCING ACTIVITIES                    
                                 
  Debt repaid, net   (78,355)   (55,552)   (29,211)   (19,769)   (26,355)
  Exercise of options   410   1,486   46   --   272
          Net cash used in financing activities   (77,945)   (54,066)   (29,165)   (19,769)   (26,083)
                                 
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (4,143)   2,733   (597)   (68)   2,227
                                 
                                 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (180)   (147,857)   (4,252)   174   (51,089)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   211,683   355,561   215,755   215,581   258,793
                                 
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 211,503 $ 207,704 $ 211,503 $ 215,755 $ 207,704
                                 

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