| 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 | ||||||
Tower Semiconductor Reports Record Revenues and Strong Margins Growth
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