| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||
| (dollars in thousands) | |||||||||||
| T h r e e m o n t h s e n d e d | |||||||||||
|
March 31,
|
December 31,
|
March 31,
| |||||||||
|
2022
|
2021
|
2021
| |||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||
| Net profit for the period | $ | 55,774 | $ | 51,877 | $ | 30,514 | |||||
| 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 | 70,780 | 73,693 | 62,053 | ||||||||
| Effect of exchange rate differences on debentures | (1,330 | ) | 2,353 | (3,792 | ) | ||||||
| Other expense (income), net | 1,347 | (175 | ) | (4,985 | ) | ||||||
| Changes in assets and liabilities: | |||||||||||
| Trade accounts receivable | (35,181 | ) | 2,291 | (6,274 | ) | ||||||
| Other assets | 13,874 | (12,927 | ) | 7,082 | |||||||
| Inventories | (18,328 | ) | (16,155 | ) | (3,407 | ) | |||||
| Trade accounts payable | 30,595 | (8,971 | ) | (9,266 | ) | ||||||
| Deferred revenue and customers' advances | 3,385 | 39,029 | 19,340 | ||||||||
| Other current liabilities | 15,103 | 5,242 | 7,084 | ||||||||
| Long-term employee related liabilities | 331 | (2,778 | ) | (107 | ) | ||||||
| Deferred tax, net and other long-term liabilities | 221 | 177 | (10,829 | ) | |||||||
| Net cash provided by operating activities | 136,571 | 133,656 | 87,413 | ||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||
| Investments in property and equipment, net | (80,840 | ) | (85,947 | ) | (49,415 | ) | |||||
| Investments in deposits, marketable securities and other assets, net | (29,611 | ) | (47,268 | ) | (1,611 | ) | |||||
| Net cash used in investing activities | (110,451 | ) | (133,215 | ) | (51,026 | ) | |||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||
| Debt received (repaid), net | (30,539 | ) | 1,040 | (29,375 | ) | ||||||
| Exercise of options | 44 | 48 | 364 | ||||||||
| Net cash provided by (used in) financing activities | (30,495 | ) | 1,088 | (29,011 | ) | ||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (3,071 | ) | (2,102 | ) | (3,478 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (7,446 | ) | (573 | ) | 3,898 | ||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 210,930 | 211,503 | 211,683 | ||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 203,484 | $ | 210,930 | $ | 215,581 | |||||
