| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||
| (dollars in thousands) | ||||||
| Three months ended | ||||||
| June 30, | March 31, | June 30, | ||||
| 2022 | 2022 | 2021 | ||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||
| Net profit for the period | $ 58,173 | $ 55,774 | $ 31,317 | |||
| 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 | 67,007 | 70,780 | 65,482 | |||
| Effect of exchange rate differences | 2,276 | (1,330) | 1,798 | |||
| Other expense, net | 560 | 1,347 | 1,758 | |||
| Changes in assets and liabilities: | ||||||
| Trade accounts receivable | 3,578 | (35,181) | 18,996 | |||
| Other assets | (3,355) | 13,874 | (16,065) | |||
| Inventories | (10,630) | (18,328) | (12,077) | |||
| Trade accounts payable | 22,415 | 30,595 | (5,302) | |||
| Deferred revenue and customers' advances | (14,031) | 3,385 | (3,133) | |||
| Other current liabilities | 10,974 | 15,103 | 12,612 | |||
| Long-term employee related liabilities | 26 | 331 | 247 | |||
| Deferred tax, net and other long-term liabilities | 1,104 | 221 | (2,383) | |||
| Net cash provided by operating activities | 138,097 | 136,571 | 93,250 | |||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||
| Investments in property and equipment, net | (49,377) | (80,840) | (56,184) | |||
| Investments in deposits, marketable securities and other assets, net | (65,134) | (29,611) | (17,055) | |||
| Net cash used in investing activities | (114,511) | (110,451) | (73,239) | |||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||
| Debt repaid, net | (8,211) | (30,539) | (19,769) | |||
| Exercise of options | -- | 44 | -- | |||
| Net cash used in financing activities | (8,211) | (30,495) | (19,769) | |||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (7,682) | (3,071) | (68) | |||
| INCREASE IN CASH AND CASH EQUIVALENTS | 7,693 | (7,446) | 174 | |||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 203,484 | 210,930 | 215,581 | |||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 211,177 | $ 203,484 | $ 215,755 | |||
Tower Semiconductor Reports Second Quarter 2022 Record Revenue of $426 Million Year over Year Revenue Growth of 18% Total and 30% Organic
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