Tower Semiconductor Reports Second Quarter 2022 Record Revenue of $426 Million Year over Year Revenue Growth of 18% Total and 30% Organic



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  
             

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