Tower Semiconductor Reports 2023 First Quarter Financial Results



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED) 
(dollars in thousands) 
   Three months ended 
   March 31,  December 31,  March 31, 
   2023  2022  2022 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD  $ 340,759  $ 390,369  $ 210,930 
Net cash provided by operating activities  72,727  132,750  136,571 
Investments in property and equipment, net  (105,245) (38,186) (80,840)
Proceeds from an investment in a subsidiary  1,932  6,216  -- 
Debt repaid, net  (28,796) (11,465) (30,539)
Effect of Japanese Yen exchange rate change over cash balance  (637) 11,498  (3,071)
Investments in short-term deposits, marketable securities and other assets, net  24,194  (150,423) (29,567)
CASH AND CASH EQUIVALENTS - END OF PERIOD  $ 304,934  $ 340,759  $ 203,484 


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
   Three months ended 
   March 31,  December 31,  March 31, 
    2023   2022   2022  
CASH FLOWS - OPERATING ACTIVITIES              
Net profit for the period   $ 81,368   $ 85,842   $ 55,774  
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   62,387   79,893   70,780  
Effect of exchange rate differences and fair value adjustment   (926 ) 9,312   (1,330 )
Other expense (income), net   815   (2,923 ) 1,347  
Changes in assets and liabilities:              
Trade accounts receivable   7,413   12,380   (35,181 )
Other assets   (1,138 ) 9,381   13,874  
Inventories   (57,420 ) (23,423 ) (18,328 )
Trade accounts payable   44,542   (57,952 ) 30,595  
Deferred revenue and customers' advances   (15,470 ) (2,517 ) 3,385  
Other current liabilities   (45,053 ) 14,231   15,103  
Long-term employee related liabilities   371   2,819   331  
Deferred tax, net and other long-term liabilities   (4,162 ) 5,707   221  
    Net cash provided by operating activities   72,727   132,750   136,571  
CASH FLOWS - INVESTING ACTIVITIES              
Investments in property and equipment, net   (105,245 ) (38,186 ) (80,840 )
Investments in deposits, marketable securities and other assets, net   24,194   (150,423 ) (29,611 )
    Net cash used in investing activities   (81,051 ) (188,609 ) (110,451 )
CASH FLOWS - FINANCING ACTIVITIES              
Debt repaid, net   (28,796 ) (11,465 ) (30,539 )
Proceeds from an investment in a subsidiary   1,932   6,216   --  
Exercise of options   --   --   44  
    Net cash used in financing activities   (26,864 ) (5,249 ) (30,495 )
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (637 ) 11,498   (3,071 )
               
DECREASE IN CASH AND CASH EQUIVALENTS   (35,825 ) (49,610 ) (7,446 )
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   340,759   390,369   210,930  
CASH AND CASH EQUIVALENTS - END OF PERIOD   $ 304,934   $ 340,759   $ 203,484  

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