Tower Semiconductor Reports 2023 Third Quarter Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED) 
(dollars in thousands) 
  Three months ended 
  September 30,  June 30,  September 30, 
  2023  2023  2022 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD $ 318,195  $ 304,934  $ 211,177 
Net cash provided by operating activities * 402,242  75,494  122,402 
Investments in property and equipment, net (101,080)  (89,433)  (45,134) 
Debt received (repaid) and others, net 15,493  (10,093)  (28,164) 
Proceeds from an investment in a subsidiary --  --  5,469 
Effect of Japanese Yen exchange rate change over cash balance (1,537)  (5,322)  (4,638) 
Investments in short-term deposits, marketable securities and other assets, net (318,497)  42,615  129,257 
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 314,816  $ 318,195  $ 390,369 
* Merger-contract termination fee received from Intel during the third quarter of 2023, net of cost, in the amount of $313,501 was included within the net cash provided by operating activities. 
       


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 
(dollars in thousands) 
  Three months ended  
  September 30,  June 30,  September 30,  
  2023   2023   2022    
CASH FLOWS - OPERATING ACTIVITIES              
Net profit for the period $ 337,737   $ 48,706   $ 66,682    
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* 66,877   63,579   74,958    
Effect of exchange rate differences and fair value adjustment 3,044   3,102   104    
Other expense (income), net (21)   (149)   7,950    
Changes in assets and liabilities:              
Trade accounts receivable 12,529   (21,241)   3,991    
Other assets (4,099)   2,114   527    
Inventories 22,477   16,315   (25,510)    
Trade accounts payable (58,107)   (24,712)   (15,951)    
Deferred revenue and customers' advances 419   (10,723)   (16,906)    
Other current liabilities (3,885)   (5,479)   20,725    
Long-term employee related liabilities 191   267   (220)    
Deferred tax, net and other long-term liabilities 25,080   3,715   6,052    
Net cash provided by operating activities ** 402,242   75,494   122,402    
CASH FLOWS - INVESTING ACTIVITIES              
Investments in property and equipment, net (101,080)   (89,433)   (45,134)    
Investments in deposits, marketable securities and other assets, net (318,497)   42,615   129,257    
Net cash provided by (used in) investing activities (419,577)   (46,818)   84,123    
CASH FLOWS - FINANCING ACTIVITIES              
Debt received (repaid), net 15,493   (10,093)   (28,164)    
Proceeds from an investment in a subsidiary --   --   5,469    
Net cash provided by (used in) financing activities 15,493   (10,093)   (22,695)    
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE (1,537)   (5,322)   (4,638)    
               
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,379)   13,261   179,192    
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 318,195   304,934   211,177    
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 314,816   $ 318,195   $ 390,369    
* Includes amortization of acquired intangible assets and stock based compensation in the amounts of $8,389, $7,414 and $7,035 for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively.    
** Merger-contract termination fee received from Intel during the third quarter of 2023, net of cost, in the amount of $313,501 was included within the net cash provided by operating activities.       

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