Tower Semiconductor Reports 2023 Fourth Quarter and Full Year Financial Results



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
  
  Year ended
  
  December 31,   December 31,  
  2023   2022  
CASH FLOWS - OPERATING ACTIVITIES      
Net profit for the period $ 519,530   $ 266,471  
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 * 258,021   292,638  
Effect of exchange rate differences and fair value adjustment (1,632 )  10,362  
Other expense (income), net (7,047 )  6,934  
Changes in assets and liabilities:      
Trade accounts receivable (3,160 )  (15,232 ) 
Other assets (9,541 )  20,427  
Inventories 8,682   (77,891 ) 
Trade accounts payable (8,254 )  (20,893 ) 
Deferred revenue and customers' advances (35,676 )   (30,069 )  
Other current liabilities (70,163 )   61,033    
Long-term employee related liabilities (1,210 )   2,956    
Deferred tax, net and other long-term liabilities 27,011     13,084    
Net cash provided by operating activities ** 676,561     529,820    
CASH FLOWS - INVESTING ACTIVITIES            
Investments in property and equipment, net (432,184 )   (213,537 )  
Investments in deposits, marketable securities and other assets, net (288,663 )   (115,911 )  
Net cash used in investing activities (720,847 )   (329,448 )  
CASH FLOWS - FINANCING ACTIVITIES            
Debt repaid, net (32,346 )   (78,335 )  
Proceeds from an investment in a subsidiary 1,932     11,685    
Net cash used in financing activities (30,414 )   (66,650 )  
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE (5,395 )   (3,893 )  
             
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (80,095 )   129,829    
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 340,759     210,930    
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 260,664     $ 340,759    
   
* Includes amortization of acquired intangible assets and stock based compensation in the amounts of $29,854 and $26,248 for the years ended December 31, 2023 and December 31, 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 for the year ended December 31, 2023
   

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