Tower Semiconductor Reports 2024 First Quarter Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
 
  Three months ended
  March 31,  December 31,  March 31,
  2024  2023  2023
CASH FLOWS - OPERATING ACTIVITIES           
Net profit for the period $ 43,047   $ 51,719   $ 81,368 
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 *  59,544    65,178    62,387 
Effect of exchange rate differences and fair value adjustment  227     (6,852 )     (926 )
Other expense (income), net   5,993       (7,692 )     815  
Changes in assets and liabilities:                      
Trade accounts receivable   (6,716 )     (1,861 )     7,413  
Other assets   (13,454 )     (6,418 )     (1,138 )
Inventories   (23,703 )     27,310       (57,420 )
Trade accounts payable   32,559       30,023       44,542  
Deferred revenue and customers' advances   (1,931 )     (9,902 )     (15,470 )
Other current liabilities   16,868       (15,745 )     (45,053 )
Other long-term liabilities   (2,396 )     338       (3,791 )
Net cash provided by operating activities   110,038       126,098       72,727  
CASH FLOWS - INVESTING ACTIVITIES                      
Investments in property and equipment, net   (98,018 )     (136,426 )     (105,245 )
Investments in short-term deposits, marketable securities and other assets, net of sale proceeds   (1,113 )     (36,975 )     24,194  
Net cash used in investing activities   (99,131 )     (173,401 )     (81,051 )
CASH FLOWS - FINANCING ACTIVITIES                      
Debt repaid, net   (8,409 )     (8,950 )     (28,796 )
Proceeds from an investment in a subsidiary   --       --       1,932  
Net cash used in financing activities   (8,409 )     (8,950 )     (26,864 )
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (2,665 )     2,101       (637 )
                       
DECREASE IN CASH AND CASH EQUIVALENTS   (167 )     (54,152 )     (35,825 )
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   260,664       314,816       340,759  
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 260,497     $ 260,664     $ 304,934  
 
* Includes amortization of acquired intangible assets and stock based compensation in the amounts of $7,209, $7,104 and $6,947
 for the 3 months periods ended March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

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