Tower Semiconductor Reports 2024 Second Quarter Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
  Three months ended
  June 30,  March 31,  June 30,
   2024    2024    2023 
CASH FLOWS - OPERATING ACTIVITIES     
Net profit for the period $ 56,750   $ 43,047   $ 48,706 
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 *  65,567    59,544    63,579 
Effect of exchange rate differences and fair value adjustment  625    227    3,102 
Other expense (income), net  --      5,993       (149 )
Changes in assets and liabilities:          
Trade accounts receivable   (7,227 )     (6,716 )     (21,241 )
Other assets   3,141       (13,454 )     2,114  
Inventories   17,744       (23,703 )     16,315  
Trade accounts payable   (19,741 )     32,559       (24,712 )
Deferred revenue and customers' advances   (2,091 )     (1,931 )     (10,723 )
Other current liabilities   274       16,868       (5,479 )
Other long-term liabilities   (1,957 )     (2,396 )     3,982  
Net cash provided by operating activities   113,085       110,038       75,494  
CASH FLOWS - INVESTING ACTIVITIES          
Investments in property and equipment, net   (112,615 )     (98,018 )     (89,433 )
Deposits and marketable securities, net   17,443       (1,113 )     42,615  
Net cash used in investing activities   (95,172 )     (99,131 )     (46,818 )
CASH FLOWS - FINANCING ACTIVITIES          
Debt repayment   (10,439 )     (8,409 )     (10,093 )
Net cash used in financing activities   (10,439 )     (8,409 )     (10,093 )
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (2,658 )     (2,665 )     (5,322 )
           
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   4,816       (167 )     13,261  
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   260,497       260,664       304,934  
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 265,313     $ 260,497     $ 318,195  
 
* Includes amortization of acquired intangible assets and stock based compensation in the amounts of $8,229, $7,209 and $7,414 for the 3 months periods ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively.
           

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