TowerJazz Reports First Quarter 2017 Results: Record Free Cash Flow Resulting from Strong Year over Year Growth in Revenue and Margins
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | | |
(dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
T h r e e
m o n t h s
e n d e d | | | | | | | | | | |
March 31, |
|
|
December 31, |
|
|
March 31, | | | | | | | | | | |
2017 | | |
2016 | | |
2016 | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
47,046 | | |
$ |
52,253 | | |
$ |
64,548 | | | | | | | | | | | | | | | | |
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 | |
49,698 | | | |
51,861 | | | |
48,584 | | | | | | | |
Effect of indexation, translation and fair value measurement on debt | |
6,888 | | | |
(2,617 |
) | | |
1,401 | | | | | | | |
Other expenses (income), net | |
(511 |
) | | |
948 | | | |
--
| | | | | | | |
Gain from acquisition, net | |
--
| | | |
--
| | | |
(41,140 |
) | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | |
Trade accounts receivable | |
9,529 | | | |
(18,200 |
) | | |
(8,519 |
) | | | | | | |
Other
current assets | |
(4,439 |
) | | |
61 | | | |
822 | | | | | | | |
Inventories | |
(1,421 |
) | | |
(300 |
) | | |
(9,224 |
) | | | | | | |
Trade accounts payable | |
(4,128 |
) | | |
(7,347 |
) | | |
10,143 | | | | | | | |
Deferred revenue and customers' advances
| |
(8,735 |
) | | |
5,634 | | | |
15,030 | | | | | | | |
Other current liabilities | |
(9,090 |
) | | |
(2,448 |
) | | |
(1,953 |
) | | | | | | |
Employee related liabilities | |
(257 |
) | | |
(385 |
) | | |
(245 |
) | | | | | | |
Deferred tax liability, net
| |
(2,440 |
) | | |
2,375 | | | |
(2,005 |
) | | | | | | | |
Net cash provided by operating activities | |
82,140 | | | |
81,835 | | | |
77,442 | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in property and equipment, net | |
(40,348 |
) | | |
(42,929 |
) | | |
(57,533 |
) | | | |
Deposits and other long-term investments, net | |
(5,118 |
) | | |
(34,093 |
) | | |
10,000 | | | | | | | | |
Net cash used in investing activities | |
(45,466 |
) | | |
(77,022 |
) | | |
(47,533 |
) | | | | | | | | | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt received (repaid), net | |
(11,805 |
) | | |
(5,653 |
) | | |
6,746 | | | | |
Exercise of warrants and options, net | |
12,756 | | | |
10,644 | | | |
5,881 | | | | |
Di
vidend payment to Panasonic | |
(4,378 |
) | | |
--
| | | |
(2,563 |
) | | | | | | | |
Net cash provided by (used in) financing activities | |
(3,427 |
) | | |
4,991 | | | |
10,064 | | | | | | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
4,371 | | | |
(17,353 |
) | | |
9,029 | | | | | | |
| | |
| | |
| | | | | | | | | | | | | | |
I
NCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
37,618 | | | |
(7,549 |
) | | |
49,002 | | | |
C
ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
355,284 | | | |
362,833 | | | |
175,575 | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD | |
392,902 | | | |
355,284 | | | |
224,577 | | | | | | | | | | | | | | | | |
Short-term deposits | |
39,211 | | | |
34,093 | | | |
20,000 | | | | | | | | | | | | | | | |
C
ASH AND SHORT-TERM DEPOSITS - END OF PERIOD |
$ |
432,113 | | |
$ |
389,377 | | |
$ |
244,577 | | | | | | | | | | | | | | |
|
