Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and Margins Growth
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended | |
Three months ended | | | | | | | | | |
June 30, | |
June 30, | |
June 30, | |
March 31, | |
June 30, | | | | | | | | | |
2020 | | |
2019 | | |
2020 | | |
2020 | | |
2019 | | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
37,505 | |
$ |
46,122 | |
$ |
21,474 | |
$ |
16,031 | |
$ |
19,722 | | | | | | | | | | | | | | | | | | | | | |
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 | |
117,299 | | |
104,867 | | |
60,268 | | |
56,796 | | |
52,853 | | | | | | |
Effect of exchange rate differences on debentures | |
(910 |
) | |
6,205 | | |
3,159 | | |
(4,069 |
) | |
2,204 | | | | | | |
Other income, net | |
(890 |
) | |
(445 |
) | |
(876 |
) | |
(14 |
) | |
(428 |
) | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | |
Trade accounts receivable | |
(1,296 |
) | |
31,271 | | |
(12,981 |
) | |
11,685 | | |
12,665 | | | | | | |
Other assets | |
5,122 | | |
(5,755 |
) | |
(1,998 |
) | |
7,355 | | |
(2,050 |
) | | | | | |
Inventories | |
(17,380 |
) | |
(3,017 |
) | |
(11,209 |
) | |
(6,171 |
) | |
378 | | | | | | |
Trade accounts payable | |
(12,950 |
) | |
(15,204 |
) | |
(6,751 |
) | |
(6,199 |
) | |
(12,553 |
) | | | | | |
Deferred revenue and customers' advances | |
(2,498 |
) | |
(13,649 |
) | |
(1,927 |
) | |
(571 |
) | |
(2,964 |
) | | | | | |
Other current liabilities | |
10,729 | | |
(1,846 |
) | |
13,977 | | |
(3,248 |
) | |
2,957 | | | | | | |
Long-term employee related liabilities | |
2,078 | | |
39 | | |
2,109 | | |
(31 |
) | |
(29 |
) | | | | | |
Deferred tax, net and other long-term liabilities | |
(1,870 |
) | |
(1,564 |
) | |
1,358 | | |
(3,228 |
) | |
(599 |
) | | | | | | |
Net cash provided by operating activities | |
134,939 | | |
147,024 | | |
66,603 | | |
68,336 | | |
72,156 | | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | | | | | |
Investments in property and equipment, net | |
(125,444 |
) | |
(85,445 |
) | |
(62,537 |
) | |
(62,907 |
) | |
(43,727 |
) | | |
Investments in deposits, marketable securities and other assets, net | |
(78,786 |
) | |
(33,825 |
) | |
6,570 | | |
(85,356 |
) | |
(27,099 |
) | | | | | | |
Net cash used in investing activities | |
(204,230 |
) | |
(119,270 |
) | |
(55,967 |
) | |
(148,263 |
) | |
(70,826 |
) | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt repaid, net | |
(29,197 |
) | |
(10,549 |
) | |
(5,000 |
) | |
(24,197 |
) | |
(7,475 |
) | | |
Exercise of options | |
1,214 | | |
397 | | |
1,127 | | |
87 | | |
-- | | | | | | | |
Net cash used in financing activities | |
(27,983 |
) | |
(10,152 |
) | |
(3,873 |
) | |
(24,110 |
) | |
(7,475 |
) | | | | | | | | | | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
506 | | |
2,465 | | |
682 | | |
(176 |
) | |
3,205 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
(96,768 |
) | |
20,067 | | |
7,445 | | |
(104,213 |
) | |
(2,940 |
) | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
355,561 | | |
385,091 | | |
251,348 | | |
355,561 | | |
408,098 | | | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
258,793 | |
$ |
405,158 | |
$ |
258,793 | |
$ |
251,348 | |
$ |
405,158 | | | | | | | | | | | | | | | | | | | |
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