Tower Semiconductor Reports Record Revenues and Strong Margins Growth
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine months ended | |
Three months ended | | | | | | | | | |
September 30, | |
September 30, | |
September 30, | |
June 30, | |
September 30, | | | | | | | | | |
2021 | |
2020 | |
2021 | |
2021 | |
2020 | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
102,198 |
$ |
53,231 |
$ |
40,367 |
$ |
31,317 |
$ |
15,726 | | | | | | | | | | | | | | | | | | | | |
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 | |
197,017 | |
177,576 | |
69,482 | |
65,482 | |
60,277 | | | | | |
Effect of exchange rate differences on debentures | |
(1,215) | |
(82) | |
779 | |
1,798 | |
828 | | | | | |
Other expense (income), net | |
(1,286) | |
(332) | |
1,941 | |
1,758 | |
558 | | | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | |
Trade accounts receivable | |
12,044 | |
10,260 | |
(678) | |
18,996 | |
11,556 | | | | | |
Other assets | |
(13,169) | |
(2,508) | |
(4,186) | |
(16,065) | |
(7,630) | | | | | |
Inventories | |
(28,037) | |
(10,691) | |
(12,553) | |
(12,077) | |
6,689 | | | | | |
Trade accounts payable | |
(16,668) | |
(23,249) | |
(2,100) | |
(5,302) | |
(10,299) | | | | | |
Deferred revenue and customers' advances | |
35,495 | |
(3,094) | |
19,288 | |
(3,133) | |
(596) | | | | | |
Other current liabilities | |
11,609 | |
(103) | |
(8,087) | |
12,612 | |
(10,832) | | | | | |
Long-term employee related liabilities | |
97 | |
3,847 | |
(43) | |
247 | |
1,793 | | | | | |
Deferred tax, net and other long-term liabilities | |
(10,448) | |
(1,304) | |
2,764 | |
(2,383) | |
542 | | | | | | |
Net cash provided by operating activities | |
287,637 | |
203,551 | |
106,974 | |
93,250 | |
68,612 | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | | | | | |
Investments in property and equipment, net | |
(193,313) | |
(192,306) | |
(87,714) | |
(56,184) | |
(66,862) | | |
Investments in deposits, marketable securities and other assets, net | |
(12,416) | |
(107,769) | |
6,250 | |
(17,055) | |
(28,983) | | | | | | |
Net cash used in investing activities | |
(205,729) | |
(300,075) | |
(81,464) | |
(73,239) | |
(95,845) | | | | | | | | | | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt repaid, net | |
(78,355) | |
(55,552) | |
(29,211) | |
(19,769) | |
(26,355) | | |
Exercise of options | |
410 | |
1,486 | |
46 | |
-- | |
272 | | | | | | |
Net cash used in financing activities | |
(77,945) | |
(54,066) | |
(29,165) | |
(19,769) | |
(26,083) | | | | | | | | | | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
(4,143) | |
2,733 | |
(597) | |
(68) | |
2,227 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
(180) | |
(147,857) | |
(4,252) | |
174 | |
(51,089) | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
211,683 | |
355,561 | |
215,755 | |
215,581 | |
258,793 | | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
211,503 |
$ |
207,704 |
$ |
211,503 |
$ |
215,755 |
$ |
207,704 | | | | | | | | | | | | | | | | | | |
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