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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
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(dollars in thousands)
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| Three months ended | |||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2022 | 2022 | 2021 | |||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||
| Net profit for the period | $ | 66,682 | $ | 58,173 | $ | 40,367 | |||||
| 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 | 74,958 | 67,007 | 69,482 | ||||||||
| Effect of exchange rate differences | 104 | 2,276 | 779 | ||||||||
| Other expense, net | 7,950 | 560 | 1,941 | ||||||||
| Changes in assets and liabilities: | |||||||||||
| Trade accounts receivable | 3,991 | 3,578 | (678 | ) | |||||||
| Other assets | 527 | (3,355 | ) | (4,186 | ) | ||||||
| Inventories | (25,510 | ) | (10,630 | ) | (12,553 | ) | |||||
| Trade accounts payable | (15,951 | ) | 22,415 | (2,100 | ) | ||||||
| Deferred revenue and customers' advances | (16,906 | ) | (14,031 | ) | 19,288 | ||||||
| Other current liabilities | 20,725 | 10,974 | (8,087 | ) | |||||||
| Long-term employee related liabilities | (220 | ) | 26 | (43 | ) | ||||||
| Deferred tax, net and other long-term liabilities | 6,052 | 1,104 | 2,764 | ||||||||
| Net cash provided by operating activities | 122,402 | 138,097 | 106,974 | ||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||
| Investments in property and equipment, net | (45,134 | ) | (49,377 | ) | (87,714 | ) | |||||
| Investments in deposits, marketable securities and other assets, net | 129,257 | (65,134 | ) | 6,250 | |||||||
| Net cash provided by (used in) investing activities | 84,123 | (114,511 | ) | (81,464 | ) | ||||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||
| Debt repaid, net | (28,164 | ) | (8,211 | ) | (29,211 | ) | |||||
| Proceeds from an investment in a subsidiary | 5,469 | -- | -- | ||||||||
| Exercise of options | -- | -- | 46 | ||||||||
| Net cash used in financing activities | (22,695 | ) | (8,211 | ) | (29,165 | ) | |||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (4,638 | ) | (7,682 | ) | (597 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 179,192 | 7,693 | (4,252 | ) | |||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 211,177 | 203,484 | 215,755 | ||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 390,369 | $ | 211,177 | $ | 211,503 | |||||
