Tower Semiconductor Reports 2023 First Quarter Financial Results

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
	Three months ended
	March 31,		December 31,		March 31,
	2023		2022		2022
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	$ 340,759		$ 390,369		$ 210,930
Net cash provided by operating activities	72,727		132,750		136,571
Investments in property and equipment, net	(105,245	)	(38,186	)	(80,840	)
Proceeds from an investment in a subsidiary	1,932		6,216		--
Debt repaid, net	(28,796	)	(11,465	)	(30,539	)
Effect of Japanese Yen exchange rate change over cash balance	(637	)	11,498		(3,071	)
Investments in short-term deposits, marketable securities and other assets, net	24,194		(150,423	)	(29,567	)
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 304,934		$ 340,759		$ 203,484

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
	Three months ended
	March 31,		December 31,		March 31,
	2023		2022		2022
CASH FLOWS - OPERATING ACTIVITIES
Net profit for the period	$ 81,368		$ 85,842		$ 55,774
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	62,387		79,893		70,780
Effect of exchange rate differences and fair value adjustment	(926	)	9,312		(1,330	)
Other expense (income), net	815		(2,923	)	1,347
Changes in assets and liabilities:
Trade accounts receivable	7,413		12,380		(35,181	)
Other assets	(1,138	)	9,381		13,874
Inventories	(57,420	)	(23,423	)	(18,328	)
Trade accounts payable	44,542		(57,952	)	30,595
Deferred revenue and customers' advances	(15,470	)	(2,517	)	3,385
Other current liabilities	(45,053	)	14,231		15,103
Long-term employee related liabilities	371		2,819		331
Deferred tax, net and other long-term liabilities	(4,162	)	5,707		221
Net cash provided by operating activities	72,727		132,750		136,571
CASH FLOWS - INVESTING ACTIVITIES
Investments in property and equipment, net	(105,245	)	(38,186	)	(80,840	)
Investments in deposits, marketable securities and other assets, net	24,194		(150,423	)	(29,611	)
Net cash used in investing activities	(81,051	)	(188,609	)	(110,451	)
CASH FLOWS - FINANCING ACTIVITIES
Debt repaid, net	(28,796	)	(11,465	)	(30,539	)
Proceeds from an investment in a subsidiary	1,932		6,216		--
Exercise of options	--		--		44
Net cash used in financing activities	(26,864	)	(5,249	)	(30,495	)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE	(637	)	11,498		(3,071	)

DECREASE IN CASH AND CASH EQUIVALENTS	(35,825	)	(49,610	)	(7,446	)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	340,759		390,369		210,930
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 304,934		$ 340,759		$ 203,484

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