| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Three months ended | ||||||||||||
|
June 30,
|
March 31,
|
June 30,
| ||||||||||
|
2023
|
2023
|
2022
| ||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||
| Net profit for the period | $ | 48,706 | $ | 81,368 | $ | 58,173 | ||||||
| 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 | 63,579 | 62,387 | 67,007 | |||||||||
| Effect of exchange rate differences and fair value adjustment | 3,102 | (926 | ) | 2,276 | ||||||||
| Other expense (income), net | (149 | ) | 815 | 560 | ||||||||
| Changes in assets and liabilities: | ||||||||||||
| Trade accounts receivable | (21,241 | ) | 7,413 | 3,578 | ||||||||
| Other assets | 2,114 | (1,138 | ) | (3,355 | ) | |||||||
| Inventories | 16,315 | (57,420 | ) | (10,630 | ) | |||||||
| Trade accounts payable | (24,712 | ) | 44,542 | 22,415 | ||||||||
| Deferred revenue and customers' advances | (10,723 | ) | (15,470 | ) | (14,031 | ) | ||||||
| Other current liabilities | (5,479 | ) | (45,053 | ) | 10,974 | |||||||
| Long-term employee related liabilities | 267 | 371 | 26 | |||||||||
| Deferred tax, net and other long-term liabilities | 3,715 | (4,162 | ) | 1,104 | ||||||||
| Net cash provided by operating activities | 75,494 | 72,727 | 138,097 | |||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||
| Investments in property and equipment, net | (89,433 | ) | (105,245 | ) | (49,377 | ) | ||||||
| Investments in deposits, marketable securities and other assets, net | 42,615 | 24,194 | (65,134 | ) | ||||||||
| Net cash used in investing activities | (46,818 | ) | (81,051 | ) | (114,511 | ) | ||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||
| Debt repaid and others, net | (10,093 | ) | (28,796 | ) | (8,211 | ) | ||||||
| Proceeds from an investment in a subsidiary | -- | 1,932 | -- | |||||||||
| Net cash used in financing activities | (10,093 | ) | (26,864 | ) | (8,211 | ) | ||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (5,322 | ) | (637 | ) | (7,682 | ) | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 13,261 | (35,825 | ) | 7,693 | ||||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 304,934 | 340,759 | 203,484 | |||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 318,195 | $ | 304,934 | $ | 211,177 | ||||||
