Tower Semiconductor Reports First Quarter 2020 with Year over Year Organic Revenue Growth 



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
       
   T h r e e  m o n t h s  e n d e d
   March 31,  December 31, March 31,
   2020  2019  2019
       
CASH FLOWS - OPERATING ACTIVITIES      
       
  Net profit for the period $ 16,031  $ 19,596  $ 26,400 
       
  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  56,796   56,404   52,014 
     Effect of exchange rate differences on debentures  (4,069 )  994   4,001 
     Other income, net  (14 )  (3,582 )   (17 )
      Changes in assets and liabilities:            
        Trade accounts receivable   11,685     (3,458 )   18,606  
        Other assets   7,355     3,133     (3,705 )
        Inventories   (6,171 )   (4,728 )   (3,395 )
        Trade accounts payable   (6,199 )   2,755     (2,651 )
        Deferred revenue and customers' advances   (571 )   (860 )   (10,685 )
        Other current liabilities   (3,248 )   (1,095 )   (4,803 )
        Long-term employee related liabilities   (31 )   (317 )   68  
        Deferred tax, net and other long-term liabilities   (3,228 )   2,719     (965 )
          Net cash provided by operating activities   68,336     71,561     74,868  
             
CASH FLOWS - INVESTING ACTIVITIES            
  Investments in property and equipment, net   (62,907 )   (43,704 )   (41,718 )
  Investments in deposits, marketable securities and other assets, net   (85,356 )   (87,530 )   (6,726 )
          Net cash used in investing activities   (148,263 )   (131,234 )   (48,444 )
             
CASH FLOWS - FINANCING ACTIVITIES            
             
  Debt repaid, net   (24,197 )   (3,247 )   (3,074 )
  Exercise of options   87     1,402     397  
          Net cash used in financing activities   (24,110 )   (1,845 )   (2,677 )
             
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (176 )   (557 )   (740 )
             
             
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (104,213 )   (62,075 )   23,007  
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   355,561     417,636     385,091  
             
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 251,348   $ 355,561   $ 408,098  
             



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