TowerJazz Announces Third Quarter 2019 Results
| | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | | | |
September 30, |
June 30, | |
September 30, | | | | | | | | |
2019 | |
2019 | |
2018 | | | | | | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
22,354 | |
$ |
19,722 | |
$ |
33,674 | | | | | | | | | | | | | | | | |
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 | |
53,203 | | |
52,853 | | |
52,764 | | | | | | |
Effect of exchange rate differences on debentures | |
3,095 | | |
2,204 | | |
788 | | | | | | |
Other income, net | |
(266 |
) | |
(428 |
) | |
-- | | | | | |
Changes in assets and liabilities: | | | | | | | | | | | |
Trade accounts receivable | |
(496
|
) | |
12,665 | | |
(3,767 |
) | | | | | |
Other assets | |
(1,978 |
) | |
(2,050 |
) | |
(919 |
) | | | | | |
Inventories | |
(13,276 |
) | |
378 | | |
(7,237 |
) | | | | | |
Trade accounts payable | |
12,110
| | |
(12,553 |
) | |
(2,652 |
) | | | | | |
Deferred revenue and customers' advances | |
4,178 | | |
(2,964 |
) | |
35 | | | | | | |
Other current liabilities | |
(6,494 |
) | |
2,957 | | |
(2,764 |
) | | | | | |
Long-term employee related liabilities | |
(32 |
) | |
(29 |
) | |
(240 |
) | | | | | |
Deferred tax, net and other long-term liabilities | |
337 | | |
(599 |
) | |
(211 |
) | | | | | | |
Net cash provided by operating activities | |
72,735 | | |
72,156 | | |
69,471 | | | | | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | |
Investments in property and equipment, net | |
(43,017 |
) | |
(43,727 |
) | |
(40,892 |
) | | |
Investments in deposits, marketable securities and other assets, net | |
(11,573 |
) | |
(27,099 |
) | |
(4,899 |
) | | | | | | |
Net cash used in investing activities | |
(54,590 |
) | |
(70,826 |
) | |
(45,791 |
) | | | | | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | |
Debt repaid, net | |
(5,606 |
) | |
(7,475 |
) | |
(43,078 |
) | | |
Exercise of options | |
43 | | |
-- | | |
21 | | | | | | | |
Net cash used in financing activities | |
(5,563 |
) | |
(7,475 |
) | |
(43,057 |
) | | | | | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
(104 |
) | |
3,205 | | |
(3,057 |
) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
12,478 | | |
(2,940 |
) | |
(22,434 |
) | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
405,158 | | |
408,098 | | |
486,880 | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
417,636 | |
$ |
405,158 | |
$ |
464,446 | |
|
