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