Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and Margins Growth



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
                 
         Six months ended  Three months ended
         June 30,  June 30,  June 30,  March 31,  June 30,
         2020   2019   2020   2020   2019 
                 
CASH FLOWS - OPERATING ACTIVITIES          
                 
  Net profit for the period $ 37,505   $ 46,122   $ 21,474   $ 16,031   $ 19,722  
                                 
  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   117,299     104,867     60,268     56,796     52,853  
        Effect of exchange rate differences on debentures   (910 )   6,205     3,159     (4,069 )   2,204  
        Other income, net   (890 )   (445 )   (876 )   (14 )   (428 )
      Changes in assets and liabilities:                    
        Trade accounts receivable   (1,296 )   31,271     (12,981 )   11,685     12,665  
        Other assets   5,122     (5,755 )   (1,998 )   7,355     (2,050 )
        Inventories   (17,380 )   (3,017 )   (11,209 )   (6,171 )   378  
        Trade accounts payable   (12,950 )   (15,204 )   (6,751 )   (6,199 )   (12,553 )
        Deferred revenue and customers' advances   (2,498 )   (13,649 )   (1,927 )   (571 )   (2,964 )
        Other current liabilities   10,729     (1,846 )   13,977     (3,248 )   2,957  
        Long-term employee related liabilities   2,078     39     2,109     (31 )   (29 )
        Deferred tax, net and other long-term liabilities   (1,870 )   (1,564 )   1,358     (3,228 )   (599 )
          Net cash provided by operating activities   134,939     147,024     66,603     68,336     72,156  
                                 
CASH FLOWS - INVESTING ACTIVITIES                    
  Investments in property and equipment, net   (125,444 )   (85,445 )   (62,537 )   (62,907 )   (43,727 )
  Investments in deposits, marketable securities and other assets, net   (78,786 )   (33,825 )   6,570     (85,356 )   (27,099 )
          Net cash used in investing activities   (204,230 )   (119,270 )   (55,967 )   (148,263 )   (70,826 )
                                 
CASH FLOWS - FINANCING ACTIVITIES                    
                                 
  Debt repaid, net   (29,197 )   (10,549 )   (5,000 )   (24,197 )   (7,475 )
  Exercise of options   1,214     397     1,127     87     --  
          Net cash used in financing activities   (27,983 )   (10,152 )   (3,873 )   (24,110 )   (7,475 )
                                 
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   506     2,465     682     (176 )   3,205  
                                 
                                 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (96,768 )   20,067     7,445     (104,213 )   (2,940 )
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   355,561     385,091     251,348     355,561     408,098  
                                 
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 258,793   $ 405,158   $ 258,793   $ 251,348   $ 405,158  
                                 


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