TowerJazz Reports Results for the First Quarter of 2018 and Second Quarter Guidance Growth
| | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | |
Three months ended | | | |
March 31, |
|
December 31, |
|
March 31, | | | |
2018
| |
2017
| |
2017
| | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
27,181 | |
$ |
148,642 | |
$ |
47,046 | | | | | | | | | | | |
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 | |
53,977 | | |
51,310 | | |
49,698 | | | | | | |
Effect of indexation, translation and fair value measurement on debt | |
(1,740 |
) | |
2,281 | | |
6,888 | | | | | | |
Other expense (income), net | |
(22 |
) | |
3,027 | | |
(511 |
) | | | | |
Changes in assets and liabilities: | | | | | | | | | | | |
Trade accounts receivable | |
8,089 | | |
788 | | |
9,529 | | | | | | |
O
ther current assets
| |
3,370 | | |
445 | | |
(4,439 |
) | | | | | |
Inventories | |
(2,692 |
) | |
92 | | |
(1,421 |
) | | | | | |
Trade accounts payable | |
(6,313 |
) | |
(2,786 |
) | |
(4,128 |
) | | | | | |
Deferred revenue and customers' advances
| |
(712 |
) | |
(17,882 |
) | |
(8,735 |
) | | | | | |
Other current liabilities | |
(4,219 |
) | |
1,765 | | |
(9,090 |
) | | | | | |
Long-term employee related liabilities | |
(387 |
) | |
(2,482 |
) | |
(257 |
) | | | | | |
Deferred tax, net
| |
(1,531 |
) | |
(99,915 |
) | |
(2,440 |
) | | | | | | |
Net cash provided by operating activities | |
75,001 | | |
85,285 | | |
82,140 | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | |
Investments in property and equipment, net | |
(40,047 |
) | |
(41,349 |
) | |
(40,348 |
) | | |
Investments in marketable securities and others, net | |
(14,963 |
) | |
(64,867 |
) | |
(5,118 |
) | | | | | | |
Net cash used in investing activities | |
(55,010 |
) | |
(106,216 |
) | |
(45,466 |
) | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | |
Debt repaid | |
(6,656 |
) | |
(16,863 |
) | |
(11,805 |
) | | |
Exercise of warrants and options, net | |
658 | | |
3,278 | | |
12,756 | | | |
Dividend payment to Panasonic
| |
--
| | |
--
| | |
(4,378 |
) | | | | | | |
Net cash used in financing activities | |
(5,998 |
) | |
(13,585 |
) | |
(3,427 |
) | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
4,707 | | |
70 | | |
4,371 | | | | |
| |
| |
| | | | | | | | |
INC
REASE (DECREASE) IN CASH AND CASH EQUIVALENTS
| |
18,700 | | |
(34,446 |
) | |
37,618 | |
CAS
H AND CASH EQUIVALENTS - BEGINNING OF PERIOD
| |
445,961 | | |
480,407 | | |
355,284 | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD | |
464,661 | | |
445,961 | | |
392,902 | | | | | | | | | | | |
Short-term deposits | |
--
| | |
--
| | |
39,211 | | | | | | | | | |
CAS
H, CASH EQUIVALENTS AND SHORT-TERM DEPOSITS - END OF PERIOD
|
$ |
464,661 | |
$ |
445,961 | |
$ |
432,113 | | | | | | | | | |
|
