TowerJazz Reports Results for the Second Quarter of 2018: Revenue of $335 million with Strong Increases in Net Profit and Profit Margins over Prior Quarter
| | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | |
Three months ended | | |
|
June 30, |
|
March 31, |
|
June 30, | | | |
2018
| |
2018
| |
2017
| | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
36,009 | |
$ |
27,181 | |
$ |
51,727 | | | | | | | | | | | |
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 | |
53,493 | | |
53,977 | | |
52,389 | | | | | | |
Effect of indexation, translation and fair value measurement on debt | |
(4,797 |
) | |
(1,740 |
) | |
4,873 | | | | | | |
Other income, net | |
(1,578 |
) | |
(22 |
) | |
(142 |
) | | | | |
Changes in assets and liabilities: | | | | | | | | | | | |
Trade accounts receivable | |
(18,351 |
) | |
8,089 | | |
(17,242 |
) | | | | | |
Other
current assets
| |
5,713 | | |
3,370 | | |
(7,307 |
) | | | | | |
Inventories | |
(6,713 |
) | |
(2,692 |
) | |
1,688 | | | | | | |
Trade accounts payable | |
10,222 | | |
(6,313 |
) | |
(6,530 |
) | | | | | |
Deferred revenue and customers' advances
| |
(5,466 |
) | |
(712 |
) | |
(4,564 |
) | | | | | |
Other current liabilities | |
13,355 | | |
(4,219 |
) | |
12,866 | | | | | | |
Long-term employee related liabilities | |
193 | | |
(387 |
) | |
(234 |
) | | | | | |
Deferred tax, net
| |
(5,151 |
) | |
(1,531 |
) | |
(3,230 |
) | | | | | | |
Net cash provided by operating activities | |
76,929 | | |
75,001 | | |
84,294 | | | | | | | | | |
C
ASH FLOWS - INVESTING ACTIVITIES
| | | | | | | | |
Investments i
n property and equipment, net
| |
(40,148 |
) | |
(40,047 |
) | |
(41,312 |
) | | |
Investments i
n marketable securities and other assets, net
| |
(15,488 |
) | |
(14,963 |
) | |
--
| | | | | | | |
Net cash used in investing activities | |
(55,636 |
) | |
(55,010 |
) | |
(41,312 |
) | | | | | | | | |
C
ASH FLOWS - FINANCING ACTIVITIES
| | | | | | | | | | | | | | | | |
Debt receive
d (repaid), net
| |
3,809 | | |
(6,656 |
) | |
(5,655 |
) | | |
Exercise of w
arrants and options, net
| |
26 | | |
658 | | |
14,254 | | | | | | | |
Net cash provided by (used in) financing activities | |
3,835 | | |
(5,998 |
) | |
8,599 | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
(2,909 |
) | |
4,707 | | |
(91 |
) | |
INCREASE IN CASH AND CASH EQUIVALENTS | |
22,219 | | |
18,700 | | |
51,490 | |
C
ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
| |
464,661 | | |
445,961 | | |
432,113 | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
486,880 | |
$ |
464,661 | |
$ |
483,603 | | | | | | | | | |
|
