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) | | | | | |
Six months ended | | | |
June 30, |
|
June 30, | | | |
2018 | |
2017 | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | |
Net profit for the period |
$ |
63,190 | |
$ |
98,773 | | | | | | | | | |
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 | |
107,470 | | |
102,087 | | | | | | |
Effect of indexation, translation and fair value measurement on debt | |
(6,537 |
) | |
11,761 | | | | | | |
Other income, net | |
(1,600 |
) | |
(653 |
) | | | | |
Changes in assets and liabilities: | | | | | | | | | |
Trade accounts receivable | |
(10,262 |
) | |
(7,713 |
) | | | | | |
Other
current assets | |
9,083 | | |
(11,746 |
) | | | | | |
Inventories | |
(9,405 |
) | |
267 | | | | | | |
Trade accounts payable | |
3,909 | | |
(10,658 |
) | | | | | |
Deferred revenue and customers' advances
| |
(6,178 |
) | |
(13,299 |
) | | | | | |
Other current liabilities | |
9,136 | | |
3,776 | | | | | | |
Long-term employee related liabilities | |
(194 |
) | |
(491 |
) | | | | | |
Deferred tax, net
| |
(6,682 |
) | |
(5,670 |
) | | | | | | |
Net cash provided by operating activities | |
151,930 | | |
166,434 | | | | | | | | |
C
ASH FLOWS - INVESTING ACTIVITIES | | | | | | |
Investments i
n property and equipment, net | |
(80,195 |
) | |
(81,660 |
) | | |
Investments i
n marketable securities and other assets, net | |
(30,451 |
) | |
--
| | | | | | | |
Net cash used in investing activities | |
(110,646 |
) | |
(81,660 |
) | | | | | | | |
C
ASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | |
Debt repaid,
net | |
(2,847 |
) | |
(17,460 |
) | | |
Exercise of w
arrants and options, net | |
684 | | |
27,010 | | | |
Dividend paid to Panasonic | |
--
| | |
(4,378 |
) | | | | | | |
Net cash provided by (used in) financing activities | |
(2,163 |
) | |
5,172 | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
1,798 | | |
4,280 | | |
INCREASE IN CASH AND CASH EQUIVALENTS | |
40,919 | | |
94,226 | | |
C
ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
445,961 | | |
389,377 | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
486,880 | |
$ |
483,603 | | | | | | | |
|
