TowerJazz Announces Second Quarter 2019 Results with Strong Organic Growth and Guides Third Quarter Revenue Increase with Continued Organic 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, | | | |
2019
| | |
2018
| | |
2019
| | |
2019
| | |
2018
| | | | | | | | | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
46,122 | | |
$ |
63,190 | | |
$ |
19,722 | | |
$ |
26,400 | | |
$ |
36,009 | | | | | | | | | | | | | | | | | | |
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 | |
104,867 | | | |
107,470 | | | |
52,853 | | | |
52,014 | | | |
53,493 | | |
Effect of exchange rate differences on debentures | |
6,205 | | | |
(6,537 |
) | | |
2,204 | | | |
4,001 | | | |
(4,797 |
) | |
Other income, net | |
(445 |
) | | |
(1,600 |
) | | |
(428 |
) | | |
(17 |
) | | |
(1,578 |
) | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | |
Trade accounts receivable | |
31,271 | | | |
(10,262 |
) | | |
12,665 | | | |
18,606 | | | |
(18,351 |
) | |
O
ther
assets | |
(5,755 |
) | | |
9,083 | | | |
(2,050 |
) | | |
(3,705 |
) | | |
5,713 | | |
Inventories | |
(3,017 |
) | | |
(9,405 |
) | | |
378 | | | |
(3,395 |
) | | |
(6,713 |
) | |
Trade accounts payable | |
(15,204 |
) | | |
3,909 | | | |
(12,553 |
) | | |
(2,651 |
) | | |
10,222 | | |
Deferred revenue and customers' advances
| |
(13,649 |
) | | |
(6,178 |
) | | |
(2,964 |
) | | |
(10,685 |
) | | |
(5,466 |
) | |
Other current liabilities | |
(1,846 |
) | | |
9,136 | | | |
2,957 | | | |
(4,803 |
) | | |
13,355 | | |
Long-term employee related liabilities | |
39 | | | |
(194 |
) | | |
(29 |
) | | |
68 | | | |
193 | | |
Deferred tax, net and other long-term liabilities | |
(1,564 |
) | | |
(6,682 |
) | | |
(599 |
) | | |
(965 |
) | | |
(5,151 |
) | |
Net cash provided by operating activities | |
147,024 | | | |
151,930 | | | |
72,156 | | | |
74,868 | | | |
76,929 | | | | | | | | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | | | | | | | | |
Investments in property and equipment, net | |
(85,445 |
) | | |
(80,195 |
) | | |
(43,727 |
) | | |
(41,718 |
) | | |
(40,148 |
) | |
Investments in deposits, marketable securities and other assets, net | |
(33,825 |
) | | |
(30,451 |
) | | |
(27,099 |
) | | |
(6,726 |
) | | |
(15,488 |
) | |
Net cash used in investing activities | |
(119,270 |
) | | |
(110,646 |
) | | |
(70,826 |
) | | |
(48,444 |
) | | |
(55,636 |
) | | | | | | | | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt received (repaid), net | |
(10,549 |
) | | |
(2,847 |
) | | |
(7,475 |
) | | |
(3,074 |
) | | |
3,809 | | |
Exercise of options | |
397 | | | |
684 | | | |
--
| | | |
397 | | | |
26 | | |
Net cash provided by (used in) financing activities | |
(10,152 |
) | | |
(2,163 |
) | | |
(7,475 |
) | | |
(2,677 |
) | | |
3,835 | | | | | | | | | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
2,465 | | | |
1,798 | | | |
3,205 | | | |
(740 |
) | | |
(2,909 |
) | | | |
| | |
| | |
| | |
| | |
| | | | | | | | | | | | | | | | | |
INC
REASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
20,067 | | | |
40,919 | | | |
(2,940 |
) | | |
23,007 | | | |
22,219 | | |
CAS
H AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
385,091 | | | |
445,961 | | | |
408,098 | | | |
385,091 | | | |
464,661 | | | | | | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
405,158 | | |
$ |
486,880 | | |
$ |
405,158 | | |
$ |
408,098 | | |
$ |
486,880 | | | | | | | | | | | | | | | | | |
|
