| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||||
| (dollars in thousands) | ||||||||||||||
| Three months ended | ||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||
| 2021 | 2020 | 2020 | ||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||||
| Net profit for the period | $ | 30,514 | $ | 30,058 | $ | 16,031 | ||||||||
| 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 | 62,053 | 62,955 | 56,796 | |||||||||||
| Effect of exchange rate differences on debentures | (3,792) | 6,727 | (4,069) | |||||||||||
| Other expense (income), net | (4,985) | 5,547 | (14) | |||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Trade accounts receivable | (6,274) | (43,347) | 11,685 | |||||||||||
| Other assets | 7,082 | (5,491) | 7,355 | |||||||||||
| Inventories | (3,407) | 7,800 | (6,171) | |||||||||||
| Trade accounts payable | (9,266) | 4,673 | (6,199) | |||||||||||
| Deferred revenue and customers' advances | 19,340 | 22 | (571) | |||||||||||
| Other current liabilities | 7,084 | 450 | (3,248) | |||||||||||
| Long-term employee related liabilities | (107) | 89 | (31) | |||||||||||
| Deferred tax, net and other long-term liabilities | (10,829) | 3,527 | (3,228) | |||||||||||
| Net cash provided by operating activities | 87,413 | 73,010 | 68,336 | |||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||
| Investments in property and equipment, net | (49,415) | (64,233) | (62,907) | |||||||||||
| Investments in deposits, marketable securities and other assets, net | (1,611) | 699 | (85,356) | |||||||||||
| Net cash used in investing activities | (51,026) | (63,534) | (148,263) | |||||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||
| Debt repaid, net | (29,375) | (8,147) | (24,197) | |||||||||||
| Exercise of options | 364 | 1,026 | 87 | |||||||||||
| Net cash used in financing activities | (29,011) | (7,121) | (24,110) | |||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (3,478) | 1,624 | (176) | |||||||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,898 | 3,979 | (104,213) | |||||||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 211,683 | 207,704 | 355,561 | |||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 215,581 | $ | 211,683 | $ | 251,348 | ||||||||
