| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||
| (dollars in thousands) | |||||||||||
| Three months ended | |||||||||||
| June 30, | March 31, | June 30, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| CASH FLOWS - OPERATING ACTIVITIES | |||||||||||
| Net profit for the period | $ | 56,750 | $ | 43,047 | $ | 48,706 | |||||
| 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 * | 65,567 | 59,544 | 63,579 | ||||||||
| Effect of exchange rate differences and fair value adjustment | 625 | 227 | 3,102 | ||||||||
| Other expense (income), net | -- | 5,993 | (149 | ) | |||||||
| Changes in assets and liabilities: | |||||||||||
| Trade accounts receivable | (7,227 | ) | (6,716 | ) | (21,241 | ) | |||||
| Other assets | 3,141 | (13,454 | ) | 2,114 | |||||||
| Inventories | 17,744 | (23,703 | ) | 16,315 | |||||||
| Trade accounts payable | (19,741 | ) | 32,559 | (24,712 | ) | ||||||
| Deferred revenue and customers' advances | (2,091 | ) | (1,931 | ) | (10,723 | ) | |||||
| Other current liabilities | 274 | 16,868 | (5,479 | ) | |||||||
| Other long-term liabilities | (1,957 | ) | (2,396 | ) | 3,982 | ||||||
| Net cash provided by operating activities | 113,085 | 110,038 | 75,494 | ||||||||
| CASH FLOWS - INVESTING ACTIVITIES | |||||||||||
| Investments in property and equipment, net | (112,615 | ) | (98,018 | ) | (89,433 | ) | |||||
| Deposits and marketable securities, net | 17,443 | (1,113 | ) | 42,615 | |||||||
| Net cash used in investing activities | (95,172 | ) | (99,131 | ) | (46,818 | ) | |||||
| CASH FLOWS - FINANCING ACTIVITIES | |||||||||||
| Debt repayment | (10,439 | ) | (8,409 | ) | (10,093 | ) | |||||
| Net cash used in financing activities | (10,439 | ) | (8,409 | ) | (10,093 | ) | |||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (2,658 | ) | (2,665 | ) | (5,322 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,816 | (167 | ) | 13,261 | |||||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 260,497 | 260,664 | 304,934 | ||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 265,313 | $ | 260,497 | $ | 318,195 | |||||
| * Includes amortization of acquired intangible assets and stock based compensation in the amounts of $8,229, $7,209 and $7,414 for the 3 months periods ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively. | |||||||||||
