Tower Semiconductor Reports 2024 Third Quarter Financial Results

 
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
  Three months ended
  September 30,  June 30,  September 30,
  2024  2024  2023
CASH FLOWS - OPERATING ACTIVITIES        
Net profit for the period $ 54,840   $ 56,750   $ 337,737 
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 * 65,348   65,567   66,877 
Effect of exchange rate differences and fair value adjustment (425 )  625   3,044  
Other expense (income), net 6,289     --     (21 )
Changes in assets and liabilities:                
Trade accounts receivable (27,486 )   (7,227 )   12,529  
Other assets 12,785     3,141     (4,099 )
Inventories 14,093     17,744     22,477  
Trade accounts payable 4,646     (19,741 )   (58,107 )
Deferred revenue and customers' advances (2,049 )   (2,091 )   419  
Other current liabilities (2,178 )   274     (3,885 )
Other long-term liabilities (1,120 )   (1,957 )   25,271  
Net cash provided by operating activities ** 124,743     113,085     402,242  
CASH FLOWS - INVESTING ACTIVITIES                
Investments in property and equipment, net (127,624 )   (112,615 )   (101,080 )
Deposits and marketable securities, net 19,412     17,443     (318,497 )
Net cash used in investing activities (108,212 )   (95,172 )   (419,577 )
CASH FLOWS - FINANCING ACTIVITIES                
Debt received (repaid), net (16,402 )   (10,439 )   15,493  
Net cash provided by (used in) financing activities (16,402 )   (10,439 )   15,493  
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE 5,537     (2,658 )   (1,537 )
                 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,666     4,816     (3,379 )
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 265,313     260,497     318,195  
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 270,979     $ 265,313     $ 314,816  
                     
* Includes amortization of acquired intangible assets and stock based compensation in the amounts of $9,059, $8,229 and $8,389 for the 3 months periods ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
** Merger-contract termination fee received from Intel during the third quarter of 2023, net of cost, in the amount of $313,501 was included within the net cash provided by operating activities for the three months ended September 30, 2023.
                 

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