TowerJazz Announces Records in Revenues, Margins, EBITDA and Free Cash Flow for the Second Quarter and First Half of 2017
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | | |
(dollars in thousands) | | | | | | | | | | | | | |
Three months ended | | | | | |
June 30, | |
June 30, | | | | | |
2017
| |
2016
| | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
51,727 | |
$ |
40,347 | | | | | | | | | | | |
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 | |
52,389 | | |
48,117 | | | |
Effect of indexation, translation and fair value measurement on debt | |
4,873 | | |
6,700 | | | |
Other income, net | |
(142 |
) | |
(4,362 |
) | | |
Gain from acquisition, net | |
--
| | |
(10,158 |
) | | |
Changes in assets and liabilities: | | | | | | |
Trade accounts receivable | |
(17,242 |
) | |
(1,916 |
) | | |
Other
current assets | | |
(7,307 |
) | |
(5,476 |
) | | |
Inventories | |
1,688 | | |
(6,300 |
) | | |
Trade accounts payable | |
(6,530 |
) | |
130 | | | |
Deferred revenue and customers' advances
| |
(4,564 |
) | |
8,294 | | | |
Other current liabilities | |
12,866 | | |
11,194 | | | |
Long-term employee related liabilities | |
(234 |
) | |
(143 |
) | | |
Deferred tax liability, net
| |
(3,230 |
) | |
(4,646 |
) | | |
Net cash provided by operating activities | |
84,294 | | |
81,781 | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | | | | | | | | |
Investments in property and equipment, net | |
(41,312 |
) | |
(54,323 |
) | | |
Deposits and other long-term investments, net | |
--
| | |
19,600 | | | |
Net cash used in investing activities | |
(41,312 |
) | |
(34,723 |
) | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | |
Debt received (repaid), net | |
(5,655 |
) | |
27,444 | | | |
Exercise of warrants and options, net | |
14,254 | | |
360 | | | |
Net cash provided by (used in) financing activities | |
8,599 | | |
27,804 | | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | | |
(91 |
) | |
11,623 | | | | | | |
| |
| | | | | | | | | | |
I
NCREASE IN CASH AND SHORT-TERM DEPOSITS | | |
51,490 | | |
86,485 | | | |
C
ASH AND SHORT-TERM DEPOSITS - BEGINNING OF PERIOD | | |
432,113 | | |
224,577 | | | | | | | | | | | |
CASH AND SHORT-TERM DEPOSITS - END OF PERIOD | |
$ |
483,603 | |
$ |
311,062 | | |
|
