TowerJazz Reports Full Year 2019 Results with 5% Organic Revenue Growth; Expects Revenue Growth for 2020
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | | | | | | | | | |
Year ended | | | | | | | | |
December 31, | | | | | | | | |
2019 | |
2018 | | | | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
88,073 | |
$ |
133,379 | | | | | | | | | | | | | | |
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 | |
214,474 | | |
214,391 | | | | | | |
Effect of indexation, translation and fair value measurement on debt | |
10,294 | | |
(9,791
) | | | | | | |
Other expense, net | |
(4,293
) | | |
2,442 | | | | | |
Changes in assets and liabilities: | | | | | | | | | |
Trade accounts receivable | |
27,317 | | |
(3,096
) | | | | | | |
Other assets | |
(4,600
) | | |
11,260 | | | | | | |
Inventories | |
(21,021
) | | |
(26,344
) | | | | | | |
Trade accounts payable | |
(339
) | | |
(3,562
) | | | | | | |
Deferred revenue and customers' advances | |
(10,331
) | | |
2,625 | | | | | | |
Other current liabilities | |
(9,435
) | | |
(867
) | | | | | | |
Long-term employee related liabilities | |
(310
) | | |
(795
) | | | | | | |
Deferred tax, net
and other long-term liabilities | |
1,491 | | |
(6,745
) | | | | | | | |
Net cash provided by operating activities | |
291,320 | | |
312,897 | | | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | |
Investments in property and equipment, net | |
(172,166
) | | |
(169,741
) | | | |
Investments in deposits, marketable securities and other assets, net | |
(132,928
) | | |
(158,476
) | | | | | | | |
Net cash used in investing activities | |
(305,094
) | | |
(328,217
) | | | | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
Debt repaid, net | |
(19,402
) | | |
(48,849
) | | | |
Exercise of options | |
1,842 | | |
714 | | | | | | | |
Net cash used in financing activities | |
(17,560
) | | |
(48,135
) | | | | | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
1,804 | | |
2,585 | | | | | | | | | | | | | | | | | | | | | | | | |
DECREASE IN CASH AND CASH EQUIVALENTS | |
(29,530
) | | |
(60,870
) | | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
385,091 | | |
445,961 | | | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
355,561 | |
$ |
385,091 | | | | | | | | | | | | | | | | | | | | | | | |
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