Tower Semiconductor Reports Second Quarter 2022 Record Revenue of $426 Million Year over Year Revenue Growth of 18% Total and 30% Organic
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | | |
(dollars in thousands) | | | |
Three months ended | | | |
June 30, | |
March 31, | |
June 30, | | | |
2022 | |
2022 | |
2021 | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | |
Net profit for the period |
$ 58,173 | |
$ 55,774 | |
$ 31,317 | | |
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 |
67,007 | |
70,780 | |
65,482 | | |
Effect of exchange rate differences |
2,276 | |
(1,330) | |
1,798 | | |
Other expense, net |
560 | |
1,347 | |
1,758 | | |
Changes in assets and liabilities: | | | | | | | |
Trade accounts receivable |
3,578 | |
(35,181) | |
18,996 | | |
Other assets |
(3,355) | |
13,874 | |
(16,065) | | |
Inventories |
(10,630) | |
(18,328) | |
(12,077) | | |
Trade accounts payable |
22,415 | |
30,595 | |
(5,302) | | |
Deferred revenue and customers' advances |
(14,031) | |
3,385 | |
(3,133) | | |
Other current liabilities |
10,974 | |
15,103 | |
12,612 | | |
Long-term employee related liabilities |
26 | |
331 | |
247 | | |
Deferred tax, net and other long-term liabilities |
1,104 | |
221 | |
(2,383) | | |
Net cash provided by operating activities |
138,097 | |
136,571 | |
93,250 | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | |
Investments in property and equipment, net |
(49,377) | |
(80,840) | |
(56,184) | | |
Investments in deposits, marketable securities and other assets, net |
(65,134) | |
(29,611) | |
(17,055) | | |
Net cash used in investing activities |
(114,511) | |
(110,451) | |
(73,239) | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | |
Debt repaid, net |
(8,211) | |
(30,539) | |
(19,769) | | |
Exercise of options |
-- | |
44 | |
-- | | |
Net cash used in financing activities |
(8,211) | |
(30,495) | |
(19,769) | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE |
(7,682) | |
(3,071) | |
(68) | | | | | | | | | | |
INCREASE IN CASH AND CASH EQUIVALENTS |
7,693 | |
(7,446) | |
174 | | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD |
203,484 | |
210,930 | |
215,581 | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ 211,177 | |
$ 203,484 | |
$ 215,755 | | | | | | | | | |
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