Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reported today
its results for the first quarter ended March 31, 2020.
First Quarter Results
Overview
Revenues for the first quarter
of 2020 were $300 million, reflecting 10% year over year organic
revenue growth (organic revenues are defined as total revenue
excluding revenues from Panasonic in the TPSCo fabs and revenues
from Maxim in the San Antonio fab).
Gross and operating
profits for the first quarter of 2020 were $53 million and
$16 million, respectively; the 10% year over year organic revenue
growth and efficiencies enabled the company to mitigate 55% of the
impact in gross and operating profits resulting from Panasonic
renewed contract revenue reduction. EBITDA for the
first quarter of 2020 was $73 million; Net profit
for the first quarter of 2020 was $17 million, or $0.16 basic and
diluted earnings per share.
Cash flow generated from
operations in the first quarter of 2020 was $68 million.
Investment in fixed assets, net was $63 million in the first
quarter of 2020 and included payments related to the previously
announced 300mm fab capex investment, to support current customer
demand increase, with additional planned shipments beginning the
third quarter of 2020. In the first quarter of 2020, the company
repaid $24 million of its debt.
Shareholders' equity as of
March 31, 2020 was a record of $1.36 billion, reflecting 70% from
total assets.
Business OutlookTower
Semiconductor expects revenues for the second quarter of 2020 to be
$310 million, with an upward or downward range of 5%.
Mr. Russell Ellwanger, Chief Executive
Officer of Tower Semiconductor,
commented, “We began 2020 with a pandemic that has
grown worldwide, vastly impacting the global business and economic
environment. COVID-19 has created new and considerable hurdles,
forcing us, together with the entire world, to modify and implement
a new mode of life, and with that, a different mode of work. We
remain proactive on all fronts with respect to the health and
safety of our employees, operational and supply chain management
and our customers with an even increased communication, to
maximize every 'wafer of opportunity' - providing reliable short-
and long-term technology and manufacturing solutions in response to
their changing needs.”
Ellwanger further commented:
“Updated customer forecasts continue to show quarter over quarter
growth through the year. As a well experienced, mature, strong
global company – with an exceptional base of talented and most
dedicated employees - we remain committed to our customer
partnerships, towards long-term mutual growth, working through any
short-term challenges.”
Corporate Credit RatingOn May
6, 2020, Standard & Poor’s Ma’alot (an Israeli rating company
that is fully owned by S&P Global Ratings) completed its annual
rating review for the Company and affirmed a corporate credit
rating and bonds series G rating of “ilAA-“, with a stable
horizon.
Shelf FilingIn May 2020, the ISA (Israel
Securities Authority) approved the filing of the Company’s shelf
registration statement, following the expiration of its previously
filed 2016 shelf. The shelf provides the Company with a platform
for future public fundraising although no specific fundraising is
currently offered under this shelf. If the Company will make any
decision to raise any funds under this shelf, it will publish a
supplemental shelf-take-down report containing specific information
and terms. This shelf filing and/or this press release shall
not constitute an offer to sell, or the solicitation of an offer to
buy, any securities. The shelf documents are available under
www.tase.co.il.
Teleconference and WebcastTower Semiconductor
will host an investor conference call today, Wednesday, May 13,
2020, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m.
Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to
discuss the Company’s financial results for the first quarter of
2020 and its outlook.
This call will be webcast and can be accessed
via Tower Semiconductor’s website at www.towersemi.com or by
calling 1-888-668-9141 (U.S. Toll-Free), 03-918-0609 (Israel),
+972-3-918-0609 (International). For those who are not available to
listen to the live broadcast, the call will be archived on Tower
Semiconductor’s website for 90 days.
The Company presents its financial statements in
accordance with U.S. GAAP. The financial information included in
the tables below includes unaudited condensed financial data. Some
of the financial information in this release and/ or in related
public disclosures or filings with respect to the financial
statements and/ or results of the Company, which we describe in
this release as “adjusted” financial measures, are non-GAAP
financial measures as defined in Regulation G and related reporting
requirements promulgated by the Securities and Exchange Commission
as they apply to our Company. These adjusted financial measures are
calculated excluding one or both of the following: (1) amortization
of acquired intangible assets and (2) compensation expenses in
respect of equity grants to directors, officers and employees.
These adjusted financial measures should be evaluated in
conjunction with, and are not a substitute for, GAAP financial
measures. The tables also present the GAAP financial measures,
which are most comparable to the adjusted financial measures, as
well as a reconciliation between the adjusted financial measures
and the comparable GAAP financial measures. As used and/ or
presented in this release and/ or in related public disclosures or
filings with respect to the financial statements and/ or results of
the Company, as well as calculated in the tables herein, the term
Earnings Before Interest Tax Depreciation and Amortization (EBITDA)
consists of net profit in accordance with GAAP, excluding interest
and other financing expense, net, other income, net, taxes,
non-controlling interest, depreciation and amortization expense and
stock-based compensation expense. EBITDA is reconciled in the
tables below from GAAP operating profit. EBITDA is not a required
GAAP financial measure and may not be comparable to a similarly
titled measure employed by other companies. EBITDA and the adjusted
financial information presented herein and/ or in related public
disclosures or filings with respect to the financial statements
and/ or results of the Company, should not be considered in
isolation or as a substitute for operating profit, net profit or
loss, cash flows provided by operating, investing and financing
activities, per share data or other profit or cash flow statement
data prepared in accordance with GAAP. The term Net Cash, as used
and/ or presented in this release and/ or in related public
disclosures or filings with respect to the financial statements
and/ or results of the Company, is comprised of cash, cash
equivalents, short-term deposits and marketable securities less
debt amounts as presented in the balance sheets included herein.
The term Net Cash is not a required GAAP financial measure, may not
be comparable to a similarly titled measure employed by other
companies and should not be considered in isolation or as a
substitute for cash, debt, operating profit, net profit or loss,
cash flows provided by operating, investing and financing
activities, per share data or other profit or cash flow statement
data prepared in accordance with GAAP. The term Free Cash Flow, as
used and/ or presented in this release and/ or in related public
disclosures or filings with respect to the financial statements
and/ or results of the Company, is calculated to be net cash
provided by operating activities (in the amounts of $68 million,
$72 million and $75 million for the three months periods ended
March 31, 2020, December 31, 2019 and March 31, 2019, respectively)
less cash used for investments in property and equipment, net
(in the amounts of $63 million, $44 million and $42 million for the
three months periods ended March 31, 2020, December 31, 2019 and
March 31, 2019, respectively). The term Free Cash Flow is not a
required GAAP financial measure, may not be comparable to a
similarly titled measure employed by other companies and should not
be considered in isolation or as a substitute for operating profit,
net profit or loss, cash flows provided by operating, investing and
financing activities, per share data or other profit or cash flow
statement data prepared in accordance with GAAP.
About Tower SemiconductorTower
Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the leader in
high-value analog semiconductor foundry solutions, provides
technology and manufacturing platforms for integrated circuits
(ICs) in growing markets such as consumer, industrial, automotive,
mobile, infrastructure, medical and aerospace and defense. Tower
Semiconductor focuses on creating positive and sustainable impact
on the world through long term partnerships and its advanced and
innovative analog technology offering, comprised of a broad range
of customizable process platforms such as SiGe, BiCMOS,
mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors,
integrated power management (BCD and 700V), and MEMS. Tower
Semiconductor also provides world-class design enablement for a
quick and accurate design cycle as well as Transfer Optimization
and development Process Services (TOPS) to IDMs and fabless
companies. To provide multi-fab sourcing and extended capacity for
its customers, Tower Semiconductor operates two manufacturing
facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and
three facilities in Japan (two 200mm and one 300mm) through TPSCo.
For more information, please visit www.towersemi.com.
CONTACTS: Noit Levy | Investor Relations | +972
74 737 7556 | noitle@towersemi.com
This press release includes forward-looking
statements, which are subject to risks and uncertainties. Actual
results may vary from those projected or implied by such
forward-looking statements and you should not place any undue
reliance on such forward-looking statements. Potential risks and
uncertainties include, without limitation, risks and uncertainties
associated with: (i) demand in our customers’ end markets; (ii)
over demand for our foundry services and/or products that exceeds
our capacity; (iii) maintaining existing customers and attracting
additional customers, (iv) high utilization and its effect on cycle
time, yield and on schedule delivery which may cause customers to
transfer their product(s) to other fabs, (v) operating results
fluctuate from quarter to quarter making it difficult to predict
future performance, (vi) impact of our debt and other liabilities
on our financial position and operations, (vii) our ability to
successfully execute acquisitions, integrate them into our
business, utilize our expanded capacity and find new business,
(viii) fluctuations in cash flow, (ix) our ability to satisfy the
covenants stipulated in our agreements with our lender banks and
bondholders (as of March 31, 2020 we are in compliance with all
such covenants included in our banks’ agreements, bond G indenture
and others), (x) pending litigation, (xi) new customer engagements,
qualification and production ramp-up at our facilities, including
TPSCo and the San Antonio facility, (xii) meeting the conditions
set in the approval certificates received from the Israeli
Investment Center under which we received a significant amount of
grants in past years, (xiii) receipt of orders that are lower than
the customer purchase commitments, (xiv) failure to receive orders
currently expected, (xv) possible incurrence of additional
indebtedness, (xvi) effect of global recession, unfavorable
economic conditions and/or credit crisis, (xvii) our ability to
accurately forecast financial performance, which is affected by
limited order backlog and lengthy sales cycles, (xviii) possible
situations of obsolete inventory if forecasted demand exceeds
actual demand when we manufacture products before receipt of
customer orders, (xix) the cyclical nature of the semiconductor
industry and the resulting periodic overcapacity, fluctuations in
operating results and future average selling price erosion, (xx)
the execution of debt re-financing and/or fundraising to enable the
service of our debt and/or other liabilities and/or for strategic
opportunities and the possible unavailability of such financing
and/ or the availability of such financing in unfavorable terms ,
(xxi) operating our facilities at high utilization rates which is
critical in order to cover a portion or all of the high level of
fixed costs associated with operating a foundry, and our debt, in
order to improve our results, (xxii) the purchase of equipment to
increase capacity, the timely completion of the equipment
installation, technology transfer and raising the funds therefor,
(xxiii) the concentration of our business in the semiconductor
industry, (xxiv) product returns, (xxv) our ability to maintain and
develop our technology processes and services to keep pace with new
technology, evolving standards, changing customer and end-user
requirements, new product introductions and short product life
cycles, (xxvi) competing effectively, (xxvii) use of outsourced
foundry services by both fabless semiconductor companies and
integrated device manufacturers; (xxviii) achieving acceptable
device yields, product performance and delivery times, (xxix) our
dependence on intellectual property rights of others, our ability
to operate our business without infringing others’ intellectual
property rights and our ability to enforce our intellectual
property against infringement, (xxx) our fab3 landlord’s
construction project adjacent to our fabrication facility,
including possible temporary reductions or interruptions in the
supply of utilities and/ or fab manufacturing, as well as claims
that our noise abatement efforts are not adequate under the terms
of the amended lease; (xxxi) retention of key employees and
recruitment and retention of skilled qualified personnel, (xxxii)
exposure to inflation, currency rates (mainly the Israeli Shekel
and Japanese Yen) and interest rate fluctuations and risks
associated with doing business locally and internationally, as well
fluctuations in the market price of our traded securities, (xxxiii)
issuance of ordinary shares as a result of conversion and/or
exercise of any of our convertible securities, as well as any sale
of shares by any of our shareholders, or any market expectation
thereof, which may depress the market price of our ordinary shares
and may impair our ability to raise future capital, (xxxiv) meeting
regulatory requirements worldwide, including environmental and
governmental regulations, (xxxv) negotiation and closure of a
definitive agreement in relation to fab establishment in China, as
well as project implementation through required outside funding and
resources and receipt of future proceeds therefrom, (xxxvi)
potential future effect on TPSCo and the Company due to the
possible closing of Panasonic sale of PSCS (a company holding 49%
of TPSCo) to Nuvoton, (xxxvii) industry and market impact due to
the coronavirus and its potential impact on our business,
operational continuity, supply chain, revenue and profitability;
(xxxviii) potential security, cyber and privacy breaches, and
(xxxix) business interruption due to fire and other natural
disasters, the security situation in Israel and other events beyond
our control such as power interruptions.
A more complete discussion of risks and
uncertainties that may affect the accuracy of forward-looking
statements included in this press release or which may otherwise
affect our business is included under the heading "Risk Factors" in
Tower’s most recent filings on Forms 20-F and 6-K, as were filed
with the Securities and Exchange Commission (the “SEC”) and the
Israel Securities Authority. Future results may differ materially
from those previously reported. The Company does not intend to
update, and expressly disclaims any obligation to update, the
information contained in this release.
|
TOWER
SEMICONDUCTOR LTD. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
A S S E T S |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
251,348 |
$ |
355,561 |
|
|
Short-term deposits |
|
|
277,857 |
|
215,609 |
|
|
Marketable securities |
|
|
191,434 |
|
176,070 |
|
|
Trade accounts receivable |
|
115,194 |
|
126,966 |
|
|
Inventories |
|
|
198,285 |
|
192,256 |
|
|
Other current assets |
|
|
22,332 |
|
22,019 |
|
|
|
Total current assets |
|
|
1,056,450 |
|
1,088,481 |
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS |
|
39,562 |
|
40,085 |
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
732,169 |
|
681,939 |
|
|
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
9,963 |
|
10,281 |
|
|
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
7,000 |
|
7,000 |
|
|
|
|
|
|
|
|
|
|
|
DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET |
93,032 |
|
105,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,938,176 |
$ |
1,932,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Short-term debt |
|
$ |
62,885 |
$ |
65,932 |
|
|
Trade accounts payable |
|
|
148,671 |
|
119,199 |
|
|
Deferred revenue and customers' advances |
|
10,191 |
|
10,322 |
|
|
Other current liabilities |
|
|
54,192 |
|
57,603 |
|
|
|
Total current liabilities |
|
|
275,939 |
|
253,056 |
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT |
|
|
220,216 |
|
245,821 |
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM CUSTOMERS' ADVANCES |
|
27,755 |
|
28,196 |
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM EMPLOYEE RELATED LIABILITIES |
|
12,730 |
|
13,285 |
|
|
|
|
|
|
|
|
|
|
|
DEFERRED TAX AND OTHER LONG-TERM LIABILITIES |
40,941 |
|
45,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
577,581 |
|
586,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY |
|
1,360,595 |
|
1,346,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
1,938,176 |
$ |
1,932,833 |
|
|
|
|
|
|
|
|
|
|
TOWER
SEMICONDUCTOR LTD. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
(dollars and
share count in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T h r e e m o n t h s e n d e d |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
REVENUES |
$ |
300,171 |
|
$ |
305,710 |
|
$ |
310,107 |
|
|
|
|
|
|
|
|
COST OF REVENUES |
|
247,628 |
|
|
250,878 |
|
|
246,956 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
52,543 |
|
|
54,832 |
|
|
63,151 |
|
|
|
|
|
|
|
|
OPERATING COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
19,414 |
|
|
18,877 |
|
|
19,168 |
|
|
Marketing, general and administrative |
|
16,691 |
|
|
17,057 |
|
|
16,641 |
|
|
|
|
|
|
|
|
|
|
36,105 |
|
|
35,934 |
|
|
35,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT |
|
16,438 |
|
|
18,898 |
|
|
27,342 |
|
|
|
|
|
|
|
|
FINANCING AND OTHER INCOME (EXPENSE), NET |
|
(2,113 |
) |
|
3,058 |
|
|
725 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE INCOME TAX |
|
14,325 |
|
|
21,956 |
|
|
28,067 |
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT (EXPENSE), NET |
|
1,706 |
|
|
(2,360 |
) |
|
(1,667 |
) |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE NON CONTROLLING INTEREST |
|
16,031 |
|
|
19,596 |
|
|
26,400 |
|
|
|
|
|
|
|
|
NON CONTROLLING INTEREST |
|
989 |
|
|
1,111 |
|
|
(184 |
) |
|
|
|
|
|
|
|
|
|
NET PROFIT |
$ |
17,020 |
|
$ |
20,707 |
|
$ |
26,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER SHARE |
$ |
0.16 |
|
$ |
0.19 |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
106,814 |
|
|
106,710 |
|
|
105,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE |
$ |
0.16 |
|
$ |
0.19 |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
108,149 |
|
|
107,995 |
|
|
106,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION
FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET PROFIT |
$ |
17,020 |
|
$ |
20,707 |
|
$ |
26,216 |
|
|
|
Stock based compensation |
|
4,543 |
|
|
3,066 |
|
|
3,823 |
|
|
|
Amortization of acquired intangible assets |
|
310 |
|
|
453 |
|
|
1,641 |
|
|
ADJUSTED NET PROFIT |
$ |
21,873 |
|
$ |
24,226 |
|
$ |
31,680 |
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.20 |
|
$ |
0.23 |
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
Diluted |
$ |
0.20 |
|
$ |
0.22 |
|
$ |
0.30 |
|
|
|
|
|
|
|
|
TOWER
SEMICONDUCTOR LTD. AND SUBSIDIARIES |
RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA
(UNAUDITED) |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T h r e e m o n t h s e n d e d |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING PROFIT |
$ |
16,438 |
$ |
18,898 |
$ |
27,342 |
|
|
Depreciation of fixed assets |
|
51,484 |
|
52,222 |
|
46,041 |
|
|
Stock based compensation |
|
4,543 |
|
3,066 |
|
3,823 |
|
|
Amortization of acquired intangible assets |
|
310 |
|
453 |
|
1,641 |
|
|
|
|
|
|
|
|
EBITDA |
$ |
72,775 |
$ |
74,639 |
$ |
78,847 |
|
|
|
|
|
|
|
TOWER
SEMICONDUCTOR LTD. AND SUBSIDIARIES |
CONSOLIDATED
SOURCES AND USES REPORT (UNAUDITED) |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T h r e e m o n t h s e n d e d |
|
|
|
March
31, |
|
December
31, |
|
March
31, |
|
|
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS - BEGINNING OF
PERIOD |
$ |
355,561 |
|
$ |
417,636 |
|
$ |
385,091 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
68,336 |
|
|
71,561 |
|
|
74,868 |
|
|
Investments in property and equipment, net |
|
(62,907 |
) |
|
(43,704 |
) |
|
(41,718 |
) |
|
Exercise of options, net |
|
87 |
|
|
1,402 |
|
|
397 |
|
|
Debt
repaid, net |
|
(24,197 |
) |
|
(3,247 |
) |
|
(3,074 |
) |
|
Effect of Japanese Yen exchange rate change over cash
balance |
|
(176 |
) |
|
(557 |
) |
|
(740 |
) |
|
Investments in short-term deposits, marketable securities
and other assets, net |
|
(85,356 |
) |
|
(87,530 |
) |
|
(6,726 |
) |
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
251,348 |
|
$ |
355,561 |
|
$ |
408,098 |
|
|
|
|
|
|
|
|
|
TOWER
SEMICONDUCTOR LTD. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
T h r e e m o n t h s e n d e d |
|
|
March 31, |
|
December 31, |
March 31, |
|
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
CASH FLOWS - OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit for the period |
$ |
16,031 |
|
$ |
19,596 |
|
$ |
26,400 |
|
|
|
|
|
|
|
|
|
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 |
|
56,796 |
|
|
56,404 |
|
|
52,014 |
|
|
|
|
|
Effect of exchange rate differences on
debentures |
|
(4,069 |
) |
|
994 |
|
|
4,001 |
|
|
|
|
|
Other income, net |
|
(14 |
) |
|
(3,582 |
) |
|
(17 |
) |
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
11,685 |
|
|
(3,458 |
) |
|
18,606 |
|
|
|
|
|
Other assets |
|
7,355 |
|
|
3,133 |
|
|
(3,705 |
) |
|
|
|
|
Inventories |
|
(6,171 |
) |
|
(4,728 |
) |
|
(3,395 |
) |
|
|
|
|
Trade accounts payable |
|
(6,199 |
) |
|
2,755 |
|
|
(2,651 |
) |
|
|
|
|
Deferred revenue and customers' advances |
|
(571 |
) |
|
(860 |
) |
|
(10,685 |
) |
|
|
|
|
Other current liabilities |
|
(3,248 |
) |
|
(1,095 |
) |
|
(4,803 |
) |
|
|
|
|
Long-term employee related liabilities |
|
(31 |
) |
|
(317 |
) |
|
68 |
|
|
|
|
|
Deferred tax, net and other long-term
liabilities |
|
(3,228 |
) |
|
2,719 |
|
|
(965 |
) |
|
|
|
|
|
Net cash provided by operating activities |
|
68,336 |
|
|
71,561 |
|
|
74,868 |
|
|
|
|
|
|
|
|
CASH FLOWS - INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Investments in property and equipment, net |
|
(62,907 |
) |
|
(43,704 |
) |
|
(41,718 |
) |
|
Investments in deposits, marketable securities and other
assets, net |
|
(85,356 |
) |
|
(87,530 |
) |
|
(6,726 |
) |
|
|
|
|
|
Net cash used in investing activities |
|
(148,263 |
) |
|
(131,234 |
) |
|
(48,444 |
) |
|
|
|
|
|
|
|
CASH FLOWS - FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt repaid, net |
|
(24,197 |
) |
|
(3,247 |
) |
|
(3,074 |
) |
|
Exercise of options |
|
87 |
|
|
1,402 |
|
|
397 |
|
|
|
|
|
|
Net cash used in financing activities |
|
(24,110 |
) |
|
(1,845 |
) |
|
(2,677 |
) |
|
|
|
|
|
|
|
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGE |
|
(176 |
) |
|
(557 |
) |
|
(740 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
|
(104,213 |
) |
|
(62,075 |
) |
|
23,007 |
|
CASH AND CASH EQUIVALENTS - BEGINNING OF
PERIOD |
|
355,561 |
|
|
417,636 |
|
|
385,091 |
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
251,348 |
|
$ |
355,561 |
|
$ |
408,098 |
|
|
|
|
|
|
|
|
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