ORBOTECH LTD. |
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RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA |
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U.S. dollars in thousands (except per share data) | ||||||
(Unaudited) |
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3 m o n t h s e n d e d |
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12 months ended |
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March 3 1 |
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December 31 |
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2015 |
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2014 |
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2014 |
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Net income attributable to Orbotech Ltd. on GAAP basis |
$11,802 |
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$6,287 |
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$35,380 |
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Minority interest and equity losses |
253 |
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134 |
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301 |
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Tax expenses |
1,752 |
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1,350 |
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3,419 |
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Financial expenses |
6,471 |
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327 |
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9,046 |
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Depreciation and amortization |
12,660 |
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3,471 |
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30,333 |
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Equity- based compensation expenses |
889 |
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816 |
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3,192 |
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SPTS acquisition costs |
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6,761 |
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ADJUSTED EBITDA |
$33,827 |
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$12,385 |
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$88,432 |
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ORBOTECH LTD. | |||
RECONCILIATION OF GAAP NET INCOME TO CREDIT FACILITY EBITDA | |||
U.S. dollars in thousands (except per share data) | |||
(Unaudited) | |||
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12 months ended |
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March 31 |
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2015 |
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Net income attributable to Orbotech Ltd. on GAAP basis |
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$40,895 |
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Minority interest and equity losses |
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420 |
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Tax expenses |
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3,821 |
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Financial expenses |
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15,191 |
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Depreciation and amortization |
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39,521 |
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Equity- based compensation expenses |
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3,265 |
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SPTS acquisition costs |
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6,761 |
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SPTS full 12 months contribution (1) |
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5,028 |
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Litigation expenses |
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1,261 |
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Other (2) |
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CREDIT FACILITY EBITDA (3) |
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$116,163 |
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(1) The SPTS Acquisition was completed on August 7, 2014. This adjustment gives full year effect to the SPTS Acquisition by reflecting SPTS's contribution to Credit Facility EBITDA for the period from April 1, 2014 to August 7, 2014, determined in accordance with the Credit Agreement. This adjustment has been derived from SPTS's books and records, is unaudited and does not correspond to SPTS's historical accounting periods. This presentation does not reflect our pro forma results and should not used as indicative of our future results.
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(2) Reflects adjustments permitted by the Credit Agreement, including with respect to employee and other matters. |
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(3) Credit Facility EBITDA does not reflect any annualized expense reductions anticipated as a result of operational changes made as part of the SPTS Acquisition estimated by us in good faith as permitted by the Credit Agreement. Because we are in the preliminary stages of assessing our operations after the SPTS Acquisition, this adjustment does not include the approximately $10 million of annual cost savings that we believe may be available from our supply chain optimization project. Although we are carefully assessing the efficiency of our business, we may not identify additional cost savings or achieve the estimated cost savings in the timeframe or amount we anticipate, if at all. Accordingly, you should not place undue reliance on our ability to achieve cost savings or synergies. |
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