|
ORBOTECH LTD. | ||||||||
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA | ||||||||
|
U.S. dollars in thousands | ||||||||
|
(Unaudited) | ||||||||
|
|
|
|
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|
Six months ended |
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Three months ended |
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|
June 30, |
|
June 30, |
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|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
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|
|
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|
|
|
|
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|
|
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Net income attributable to Orbotech Ltd. on GAAP basis |
$39,950 |
|
$29,094 |
|
$25,030 |
|
$13,340 |
|
|
Minority interest and equity losses |
(576) |
|
106 |
|
(436) |
|
17 |
|
|
Taxes on income |
7,687 |
|
6,714 |
|
4,819 |
|
3,869 |
|
|
Financial expenses - net |
3,573 |
|
14,147 |
|
1,567 |
|
9,483 |
|
|
Depreciation and amortization |
21,648 |
|
21,398 |
|
10,997 |
|
11,147 |
|
|
Equity-based compensation expenses |
4,502 |
|
2,958 |
|
2,284 |
|
1,278 |
|
|
ADJUSTED EBITDA |
$76,784 |
|
$74,417 |
|
$44,261 |
|
$39,134 |
|
|
ORBOTECH LTD. | |||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
|
U.S. dollars in thousands | |||||||||
|
|
(Unaudited) | ||||||||
|
|
|
|
Six months ended |
|
Three months ended | ||||
|
|
|
|
June 30, |
|
June 30, | ||||
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
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Net income |
$ 39,374 |
|
$ 28,900 |
|
$ 24,594 |
|
$ 13,207 | ||
|
Adjustment to reconcile net income to net cash |
|
|
|
|
|
|
| ||
|
provided by operating activities: |
|
|
|
|
|
|
| ||
|
|
Depreciation and amortization |
21,648 |
|
21,398 |
|
10,997 |
|
11,147 | |
|
|
Compensation relating to equity awards granted to |
|
|
|
|
|
|
| |
|
|
|
employees and others - net |
4,502 |
|
2,958 |
|
2,284 |
|
1,278 |
|
|
Increase in liability for employee rights upon retirement, net |
157 |
|
879 |
|
287 |
|
632 | |
|
|
Long- term loans discount amortization |
|
|
1,866 |
|
|
|
1,566 | |
|
|
Deferred financing costs amortization |
|
|
5,460 |
|
(132) |
|
4,662 | |
|
|
Deferred income taxes |
(5,461) |
|
(1,678) |
|
(5,783) |
|
(464) | |
|
|
Amortization of premium and accretion of discount on marketable |
|
|
|
|
|
|
| |
|
|
|
Securities, net |
1 |
|
94 |
|
334 |
|
28 |
|
|
Equity in earnings of Frontline, net of dividend received |
(383) |
|
839 |
|
(409) |
|
650 | |
|
|
Other |
417 |
|
388 |
|
327 |
|
238 | |
|
|
Increase in accounts receivable: |
|
|
|
|
|
|
| |
|
|
|
Trade |
(34,893) |
|
(7,224) |
|
(7,452) |
|
(2,899) |
|
|
|
Other |
(2,927) |
|
(3,703) |
|
(8,396) |
|
(986) |
|
|
Increase (decrease) in accounts payable and accruals: |
|
|
|
|
|
|
| |
|
|
|
Trade |
12,358 |
|
(3,672) |
|
13,504 |
|
(5,310) |
|
|
|
Deferred income |
2,433 |
|
(1,544) |
|
1,217 |
|
(2,394) |
|
|
|
Other |
(1,487) |
|
(6,396) |
|
5,425 |
|
(652) |
|
|
Decrease (increase) in inventories |
(17,904) |
|
(1,115) |
|
(9,722) |
|
1,015 | |
|
Net cash provided by operating activities |
17,835 |
|
37,450 |
|
27,075 |
|
21,718 | ||
|
|
|
|
|
|
|
|
|
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|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
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Purchase of property, plant and equipment |
(11,914) |
|
(12,115) |
|
(6,935) |
|
(6,358) | ||
|
Consideration received for the sale of the Thermal product business |
|
|
12,000 |
|
|
|
12,000 | ||
|
Withdraw of (investment in) bank deposits |
(2,653) |
|
6,488 |
|
(2,641) |
|
(19) | ||
|
Purchase of marketable securities |
(1,994) |
|
(2,244) |
|
(702) |
|
(976) | ||
|
Redemption of marketable securities |
804 |
|
2,337 |
|
|
|
1,180 | ||
|
Investment in equity method investee |
|
|
(1,000) |
|
|
|
| ||
|
Decrease (increase) in funds in respect of employee |
|
|
|
|
|
|
| ||
|
|
rights upon retirement |
(1,122) |
|
126 |
|
(65) |
|
66 | |
|
Net cash provided by (used in) investing activities* |
(16,879) |
|
5,592 |
|
(10,343) |
|
5,893 | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
Repayment of long-term loan |
|
|
(239,635) |
|
|
|
(214,028) | ||
|
Repayment of bank loan |
(16,364) |
|
|
|
(16,364) |
|
| ||
|
Bank loan, net of $2 million financing costs |
|
|
108,031 |
|
|
|
108,031 | ||
|
Issuance of shares, net |
|
|
99,962 |
|
|
|
99,962 | ||
|
Employee share options exercised |
1,237 |
|
3,464 |
|
570 |
|
1,389 | ||
|
Net cash used in financing activities |
(15,127) |
|
(28,178) |
|
(15,794) |
|
(4,646) | ||
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash* |
(14,171) |
|
14,864 |
|
938 |
|
22,965 | ||
|
Cash, cash equivalents and restricted cash at beginning of period* |
228,779 |
|
175,719 |
|
213,670 |
|
167,618 | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD* |
$ 214,608 |
|
$ 190,583 |
|
$ 214,608 |
|
$ 190,583 | ||
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|
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* Reclassified |
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