|
ORBOTECH LTD. | ||||||||
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA | ||||||||
|
U.S. dollars in thousands | ||||||||
|
(Unaudited) | ||||||||
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Nine months ended |
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Three months ended |
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September 30, |
|
September 30, |
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|
2017 |
|
2016 |
|
2017 |
|
2016 |
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Net income attributable to Orbotech Ltd. on GAAP basis |
$76,504 |
|
$53,807 |
|
$36,554 |
|
$24,713 |
|
|
Minority interest and equity losses |
(979) |
|
157 |
|
(403) |
|
51 |
|
|
Taxes on income |
14,256 |
|
11,599 |
|
6,569 |
|
4,885 |
|
|
Financial expenses - net |
4,890 |
|
15,318 |
|
1,317 |
|
1,171 |
|
|
Depreciation and amortization |
32,749 |
|
32,997 |
|
11,101 |
|
11,599 |
|
|
Equity-based compensation expenses |
6,982 |
|
4,319 |
|
2,480 |
|
1,361 |
|
|
ADJUSTED EBITDA |
$134,402 |
|
$118,197 |
|
$57,618 |
|
$43,780 |
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ORBOTECH LTD. | |||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
|
U.S. dollars in thousands | |||||||||
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(Unaudited) | ||||||||
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Nine months ended |
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Three months ended | ||||
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|
September 30, |
|
September 30, | ||||
|
|
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|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
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|
|
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Net income |
$ 75,525 |
|
$ 53,514 |
|
$ 36,151 |
|
$ 24,614 | ||
|
Adjustment to reconcile net income to net cash |
|
|
|
|
|
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| ||
|
provided by operating activities: |
|
|
|
|
|
|
| ||
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Depreciation and amortization |
32,749 |
|
32,997 |
|
11,101 |
|
11,599 | |
|
|
Compensation relating to equity awards granted to |
|
|
|
|
|
|
| |
|
|
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employees and others - net |
6,982 |
|
4,319 |
|
2,480 |
|
1,361 |
|
|
Increase in liability for employee rights upon retirement, net |
842 |
|
1,531 |
|
685 |
|
652 | |
|
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Long- term loans discount amortization |
|
|
1,866 |
|
|
|
| |
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Deferred financing costs amortization |
363 |
|
5,585 |
|
363 |
|
125 | |
|
|
Deferred income taxes |
(6,788) |
|
(2,774) |
|
(1,327) |
|
(1,096) | |
|
|
Amortization of premium and accretion of discount on marketable |
|
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| |
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Securities, net |
37 |
|
112 |
|
36 |
|
18 |
|
|
Equity in earnings of Frontline, net of dividend received |
(363) |
|
1,105 |
|
20 |
|
266 | |
|
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Other |
127 |
|
631 |
|
(290) |
|
243 | |
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Decrease (increase) in accounts receivable: |
|
|
|
|
|
|
| |
|
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Trade |
(59,138) |
|
(35,315) |
|
(24,245) |
|
(28,091) |
|
|
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Other |
(7,286) |
|
608 |
|
(4,359) |
|
4,311 |
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|
Increase (decrease) in accounts payable and accruals: |
|
|
|
|
|
|
| |
|
|
|
Trade |
10,747 |
|
(2,734) |
|
(1,611) |
|
938 |
|
|
|
Deferred income |
4,936 |
|
(1,790) |
|
2,503 |
|
(246) |
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|
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Other |
16,690 |
|
4,202 |
|
18,177 |
|
10,598 |
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Increase in inventories |
(29,811) |
|
(4,571) |
|
(11,907) |
|
(3,456) | |
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Net cash provided by operating activities |
45,612 |
|
59,286 |
|
27,777 |
|
21,836 | ||
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchase of property, plant and equipment |
(19,850) |
|
(17,387) |
|
(7,936) |
|
(5,272) | ||
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Consideration received for the sale of the Thermal Products business |
|
|
12,000 |
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|
|
| ||
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Withdrawal of (investment in) bank deposits |
(184) |
|
5,714 |
|
2,469 |
|
(774) | ||
|
Purchase of marketable securities |
(1,994) |
|
(4,836) |
|
|
|
(2,592) | ||
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Redemption of marketable securities |
804 |
|
3,617 |
|
|
|
1,280 | ||
|
Investment in equity method investee |
|
|
(1,000) |
|
|
|
| ||
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Acquisition of the assets of AMST |
|
|
|
|
|
|
| ||
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Decrease (increase) in funds in respect of employee |
|
|
|
|
|
|
| ||
|
rights upon retirement |
(1,187) |
|
194 |
|
(65) |
|
68 | ||
|
Net cash used in investing activities* |
(22,411) |
|
(1,698) |
|
(5,532) |
|
(7,290) | ||
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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|
|
|
|
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| ||
|
Repayment of long- term loan |
|
|
(239,635) |
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|
|
| ||
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Repayment of bank loan |
(16,364) |
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|
|
|
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| ||
|
Bank loan, net of $2 million financing costs |
|
|
108,031 |
|
|
|
| ||
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Issuance of shares, net |
|
|
99,962 |
|
|
|
| ||
|
Employee share options exercised |
2,138 |
|
5,100 |
|
901 |
|
1,636 | ||
|
Net cash provided by (used in) financing activities |
(14,226) |
|
(26,542) |
|
901 |
|
1,636 | ||
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|
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|
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|
Net increase in cash, cash equivalents and restricted cash* |
8,975 |
|
31,046 |
|
23,146 |
|
16,182 | ||
|
Cash, cash equivalents and restricted cash at beginning of period* |
228,779 |
|
175,719 |
|
214,608 |
|
190,583 | ||
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|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD* |
$ 237,754 |
|
$ 206,765 |
|
$ 237,754 |
|
$ 206,765 | ||
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* Reclassified |
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