Orbotech Reports Second Quarter 2018 Results

 

ORBOTECH LTD.

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

U.S. dollars in thousands  

 (Unaudited)


















Six months ended


Three months ended


June 30,


June 30,


2018


2017


2018


2017

















Net income attributable to Orbotech Ltd. on GAAP basis

$66,386


$39,950


$36,119


$25,030

Net loss attributable to non-controlling interests

(762)


(576)


(394)


(436)

Taxes on income

13,257


7,687


5,586


4,819

Financial expenses - net

1,790


3,573


3,435


1,567

Depreciation and amortization 

23,406


21,648


11,777


10,997

Equity-based compensation expenses

6,193


4,502


3,161


2,284

Transaction cost pending merger with KLA

3,762




1,281



ADJUSTED EBITDA

$114,032


$76,784


$60,965


$44,261

















 

 

ORBOTECH LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands


 (Unaudited)




Six months ended


Three months ended




June 30,


June 30,




2018


2017


2018


2017

CASH FLOWS FROM OPERATING ACTIVITIES:


















Net income

$65,624


$39,374


$35,725


$24,594

Adjustments to reconcile net income to net cash 








provided by operating activities:








Depreciation and amortization

23,406


21,648


11,777


10,997

Compensation relating to equity awards granted to 










employees and others - net

6,193


4,502


3,161


2,284

Increase (decrease) in liability for employee rights upon retirement, net

1,143


157


(156)


287

Deferred financing costs amortization

231




116


(132)

Deferred income taxes

12,412


(5,461)


610


(5,783)

Amortization of premium and accretion of discount on marketable










Securities, net

77


1


39


334

Equity in earnings of Frontline, net of dividend received 

(1,117)


(383)


(536)


(409)

Other

(58)


417


(58)


327

Decrease (increase) in accounts receivable:










Trade

(13,075)


(34,893)


22,220


(7,452)



Other

(5,206)


(2,927)


(1,190)


(8,396)

Increase (decrease) in accounts payable and accruals:










Trade

(12,070)


12,358


(7,830)


13,504



Deferred income

32,313


2,433


29,098


1,217



Other

(26,800)


(1,487)


(5,689)


5,425

Increase in inventories

(23,321)


(17,904)


(7,089)


(9,722)

Net cash provided by operating activities 

59,752


17,835


80,198


27,075











CASH FLOWS FROM INVESTING ACTIVITIES:


















Purchase of property, plant and equipment

(14,115)


(11,914)


(8,231)


(6,935)

Proceeds from sale of property, plan and equipment

(45)




(50)



Investment in bank deposits

(5,022)


(2,653)


(4,994)


(2,641)

Purchase of marketable securities

(250)


(1,994)


(250)


(702)

Redemption of marketable securities



804





Deposits of funds in respect of employee








rights upon retirement

(152)


(1,122)


(75)


(65)

Net cash used in investing activities

(19,584)


(16,879)


(13,600)


(10,343)











CASH FLOWS FROM FINANCING ACTIVITIES:








Repayment of bank loan

(16,364)


(16,364)


(16,364)


(16,364)

Employee share options exercised

1,491


1,237


808


570

Net cash used in financing activities

(14,873)


(15,127)


(15,556)


(15,794)











Net (Decrease) increase in cash, cash equivalents and restricted cash

25,295


(14,171)


51,042


938

Cash, cash equivalents and restricted cash at beginning of period

315,803


228,779


290,056


213,670











CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$341,098


$214,608


$341,098


$214,608






















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