|
ORBOTECH LTD. | |||||||
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA | |||||||
|
U.S. dollars in thousands | |||||||
|
(Unaudited) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended |
|
3 months ended | ||||
|
|
September 30 |
|
September 30 | ||||
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Orbotech Ltd. on GAAP basis |
$53,807 |
|
$40,724 |
|
$24,713 |
|
$15,919 |
|
Minority interest and equity losses |
157 |
|
597 |
|
51 |
|
221 |
|
Taxes on income |
11,599 |
|
11,137 |
|
4,885 |
|
2,769 |
|
Financial expenses |
15,318 |
|
18,406 |
|
1,171 |
|
6,138 |
|
Depreciation and amortization |
32,997 |
|
34,739 |
|
11,599 |
|
11,221 |
|
Gain from the sale of the Thermal product business |
|
|
(628) |
|
|
|
|
|
Equity-based compensation expenses |
4,319 |
|
2,597 |
|
1,361 |
|
848 |
|
ADJUSTED EBITDA |
$118,197 |
|
$107,572 |
|
$43,780 |
|
$37,116 |
|
|
|
|
|
|
|
|
|
|
ORBOTECH LTD. | |||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
|
U.S. dollars in thousands | |||||||||
|
|
(Unaudited) | ||||||||
|
|
|
|
9 months ended |
|
3 months ended | ||||
|
|
|
|
September 30 |
|
September 30 | ||||
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 53,514 |
|
$ 40,906 |
|
$ 24,614 |
|
$ 15,940 | ||
|
Adjustment to reconcile net income to net cash |
|
|
|
|
|
|
| ||
|
|
provided by operating activities: |
|
|
|
|
|
|
| |
|
|
Depreciation and amortization |
32,997 |
|
34,739 |
|
11,599 |
|
11,221 | |
|
|
Compensation relating to equity awards granted to |
|
|
|
|
|
|
| |
|
|
|
employees and others - net |
4,319 |
|
2,597 |
|
1,361 |
|
848 |
|
|
Increase in liability for employee rights upon retirement, net |
1,531 |
|
155 |
|
652 |
|
362 | |
|
|
Long- term loans discount amortization |
1,866 |
|
572 |
|
|
|
175 | |
|
|
Deferred financing costs amortization |
5,585 |
|
1,531 |
|
125 |
|
493 | |
|
|
Deferred income taxes |
(2,774) |
|
448 |
|
(1,096) |
|
(355) | |
|
|
Amortization of premium and accretion of discount on marketable |
|
|
|
|
|
|
| |
|
|
|
Securities, net |
112 |
|
131 |
|
18 |
|
32 |
|
|
Equity in earnings of Frontline, net of dividend received |
1,105 |
|
190 |
|
266 |
|
(412) | |
|
|
Other |
631 |
|
704 |
|
243 |
|
90 | |
|
|
Gain from the sale of the Thermal product business |
|
|
(628) |
|
|
|
| |
|
|
Decrease (increase) in accounts receivable: |
|
|
|
|
|
|
| |
|
|
|
Trade |
(35,315) |
|
(31,787) |
|
(28,091) |
|
(37,345) |
|
|
|
Other |
608 |
|
(4,099) |
|
4,311 |
|
(4,668) |
|
|
Increase (decrease) in accounts payable and accruals: |
|
|
|
|
|
|
| |
|
|
|
Trade |
(2,734) |
|
(5,829) |
|
938 |
|
7,058 |
|
|
|
Deferred income |
(1,790) |
|
(8,289) |
|
(246) |
|
(730) |
|
|
|
Other |
4,202 |
|
6,080 |
|
10,598 |
|
8,073 |
|
|
Decrease (increase) in inventories |
(4,571) |
|
17,310 |
|
(3,456) |
|
7,036 | |
|
Net cash provided by operating activities |
59,286 |
|
54,731 |
|
21,836 |
|
7,818 | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(17,387) |
|
(11,356) |
|
(5,272) |
|
(4,237) | ||
|
Consideration received for the sale of the Thermal product business |
12,000 |
|
10,000 |
|
|
|
| ||
|
Withdraw of (investment in) bank deposits |
5,714 |
|
5,966 |
|
(774) |
|
4,501 | ||
|
Purchase of marketable securities |
(4,836) |
|
(154) |
|
(2,592) |
|
| ||
|
Redemption of marketable securities |
3,617 |
|
|
|
1,280 |
|
| ||
|
Investment in equity method investee |
(1,000) |
|
(1,500) |
|
|
|
| ||
|
Proceeds from disposal of property, plant and equipment |
|
|
|
|
|
|
| ||
|
Decrease (increase) in restricted cash |
4,172 |
|
(75) |
|
3,371 |
|
2,904 | ||
|
Increase in funds in respect of employee |
|
|
|
|
|
|
| ||
|
|
rights upon retirement |
194 |
|
445 |
|
68 |
|
52 | |
|
Net cash provided by (used in) investing activities |
2,474 |
|
3,326 |
|
(3,919) |
|
3,220 | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
Repayment of long-term loan |
(239,635) |
|
(28,932) |
|
|
|
(8,182) | ||
|
Bank loan, net of $2 millions financing costs |
108,031 |
|
|
|
|
|
| ||
|
Issuance of shares, net |
99,962 |
|
|
|
|
|
| ||
|
Employee stock options exercised |
5,100 |
|
7,585 |
|
1,636 |
|
1,424 | ||
|
Net cash provided by (used in) financing activities |
(26,542) |
|
(21,347) |
|
1,636 |
|
(6,758) | ||
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
35,218 |
|
36,710 |
|
19,553 |
|
4,280 | ||
|
Cash and cash equivalents at beginning of period |
162,102 |
|
136,367 |
|
177,767 |
|
168,797 | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ 197,320 |
|
$ 173,077 |
|
$ 197,320 |
|
$ 173,077 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Company Contact: |
|
|
Rami Rozen |
Tally Kaplan Porat |
|
Director of Investor Relations |
Head of Corporate Marketing |
|
Orbotech Ltd |
Orbotech Ltd |
|
Tel: +972-8-942 3582 |
Tel: +972-8-942 3603 |
