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ORBOTECH LTD. |
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RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA |
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|
U.S. dollars in thousands |
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(Unaudited) |
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Three months ended |
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Year ended | ||
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March 31, |
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December 31, | ||
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|
2018 |
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2017 |
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2017 |
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Net income attributable to Orbotech Ltd. on GAAP basis |
$30,267 |
|
$14,920 |
|
$132,385 |
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Minority interest and equity losses |
(368) |
|
(140) |
|
(1,498) |
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Taxes on income |
7,671 |
|
2,868 |
|
1,088 |
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Financial expenses - net |
(1,645) |
|
2,006 |
|
5,535 |
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Depreciation and amortization |
11,629 |
|
10,651 |
|
44,543 |
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Equity-based compensation expenses |
3,032 |
|
2,218 |
|
9,876 |
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Transaction cost pending merger with KLA |
2,481 |
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|
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Gain from the release of AMST earn out payment obligation |
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(1,471) |
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ADJUSTED EBITDA |
$53,067 |
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$32,523 |
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$190,458 |
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ORBOTECH LTD. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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U.S. dollars in thousands |
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(Unaudited) |
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Three months ended |
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Year ended | ||
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March 31, |
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December 31, | ||
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2018 |
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2017 |
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2017 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 29,899 |
|
$ 14,780 |
|
$ 130,887 | ||
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Adjustment to reconcile net income to net cash |
|
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|
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(used in) provided by operating activities: |
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|
|
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Depreciation and amortization |
11,629 |
|
10,651 |
|
44,543 | |
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Compensation relating to equity awards granted to |
|
|
|
|
| |
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employees and others - net |
3,032 |
|
2,218 |
|
9,876 |
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Increase (decrease) in liability for employee rights upon retirement, net |
1,299 |
|
(130) |
|
1,028 | |
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Deferred financing costs amortization |
115 |
|
132 |
|
479 | |
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Deferred income taxes |
11,802 |
|
322 |
|
(29,241) | |
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Amortization of premium and accretion of discount on marketable |
|
|
|
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| |
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Securities, net |
38 |
|
(333) |
|
167 |
|
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Equity in earnings of Frontline, net of dividend received |
(581) |
|
26 |
|
(727) | |
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Other |
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|
90 |
|
127 | |
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Gain from the release of AMST earn out payment obligation |
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(1,471) | |
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Gain from step up acquisition of a subsidiary |
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(478) | |
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Decrease (increase) in accounts receivable: |
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| |
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Trade |
(35,295) |
|
(27,441) |
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(36,496) |
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Other |
(4,016) |
|
5,469 |
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(10,568) |
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Increase (decrease) in accounts payable and accruals: |
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|
|
| |
|
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Trade |
(4,240) |
|
(1,146) |
|
24,030 |
|
|
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Deferred income |
3,215 |
|
1,216 |
|
8,869 |
|
|
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Other |
(21,111) |
|
(6,912) |
|
36,845 |
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Increase in inventories |
(16,232) |
|
(8,182) |
|
(47,914) | |
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Net cash (Used in) provided by operating activities |
(20,446) |
|
(9,240) |
|
129,956 | ||
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchase of property, plant and equipment |
(5,884) |
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(4,979) |
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(24,445) | ||
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Purchase of intellectual property |
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|
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|
(700) | ||
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Proceeds from sale of property, plan and equipment |
5 |
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|
157 | ||
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investment in bank deposits |
(28) |
|
(12) |
|
(3,326) | ||
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Purchase of marketable securities |
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|
(2,292) |
|
(1,994) | ||
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Redemption of marketable securities |
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|
1,804 |
|
1,004 | ||
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Acquisition of subsidiary consolidated for the first time |
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|
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|
102 | ||
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Deposits of funds in respect of employee |
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|
|
|
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rights upon retirement |
(77) |
|
(1,057) |
|
(1,250) | ||
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Net cash used in investing activities |
(5,984) |
|
(6,536) |
|
(30,452) | ||
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|
|
|
|
|
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Repayment of bank loan |
|
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|
(16,364) | ||
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Employee share options exercised |
683 |
|
667 |
|
3,884 | ||
|
Net cash provided by (used in) financing activities |
683 |
|
667 |
|
(12,480) | ||
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|
|
|
|
|
|
|
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Net (Decrease) increase in cash, cash equivalents and restricted cash |
(25,747) |
|
(15,109) |
|
87,024 | ||
|
Cash, cash equivalents and restricted cash at beginning of period |
315,803 |
|
228,779 |
|
228,779 | ||
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|
|
|
|
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$ 290,056 |
|
$ 213,670 |
|
$ 315,803 | ||
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