|
ORBOTECH LTD. | |||||||
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA | |||||||
|
U.S. dollars in thousands | |||||||
|
(Unaudited) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
Three months ended | ||||
|
|
December 31 |
|
December 31 | ||||
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Orbotech Ltd. on GAAP basis |
$79,438 |
|
$56,771 |
|
$25,631 |
|
$16,047 |
|
Minority interest and equity losses |
157 |
|
560 |
|
|
|
(37) |
|
Taxes on income |
16,308 |
|
13,788 |
|
4,709 |
|
2,651 |
|
Financial expenses |
21,042 |
|
23,585 |
|
5,724 |
|
5,180 |
|
Depreciation and amortization |
44,756 |
|
45,282 |
|
11,759 |
|
10,544 |
|
Gain from the sale of the Thermal product business |
|
|
(628) |
|
|
|
|
|
Equity-based compensation expenses |
6,356 |
|
3,816 |
|
2,037 |
|
1,219 |
|
ADJUSTED EBITDA |
$168,057 |
|
$143,174 |
|
$49,860 |
|
$35,604 |
|
ORBOTECH LTD. | |||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
|
U.S. dollars in thousands | |||||||||
|
|
(Unaudited) | ||||||||
|
|
| ||||||||
|
|
|
|
Year ended |
|
Three months ended | ||||
|
|
|
|
December 31 |
|
December 31 | ||||
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 78,995 |
|
$ 56,716 |
|
$ 25,481 |
|
$ 15,810 | ||
|
Adjustment to reconcile net income to net cash |
|
|
|
|
|
|
| ||
|
|
provided by operating activities: |
|
|
|
|
|
|
| |
|
|
Depreciation and amortization |
44,756 |
|
45,282 |
|
11,759 |
|
10,544 | |
|
|
Compensation relating to equity awards granted to |
|
|
|
|
|
|
| |
|
|
|
employees and others - net |
6,356 |
|
3,816 |
|
2,037 |
|
1,219 |
|
|
Decrease (Increase) in liability for employee rights upon retirement, net |
943 |
|
(113) |
|
(588) |
|
(268) | |
|
|
Long- term loans discount amortization |
1,866 |
|
897 |
|
|
|
325 | |
|
|
Deferred financing costs amortization |
5,692 |
|
2,010 |
|
107 |
|
479 | |
|
|
Deferred income taxes |
(2,693) |
|
(2,024) |
|
81 |
|
(2,472) | |
|
|
Amortization of premium and accretion of discount on marketable |
|
|
|
|
|
|
| |
|
|
|
Securities, net |
145 |
|
145 |
|
33 |
|
14 |
|
|
Equity in earnings of Frontline, net of dividend received |
1,261 |
|
(540) |
|
156 |
|
(730) | |
|
|
Other |
751 |
|
1,014 |
|
120 |
|
310 | |
|
|
Gain from the sale of the Thermal product business |
|
|
(628) |
|
|
|
| |
|
|
Increase in accounts receivable: |
|
|
|
|
|
|
| |
|
|
|
Trade |
(41,607) |
|
(37,067) |
|
(6,292) |
|
(5,280) |
|
|
|
Other |
(2,921) |
|
(5,507) |
|
(3,529) |
|
(1,408) |
|
|
Increase (decrease) in accounts payable and accruals: |
|
|
|
|
|
|
| |
|
|
|
Trade |
6,898 |
|
353 |
|
9,632 |
|
6,182 |
|
|
|
Deferred income |
(1,056) |
|
(7,770) |
|
734 |
|
519 |
|
|
|
Other |
7,994 |
|
13,915 |
|
3,792 |
|
7,835 |
|
|
Decrease in inventories |
1,080 |
|
18,765 |
|
5,651 |
|
1,455 | |
|
Net cash provided by operating activities |
108,460 |
|
89,264 |
|
49,174 |
|
34,533 | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(23,550) |
|
(19,348) |
|
(6,163) |
|
(7,992) | ||
|
Consideration received for the sale of the Thermal product business |
12,000 |
|
10,000 |
|
|
|
| ||
|
Withdraw of (investment in) bank deposits |
8,761 |
|
450 |
|
3,047 |
|
(5,516) | ||
|
Purchase of marketable securities |
(5,553) |
|
(1,099) |
|
(717) |
|
(945) | ||
|
Redemption of marketable securities |
4,337 |
|
821 |
|
720 |
|
821 | ||
|
Investment in equity method investee |
(1,000) |
|
(1,500) |
|
|
|
| ||
|
Acquisition of the assets of AMST |
(6,429) |
|
|
|
(6,429) |
|
| ||
|
Decrease (increase) in restricted cash |
1,130 |
|
(3,617) |
|
(3,042) |
|
(3,542) | ||
|
Increase in funds in respect of employee |
|
|
|
|
|
|
| ||
|
|
rights upon retirement |
249 |
|
510 |
|
55 |
|
65 | |
|
Net cash used in investing activities |
(10,055) |
|
(13,783) |
|
(12,529) |
|
(17,109) | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
| ||
|
Repayment of long-term loan |
(239,635) |
|
(59,615) |
|
|
|
(30,683) | ||
|
Repayment of bank loan |
(20,000) |
|
|
|
(20,000) |
|
| ||
|
Bank loan, net of $2 million financing costs |
108,031 |
|
|
|
|
|
| ||
|
Issuance of shares, net |
99,962 |
|
|
|
|
|
| ||
|
Employee stock options exercised |
7,427 |
|
9,869 |
|
2,327 |
|
2,284 | ||
|
Net cash used in financing activities |
(44,215) |
|
(49,746) |
|
(17,673) |
|
(28,399) | ||
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
54,190 |
|
25,735 |
|
18,972 |
|
(10,975) | ||
|
Cash and cash equivalents at beginning of period |
162,102 |
|
136,367 |
|
197,320 |
|
173,077 | ||
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ 216,292 |
|
$ 162,102 |
|
$ 216,292 |
|
$ 162,102 | ||
