|
ORBOTECH LTD. | |||||||
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA | |||||||
|
U.S. dollars in thousands | |||||||
|
(Unaudited) | |||||||
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|
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|
Six months ended |
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Three months ended | ||||
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|
June 30, |
|
June 30, | ||||
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
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|
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|
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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 |
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ORBOTECH LTD. | |||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
|
U.S. dollars in thousands | |||||||||
|
|
(Unaudited) | ||||||||
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|
Six months ended |
|
Three months ended | ||||
|
|
|
|
June 30, |
|
June 30, | ||||
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
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|
|
| ||
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|
|
|
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|
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Net income |
$65,624 |
|
$39,374 |
|
$35,725 |
|
$24,594 | ||
|
Adjustments to reconcile net income to net cash |
|
|
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|
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|
| ||
|
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: |
|
|
|
|
|
|
| ||
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|
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 | ||
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CASH FLOWS FROM INVESTING ACTIVITIES: |
|
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| ||
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|
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|
|
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) | ||
|
|
|
|
|
|
|
|
|
|
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|
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 | ||
|
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|
|
|
|
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|
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|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$341,098 |
|
$214,608 |
|
$341,098 |
|
$214,608 | ||
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