Orbotech Reports Third Quarter 2015 Results

 

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



2015


2014


2015


2014




















Net income attributable to Orbotech Ltd. on GAAP basis

$40,724


$22,258


$15,919


$7,379


Minority interest and equity losses 

597


366


221


42


Tax expenses

11,137


5,079


2,769


2,088


Financial expenses

18,406


3,814


6,138


3,880


Depreciation and amortization 

34,739


17,717


11,221


10,875


Gain from the sale of the Thermal activity

(628)








Equity- based compensation expenses

2,597


2,370


848


817


SPTS acquisition costs 



6,821




6,821


ADJUSTED EBITDA

$107,572


$58,425


$37,116


$31,902


 

 

ORBOTECH LTD.


RECONCILIATION OF GAAP NET INCOME TO CREDIT FACILITY EBITDA


U.S. dollars in thousands  


 (Unaudited)









12 months



September 30



2015








Net income attributable to Orbotech Ltd. on GAAP basis

$53,844


Minority interest and equity losses 

532


Tax expenses

9,477


Financial expenses

23,637


Depreciation and amortization 

47,355


Equity- based compensation expenses

3,419


Gain from the sale of the Thermal activity

(628)


Litigation expenses 

902


CREDIT FACILITY EBITDA (1)

$138,538








(1) Credit Facility EBITDA does not reflect any annualized expense reductions anticipated as a result of operational changes made as part of the SPTS Acquisition estimated by us in good faith as permitted by the Credit Agreement.  Because we are in the preliminary stages of assessing our operations after the SPTS Acquisition, this adjustment does not include any amount of cost savings, business optimization opportunities or synergies that we believe may be available.  Although we are carefully assessing the efficiency of our business, we may not identify or achieve any cost savings in the timeframe or amount we anticipate, if at all.  Accordingly, you should not place undue reliance on our ability to achieve cost savings or synergies.







ORBOTECH LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands


 (Unaudited)





9 months ended


3 months ended





September 30


September 30





2015


2014


2015


2014


CASH FLOWS FROM OPERATING ACTIVITIES:




















Net income

40,906


22,309


15,940


7,319


Adjustment to reconcile net income to net cash 










provided by operating activities:










Depreciation and amortization

34,739


17,717


11,221


10,875



Compensation relating to equity awards granted to 











employees and others - net

2,597


2,370


848


817



Decrease (increase) in liability for employee rights upon retirement, net

155


(2,247)


362


(983)



Long- term loans discount amortization

572


118


175


118



Deferred financing costs amortization

1,531


304


493


304



Deferred income taxes

448


2,214


(355)


2,309



Amortization of premium and accretion of discount on marketable











Securities, net

131


572


32


68



Equity in earnings of Frontline, net of dividend received 

190


(104)


(412)


354



Other

704


1,320


90


879



Loss from sales of marketable securities 



339




339



Gain from the sale of the Thermal activity 

(628)









Increase in accounts receivable:











Trade

(31,787)


(7,797)


(37,345)


(14,826)




Other

(4,099)


(2,559)


(4,668)


(83)



Increase (decrease) in accounts payable and accruals:











Trade

(5,829)


12,182


7,058


13,122




Deferred income and other

(2,209)


(3,212)


7,343


5,569



Decrease (increase) in inventories

17,310


(15,530)


7,036


(7,848)


Net cash provided by operating activities 

54,731


27,996


7,818


18,333













CASH FLOWS FROM INVESTING ACTIVITIES:




















Purchase of property, plant and equipment

(11,356)


(8,746)


(4,237)


(2,814)


Consideration received for the sale of the Thermal activity 

10,000








Withdraw of bank deposits

5,966


24,650


4,501


12,576


Purchase of marketable securities

(154)


(15,086)




(844)


Redemption of marketable securities



26,586




17,748


Acquisition of SPTS net of cash acquired 



(375,061)




(375,061)


Investment in equity method investee 

(1,500)


(250)






Proceeds from disposal of property, plant and equipment 



15






Increase (decrease) in restricted cash 

(75)




2,904




Increase (decrease) in funds in respect of employee










rights upon retirement

445


(67)


52


5


Net cash provided by (used in) investing activities

3,326


(347,959)


3,220


(348,390)













CASH FLOWS FROM FINANCING ACTIVITIES:









Long term loan, net of $8 millions financing costs



288,918




288,918


Repayment of long-term loan 

(28,932)




(8,182)




Short term bank loan



6,000




6,000


Employee stock options exercised

7,585


7,002


1,424


1,256


Acquisition of treasury shares 



(14,593)




(1,600)


Net cash provided by (used in) financing activities

(21,347)


287,327


(6,758)


294,574













Net increase (decrease) in cash and cash equivalents

36,710


(32,636)


4,280


(35,483)


Casn and cash equivalents at beginning of period

136,367


161,155


168,797


164,002













CASH AND CASH EQUIVALENTS AT END OF PERIOD

173,077


128,519


173,077


128,519



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