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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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|
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9 months ended |
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3 months ended |
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September 30 |
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September 30 |
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|
2015 |
|
2014 |
|
2015 |
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2014 |
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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 |
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|
Financial expenses |
18,406 |
|
3,814 |
|
6,138 |
|
3,880 |
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Depreciation and amortization |
34,739 |
|
17,717 |
|
11,221 |
|
10,875 |
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Gain from the sale of the Thermal activity |
(628) |
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|
|
|
|
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Equity- based compensation expenses |
2,597 |
|
2,370 |
|
848 |
|
817 |
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SPTS acquisition costs |
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|
6,821 |
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|
6,821 |
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ADJUSTED EBITDA |
$107,572 |
|
$58,425 |
|
$37,116 |
|
$31,902 |
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ORBOTECH LTD. |
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RECONCILIATION OF GAAP NET INCOME TO CREDIT FACILITY EBITDA |
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U.S. dollars in thousands |
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(Unaudited) |
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12 months |
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September 30 |
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2015 |
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Net income attributable to Orbotech Ltd. on GAAP basis |
$53,844 |
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Minority interest and equity losses |
532 |
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Tax expenses |
9,477 |
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Financial expenses |
23,637 |
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Depreciation and amortization |
47,355 |
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Equity- based compensation expenses |
3,419 |
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Gain from the sale of the Thermal activity |
(628) |
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Litigation expenses |
902 |
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CREDIT FACILITY EBITDA (1) |
$138,538 |
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(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.
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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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9 months ended |
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3 months ended |
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September 30 |
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September 30 |
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2015 |
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2014 |
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2015 |
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2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
40,906 |
|
22,309 |
|
15,940 |
|
7,319 |
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Adjustment to reconcile net income to net cash |
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provided by operating activities: |
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Depreciation and amortization |
34,739 |
|
17,717 |
|
11,221 |
|
10,875 |
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Compensation relating to equity awards granted to |
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employees and others - net |
2,597 |
|
2,370 |
|
848 |
|
817 |
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Decrease (increase) in liability for employee rights upon retirement, net |
155 |
|
(2,247) |
|
362 |
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(983) |
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Long- term loans discount amortization |
572 |
|
118 |
|
175 |
|
118 |
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Deferred financing costs amortization |
1,531 |
|
304 |
|
493 |
|
304 |
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Deferred income taxes |
448 |
|
2,214 |
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(355) |
|
2,309 |
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Amortization of premium and accretion of discount on marketable |
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Securities, net |
131 |
|
572 |
|
32 |
|
68 |
|
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Equity in earnings of Frontline, net of dividend received |
190 |
|
(104) |
|
(412) |
|
354 |
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Other |
704 |
|
1,320 |
|
90 |
|
879 |
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Loss from sales of marketable securities |
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|
339 |
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|
339 |
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Gain from the sale of the Thermal activity |
(628) |
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Increase in accounts receivable: |
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|
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Trade |
(31,787) |
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(7,797) |
|
(37,345) |
|
(14,826) |
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Other |
(4,099) |
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(2,559) |
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(4,668) |
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(83) |
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Increase (decrease) in accounts payable and accruals: |
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Trade |
(5,829) |
|
12,182 |
|
7,058 |
|
13,122 |
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Deferred income and other |
(2,209) |
|
(3,212) |
|
7,343 |
|
5,569 |
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Decrease (increase) in inventories |
17,310 |
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(15,530) |
|
7,036 |
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(7,848) |
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Net cash provided by operating activities |
54,731 |
|
27,996 |
|
7,818 |
|
18,333 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchase of property, plant and equipment |
(11,356) |
|
(8,746) |
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(4,237) |
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(2,814) |
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Consideration received for the sale of the Thermal activity |
10,000 |
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Withdraw of bank deposits |
5,966 |
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24,650 |
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4,501 |
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12,576 |
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Purchase of marketable securities |
(154) |
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(15,086) |
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(844) |
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Redemption of marketable securities |
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|
26,586 |
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17,748 |
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Acquisition of SPTS net of cash acquired |
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(375,061) |
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(375,061) |
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Investment in equity method investee |
(1,500) |
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(250) |
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|
|
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Proceeds from disposal of property, plant and equipment |
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|
15 |
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|
|
|
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Increase (decrease) in restricted cash |
(75) |
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|
2,904 |
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Increase (decrease) in funds in respect of employee |
|
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|
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|
|
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rights upon retirement |
445 |
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(67) |
|
52 |
|
5 |
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Net cash provided by (used in) investing activities |
3,326 |
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(347,959) |
|
3,220 |
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(348,390) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Long term loan, net of $8 millions financing costs |
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|
288,918 |
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|
288,918 |
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Repayment of long-term loan |
(28,932) |
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|
(8,182) |
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Short term bank loan |
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|
6,000 |
|
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|
6,000 |
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Employee stock options exercised |
7,585 |
|
7,002 |
|
1,424 |
|
1,256 |
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Acquisition of treasury shares |
|
|
(14,593) |
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|
(1,600) |
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Net cash provided by (used in) financing activities |
(21,347) |
|
287,327 |
|
(6,758) |
|
294,574 |
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|
|
|
|
|
|
|
|
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|
Net increase (decrease) in cash and cash equivalents |
36,710 |
|
(32,636) |
|
4,280 |
|
(35,483) |
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Casn and cash equivalents at beginning of period |
136,367 |
|
161,155 |
|
168,797 |
|
164,002 |
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|
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|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
173,077 |
|
128,519 |
|
173,077 |
|
128,519 |
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