Orbotech Reports Fourth Quarter and Full Year 2016 Results

       

 

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


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