|
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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Three months ended |
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Year ended | ||
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March 31, |
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December 31, | ||
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|
2017 |
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2016 |
|
2016 |
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Net income attributable to Orbotech Ltd. on GAAP basis |
$14,920 |
|
$15,754 |
|
$79,438 |
|
Minority interest and equity losses |
(140) |
|
89 |
|
157 |
|
Taxes on income |
2,868 |
|
2,845 |
|
16,308 |
|
Financial expenses - net |
2,006 |
|
4,664 |
|
21,042 |
|
Depreciation and amortization |
10,651 |
|
10,251 |
|
44,756 |
|
Equity-based compensation expenses |
2,218 |
|
1,680 |
|
6,356 |
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ADJUSTED EBITDA |
$32,523 |
|
$35,283 |
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$168,057 |
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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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Three months ended |
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Year ended | ||
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March 31, |
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December, | ||
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2017 |
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2016 |
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2016 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ 14,780 |
|
$ 15,693 |
|
$ 78,995 | ||
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Adjustment to reconcile net income to net cash |
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provided by (used in) operating activities: |
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| |
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Depreciation and amortization |
10,651 |
|
10,251 |
|
44,756 | |
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Compensation relating to equity awards granted to |
|
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|
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| |
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employees and others - net |
2,218 |
|
1,680 |
|
6,356 |
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Decrease (Increase) in liability for employee rights upon retirement, net |
(130) |
|
247 |
|
943 | |
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Long- term loans discount amortization |
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|
300 |
|
1,866 | |
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Deferred financing costs amortization |
132 |
|
798 |
|
5,692 | |
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Deferred income taxes |
322 |
|
(1,214) |
|
(2,693) | |
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Amortization of premium and accretion of discount on marketable |
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| |
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Securities, net |
(333) |
|
66 |
|
145 |
|
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Equity in earnings of Frontline, net of dividend received |
26 |
|
189 |
|
1,261 | |
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Other |
90 |
|
150 |
|
751 | |
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Decrease (increase) in accounts receivable: |
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| |
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Trade |
(27,441) |
|
(4,325) |
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(41,607) |
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Other |
5,469 |
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(2,717) |
|
(2,921) |
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Increase (decrease) in accounts payable and accruals: |
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| |
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Trade |
(1,146) |
|
1,638 |
|
6,898 |
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Deferred income |
1,216 |
|
850 |
|
(1,056) |
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Other |
(6,912) |
|
(5,744) |
|
7,994 |
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Decrease (increase) in inventories |
(8,182) |
|
(2,130) |
|
1,080 | |
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Net cash provided by (used in) operating activities |
(9,240) |
|
15,732 |
|
108,460 | ||
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchase of property, plant and equipment |
(4,979) |
|
(5,757) |
|
(23,550) | ||
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Consideration received for the sale of the Thermal product business |
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|
12,000 | ||
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Withdraw of (investment in) bank deposits |
(12) |
|
6,507 |
|
8,761 | ||
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Purchase of marketable securities |
(2,292) |
|
(1,268) |
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(5,553) | ||
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Redemption of marketable securities |
1,804 |
|
1,157 |
|
4,337 | ||
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Investment in equity method investee |
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|
(1,000) |
|
(1,000) | ||
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Acquisition of AMST |
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(6,429) | ||
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Decrease (increase) in funds in respect of employee |
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rights upon retirement |
(1,057) |
|
60 |
|
249 | |
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Net cash used in investing activities* |
(6,536) |
|
(301) |
|
(11,185) | ||
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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| ||
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Repayment of long-term loan |
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|
(25,607) |
|
(239,635) | ||
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Repayment of bank loan |
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(20,000) | ||
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Bank loan, net of $2 millions financing costs |
|
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|
108,031 | ||
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Issuance of shares, net |
|
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|
99,962 | ||
|
Employee stock options exercised |
667 |
|
2,075 |
|
7,427 | ||
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Net cash provided by (used in) financing activities |
667 |
|
(23,532) |
|
(44,215) | ||
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Net increase (decrease) in cash, cash equivalents and restricted cash* |
(15,109) |
|
(8,101) |
|
53,060 | ||
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Cash, cash equivalents and restricted cash at beginning of period* |
228,779 |
|
175,719 |
|
175,719 | ||
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD* |
$ 213,670 |
|
$ 167,618 |
|
$ 228,779 | ||
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* Reclassified |
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