Orbotech Reports Third Quarter 2017 Results

 

                                                                                    ORBOTECH LTD.

                                         RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

                                                                                 U.S. dollars in thousands 

                                                                                          (Unaudited)




















Nine months ended


Three months ended



September 30,


September 30,



2017


2016


2017


2016




















Net income attributable to Orbotech Ltd. on GAAP basis

$76,504


$53,807


$36,554


$24,713


Minority interest and equity losses

(979)


157


(403)


51


Taxes on income

14,256


11,599


6,569


4,885


Financial expenses - net

4,890


15,318


1,317


1,171


Depreciation and amortization

32,749


32,997


11,101


11,599


Equity-based compensation expenses

6,982


4,319


2,480


1,361


ADJUSTED EBITDA

$134,402


$118,197


$57,618


$43,780




















 

                                                                                                                  ORBOTECH LTD.

                                                                        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                                                         U.S. dollars in thousands


                                                                                                          (Unaudited)




Nine months ended


Three months ended




September 30,


September 30,




2017


2016


2017


2016

CASH FLOWS FROM OPERATING ACTIVITIES:


















Net income

$   75,525


$   53,514


$   36,151


$   24,614

Adjustment to reconcile net income to net cash








provided by operating activities:









Depreciation and amortization

32,749


32,997


11,101


11,599


Compensation relating to equity awards granted to










employees and others - net

6,982


4,319


2,480


1,361


Increase in liability for employee rights upon retirement, net

842


1,531


685


652


Long- term loans discount amortization



1,866






Deferred financing costs amortization

363


5,585


363


125


Deferred income taxes

(6,788)


(2,774)


(1,327)


(1,096)


Amortization of premium and accretion of discount on marketable










Securities, net

37


112


36


18


Equity in earnings of Frontline, net of dividend received

(363)


1,105


20


266


Other

127


631


(290)


243


Decrease (increase) in accounts receivable:










Trade

(59,138)


(35,315)


(24,245)


(28,091)



Other

(7,286)


608


(4,359)


4,311


Increase (decrease) in accounts payable and accruals:










Trade

10,747


(2,734)


(1,611)


938



Deferred income

4,936


(1,790)


2,503


(246)



Other

16,690


4,202


18,177


10,598


Increase in inventories

(29,811)


(4,571)


(11,907)


(3,456)

Net cash provided by operating activities

45,612


59,286


27,777


21,836











CASH FLOWS FROM INVESTING ACTIVITIES:


















Purchase of property, plant and equipment

(19,850)


(17,387)


(7,936)


(5,272)

Consideration received for the sale of the Thermal Products business



12,000





Withdrawal of (investment in) bank deposits

(184)


5,714


2,469


(774)

Purchase of marketable securities

(1,994)


(4,836)




(2,592)

Redemption of marketable securities

804


3,617




1,280

Investment in equity method investee



(1,000)





Acquisition of the assets of AMST








Decrease (increase) in funds in respect of employee








rights upon retirement

(1,187)


194


(65)


68

Net cash used in investing activities*

(22,411)


(1,698)


(5,532)


(7,290)











CASH FLOWS FROM FINANCING ACTIVITIES:








Repayment of long- term loan



(239,635)





Repayment of bank loan

(16,364)







Bank loan, net of $2 million financing costs



108,031





Issuance of shares, net



99,962





Employee share options exercised

2,138


5,100


901


1,636

Net cash provided by (used in) financing activities

(14,226)


(26,542)


901


1,636











Net increase in cash, cash equivalents and restricted cash*

8,975


31,046


23,146


16,182

Cash, cash equivalents and restricted cash at beginning of period*

228,779


175,719


214,608


190,583











CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD*

$     237,754


$     206,765


$          237,754


$            206,765












* Reclassified



















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