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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| Nine months ended |
| Three months ended | ||||
| September 30, |
| September 30, | ||||
| 2018 |
| 2017 |
| 2018 |
| 2017 |
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Net income attributable to Orbotech Ltd. on GAAP basis | $95,609 |
| $76,504 |
| $29,224 |
| $36,554 |
Net loss attributable to non-controlling interests | (929) |
| (979) |
| (167) |
| (403) |
Taxes on income | 18,857 |
| 14,256 |
| 5,600 |
| 6,569 |
Financial expenses - net | 4,538 |
| 4,890 |
| 2,747 |
| 1,317 |
Depreciation and amortization | 35,217 |
| 32,749 |
| 11,811 |
| 11,101 |
Equity-based compensation expenses | 10,015 |
| 6,982 |
| 3,822 |
| 2,480 |
Transaction cost pending merger with KLA | 4,706 |
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| 944 |
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ADJUSTED EBITDA | $168,013 |
| $134,402 |
| $53,981 |
| $57,618 |
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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| Nine months ended |
| Three months ended | ||||
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| September 30, |
| September 30, | ||||
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| 2018 |
| 2017 |
| 2018 |
| 2017 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income | $94,680 |
| $75,525 |
| $29,057 |
| $36,151 | ||
Adjustments to reconcile net income to net cash |
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provided by operating activities: |
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Depreciation and amortization | 35,217 |
| 32,749 |
| 11,811 |
| 11,101 | ||
Compensation relating to equity awards granted to |
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employees and others - net | 10,015 |
| 6,982 |
| 3,822 |
| 2,480 | ||
Increase in liability for employee rights upon retirement, net | 2,112 |
| 842 |
| 969 |
| 685 | ||
Deferred financing costs amortization | 347 |
| 363 |
| 116 |
| 363 | ||
Deferred income taxes | 11,524 |
| (6,788) |
| (888) |
| (1,327) | ||
Amortization of premium and accretion of discount on marketable |
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Securities, net | 119 |
| 37 |
| 42 |
| 36 | ||
Equity in earnings of Frontline, net of dividend received | (1,278) |
| (363) |
| (161) |
| 20 | ||
Other | (119) |
| 127 |
| (61) |
| (290) | ||
Decrease (increase) in accounts receivable: |
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Trade | 26,188 |
| (59,138) |
| 39,263 |
| (24,245) | ||
Other | (8,886) |
| (7,286) |
| (3,680) |
| (4,359) | ||
Increase (decrease) in accounts payable and accruals: |
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Trade | (14,393) |
| 10,747 |
| (2,323) |
| (1,611) | ||
Deferred income | 7,773 |
| 4,936 |
| (24,540) |
| 2,503 | ||
Other | (17,653) |
| 16,690 |
| 9,147 |
| 18,177 | ||
Increase in inventories | (32,960) |
| (29,811) |
| (9,639) |
| (11,907) | ||
Net cash provided by operating activities | 112,686 |
| 45,612 |
| 52,935 |
| 27,777 | ||
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchase of property, plant and equipment | (19,384) |
| (19,850) |
| (5,224) |
| (7,936) | ||
Withdrawal of (investment in) bank deposits | (9,969) |
| (184) |
| (4,947) |
| 2,469 | ||
Purchase of marketable securities | (500) |
| (1,994) |
| (250) |
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Redemption of marketable securities |
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| 804 |
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Deposits of funds in respect of employee |
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rights upon retirement | (149) |
| (1,187) |
| 3 |
| (65) | ||
Net cash used in investing activities | (30,002) |
| (22,411) |
| (10,418) |
| (5,532) | ||
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Repayment of bank loan | (16,364) |
| (16,364) |
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Employee share options exercised | 1,752 |
| 2,138 |
| 261 |
| 901 | ||
Net cash provided by (used in) financing activities | (14,612) |
| (14,226) |
| 261 |
| 901 | ||
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Net increase in cash, cash equivalents and restricted cash | 68,072 |
| 8,975 |
| 42,777 |
| 23,146 | ||
Cash, cash equivalents and restricted cash at beginning of period | 315,803 |
| 228,779 |
| 341,098 |
| 214,608 | ||
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $383,875 |
| $237,754 |
| $383,875 |
| $237,754 |