Orbotech Reports Second Quarter 2017 Results

 

 

ORBOTECH LTD.

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

U.S. dollars in thousands 

 (Unaudited)




















Six months ended


Three months ended



June 30,


June 30,



2017


2016


2017


2016




















Net income attributable to Orbotech Ltd. on GAAP basis

$39,950


$29,094


$25,030


$13,340


Minority interest and equity losses

(576)


106


(436)


17


Taxes on income

7,687


6,714


4,819


3,869


Financial expenses - net

3,573


14,147


1,567


9,483


Depreciation and amortization

21,648


21,398


10,997


11,147


Equity-based compensation expenses

4,502


2,958


2,284


1,278


ADJUSTED EBITDA

$76,784


$74,417


$44,261


$39,134


 

 

ORBOTECH LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands


 (Unaudited)




Six months ended


Three months ended




June 30,


June 30,




2017


2016


2017


2016

CASH FLOWS FROM OPERATING ACTIVITIES:


















Net income

$       39,374


$       28,900


$            24,594


$              13,207

Adjustment to reconcile net income to net cash








provided by operating activities:









Depreciation and amortization

21,648


21,398


10,997


11,147


Compensation relating to equity awards granted to










employees and others - net

4,502


2,958


2,284


1,278


Increase in liability for employee rights upon retirement, net

157


879


287


632


Long- term loans discount amortization



1,866




1,566


Deferred financing costs amortization



5,460


(132)


4,662


Deferred income taxes

(5,461)


(1,678)


(5,783)


(464)


Amortization of premium and accretion of discount on marketable










Securities, net

1


94


334


28


Equity in earnings of Frontline, net of dividend received

(383)


839


(409)


650


Other

417


388


327


238


Increase in accounts receivable:










Trade

(34,893)


(7,224)


(7,452)


(2,899)



Other

(2,927)


(3,703)


(8,396)


(986)


Increase (decrease) in accounts payable and accruals:










Trade

12,358


(3,672)


13,504


(5,310)



Deferred income

2,433


(1,544)


1,217


(2,394)



Other

(1,487)


(6,396)


5,425


(652)


Decrease (increase) in inventories

(17,904)


(1,115)


(9,722)


1,015

Net cash provided by operating activities

17,835


37,450


27,075


21,718











CASH FLOWS FROM INVESTING ACTIVITIES:


















Purchase of property, plant and equipment

(11,914)


(12,115)


(6,935)


(6,358)

Consideration received for the sale of the Thermal product business



12,000




12,000

Withdraw of (investment in) bank deposits

(2,653)


6,488


(2,641)


(19)

Purchase of marketable securities

(1,994)


(2,244)


(702)


(976)

Redemption of marketable securities

804


2,337




1,180

Investment in equity method investee



(1,000)





Decrease (increase) in funds in respect of employee









rights upon retirement

(1,122)


126


(65)


66

Net cash provided by (used in) investing activities*

(16,879)


5,592


(10,343)


5,893











CASH FLOWS FROM FINANCING ACTIVITIES:








Repayment of long-term loan



(239,635)




(214,028)

Repayment of bank loan

(16,364)




(16,364)



Bank loan, net of $2 million financing costs



108,031




108,031

Issuance of shares, net



99,962




99,962

Employee share options exercised

1,237


3,464


570


1,389

Net cash used in financing activities

(15,127)


(28,178)


(15,794)


(4,646)











Net increase (decrease) in cash, cash equivalents and restricted cash*

(14,171)


14,864


938


22,965

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

228,779


175,719


213,670


167,618











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

$     214,608


$     190,583


$          214,608


$            190,583












* Reclassified



















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