Orbotech Reports Third Quarter 2017 Results

The effect of equity-based compensation expenses has been excluded from the non-GAAP measures.  Although equity-based compensation is a key incentive offered to employees, and the Company believes such compensation contributed to the revenues earned during the periods presented and also believes it will contribute to the generation of future period revenues, the Company continues to evaluate its business performance excluding equity based compensation expenses.  Equity-based compensation expenses will recur in future periods.

The effects of amortization of intangible assets have also been excluded from the measures.  This item is inconsistent in amount and frequency and is significantly affected by the timing and size of acquisitions and dispositions.  Investors should note that the use of intangible assets contributed to revenues earned during the periods presented and will contribute to future period revenues as well.  Amortization of intangible assets will recur in future periods and the Company may be required to record impairment charges in the future.  The Company believes that it is useful for investors to understand the effects of these items on total operating expenses.

The effects of a sale or disposition of a business have also been excluded from the non-GAAP measures.  This item is inconsistent in amount and frequency.  By excluding the item from the non-GAAP measures, management is better able to evaluate the Company's ability to utilize its existing businesses and estimate the long-term value that remaining businesses will generate for the Company.  Furthermore, the Company believes that this adjustment correlates more closely with the sustainability of the Company's operating performance.

Adjusted EBITDA is also a non-GAAP financial measure.  The Company defines adjusted EBITDA as net income attributable to Orbotech Ltd., further adjusted, in addition to the items described above, to exclude taxes on income, financial expenses (income) – net, amounts associated with non-controlling interests and depreciation.  The Company presents adjusted EBITDA because it considers it to be an important supplemental measure and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in Orbotech's industry.  Adjusted EBITDA margin is a measurement of Orbotech's adjusted EBITDA as a percentage of its revenues.  Although the Company believes its presentation of adjusted EBITDA is useful, its adjusted EBITDA measure may not be comparable to similarly named measures presented by other companies.

For more information about all of the foregoing items, see the Reconciliation, the Company's Annual Report on Form 20-F filed with the SEC for the year ended December 31, 2016, and its other SEC filings.

 

 

                                                                          ORBOTECH LTD.

                                              CONDENSED CONSOLIDATED BALANCE SHEETS

                                                                 U. S. dollars  in  thousands

                                                                                 (Unaudited)


September 30,


December 31,



2017


2016


ASSETS










CURRENT ASSETS:





    Cash and cash equivalents

$   237,754


$   216,292


    Restricted cash



12,487


    Marketable securities

201




    Short-term bank deposits

973


789


    Accounts receivable - trade

385,481


326,343


    Prepaid expenses and other current assets

52,750


47,258


    Inventories

164,049


132,435


              T o t a l  current assets

841,208


735,604







INVESTMENTS AND NON-CURRENT ASSETS:





    Marketable securities

8,058


7,012


    Funds in respect of employee rights upon retirement

10,105


8,375


    Deferred income taxes

22,323


19,840


    Equity method investee and other receivables

5,166


9,113



45,652


44,340







PROPERTY, PLANT AND EQUIPMENT, net

67,848


62,375







OTHER INTANGIBLE ASSETS, net

73,897


84,210







GOODWILL

176,804


176,374







              T o t a l  assets

$  1,205,409


$   1,102,903












LIABILITIES AND EQUITY










CURRENT LIABILITIES:





   Current maturities of long-term loan

$   16,364


$   16,364


    Accounts payable and accruals:





      Trade

82,883


72,085


      Other

117,032


114,692


    Deferred income

33,512


28,576


              T o t a l  current liabilities

249,791


231,717







LONG-TERM LIABILITIES:





    Long-term loan, net

56,001


72,002


    Liability with respect to Applied Microstructure, Inc. ("AMST")

1,471


1,471


    Liability for employee rights upon retirement

24,357


22,973


    Deferred income taxes

12,425


14,392


    Other tax liabilities

10,771


7,567


              T o t a l  long-term liabilities

105,025


118,405







              T o t a l  liabilities

354,816


350,122







EQUITY:





    Share capital

2,390


2,381


    Additional paid-in capital

429,296


420,185


    Retained earnings

516,663


440,159


    Accumulated other comprehensive loss

(804)


(9,221)



947,545


853,504


    Less treasury shares, at cost

(99,539)


(99,539)


               T o t a l  Orbotech Ltd. equity

848,006


753,965


    Non-controlling interest

2,587


(1,184)


               T o t a l  equity

850,593


752,781







         T o t a l  liabilities and equity

$  1,205,409


$   1,102,903








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