Orbotech Reports Third Quarter 2017 Results

 

                                                                                           ORBOTECH LTD.

                                                    RECONCILIATION OF GAAP TO NON-GAAP RESULTS

                                                        U.S. dollars in thousands (except per share data)

                                                                                                (Unaudited)


















Nine months ended


Three months ended


September 30,


September 30,


2017


2016


2017


2016

















Reported operating income on GAAP basis

$94,671


$80,881


$44,037


$30,820

Equity-based compensation expenses

6,982


4,319


2,480


1,361

Amortization of intangible assets

18,635


20,750


6,371


7,615

Non-GAAP operating income

$120,288


$105,950


$52,888


$39,796









Reported net income attributable to Orbotech Ltd. on GAAP basis

$76,504


$53,807


$36,554


$24,713

Equity-based compensation expenses

6,982


4,319


2,480


1,361

Amortization of intangible assets

18,635


20,750


6,371


7,615

Tax effect of non-GAAP adjustments

(2,244)


(2,410)


(748)


(887)

Share in losses of equity method investee



450




150

Charges associated with the retirement of the 2014 Credit Agreement



6,228





Non-GAAP net income

$99,877


$83,144


$44,657


$32,952









GAAP earnings per diluted share

$1.57


$1.17


$0.75


$0.51









Non-GAAP earnings per diluted share

$2.05


$1.81


$0.91


$0.68









Shares used in earnings per diluted share computation - in thousands

48,812


45,813


48,903


48,385










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