Orbotech Reports Third Quarter 2018 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,


2018


2017


2018


2017









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




944



ADJUSTED EBITDA

$168,013


$134,402


$53,981


$57,618

 

 

ORBOTECH LTD.





CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS





U.S. dollars in thousands





 (Unaudited)








Nine months ended


Three months ended




September 30,


September 30,




2018


2017


2018


2017

CASH FLOWS FROM OPERATING ACTIVITIES:


















Net income

$94,680


$75,525


$29,057


$36,151

Adjustments to reconcile net income to net cash 








provided by operating activities:








Depreciation and amortization

35,217


32,749


11,811


11,101

Compensation relating to equity awards granted to 








          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








          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:








          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:








          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











CASH FLOWS FROM INVESTING ACTIVITIES:


















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)



Redemption of marketable securities



804





Deposits of funds in respect of employee








     rights upon retirement

(149)


(1,187)


3


(65)

Net cash used in investing activities

(30,002)


(22,411)


(10,418)


(5,532)











CASH FLOWS FROM FINANCING ACTIVITIES:








Repayment of bank loan

(16,364)


(16,364)





Employee share options exercised

1,752


2,138


261


901

Net cash provided by (used in) financing activities

(14,612)


(14,226)


261


901











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











CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$383,875


$237,754


$383,875


$237,754


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