PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net Income to Non-GAAP EBITDA
(in thousands)
(Unaudited)
Three Months Ended | ||||||
January 31, | February 1, | |||||
2016 | 2015 | |||||
GAAP Net Income (a) | $ | 23,501 | $ | 7,142 | ||
Add: interest expense | 1,174 | 1,370 | ||||
Add: income tax expense | 3,700 | 3,134 | ||||
Add: depreciation and amortization | 20,457 | 20,607 | ||||
Add: special items (b) | 897 | 1,826 | ||||
Non-GAAP EBITDA | $ | 49,729 | $ | 34,079 |
(a) | Includes net income attributable to noncontrolling interests, and in 2016 includes gain on sale of investment in a foreign entity |
(b) | Special items consist of stock compensation expense, and in 2015 includes financing expenses in connection with the exchange of $57.5 million of 3.25% convertible senior notes |