Materialise Reports Third Quarter 2019 Results

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

 

 

For the three months
ended September 30,

 

 

 

 

 

For the nine months
ended September 30,

 

In 000

 

2019

 

 

2018

 

 

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

1,001

 

 

 

2,316

 

 

 

 

 

 

397

 

 

 

2,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

908

 

 

 

230

 

 

 

 

 

 

2,037

 

 

 

773

 

Financial expenses

 

 

1,138

 

 

 

1,039

 

 

 

 

 

 

2,647

 

 

 

3,556

 

Financial income

 

 

(172

)

 

 

(1,308

)

 

 

 

 

 

(900)

 

 

 

(2,739)

 

Share in loss of joint venture

 

 

41

 

 

 

47

 

 

 

 

 

 

245

 

 

 

291

 

Depreciation and amortization

 

 

4,904

 

 

 

4,519

 

 

 

 

 

 

14,082

 

 

 

12,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

7,820

 

 

 

6,843

 

 

 

 

 

 

18,512

 

 

 

16,917

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expense (1)

 

 

60

 

 

 

191

 

 

 

 

 

 

256

 

 

 

557

 

Acquisition-related expenses of business combinations (2)

 

 

140

 

 

 

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

 

8,022

 

 

 

7,034

 

 

 

 

 

 

18,908

 

 

 

17,474

 

(1)

Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.

 

(2)

Acquisition-related expenses of business combinations represent expenses incurred in connection with the Engimplan acquisition.

Segment P&L (Unaudited)

In 000

 

Materialise
Software

 

Materialise
Medical

 

Materialise
Manu-
facturing

 

Total
segments

 

Unallocated
(1)(2)

 

Consoli-
dated

 

 

 

 

 

 

 

 

For the three months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

10,860

 

15,488

 

24,127

 

50,474

 

(26)

 

50,449

Segment EBITDA

 

3,769

 

2,795

 

3,862

 

10,426

 

(2,404)

 

8,022

 

 

 

 

 

 

 

Segment EBITDA %

 

34.7%

 

18.0%

 

16.0%

 

20.7%

 

 

 

15.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,874

 

12,824

 

24,012

 

46,710

 

22

 

46,732

Segment EBITDA

 

3,384

 

2,475

 

3,405

 

9,264

 

(2,230)

 

7,034

 

 

 

 

 

 

 

Segment EBITDA %

 

34.3%

 

19.3%

 

14.2%

 

19.8%

 

 

 

15.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

In 000

 

Materialise
Software

 

Materialise
Medical

 

Materialise
Manu-
facturing

 

Total
segments

 

Unallocated
(1)(2)

 

Consoli-
dated

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

29,529

 

43,600

 

72,861

 

145,990

 

(22)

 

145,968

Segment EBITDA

 

8,785

 

7,306

 

10,393

 

26,484

 

(7,576)

 

18,908

 

 

 

 

 

 

 

Segment EBITDA %

 

29.8%

 

16.8%

 

14.3%

 

18.1%

 

 

 

13.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

27,331

 

37,170

 

71,031

 

135,532

 

175

 

135,707

Segment EBITDA

 

8,568

 

6,659

 

8,802

 

24,028

 

(6,554)

 

17,474

 

 

 

 

 

 

 

Segment EBITDA %

 

31.3%

 

17.9%

 

12.4%

 

17.7%

 

 

 

12.9%

(1)

Unallocated Revenues consist of occasional one-off sales in our core competencies not allocated to any of our segments.

 

(2)

Unallocated segment EBITDA consists of corporate research and development, corporate headquarter costs and other operating income (expense), and the added non-cash stock-based compensation expenses and acquisition related expenses of business combinations that are included in Adjusted EBITDA.


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