Materialise Reports Third Quarter 2018 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) 2018   2017 2018   2017
 
Net profit (loss) for the period 2,316 (1,413 ) 2,502 (3,184 )
 
Income taxes 230 433 773 825
Financial expenses 1,039 1,058 3,556 3,294
Financial income (1,308 ) (465 ) (2,739 ) (2,132 )
Share in loss of joint venture 47 165 291 596
Depreciation and amortization 4,519 2,918 12,534 8,142
 
EBITDA 6,843 2,696 16,917 7,541
 
Non-cash stock-based compensation expense (1) 191 297 557 997
Acquisition-related expenses (2) 266 266
 
ADJUSTED EBITDA 7,034 3,259 17,474 8,804
 
        (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 ACTech acquisition.
 
               

Segment P&L (Unaudited)

 
(in 000) Materialise
Software
Materialise
Medical
Materialise
Manufact-
uring

Total
segments

Unallocated(1) Consoli-
dated
 
For the nine months ended September 30, 2018
Revenues 27,331 37,170 71,031 135,532 175 135,707
Segment EBITDA 8,567 6,659 8,802 24,028 (7,111 ) 16,917
 

Segment EBITDA %

31.3 % 17.9 % 12.4 % 17.7 % 12.5 %
 
For the nine months ended September 30, 2017
Revenues 25,302 30,999 41,318 97,619 221 97,840
Segment EBITDA 9,307 2,242 3,062 14,611 (7,070 ) 7,541
 

Segment EBITDA %

36.8 % 7.2 % 7.4 % 15.0 % 7.7 %
 
(1)   Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments. Unallocated Segment EBITDA consists of corporate research and development, corporate headquarter costs and net other operating income (expense).
 
(in 000)       Materialise
Software
  Materialise
Medical
  Materialise
Manufact-
uring
 

Total
segments

  Unallocated(1)   Consoli-
dated
 
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 (2,420 ) 6,844
 

Segment EBITDA %

34.3 % 19.3 % 14.2 % 19.8 % 14.6 %
 
For the three months ended September 30, 2017
Revenues 8,422 10,421 13,456 32,299 8 32,307
Segment EBITDA 3,362 1,170 499 5,031 (2,335 ) 2,696
 

Segment EBITDA %

39.9 % 11.2 % 3.7 % 15.6 % 8.3 %
 
(1)   Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments. Unallocated Segment EBITDA consists of corporate research and development, corporate headquarter costs and net other operating income (expense).
 

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