MTS Reports Fiscal 2019 Second Quarter Financial Results

 

 

Exhibit D

MTS SYSTEMS CORPORATION

Reconciliation of EBITDA and Adjusted EBITDA to Net Income

(unaudited - in thousands)

               
               
 

Three Months Ended

 

Six Months Ended

 

March 30, 2019

 

March 31, 2018

 

March 30, 2019

 

March 31, 2018

Net income

$

14,160

   

$

8,438

   

$

24,661

   

$

41,589

 

Net income margin

6.1

%

 

4.4

%

 

5.7

%

 

10.8

%

               

Income tax provision (benefit)

2,916

   

1,738

   

3,612

   

(21,943)

 

Interest expense, net

7,368

   

6,708

   

14,186

   

13,512

 

Depreciation and amortization

9,508

   

8,612

   

18,468

   

17,348

 

EBITDA 1

33,952

   

25,496

   

60,927

   

50,506

 
               

Stock-based compensation

2,895

   

1,668

   

4,689

   

3,290

 

Restructuring expenses

   

362

   

130

   

608

 

Acquisition-related expenses 2

168

   

   

926

   

 

Acquisition inventory fair value adjustment

539

   

   

984

   

 

Adjusted EBITDA 1

$

37,554

   

$

27,526

   

$

67,656

   

$

54,404

 

Adjusted EBITDA margin 1,3

16.1

%

 

14.4

%

 

15.5

%

 

14.1

%

               

1   Denotes non-GAAP financial measure.

             
               

2  Acquisition-related expenses were adjusted to exclude stock-based compensation that is otherwise included in the stock-based compensation line.

               

3  Adjusted EBITDA was divided by revenue when calculating the Adjusted EBITDA margin.


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