Exhibit D |
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MTS SYSTEMS CORPORATION |
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Reconciliation of EBITDA and Adjusted EBITDA to Net Income |
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(unaudited - in thousands) |
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Three Months Ended |
Six Months Ended |
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March 30, 2019 |
March 31, 2018 |
March 30, 2019 |
March 31, 2018 |
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Net income |
$ |
14,160 |
$ |
8,438 |
$ |
24,661 |
$ |
41,589 |
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Net income margin |
6.1 |
% |
4.4 |
% |
5.7 |
% |
10.8 |
% |
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Income tax provision (benefit) |
2,916 |
1,738 |
3,612 |
(21,943) |
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Interest expense, net |
7,368 |
6,708 |
14,186 |
13,512 |
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Depreciation and amortization |
9,508 |
8,612 |
18,468 |
17,348 |
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EBITDA 1 |
33,952 |
25,496 |
60,927 |
50,506 |
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Stock-based compensation |
2,895 |
1,668 |
4,689 |
3,290 |
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Restructuring expenses |
— |
362 |
130 |
608 |
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Acquisition-related expenses 2 |
168 |
— |
926 |
— |
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Acquisition inventory fair value adjustment |
539 |
— |
984 |
— |
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Adjusted EBITDA 1 |
$ |
37,554 |
$ |
27,526 |
$ |
67,656 |
$ |
54,404 |
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Adjusted EBITDA margin 1,3 |
16.1 |
% |
14.4 |
% |
15.5 |
% |
14.1 |
% |
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1 Denotes non-GAAP financial measure. |
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2 Acquisition-related expenses were adjusted to exclude stock-based compensation that is otherwise included in the stock-based compensation line. |
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3 Adjusted EBITDA was divided by revenue when calculating the Adjusted EBITDA margin. |