Materialise Reports Second Quarter 2018 Results

LEUVEN, Belgium--(BUSINESS WIRE)— August 7, 2018— Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing and medical software and of sophisticated 3D printing services, today announced its financial results for the second quarter ended June 30, 2018.

Highlights – Second Quarter 2018

  • Total revenue increased 34.1% from the second quarter of 2017 to 45,076 kEUR, driven by strong performances in our Materialise Medical segment and in theACTech business within our Materialise Manufacturing segment, which we acquired in October 2017.
  • Total deferred revenue from annual software sales and maintenance contracts increased by 2,419 kEUR to 21,142 kEUR from 18,723 kEUR at year-end 2017.
  • Adjusted EBITDA increased 90.9% from 2,732 kEUR for the second quarter of 2017 to 5,216 kEUR.
  • Net result was 369 kEUR, or 0.01 EUR per diluted share, compared to (955) kEUR, or (0.02) EUR per diluted share, over the same period last year.


Executive Chairman Peter Leys commented, “The past several months have been an especially exciting period for Materialise. We delivered another set of good results for the second quarter, with particularly strong performances from our Materialise Medical segment and the ACTech business we added to our Materialise Manufacturing segment last October. This performance again demonstrates the benefits of our company’s diversified business model. In July, we announced a collaboration with BASF through which this leading chemicals company has invested US$25 million in Materialise to accelerate the advancement of the 3D printing sector through the development of innovative applications and new materials. We expect this collaboration to create siginficant new business opportunities in new markets over time. We also raised US$44.85 million in gross proceeds through a successful public offering of ADSs representing our shares, which included the full exercise of the underwriters' over-allotment option to purchase additional ADSs.”

 

ACTech

On October 4, 2017, we acquired ACTech, a full-service manufacturer of complex metal parts. As described in more detail below, the acquired business has increased the scope of our Materialise Manufacturing segment’s operations and had a significant impact on our results of operations for the second quarter of 2018, resulting in increases to our revenues, operating expenses and net result, among other items.


Second Quarter 2018 Results

Total revenue for the second quarter of 2018 increased 34.1% (1.5% excluding ACTech) to 45,076 kEUR (34,113 kEUR excluding ACTech) compared to 33,612 kEUR for the second quarter of 2017. Total deferred revenue from annual software sales and maintenance contracts amounted to 21,142 kEUR at the end of the second quarter of 2018 compared to 18,723 kEUR at year end 2017. Adjusted EBITDA increased to 5,216 kEUR from 2,732 kEUR primarily as a result of the contribution by ACTech. Excluding ACTech, Adjusted EBITDA increased to 3,245 kEUR. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) in the second quarter of 2018 was 11.6% (9.5% excluding ACTech) compared to 8.1% in the second quarter of 2017.

Revenue from our Materialise Software segment increased 9.9% to 9,131 kEUR for the second quarter of 2018 from 8,305 kEUR for the same quarter last year. Segment EBITDA amounted to 2,859 kEUR compared to 2,952 kEUR in the prior-year period, while the segment EBITDA margin (the segment’s EBITDA divided by the segment’s revenue) was 31.3% compared to 35.5% in the prior-year period.

Revenue from our Materialise Medical segment increased 16.5% to 12,400 kEUR for the second quarter of 2018 compared to 10,646 kEUR for the same period in 2017. Compared to the same quarter in 2017, revenue from our medical software decreased 5.2%. Including deferred revenues from software and maintenance fees, medical software sales increased 8.9%. Revenue from medical devices and services grew 28.8%. Segment EBITDA was 2,124 kEUR compared to 758 kEUR while the segment EBITDA margin increased to 17.1% from 7.1% in the second quarter of 2017.

Revenue from our Materialise Manufacturing segment increased 61.8% to 23,387 kEUR for the second quarter of 2018 from 14,455 kEUR for the second quarter of 2017. Segment EBITDA increased to 2,264 kEUR from 1,241 kEUR while the segment EBITDA margin increased to 9.7% from 8.6% for the same quarter in 2017. ACTech contributed revenue of 10,958 kEUR and segment EBITDA of 1,971 kEUR, with a segment EBITDA margin of 18.0%. Excluding ACTech, revenue decreased 14.0% to 12,429 kEUR and segment EBITDA decreased to 293 kEUR.

Gross profit was 24,788 kEUR, or 55.0% of total revenue, for the second quarter of 2018. Excluding ACTech, gross profit was 21,189 kEUR, or 62.1% of total revenue, compared to 19,388 kEUR, or 57.7% of total revenue, for the second quarter of 2017.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 22.9% to 25,700 kEUR for the second quarter of 2018 from 20,911 kEUR for the second quarter of 2017. Excluding ACTech, operating expenses increased, in the aggregate, 10.5% to 23,096 kEUR. Excluding ACTech, R&D expenses increased from 5,131 kEUR to 5,830 kEUR while S&M expenses increased from 10,009 kEUR to 11,038 kEUR and G&A expenses increased from 5,771 kEUR to 6,228 kEUR.

Net other operating income increased by 613 kEUR to 1,841 kEUR compared to 1,228 kEUR for the second quarter of 2017. Excluding ACTech, net other operating income increased by 557 kEUR. Net other operating income consists primarily of withholding tax exemptions for qualifying researchers, development grants, partial funding of R&D projects, currency exchange results on purchase and sales transactions, and the depreciation of intangible assets from business combinations.

Operating result increased to 929 kEUR from (295) kEUR for the same period prior year, primarily as a result of the contribution by ACTech. Excluding ACTech, operating result amounted to (122) kEUR.

Net financial result was (376) kEUR compared to (427) kEUR for the prior-year period. The financial result included (414) kEUR net financial expenses related to ACTech. The share in loss of joint venture increased to (141) kEUR from (42) kEUR for the same period last year.

The second quarter of 2018 contained income tax expense of 43 kEUR, of which 206 kEUR was related to ACTech, compared to 191 kEUR in the second quarter of 2017.

As a result of the above, net profit for the second quarter of 2018 was 369 kEUR or ((62) kEUR excluding ACTech), compared to net loss of (955) KEUR for the same period in 2017. Total comprehensive profit for the second quarter of 2018, which includes exchange differences on translation of foreign operations, was 422 kEUR compared to a loss of (1,403) kEUR for the same period in 2017.

As at June 30, 2018, we had cash and equivalents of 48,719 kEUR compared to 43,175 kEUR as at December 31, 2017. Cash flow from operating activities over the first six months of 2018 was 11,031 kEUR compared to 5,188 kEUR in the same period in 2017. Net shareholders’ equity as at June 30, 2018 was 77,053 kEUR compared to 77,515 kEUR as at December 31, 2017.


2018 Guidance

As detailed in the company’s year-end fiscal 2017 earnings announcement, in fiscal 2018, management expects to report consolidated revenue between 180,000 - 185,000 kEUR and Adjusted EBITDA between 22,000 - 25,000 kEUR. Management also expects the amount of deferred revenue the company generates from annual licenses and maintenance in 2018 to increase by an amount between 2,000 - 4,000 kEUR as compared to 2017.


Non-IFRS Measure

Materialise uses EBITDA and Adjusted EBITDA as supplemental financial measures of its financial performance. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of loss in a joint venture and depreciation and amortization. Adjusted EBITDA is determined by adding non-cash stock-based compensation expenses and acquisition-related expenses of business combinations to EBITDA. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of long-term investment and financing decisions, rather than the performance of the company’s day-to-day operations. As compared to net profit, these measures are limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company’s business, or the charges associated with impairments. Management evaluates such items through other financial measures such as capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company’s ability to grow or as a valuation measurement. The company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBITDA and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company’s presentation of EBITDA and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.


Exchange Rate

This press release contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this press release were made at a rate of EUR 1.00 to USD 1.1658, the reference rate of the European Central Bank on June 30, 2018.


Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the first quarter of 2018 on the same day, Tuesday, August 7, 2018, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Wilfried Vancraen, Founder and Chief Executive Officer; Peter Leys, Executive Chairman; and Johan Albrecht, Chief Financial Officer. A question-and-answer session will follow management’s remarks.
To access the conference call, please dial 844-469-2530 (U.S.) or 765-507-2679 (international), passcode #8889356. The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com.

A webcast of the conference call will be archived on the company's website for one year.


About Materialise

Materialise incorporates more than 25 years of 3D printing experience into a range of software solutions and 3D printing services, which form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest 3D printing facilities in the world. For additional information, please visit: www.materialise.com.


Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, current estimates of fiscal 2018 revenues, deferred revenue from annual licenses and maintenance and Adjusted EBITDA, the benefits of our collaboration with BASF and the ACTech acquisition, results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including our strategic priorities for 2018), and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company’s actual results to differ materially from our expectations, including risk factors described in the company’s annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2018. There are a number of risks and uncertainties that could cause the company’s actual results to differ materially from the forward-looking statements contained in this press release.

The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Consolidated income statement (Unaudited)

 

 

For the three months ended June 30,

 

For the six months ended June 30,

(in 000, except per share amounts)

 

2018

 

2018

 

2017

 

2018

 

2017

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

52,550

 

45,076

 

33,612

 

88,975

 

65,533

Cost of sales

 

(23,652)

 

(20,288)

 

(14,224)

 

(40,232)

 

(27,668)

Gross profit

 

28,898

 

24,788

 

19,388

 

48,743

 

37,865

Gross profit as % of revenue

 

55.0%

 

55.0%

 

57.7%

 

54.8%

 

57.8%

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

(6,798)

 

(5,831)

 

(5,131)

 

(11,446)

 

(9,723)

Sales and marketing expenses

 

(13,805)

 

(11,842)

 

(10,009)

 

(22,441)

 

(19,617)

General and administrative expenses

 

(9,358)

 

(8,027)

 

(5,771)

 

(15,187)

 

(11,150)

Net other operating income (expenses)

 

2,146

 

1,841

 

1,228

 

2,390

 

2,246

Operating (loss) profit

 

1,083

 

929

 

(295)

 

2,059

 

(379)

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

(1,127)

 

(967)

 

(1,317)

 

(2,517)

 

(2,236)

Financial income

 

689

 

591

 

890

 

1,431

 

1,667

Share in loss of joint venture

 

(164)

 

(141)

 

(42)

 

(244)

 

(431)

(Loss) profit before taxes

 

481

 

412

 

(764)

 

729

 

(1,379)

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

(50)

 

(43)

 

(191)

 

(543)

 

(392)

Net (loss) profit for the period

 

431

 

369

 

(955)

 

186

 

(1,771)

Net (loss) profit attributable to:

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

431

 

369

 

(955)

 

186

 

(1,771)

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent

 

 

 

 

 

 

 

 

 

 

Basic

 

0.01

 

0.01

 

(0.02)

 

0.00

 

(0.04)

Diluted

 

0.01

 

0.01

 

(0.02)

 

0.00

 

(0.04)

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

47,428

 

47,428

 

47,325

 

47,378

 

47,325

Weighted average diluted shares outstanding

 

48,131

 

48,131

 

47,325

 

48,106

 

47,325

Consolidated statements of comprehensive income (Unaudited)

 

 

For the three months ended June 30,

 

For the six months ended June 30,

(in 000)

 

2018

 

2018

 

2017

 

2018

 

2017

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

431

 

369

 

(955)

 

186

 

(1,771)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

Exchange difference on translation of foreign operations

 

62

 

53

 

(448)

 

(42)

 

(326)

Other comprehensive income (loss), net of taxes

 

62

 

53

 

(448)

 

(42)

 

(326)

Total comprehensive income (loss) for the year, net of taxes

 

493

 

422

 

(1,403)

 

144

 

(2,097)

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

493

 

422

 

(1,403)

 

144

 

(2,097)

Non-controlling interest

 

 

 

 

 

Consolidated statement of financial position (Unaudited)

 

 

As of June 30,

 

As of December 31,

(in 000)

 

2018

 

2017

 

 

 

Assets

 

 

 

 


Non-current assets

 

 

 

 

Goodwill

 

18,416

 

18,447

Intangible assets

 

27,058

 

28,646

Property, plant & equipment

 

89,011

 

86,881

Investments in joint ventures

 

 

31

Deferred tax assets

 

288

 

304

Other non-current assets

 

4,062

 

3,667

Total non-current assets

 

138,835

 

137,976


Current assets

 

 

 

 

Inventories

 

10,794

 

11,594

Trade receivables

 

38,408

 

35,582

Other current assets

 

10,213

 

9,212

Cash and cash equivalents

 

48,719

 

43,175

Total current assets

 

108,134

 

99,563

Total assets

 

246,969

 

237,539

 

 

As of June 30,

 

As of December 31,

(in 000)

 

2018

 

2017

 

 

 

Equity and liabilities

 

 

 

 

Equity

 

 

 

 

Share capital

 

2,735

 

2,729

Share premium

 

80,396

 

79,839

Consolidated reserves

 

(4,233)

 

(3,250)

Other comprehensive income

 

(1,845)

 

(1,803)

Equity attributable to the owners of the parent

77,053

 

77,515

Non-controlling interest

 

 

Total equity

 

77,053

 

77,515


Non-current liabilities

 

 

 

 

Loans & borrowings

 

85,700

 

81,788

Deferred tax liabilities

 

6,603

 

7,006

Deferred income

 

6,892

 

5,040

Other non-current liabilities

 

1,692

 

1,904

Total non-current liabilities

 

100,887

 

95,738


Current liabilities

 

 

 

 

Loans & borrowings

 

12,519

 

12,769

Trade payables

 

16,437

 

15,670

Tax payables

 

3,288

 

3,560

Deferred income

 

22,309

 

18,791

Other current liabilities

 

14,476

 

13,496


Total current liabilities

 

69,029

 

64,286

Total equity and liabilities

 

246,969

 

237,539

Consolidated statement of cash flows (Unaudited)

 

 

For the six months ended June 30,

(in 000)

 

2018

 

2017

 

 

 

Operating activities

 

 

 

 

Net (loss) profit for the period

 

186

 

(1,771)

Non-cash and operational adjustments

 

 

 

 

Depreciation of property, plant & equipment

 

5,517

 

3,954

Amortization of intangible assets

 

2,498

 

1,269

Share-based payment expense

 

366

 

700

Loss (gain) on disposal of property, plant & equipment

 

(90)

 

28

Movement in provisions

 

 

14

Movement reserve for bad debt

 

68

 

139

Financial income

 

(58)

 

(318)

Financial expense

 

1,032

 

585

Impact of foreign currencies

 

111

 

302

Share in loss of a joint venture (equity method)

 

244

 

431

Income taxes and deferred taxes

 

543

 

392

Other

 

(92)

 

(58)

Working capital adjustment & income tax paid

 

 

 

 

Increase in trade receivables and other receivables

 

(4,147)

 

(3,580)

Decrease (increase) in inventories

 

774

 

(509)

Increase in trade payables and other payables

 

5,634

 

4,207

Income tax paid

 

(1,555)

 

(597)

Net cash flow from operating activities

 

11,031

 

5,188

 

 

For the six months ended June 30,

(in 000)

 

2018

 

2017

 

 

 

Investing activities

 

 

 

 

Purchase of property, plant & equipment

 

(8,588)

 

(15,770)

Purchase of intangible assets

 

(583)

 

(1,027)

Proceeds from the sale of property, plant & equipment (net)

 

486

 

104

Available for sale investments

 

(50)

 

Investments in joint-ventures

 

 

(500)

Interest received

 

(2)

 

241

Net cash flow used in investing activities

 

(8,737)

 

(16,952)


Financing activities

 

 

 

 

Proceeds from loans & borrowings

 

18,770

 

14,203

Repayment of loans & borrowings

 

(14,074)

 

(1,634)

Repayment of finance leases

 

(1,366)

 

(1,405)

Direct attributable expense capital increase

 

207

 

Interest paid

 

(814)

 

(302)

Other financial income (expense)

 

(130)

 

(154)

Net cash flow from (used in) financing activities

 

2,593

 

10,708

 

 

 

 

 

Net increase of cash & cash equivalents

 

4,887

 

(1,056)

Cash & cash equivalents at beginning of the year

 

43,175

 

55,912

Exchange rate differences on cash & cash equivalents

 

657

 

(1,024)

Cash & cash equivalents at end of the year

 

48,719

 

53,832

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

 

 

For the three months ended June 30,

 

For the six months ended June 30,

(in 000)

 

2018

 

2017

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

369

 

(955)

 

186

 

(1,771)

 

 

 

 

 

 

 

 

 

Income taxes

 

43

 

191

 

543

 

392

Financial expenses

 

967

 

1,317

 

2,517

 

2,236

Financial income

 

(591)

 

(890)

 

(1,431)

 

(1,667)

Share in loss of joint venture

 

141

 

42

 

244

 

431

Depreciation and amortization

 

4,010

 

2,656

 

8,015

 

5,224

 

 

 

 

 

 

 

 

 

EBITDA

 

4,939

 

2,361

 

10,074

 

4,845

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expense (1)

 

277

 

371

 

366

 

700

Acquisition-related expenses of business combinations (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

5,216

 

2,732

 

10,440

 

5,545

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

(2)  During the periods presented, we did not incur any fees or costs in connection with acquisitions.

 

Segment P&L (Unaudited)

(in 000)

Materialise
Software

Materialise
Medical

Materialise
Manufact-
uring

Total segments

Unallocated(1)

Consoli-
dated

 

 

 

 

 

 

 

 

For the six months ended June 30, 2018

 

 

 

 

 

 

Revenues

17,457

24,346

47,019

88,822

153

88,975

Segment EBITDA

5,183

4,184

5,397

14,764

(4,690)

10,074


Segment EBITDA %

29.7%

17.2%

11.5%

16.6%

 

11.3%

 

 

 

 

 

 

 

For the six months ended June 30, 2017

 

 

 

 

 

 

Revenues

16,880

20,578

27,862

65,320

213

65,533

Segment EBITDA

5,945

1,072

2,563

9,580

(4,735)

4,845


Segment EBITDA %

35.2%

5.2%

9.2%

14.7%

 

7.4%

(in 000)

Materialise
Software

Materialise
Medical

Materialise
Manufact-
uring

Total segments

Unallocated(1)

Consoli-
dated

 

 

 

 

 

 

 

 

For the three months ended June 30, 2018

 

 

 

 

 

 

Revenues

9,131

12,400

23,387

44,918

158

45,076

Segment EBITDA

2,859

2,124

2,264

7,247

(2,308)

4,939


Segment EBITDA %

31.3%

17.1%

9.7%

16.1%

 

11.0%

 

 

 

 

 

 

 

For the three months ended June 30, 2017

 

 

 

 

 

 

Revenues

8,305

10,646

14,455

33,406

206

33,612

Segment EBITDA

2,952

758

1,241

4,951

(2,590)

2,361


Segment EBITDA %

35.5%

7.1%

8.6%

14.8%

 

7.0%

(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).

 

Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited)

 

 

For the three months ended June 30,

 

For the six months ended June 30,

(in 000)

 

2018

 

2017

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

369

 

(955)

 

186

 

(1,771)

Income taxes

 

43

 

191

 

543

 

392

Financial expenses

 

967

 

1,317

 

2,517

 

2,236

Financial income

 

(591)

 

(890)

 

(1,431)

 

(1,667)

Share in loss of joint venture

 

141

 

42

 

244

 

431

 

 

 

 

 

 

 

 

 

Operating profit

 

929

 

(295)

 

2,059

 

(379)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

4,010

 

2,656

 

8,015

 

5,224

Corporate research and development

 

496

 

516

 

986

 

1,025

Corporate headquarter costs

 

2,813

 

2,464

 

5,077

 

4,537

Net other operating income (expense)

 

(1,001)

 

(390)

 

(1,373)

 

(827)

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

7,247

 

4,951

 

14,764

 

9,580

 

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