SHENZHEN, China, Aug. 10 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide announced today its selected unaudited financial results for the second quarter and first half ended June 30, 2010.
Highlights for Second Quarter and First Half 2010
-- Net revenues were $179.2 million, an increase of 12.0% over the second
quarter of 2009 and 22.9% over the first quarter of 2010.
-- Record international sales of $106.8 million as compared to
$84.1 million for the second quarter of 2009.
-- Solid China non-tender sales growth of 9.1% year-over-year and 19.0%
over the first quarter 2010.
-- Fully diluted EPS was $0.36, a 22.0% increase from the second quarter
of 2009, and a 14.4% increase from the first quarter of 2010.
-- Launched three products during the quarter, bringing the year-to-date
total to four new products across three product lines.
-- Paid dividend of $22.8 million in April 2010.
"We are happy to report a 12.0% year-over-year increase in revenues, driven primarily by this quarter's accelerated international sales growth of 27.0%," commented Xu Hang, Mindray's chairman and co-chief executive officer. "We are particularly encouraged by the accelerated growth we have seen in both emerging and developed markets. Both Latin America and the CIS region led growth among all regions while Western Europe and the U.S. recorded double-digit growth. In China, non-tender sales also continued to expand, growing 19.0% sequentially and 9.1% year-over-year. Government tender activities, however, unexpectedly continued to decline and as a result, our total China sales decreased 4.6% year-over-year but grew 16.5% as compared to the first quarter this year. While we cannot control the timing associated with tender sales, we are realigning our sales force and undertaking other strategic initiatives in product development and marketing, allowing us to focus more intensely on our higher end product lines for the non-tender market. We also remain committed to our investment in international channels and the localization efforts of our on-site operations. We believe this approach should position Mindray well to continue its strong performance in emerging markets and benefit from new opportunities in both high-end product segments and developed markets."
SUMMARY - Second Quarter and First Half 2010
(in $ millions, except Three Months Ended Six Months Ended
per-share data) June 30 June 30
2010 2009 % chg 2010 2009 % chg
Net Revenues 179.2 160.1 12.0% 325.1 294.2 10.5%
Revenues generated in
China 72.4 76.0 -4.6% 134.6 138.3 -2.7%
Revenues generated
outside China 106.8 84.1 27.0% 190.5 155.9 22.2%
Gross Profit 104.4 91.6 14.1% 186.7 166.3 12.3%
Non-GAAP Gross Profit 105.8 93.4 13.3% 189.6 169.7 11.8%
Operating Income 47.5 39.0 21.9% 79.4 68.4 16.2%
Non-GAAP Operating Income 51.2 43.9 16.6% 87.1 78.6 10.9%
EBITDA 54.2 46.7 16.1% 93.0 82.3 13.1%
Net Income 42.3 33.0 28.1% 78.5 58.4 34.5%
Non-GAAP Net Income 45.9 37.8 21.3% 86.0 68.4 25.9%
Diluted EPS 0.36 0.29 22.0% 0.67 0.52 29.1%
Non-GAAP Diluted EPS 0.39 0.34 15.5% 0.74 0.61 20.9%
Revenues
Mindray reported net revenues of $179.2 million for the second quarter of 2010, a 12.0% increase from $160.1 million in the second quarter of 2009. Net revenues generated in China in the second quarter of 2010 decreased 4.6% to $72.4 million from $76.0 million in the second quarter of 2009, while net revenues generated in international markets in the second quarter of 2010 increased 27.0% to $106.8 million from $84.1 million in the second quarter of 2009.
Performance by Segment
Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues increased 19.9% to $82.8 million this quarter from $69.1 million in the second quarter of 2009. The patient monitoring & life support products segment contributed 46.2% to the total net revenues in the second quarter of 2010.
In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 8.0% to $43.2 million this quarter from $40.0 million in the second quarter of 2009. The in-vitro diagnostic products segment contributed 24.1% to the total net revenues in the second quarter of 2010.
Medical Imaging Systems: Medical imaging systems segment revenues increased 1.9% to $42.7 million this quarter from $41.9 million in the second quarter of 2009. The medical imaging systems segment contributed 23.8% to the total net revenues in the second quarter of 2010.
Other revenues, which are primarily comprised of service fees charged for post warranty period repair services, increased 15.7% to $10.5 million this quarter from $9.1 million in the second quarter of 2009. Other revenues contributed 5.9% to the total net revenues in the second quarter of 2010.
Gross Margins
Second quarter 2010 gross profit was $104.4 million, a 14.1% increase from $91.6 million in the second quarter of 2009. Second quarter 2010 non-GAAP gross profit, as defined below, was $105.8 million, a 13.3% increase from $93.4 million in the second quarter of 2009. Second quarter 2010 gross margin was 58.3% compared to 57.2% in the second quarter of 2009 and 56.4% in the first quarter of 2010. Non-GAAP gross margin was 59.0% in the second quarter of 2010 compared to 58.3% in the second quarter of 2009 and 57.5% in the first quarter of 2010.
Operating Expenses
Selling expenses for the second quarter of 2010 were $27.2 million, or 15.2% of the total net revenues, compared to 16.5% in the second quarter of 2009 and 16.2% in the first quarter of 2010. Non-GAAP selling expenses for the second quarter of 2010 were $25.9 million, or 14.5% of the total net revenues, compared to 15.5% in the second quarter of 2009 and 15.3% in the first quarter of 2010.
General and administrative expenses for the second quarter of 2010 were $15.4 million, or 8.6% of the total net revenues, compared to 7.1% in the second quarter of 2009 and 8.4% in the first quarter of 2010. Non-GAAP general and administrative expenses for the second quarter of 2010 were $15.1 million, or 8.4% of the total net revenues, compared to 6.7% in the second quarter of 2009 and 8.1% in the first quarter of 2010.
Research and development expenses for the second quarter of 2010 were $14.3 million, or 8.0% of the total net revenues, compared to 9.2% in the second quarter of 2009 and 9.9% in the first quarter of 2010. Non-GAAP research and development expenses for the second quarter of 2010 were $13.5 million, or 7.6% of the total net revenues, compared to 8.7% in the second quarter of 2009 and 9.4% in the first quarter of 2010.
Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $1.8 million in the second quarter of 2010 compared to $1.9 million in the first quarter of 2010 and $2.6 million in the second quarter of 2009.
Operating income was $47.5 million in the second quarter of 2010, a 21.9% increase from $39.0 million in the second quarter of 2009 and 49.0% increase from $31.9 million in the first quarter of 2010. Non-GAAP operating income in the second quarter of 2010 was $51.2 million, a 16.6% increase from $43.9 million in the second quarter of 2009 and 42.4% increase from $35.9 million in the first quarter of 2010. Operating margin was 26.5% in the second quarter of 2010 compared to 24.4% in the second quarter of 2009 and 21.9% in the first quarter of 2010. Non-GAAP operating margin was 28.6% in the second quarter of 2010 compared to 27.4% in the second quarter of 2009 and 24.6% in the first quarter of 2010.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
Second quarter 2010 EBITDA increased 16.1% year-over-year to $54.2 million from $46.7 million in the second quarter of 2009, and increased 39.6% from $38.8 million in the first quarter of 2010.
Net Income
Net income increased 28.1% year-over-year to $42.3 million from $33.0 million in the second quarter of 2009. Non-GAAP net income increased 21.3% year-over-year to $45.9 million from $37.8 million in the second quarter of 2009. Net margin was 23.6% in the second quarter of 2010 compared to 20.6% in the second quarter of 2009 and 24.8% in the first quarter of 2010. Non-GAAP net margin was 25.6% in the second quarter of 2010 compared to 23.6% in the second quarter of 2009 and 27.5% in the first quarter of 2010. Second quarter 2010 income tax expense was $7.2 million representing an effective tax rate of 14.5%.
Second quarter 2010 basic and diluted earnings per share were $0.37 and $0.36, respectively, compared to $0.30 and $0.29 in the second quarter of 2009. Basic and diluted non-GAAP earnings per share were $0.40 and $0.39, respectively, compared to $0.35 and $0.34 in the second quarter of 2009. Shares used in the computation of diluted earnings per share for the second quarter 2010 were 118.1 million.
Other Select Data
Average accounts receivable days outstanding were 58 days in the second quarter of 2010 compared to 69 days in the first quarter of 2010. Average inventory days were 93 days in the second quarter of 2010 compared to 96 days in the first quarter of 2010. Average accounts payable days outstanding were 59 days in the second quarter of 2010 compared to 60 days in the first quarter of 2010. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter.
As of June 30, 2010, the company had a total of $370.2 million in cash and cash equivalents, restricted cash and restricted investments and short-term investments, compared to $430.6 million as of March 31, 2010. Net cash generated from operating activities and net cash outflow from capital expenditures during the quarter were $19.8 million and $11.3 million, respectively.
First Half 2010 Results
Mindray reported net revenues of $325.1 million in the first half of 2010, representing a 10.5% increase from $294.2 million in the first half of 2009.
-- Net revenues generated in China in the first half of 2010 decreased
2.7% to $134.6 million from $138.3 million in the first half of 2009.
-- Net revenues generated in international markets in the first half of
2010 increased 22.2% to $190.5 million from $155.9 million in the first
half of 2009.
First half 2010 EBITDA increased 13.1% year-over-year to $93.0 million from $82.3 million in the first half of 2009.
First half 2010 net income increased 34.5% year-over-year to $78.5 million from $58.4 million in the first half of 2009. The first half 2010 net income included the recognition of $8.6 million corporate income tax reduction which relates to the nationwide key software enterprise status for the calendar year 2009, awarded to our Shenzhen subsidiary in January 2010. First half 2010 non-GAAP net income increased 25.9% year-over-year to $86.0 million from $68.4 million in the first half of 2009.
First half 2010 diluted earnings per share increased 29.1% year-over-year to $0.67 from $0.52 in the first half of 2009. First half 2010 non-GAAP diluted earnings per share increased 20.9% to $0.74 from $0.61 in the first half of 2009.
Business Outlook for Full Year 2010
The company has updated its full year guidance and now expects its full year 2010 net revenues to be $700 million.
The company also expects its full year 2010 non-GAAP net income to grow 10% over its non-GAAP net income for full year 2009, excluding the $8.6 million corporate income tax reduction recognized in the first quarter of 2010. This guidance assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.
The company expects its capital expenditure for 2010 to remain in the range of $60 million to $70 million.
The company's practice is to provide guidance on a full year basis only. This forecast reflects Mindray's current and preliminary views, which are subject to change.
"While we achieved better than expected international sales, lower-than-expected government spending in our domestic market for the first half of the year has limited our planned growth rate and therefore our planned profit for the year," said Li Xiting, Mindray's president and co-chief executive officer. "We have thus decided to lower our yearly guidance. This adjustment, however, does not impact our confidence in our long-term outlook for China. We remain confident about the growth of the private sector in China and the resultant non-tender sales, as well as the government's commitment to its healthcare reform plan and we are proactively addressing the areas of the business and factors that are within our control. Equally, if not more important, we will implement strategic initiatives more aggressively across product development, sales force organization, branding and marketing in the coming quarters to expand in the fast growing hospital self-funded segment. We expect that these initiatives, together with realignment of our international sales network, will ensure China and international sales remain parallel growth drivers for the company."
Conference Call Information
Mindray's management will hold an earnings conference call at 8:00 AM on August 10, 2010 U.S. Eastern Time (8:00 PM on August 10, 2010 Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as follows:
Hong Kong: +852-3002-1672
U.S. Toll Free: +1-866-383-8108
International: +1-617-597-5343
Pass code for all regions: Mindray
A replay of the conference call may be accessed by phone at the following numbers until August 24, 2010.
U.S. Toll Free: +1-888-286-8010
International: +1-617-801-6888
Pass code: 3017 2538
Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of Mindray's website at http://ir.mindray.com .
Use of Non-GAAP Financial Measures
Mindray provides gross profit, research and development expenses, selling expenses, general and administrative expenses, operating income, net income and earnings per share on a Non-GAAP basis that excludes share-based compensation expense, acquired intangible assets amortization expense, realignment costs -- post acquisition, all net of related tax impact, as well as EBITDA to enable investors to better assess the company's operating performance. The Non-GAAP measures described by the company are reconciled to the corresponding GAAP measure in the exhibit below titled "Reconciliations of Non-GAAP results of operations measures to the nearest comparable GAAP measures."
The company has reported for the second quarter of 2010 and provided guidance for full year 2010 earnings per share on a Non-GAAP basis. Each of the terms as used by the company is defined as follows:
-- Non-GAAP gross profit represents gross profit reported in accordance
with GAAP, adjusted for the effects of share-based compensation and
amortization of acquired intangible assets.
-- Non-GAAP operating income represents operating income reported in
accordance with GAAP, adjusted for the effects of share-based
compensation, realignment cost -- post acquisition, and amortization of
acquired intangible assets.
-- Non-GAAP net income represents net income reported in accordance with
GAAP, adjusted for the effects of share-based compensation, realignment
cost -- post acquisition, and amortization of acquired intangible
assets, all net of related tax impact.
-- Non-GAAP earnings per share represents Non-GAAP net income divided by
the number of shares used in computing basic and diluted earnings per
share in accordance with GAAP, and excludes the impact of the declared
dividends for the basic calculation.
-- EBITDA represents net income reported in accordance with GAAP, adjusted
for the effects of interest income and expenses, provision for income
taxes, depreciation and amortization.
The company computes its Non-GAAP financial measures using the same consistent method from quarter to quarter. The company notes that these measures may not be calculated on the same basis of similar measures used by other companies. Readers are cautioned not to view Non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with Non-GAAP results for the for the three months and six months period ended June 30, 2010 and 2009, respectively, in the attached financial information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements," including those related to the company's selected unaudited 2010 financial results, the company's business outlook for the fiscal year 2010, including with respect to net revenues, non-GAAP net income, capital expenditure, anticipated growth or recovery in particular geographic or product markets including emerging markets and high-end product and developed markets, the impact of anticipated healthcare reform or government expenditures, the level of investment in healthcare from government and private sources, the company's ability to benefit from planned company investments and new strategic initiatives in product development, sales force organization, realignment of our international sales networks, branding and marketing, or to derive anticipated operation synergies, to improve cost structures and operational efficiencies to benefit from government tender sales in China, the growth of non-tender sales in China, and hospital self-funded sales, and our expectation that China and international sales will remain parallel growth drivers for the company. These statements are not historical facts but instead represent only our belief regarding future events or circumstances, many of which, by their nature, are inherently uncertain and outside of our control. It is possible that our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: the expected growth of the medical device market in China and internationally; relevant government policies and regulations relating to the medical device industry; market acceptance of our products; our expectations regarding demand for our products; our ability to expand our production, our sales and distribution network and other aspects of our operations; our ability to stay abreast of market trends and technological advances; our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others; competition in the medical device industry in China and internationally; and general economic and business conditions in the countries in which we operate. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our public filings with the Securities and Exchange Commission. For a discussion of other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 7 of our annual report on Form 20-F, filed on May 25, 2010. Our results of operations for the second quarter of 2010 are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to us, which is subject to change. Although such projections and the factors influencing them will likely change, we will not necessarily update the information. Such information speaks only as of the date of this release.
All references to "shares" are to our ordinary shares, which are divided into two classes, Class A and Class B. Each of our American Depositary Shares, which trade on the New York Stock Exchange, represents one Class A ordinary share.
About Mindray
We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain our global operational headquarters in Shenzhen, China, and multiple sales offices in major domestic and international markets. From our main manufacturing and engineering base in China and through our worldwide distribution network, we supply internationally a broad range of products across three primary business segments, comprised of patient monitoring and life support products, in-vitro diagnostic products and medical imaging systems. For more information, please visit http://ir.mindray.com .
For investor and media inquiries please contact:
In the U.S:
Bryan Armstrong
FD
Tel: +1-312-553-6707
Email: bryan.armstrong@fd.com
John Capodanno
FD
Tel: +1-212-850-5705
Email: john.capodanno@fd.com
In China:
May Li
Tel: +86-755-2658-2518
Email: may.li@mindray.com
Exhibit 1
MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
As of December As of June
31, 2009 30, 2010
US$ US$
(Note 2) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents 204,228 211,275
Restricted cash and restricted
investments (Note 1) 102,257 --
Short-term investments -- 158,890
Accounts receivable, net 113,340 123,394
Inventories 64,518 83,244
Value added tax receivables 8,519 13,628
Other receivables 8,999 7,777
Prepayments and deposits 7,466 5,531
Deferred tax assets 2,338 3,510
Total current assets 511,665 607,249
Restricted investment (Note 1) 66,000 --
Other assets 1,585 1,539
Advances for purchase of plant
and equipment 28,395 13,392
Property, plant and equipment,
net 153,726 167,902
Land use rights, net 25,776 44,401
Intangible assets, net 64,065 62,608
Goodwill 115,053 115,150
Total assets 966,265 1,012,241
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank loans (Note 1) 103,128 --
Notes payable 5,647 6,362
Accounts payable 35,752 48,499
Advances from customers 10,081 5,822
Salaries payables 19,877 16,917
Other payables 56,592 53,438
Income taxes payable 16,199 10,704
Deferred tax liabilities 1,499 --
Other taxes payable 5,863 604
Total current liabilities 254,638 142,346
Bank loans- long term (Note 1) 66,000 --
Other long-term payables 1,342 1,454
Deferred tax liabilities, net 3,734 5,935
71,076 7,389
Shareholders' equity:
Ordinary shares 14 15
Additional paid-in capital 298,408 460,439
Retained earnings 301,476 357,156
Accumulated other comprehensive
income 40,651 44,894
Total shareholders' equity 640,549 862,504
Non-controlling interest 2 2
Total equity 640,551 862,506
Total liabilities and shareholders'
equity 966,265 1,012,241
(1) Restricted as the security package required for the bank loans as of
December 31, 2009. Use of such funds are permitted provided that the
proportionate amount of debt must be retired concurrently. As of June 30,
2010, the bank loans were fully repaid.
(2) Financial information is extracted from the audited financial
statements included in the Company's fiscal 2009 Form 20-F
Exhibit 2
MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except for share and per share data)
Three months ended Six months ended
June 30, June 30,
2009 2010 2009 2010
US$ US$ US$ US$
(unaudited) (unaudited) (unaudited) (unaudited)
Net revenues
-PRC 75,944 72,415 138,314 134,569
- International 84,116 106,800 155,911 190,491
Net revenues 160,060 179,215 294,225 325,060
Cost of revenues (note 2) (68,505) (74,778) (127,929) (138,373)
Gross profit 91,555 104,437 166,296 186,687
Selling expenses (note 2) (26,410) (27,187) (48,199) (50,851)
General and
administrative
expenses (note 2) (11,436) (15,397) (20,233) (27,643)
Research and
development expenses
(note 2) (14,723) (14,316) (29,468) (28,751)
Operating income 38,986 47,537 68,396 79,442
Other
income/(expenses),
net 784 (40) 352 77
Interest income 1,321 2,379 2,941 4,513
Interest expense (1,765) (437) (2,790) (1,843)
Income before income
taxes and non-
controlling interests 39,326 49,439 68,899 82,189
Provision for income
taxes (6,312) (7,157) (10,544) (3,710)
Net Income 33,014 42,282 58,355 78,479
Less: Net income
attributable to non-
controlling interests -- -- -- --
Net Income
attributable to the
Company 33,014 42,282 58,355 78,479
Basic earnings per
share 0.30 0.37 0.54 0.70
Diluted earnings per
share 0.29 0.36 0.52 0.67
Shares used in the
computation of:
Basic earnings per
share 108,283,992 114,299,570 108,079,235 112,779,472
Diluted earnings per
share 112,553,875 118,139,545 112,374,573 117,028,955
(2) Share-based
compensation charges
incurred during the
period related to:
Cost of revenues 118 86 249 185
Selling expenses 929 625 1,980 1,290
General and
administrative
expenses 789 292 1,742 770
Research and
development expenses 796 785 1,642 1,449
Total 2,632 1,788 5,613 3,694
Exhibit 3
MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST
COMPARABLE GAAP MEASURES
(Dollars in thousands, except for share and per share data)
Three months ended Six months ended
June 30, June 30,
2009 2010 2009 2010
US$ US$ US$ US$
(unaudited) (unaudited) (unaudited) (unaudited)
Net revenues 160,060 179,215 294,225 325,060
Non-GAAP net income 37,840 45,887 68,350 86,032
Non-GAAP net margin 23.6% 25.6% 23.2% 26.5%
Amortization of
acquired intangible
assets (2,141) (1,868) (4,349) (4,000)
Deferred tax impact
related to acquired
intangible assets 94 51 198 141
Realignment costs -
post acquisition (147) -- (231) --
Share-based
compensation (2,632) (1,788) (5,613) (3,694)
GAAP net income 33,014 42,282 58,355 78,479
GAAP net margin 20.6% 23.6% 19.8% 24.1%
Non-GAAP income per
share - basic 0.35 0.40 0.63 0.76
Non-GAAP income per
share - diluted 0.34 0.39 0.61 0.74
GAAP income per share
- basic 0.30 0.37 0.54 0.70
GAAP income per share
- diluted 0.29 0.36 0.52 0.67
Shares used in
computation of:
Basic earnings per
share 108,283,992 114,299,570 108,079,235 112,779,472
Diluted earnings per
share 112,553,875 118,139,545 112,374,573 117,028,955
Non-GAAP operating
income 43,906 51,193 78,589 87,136
Non-GAAP operating
margin 27.4% 28.6% 26.7% 26.8%
Amortization of
acquired intangible
assets (2,141) (1,868) (4,349) (4,000)
Realignment costs -
post acquisition (147) -- (231) --
Share-based
compensation (2,632) (1,788) (5,613) (3,694)
GAAP operating income 38,986 47,537 68,396 79,442
GAAP operating margin 24.4% 26.5% 23.2% 24.4%
Non-GAAP gross profit 93,376 105,772 169,653 189,631
Non-GAAP gross margin 58.3% 59.0% 57.7% 58.3%
Amortization of
acquired intangible
assets (1,703) (1,249) (3,108) (2,759)
Share-based
compensation (118) (86) (249) (185)
GAAP gross profit 91,555 104,437 166,296 186,687
GAAP gross margin 57.2% 58.3% 56.5% 57.4%
Exhibit 4
MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION AND AMORTIZATION
(Dollars in thousands)
Three months ended Six months ended
June 30, June 30,
2009 2010 2009 2010
US$ US$ US$ US$
(unaudi- (unaudi- (unaudi- (unaudi-
ted) ted) ted) ted)
GAAP net income 33,014 42,282 58,355 78,479
Interest income (1,321) (2,379) (2,941) (4,513)
Interest expense 1,765 437 2,790 1,843
Provision for income taxes 6,312 7,157 10,544 3,710
Earnings before interest and taxes
(EBIT) 39,770 47,497 68,748 79,519
Depreciation 4,687 4,683 9,050 9,216
Amortization 2,201 2,011 4,452 4,261
Earnings before interest, taxes,
depreciation and amortization
(EBITDA) 46,658 54,191 82,250 92,996
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