Mindray Announces Third Quarter 2009 Financial Results

SHENZHEN, China, Nov. 10 /PRNewswire-Asia/ -- 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 third quarter and nine months ended September 30, 2009.

Highlights for Operations as of September 30, 2009

-- Third quarter 2009 net revenues were $151.1 million, an increase of

3.1% over the third quarter of 2008. First nine months net revenues

were $445.3 million, an increase of 17.3% year-over-year.

-- International markets continued to recover in the third quarter of 2009

with only 1.3% year-over-year decline, backed by stronger growth in

emerging markets and narrower decline in developed markets.

-- Fully diluted EPS in the third quarter of 2009 was $0.38, a 56.9%

increase from the third quarter of 2008 and a 30.6% increase from the

second quarter of 2009. First nine months fully diluted EPS was $0.90,

an increase of 33.7% year-over-year.

-- Fully diluted non-GAAP EPS in the third quarter of 2009 was $0.33, a

12.2% increase from the third quarter of 2008. First nine months fully

diluted non-GAAP EPS was $0.94, an increase of 10.7% year-over-year.

-- EBITDA in the third quarter of 2009 was $60.1 million, a 51.6% increase

from the third quarter of 2008 and a 28.7% increase from the second

quarter of 2009.

-- Gross margin in the third quarter of 2009 was 56.6%, compared to 54.2%

in the third quarter of 2008 and 57.2% in the second quarter of 2009.

-- Net operating cash generated during the third quarter of 2009 was $20.9

million.

-- Mindray recorded special one-time income of $14.0 million resulting

from a mutually agreed upon termination of a joint development and OEM

chemical analyzer project between Beckman Coulter, Inc. and Mindray.

The agreement resulted from changes in business strategy by Beckman

Coulter, Inc. after it acquired the Olympus Diagnostic division.

-- Mindray met product launch goals for the year with four more product

launches in the third quarter, including the DC-7 color ultrasound

system, BC-5800 hematology analyzer and WATO EX 20/30 anesthesia

machine, as well as the Passport V, the second jointly developed

patient monitor from the Shenzhen and Mahwah engineering teams. Mindray

has launched 9 new products year to date.

"Mindray delivered solid results this quarter and we are encouraged by the continuous sales uptake we are seeing in the international markets," commented Xu Hang, Mindray's chairman and co-chief executive officer. "In the domestic Chinese market, normal distributor sales remained strong while tender sales were much lower than expected due to a slow-down in the government budget deployment process; this is a result of normal quarterly fluctuation in tenders and hence we maintain our growth expectation for China for the year. Mindray continues to focus on innovation and we are pleased to deliver on our annual new product development goals ahead of schedule as we successfully introduced four additional new products to the market during the quarter."

SUMMARY -- Third Quarter and Nine Months Ended September 30, 2009

(in $ millions, except Three Months Ended Nine Months Ended

per-share data) September 30 September 30

2009 2008 % chg 2009 2008 % chg

Net Revenues 151.1 146.5 3.1% 445.3 379.6 17.3%

Revenues generated in China 66.8 61.1 9.3% 205.1 161.7 26.8%

Revenues generated outside China 84.3 85.4 -1.3% 240.2 217.9 10.3%

Gross Profit 85.5 79.4 7.7% 251.8 205.8 22.4%

Non-GAAP Gross Profit 87.2 83.6 4.3% 256.8 213.7 20.2%

Operating Income 34.2 30.2 13.5% 102.6 85.9 19.5%

Non-GAAP Operating Income 40.0 37.5 6.7% 118.6 108.3 9.5%

EBITDA 60.1 39.6 51.6% 142.3 104.6 36.0%

Net Income 43.4 28.0 55.2% 101.8 77.1 32.0%

Non-GAAP Net Income 37.4 33.7 11.0% 105.7 96.7 9.3%

Diluted EPS 0.38 0.24 56.9% 0.90 0.68 33.7%

Non-GAAP Diluted EPS 0.33 0.29 12.2% 0.94 0.85 10.7%

Revenues

Mindray reported net revenues of $151.1 million for the third quarter of 2009, a 3.1% increase from $146.5 million in the third quarter of 2008. Net revenues generated in China in the third quarter of 2009 increased 9.3% to $66.8 million from $61.1 million in the third quarter of 2008, while net revenues generated in international markets in the third quarter of 2009 decreased 1.3% to $84.3 million from $85.4 million in the third quarter of 2008.

Performance by Segment

Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues declined 0.6% to $67.7 million from $68.1 million in the third quarter of 2008. The patient monitoring & life support products segment contributed 44.8% to total net revenues in the third quarter of 2009.

In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 5.8% to $37.3 million from $35.3 million in the third quarter of 2008. The in-vitro diagnostic products segment contributed 24.7% to total net revenues in the third quarter of 2009.

Medical Imaging Systems: Medical imaging systems segment revenues increased 10.2% to $36.4 million from $33.0 million in the third quarter of 2008. The medical imaging systems segment contributed 24.1% to total net revenues in the third quarter of 2009.

Others: Other revenues, which are primarily comprised of service fees charged for post warranty period repair services, declined 4.2% to $9.7 million from $10.1 million in the third quarter of 2008. Other revenues contributed 6.4% to total net revenues in the third quarter of 2009.

The segment revenue amounts discussed above include shipping and handling fees charged to customers.

Gross Margins

Third quarter 2009 gross profit was $85.5 million, a 7.7% increase from $79.4 million in the third quarter of 2008. Third quarter 2009 non-GAAP gross profit was $87.2 million, a 4.3% increase from $83.6 million in the third quarter of 2008. Third quarter 2009 gross margin was 56.6% compared to 54.2% in the third quarter of 2008 and 57.2% in the second quarter of 2009. Non-GAAP gross margin was 57.7% in the third quarter of 2009 compared to 57.0% in the third quarter of 2008 and 58.3% in the second quarter of 2009.

Operating Expenses

Selling expenses for the third quarter of 2009 were $24.8 million, or 16.4% of total net revenues, compared to 15.0% in the third quarter of 2008 and 16.5% in the second quarter of 2009. Non-GAAP selling expenses for the third quarter of 2009 were $23.3 million, or 15.4% of total net revenues, compared to 14.4% in the third quarter of 2008 and 15.5% in the second quarter of 2009.

General and administrative expenses for the third quarter of 2009 were $11.3 million, or 7.5% of total net revenues, compared to 8.6% in the third quarter of 2008 and 7.1% in the second quarter of 2009. Non-GAAP general and administrative expenses for the third quarter of 2009 were $10.5 million, or 6.9% of the total net revenues, compared to 8.1% in the third quarter of 2008 and 6.7% in the second quarter of 2009.

Research and development expenses for the third quarter of 2009 were $14.2 million, or 9.4% of total net revenues, compared to 10.0% in the third quarter of 2008 and 9.2% in the second quarter of 2009. Non-GAAP research and development expenses for the third quarter of 2009 were $13.4 million, or 8.8% of total net revenues, compared to 9.4% in the third quarter of 2008 and 8.7% in the second quarter of 2009.

Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $2.6 million in the third quarter of 2009 compared to $2.6 million in the second quarter of 2009 and $2.6 million in the third quarter of 2008.

Operating income was $34.2 million in the third quarter of 2009, a 13.5% increase from $30.2 million in the third quarter of 2008. Non-GAAP operating income in the third quarter of 2009 was $40.0 million, a 6.7% increase from $37.5 million in the third quarter of 2008. Operating margin was 22.6% in the third quarter of 2009 compared to 20.6% in the third quarter of 2008 and 24.4% in the second quarter of 2009. Non-GAAP operating margin was 26.5% in the third quarter of 2009 compared to 25.6% in the third quarter of 2008 and 27.4% in the second quarter of 2009.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")

Third quarter 2009 EBITDA increased 51.6% year-over-year to $60.1 million from $39.6 million in the third quarter of 2008 and increased 28.7% from $46.7 million in the second quarter of 2009.

Net Income

Net income increased 55.2% year-over-year to $43.4 million from $28.0 million in the third quarter of 2008. Non-GAAP net income increased 11.0% year-over-year to $37.4 million from $33.7 million in the third quarter of 2008. Net margin was 28.7% in the third quarter of 2009 compared to 19.1% in the third quarter of 2008 and 20.6% in the second quarter of 2009. Non-GAAP net margin was 24.7% in the third quarter of 2009 compared to 23.0% in the third quarter of 2008 and 23.6% in the second quarter of 2009. Third quarter 2009 income tax expense was $10.2 million representing an effective tax rate of 19.0%

Third quarter 2009 basic and diluted earnings per share were $0.40 and $0.38, respectively, compared to $0.26 and $0.24 in the third quarter of 2008. Basic and diluted non-GAAP earnings per share were $0.34 and $0.33, respectively, compared to $0.31 and $0.29 in the third quarter of 2008. Shares used in the computation of diluted earnings per share for the third quarter 2009 were 113.4 million.

Other Select Data

Average accounts receivable days outstanding were 62 days in the third quarter of 2009 compared to 54 days in the second quarter of 2009. Average inventory days were 98 days in the third quarter of 2009 compared to 82 days in the second quarter of 2009. Average accounts payable days outstanding were 62 days in the third quarter of 2009 compared to 59 days in the second quarter of 2009. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter.

As of September 30, 2009, the company had $299.3 million in cash, cash equivalents, restricted cash and restricted investments, compared to $286.7 million as of June 30, 2009. Net cash generated from operating activities and net cash outflow for capital expenditures during the quarter were $20.9 million and $13.5 million, respectively.

As of September 30, 2009, the company had 5,760 employees.

Nine Months Ended September 30, 2009 Results

Mindray reported net revenues of $445.3 million for the first nine months of 2009, representing a 17.3% increase from $379.6 million in the same period in 2008.

-- Net revenues generated in China in the first nine months of 2009

increased 26.8% to $205.1 million from $161.7 million in the same

period in 2008.

-- Net revenues generated in international markets in the first nine

months of 2009 increased 10.3% to $240.2 million from $217.9 million in

the first nine months of 2008.

First nine months of 2009 EBITDA increased 36.0% year-over-year to $142.3 million from $104.6 million in the first nine months of 2008.

First nine months of 2009 net income increased 32.0% year-over-year to $101.8 million from $77.1 million in the first nine months of 2008. First nine months of 2009 non-GAAP net income increased 9.3% year-over-year to $105.7 million from $96.7 million in the first nine months of 2008.

First nine months of 2009 diluted earnings per share increased 33.7%

year-over-year to $0.90 from $0.68 in the first nine months of 2008. First nine months of 2009 non-GAAP diluted earnings per share increased 10.7% to $0.94 from $0.85 in the first nine months of 2008.

Business Outlook for Full Year 2009

Mindray updates its current outlook for the full year 2009, which includes:

-- 2009 net revenue to grow at a rate of 10% to 13% year-over-year.

-- Non-GAAP EPS to grow slightly more than 10% over 2008.

-- Capital expenditure to remain in the range of $50 million to $60

million.

-- Share based compensation to be approximately $12 million, based on

issuances to date, which does not take into account any additional

share grant that may come later this year, if any.

-- Amortization of intangible assets to be $10 million including April

2006 acquisition of minority interest and May 2008 acquisition of

Datascope patient monitoring business.

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.

"The updated guidance conveys our confidence in delivering solid operational and financial results for the year, backed by continuous strong growth in China and increasing stability in international markets," commented Li Xiting, Mindray's president and co-chief executive officer. "To sustain future growth, we will invest in expanding our presence in key emerging markets, maintaining our aggressive pace of new product introductions, and driving cost synergies across all business units."

Conference Call Information

Mindray's management will hold an earnings conference call at 8:00 AM on November 10, 2009 U.S. Eastern Time (9:00 PM on November 10, 2009 Beijing/Hong Kong Time).

Dial-in details for the earnings conference call are as follows:

Hong Kong: +852-3002-1672

U.S. Toll Free: +1-866-318-8614

International: +1-617-399-5133

Pass code for all regions: Mindray

A replay of the conference call may be accessed by phone at the following numbers until November 21, 2009.

U.S. Toll Free: +1-888-286-8010

International: +1-617-801-6888

Pass code: 2641 5957

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, R&D expenses, selling expenses, general and administrative expenses, operating income, EBITDA, net income and earnings per share on a non-GAAP basis that excludes share-based compensation expense and acquired intangible assets amortization expense, in progress research and development expenses, realignment costs -- post acquisition, as well as termination payments, all net of related tax impact, 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 third quarter of 2009 and provided guidance for full year 2009 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, termination payments,

and amortization of acquired intangible assets including, but not

limited to, in progress research and development ("IPR&D").

-- Non-GAAP net income represents net income reported in accordance with

GAAP, adjusted for the effects of share-based compensation, realignment

cost -- post acquisition, termination payments, amortization of

acquired intangible assets and IPR&D including, but not limited to,

other income from onetime early termination of contract, 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 deemed

dividends for the basic calculation.

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 three months and nine months period ended September 30, 2008 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 market performance, the business outlook for the fiscal year 2009 with respect to net revenues, Non-GAAP EPS, capital expenditure, share based compensation, and amortization of intangible assets, the company's ability to grow in various geographic markets, to adapt to changing market environments, to take advantage of cost advantages, to capture growth opportunities, to improve cost structures and operational efficiencies and to benefit from government spending in China. These statements are not historical facts but instead represent only our belief regarding future events, 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 5 of our annual report on Form 20-F, filed on May 8, 2009. Our results of operations for the third quarter of 2009 and for fiscal year 2009 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 global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China and through our worldwide distribution network, we are able to 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 .

Exhibit 1

MINDRAY MEDICAL INTERNATIONAL LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

As of December As of September

31, 2008 30, 2009

US$ US$

(audited) (unaudited)

ASSETS

Current assets:

Cash and cash equivalents 96,370 130,996

Restricted cash and restricted

investments (note 1) 156,491 102,261

Accounts receivable, net 89,735 105,935

Inventories 57,466 76,088

Value added tax receivables 13,566 12,597

Other receivables 7,471 22,140

Prepayments and deposits 4,503 8,633

Deferred tax assets 1,812 2,016

Total current assets 427,414 460,666

Restricted investments (note 1) -- 66,000

Other assets 1,724 2,437

Advances for purchase of plant and

equipment 46,275 21,844

Property, plant and equipment, net 126,399 149,067

Land use rights, net 2,721 25,915

Deferred tax assets, net -- 1,242

Intangible assets, net 67,004 64,664

Goodwill 114,234 115,054

Total assets 785,771 906,889

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term bank loans (note 1) 157,007 103,132

Notes payable 7,449 8,267

Accounts payable 29,009 32,930

Advances from customers 7,523 5,377

Salaries payables 16,797 14,934

Other payables 46,911 48,674

Income taxes payable 10,727 15,176

Other taxes payable 4,398 4,432

Total current liabilities 279,821 232,922

Bank loans-long term (note 1) -- 66,000

Other long-term payables 7,120 7,580

Deferred tax liabilities, net 736 3,033

7,856 76,613

Shareholders' equity:

Ordinary shares 14 14

Additional paid-in capital 274,993 292,846

Retained earnings 183,886 264,065

Accumulated other comprehensive

income 39,199 40,427

Total shareholders' equity 498,092 597,352

Non-controlling interest 2 2

Total equity 498,094 597,354

Total liabilities and shareholders'

equity 785,771 906,889

(1) Restricted as the security package required for bank loans as of

September 30, 2009. Use of such funds is permitted provided that the

proportionate amount of debt must be retired concurrently. As of

September 30, 2009, the bank loans can be fully repaid from such

restricted cash and restricted investments.

Exhibit 2

MINDRAY MEDICAL INTERNATIONAL LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except for share and per share data)

Three months ended Nine months ended

September 30, September 30,

2008 2009 2008 2009

US$ US$ US$ US$

(unaudited) (unaudited) (unaudited) (unaudited)

Net revenues

-PRC $61,126 66,809 161,763 205,123

- International 85,403 84,319 217,861 240,230

Net revenues 146,529 151,128 379,624 445,353

Cost of revenues

(note 2) (67,122) (65,607) (173,819) (193,536)

Gross profit 79,407 85,521 205,805 251,817

Selling expenses

(note 2) (21,989) (24,805) (53,112) (73,004)

General and

administrative

expenses (note 2) (12,652) (11,291) (24,867) (31,524)

Research and

development expenses

(note 2) (14,616) (14,168) (35,360) (43,636)

Realignment costs -

post acquisition -- (1,030) -- (1,030)

Expense of in-

progress research &

development -- -- (6,600) --

Operating income 30,150 34,227 85,866 102,623

Other income, net 1,286 18,719 2,910 19,071

Interest income 2,957 1,776 7,486 4,717

Interest expense (1,577) (1,091) (2,537) (3,881)

Income before income

taxes and non-

controlling interest 32,816 53,631 93,725 122,530

Provision for income

taxes (4,840) (10,209) (16,640) (20,753)

Non-controlling

interest -- -- -- --

Net Income $27,976 43,422 77,085 101,777

Basic earnings per

share 0.26 0.40 0.72 0.94

Diluted earnings per

share 0.24 0.38 0.68 0.90

Shares used in the

computation of:

Basic earnings per

share $107,538,933 108,845,481 107,256,059 108,337,457

Diluted earnings per

share $114,573,283 113,374,202 114,130,393 112,671,743

(2) Share-based

compensation charges

incurred during the

period related to:

Cost of revenues 113 124 334 373

Selling expenses 898 878 2,514 2,858

General and

administrative

expenses 767 832 1,997 2,574

Research and

development expenses 799 802 2,317 2,444

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 Nine months ended

September 30, September 30,

2008 2009 2008 2009

US$ US$ US$ US$

(unaudited) (unaudited) (unaudited) (unaudited)

Non-GAAP net income 33,671 37,376 96,702 105,726

Non-GAAP net margin 23.0% 24.7% 25.5% 23.7%

Amortization of

acquired intangible

assets (4,789) (2,135) (15,279) (6,484)

Deferred tax impact

related to acquired

intangible assets 1,671 90 2,824 288

Realignment costs -

post acquisition and

termination payments -- (1,030) -- (1,261)

Income from early

termination of

contract -- 11,757 -- 11,757

Share-based

compensation (2,577) (2,636) (7,162) (8,249)

GAAP net income 27,976 43,422 77,085 101,777

GAAP net margin 19.1% 28.7% 20.3% 22.9%

Non-GAAP income per

share - basic 0.31 0.34 0.90 0.98

Non-GAAP income per

share - diluted 0.29 0.33 0.85 0.94

GAAP income per share

- basic 0.26 0.40 0.72 0.94

GAAP income per share

- diluted 0.24 0.38 0.68 0.90

Shares used in

computation of:

Basic earnings per

share 107,538,933 108,845,481 107,256,059 108,337,457

Diluted earnings per

share 114,573,283 113,374,202 114,130,393 112,671,743

Non-GAAP operating

income 37,516 40,028 108,307 118,617

Non-GAAP operating

margin 25.6% 26.5% 28.5% 26.6%

Amortization of

acquired intangible

assets (4,789) (2,135) (15,279) (6,484)

Realignment costs -

post acquisition and

termination payments -- (1,030) -- (1,261)

Share-based

compensation (2,577) (2,636) (7,162) (8,249)

GAAP operating income 30,150 34,227 85,866 102,623

GAAP operating margin 20.6% 22.6% 22.6% 23.0%

Non-GAAP gross profit 83,586 87,153 213,675 256,806

Non-GAAP gross margin 57.0% 57.7% 56.3% 57.7%

Amortization of

acquired intangible

assets (4,066) (1,508) (7,536) (4,616)

Share-based

compensation (113) (124) (334) (373)

GAAP gross profit 79,407 85,521 205,805 251,817

GAAP gross margin 54.2% 56.6% 54.2% 56.5%

Exhibit 4

MINDRAY MEDICAL INTERNATIONAL LIMITED

RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAX,

DEPRECIATION AND AMORTIZATION(Dollars in thousands)

Three months ended Nine months ended

September 30, September 30,

2008 2009 2008 2009

US$ US$ US$ US$

(unaud- (unaud- (unaud- (unaud-

ited) ited) ited) ited)

GAAP net income $27,976 43,422 77,085 101,777

Interest income (2,957) (1,776) (7,486) (4,717)

Interest expense 1,577 1,091 2,537 3,881

Provision for income taxes 4,840 10,209 16,640 20,753

Earnings before interest and tax (EBIT) 31,436 52,946 88,776 121,694

Depreciation 4,407 4,720 9,807 13,770

Amortization 3,772 2,392 6,027 6,844

Earnings before interest, tax,

depreciation and amortization (EBITDA) 39,615 60,058 104,610 142,308