DMC Global Inc. (Nasdaq: BOOM) today reported financial results for
its second quarter ended June 30, 2024.
“All three of our businesses delivered on key
financial and operational objectives during the second quarter,”
said Michael Kuta, president and CEO. “These accomplishments led to
consolidated sales and adjusted EBITDA that were above the high end
of our guidance.”
“We made significant progress at Arcadia, our
architectural building products business,” Kuta added. “While
construction spending across its key markets remains weak,
Arcadia’s sales of $69.7 million were better than anticipated,
reflecting solid execution by the entire Arcadia organization.
“Arcadia’s sales results, combined with ongoing
efforts to improve operational efficiencies and streamline its cost
structure, helped fuel a significant rebound in margins. Second
quarter gross margin of 33.2% was up 600-basis-points versus the
first quarter and approached the 34.7% reported in last year’s
second quarter, when Arcadia delivered its strongest gross margin
since its December 2021 acquisition by DMC. Adjusted EBITDA margin
was 17.8% as compared with 9.5% in the first quarter, and 20.8% in
the year-ago second quarter.”
Second quarter sales at DynaEnergetics, DMC’s
energy products business, were $76.2 million, down 2% sequentially
and down 10% versus last year’s second quarter. The declines
reflect softer demand in Dyna’s core U.S. onshore market, where
well completions fell 4% sequentially following a 7% sequential
drop in the first quarter, according to the U.S. Energy Information
Administration. Adjusted EBITDA margins were 11.5% versus 13.5% in
the first quarter and 23.0% in the year-ago second quarter.
“We expect well completions will remain soft
during the second half of 2024, and Dyna has adjusted its cost
structure to align with anticipated activity levels,” Kuta said.
“These adjustments, coupled with automation initiatives and product
enhancements, are expected to drive improved EBITDA margins during
the back half of the year.
“NobelClad, our composite metals business,
reported sales of $25.2 million, up 2% versus last year’s second
quarter, and down 6% sequentially. A favorable project mix led to
an adjusted EBITDA margin of 22.7%, up from 21.9% in the first
quarter and 21.8% in the year-ago second quarter. NobelClad’s order
backlog increased to $64 million from $52 million at the end of the
first quarter, reflecting the impact of a record order from the
petrochemical industry. NobelClad is pursuing additional large
order opportunities and is reporting continued strong demand for
its Cylindra™ cryogenic transition joints.
“I am encouraged by the accomplishments at each
of our businesses during the second quarter,” Kuta continued.
“Arcadia’s execution is driving improved lead times and customer
service, which is helping mitigate the impact of a weak market.
Dyna remains the technology leader in the well perforating sector,
and its operational excellence initiatives are expected to improve
its profitability in the coming quarters. Meanwhile, NobelClad
continues to extend its position as a leader in the global
composite-metal manufacturing industry.”
Kuta added, “Our focus remains on evaluating
options to drive improved value for DMC’s stockholders, and we look
forward to providing an update on our efforts when
appropriate.”
Summary Second Quarter
Results
|
|
Three months ended |
|
Change |
|
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net sales |
$ |
171,179 |
|
|
$ |
166,869 |
|
|
$ |
188,664 |
|
|
|
3 |
% |
|
|
(9) |
% |
| Gross
profit percentage |
|
27.1 |
% |
|
|
25.4 |
% |
|
|
32.8 |
% |
|
|
|
|
|
|
|
SG&A* |
$ |
27,122 |
|
|
$ |
28,203 |
|
|
$ |
29,226 |
|
|
|
(4) |
% |
|
|
(7) |
% |
| Net
income |
$ |
6,293 |
|
|
$ |
2,319 |
|
|
$ |
17,526 |
|
|
|
171 |
% |
|
|
(64) |
% |
| Net
income attributable to DMC |
$ |
4,012 |
|
|
$ |
2,563 |
|
|
$ |
13,703 |
|
|
|
57 |
% |
|
|
(71) |
% |
| Diluted
net income per share attributable to DMC |
$ |
0.24 |
|
|
$ |
0.01 |
|
|
$ |
0.70 |
|
|
|
2,300 |
% |
|
|
(66) |
% |
| Adjusted
net income attributable to DMC |
$ |
5,675 |
|
|
$ |
4,167 |
|
|
$ |
14,131 |
|
|
|
36 |
% |
|
|
(60) |
% |
| Adjusted
diluted net income per share |
$ |
0.29 |
|
|
$ |
0.21 |
|
|
$ |
0.72 |
|
|
|
38 |
% |
|
|
(60) |
% |
| Adjusted
EBITDA attributable to DMC |
$ |
19,420 |
|
|
$ |
16,683 |
|
|
$ |
31,776 |
|
|
|
16 |
% |
|
|
(39) |
% |
| Adjusted
EBITDA before NCI allocation |
$ |
24,398 |
|
|
$ |
19,045 |
|
|
$ |
38,370 |
|
|
|
28 |
% |
|
|
(36) |
% |
|
Adjusted EBITDA before NCI allocation margin |
|
14.3 |
% |
|
|
11.4 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
*SG&A in the three months ended June 30, 2023 included $573
of CEO transition expenses
Arcadia
|
|
Three months ended |
|
Change |
|
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net sales |
$ |
69,748 |
|
|
$ |
61,925 |
|
|
$ |
79,158 |
|
|
|
13 |
% |
|
|
(12) |
% |
| Adjusted
EBITDA attributable to DMC |
$ |
7,467 |
|
|
$ |
3,544 |
|
|
$ |
9,892 |
|
|
|
111 |
% |
|
|
(25) |
% |
| Adjusted
EBITDA before NCI allocation |
$ |
12,445 |
|
|
$ |
5,906 |
|
|
$ |
16,486 |
|
|
|
111 |
% |
|
|
(25) |
% |
|
Adjusted EBITDA before NCI allocation margin |
|
17.8 |
% |
|
|
9.5 |
% |
|
|
20.8 |
% |
|
|
|
|
|
|
- Sequential adjusted EBITDA recovery driven by higher sales on
fixed overhead and streamlining of cost structure
DynaEnergetics
|
|
Three months ended |
|
Change |
|
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net sales |
$ |
76,210 |
|
|
$ |
78,122 |
|
|
$ |
84,754 |
|
|
|
(2) |
% |
|
|
(10) |
% |
| Adjusted
EBITDA |
$ |
8,752 |
|
|
$ |
10,539 |
|
|
$ |
19,461 |
|
|
|
(17) |
% |
|
|
(55) |
% |
|
Adjusted EBITDA margin |
|
11.5 |
% |
|
|
13.5 |
% |
|
|
23.0 |
% |
|
|
|
|
|
|
|
|
- Sales and margin declines reflect softer well-completion
activity and continued pricing pressure in North America
NobelClad
|
|
Three months ended |
|
Change |
|
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net sales |
$ |
25,221 |
|
|
$ |
26,822 |
|
|
$ |
24,752 |
|
|
|
(6) |
% |
|
|
2 |
% |
| Adjusted
EBITDA |
$ |
5,722 |
|
|
$ |
5,880 |
|
|
$ |
5,407 |
|
|
|
(3) |
% |
|
|
6 |
% |
|
Adjusted EBITDA margin |
|
22.7 |
% |
|
|
21.9 |
% |
|
|
21.8 |
% |
|
|
|
|
|
|
- Rolling 12-month bookings were
$110.1 million versus $108.4 million at the end of the prior-year
second quarter; and the book-to-bill ratio was 1.0.
Third Quarter 2024
Guidance
|
Measure |
Expected Range |
|
Sales |
|
|
DMC Consolidated |
$158M - $168M |
|
Arcadia |
$64M - $68M |
|
DynaEnergetics |
$70M - $74M |
|
NobelClad |
$24M - $26M |
|
Adjusted EBITDA |
|
|
Arcadia before NCI allocation |
$10M - $12M |
|
Arcadia after NCI allocation |
$6M - $7M |
|
DynaEnergetics |
$9M - $10M |
|
NobelClad |
$3M - $4M |
|
Corporate Unallocated |
~ ($3M) |
|
Attributable to DMC |
$15M - $18M |
|
Full-Year 2024 Guidance on Select Items |
|
|
Depreciation and amortization |
$35M - $36M |
|
Interest expense |
$8M - $9M |
|
Annualized effective tax rate |
30% - 32% |
|
Capital expenditures |
$16M - $20M |
Conference call informationThe conference call
will begin today at 5 p.m. Eastern (3 p.m. Mountain) and will be
accessible by dialing 877-407-5783 (or +1 201-689-8782 for
international callers).
Investors are invited to listen to the webcast live via the
Internet at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=07VusKiV
Webcast participants should access the website at least 15
minutes early to register and download any necessary audio
software. The webcast also will be available on the Investor page
of DMC’s website, located at: ir.dmcglobal.com. A replay of the
webcast will be available for six months.
*Use of Non-GAAP Financial
Measures In addition to disclosing financial results that
are determined in accordance with generally accepted accounting
principles in the United States (GAAP), the Company also discloses
certain non-GAAP financial measures that we use in operational and
financial decision making. Non-GAAP financial measures include the
following:
- EBITDA: defined as
net income (loss) plus net interest, taxes, depreciation and
amortization.
- Adjusted EBITDA:
excludes from EBITDA stock-based compensation, restructuring
expenses and asset impairment charges (if applicable) and, when
appropriate, nonrecurring items that management does not utilize in
assessing DMC’s operating performance (as further described in the
tables below).
- Adjusted EBITDA
attributable to DMC Global Inc.: excludes the Adjusted
EBITDA attributable to the 40% redeemable noncontrolling interest
in Arcadia Products.
- Adjusted EBITDA for DMC
business segments: defined as operating income (loss) plus
depreciation, amortization, allocated stock-based compensation (if
applicable), restructuring expenses and asset impairment charges
(if applicable) and, when appropriate, nonrecurring items that
management does not utilize in assessing operating
performance.
- Adjusted net income
(loss): defined as net income (loss) attributable to DMC
Global Inc. stockholders prior to the adjustment of redeemable
noncontrolling interest plus restructuring expenses and asset
impairment charges (if applicable) and, when appropriate,
nonrecurring items that management does not utilize in assessing
DMC’s operating performance.
- Adjusted diluted earnings
per share: defined as diluted earnings per share
attributable to DMC Global Inc. stockholders (exclusive of
adjustment of redeemable noncontrolling interest) plus
restructuring expenses and asset impairment charges (if applicable)
and, when appropriate, nonrecurring items that management does not
utilize in assessing DMC’s operating performance.
- Net debt: defined
as total debt less total cash, cash equivalents and marketable
securities.
- Free-cash flow:
defined as cash flows provided by (used in) operating activities
less net acquisitions of property, plant and equipment.
Management believes providing these additional
financial measures is useful to investors in understanding the
Company’s operating performance, including the effects of
restructuring, impairment, and other nonrecurring charges, as well
as its liquidity. Management typically monitors the business
utilizing the above non-GAAP measures, in addition to GAAP results,
to understand and compare operating results across accounting
periods, and certain management incentive awards are based, in
part, on these measures. The presence of non-GAAP financial
measures in this report is not intended to suggest that such
measures be considered in isolation or as a substitute for, or as
superior to, DMC’s GAAP information, and investors are cautioned
that the non-GAAP financial measures are limited in their
usefulness.
Because not all companies use identical
calculations, DMC’s presentation of non-GAAP financial measures may
not be comparable to other similarly titled measures of other
companies. However, these measures can still be useful in
evaluating the company’s performance against its peer companies
because management believes the measures provide users with
valuable insight into key components of GAAP financial disclosures.
For example, a company with greater GAAP net income may not be as
appealing to investors if its net income is more heavily comprised
of gains on asset sales. Likewise, eliminating the effects of
interest income and expense moderates the impact of a company’s
capital structure on its performance.
About DMC Global Inc.DMC Global
is an owner and operator of innovative, asset-light manufacturing
businesses that provide unique, highly engineered products and
differentiated solutions. DMC’s businesses have established
leadership positions in their respective markets and consist of:
Arcadia, a leading supplier of architectural building products;
DynaEnergetics, which serves the global energy industry; and
NobelClad, which addresses the global industrial infrastructure and
transportation sectors. Based in Broomfield, Colorado, DMC trades
on Nasdaq under the symbol “BOOM.” For more information, visit:
http://www.dmcglobal.com
Safe Harbor LanguageExcept for
the historical information contained herein, this news 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, including third
quarter 2024 guidance on sales, adjusted EBITDA, depreciation and
amortization expense, interest expense, tax rate, and capital
expenditures; our expectation regarding well completions in the
second half of 2024 and that initiatives and product enhancements
at DynaEnergetics will strengthen its EBITDA margins during the
second half of 2024; and our expectation that we will provide
details on our options for driving improved shareholder value at a
future date. Such statements and information are based on numerous
assumptions regarding present and future business strategies, the
markets in which we operate, anticipated costs and the ability to
achieve goals. Forward-looking information and statements are
subject to known and unknown risks, uncertainties and other
important factors that may cause actual results and performance to
be materially different from those expressed or implied by such
forward-looking information and statements, including but not
limited to: our ability to realize sales from our backlog; our
ability to obtain new contracts at attractive prices; the execution
of purchase commitments by our customers, and our ability to
successfully deliver on those purchase commitments; the size and
timing of customer orders and shipments; the timely completion of
contracts; changes to customer orders; product pricing and margins;
fluctuations in customer demand; our ability to successfully
navigate slowdowns in market activity or execute and capitalize
upon growth opportunities; the success of DynaEnergetics’ product,
technology, and margin enhancement initiatives; our ability to
successfully protect our technology and intellectual property and
the costs associated with these efforts; consolidation among
DynaEnergetics’ customers; fluctuations in foreign currencies;
fluctuations in tariffs and quotas; the cost and availability of
energy; the cyclicality of our business; competitive factors; the
timing and size of expenditures; the timing and price of metal and
other raw material; the adequacy of local labor supplies at our
facilities; our ability to attract and retain key personnel;
current or future limits on manufacturing capacity at our various
operations; government actions or other changes in laws and
regulations; the availability and cost of funds; our ability to
access our borrowing capacity under our credit facility;
geopolitical and economic instability, including recessions,
depressions, wars or other military actions; inflation; supply
chain delays and disruptions; transportation disruptions; general
economic conditions, both domestic and foreign, impacting our
business and the business of our customers and the end-market users
we serve; the potential effects of activist stockholder actions and
actions that we may take to discourage takeover attempts, as well
as the other risks detailed from time to time in our SEC reports,
including the annual report on Form 10-K for the year ended
December 31, 2023, and our quarterly reports on Form 10-Q for the
quarters ended March 30, 2024 and June 30, 2024. We do not
undertake any obligation to release public revisions to any
forward-looking statement, including, without limitation, to
reflect events or circumstances after the date of this news
release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
CONTACT:Geoff High, Vice
President of Investor Relations303-604-3924
|
|
|
DMC GLOBAL INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Amounts in Thousands, Except Share and Per Share Data) |
|
(unaudited) |
|
|
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
NET SALES |
$ |
171,179 |
|
|
$ |
166,869 |
|
|
$ |
188,664 |
|
|
|
3 |
% |
|
|
(9) |
% |
| COST OF PRODUCTS SOLD |
|
124,766 |
|
|
|
124,517 |
|
|
|
126,774 |
|
|
|
— |
% |
|
|
(2) |
% |
|
Gross profit |
|
46,413 |
|
|
|
42,352 |
|
|
|
61,890 |
|
|
|
10 |
% |
|
|
(25) |
% |
|
Gross profit percentage |
|
27.1 |
% |
|
|
25.4 |
% |
|
|
32.8 |
% |
|
|
|
|
|
|
|
|
| COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
15,623 |
|
|
|
15,980 |
|
|
|
17,526 |
|
|
|
(2) |
% |
|
|
(11) |
% |
|
Selling and distribution expenses |
|
11,499 |
|
|
|
12,223 |
|
|
|
11,700 |
|
|
|
(6) |
% |
|
|
(2) |
% |
|
Amortization of purchased intangible assets |
|
5,307 |
|
|
|
5,292 |
|
|
|
5,667 |
|
|
|
— |
% |
|
|
(6) |
% |
|
Strategic review expenses |
|
2,020 |
|
|
|
2,169 |
|
|
|
— |
|
|
|
(7) |
% |
|
|
100 |
% |
|
Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
% |
|
|
100 |
% |
|
Total costs and expenses |
|
34,728 |
|
|
|
35,664 |
|
|
|
34,893 |
|
|
|
(3) |
% |
|
|
— |
|
| OPERATING INCOME |
|
11,685 |
|
|
|
6,688 |
|
|
|
26,997 |
|
|
|
75 |
% |
|
|
(57) |
% |
| OTHER EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense, net |
|
(284 |
) |
|
|
(409 |
) |
|
|
(439 |
) |
|
|
(31) |
% |
|
|
(35) |
% |
|
Interest expense, net |
|
(2,316 |
) |
|
|
(2,317 |
) |
|
|
(2,432 |
) |
|
|
— |
% |
|
|
(5) |
% |
| INCOME BEFORE INCOME
TAXES |
|
9,085 |
|
|
|
3,962 |
|
|
|
24,126 |
|
|
|
129 |
% |
|
|
(62) |
% |
| INCOME TAX PROVISION |
|
2,792 |
|
|
|
1,643 |
|
|
|
6,600 |
|
|
|
70 |
% |
|
|
(58) |
% |
| NET INCOME |
|
6,293 |
|
|
|
2,319 |
|
|
|
17,526 |
|
|
|
171 |
% |
|
|
(64) |
% |
|
Less: Net income (loss) attributable to redeemable noncontrolling
interest |
|
2,281 |
|
|
|
(244 |
) |
|
|
3,823 |
|
|
|
1,035 |
% |
|
|
(40) |
% |
| NET INCOME ATTRIBUTABLE TO DMC
GLOBAL INC. STOCKHOLDERS |
$ |
4,012 |
|
|
$ |
2,563 |
|
|
$ |
13,703 |
|
|
|
57 |
% |
|
|
(71) |
% |
| NET INCOME PER
SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.24 |
|
|
$ |
0.01 |
|
|
$ |
0.70 |
|
|
|
2,300 |
% |
|
|
(66) |
% |
|
Diluted |
$ |
0.24 |
|
|
$ |
0.01 |
|
|
$ |
0.70 |
|
|
|
2,300 |
% |
|
|
(66) |
% |
| WEIGHTED AVERAGE SHARES
OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
19,659,908 |
|
|
|
19,610,644 |
|
|
|
19,497,871 |
|
|
|
— |
% |
|
|
1 |
% |
|
Diluted |
|
19,671,169 |
|
|
|
19,622,455 |
|
|
|
19,504,963 |
|
|
|
— |
% |
|
|
1 |
% |
Reconciliation to net income attributable to DMC Global Inc.
stockholders after adjustment of redeemable noncontrolling interest
for purposes of calculating earnings per share
| |
Three months ended |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Net income attributable to DMC Global Inc. stockholders |
$ |
4,012 |
|
|
$ |
2,563 |
|
|
$ |
13,703 |
|
| Adjustment of redeemable
noncontrolling interest |
|
793 |
|
|
|
(2,307 |
) |
|
|
112 |
|
| Net income attributable to DMC
Global Inc. stockholders after adjustment of redeemable
noncontrolling interest |
$ |
4,805 |
|
|
$ |
256 |
|
|
$ |
13,815 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Amounts in Thousands, Except Share and Per Share Data) |
|
(unaudited) |
| |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
NET SALES |
$ |
338,048 |
|
|
$ |
373,005 |
|
|
|
(9) |
% |
| COST OF PRODUCTS SOLD |
|
249,283 |
|
|
|
258,904 |
|
|
|
(4) |
% |
|
Gross profit |
|
88,765 |
|
|
|
114,101 |
|
|
|
(22) |
% |
|
Gross profit percentage |
|
26.3 |
% |
|
|
30.6 |
% |
|
|
|
|
| COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
31,603 |
|
|
|
44,026 |
|
|
|
(28) |
% |
|
Selling and distribution expenses |
|
23,722 |
|
|
|
24,524 |
|
|
|
(3) |
% |
|
Amortization of purchased intangible assets |
|
10,599 |
|
|
|
11,334 |
|
|
|
(6) |
% |
|
Strategic review expenses |
|
4,189 |
|
|
|
— |
|
|
|
100 |
% |
|
Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
100 |
% |
|
Total costs and expenses |
|
70,392 |
|
|
|
79,884 |
|
|
|
(12) |
% |
| OPERATING INCOME |
|
18,373 |
|
|
|
34,217 |
|
|
|
(46) |
% |
| OTHER EXPENSE: |
|
|
|
|
|
|
|
|
Other expense, net |
|
(693 |
) |
|
|
(639 |
) |
|
|
8 |
% |
|
Interest expense, net |
|
(4,633 |
) |
|
|
(4,813 |
) |
|
|
(4) |
% |
| INCOME BEFORE INCOME
TAXES |
|
13,047 |
|
|
|
28,765 |
|
|
|
(55) |
% |
| INCOME TAX PROVISION |
|
4,435 |
|
|
|
9,100 |
|
|
|
(51) |
% |
| NET INCOME |
|
8,612 |
|
|
|
19,665 |
|
|
|
(56) |
% |
|
Less: Net income attributable to redeemable noncontrolling
interest |
|
2,037 |
|
|
|
5,053 |
|
|
|
(60) |
% |
| NET INCOME ATTRIBUTABLE TO DMC
GLOBAL INC. STOCKHOLDERS |
$ |
6,575 |
|
|
$ |
14,612 |
|
|
|
(55) |
% |
| NET INCOME PER SHARE
ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS |
|
|
|
|
|
|
|
|
Basic |
$ |
0.25 |
|
|
$ |
0.69 |
|
|
|
(64) |
% |
|
Diluted |
$ |
0.25 |
|
|
$ |
0.69 |
|
|
|
(64) |
% |
| WEIGHTED AVERAGE SHARES
OUTSTANDING: |
|
|
|
|
|
|
|
|
Basic |
|
19,635,716 |
|
|
|
19,477,576 |
|
|
|
1 |
% |
|
Diluted |
|
19,647,005 |
|
|
|
19,485,863 |
|
|
|
1 |
% |
Reconciliation to net income attributable to DMC Global Inc.
stockholders after adjustment of redeemable noncontrolling interest
for purposes of calculating earnings per share
| |
Six months ended |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Net income attributable to DMC Global Inc. stockholders |
$ |
6,575 |
|
|
$ |
14,612 |
|
| Adjustment of redeemable
noncontrolling interest |
|
(1,514 |
) |
|
|
(1,026 |
) |
| Net income attributable to DMC
Global Inc. stockholders after adjustment of redeemable
noncontrolling interest |
$ |
5,061 |
|
|
$ |
13,586 |
|
| |
|
|
|
|
|
|
|
|
DMC GLOBAL INC. |
|
SEGMENT STATEMENTS OF OPERATIONS |
|
(Amounts in Thousands) |
|
(unaudited) |
| |
|
Arcadia |
| |
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net sales |
$ |
69,748 |
|
|
$ |
61,925 |
|
|
$ |
79,158 |
|
|
|
13 |
% |
|
|
(12) |
% |
| Gross profit |
|
23,157 |
|
|
|
16,813 |
|
|
|
27,459 |
|
|
|
38 |
% |
|
|
(16) |
% |
| Gross profit percentage |
|
33.2 |
% |
|
|
27.2 |
% |
|
|
34.7 |
% |
|
|
|
% |
|
|
|
% |
| COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
% |
|
|
|
% |
|
General and administrative expenses |
|
7,765 |
|
|
|
7,656 |
|
|
|
8,206 |
|
|
|
1 |
% |
|
|
(5) |
% |
|
Selling and distribution expenses |
|
4,116 |
|
|
|
4,468 |
|
|
|
4,021 |
|
|
|
(8) |
% |
|
|
2 |
% |
|
Amortization of purchased intangible assets |
|
5,278 |
|
|
|
5,277 |
|
|
|
5,652 |
|
|
|
— |
% |
|
|
(7) |
% |
|
Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
% |
|
|
100 |
% |
| Operating income (loss) |
|
5,719 |
|
|
|
(588 |
) |
|
|
9,580 |
|
|
|
1,073 |
% |
|
|
(40) |
% |
| Adjusted EBITDA |
|
12,445 |
|
|
|
5,906 |
|
|
|
16,486 |
|
|
|
111 |
% |
|
|
(25) |
% |
| Less: adjusted EBITDA
attributable to redeemable noncontrolling interest |
|
(4,978 |
) |
|
|
(2,362 |
) |
|
|
(6,594 |
) |
|
|
111 |
% |
|
|
(25) |
% |
| Adjusted EBITDA attributable
to DMC Global Inc. |
$ |
7,467 |
|
|
$ |
3,544 |
|
|
$ |
9,892 |
|
|
|
111 |
% |
|
|
(25) |
% |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
Net sales |
$ |
131,673 |
|
|
$ |
159,496 |
|
|
|
(17) |
% |
| Gross profit |
|
39,970 |
|
|
|
49,553 |
|
|
|
(19) |
% |
| Gross profit percentage |
|
30.4 |
% |
|
|
31.1 |
% |
|
|
|
|
| COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
15,421 |
|
|
|
16,063 |
|
|
|
(4) |
% |
|
Selling and distribution expenses |
|
8,584 |
|
|
|
9,473 |
|
|
|
(9) |
% |
|
Amortization of purchased intangible assets |
|
10,555 |
|
|
|
11,304 |
|
|
|
(7) |
% |
|
Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
100 |
% |
| Operating income |
|
5,131 |
|
|
|
12,713 |
|
|
|
(60) |
% |
| Adjusted EBITDA |
|
18,351 |
|
|
|
26,956 |
|
|
|
(32) |
% |
| Less: adjusted EBITDA
attributable to redeemable noncontrolling interest |
|
(7,340 |
) |
|
|
(10,782 |
) |
|
|
(32) |
% |
| Adjusted EBITDA attributable
to DMC Global Inc. |
$ |
11,011 |
|
|
$ |
16,174 |
|
|
|
(32) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
DynaEnergetics
| |
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net sales |
$ |
76,210 |
|
|
$ |
78,122 |
|
|
$ |
84,754 |
|
|
|
(2) |
% |
|
|
(10) |
% |
| Gross profit |
|
15,133 |
|
|
|
16,971 |
|
|
|
26,552 |
|
|
|
(11) |
% |
|
|
(43) |
% |
| Gross profit percentage |
|
19.9 |
% |
|
|
21.7 |
% |
|
|
31.3 |
% |
|
|
|
|
|
|
|
|
| COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
3,011 |
|
|
|
2,891 |
|
|
|
3,577 |
|
|
|
4 |
% |
|
|
(16) |
% |
|
Selling and distribution expenses |
|
5,041 |
|
|
|
5,223 |
|
|
|
5,227 |
|
|
|
(3) |
% |
|
|
(4) |
% |
|
Amortization of purchased intangible assets |
|
29 |
|
|
|
15 |
|
|
|
15 |
|
|
|
93 |
% |
|
|
93 |
% |
| Operating income |
|
7,052 |
|
|
|
8,842 |
|
|
|
17,733 |
|
|
|
(20) |
% |
|
|
(60) |
% |
| Adjusted EBITDA |
$ |
8,752 |
|
|
$ |
10,539 |
|
|
$ |
19,461 |
|
|
|
(17) |
% |
|
|
(55) |
% |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
Net sales |
$ |
154,332 |
|
|
$ |
166,722 |
|
|
|
(7) |
% |
| Gross profit |
|
32,104 |
|
|
|
50,989 |
|
|
|
(37) |
% |
| Gross profit percentage |
|
20.8 |
% |
|
|
30.6 |
% |
|
|
|
|
| COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
5,903 |
|
|
|
9,774 |
|
|
|
(40) |
% |
|
Selling and distribution expenses |
|
10,263 |
|
|
|
10,284 |
|
|
|
— |
% |
|
Amortization of purchased intangible assets |
|
44 |
|
|
|
30 |
|
|
|
47 |
% |
| Operating income |
|
15,894 |
|
|
|
30,901 |
|
|
|
(49) |
% |
| Adjusted EBITDA |
$ |
19,291 |
|
|
$ |
34,416 |
|
|
|
(44) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
NobelClad
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net sales |
$ |
25,221 |
|
|
$ |
26,822 |
|
|
$ |
24,752 |
|
|
|
(6) |
% |
|
|
2 |
% |
| Gross profit |
|
8,222 |
|
|
|
8,644 |
|
|
|
8,021 |
|
|
|
(5) |
% |
|
|
3 |
% |
| Gross profit percentage |
|
32.6 |
% |
|
|
32.2 |
% |
|
|
32.4 |
% |
|
|
|
|
|
|
|
|
| COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
1,023 |
|
|
|
1,074 |
|
|
|
949 |
|
|
|
(5) |
% |
|
|
8 |
% |
|
Selling and distribution expenses |
|
2,267 |
|
|
|
2,470 |
|
|
|
2,365 |
|
|
|
(8) |
% |
|
|
(4) |
% |
| Operating income |
|
4,932 |
|
|
|
5,100 |
|
|
|
4,707 |
|
|
|
(3) |
% |
|
|
5 |
% |
| Adjusted EBITDA |
$ |
5,722 |
|
|
$ |
5,880 |
|
|
$ |
5,407 |
|
|
|
(3) |
% |
|
|
6 |
% |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
Net sales |
$ |
52,043 |
|
|
$ |
46,787 |
|
|
|
11 |
% |
| Gross profit |
|
16,866 |
|
|
|
13,804 |
|
|
|
22 |
% |
| Gross profit percentage |
|
32.4 |
% |
|
|
29.5 |
% |
|
|
| COSTS AND EXPENSES: |
|
|
|
|
|
|
General and administrative expenses |
|
2,096 |
|
|
|
1,872 |
|
|
|
12 |
% |
|
Selling and distribution expenses |
|
4,738 |
|
|
|
4,604 |
|
|
|
3 |
% |
| Operating income |
|
10,032 |
|
|
|
7,328 |
|
|
|
37 |
% |
| Adjusted EBITDA |
$ |
11,602 |
|
|
$ |
8,768 |
|
|
|
32 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Amounts in Thousands) |
| |
| |
|
|
|
|
Change |
| |
Jun 30, 2024 |
|
Dec 31, 2023 |
|
Year-end |
| |
(unaudited) |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
14,567 |
|
|
$ |
31,040 |
|
|
|
(53) |
% |
| Marketable securities |
|
— |
|
|
|
12,619 |
|
|
|
(100) |
% |
| Accounts receivable, net |
|
118,247 |
|
|
|
106,205 |
|
|
|
11 |
% |
| Inventories |
|
174,791 |
|
|
|
166,712 |
|
|
|
5 |
% |
| Prepaid expenses and
other |
|
13,270 |
|
|
|
10,236 |
|
|
|
30 |
% |
| |
|
|
|
|
|
|
|
|
Total current assets |
|
320,875 |
|
|
|
326,812 |
|
|
|
(2) |
% |
| |
|
|
|
|
|
|
|
| Property, plant and equipment,
net |
|
128,189 |
|
|
|
129,267 |
|
|
|
(1) |
% |
| Goodwill |
|
141,725 |
|
|
|
141,725 |
|
|
|
— |
|
| Purchased intangible assets,
net |
|
184,658 |
|
|
|
195,260 |
|
|
|
(5) |
% |
| Other long-term assets |
|
94,038 |
|
|
|
91,431 |
|
|
|
3 |
% |
| |
|
|
|
|
|
|
|
| Total assets |
$ |
869,485 |
|
|
$ |
884,495 |
|
|
|
(2) |
% |
| |
|
|
|
|
|
|
|
| LIABILITIES,
REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY |
|
|
|
| |
|
|
|
|
|
|
|
| Accounts payable |
$ |
62,594 |
|
|
$ |
40,202 |
|
|
|
56 |
% |
| Contract liabilities |
|
16,401 |
|
|
|
21,621 |
|
|
|
(24) |
% |
| Accrued income taxes |
|
13,917 |
|
|
|
12,810 |
|
|
|
9 |
% |
| Current portion of long-term
debt |
|
2,500 |
|
|
|
15,000 |
|
|
|
(83) |
% |
| Other current liabilities |
|
31,266 |
|
|
|
36,828 |
|
|
|
(15) |
% |
| |
|
|
|
|
|
|
|
|
Total current liabilities |
|
126,678 |
|
|
|
126,461 |
|
|
|
— |
% |
| |
|
|
|
|
|
|
|
| Long-term debt |
|
81,612 |
|
|
|
100,851 |
|
|
|
(19) |
% |
| Deferred tax liabilities |
|
1,935 |
|
|
|
1,956 |
|
|
|
(1) |
% |
| Other long-term
liabilities |
|
56,191 |
|
|
|
57,172 |
|
|
|
(2) |
% |
| Redeemable noncontrolling
interest |
|
187,080 |
|
|
|
187,760 |
|
|
|
— |
% |
| Stockholders’ equity |
|
415,989 |
|
|
|
410,295 |
|
|
|
1 |
% |
| |
|
|
|
|
|
|
|
| Total liabilities, redeemable
noncontrolling interest, and stockholders’ equity |
$ |
869,485 |
|
|
$ |
884,495 |
|
|
|
(2) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Amounts in Thousands) |
|
(unaudited) |
| |
| |
Three months ended |
|
Six months ended |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Jun 30, 2024 |
|
Jun 30, 2023 |
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
6,293 |
|
|
$ |
2,319 |
|
|
$ |
17,526 |
|
|
$ |
8,612 |
|
|
$ |
19,665 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
3,431 |
|
|
|
3,419 |
|
|
|
3,434 |
|
|
|
6,850 |
|
|
|
6,834 |
|
|
Amortization of purchased intangible assets |
|
5,307 |
|
|
|
5,292 |
|
|
|
5,667 |
|
|
|
10,599 |
|
|
|
11,334 |
|
|
Amortization of deferred debt issuance costs |
|
217 |
|
|
|
190 |
|
|
|
133 |
|
|
|
407 |
|
|
|
271 |
|
|
Stock-based compensation |
|
1,782 |
|
|
|
1,549 |
|
|
|
1,699 |
|
|
|
3,331 |
|
|
|
6,726 |
|
|
Deferred income taxes |
|
(746 |
) |
|
|
(546 |
) |
|
|
482 |
|
|
|
(1,292 |
) |
|
|
660 |
|
|
Other |
|
197 |
|
|
|
(985 |
) |
|
|
(28 |
) |
|
|
(788 |
) |
|
|
(433 |
) |
|
Change in working capital, net |
|
(14,138 |
) |
|
|
2,202 |
|
|
|
(17,434 |
) |
|
|
(11,936 |
) |
|
|
(26,513 |
) |
|
Net cash provided by operating activities |
|
2,343 |
|
|
|
13,440 |
|
|
|
11,479 |
|
|
|
15,783 |
|
|
|
18,544 |
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Investment in marketable securities |
|
— |
|
|
|
— |
|
|
|
(2,414 |
) |
|
|
— |
|
|
|
(2,414 |
) |
|
Proceeds from maturities of marketable securities |
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
Proceeds from sales of marketable securities |
|
— |
|
|
|
9,619 |
|
|
|
— |
|
|
|
9,619 |
|
|
|
— |
|
|
Acquisition of property, plant and equipment |
|
(2,547 |
) |
|
|
(2,968 |
) |
|
|
(2,896 |
) |
|
|
(5,515 |
) |
|
|
(5,122 |
) |
|
Proceeds on sale of property, plant and equipment |
|
100 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
(2,447 |
) |
|
|
9,651 |
|
|
|
(5,310 |
) |
|
|
7,204 |
|
|
|
(7,536 |
) |
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Repayments on term loan |
|
(625 |
) |
|
|
(117,500 |
) |
|
|
(3,750 |
) |
|
|
(118,125 |
) |
|
|
(10,000 |
) |
|
Borrowings on term loan |
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
Borrowings on revolving loans |
|
6,700 |
|
|
|
70,450 |
|
|
|
— |
|
|
|
77,150 |
|
|
|
— |
|
|
Repayments on revolving loans |
|
(10,075 |
) |
|
|
(30,450 |
) |
|
|
— |
|
|
|
(40,525 |
) |
|
|
— |
|
|
Payment of debt issuance costs |
|
— |
|
|
|
(2,735 |
) |
|
|
— |
|
|
|
(2,735 |
) |
|
|
— |
|
|
Distributions to redeemable noncontrolling interest holder |
|
(1,547 |
) |
|
|
(3,125 |
) |
|
|
(3,711 |
) |
|
|
(4,672 |
) |
|
|
(6,311 |
) |
|
Net proceeds from issuance of common stock to employees and
directors |
|
132 |
|
|
|
— |
|
|
|
212 |
|
|
|
132 |
|
|
|
212 |
|
|
Treasury stock purchases |
|
(16 |
) |
|
|
(936 |
) |
|
|
(14 |
) |
|
|
(952 |
) |
|
|
(2,171 |
) |
|
Net cash used in financing activities |
|
(5,431 |
) |
|
|
(34,296 |
) |
|
|
(7,263 |
) |
|
|
(39,727 |
) |
|
|
(18,270 |
) |
| EFFECTS OF EXCHANGE RATES ON
CASH |
|
(342 |
) |
|
|
609 |
|
|
|
171 |
|
|
|
267 |
|
|
|
842 |
|
| |
|
|
|
|
|
|
|
|
|
| NET DECREASE IN CASH AND CASH
EQUIVALENTS |
|
(5,877 |
) |
|
|
(10,596 |
) |
|
|
(923 |
) |
|
|
(16,473 |
) |
|
|
(6,420 |
) |
| CASH AND CASH EQUIVALENTS,
beginning of the period |
|
20,444 |
|
|
|
31,040 |
|
|
|
19,647 |
|
|
|
31,040 |
|
|
|
25,144 |
|
| CASH AND CASH EQUIVALENTS, end
of the period |
$ |
14,567 |
|
|
$ |
20,444 |
|
|
$ |
18,724 |
|
|
$ |
14,567 |
|
|
$ |
18,724 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC. |
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST |
|
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS |
|
(Amounts in Thousands) |
|
(unaudited) |
| |
| DMC
Global |
| |
| EBITDA and
Adjusted EBITDA |
| |
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Net income |
|
6,293 |
|
|
|
2,319 |
|
|
|
17,526 |
|
|
|
171 |
% |
|
|
(64) |
% |
| Interest expense, net |
|
2,316 |
|
|
|
2,317 |
|
|
|
2,432 |
|
|
|
— |
% |
|
|
(5) |
% |
| Income tax provision |
|
2,792 |
|
|
|
1,643 |
|
|
|
6,600 |
|
|
|
70 |
% |
|
|
(58) |
% |
| Depreciation |
|
3,431 |
|
|
|
3,419 |
|
|
|
3,434 |
|
|
|
— |
% |
|
|
— |
% |
| Amortization of purchased
intangible assets |
|
5,307 |
|
|
|
5,292 |
|
|
|
5,667 |
|
|
|
— |
% |
|
|
(6) |
% |
| EBITDA |
|
20,139 |
|
|
|
14,990 |
|
|
|
35,659 |
|
|
|
34 |
% |
|
|
(44) |
% |
| Stock-based compensation |
|
1,676 |
|
|
|
1,477 |
|
|
|
1,699 |
|
|
|
13 |
% |
|
|
(1) |
% |
| Strategic review expenses |
|
2,020 |
|
|
|
2,169 |
|
|
|
— |
|
|
|
(7) |
% |
|
|
100 |
% |
| Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
% |
|
|
100 |
% |
| CEO transition expenses |
|
— |
|
|
|
— |
|
|
|
573 |
|
|
|
— |
% |
|
|
(100) |
% |
| Other expense, net |
|
284 |
|
|
|
409 |
|
|
|
439 |
|
|
|
(31) |
% |
|
|
(35) |
% |
| Adjusted EBITDA |
$ |
24,398 |
|
|
$ |
19,045 |
|
|
$ |
38,370 |
|
|
|
28 |
% |
|
|
(36) |
% |
| Less: adjusted EBITDA
attributable to redeemable noncontrolling interest |
|
(4,978 |
) |
|
|
(2,362 |
) |
|
|
(6,594 |
) |
|
|
111 |
% |
|
|
(25) |
% |
| Adjusted EBITDA attributable
to DMC Global Inc. |
$ |
19,420 |
|
|
$ |
16,683 |
|
|
$ |
31,776 |
|
|
|
16 |
% |
|
|
(39) |
% |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
Net income |
$ |
8,612 |
|
|
$ |
19,665 |
|
|
|
(56) |
% |
| Interest expense, net |
|
4,633 |
|
|
|
4,813 |
|
|
|
(4) |
% |
| Income tax provision |
|
4,435 |
|
|
|
9,100 |
|
|
|
(51) |
% |
| Depreciation |
|
6,850 |
|
|
|
6,834 |
|
|
|
— |
% |
| Amortization of purchased
intangible assets |
|
10,599 |
|
|
|
11,334 |
|
|
|
(6) |
% |
| EBITDA |
|
35,129 |
|
|
|
51,746 |
|
|
|
(32) |
% |
| Stock-based compensation |
|
3,153 |
|
|
|
6,726 |
|
|
|
(53) |
% |
| Strategic review expenses |
|
4,189 |
|
|
|
— |
|
|
|
100 |
% |
| Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
100 |
% |
| CEO transition expenses |
|
— |
|
|
|
3,538 |
|
|
|
(100) |
% |
| Other expense, net |
|
693 |
|
|
|
639 |
|
|
|
8 |
% |
| Adjusted EBITDA |
$ |
43,443 |
|
|
$ |
62,649 |
|
|
|
(31) |
% |
| Less: adjusted EBITDA
attributable to redeemable noncontrolling interest |
|
(7,340 |
) |
|
|
(10,782 |
) |
|
|
(32) |
% |
| Adjusted EBITDA attributable
to DMC Global Inc. |
$ |
36,103 |
|
|
$ |
51,867 |
|
|
|
(30) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC. |
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST |
|
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS |
|
(Amounts in Thousands) |
|
(unaudited) |
| |
| Adjusted Net
Income* and Adjusted Diluted Earnings per Share |
| |
| *Net income
attributable to DMC Global Inc. stockholders prior to the
adjustment of redeemable noncontrolling interest |
| |
| |
Three months ended June 30, 2024 |
| |
Amount |
|
Per Share (1) |
|
Net income attributable to DMC Global Inc. stockholders* |
$ |
4,012 |
|
|
$ |
0.20 |
|
| Strategic review expenses, net
of tax |
|
1,538 |
|
|
|
0.08 |
|
| Restructuring expenses, net of
tax |
|
125 |
|
|
|
0.01 |
|
| As adjusted |
$ |
5,675 |
|
|
$ |
0.29 |
|
(1) Calculated using diluted weighted average shares outstanding
of 19,671,169
| |
Three months ended March 31, 2024 |
| |
Amount |
|
Per Share (1) |
|
Net income attributable to DMC Global Inc. stockholders* |
$ |
2,563 |
|
|
$ |
0.13 |
|
| Strategic review expenses, net
of tax |
|
1,604 |
|
|
|
0.08 |
|
| As adjusted |
$ |
4,167 |
|
|
$ |
0.21 |
|
(1) Calculated using diluted weighted average shares outstanding
of 19,622,455
| |
Three months ended June 30, 2023 |
| |
Amount |
|
Per Share (1) |
|
Net income attributable to DMC Global Inc. stockholders* |
$ |
13,703 |
|
|
$ |
0.70 |
|
| CEO transition expenses and
accelerated stock-based compensation, net of tax |
|
428 |
|
|
|
0.02 |
|
| As adjusted |
$ |
14,131 |
|
|
$ |
0.72 |
|
(1) Calculated using diluted weighted average shares outstanding
of 19,504,963
| |
Six months ended June 30, 2024 |
| |
Amount |
|
Per Share (1) |
|
Net income attributable to DMC Global Inc. stockholders* |
$ |
6,575 |
|
|
$ |
0.33 |
|
| Strategic review expenses, net
of tax |
|
3,142 |
|
|
|
0.16 |
|
| Restructuring expenses, net of
tax |
|
125 |
|
|
|
0.01 |
|
| As adjusted |
$ |
9,842 |
|
|
$ |
0.50 |
|
(1) Calculated using diluted weighted average shares outstanding
of 19,647,005
| |
Six months ended June 30, 2023 |
| |
Amount |
|
Per Share (1) |
|
Net income attributable to DMC Global Inc. stockholders* |
$ |
14,612 |
|
|
$ |
0.75 |
|
| CEO transition expenses and
accelerated stock-based compensation, net of tax |
|
5,663 |
|
|
|
0.29 |
|
| As adjusted |
$ |
20,275 |
|
|
$ |
1.04 |
|
(1) Calculated using diluted weighted average shares outstanding
of 19,485,863
|
|
|
DMC GLOBAL INC. |
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST |
|
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS |
|
(Amounts in Thousands) |
|
(unaudited) |
| |
| Segment Adjusted
EBITDA |
| |
|
Arcadia |
| |
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Operating income (loss), as reported |
$ |
5,719 |
|
|
$ |
(588 |
) |
|
$ |
9,580 |
|
|
|
1,073 |
% |
|
|
(40) |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
888 |
|
|
|
875 |
|
|
|
889 |
|
|
|
1 |
% |
|
|
— |
% |
|
Amortization of purchased intangible assets |
|
5,278 |
|
|
|
5,277 |
|
|
|
5,652 |
|
|
|
— |
% |
|
|
(7) |
% |
|
Stock-based compensation |
|
281 |
|
|
|
342 |
|
|
|
323 |
|
|
|
(18) |
% |
|
|
(13) |
% |
|
Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
% |
|
|
100 |
% |
|
CEO transition expenses |
|
— |
|
|
|
— |
|
|
|
42 |
|
|
|
— |
% |
|
|
(100) |
% |
| Adjusted EBITDA |
|
12,445 |
|
|
|
5,906 |
|
|
|
16,486 |
|
|
|
111 |
% |
|
|
(25) |
% |
| Less: adjusted EBITDA
attributable to redeemable noncontrolling interest |
|
(4,978 |
) |
|
$ |
(2,362 |
) |
|
$ |
(6,594 |
) |
|
|
111 |
% |
|
|
(25) |
% |
| Adjusted EBITDA attributable
to DMC Global Inc. |
$ |
7,467 |
|
|
$ |
3,544 |
|
|
$ |
9,892 |
|
|
|
111 |
% |
|
|
(25) |
% |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
Operating income, as reported |
$ |
5,131 |
|
|
$ |
12,713 |
|
|
|
(60) |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
Depreciation |
|
1,763 |
|
|
|
1,706 |
|
|
|
3 |
% |
|
Amortization of purchased intangible assets |
|
10,555 |
|
|
|
11,304 |
|
|
|
(7) |
% |
|
Stock-based compensation |
|
623 |
|
|
|
902 |
|
|
|
(31) |
% |
|
Restructuring expenses |
|
279 |
|
|
|
— |
|
|
|
100 |
% |
|
CEO transition expenses |
|
— |
|
|
|
331 |
|
|
|
(100) |
% |
| Adjusted EBITDA |
|
18,351 |
|
|
|
26,956 |
|
|
|
(32) |
% |
| Less: adjusted EBITDA
attributable to redeemable noncontrolling interest |
|
(7,340 |
) |
|
$ |
(10,782 |
) |
|
|
(32) |
% |
| Adjusted EBITDA attributable
to DMC Global Inc. |
$ |
11,011 |
|
|
$ |
16,174 |
|
|
|
(32) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
DynaEnergetics
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Operating income, as reported |
$ |
7,052 |
|
|
$ |
8,842 |
|
|
$ |
17,733 |
|
|
|
(20) |
% |
|
|
(60) |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,671 |
|
|
|
1,682 |
|
|
|
1,713 |
|
|
|
(1) |
% |
|
|
(2) |
% |
|
Amortization of purchased intangible assets |
|
29 |
|
|
|
15 |
|
|
|
15 |
|
|
|
93 |
% |
|
|
93 |
% |
| Adjusted EBITDA |
$ |
8,752 |
|
|
$ |
10,539 |
|
|
$ |
19,461 |
|
|
|
(17) |
% |
|
|
(55) |
% |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
Operating income, as reported |
$ |
15,894 |
|
|
$ |
30,901 |
|
|
|
(49) |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
Depreciation |
|
3,353 |
|
|
|
3,485 |
|
|
|
(4) |
% |
|
Amortization of purchased intangible assets |
|
44 |
|
|
|
30 |
|
|
|
47 |
% |
| Adjusted EBITDA |
$ |
19,291 |
|
|
$ |
34,416 |
|
|
|
(44) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
NobelClad
| |
Three months ended |
|
Change |
| |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Sequential |
|
Year-on-year |
|
Operating income, as reported |
$ |
4,932 |
|
|
$ |
5,100 |
|
|
$ |
4,707 |
|
|
|
(3) |
% |
|
|
5 |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
790 |
|
|
|
780 |
|
|
|
700 |
|
|
|
1 |
|
|
|
13 |
% |
| Adjusted EBITDA |
$ |
5,722 |
|
|
$ |
5,880 |
|
|
$ |
5,407 |
|
|
|
(3) |
% |
|
|
6 |
% |
| |
Six months ended |
|
Change |
| |
Jun 30, 2024 |
|
Jun 30, 2023 |
|
Year-on-year |
|
Operating income, as reported |
$ |
10,032 |
|
|
$ |
7,328 |
|
|
|
37 |
% |
| Adjustments: |
|
|
|
|
|
|
Depreciation |
|
1,570 |
|
|
|
1,440 |
|
|
|
9 |
% |
| Adjusted EBITDA |
$ |
11,602 |
|
|
$ |
8,768 |
|
|
|
32 |
% |
DMC Global (NASDAQ:BOOM)
過去 株価チャート
から 7 2024 まで 8 2024
DMC Global (NASDAQ:BOOM)
過去 株価チャート
から 8 2023 まで 8 2024
