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Exhibit 99.1

FOR IMMEDIATE RELEASE:CONTACT:
Geoff High, Vice President of Investor Relations
303-604-3924

DMC GLOBAL REPORTS FIRST QUARTER FINANCIAL RESULTS

•Consolidated first quarter sales were $73.6 million, down 15% sequentially and down 27% from Q1 2019 as the COVID-19 pandemic drove a sharp decline in oil and gas demand and well completion activity
•Gross margin was 33%, down from 35% in Q4 2019 and 36% in Q1 2019
•Operating income decreased to $6.3 million from $20.5 million in Q1 2019
•Net income was $4.2 million, or $0.28 per diluted share; while adjusted net income* was $5.3 million, or $0.35 per diluted share
•Adjusted EBITDA* of $11.3 million was down 36% sequentially and down 53% versus Q1 2019
•Net cash* (cash and cash equivalents less total debt) at March 31, 2020, was $2.9 million
•$2.3 million additional allowance recorded for doubtful accounts
•Dividend suspended to maintain liquidity during economic and industry downturn

BROOMFIELD, Colo. - April 23, 2020 - DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its first quarter ended March 31, 2020.

Consolidated sales were $73.6 million, down 15% sequentially and down 27% versus the first quarter of 2019. The decline relates to lower demand for well perforating systems from DynaEnergetics, DMC’s oilfield products business. Well completion activity declined throughout the first quarter, as an oil supply-demand imbalance primarily associated with the COVID-19 pandemic drove a more than 65% decline in crude prices.

First quarter gross margin was 33% versus 35% in the 2019 fourth quarter and 36% in the 2019 first quarter. The decrease primarily was due to lower volume on fixed manufacturing overhead expenses at DynaEnergetics,
less favorable project mix at NobelClad, and a lower proportion of sales at DynaEnergetics versus NobelClad.

Operating income was $6.3 million, down 69% from $20.5 million in the 2019 first quarter. The decline reflects lower sales, as well as an additional $2.3 million allowance for doubtful accounts. Adjusted operating income* was $7.5 million, and excludes $1.1 million in restructuring expense. The expense primarily relates to severance costs associated with a workforce reduction at DynaEnergetics.

Net income was $4.2 million, or $0.28 per diluted share, versus $15.2 million, or $1.01 per diluted share, in last year’s first quarter. Adjusted net income was $5.3 million, or $0.35 per diluted share.

First quarter adjusted EBITDA was $11.3 million, down 36% sequentially versus the $17.6 million reported in the 2019 fourth quarter, and down 53% from $23.9 million in the 2019 first quarter.

Net cash* (total cash and cash equivalents less total debt) at March 31, 2020, was $2.9 million, down from net cash of $6.1 million at December 31, 2019.

DynaEnergetics
First quarter sales at DynaEnergetics were $53.2 million, down 18% sequentially and down 33% from the 2019 first quarter. Gross margin was 37%, down from 38% in the fourth quarter of 2019 and 39% in last year’s first quarter. Operating income was $8.6 million versus $23.1 million in the comparable year-ago quarter. Excluding

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restructuring charges, adjusted operating income was $9.5 million versus $23.1 million in the 2019 first quarter. Adjusted EBITDA was $11.3 million versus $24.5 million in last year’s first quarter.

NobelClad
First quarter sales at NobelClad, DMC's composite metals business, were $20.3 million, down 7% sequentially and flat versus the 2019 first quarter. Gross margin was 25%, down from 27% in the fourth quarter of 2019 and 26% in last year's first quarter. Operating income was $1.5 million versus $1.8 million in the year-ago first quarter. Adjusted EBITDA was $2.4 million, down from $2.7 million in last year’s first quarter.

NobelClad’s trailing 12-month book-to-bill ratio at the end of the first quarter was 1.01, and its rolling 12-month bookings increased to $98 million from $90 million at December 31, 2019. Order backlog was $41.3 million versus $31.7 million at the end of the fourth quarter.

Management Commentary
President and CEO Kevin Longe said, “Global crude oil demand began to collapse late in the first quarter as efforts to contain the COVID-19 pandemic sharply reduced economic activity around the world. The demand decline has been exacerbated by rapidly rising crude supplies and dwindling storage capacity. In light of these challenges, we moved quickly to reduce our activity-based cost structure, limit spending and protect our balance sheet.”

Longe cited several recent cost-containment actions, including:
•A 32% reduction in DMC’s workforce, which primarily involved direct labor positions at DynaEnergetics
•The implementation of reduced work weeks at DynaEnergetics
•A 25% reduction in selling, general and administrative expense (SG&A) beginning in the 2020 second quarter as compared with quarterly SG&A in 2019
•A 50% reduction in DMC’s capital budget, which is now projected at approximately $13 million and is limited to maintenance programs and previously commenced projects
•The suspension of DMC’s quarterly dividend

Longe added, “We have entered a very challenging period in our primary markets, but we have done so with a strong financial position and a highly efficient operating structure. We intend to preserve our financial position through this downturn, while maintaining our focus on innovation and creating value for our customers.

“At DynaEnergetics, we expect to see increased adoption of our DynaStage™ (DS) Factory-assembled, Performance-assured™ perforating systems, which are the safest and most reliable in the market. Our DS systems reduce the number of people required at the well site and enable much faster assembly and deployment. Customers who adopt our systems can eliminate their assembly facilities, and reduce their investments in inventory and supply chain resources. These reductions significantly improve our customers’ returns on invested capital.”

Longe added, “NobelClad reported a strong start to 2020, as first-quarter bookings of $29 million were the second highest in five years. This led to a 30% sequential increase in NobelClad’s order backlog. One of NobelClad’s largest orders during the first quarter was related to a newly developed composite metals application for engineered wood manufacturing. While it is unclear what impact COVID-19 will have on medium-term customer activity, we remain optimistic about NobelClad’s long-term growth prospects.

“The current economic downturn has led to a severe disruption of our core energy markets. Operators and service companies are revising their activity plans daily, and we now anticipate second quarter well completions could be down by more than 60% year over year. This volatility has made it very difficult to forecast our near-term performance, and we therefore are not issuing financial guidance for the second quarter or full year. Despite these challenges, DMC is well positioned for long-term success. We have taken aggressive action to maintain our liquidity and reduce costs, which will enable us to continue our investments in new technology, product and market development. By concurrently focusing on innovation and financial strength, we are confident DMC will emerge from the downturn an even stronger company.”


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Conference call information
Management will hold a conference call to discuss these results today at 5:00 p.m. Eastern (3:00 p.m. Mountain). The call is available live via the Internet at: https://www.webcaster4.com/Webcast/Page/2204/34192, or by dialing 844-407-9500 (862-298-0850 for international callers). No passcode is necessary. Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 90 days and a telephonic replay will be available until May 7, 2020, by calling 877-481-4010 (919-882-2331 for international callers) and entering the Conference ID #34192.

*Use of Non-GAAP Financial Measures
Adjusted EBITDA, adjusted operating income, adjusted net income, adjusted gross margin, adjusted diluted earnings per share, net cash, and return on invested capital (ROIC) are non-GAAP (generally accepted accounting principles) financial measures used by management to measure operating performance and liquidity. Non-GAAP results are presented only as a supplement to the financial statements based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader’s understanding of DMC’s financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided within the schedules attached to this release.

EBITDA is defined as net income plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation, restructuring and impairment charges and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance (as further described in the attached financial schedules). Adjusted operating income is defined as operating income plus restructuring and impairment charges and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance. Adjusted net income is defined as net income plus restructuring and impairment charges and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance. Adjusted gross margin is defined as gross margin plus inventory write downs associated with restructuring. Adjusted diluted earnings per share is defined as diluted earnings per share plus restructuring and impairment charges and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance. Net cash is defined as cash and cash equivalents less total debt. ROIC is based on Bloomberg Finance's most recent calculation methodology and is computed as trailing 12-month net operating profit after tax divided by average invested capital, where average of invested capital is calculated based on the average of invested capital for the current period and invested capital for the same period a year ago. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure.

Management uses adjusted EBITDA in its operational and financial decision-making, believing that it is useful to eliminate certain items in order to focus on what it deems to be a more reliable indicator of ongoing operating performance. As a result, internal management reports used during monthly operating reviews feature adjusted EBITDA measures. Management believes that investors may find this non-GAAP financial measure useful for similar reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. In addition, management incentive awards are based, in part, on the amount of adjusted EBITDA achieved during relevant periods. EBITDA and adjusted EBITDA are also used by research analysts, investment bankers and lenders to assess operating performance. For example, a measure similar to adjusted EBITDA is required by the lenders under DMC’s credit facility.

Net cash is used by management to supplement GAAP financial information and evaluate DMC’s performance, and management believes this information may be similarly useful to investors. Adjusted operating income, adjusted net income, adjusted gross margin and adjusted diluted earnings per share are presented because management believes these measures are useful to understand the effects of restructuring and impairment charges on DMC’s operating income, net income and diluted earnings per share, respectively. ROIC is used by management as one measure of the effectiveness of DMC’s use of capital in its operations, and management believes it may be of similar usefulness to investors.

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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.

All of the items included in the reconciliation from net income to EBITDA and adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles and stock-based compensation) or (ii) items that management does not consider to be useful in assessing DMC’s operating performance (e.g., income taxes, restructuring and impairment charges). In the case of the non-cash items, management believes that investors can better assess the company’s operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect DMC’s ability to generate free cash flow or invest in its business. For example, by adjusting for depreciation and amortization in computing EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, management believes that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

About DMC
DMC Global is a diversified holding company. Our innovative businesses provide differentiated products and services to niche industrial and commercial markets around the world. DMC’s objective is to identify well-run businesses and strong management teams and support them with long-term capital and strategic, legal, technology and operating resources. Our approach helps our portfolio companies grow core businesses, launch new initiatives, upgrade technologies and systems to support their long-term strategy, and make acquisitions that improve their competitive positions and expand their markets. DMC’s culture is to foster local innovation versus centralized control, and stand behind our businesses in ways that truly add value. Today, DMC’s portfolio consists of DynaEnergetics and NobelClad, which collectively address the energy, industrial processing and transportation markets. Based in Broomfield, Colorado, DMC trades on Nasdaq under the symbol “BOOM.” For more information, visit the Company’s website at: http://www.dmcglobal.com

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Safe Harbor Language
Except 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 projected 2020 capital expenditures and reductions in SG&A; our belief in increased sales of DynaStage systems; NobelClad’s backlog; our belief that well completions in the second quarter will decline by more than 60% year over year; and our ability to maintain our financial health during the downturn and emerge an even stronger company. Such statements and information are based on numerous assumptions regarding present and future business strategies, the markets in which we operate, anticipated costs and 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; changes to customer orders; product pricing and margins, fluctuations in customer demand; our ability to successfully execute and capitalize upon growth opportunities; the success of DynaEnergetics’ product and technology development initiatives; fluctuations in foreign currencies; fluctuations in tariffs and quotas; the cyclicality of our business; competitive factors; the timely completion of contracts; 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; current or future limits on manufacturing capacity at our various operations; the availability and

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cost of funds; our ability to access our borrowing capacity under our credit facility; impacts of COVID-19 and any preventive or protective actions taken by governmental authorities, including resulting economic recessions or depressions; and general economic conditions, both domestic and foreign, impacting our business and the business of the end-market users we serve; 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, 2019. 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.





DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)


Three months endedChange
 Mar 31, 2020Dec 31, 2019Mar 31, 2019SequentialYear-on-year
NET SALES$73,564  $86,367  $100,135  -15 %-27 %
COST OF PRODUCTS SOLD49,094  56,146  63,730  -13 %-23 %
Gross profit24,470  30,221  36,405  -19 %-33 %
Gross profit percentage33.3 %35.0 %36.4 %
COSTS AND EXPENSES:
General and administrative expenses8,126  9,220  9,168  -12 %-11 %
Selling and distribution expenses8,527  6,944  6,309  23 %35 %
Amortization of purchased intangible assets354  355  398— %-11 %
Restructuring expenses, net1,116  13,203  78  -92 %1,331 %
Total costs and expenses18,123  29,722  15,953  -39 %14 %
OPERATING INCOME6,347  499  20,452  1,172 %-69 %
OTHER INCOME (EXPENSE):
Other income (expense), net115  (661) (21) 117 %648 %
Interest expense, net(238) (385) (373) 38 %36 %
INCOME BEFORE INCOME TAXES6,224  (547) 20,058  1,238 %-69 %
INCOME TAX PROVISION2,069  4,741  4,888  -56 %-58 %
NET INCOME (LOSS)4,155  (5,288) 15,170  179 %-73 %
NET INCOME (LOSS) PER SHARE  
Basic$0.28  $(0.36) $1.02  178 %-73 %
Diluted$0.28  $(0.36) $1.01  178 %-72 %
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:  
Basic14,697,164  14,640,110  14,606,052  — %1 %
Diluted14,717,836  14,640,110  14,671,689  1 %— %
DIVIDENDS DECLARED PER COMMON SHARE$0.125  $0.125  $0.020  


DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

DynaEnergetics
Three months endedChange
Mar 31, 2020Dec 31, 2019Mar 31, 2019SequentialYear-on-year
Net sales$53,220  $64,604  $79,836  -18 %-33 %
Gross profit19,476  24,586  31,232  -21 %-38 %
Gross profit percentage36.6 %38.1 %39.1 %
COSTS AND EXPENSES:
General and administrative expenses3,832  3,516  3,722  9 %3 %
Selling and distribution expenses5,840  4,119  4,099  42 %42 %
Amortization of purchased intangible assets260  260  301  — %-14 %
Restructuring expenses938  12,744  —  -93 %n/a  
Operating income8,606  3,947  23,110  118 %-63 %
Adjusted EBITDA$11,316  $18,472  $24,509  -39 %-54 %

NobelClad
Three months endedChange
Mar 31, 2020Dec 31, 2019Mar 31, 2019SequentialYear-on-year
Net sales$20,344  $21,763  $20,299  -7 %— %
Gross profit5,154  5,786  5,360  -11 %-4 %
Gross profit percentage25.3 %26.6 %26.4 %
COSTS AND EXPENSES:
General and administrative expenses974  1,324  1,244  -26 %-22 %
Selling and distribution expenses2,551  2,687  2,111  -5 %21 %
Amortization of purchased intangible assets94  95  97  -1 %-3 %
Restructuring expenses, net59  459  78  -87 %-24 %
Operating income1,476  1,221  1,830  21 %-19 %
Adjusted EBITDA$2,369  $2,390  $2,705  -1 %-12 %




DMC GLOBAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)

Change
Mar 31, 2020Dec 31, 2019From year-end
(unaudited)
ASSETS  
Cash and cash equivalents$16,451  $20,353  -19 %
Accounts receivable, net51,011  60,855  -16 %
Inventory, net61,445  53,728  14 %
Other current assets9,534  9,417  1 %
Total current assets138,441  144,353  -4 %
Property, plant and equipment, net106,817  108,234  -1 %
Purchased intangible assets, net5,199  5,880  -12 %
Other long-term assets18,483  18,954  -2 %
Total assets$268,940  $277,421  -3 %
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable$29,020  $34,758  -17 %
Contract liabilities4,367  2,736  60 %
Dividend payable1,883  1,866  1 %
Accrued income taxes8,666  9,651  -10 %
Current portion of long-term debt3,125  3,125  — %
Other current liabilities16,032  19,287  -17 %
Total current liabilities63,093  71,423  -12 %
Long-term debt10,406  11,147  -7 %
Deferred tax liabilities3,692  3,786  -2 %
Other long-term liabilities18,060  18,924  -5 %
Stockholders’ equity173,689  172,141  1 %
Total liabilities and stockholders’ equity$268,940  $277,421  -3 %


DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
(unaudited)


Three months ended
 Mar 31, 2020Dec 31, 2019Mar 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income (loss)$4,155  $(5,288) $15,170  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation2,352  2,138  1,798  
Amortization of purchased intangible assets354  355  398  
Amortization of deferred debt issuance costs40  48  47  
Stock-based compensation1,118  1,296  1,171  
Deferred income taxes(160) 2,629  343  
Loss on disposal of property, plant and equipment13  187  —  
Restructuring expenses, net1,116  13,203  78  
Change in working capital, net(4,068) 14,930  (12,008) 
Net cash provided by operating activities4,920  29,498  6,997  
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of property, plant and equipment(5,121) (4,833) (6,601) 
Proceeds on sale of property, plant and equipment—  5  204  
Net cash used in investing activities(5,121) (4,828) (6,397) 
CASH FLOWS FROM FINANCING ACTIVITIES:  
(Repayments) borrowings on revolving loans, net—  (6,130) 2,750  
Repayments on capital expenditure facility(781) (7,781) (781) 
Payment of dividends(1,866) (1,866) (298) 
Net proceeds from issuance of common stock—  199  —  
Treasury stock purchases(1,034) (24) (853) 
Net cash provided by (used in) financing activities(3,681) (15,602) 818  
EFFECTS OF EXCHANGE RATES ON CASH(20) (898) 81  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(3,902) 8,170  1,499  
CASH AND CASH EQUIVALENTS, beginning of the period20,353  12,183  13,375  
CASH AND CASH EQUIVALENTS, end of the period$16,451  $20,353  $14,874  







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 endedChange
Mar 31, 2020Dec 31, 2019Mar 31, 2019SequentialYear-on-year
Net income (loss)$4,155  $(5,288) $15,170  179 %-73 %
Interest expense, net238  385  373  -38 %-36 %
Income tax provision2,069  4,741  4,888  -56 %-58 %
Depreciation2,352  2,138  1,798  10 %31 %
Amortization of purchased intangible assets354  355  398  — %-11 %
EBITDA9,168  2,331  22,627  293 %-59 %
Restructuring expenses, net1,116  13,203  78  -92 %1,331 %
Restructuring related accounts receivable write off—  131  —  -100 %n/a  
Stock-based compensation1,118  1,296  1,171  -14 %-5 %
Other (income) expense, net(115) 661  21  -117 %-648 %
Adjusted EBITDA$11,287  $17,622  $23,897  -36 %-53 %


Adjusted operating income
Three months endedChange
Mar 31, 2020Dec 31, 2019Mar 31, 2019SequentialYear-on-year
Operating income, as reported$6,347  $499  $20,452  1,172 %-69 %
Restructuring programs:
NobelClad59  458  78  -87 %-24 %
DynaEnergetics938  12,745  —  -93 %n/a  
Corporate119  —  —  n/a  n/a  
Restructuring related accounts receivable write off—  131  —  -100 %n/a  
Adjusted operating income$7,463  $13,833  $20,530  -46 %-64 %


Adjusted Net Income and Adjusted Diluted Earnings per Share
Three months ended March 31, 2020
PretaxTaxNetDiluted EPS
Net income, as reported$6,224  $2,069  $4,155  $0.28  
Restructuring programs:
NobelClad59  —  59  —  
DynaEnergetics938  —  938  0.06  
Corporate119  —  119  0.01  
Adjusted net income$7,340  $2,069  $5,271  $0.35  


DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

Three months ended December 31, 2019
PretaxTaxNetDiluted EPS
Net loss, as reported$(547) $4,741  $(5,288) $(0.36) 
Restructuring programs:
NobelClad458  4  454  0.03  
DynaEnergetics12,745  160  12,585  0.86  
Restructuring related accounts receivable write off
131  —  131  0.01  
Impact of tax valuation allowances—  (1,647) 1,647  0.11  
Adjusted net income$12,787  $3,258  $9,529  $0.65  

Three months ended March 31, 2019
PretaxTaxNetDiluted EPS
Net income, as reported$20,058  $4,888  $15,170  $1.01  
Restructuring programs:
NobelClad78  —  78  0.01  
Adjusted net income$20,136  $4,888  $15,248  $1.02  

DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)



Return on Invested Capital

Three months ended
Mar 31, 2019Dec 31, 2019Sep 30, 2019Dec 31, 2019Mar 31, 2020
Operating income20,452  $24,653  $12,821  $499  $6,347  
Income tax provision (benefit) (1)4,990  7,371  5,782  5,227  2,107  
Net operating profit after taxes (NOPAT)15,462  17,282  7,039  (4,728) 4,240  
Trailing Twelve Months NOPAT35,055  23,833  
Balances as of
Dec 31, 2018Mar 31, 2019Jun 30, 2019Sep 30, 2019Dec 31, 2019Mar 31, 2020
Allowance for doubtful accounts513  574  428  405  967  2,320  
Deferred tax assets(4,001) (3,843) (3,656) (3,431) (3,836) (3,902) 
Deferred tax liabilities379  880  458  1,469  3,786  3,692  
Accrued income taxes9,545  5,367  9,419  10,427  9,651  8,666  
Current portion of lease liabilities—  2,122  2,016  1,944  1,716  1,618  
Long-term portion of lease liabilities—  6,157  9,506  9,487  9,777  9,454  
Current portion of long-term debt3,125  3,125  3,125  3,125  3,125  3,125  
Long-term debt38,230  40,239  32,744  25,010  11,147  10,406  
Total stockholders' equity134,286  148,911  163,501  167,076  172,141  173,689  
Total invested capital182,077  203,532  217,541  215,512  208,474  209,068  
Average invested capital193,497  195,276  206,300  
Trailing Twelve Months Return on Invested Capital (ROIC)29 %18 %12 %

(1) Tax calculation for NOPAT:
Three months endedTwelve months endedThree months ended
Mar 31, 2019Jun 30, 2019Sep 30, 2019Dec 31, 2019Dec 31, 2019Mar 31, 2020
Income before income taxes20,058  24,587  12,604  (547) 56,702  6,224  
Income tax provision (benefit)4,888  7,343  5,689  4,741  22,661  2,069  
Effective tax rate24.4 %29.9 %45.1 %(866.7)%40.0 %33.2 %


DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

DynaEnergetics
Three months endedChange
Mar 31, 2020Dec 31, 2019Mar 31, 2019SequentialYear-on-year
Operating income, as reported$8,606  $3,947  $23,110  118 %-63 %
Adjustments:
Restructuring938  12,744  —  -93 %n/a  
Restructuring related accounts receivable write off—  131  —  -100 %n/a  
Adjusted operating income9,544  16,822  23,110  -43 %-59 %
Depreciation1,512  1,390  1,098  9 %38 %
Amortization of purchased intangibles260  260  301  — %-14 %
Adjusted EBITDA$11,316  $18,472  $24,509  -39 %-54 %


NobelClad
Three months endedChange
Mar 31, 2020Dec 31, 2019Mar 31, 2019SequentialYear-on-year
Operating income, as reported$1,476  $1,221  $1,830  21 %-19 %
Adjustments:
Restructuring expenses, net59  459  78  -87 %-24 %
Adjusted operating income1,535  1,680  1,908  
Depreciation740  615  700  20 %6 %
Amortization of purchased intangibles94  95  97  -1 %-3 %
Adjusted EBITDA$2,369  $2,390  $2,705  -1 %-12 %