LECTRA

Q1 2024: growth in revenue and EBITDA before non-recurring items - Seite 2

Launchmetrics contributed 8.3 million euros to revenues and 1.1 million euros to EBITDA before non-recurring items (representing an EBITDA margin before non-recurring items of 13.2%).

Income from operations before non-recurring items (11.2 million euros) was down 8%. This included a 5.2 million euros charge for amortization of intangible assets arising from the acquisitions carried out since 2021, of which 2.0 million euros for Launchmetrics.

Net income amounted to 6.7 million euros, down 9% at actual exchange rates.

A tremendous free cash flow before non-recurring items

Free cash flow before non-recurring items stated at 22.0 million euros, an increase of 12.7 million euros compared to Q1 2023, due in particular to a higher level of downpayments and the contribution of free cash flow before non-recurring items of Launchmetrics.

A still robust balance sheet, after the Launchmetrics acquisition

At March 31, 2024, the Group had a particularly robust balance sheet with a consolidated shareholders’ equity of 341.6 million euros and a net financial debt of 18.8 million euros. The cash position consisted in financial debt of 119.3 million euros and cash of 100.5 million euros, after the payment of 39.3 million euros in respect of the first tranche of the acquisition of Launchmetrics, or roughly half the total amount, (the balance of this first tranche will be paid in June 2024).

Lectra 2023 scope

Q1 2024 orders reflect a mixed picture, with a high level in the automotive market in Asia, primarily due to the increased number of airbags per vehicle, and a low level on the other market sectors or geographies.

Orders from perpetual software licenses, equipment and accompanying software, and training and consulting remain stable. The annual value of orders for new software subscriptions (2.4 million euros) decreased by 0.2 million euros on a like-for-like basis compared to 2023.

Revenues amounted 121.3 million euros, down 1% from the same period a year before. Recurring revenues continued to grow (+5%) whereas revenues from new systems decreased by 12%. Revenues in the first quarter of 2023 had benefited from the high level of new system orders in Q4 2022.

Recurring EBITDA (€20 million), rose by 5% on a like-for-like basis.

2- BUSINESS TRENDS AND OUTLOOK

In its financial report on the fourth quarter and full year 2023, published February 14, 2024, Lectra reiterated its long-term vision, as well as the objectives of its 2023-2025 strategic roadmap.