MAXWELL TECHNOLOGIES INC (MXWL) [Rocket]

In millions, except per share items	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
China	28.8	36.3	48.2	87.9	89.1	92.8	74.1	43.2
United States	15.7	8.0	12.0	20.8	23.8	29.1	26.5	29.7
Germany	12.2	11.6	12.9	14.0	16.4	25.9	25.1	26.3
HUNGARY	12.2	13.5	11.5	11.6
Other	21.6	18.4	36.7	33.1	57.3	45.7	33.6	48.0
Total revenues	90.5	87.7	121.2	167.4	186.6	193.5	159.3	147.2
Revenue growth [+]	3.1%	-27.7%	-27.6%	-10.3%	-3.6%	21.5%	8.2%	20.8%
China	-20.6%	-24.8%	-45.1%	-1.4%	-4.0%	25.3%	71.5%	40.1%
United States	96.9%	-33.7%	-42.2%	-12.3%	-18.3%	9.9%	-10.9%	33.6%
Germany	4.8%	-9.4%	-8.0%	-14.7%	-36.8%	3.2%	-4.3%	-4.8%
HUNGARY	-9.5%	17.2%	-1.3%
Cost of goods sold	80.5	82.4	88.3	116.4	118.1	118.2	94.2	90.1
Gross profit	10.0	5.3	33.0	51.0	68.4	75.3	65.1	57.1
Gross margin	11.1%	6.0%	27.2%	30.4%	36.7%	38.9%	40.8%	38.8%
Selling, general and administrative	30.5	38.2	36.3	40.8	43.0	43.5	33.7	35.2
Research and development	20.0	16.3	20.9	24.7	26.3	22.5	21.7	22.4
Other operating expenses			6.7
EBITDA [+]	-32.5	-40.8	-21.0	-2.9	10.5	18.4	17.2	6.9
EBITDA growth	-20.5%	94.5%	613.3%	-128.1%	-43.1%	7.0%	150.7%	10131.3%
EBITDA margin	-35.9%	-46.5%	-17.3%	-1.8%	5.6%	9.5%	10.8%	4.7%
Depreciation	6.8	7.6	9.9	11.4	11.2	8.9	7.1	6.8
EBITA	-39.3	-48.4	-30.9	-14.3	-0.7	9.5	10.1	0.1
EBITA margin	-43.4%	-55.2%	-25.5%	-8.6%	-0.4%	4.9%	6.4%	0.0%
Amortization of intangibles	1.2	0.8		0.2	0.2	0.3	0.4	0.6
EBIT [+]	-40.5	-49.2	-30.9	-14.5	-0.9	9.2	9.7	-0.5
EBIT growth	-17.7%	59.5%	112.9%	1512.1%	-109.8%	-5.1%	-2023.8%	-92.2%
EBIT margin	-44.8%	-56.1%	-25.5%	-8.7%	-0.5%	4.8%	6.1%	-0.3%
Non-recurring items [+]	0.2	2.5	-5.0	2.5
Asset impairment	0.2	0.2	1.4
Loss (gain) on disposal of assets			-6.7
Interest income, net [+]	4.5	1.4	-0.2	-0.3	-0.2	0.0	-0.1	-0.1
Interest expense			0.2	0.3	0.2	0.0	0.1	0.1
Interest income	4.5	1.4
Other income (expense), net [+]	-9.3	-3.0	6.6	-0.4	-0.8	-0.7	-0.1	1.0
Amortization of financing costs and debt discount						0.1	0.1	-0.1
Gain (loss) on foreign currency transactions	0.5	0.2	0.2	0.4	0.8	0.6
Other non-operating income			-0.1
Other	-0.2	-0.1	-0.1			0.1	0.1	-0.1
Pre-tax income	-45.5	-53.3	-19.6	-17.7	-1.9	8.5	9.5	0.4
Income taxes	-1.1	0.6	4.1	4.6	4.3	2.2	2.3	1.9
Tax rate	2.4%					25.3%	24.7%	444.0%
Net income	-36.5	-43.1	-23.7	-22.3	-6.3	6.3	7.2	-1.4
Net margin	-40.4%	-49.2%	-19.6%	-13.3%	-3.4%	3.3%	4.5%	-1.0%

Basic EPS [+]	($1.08)	($1.52)	($0.74)	($0.73)	($0.21)	$0.22	$0.25	($0.05)
Growth	-28.7%	104.1%	2.3%	238.7%	-197.8%	-12.5%	-582.6%	-77.5%
Diluted EPS [+]	($1.08)	($1.52)	($0.74)	($0.73)	($0.21)	$0.22	$0.25	($0.05)
Growth	-28.7%	104.1%	2.3%	238.7%	-197.9%	-12.2%	-580.3%	-77.5%

Shares outstanding (basic) [+]	41.0	35.5	31.9	30.7	29.2	28.9	28.6	27.6
Growth	15.6%	11.3%	3.8%	5.1%	1.2%	1.1%	3.4%	5.3%
Shares outstanding (diluted) [+]	41.0	35.5	31.9	30.7	29.2	28.9	28.7	27.6
Growth	15.6%	11.3%	3.8%	5.1%	1.1%	0.7%	3.9%	5.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.