The Company considers these non-GAAP measures to be indicative of its
core operating results and facilitates a comparison of operating results
across reporting periods. The Company uses these non-GAAP measures when
evaluating its financial results as well as for internal planning and
forecasting purposes, however these measures should not be viewed as a
substitute for the Company’s GAAP results.
* Refer to the "Reconciliation of Non-GAAP Adjustments" herein for
further information regarding adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
Reconciliation of Non-GAAP Adjustments
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
Net sales, products
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue step-up
|
|
|
$
|
-
|
|
|
$
|
668
|
|
|
$
|
235
|
|
|
$
|
2,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, products
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets amortization
|
|
|
|
(14,654
|
)
|
|
|
(14,233
|
)
|
|
|
(56,235
|
)
|
|
|
(57,027
|
)
|
|
Other intangible assets impairment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,636
|
)
|
|
|
-
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
164
|
|
|
|
(496
|
)
|
|
|
(1,846
|
)
|
|
|
(1,535
|
)
|
|
Merger and acquisition related expense
|
|
|
|
-
|
|
|
|
(36
|
)
|
|
|
-
|
|
|
|
(264
|
)
|
|
|
|
|
|
|
(14,490
|
)
|
|
|
(14,765
|
)
|
|
|
(69,717
|
)
|
|
|
(58,826
|
)
|
|
Cost of sales, services
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets amortization
|
|
|
|
537
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
(1,430
|
)
|
|
|
(424
|
)
|
|
|
(2,647
|
)
|
|
|
(1,445
|
)
|
|
Merger and acquisition related expense
|
|
|
|
(1,022
|
)
|
|
|
(71
|
)
|
|
|
(4,278
|
)
|
|
|
(130
|
)
|
|
|
|
|
|
|
(1,915
|
)
|
|
|
(495
|
)
|
|
|
(6,925
|
)
|
|
|
(1,575
|
)
|
|
Research and development, net
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
(1,942
|
)
|
|
|
(925
|
)
|
|
|
(4,862
|
)
|
|
|
(3,491
|
)
|
|
Other intangible assets impairment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,000
|
)
|
|
|
-
|
|
|
Merger and acquisition related expense
|
|
|
|
120
|
|
|
|
(1,282
|
)
|
|
|
(951
|
)
|
|
|
(1,999
|
)
|
|
|
|
|
|
|
(1,822
|
)
|
|
|
(2,207
|
)
|
|
|
(8,813
|
)
|
|
|
(5,490
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets amortization
|
|
|
|
(7,607
|
)
|
|
|
(5,319
|
)
|
|
|
(24,952
|
)
|
|
|
(17,066
|
)
|
|
Non-cash stock-based compensation expense
|
|
|
|
(5,589
|
)
|
|
|
(4,954
|
)
|
|
|
(20,852
|
)
|
|
|
(17,791
|
)
|
|
Merger and acquisition related expense
|
|
|
|
(7,172
|
)
|
|
|
(7,360
|
)
|
|
|
(48,638
|
)
|
|
|
(22,795
|
)
|
|
|
|
|
|
|
(20,368
|
)
|
|
|
(17,633
|
)
|
|
|
(94,442
|
)
|
|
|
(57,652
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill impairment
|
|
|
|
(102,470
|
)
|
|
|
-
|
|
|
|
(102,470
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
|
|
|
|
|
|
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
24,862
|
|
|
|
853
|
|
|
|
26,150
|
|
|
|
(754
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense related to non-GAAP adjustments
|
|
|
|
(750
|
)
|
|
|
7,133
|
|
|
|
33,403
|
|
|
|
17,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense attributable to
non-controlling interest
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
116,953
|
|
|
$
|
27,782
|
|
|
$
|
223,049
|
|
|
$
|
108,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
Reconciliation of GAAP to Non-GAAP Forward Looking Guidance
|
|
Fiscal Year 2015
|
|
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
($23) to ($10)
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
$32 to $35
|
|
|
Intangible assets amortization expense
|
|
|
$85
|
|
|
Merger related expense
|
|
|
$41 to $43
|
|
|
Tax expense related to Non-GAAP adjustments
|
|
|
($30) to ($31)
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
$109 to $118
|
|
|
|
|
|
|
|
|
GAAP loss per share
|
|
|
|
($0.45) to ($0.20)
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per share
|
|
|
$2.07 to $2.24
|
|
|
|
|
|
