Stratasys Reports Fourth Quarter and Fiscal Year 2014 Financial Results

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
 

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