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