Stratasys Releases Second Quarter 2016 Financial Results

 
Stratasys Ltd.
             
Reconciliation of GAAP to Non-GAAP Results of Operations
 
(in thousands)
Three Months Ended June 30,
2016 Non-GAAP 2016 2015 Non-GAAP 2015
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
U.S. dollars and shares in thousands (except per share amounts)
 
Gross profit (1) $ 79,532 $ 16,715 $ 96,247 $ 82,908 $ 16,816 $ 99,724
Operating income (loss) (1,2) (17,131 ) 27,332 10,201 (33,499 ) 37,172 3,673

Net income (loss) attributable to Stratasys Ltd. (1,2,3)

(18,490 ) 24,728 6,238 (22,931 ) 30,893 7,962

Net income (loss) per diluted share attributable to Stratasys Ltd. (4)

$ (0.36 ) $ 0.48 $ 0.12 $ (0.55 ) $ 0.70 $ 0.15
 
 
(1) Acquired intangible assets amortization expense 10,510 12,301
Impairment charges of other intangible assets 1,779 -
Non-cash stock-based compensation expense 729 1,797
Reorganization and other related costs 3,543 2,512
Merger and acquisition and other expense   154     206  
16,715 16,816
 
(2) Acquired intangible assets amortization expense 3,621 5,684
Non-cash stock-based compensation expense 4,750 7,767
Change in fair value of obligations in connection with acquisitions (587 ) (6,680 )
Reorganization and other related costs 956 6,755
Merger and acquisition and other expense   1,877     6,830  
  10,617     20,356  
  27,332     37,172  
 
(3) Corresponding tax effect and other tax adjustments   (2,604 )   (6,279 )
$ 24,728   $ 30,893  
 
(4)

Weighted average number of ordinary shares outstanding- Diluted

52,496 53,238 51,870 52,705
 
 
Stratasys Ltd.
             
Reconciliation of GAAP to Non-GAAP Results of Operations
 
(in thousands)
Six Months Ended June 30,
2016 Non-GAAP 2016 2015 Non-GAAP 2015
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
U.S. dollars and shares in thousands (except per share amounts)
 
Gross profit (1) $ 160,701 $ 27,993 188,694 $ 128,996 $ 64,137 $ 193,133
Operating income (loss) (1,2) (38,191 ) 52,345 14,154 (254,401 ) 257,298 2,897

Net income (loss) attributable to Stratasys Ltd. (1,2,3)

(41,631 ) 48,465 6,834 (239,219 ) 249,205 9,986

Net income (loss) per diluted share attributable to Stratasys Ltd. (4)

$ (0.80 ) $ 0.93 $ 0.13 (4.77 ) 4.96 0.19
 
 
(1) Acquired intangible assets amortization expense 20,924 27,206
Impairment of other intangible assets 1,779 29,782
Non-cash stock-based compensation expense 1,452 3,630
Reorganization and other related costs 3,321 2,512
Merger and acquisition and other expense   517     1,007  
27,993 64,137
 
(2) Goodwill impairment - 150,400
Impairment of other intangible assets - 13,423
Acquired intangible assets amortization expense 7,382 12,140
Non-cash stock-based compensation expense 9,650 15,694
Change in fair value of obligations in connection with acquisitions 140 (19,936 )
Reorganization and other related costs 1,461 6,756
Merger and acquisition and other expense   5,719     14,684  
  24,352     193,161  
  52,345     257,298  
 
(3)

Corresponding tax effect and other tax adjustments

  (3,880 )   (8,093 )
$ 48,465   $ 249,205  
 
(4)

Weighted average number of ordinary shares outstanding- Diluted

52,133 53,201 51,413 52,524
 
 
Stratasys Ltd.
 
Reconciliation of GAAP to Non-GAAP Forward Looking Guidance
 
Fiscal Year 2016
 
(in millions, except per share data)    
 
GAAP net loss ($84) to ($67)
 
Adjustments
Stock-based compensation expense $25 to $27
Intangible assets amortization expense $59
Merger and acquisition related expense $7
Reorganization and other related costs $4 to $5
Tax expense related to Non-GAAP adjustments ($5)
 
Non-GAAP net income $9 to $23
 
GAAP loss per share ($1.60) to ($1.28)
 
Non-GAAP diluted earnings per share $0.17 to $0.43
 

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