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 | |