[July 30, 2015] |
|
Stratasys Reports Second Quarter 2015 Financial Results
Stratasys
Ltd. (NASDAQ:SSYS) today announced financial results for the second
quarter of 2015.
Q2-2015 Financial Results Summary:
-
Revenue for the second quarter of 2015 was $182.3 million, compared to
$178.5 million for the same period last year;
-
GAAP net loss for the second quarter was $22.9 million, or ($0.55) per
diluted share, compared to GAAP net loss of $173,000, or ($0.00) per
diluted share, for the same period last year.
-
Non-GAAP net income for the second quarter was $8 million, or $0.15
per diluted share, compared to non-GAAP net income of $28.0 million,
or $0.55 per diluted share, reported for the same period last year.
-
The Company invested a net amount of $22.5 million in R&D projects
(non-GAAP basis) during the second quarter, representing 12% of
revenues.
-
The Company used $15.6 million in cash for operations during the
second quarter, and currently holds approximately $502.6 million in
cash and cash equivalents, and short term bank deposits. The cash
balance includes a $175 million drawdown on the Company's revolving
credit facility.
-
Non-GAAP EBITDA for the second quarter amounted to $12.1 million.
-
The Company sold 6,731 3D printing and additive manufacturing systems
during the second quarter, and has sold a total of 135,928 systems
worldwide as of June 30, 2015, on a pro forma combined basis.
"The merger between Stratasys and Objet in 2012 created synergies that
combined with the heightened level of mainstream media attention within
our industry, have contributed to a period of extraordinary growth for
our company and industry over the past two years," said David Reis,
chief executive officer of Stratasys. "We believe our industry is
transitioning through a period of slower growth, as users digest their
investments in 3D printing and expand the utilization of recently
acquired capacity. Despite these headwinds, and certain ongoing
macroeconomic challenges in Asia, we are encouraged by sequential
improvement in areas of our business, and remain optimistic about our
longer-term growth prospects."
Business Highlights:
-
Strengthened presence in Germany, Switzerland, and Austria through the
acquisition of a key German channel partner, RTC Rapid Technologies
GmbH; and made additional North American channel enhancements with the
addition of W.D. Distributing, WYNIT, and Sam's Club.
-
Partnered with CAD industry leader PTC, to provide improved
integration between PTC Creo product design software and Stratasys 3D
Printing Solutions.
-
Enhanced high-end system capabilities with release of the Objet1000
Plus 3D Production System, providing significant speed improvements;
as well as introduced a new high-volume filament packaging solution
for Fortus 3D Production Systems.
-
Observed significant expansion within the dental vertical, including
the further adoption of our Stratasys PolyJet based solutions for the
production of custom-made orthodontic products.
-
Announced a multi-year collaboration with the Kangshua Group that
includes providing up to 1,000 Solidscape high precision 3D printers
to equip multiple new service bureaus and innovation centers in China;
as well as the opening of a manufacturing facility, by Kangshua, to
locally assemble Solidscape 3D printers for the Chinese market.
-
Reorganized the MakerBot channel in Europe and Asia to help leverage
the existing Stratasys go-to-market infrastructure within those
regions.
-
Completed a customer event for Stratasys Direct Manufacturing (SDM)
that reached 239 customers and introduced the combined SDM
organization as a total solution provider that focuses on applications
from prototype to production.
"We are observing positive indicators and are beginning to see tangible
results that reaffirm our strategy of developing targeted solutions
within key market verticals," continued Reis. "Short-term, we will
continue to make adjustments to our expenses to align with current
market conditions. Long-term, we remain committed to our growth
initiatives that include enhancing vertical solution capabilities,
expanding customer support services, accelerating product development,
and growing the sales and marketing infrastructure - all of which are
designed to drive future growth."
2015 Guidance
Due to the Company's limited visibility regarding the timing of
improvements in growth, the Company has withdrawn its previously
delivered full year 2015 financial guidance, and instead has provided
financial guidance for the third quarter of 2015 as follows:
-
Total revenue in the range of $175 to $190 million, with non-GAAP net
income in the range of $1.5 to $7.0 million, or $0.03 to $0.13 per
diluted share.
-
GAAP net loss of $27.0 million to $22.5 million, or ($0.52) to ($0.43)
per share.
-
Non-GAAP earnings guidance excludes $18 million of projected
amortization of intangible assets; $9.5 million to $10.0 million of
share-based compensation expense; $7 million to $8 million in
non-recurring expenses related to acquisitions; and includes $6.0
million to $6.5 million in tax expenses related to non-GAAP
adjustments.
Stratasys Ltd. Q2-2015 Conference Call Details
Stratasys will hold a conference call to discuss its second quarter
financial results on July 30, 2015 at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the
Stratasys Web site at www.stratasys.com
under the "Investors" tab; or directly at the following web address: http://edge.media-server.com/m/p/izi2aqma.
To participate by telephone, the domestic dial-in number is 800-901-5241
and the international dial-in is 617-786-2963. The access code is
55067799.
Investors are advised to dial into the call at least ten minutes prior
to the call to register. The webcast will be available for 90 days on
the "Investors" page of the Stratasys Web site or by accessing the
provided web address.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements are
characterized by the use of forward-looking terminology such as "will,"
"expects," "anticipates," "continues," "believes," "should," "intended,"
"projected," "guidance," "preliminary," "future," "planned,"
"committed," and other similar words. These forward-looking statements
include, but are not limited to, statements relating to the company's
objectives, plans and strategies, statements of preliminary or projected
results of operations or of financial condition and all statements that
address activities, events or developments that the company intends,
expects, projects, believes or anticipates will or may occur in the
future. Forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties. The company has
based these forward-looking statements on assumptions and assessments
made by its management in light of their experience and their perception
of historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Important factors that
could cause actual results, developments and business decisions to
differ materially from those anticipated in these forward-looking
statements include, among other things: the company's ability to
efficiently and successfully integrate the operations of Stratasys, Inc.
and Objet Ltd. after their merger as well as MakerBot, Solid Concepts,
and Harvest Technologies after their acquisitions and to successfully
put in place and execute an effective post-merger integration plans; the
overall global economic environment; the impact of competition and new
technologies; general market, political and economic conditions in the
countries in which the company operates; projected capital expenditures
and liquidity; changes in the company's strategy; government regulations
and approvals; changes in customers' budgeting priorities; litigation
and regulatory proceedings; the company's ability to satisfy the
financial covenants under its revolving credit facility; and those
factors referred to under "Risk Factors", "Information on the Company",
"Operating and Financial Review and Prospects", and generally in the
company's annual report on Form 20-F for the year ended December 31,
2014 filed with the U.S. Securities and Exchange Commission (the "SEC"),
and in other reports that the company has filed with or furnished to the
SEC on the date hereof. Readers are urged to carefully review and
consider the various disclosures made in the company's SEC reports,
which are designed to advise interested parties of the risks and factors
that may affect its business, financial condition, results of operations
and prospects. Any guidance and other forward-looking statements in this
press release are made as of the date hereof, and the company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
Non-GAAP Discussion Disclosure
The information discussed within this release includes financial results
and projections that are in accordance with accounting principles
generally accepted in the United States of America (GAAP). In addition,
certain non-GAAP financial measures have been provided excluding certain
charges, expenses and income. The non-GAAP measures should be read in
conjunction with the corresponding GAAP measures and should be
considered in addition to, and not as an alternative or substitute for,
the measures prepared in accordance with GAAP. The non-GAAP financial
measures are included in an effort to provide information that investors
may deem relevant to evaluate results from the company's core business
operations and to compare the company's performance with prior periods.
The non-GAAP financial measures primarily identify and exclude certain
discrete items, such as merger-related expenses, amortization of
intangible assets, one time write off of deferred tax assets, impairment
charges, reorganization and other related costs, and expenses associated
with share-based compensation required under ASC 718. The company uses
these non-GAAP financial measures for evaluating comparable financial
performance against prior periods.
This release is available on the Stratasys web site at www.stratasys.com
Stratasys Ltd. (Nasdaq:SSYS), headquartered in Minneapolis, Minnesota
and Rehovot, Israel, is a leading global provider of 3D printing and
additive manufacturing solutions. The company's patented FDM® and
PolyJet™ 3D Printing technologies produce prototypes and manufactured
goods directly from 3D CAD files or other 3D content. Systems include 3D
printers for idea development, prototyping and direct digital
manufacturing. Stratasys subsidiaries include MakerBot and Solidscape,
and the company operates the digital parts manufacturing service
Stratasys Direct Manufacturing. Stratasys has more than 2,900 employees,
holds over 800 granted or pending additive manufacturing patents
globally, and has received more than 30 awards for its technology and
leadership. Online at: http://www.stratasys.com
or http://blog.stratasys.com.
|
Stratasys Ltd.
|
|
Consolidated Balance Sheets
|
|
(in thousands)
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
352,268
|
|
|
|
$
|
442,141
|
|
Short-term bank deposits
|
|
|
|
150,370
|
|
|
|
|
595
|
|
Accounts receivable, net
|
|
|
|
136,970
|
|
|
|
|
150,806
|
|
Inventories
|
|
|
|
137,394
|
|
|
|
|
123,385
|
|
Net investment in sales-type leases
|
|
|
|
10,091
|
|
|
|
|
8,170
|
|
Prepaid expenses
|
|
|
|
9,898
|
|
|
|
|
7,931
|
|
Deferred income taxes
|
|
|
|
30,567
|
|
|
|
|
25,697
|
|
Other current assets
|
|
|
|
31,420
|
|
|
|
|
37,903
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
858,978
|
|
|
|
|
796,628
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Goodwill
|
|
|
|
1,172,125
|
|
|
|
|
1,323,502
|
|
Other intangible assets, net
|
|
|
|
517,085
|
|
|
|
|
597,903
|
|
Property, plant and equipment, net
|
|
|
|
185,992
|
|
|
|
|
157,036
|
|
Net investment in sales-type leases - long term
|
|
|
|
19,093
|
|
|
|
|
14,822
|
|
Other non-current assets
|
|
|
|
10,960
|
|
|
|
|
9,216
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
|
1,905,255
|
|
|
|
|
2,102,479
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
2,764,233
|
|
|
|
$
|
2,899,107
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
40,687
|
|
|
|
$
|
37,359
|
|
Short term debt
|
|
|
|
175,000
|
|
|
|
|
50,000
|
|
Accrued expenses and other current liabilities
|
|
|
|
50,990
|
|
|
|
|
47,760
|
|
Accrued compensation and related benefits
|
|
|
|
45,230
|
|
|
|
|
42,332
|
|
Obligations in connection with acquisitions
|
|
|
|
12,003
|
|
|
|
|
28,092
|
|
Deferred revenues
|
|
|
|
48,821
|
|
|
|
|
45,023
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
372,731
|
|
|
|
|
250,566
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Obligations in connection with acquisitions - long term
|
|
|
|
12,761
|
|
|
|
|
26,461
|
|
Deferred tax liabilities
|
|
|
|
36,293
|
|
|
|
|
55,835
|
|
Deferred revenues - long-term
|
|
|
|
6,069
|
|
|
|
|
5,946
|
|
Other non-current liabilities
|
|
|
|
26,677
|
|
|
|
|
25,091
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
|
81,800
|
|
|
|
|
113,333
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
454,531
|
|
|
|
|
363,899
|
|
|
|
|
|
|
|
|
Redeemable non-controlling interests
|
|
|
|
2,564
|
|
|
|
|
3,969
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Ordinary shares, NIS 0.01 nominal value, authorized 180,000
|
|
|
|
|
|
|
shares; 51,669 and 50,923 shares issued and outstanding
|
|
|
|
|
|
|
at June 30, 2015 and December 31, 2014, respectively
|
|
|
|
140
|
|
|
|
|
139
|
|
Additional paid-in capital
|
|
|
|
2,587,168
|
|
|
|
|
2,568,149
|
|
Accumulated deficit
|
|
|
|
(273,090
|
)
|
|
|
|
(33,871
|
)
|
Accumulated other comprehensive loss
|
|
|
|
(7,429
|
)
|
|
|
|
(3,647
|
)
|
Equity attributable to Stratasys Ltd.
|
|
|
|
2,306,789
|
|
|
|
|
2,530,770
|
|
Non-controlling interest
|
|
|
|
349
|
|
|
|
|
469
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
2,307,138
|
|
|
|
|
2,531,239
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
2,764,233
|
|
|
|
$
|
2,899,107
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
Consolidated Statements of Operations
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
$
|
134,490
|
|
|
|
$
|
154,090
|
|
|
|
$
|
261,157
|
|
|
|
$
|
283,342
|
|
Services
|
|
|
|
47,832
|
|
|
|
|
24,375
|
|
|
|
|
93,896
|
|
|
|
|
46,064
|
|
|
|
|
|
182,322
|
|
|
|
|
178,465
|
|
|
|
|
355,053
|
|
|
|
|
329,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
67,666
|
|
|
|
|
73,394
|
|
|
|
|
166,037
|
|
|
|
|
134,416
|
|
Services
|
|
|
|
31,748
|
|
|
|
|
13,437
|
|
|
|
|
60,020
|
|
|
|
|
25,628
|
|
|
|
|
|
99,414
|
|
|
|
|
86,831
|
|
|
|
|
226,057
|
|
|
|
|
160,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
82,908
|
|
|
|
|
91,634
|
|
|
|
|
128,996
|
|
|
|
|
169,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
|
25,506
|
|
|
|
|
18,957
|
|
|
|
|
52,744
|
|
|
|
|
35,728
|
|
Selling, general and administrative
|
|
|
|
97,581
|
|
|
|
|
77,929
|
|
|
|
|
200,189
|
|
|
|
|
145,546
|
|
Goodwill impairment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
150,400
|
|
|
|
|
-
|
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
(6,680
|
)
|
|
|
|
628
|
|
|
|
|
(19,936
|
)
|
|
|
|
(6,867
|
)
|
|
|
|
|
116,407
|
|
|
|
|
97,514
|
|
|
|
|
383,397
|
|
|
|
|
174,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(33,499
|
)
|
|
|
|
(5,880
|
)
|
|
|
|
(254,401
|
)
|
|
|
|
(5,045
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expense)
|
|
|
|
(711
|
)
|
|
|
|
337
|
|
|
|
|
(5,835
|
)
|
|
|
|
(999
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
|
(34,210
|
)
|
|
|
|
(5,543
|
)
|
|
|
|
(260,236
|
)
|
|
|
|
(6,044
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
|
(11,066
|
)
|
|
|
|
(5,370
|
)
|
|
|
|
(20,688
|
)
|
|
|
|
(9,958
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
(23,144
|
)
|
|
|
|
(173
|
)
|
|
|
|
(239,548
|
)
|
|
|
|
3,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
|
(213
|
)
|
|
|
|
-
|
|
|
|
|
(329
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Stratasys Ltd.
|
|
|
$
|
(22,931
|
)
|
|
|
$
|
(173
|
)
|
|
|
$
|
(239,219
|
)
|
|
|
$
|
3,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per ordinary share attributable to Stratasys
Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.48
|
)
|
|
|
$
|
(0.00
|
)
|
|
|
$
|
(4.71
|
)
|
|
|
$
|
0.08
|
|
Diluted
|
|
|
|
(0.55
|
)
|
|
|
|
(0.00
|
)
|
|
|
|
(4.77
|
)
|
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
51,405
|
|
|
|
|
49,373
|
|
|
|
|
51,181
|
|
|
|
|
49,323
|
|
Diluted
|
|
|
|
51,870
|
|
|
|
|
49,373
|
|
|
|
|
51,413
|
|
|
|
|
51,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
Reconciliation of GAAP to Non-GAAP Results of Operations
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015
|
|
|
Three Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
(unaudited)
|
|
|
Adjustments*
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Adjustments*
|
|
|
(unaudited)
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
$
|
134,490
|
|
|
|
$
|
-
|
|
|
|
$
|
134,490
|
|
|
|
$
|
154,090
|
|
|
|
$
|
-
|
|
|
|
$
|
154,090
|
Services
|
|
|
|
47,832
|
|
|
|
|
-
|
|
|
|
|
47,832
|
|
|
|
|
24,375
|
|
|
|
|
-
|
|
|
|
|
24,375
|
|
|
|
|
182,322
|
|
|
|
|
-
|
|
|
|
|
182,322
|
|
|
|
|
178,465
|
|
|
|
|
-
|
|
|
|
|
178,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
67,666
|
|
|
|
|
(15,975
|
)
|
|
|
|
51,691
|
|
|
|
|
73,394
|
|
|
|
|
(14,739
|
)
|
|
|
|
58,655
|
Services
|
|
|
|
31,748
|
|
|
|
|
(841
|
)
|
|
|
|
30,907
|
|
|
|
|
13,437
|
|
|
|
|
(340
|
)
|
|
|
|
13,097
|
|
|
|
|
99,414
|
|
|
|
|
(16,816
|
)
|
|
|
|
82,598
|
|
|
|
|
86,831
|
|
|
|
|
(15,079
|
)
|
|
|
|
71,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
82,908
|
|
|
|
|
16,816
|
|
|
|
|
99,724
|
|
|
|
|
91,634
|
|
|
|
|
15,079
|
|
|
|
|
106,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
|
25,506
|
|
|
|
|
(3,016
|
)
|
|
|
|
22,490
|
|
|
|
|
18,957
|
|
|
|
|
(1,318
|
)
|
|
|
|
17,639
|
Selling, general and administrative
|
|
|
|
97,581
|
|
|
|
|
(24,020
|
)
|
|
|
|
73,561
|
|
|
|
|
77,929
|
|
|
|
|
(17,617
|
)
|
|
|
|
60,312
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
(6,680
|
)
|
|
|
|
6,680
|
|
|
|
|
-
|
|
|
|
|
628
|
|
|
|
|
(628
|
)
|
|
|
|
-
|
|
|
|
|
116,407
|
|
|
|
|
(20,356
|
)
|
|
|
|
96,051
|
|
|
|
|
97,514
|
|
|
|
|
(19,563
|
)
|
|
|
|
77,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
(33,499
|
)
|
|
|
|
37,172
|
|
|
|
|
3,673
|
|
|
|
|
(5,880
|
)
|
|
|
|
34,642
|
|
|
|
|
28,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expense)
|
|
|
|
(711
|
)
|
|
|
|
-
|
|
|
|
|
(711
|
)
|
|
|
|
337
|
|
|
|
|
-
|
|
|
|
|
337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
(34,210
|
)
|
|
|
|
37,172
|
|
|
|
|
2,962
|
|
|
|
|
(5,543
|
)
|
|
|
|
34,642
|
|
|
|
|
29,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes (benefit)
|
|
|
|
(11,066
|
)
|
|
|
|
6,279
|
|
|
|
|
(4,787
|
)
|
|
|
|
(5,370
|
)
|
|
|
|
6,475
|
|
|
|
|
1,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
(23,144
|
)
|
|
|
|
30,893
|
|
|
|
|
7,749
|
|
|
|
|
(173
|
)
|
|
|
|
28,167
|
|
|
|
|
27,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
|
(213
|
)
|
|
|
|
-
|
|
|
|
|
(213
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Stratasys Ltd.
|
|
|
$
|
(22,931
|
)
|
|
|
$
|
30,893
|
|
|
|
$
|
7,962
|
|
|
|
$
|
(173
|
)
|
|
|
$
|
28,167
|
|
|
|
$
|
27,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per ordinary share attributable to Stratasys
Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.48
|
)
|
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
(0.00
|
)
|
|
|
|
|
|
$
|
0.57
|
Diluted
|
|
|
|
(0.55
|
)
|
|
|
|
|
|
|
0.15
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
51,405
|
|
|
|
|
|
|
|
51,405
|
|
|
|
|
49,373
|
|
|
|
|
|
|
|
49,373
|
Diluted
|
|
|
|
51,870
|
|
|
|
|
|
|
|
52,705
|
|
|
|
|
49,373
|
|
|
|
|
|
|
|
51,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 GAAP to Non-GAAP Results of Operations
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015
|
|
|
Six Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
Adjustments*
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
|
Adjustments*
|
|
|
Non-GAAP
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
$
|
261,157
|
|
|
|
$
|
-
|
|
|
|
$
|
261,157
|
|
|
|
$
|
283,342
|
|
|
|
$
|
235
|
|
|
|
$
|
283,577
|
|
Services
|
|
|
|
93,896
|
|
|
|
|
-
|
|
|
|
|
93,896
|
|
|
|
|
46,064
|
|
|
|
|
-
|
|
|
|
|
46,064
|
|
|
|
|
|
355,053
|
|
|
|
|
-
|
|
|
|
|
355,053
|
|
|
|
|
329,406
|
|
|
|
|
235
|
|
|
|
|
329,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
166,037
|
|
|
|
|
(61,887
|
)
|
|
|
|
104,150
|
|
|
|
|
134,416
|
|
|
|
|
(28,468
|
)
|
|
|
|
105,948
|
|
Services
|
|
|
|
60,020
|
|
|
|
|
(2,250
|
)
|
|
|
|
57,770
|
|
|
|
|
25,628
|
|
|
|
|
(774
|
)
|
|
|
|
24,854
|
|
|
|
|
|
226,057
|
|
|
|
|
(64,137
|
)
|
|
|
|
161,920
|
|
|
|
|
160,044
|
|
|
|
|
(29,242
|
)
|
|
|
|
130,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
128,996
|
|
|
|
|
64,137
|
|
|
|
|
193,133
|
|
|
|
|
169,362
|
|
|
|
|
29,477
|
|
|
|
|
198,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
|
52,744
|
|
|
|
|
(5,833
|
)
|
|
|
|
46,911
|
|
|
|
|
35,728
|
|
|
|
|
(2,813
|
)
|
|
|
|
32,915
|
|
Selling, general and administrative
|
|
|
|
200,189
|
|
|
|
|
(56,864
|
)
|
|
|
|
143,325
|
|
|
|
|
145,546
|
|
|
|
|
(31,140
|
)
|
|
|
|
114,406
|
|
Goodwill impairment
|
|
|
|
150,400
|
|
|
|
|
(150,400
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
(19,936
|
)
|
|
|
|
19,936
|
|
|
|
|
-
|
|
|
|
|
(6,867
|
)
|
|
|
|
6,867
|
|
|
|
|
-
|
|
|
|
|
|
383,397
|
|
|
|
|
(193,161
|
)
|
|
|
|
190,236
|
|
|
|
|
174,407
|
|
|
|
|
(27,086
|
)
|
|
|
|
147,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
(254,401
|
)
|
|
|
|
257,298
|
|
|
|
|
2,897
|
|
|
|
|
(5,045
|
)
|
|
|
|
56,563
|
|
|
|
|
51,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense
|
|
|
|
(5,835
|
)
|
|
|
|
-
|
|
|
|
|
(5,835
|
)
|
|
|
|
(999
|
)
|
|
|
|
-
|
|
|
|
|
(999
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
(260,236
|
)
|
|
|
|
257,298
|
|
|
|
|
(2,938
|
)
|
|
|
|
(6,044
|
)
|
|
|
|
56,563
|
|
|
|
|
50,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes (benefit)
|
|
|
|
(20,688
|
)
|
|
|
|
8,093
|
|
|
|
|
(12,595
|
)
|
|
|
|
(9,958
|
)
|
|
|
|
11,884
|
|
|
|
|
1,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
(239,548
|
)
|
|
|
|
249,205
|
|
|
|
|
9,657
|
|
|
|
|
3,914
|
|
|
|
|
44,679
|
|
|
|
|
48,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
|
(329
|
)
|
|
|
|
-
|
|
|
|
|
(329
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Stratasys Ltd.
|
|
|
$
|
(239,219
|
)
|
|
|
$
|
249,205
|
|
|
|
$
|
9,986
|
|
|
|
$
|
3,914
|
|
|
|
$
|
44,679
|
|
|
|
$
|
48,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per ordinary share attributable to Stratasys
Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(4.71
|
)
|
|
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.08
|
|
|
|
|
|
|
$
|
0.99
|
|
Diluted
|
|
|
|
(4.77
|
)
|
|
|
|
|
|
|
0.19
|
|
|
|
|
0.08
|
|
|
|
|
|
|
|
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
51,181
|
|
|
|
|
|
|
|
51,181
|
|
|
|
|
49,323
|
|
|
|
|
|
|
|
49,323
|
|
Diluted
|
|
|
|
51,413
|
|
|
|
|
|
|
|
52,524
|
|
|
|
|
51,238
|
|
|
|
|
|
|
|
51,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Net sales, products
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue step-up
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, products
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets amortization
|
|
|
|
(12,301
|
)
|
|
|
|
(14,029
|
)
|
|
|
|
(27,206
|
)
|
|
|
|
(27,254
|
)
|
Other intangible assets impairment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(29,782
|
)
|
|
|
|
-
|
|
Non-cash stock-based compensation expense
|
|
|
|
(1,237
|
)
|
|
|
|
(710
|
)
|
|
|
|
(2,462
|
)
|
|
|
|
(1,214
|
)
|
Reorganization and other related costs
|
|
|
|
(2,437
|
)
|
|
|
|
-
|
|
|
|
|
(2,437
|
)
|
|
|
|
-
|
|
|
|
|
|
(15,975
|
)
|
|
|
|
(14,739
|
)
|
|
|
|
(61,887
|
)
|
|
|
|
(28,468
|
)
|
Cost of sales, services
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
(560
|
)
|
|
|
|
(324
|
)
|
|
|
|
(1,168
|
)
|
|
|
|
(732
|
)
|
Reorganization and other related costs
|
|
|
|
(75
|
)
|
|
|
|
-
|
|
|
|
|
(75
|
)
|
|
|
|
-
|
|
Merger and acquisition related expense
|
|
|
|
(206
|
)
|
|
|
|
(16
|
)
|
|
|
|
(1,007
|
)
|
|
|
|
(42
|
)
|
|
|
|
|
(841
|
)
|
|
|
|
(340
|
)
|
|
|
|
(2,250
|
)
|
|
|
|
(774
|
)
|
Research and development, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
(1,506
|
)
|
|
|
|
(885
|
)
|
|
|
|
(3,374
|
)
|
|
|
|
(1,823
|
)
|
Reorganization and other related costs
|
|
|
|
(617
|
)
|
|
|
|
-
|
|
|
|
|
(617
|
)
|
|
|
|
-
|
|
Merger and acquisition related expense
|
|
|
|
(893
|
)
|
|
|
|
(433
|
)
|
|
|
|
(1,842
|
)
|
|
|
|
(990
|
)
|
|
|
|
|
(3,016
|
)
|
|
|
|
(1,318
|
)
|
|
|
|
(5,833
|
)
|
|
|
|
(2,813
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets amortization
|
|
|
|
(5,684
|
)
|
|
|
|
(5,507
|
)
|
|
|
|
(12,140
|
)
|
|
|
|
(10,871
|
)
|
Non-cash stock-based compensation expense
|
|
|
|
(6,261
|
)
|
|
|
|
(5,159
|
)
|
|
|
|
(12,320
|
)
|
|
|
|
(10,045
|
)
|
Merger and acquisition related expense
|
|
|
|
(5,937
|
)
|
|
|
|
(6,951
|
)
|
|
|
|
(12,842
|
)
|
|
|
|
(10,224
|
)
|
Reorganization and other related costs
|
|
|
|
(6,138
|
)
|
|
|
|
-
|
|
|
|
|
(6,139
|
)
|
|
|
|
-
|
|
Impairment charges
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(13,423
|
)
|
|
|
|
-
|
|
|
|
|
|
(24,020
|
)
|
|
|
|
(17,617
|
)
|
|
|
|
(56,864
|
)
|
|
|
|
(31,140
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill impairment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(150,400
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
6,680
|
|
|
|
|
(628
|
)
|
|
|
|
19,936
|
|
|
|
|
6,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense related to non-GAAP adjustments
|
|
|
|
6,279
|
|
|
|
|
6,475
|
|
|
|
|
8,093
|
|
|
|
|
11,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
30,893
|
|
|
|
$
|
28,167
|
|
|
|
$
|
249,205
|
|
|
|
$
|
44,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
Reconciliation of GAAP to Non-GAAP Forward Looking Guidance
|
|
Three Months Ended September 30, 2015
|
|
(in millions, except per share data)
|
|
|
|
|
GAAP net loss
|
|
|
($27) to ($22.5)
|
|
|
|
|
Adjustments
|
|
|
|
Stock-based compensation expense
|
|
|
$9.5 to $10
|
Intangible assets amortization expense
|
|
|
$18
|
Merger related expense
|
|
|
$7 to $8
|
Tax expense related to Non-GAAP adjustments
|
|
|
($6) to ($6.5)
|
|
|
|
|
Non-GAAP net income
|
|
|
$1.5 to $7
|
|
|
|
|
GAAP loss per share
|
|
|
($0.52) to ($0.43)
|
|
|
|
|
Non-GAAP diluted earnings per share
|
|
|
$0.03 to $0.13
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730005332/en/
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