[November 15, 2016] |
|
Stratasys Releases Third Quarter 2016 Financial Results
Stratasys
Ltd. (Nasdaq:SSYS), the 3D printing and additive manufacturing
solutions company, announced financial results for the third quarter of
2016.
Q3-2016 Financial Results Summary:
-
Revenue for the third quarter of 2016 was $157.2 million, compared to
$167.6 million for the same period last year.
-
GAAP gross margin was 46.9% for the third quarter, compared to a GAAP
negative gross margin of 47.7% for the same period last year.
-
Non-GAAP gross margin was 54.0% for the third quarter, compared to
50.8% for the same period last year.
-
GAAP operating loss for the third quarter was $19.4 million, compared
to a loss of $931.3 million for the same period last year.
-
Non-GAAP operating income for the third quarter was $3.3 million,
compared to non-GAAP operating loss of $10.0 million for the same
period last year.
-
GAAP net loss for the third quarter was $20.8 million, or ($0.40) per
diluted share, compared to a loss of $901.3 million, or ($17.35) per
diluted share, for the same period last year.
-
Non-GAAP net income for the third quarter was $0.1 million, or $0.00
per diluted share, compared to Non-GAAP net income of $0.7 million, or
$0.01 per diluted share, reported for the same period last year.
-
The Company maintains $239.3 million in cash and cash equivalents as
of the end of the third quarter.
-
Net R&D expenses for the third quarter amounted to $24.0 million,
representing 15.3% of net sales.
-
GAAP EBITDA for the third quarter amounted to $3.5 million.
-
Non-GAAP EBITDA for the third quarter amounted to $12.0 million.
Recent Business Highlights:
-
Announced that leading aircraft manufacturer Airbus is standardizing
on ULTEM™ 9085 3D printing material for the production of flight parts
for its A350 XWB aircraft.
-
Showcased demonstrations of next generation manufacturing technologies
at IMTS 2016, designed to spearhead strategic efforts in developing
advanced manufacturing applications, including:
-
The Stratasys Infinite-Build 3D Demonstrator, developed with the
Boeing Company and the Ford Motor Company, designed for low-volume
production of large thermo-plastic parts.
-
The Stratasys Robotic Composite Demonstrator, developed with
Siemens, designed for the automated production of composite
material structures for advanced manufacturing applications.
-
Launched and began shipping new MakerBot 3D printing solutions for
professionals and educators, including:
-
The MakerBot
Replicator+ and Replicator
Mini+, which have been re-engineered and tested to provide
improved performance and reliability.
-
MakerBot Print and Mobile software applications, which are
designed to help professionals integrate MakerBot solutions into
their workflows; and help educators introduce students to 3D
printing.
-
Thingiverse Education, designed to provide educators with access
to valuable classroom content created by other educators.
"The introductions of the Stratasys Infinite-Build and Robotic Composite
3D Demonstrators both evidence the unique long-term value of our core
technologies and highlight the importance of strategic relationships in
developing solutions that target specific, high-value added
applications," said Ilan Levin, Chief Executive Officer of Stratasys.
"These innovations demonstrate our potential to meet the needs of
customers by leveraging our core assets within key vertical markets. We
believe these types of opportunities remain significant across multiple
industries, and we are committed to seeking their further development."
Financial Guidance:
Stratasys provided updated guidance regarding the Company's prospective
revenue and net income (loss) for the fiscal year ending December 31,
2016:
-
Revenue guidance of $662 to $673 million.
-
GAAP net loss of $76 to $71 million, or ($1.44) to ($1.35) per diluted
share.
-
Non-GAAP net income of $7 to $11 million, or $0.13 to $0.21 per
diluted share.
Stratasys provided the following additional information regarding the
Company's prospective performance and strategic plans for fiscal 2016:
-
Non-GAAP gross margin in a range of 54% to 55%.
-
Non-GAAP operating margin of 3% to 4%.
-
Non-GAAP Tax expense of $15 to $17 million, which includes the
negative impact of the planned accounting treatment for tax valuation
allowance.
-
Capital expenditures are projected at $50 to $60 million.
Given the expected ongoing negative impact of not recording a tax
benefit on U.S. tax losses on the Company non-GAAP net income, the
Company believes that the rate of growth in its non-GAAP operating
income will be the best measure of performance.
Non-GAAP earnings guidance excludes $59.0 million of projected
amortization of intangible assets; $21.0 million of share-based
compensation expense; $10.0 to $11.0 million in merger and acquisition
related expense; and $7.0 to $8.0 million in reorganization and other
related costs; and includes $15.0 million in tax expenses related to
non-GAAP adjustments.
"We were pleased to recognize additional improvements to our operational
efficiency during the period which was reflected in a reduction in
non-GAAP operating expenses and increase in our non-GAAP gross margin
compared to the same period last year," continued Levin. "We will
continue to seek further improvements in our cost structure as we strive
to align our operations even more closely with our anticipated results."
Stratasys Ltd. Q3 2016 Conference Call Details
The Company plans to hold the conference call to discuss its third
quarter financial results on Tuesday, November 15, 2016 at 7:00 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://www.thomson-webcast.net/m/p/cet5hgis.
To participate by telephone, the domestic dial-in number is (855)
319-2216 and the international dial-in is (503) 343-6033. The access
code is 96601880.
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.
For more than 25 years, Stratasys
Ltd. (NASDAQ:SSYS) has been a defining force and dominant
player in 3D printing and additive manufacturing - shaping the way
things are made. Headquartered in Minneapolis, Minnesota and Rehovot,
Israel, the company empowers customers across a broad range of vertical
markets by enabling new paradigms for design and manufacturing. The
company's solutions provide customers with unmatched design freedom and
manufacturing flexibility - reducing time-to-market and lowering
development costs, while improving designs and communications. Stratasys
subsidiaries include MakerBot and Solidscape, and the Stratasys
ecosystem includes 3D printers for prototyping and production; a wide
range of 3D printing materials; parts on-demand via Stratasys Direct
Manufacturing; strategic consulting and professional services; and the
Thingiverse and GrabCAD communities with over 2 million 3D printable
files for free designs. With more than 2,500 employees and 1,200 granted
or pending additive manufacturing patents, Stratasys has received more
than 30 technology and leadership awards. Visit us online at: www.stratasys.com
or http://blog.stratasys.com/,
and follow us on LinkedIn.
Stratasys is a registered trademark of Stratasys Ltd. and/or its
subsidiaries or affiliates.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release regarding Stratasys' strategy, and
the statements regarding its projected future financial performance,
including under the heading "Financial Guidance," are forward-looking
statements reflecting management's current expectations and beliefs.
These forward-looking statements are based on current information that
is, by its nature, subject to rapid and even abrupt change. Due to risks
and uncertainties associated with Stratasys' business, actual results
could differ materially from those projected or implied by these
forward-looking statements. These risks and uncertainties include, but
are not limited to: any failure to efficiently and successfully
integrate the operations of Stratasys, Inc. and Objet Ltd. after their
merger as well as MakerBot, Solid Concepts, Harvest and GrabCAD after
their acquisition or to successfully establish and execute effective
post-acquisition integration plans; changes in the overall global
economic environment; the impact of competition and new technologies;
changes in the general market, political and economic conditions in the
countries in which Stratasys operates; any underestimates in projected
capital expenditures and liquidity; changes in Stratasys' strategy;
changes in applicable government regulations and approvals; changes in
customers' budgeting priorities; lower than expected demand for
Stratasys' products and services; reduction in Stratasys' profitability
due to shifting in its product mix into lower margin products or
shifting in its revenues mix significantly towards its AM services
business; costs and potential liability relating to litigation and
regulatory proceedings; and those factors referred to in Item 3.D "Key
Information - Risk Factors", Item 4, "Information on the Company", and
Item 5, "Operating and Financial Review and Prospects" in Stratasys'
Annual Report for the year ended December 31, 2015, as well as in such
Annual Report generally. Readers are urged to carefully review and
consider the various disclosures made throughout (i) the Form 6-K
attaching Stratasys' unaudited, condensed consolidated financial
statements as of, and for the quarter and nine months ended, September
30, 2016, and its review of its results of operations and financial
condition for those periods, which has been furnished to the Securities
and Exchange Commission, or SEC, on or about the date hereof, (ii)
Stratasys' 2015 Annual Report, and (iii) Stratasys' other reports filed
with or furnished to the SEC, 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 Stratasys 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.
Use of non-GAAP financial measures
The non-GAAP data included herein, which exclude certain items as
described herein, are non-GAAP financial measures. Our management
believes that these non-GAAP financial measures are useful information
for investors and shareholders of our company in gauging our results of
operations (x) on an ongoing basis after excluding merger and
acquisition related expense and reorganization-related charges, and (y)
excluding non-cash items such as stock-based compensation expenses,
acquired intangible assets amortization, impairment of goodwill and
other long-lived assets, changes in fair value of obligations in
connection with acquisitions and the corresponding tax effect of those
items, as well as, non-recurring changes of non-cash valuation allowance
on deferred tax assets. These non-GAAP adjustments either do not reflect
actual cash outlays that impact our liquidity and our financial
condition or have a non-recurring impact on the income statement, as
assessed by management. These non-GAAP financial measures are presented
to permit investors to more fully understand how management assesses our
performance for internal planning and forecasting purposes. The
limitations of using these non-GAAP financial measures as performance
measures are that they provide a view of our results of operations
without including all items indicated above during a period, which may
not provide a comparable view of our performance to other companies in
our industry. Investors and other readers should consider non-GAAP
measures only as supplements to, not as substitutes for or as superior
measures to, the measures of financial performance prepared in
accordance with U.S. GAAP. Reconciliation between results on a GAAP and
non-GAAP basis is provided in a table below.
|
Stratasys Ltd.
|
|
Consolidated Balance Sheets
|
|
(in thousands, except share data)
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
239,345
|
|
|
|
$
|
257,592
|
|
Short-term bank deposits
|
|
|
|
-
|
|
|
|
|
571
|
|
Accounts receivable, net
|
|
|
|
109,235
|
|
|
|
|
123,215
|
|
Inventories
|
|
|
|
127,044
|
|
|
|
|
123,658
|
|
Net investment in sales-type leases
|
|
|
|
12,108
|
|
|
|
|
11,704
|
|
Prepaid expenses
|
|
|
|
8,428
|
|
|
|
|
8,469
|
|
Other current assets
|
|
|
|
18,722
|
|
|
|
|
21,864
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
514,882
|
|
|
|
|
547,073
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Goodwill
|
|
|
|
386,325
|
|
|
|
|
383,853
|
|
Other intangible assets, net
|
|
|
|
208,034
|
|
|
|
|
252,468
|
|
Property, plant and equipment, net
|
|
|
|
214,570
|
|
|
|
|
201,934
|
|
Net investment in sales-type leases - long term
|
|
|
|
14,688
|
|
|
|
|
17,785
|
|
Deferred income taxes and other non-current assets
|
|
|
|
30,245
|
|
|
|
|
11,243
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
|
853,862
|
|
|
|
|
867,283
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
1,368,744
|
|
|
|
$
|
1,414,356
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
37,793
|
|
|
|
$
|
39,021
|
|
Accrued expenses and other current liabilities
|
|
|
|
27,417
|
|
|
|
|
31,314
|
|
Accrued compensation and related benefits
|
|
|
|
39,220
|
|
|
|
|
34,052
|
|
Income taxes payable
|
|
|
|
4,089
|
|
|
|
|
11,395
|
|
Obligations in connection with acquisitions
|
|
|
|
4,607
|
|
|
|
|
4,636
|
|
Deferred revenues
|
|
|
|
49,548
|
|
|
|
|
52,309
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
162,674
|
|
|
|
|
172,727
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Obligations in connection with acquisitions - long term
|
|
|
|
-
|
|
|
|
|
4,354
|
|
Deferred tax liabilities
|
|
|
|
10,784
|
|
|
|
|
16,040
|
|
Deferred revenues - long-term
|
|
|
|
11,993
|
|
|
|
|
7,627
|
|
Other non-current liabilities
|
|
|
|
34,919
|
|
|
|
|
22,428
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
|
57,696
|
|
|
|
|
50,449
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
220,370
|
|
|
|
|
223,176
|
|
|
|
|
|
|
|
|
Redeemable non-controlling interests
|
|
|
|
2,095
|
|
|
|
|
2,379
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Ordinary shares, NIS 0.01 nominal value, authorized 180,000
thousands shares; 52,600 thousands shares and 52,082 thousands
shares issued and outstanding at September 30, 2016 and December
31, 2015, respectively
|
|
|
|
141
|
|
|
|
|
141
|
|
Additional paid-in capital
|
|
|
|
2,625,844
|
|
|
|
|
2,605,957
|
|
Accumulated deficit
|
|
|
|
(1,469,164
|
)
|
|
|
|
(1,406,706
|
)
|
Accumulated other comprehensive loss
|
|
|
|
(10,670
|
)
|
|
|
|
(10,774
|
)
|
Equity attributable to Stratasys Ltd.
|
|
|
|
1,146,151
|
|
|
|
|
1,188,618
|
|
Non-controlling interest
|
|
|
|
128
|
|
|
|
|
183
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
1,146,279
|
|
|
|
|
1,188,801
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
1,368,744
|
|
|
|
$
|
1,414,356
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
Consolidated Statements of Operations
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
$
|
110,083
|
|
|
|
$
|
118,473
|
|
|
|
$
|
352,475
|
|
|
|
$
|
379,630
|
|
Services
|
|
|
|
47,093
|
|
|
|
|
49,107
|
|
|
|
|
144,680
|
|
|
|
|
143,003
|
|
|
|
|
|
157,176
|
|
|
|
|
167,580
|
|
|
|
|
497,155
|
|
|
|
|
522,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
54,332
|
|
|
|
|
213,431
|
|
|
|
|
172,683
|
|
|
|
|
379,468
|
|
Services
|
|
|
|
29,163
|
|
|
|
|
34,045
|
|
|
|
|
90,090
|
|
|
|
|
94,065
|
|
|
|
|
|
83,495
|
|
|
|
|
247,476
|
|
|
|
|
262,773
|
|
|
|
|
473,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
73,681
|
|
|
|
|
(79,896
|
)
|
|
|
|
234,382
|
|
|
|
|
49,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
|
23,993
|
|
|
|
|
37,698
|
|
|
|
|
73,474
|
|
|
|
|
90,442
|
|
Selling, general and administrative
|
|
|
|
69,069
|
|
|
|
|
121,304
|
|
|
|
|
218,340
|
|
|
|
|
321,493
|
|
Goodwill impairment
|
|
|
|
-
|
|
|
|
|
695,458
|
|
|
|
|
-
|
|
|
|
|
845,858
|
|
Change in the fair value of obligations in connection with
acquisitions
|
|
|
|
(24
|
)
|
|
|
|
(3,022
|
)
|
|
|
|
116
|
|
|
|
|
(22,958
|
)
|
|
|
|
|
93,038
|
|
|
|
|
851,438
|
|
|
|
|
291,930
|
|
|
|
|
1,234,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(19,357
|
)
|
|
|
|
(931,334
|
)
|
|
|
|
(57,548
|
)
|
|
|
|
(1,185,735
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net
|
|
|
|
104
|
|
|
|
|
(3,505
|
)
|
|
|
|
1,216
|
|
|
|
|
(9,340
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
|
(19,253
|
)
|
|
|
|
(934,839
|
)
|
|
|
|
(56,332
|
)
|
|
|
|
(1,195,075
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expenses (benefit)
|
|
|
|
1,538
|
|
|
|
|
(33,402
|
)
|
|
|
|
6,283
|
|
|
|
|
(54,090
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share in losses of associated company
|
|
|
|
(182
|
)
|
|
|
|
-
|
|
|
|
|
(182
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
(20,973
|
)
|
|
|
|
(901,437
|
)
|
|
|
|
(62,797
|
)
|
|
|
|
(1,140,985
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
|
(146
|
)
|
|
|
|
(164
|
)
|
|
|
|
(339
|
)
|
|
|
|
(493
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Stratasys Ltd.
|
|
|
$
|
(20,827
|
)
|
|
|
$
|
(901,273
|
)
|
|
|
$
|
(62,458
|
)
|
|
|
$
|
(1,140,492
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary share attributable to Stratasys Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
(17.35
|
)
|
|
|
$
|
(1.20
|
)
|
|
|
$
|
(22.21
|
)
|
Diluted
|
|
|
|
(0.40
|
)
|
|
|
|
(17.35
|
)
|
|
|
|
(1.20
|
)
|
|
|
|
(22.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
52,432
|
|
|
|
|
51,941
|
|
|
|
|
52,232
|
|
|
|
|
51,437
|
|
Diluted
|
|
|
|
52,432
|
|
|
|
|
51,941
|
|
|
|
|
52,232
|
|
|
|
|
51,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Results of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 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)
|
|
|
$
|
73,681
|
|
|
|
$
|
11,248
|
|
|
|
$
|
84,929
|
|
|
$
|
(79,896
|
)
|
|
|
$
|
165,099
|
|
|
|
$
|
85,203
|
|
|
|
Operating income (loss) (1,2)
|
|
|
|
(19,357
|
)
|
|
|
|
22,651
|
|
|
|
|
3,294
|
|
|
|
(931,344
|
)
|
|
|
|
921,361
|
|
|
|
|
(9,983
|
)
|
|
|
Net income (loss) attributable to Stratasys Ltd. (1,2,3)
|
|
|
|
(20,827
|
)
|
|
|
|
20,936
|
|
|
|
|
109
|
|
|
|
(901,273
|
)
|
|
|
|
901,937
|
|
|
|
|
664
|
|
|
|
Net income (loss) per diluted share attributable to Stratasys Ltd.
(4)
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.40
|
|
|
|
$
|
0.00
|
|
|
$
|
(17.35
|
)
|
|
|
$
|
17.36
|
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Acquired intangible assets amortization expense
|
|
|
|
|
|
|
10,394
|
|
|
|
|
|
|
|
|
|
|
12,317
|
|
|
|
|
|
|
Impairment charges of other intangible assets
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
150,973
|
|
|
|
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
|
|
|
680
|
|
|
|
|
|
|
|
|
|
|
739
|
|
|
|
|
|
|
Reorganization and other related costs
|
|
|
|
|
|
|
249
|
|
|
|
|
|
|
|
|
|
|
914
|
|
|
|
|
|
|
Merger and acquisition and other expense
|
|
|
|
|
|
|
(75
|
)
|
|
|
|
|
|
|
|
|
|
156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,248
|
|
|
|
|
|
|
|
|
|
|
165,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Acquired intangible assets amortization expense
|
|
|
|
|
|
|
3,697
|
|
|
|
|
|
|
|
|
|
|
5,832
|
|
|
|
|
|
|
Goodwill impairment
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
695,458
|
|
|
|
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
|
|
|
4,105
|
|
|
|
|
|
|
|
|
|
|
4,097
|
|
|
|
|
|
|
Impairment charges of other intangible assets
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
42,215
|
|
|
|
|
|
|
Change in fair value of obligations in connection with acquisitions
|
|
|
|
|
|
|
(24
|
)
|
|
|
|
|
|
|
|
|
|
(3,022
|
)
|
|
|
|
|
|
Reorganization and other related costs
|
|
|
|
|
|
|
1,959
|
|
|
|
|
|
|
|
|
|
|
834
|
|
|
|
|
|
|
Merger and acquisition and other expense
|
|
|
|
|
|
|
1,666
|
|
|
|
|
|
|
|
|
|
|
10,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,403
|
|
|
|
|
|
|
|
|
|
|
756,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,651
|
|
|
|
|
|
|
|
|
|
|
921,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Credit facility termination related costs
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
2,705
|
|
|
|
|
|
|
Corresponding tax effect and other tax adjustments
|
|
|
|
|
|
|
(1,998
|
)
|
|
|
|
|
|
|
|
|
|
(22,119
|
)
|
|
|
|
|
|
Amortization expense of associated company
|
|
|
|
|
|
|
283
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,936
|
|
|
|
|
|
|
|
|
|
$
|
901,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
Weighted average number of ordinary shares outstanding- Diluted
|
|
|
|
52,432
|
|
|
|
|
|
|
|
53,168
|
|
|
|
51,941
|
|
|
|
|
|
|
|
53,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Results of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 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)
|
|
|
$
|
234,382
|
|
|
|
$
|
39,241
|
|
|
|
$
|
273,623
|
|
|
$
|
49,100
|
|
|
|
$
|
229,236
|
|
|
|
$
|
278,336
|
|
|
|
Operating income (loss) (1,2)
|
|
|
|
(57,548
|
)
|
|
|
|
74,996
|
|
|
|
|
17,448
|
|
|
|
(1,185,735
|
)
|
|
|
|
1,178,650
|
|
|
|
|
(7,085
|
)
|
|
|
Net income (loss) attributable to Stratasys Ltd. (1,2,3)
|
|
|
|
(62,458
|
)
|
|
|
|
69,401
|
|
|
|
|
6,943
|
|
|
|
(1,140,492
|
)
|
|
|
|
1,151,142
|
|
|
|
|
10,650
|
|
|
|
Net income (loss) per diluted share attributable to Stratasys Ltd.
(4)
|
|
|
$
|
(1.20
|
)
|
|
|
$
|
1.33
|
|
|
|
$
|
0.13
|
|
|
$
|
(22.21
|
)
|
|
|
$
|
22.41
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Acquired intangible assets amortization expense
|
|
|
|
|
|
|
31,318
|
|
|
|
|
|
|
|
|
|
|
39,523
|
|
|
|
|
|
|
Impairment of other intangible assets
|
|
|
|
|
|
|
1,779
|
|
|
|
|
|
|
|
|
|
|
180,755
|
|
|
|
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
|
|
|
2,132
|
|
|
|
|
|
|
|
|
|
|
4,369
|
|
|
|
|
|
|
Reorganization and other related costs
|
|
|
|
|
|
|
3,570
|
|
|
|
|
|
|
|
|
|
|
3,426
|
|
|
|
|
|
|
Merger and acquisition and other expense
|
|
|
|
|
|
|
442
|
|
|
|
|
|
|
|
|
|
|
1,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,241
|
|
|
|
|
|
|
|
|
|
|
229,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Acquired intangible assets amortization expense
|
|
|
|
|
|
|
11,079
|
|
|
|
|
|
|
|
|
|
|
17,972
|
|
|
|
|
|
|
Goodwill impairment
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
845,858
|
|
|
|
|
|
|
Impairment of other intangible assets
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
55,638
|
|
|
|
|
|
|
Non-cash stock-based compensation expense
|
|
|
|
|
|
|
13,755
|
|
|
|
|
|
|
|
|
|
|
19,791
|
|
|
|
|
|
|
Change in fair value of obligations in connection with acquisitions
|
|
|
|
|
|
|
116
|
|
|
|
|
|
|
|
|
|
|
(22,958
|
)
|
|
|
|
|
|
Reorganization and other related costs
|
|
|
|
|
|
|
3,420
|
|
|
|
|
|
|
|
|
|
|
7,590
|
|
|
|
|
|
|
Merger and acquisition and other expense
|
|
|
|
|
|
|
7,385
|
|
|
|
|
|
|
|
|
|
|
25,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,755
|
|
|
|
|
|
|
|
|
|
|
949,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,996
|
|
|
|
|
|
|
|
|
|
|
1,178,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Credit facility termination related costs
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
2,705
|
|
|
|
|
|
|
Corresponding tax effect and other tax adjustments
|
|
|
|
|
|
|
(5,878
|
)
|
|
|
|
|
|
|
|
|
|
(30,213
|
)
|
|
|
|
|
|
Amortization expense of associated company
|
|
|
|
|
|
|
283
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
69,401
|
|
|
|
|
|
|
|
|
|
$
|
1,151,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
Weighted average number of ordinary shares outstanding- Diluted
|
|
|
|
52,232
|
|
|
|
|
|
|
|
53,182
|
|
|
|
51,437
|
|
|
|
|
|
|
|
52,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stratasys Ltd.
|
|
Reconciliation of GAAP to Non-GAAP Forward Looking Guidance
|
|
Fiscal Year 2016
|
|
(in millions, except per share data)
|
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GAAP net loss
|
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($76) to ($71)
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|
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Adjustments
|
|
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Stock-based compensation expense
|
|
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$21
|
Intangible assets amortization expense
|
|
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$59
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Merger and acquisition related expense
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|
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$10 to $11
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Reorganization and other related costs
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$7 to $8
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Tax expense related to Non-GAAP adjustments
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($15)
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Non-GAAP net income
|
|
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$7 to $11
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GAAP loss per share
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($1.44) to ($1.35)
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Non-GAAP diluted earnings per share
|
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$0.13 to $0.21
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|
|
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View source version on businesswire.com: http://www.businesswire.com/news/home/20161115005827/en/
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