* 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) | ||||||||||||||
| Twelve Months Ended December 31, 2014 | Twelve Months Ended December 31, 2013 | |||||||||||||
| GAAP | Adjustments* | Non-GAAP | GAAP | Adjustments* | Non-GAAP | |||||||||
| Net sales | ||||||||||||||
| Products | $ 612,138 | $ 235 | $ 612,373 | $ 414,853 | $ 2,316 | $ 417,169 | ||||||||
| Services | 137,991 | - | 137,991 | 69,550 | - | 69,550 | ||||||||
| 750,129 | 235 | 750,364 | 484,403 | 2,316 | 486,719 | |||||||||
| Cost of sales | ||||||||||||||
| Products | 302,838 | (69,717) | 233,121 | 213,427 | (58,826) | 154,601 | ||||||||
| Services | 84,897 | (6,925) | 77,972 | 44,803 | (1,575) | 43,228 | ||||||||
| 387,735 | (76,642) | 311,093 | 258,230 | (60,401) | 197,829 | |||||||||
| Gross profit | 362,394 | 76,877 | 439,271 | 226,173 | 62,717 | 288,890 | ||||||||
| Operating expenses | ||||||||||||||
| Research and development, net | 82,270 | (8,813) | 73,457 | 52,310 | (5,490) | 46,820 | ||||||||
| Selling, general and administrative | 351,993 | (94,442) | 257,551 | 202,040 | (57,652) | 144,388 | ||||||||
| Goodwill impairment | 102,470 | (102,470) | - | - | - | - | ||||||||
| Change in the fair value of obligations in connection with acquisitions | (26,150) | 26,150 | - | 754 | (754) | - | ||||||||
| 510,583 | (179,575) | 331,008 | 255,104 | (63,896) | 191,208 | |||||||||
| Operating income (loss) | (148,189) | 256,452 | 108,263 | (28,931) | 126,613 | 97,682 | ||||||||
| Financial expense | (6,529) | - | (6,529) | (450) | - | (450) | ||||||||
| Income (loss) before income taxes | (154,718) | 256,452 | 101,734 | (29,381) | 126,613 | 97,232 | ||||||||
| Income taxes (benefit) | (35,248) | 33,403 | (1,845) | (2,474) | 17,575 | 15,101 | ||||||||
| Net income (loss) | (119,470) | 223,049 | 103,579 | (26,907) | 109,038 | 82,131 | ||||||||
| Net income (loss) attributable to non-controlling interest | (50) | - | (50) | 47 | 125 | 172 | ||||||||
| Net income (loss) attributable to Stratasys Ltd. | $ (119,420) | $ 223,049 | $ 103,629 | $ (26,954) | $ 108,913 | $ 81,959 | ||||||||
| Net income (loss) per ordinary share attributable to Stratasys Ltd. | ||||||||||||||
| Basic | $ (2.39) | $ 2.07 | $ (0.64) | $ 1.95 | ||||||||||
| Diluted | (2.39) | 2.00 | (0.68) | 1.84 | ||||||||||
| Weighted average ordinary shares outstanding | ||||||||||||||
| Basic | 50,019 | 50,019 | 42,079 | 42,079 | ||||||||||
| Diluted | 50,019 | 51,805 | 42,099 | 44,511 | ||||||||||
