(a) Represents amortization expense of $436,012 related to acquired Solidscape, Inc. intangible assets and expense of $71,000 associated with the Company's current efforts to combine with Objet Ltd.
(b) Represents non-cash stock-based compensation expense of $784,181, amortization expense of $133,333 related to acquired Solidscape, Inc. intangible assets and expense of $2,493,479 associated with the Company's current efforts to combine with Objet Ltd.
(c) Represents the tax benefit related to non-GAAP adjustments.
(d) Represents amortization expense related to acquired Solidscape, Inc. intangible assets.(e) Represents non-cash stock-based compensation expense of $440,829 and amortization expense of $133,333 related to acquired Solidscape, Inc. intangible assets. (f) Represents gain on sale of an auction rate security during the third quarter of 2011. 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.
|STRATASYS, INC. AND SUBSIDIARIES|
|RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS|
|Nine Months Ended September 30, 2012||Nine Months Ended September 30, 2011|
|As Reported||Non-GAAP||As Reported||Non-GAAP|
|Cost of sales|
|Research and development||12,576,094||-||12,576,094||10,687,578||-||10,687,578|
|Selling, general and administrative||42,365,253||(9,274,541||)||(b)||33,090,712||28,738,325||(1,925,579||)||(e)||26,812,746|
|Other income (expense)|
|Interest income, net||672,052||-||672,052||698,469||-||698,469|
|Foreign currency transaction losses, net||(265,141||)||-||(265,141||)||(429,840||)||-||(429,840||)|
|Income before income taxes||22,647,458||10,653,577||33,301,035||22,646,837||1,382,764||24,029,601|
|Income tax expense||9,924,615||1,513,033||(c)||11,437,648||7,806,524||358,211||(c)||8,164,735|
|Earnings per common share|
|Weighted average number of common shares outstanding|
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