| Equity |
Note 10. Equity
a. Stock-based compensation plans
Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”) and performance stock units ("PSUs") were allocated as follows:
|
|
|
Three Months Ended
March 31, |
|
|
|
2020 |
|
2019 |
|
|
|
U.S. $ in thousands |
|
Cost of sales |
|
$ |
402 |
|
$ |
354 |
|
Research and development, net |
|
$ |
1,556 |
|
|
759 |
|
Selling, general and administrative |
|
$ |
2,949 |
|
|
3,116 |
|
Total stock-based compensation expenses |
|
$ |
4,907 |
|
$ |
4,229
|
A summary of the Company’s stock option activity for the three months ended March 31, 2020 is as follows:
|
|
|
Number of Options |
|
Weighted Average
Exercise Price |
|
Options outstanding as of January 1, 2020 |
|
|
1,961,532 |
|
|
$ |
31.16 |
|
Granted |
|
|
300,000 |
|
|
|
16.41 |
|
Forfeited |
|
|
(49,371 |
) |
|
|
32.64 |
|
Options outstanding as of March 31, 2020 |
|
|
2,212,161 |
|
|
$ |
29.13 |
|
Options exercisable as of March 31, 2020 |
|
|
1,625,889 |
|
|
$ |
33.04
|
As of March 31, 2020, the unrecognized compensation cost of $3.6 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 1.8 years.
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2020 is as follows:
|
|
|
Number of RSUs and PSUs |
|
Weighted Average Grant
Date Fair Value |
|
Unvested as of January 1, 2020 |
|
|
2,362,991 |
|
|
$ |
24.10 |
|
Granted |
|
|
1,176,436 |
|
|
|
18.17 |
|
Vested |
|
|
(361,118 |
) |
|
|
25.97 |
|
Forfeited |
|
|
(127,520 |
) |
|
|
21.68 |
|
Unvested as of March 31, 2020 |
|
|
3,050,789 |
|
|
$ |
21.69
|
The fair value of RSUs and PSUs is determined based on the quoted price of the Company’s ordinary shares on the date of the grant.
As of March 31, 2020, the unrecognized compensation cost of $56.7 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 3 years.
b. Accumulated other comprehensive loss
The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2020 and 2019, respectively:
|
|
|
Three months ended March 31, 2020 |
|
|
|
|
Net unrealized gain (loss) on cash flow hedges
|
|
Foreign currency translation adjustments
|
|
Total |
|
|
|
|
U.S. $ in thousands |
|
|
Balance as of January 1, 2020 |
|
$ |
(10 |
) |
|
$ |
(7,706 |
) |
|
$ |
(7,716 |
) |
|
Other comprehensive income (loss) before reclassifications |
|
|
849 |
|
|
|
(1,954 |
) |
|
|
(1,105 |
) |
|
Amounts reclassified from accumulated other comprehensive loss |
|
|
(27 |
) |
|
|
- |
|
|
|
(27 |
) |
|
Other comprehensive income (loss) |
|
|
822 |
|
|
|
(1,954 |
) |
|
|
(1,132 |
) |
|
Balance as of March 31, 2020 |
|
$ |
812 |
|
|
$ |
(9,660 |
) |
|
$ |
(8,848 |
) |
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
Three months ended March 31, 2019 |
|
|
|
|
Net unrealized gain
(loss) on cash flow
hedges |
|
Foreign currency
translation
adjustments |
|
Total |
|
|
|
|
U.S. $ in thousands |
|
|
Balance as of January 1, 2019 |
|
$ |
(627 |
) |
|
$ |
(7,126 |
) |
|
$ |
(7,753 |
) |
|
Other comprehensive income (loss) before reclassifications |
|
|
1,011 |
|
|
|
(427 |
) |
|
|
584 |
|
|
Amounts reclassified from accumulated other comprehensive loss |
|
|
(16 |
) |
|
|
- |
|
|
|
(16 |
) |
|
Other comprehensive income (loss) |
|
|
995 |
|
|
|
(427 |
) |
|
|
568 |
|
|
Balance as of March 31, 2019 |
|
$ |
368 |
|
|
$ |
(7,553 |
) |
|
$ |
(7,185 |
)
|
|