Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Equity

v3.20.2
Equity
6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
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

June 30,

Six Months Ended

June 30,

2020

2019

2020

2019

U.S $ in thousands

U.S $ in thousands

Cost of sales

$

497

$

541

$

900

$

895

Research and development, net

1,702

1,511

3,259

2,270

Selling, general and administrative

 

3,912

 

4,041

 

6,859

 

7,157

Total stock-based compensation expenses

$

6,111

$

6,093

$

11,018

$

10,322

A summary of the Company’s stock option activity for the six months ended June 30, 2020 is as follows:

Number of Options

Weighted Average

Exercise Price

Options outstanding as of January 1, 2020

1,961,532

$

31.16

Granted

360,000

17.10

Exercised

(2,237

)

8.09

Forfeited

(76,753

)

28.74

Options outstanding as of June 30, 2020

2,242,542

$

29.01

Options exercisable as of June 30, 2020

1,732,704

$

32.24

As of June 30, 2020, the unrecognized compensation cost of $2.96 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 3.1 years.

15


STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

A summary of the Company’s RSUs and PSUs activity for the six months ended June 30, 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

1,189,436

18.17

Vested

(587,225

)

23.57

Forfeited

(286,091

)

22.45

Unvested as of June 30, 2020

2,679,111

$

21.76

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 June 30, 2020, the unrecognized compensation cost of $48.8 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 2.8 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 six months ended June 30, 2020 and 2019, respectively:

 

 

Six months ended June 30, 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

 

 

856

 

 

 

(1,667

)

 

 

(811

)

Amounts reclassified from accumulated other comprehensive loss

 

 

33

 

 

-

 

 

 

33

Other comprehensive income (loss)

 

 

889

 

 

 

(1,667

)

 

 

(778

)

Balance as of June 30, 2020

 

$

879

 

 

$

(9,373

)

 

$

(8,494

)

16


STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Six months ended June 30, 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

 

1,277

(444

)

833

Amounts reclassified from accumulated other comprehensive loss

 

(127

)

 

-

 

 

(127

)

Other comprehensive income (loss)

 

1,150

 

 

(444

)

 

706

 

Balance as of June 30, 2019

$

523

 

$

(7,570

)

$

(7,047

)