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

Equity

v3.21.2
Equity
 6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
Equity

Note 11. Equity

a. Stock-based compensation plans

Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”) and performance-based restricted share units (”PSUs”) were allocated as follows:

 

    Three Months Ended Six Months Ended
    June 30, June 30,
    2021   2020   2021   2020
    U.S $ in thousands U.S $ in thousands
               
Cost of sales   $ 788     $ 497   $ 1,422   $ 900  
Research and development, net     1,870       1,702     3,294     3,259  
Selling, general and administrative     5,319       3,912     10,466     6,859  
Total stock-based compensation expenses   $ 7,977     $ 6,111   $ 15,182   $ 11,018  

A summary of the Company’s stock option activity for the six months ended June 30, 2021 is as follows:

 

    Number of Options Weighted Average Exercise Price
Options outstanding as of January 1, 2021     2,102,529   $ 28.06  
Granted     46,366     3.15  
Exercised     (171,118 )    20.54  
Forfeited     (25,740 )    43.82  
Options outstanding as of June 30, 2021     1,952,037     27.92  
Options exercisable as of June 30, 2021     1,604,542   $ 30.60  

As of  June 30, 2021, the unrecognized compensation cost of $2.9 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 3.3 years.

 

A summary of the Company’s RSUs and PSUs activity for the three months ended June 30, 2021 is as follows:

 

    Number of RSUs and PSUs Weighted Average Grant Date Fair Value
Unvested as of January 1, 2021     2,801,116   $ 21.08  
Granted     1,221,686     34.50  
Vested     (678,073 )    21.94  
Forfeited     (238,387 )    21.43  
Unvested as of June 30, 2021     3,106,342   $ 26.14  

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, 2021, the unrecognized compensation cost of $67 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 2.6 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, 2021 and 2020, respectively:

 

    Six Months Ended June 30, 2021
    Net Unrealized Gain (Loss) on Cash Flow Hedges     Foreign Currency Translation Adjustments     Total
    U.S. $ in thousands
                 
Balance as of January 1, 2021   $ (1,673 )      $ (7,173 )      $ (8,846 ) 
Other comprehensive income before reclassifications     1,710         142         1,852  
Amounts reclassified from accumulated other comprehensive loss     291        
-
         292  
Other comprehensive income     2,001         142         2,143  
Balance as of June 30, 2021   $ 328       $ (7,031 )      $ (6,703 ) 
    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 ) 

c. Public offering of ordinary shares

During March 2021, the Company completed a public offering of $218.9 million, net of underwriting discounts and offering expenses. The total number of shares sold by the Company in the public offering was 7,931,034.
 
       A deferred tax asset in an amount of $1.3 million was recorded in respect of a tax benefit, arising from the underwriting discounts and offering expenses, as an increase to Additional Paid-In Capital.