Equity (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Equity [Abstract] |
|
| Schedule of Stock Option Activity |
A summary of the stock option activity for the year ended December 31, 2018 is as follows:
|
|
|
|
Weighted Average |
|
Number of Options |
|
Exercise Price |
| Options outstanding as of December 31, 2017 |
3,330,953 |
|
|
$ |
31.53 |
| Granted |
135,000 |
|
|
|
21.63 |
| Exercised |
(152,628 |
) |
|
|
19.65 |
| Forfeited |
(761,582 |
) |
|
|
34.54 |
| Options outstanding as of December 31, 2018 |
2,551,743 |
|
|
$ |
30.82 |
| Options exercisable as of December 31, 2018 |
1,556,519 |
|
|
$ |
36.96 |
|
| Schedule of Stock Options Outstanding |
The following table summarizes information about stock options outstanding at December 31, 2018:
|
|
|
|
|
|
|
|
Options Outstanding
|
|
Options Exercisable |
|
|
|
|
|
|
|
|
Outstanding |
|
Weighted- Average |
|
|
|
|
Exercisable |
|
|
|
|
|
|
|
|
|
|
|
options at |
|
Remaining |
|
Weighted- Average |
|
options at |
|
Weighted- Average |
| Range of |
|
December 31, |
|
Contractual |
|
Exercise |
|
December 31, |
|
Exercise |
| Exercise Prices |
|
2018 |
|
Life in Years |
|
Price |
|
2018 |
|
Price |
| $ |
2.74 |
|
- |
|
$ |
19.59 |
|
|
34,810 |
|
|
8.93 |
|
$ |
17.86 |
|
$ |
22,309 |
|
$ |
16.89 |
| $ |
19.66 |
|
- |
|
$ |
19.66 |
|
|
1,056,722 |
|
|
8.05 |
|
|
19.66 |
|
|
452,620 |
|
|
19.66 |
| $ |
19.96 |
|
- |
|
$ |
23.41 |
|
|
705,283 |
|
|
7.05 |
|
|
21.91 |
|
|
394,269 |
|
|
21.99 |
| $ |
24.66 |
|
- |
|
$ |
120.51 |
|
|
754,928 |
|
|
5.13 |
|
|
55.36 |
|
|
687,321 |
|
|
57.60 |
|
|
|
|
|
|
|
|
|
2,551,743 |
|
|
6.92 |
|
$ |
30.82 |
|
|
1,556,519 |
|
$ |
36.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate intrinsic value
(U.S. $ in thousands) |
$ |
53 |
|
|
|
|
|
|
|
$ |
53 |
|
| Schedule of Stock Option Assumptions |
The following assumptions were applied in determining the options’ fair value on their grant date:
|
2018 |
|
2017 |
|
2016 |
| Risk-free interest rate |
2.9%-3.1% |
|
1.8%-2.2% |
|
1.1% - 1.5% |
| Expected option term (years) |
5.3-5.5 |
|
5.1-6.0 |
|
|
5.2-6.0 |
| Expected share price volatility |
52.0%-52.2% |
|
52.6%-54.0% |
|
53.6%-56.1% |
| Dividend yield |
|
- |
|
|
- |
|
|
- |
| Weighted average grant date fair value |
$ |
11.49 |
|
$ |
11.10 |
|
$ |
12.39 |
|
| Summary of RSUs and PSUs Activity |
A summary of the Company’s RSUs and PSUs activity for the year ended December 31, 2018 is as follows:
|
|
|
|
Weighted Average |
|
Number of RSUs and PSUs
|
|
Grant Date Fair
Value |
| Unvested as of December 31, 2017 |
302,163 |
|
|
$ |
30.88 |
| Granted |
1,357,825 |
|
|
|
19.75 |
| Vested |
(97,591 |
) |
|
|
43.67 |
| Forfeited |
(139,510 |
) |
|
|
22.85 |
| Unvested as of December 31, 2018 |
1,422,887 |
|
|
$ |
20.17 |
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense for stock options, RSUs and PSUs included in the Company’s Statements of Operations and Comprehensive Loss were allocated as follows:
|
|
2018 |
|
2017 |
|
2016 |
|
|
|
|
(U.S. $ in thousands) |
|
|
| Cost of sales |
|
$ |
1,474 |
|
$ |
2,580 |
|
$ |
2,780 |
| Research and development, net |
|
|
3,215 |
|
|
3,503 |
|
|
4,768 |
| Selling, general and administrative |
|
|
10,997 |
|
|
11,639 |
|
|
13,225 |
| Total stock-based compensation expenses |
|
$ |
15,686 |
|
$ |
17,722 |
|
$ |
20,773 |
|
| Schedule of Accumulated Other Comprehensive Loss |
The following tables present the changes in the components of accumulated other comprehensive loss, net of taxes for the years ended December 31, 2018, 2017 and 2016:
|
|
Year ended December 31, 2018 |
|
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
hedges |
|
adjustments |
|
Total |
|
|
|
|
U.S. $ in thousands |
|
|
| Balance as of January 1, 2018 |
|
$ |
330 |
|
|
$ |
(7,353 |
) |
|
$ |
(7,023 |
) |
| Other comprehensive loss before reclassifications |
|
|
(1,814 |
) |
|
|
(2,691 |
) |
|
|
(4,505 |
) |
| Amounts reclassified from accumulated other comprehensive loss |
|
|
857 |
|
|
|
2,918 |
|
|
|
3,775 |
|
| Other comprehensive income (loss) |
|
|
(957 |
) |
|
|
227 |
|
|
|
(730 |
) |
| Balance as of December 31, 2018 |
|
$ |
(627 |
) |
|
$ |
(7,126 |
) |
|
$ |
(7,753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2017 |
|
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
hedges |
|
adjustments |
|
Total |
|
|
|
|
|
|
U.S. $ in thousands |
|
|
|
|
| Balance as of January 1, 2017 |
|
$ |
(24 |
) |
|
$ |
(13,455 |
) |
|
$ |
(13,479 |
) |
| Other comprehensive loss before reclassifications |
|
|
1,315 |
|
|
|
5,834 |
|
|
|
7,149 |
|
| Amounts reclassified from accumulated other comprehensive loss |
|
|
(961 |
) |
|
|
268 |
|
|
|
(693 |
) |
| Other comprehensive income (loss) |
|
|
354 |
|
|
|
6,102 |
|
|
|
6,456 |
|
| Balance as of December 31, 2017 |
|
$ |
330 |
|
|
$ |
(7,353 |
) |
|
$ |
(7,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
|
|
hedges |
|
adjustments |
|
Total |
|
|
|
|
U.S. $ in thousands |
|
|
| Balance as of January 1, 2016 |
|
$ |
(107 |
) |
|
$ |
(10,667 |
) |
|
$ |
(10,774 |
) |
| Other comprehensive loss before reclassifications |
|
|
523 |
|
|
|
(2,788 |
) |
|
|
(2,265 |
) |
| Amounts reclassified from accumulated other comprehensive loss |
|
|
(440 |
) |
|
|
- |
|
|
|
(440 |
) |
| Other comprehensive income (loss) |
|
|
83 |
|
|
|
(2,788 |
) |
|
|
(2,705 |
) |
| Balance as of December 31, 2016 |
|
$ |
(24 |
) |
|
$ |
(13,455 |
) |
|
$ |
(13,479 |
) |
|