Equity (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Schedule of Stock Option Activity |
A summary of the stock option activity for the year ended December 31, 2017 is as follows:
|
|
|
|
Weighted Average |
|
Number of Options |
|
Exercise Price |
| Options outstanding as of December 31, 2016 |
2,615,461 |
|
|
$ |
37.21 |
| Granted |
2,139,698 |
|
|
|
20.41 |
| Exercised |
(604,536 |
) |
|
|
10.84 |
| Forfeited |
(819,670 |
) |
|
|
35.89 |
| Options outstanding as of December 31, 2017 |
3,330,953 |
|
|
$ |
31.53 |
| Options exercisable as of December 31, 2017 |
1,109,094 |
|
|
$ |
49.68 |
|
| Schedule of Stock Options Outstanding |
The following table summarizes information about stock options outstanding at December 31, 2017:
|
|
|
|
|
|
|
|
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 |
|
2017 |
|
Life in Years |
|
Price |
|
2017 |
|
Price |
| $ |
2.74 |
|
- |
|
$ |
9.32 |
|
|
14,539 |
|
|
4.08 |
|
$ |
6.77 |
|
$ |
14,536 |
|
$ |
6.77 |
| $ |
19.66 |
|
- |
|
$ |
19.66 |
|
|
1,351,385 |
|
|
8.94 |
|
|
19.66 |
|
|
30,339 |
|
|
19.66 |
| $ |
19.96 |
|
- |
|
$ |
24.66 |
|
|
887,398 |
|
|
8.57 |
|
|
21.94 |
|
|
282,367 |
|
|
22.55 |
| $ |
27.83 |
|
- |
|
$ |
120.51 |
|
|
1,077,631 |
|
|
5.52 |
|
|
54.59 |
|
|
781,852 |
|
|
61.45 |
|
|
|
|
|
|
|
|
|
3,330,953 |
|
$ |
7.71 |
|
$ |
31.53 |
|
|
1,109,094 |
|
$ |
49.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aggregate intrinsic value (U.S. $ in thousands) |
$ |
597 |
|
|
|
|
|
|
|
$ |
201 |
|
|
|
|
| Summary of RSUs activity |
A summary of the Company’s RSUs activity for the year ended December 31, 2017 is as follows:
|
|
|
|
Weighted Average |
|
Number of RSUs |
|
Grant Date Fair |
| Unvested RSUs outstanding as of December 31, 2016 |
267,756 |
|
|
$ |
72.17 |
| Granted |
278,514 |
|
|
|
20.18 |
| Vested |
(130,884 |
) |
|
|
75.09 |
| Forfeited |
(113,223 |
) |
|
|
51.10 |
| Unvested RSUs outstanding as of December 31, 2017 |
302,163 |
|
|
$ |
30.88 |
|
| Schedule of Equity classified stock-based compensation |
Stock-based compensation expense for stock options and equity classified RSUs included in the Company’s Statements of Operations were allocated as follows:
|
2017 |
|
2016 |
|
2015 |
|
(U.S. $ in thousands) |
| Cost of sales |
$ |
2,580 |
|
$ |
2,780 |
|
$ |
5,381 |
| Research and development, net |
|
3,503 |
|
|
4,768 |
|
|
5,759 |
| Selling, general and administrative |
|
11,639 |
|
|
13,225 |
|
|
18,870 |
| Total stock-based compensation expenses |
$ |
17,722 |
|
$ |
20,773 |
|
$ |
30,010 |
|
| Schedule of Accumulated other comprehensive income (loss) |
The following tables present the changes in the components of accumulated other comprehensive loss, net of taxes for the years ended December 31, 2017, 2016 and 2015:
|
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 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015
|
|
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
|
|
hedges |
|
adjustments |
|
Total |
|
|
U.S. $ in thousands
|
| Balance as of January 1, 2015 |
|
$ |
(1,243 |
) |
|
$ |
(2,404 |
) |
|
$ |
(3,647 |
) |
| Other comprehensive loss before reclassifications |
|
|
(288 |
) |
|
|
(8,263 |
) |
|
$ |
(8,551 |
) |
| Amounts reclassified from accumulated other comprehensive loss |
|
|
1,424 |
|
|
|
- |
|
|
$ |
1,424 |
|
| Other comprehensive income (loss) |
|
|
1,136 |
|
|
|
(8,263 |
) |
|
|
(7,127 |
) |
| Balance as of December 31, 2015 |
|
$ |
(107 |
) |
|
$ |
(10,667 |
) |
|
$ |
(10,774 |
) |
|
| Employee Stock Option [Member] |
|
| Schedule of Stock Option Assumptions |
The Company used the Black-Scholes option-pricing model to determine the fair value of options granted during 2017, 2016 and 2015. The following assumptions were applied in determining the options’ fair value on their grant date:
|
2017 |
|
2016 |
|
2015 |
| Risk-free interest rate |
1.8%-2.2% |
|
1.1%-1.5% |
|
1.6% - 1.9% |
| Expected option term (years) |
5.1-6.0 |
|
5.2-6.0 |
|
|
6 |
| Expected share price volatility |
52.6%-54.0% |
|
53.6%-56.1% |
|
50.1%-53.5% |
| Dividend yield |
|
- |
|
|
- |
|
|
- |
| Weighted average grant date fair value |
$ |
11.10 |
|
$ |
12.36 |
|
$ |
15.49 |
|