Equity (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Equity [Abstract] |
|
| Schedule of Stock Option Activity |
A summary of the stock option activity for the year ended December 31, 2019 is as follows:
|
|
|
|
|
|
Weighted Average |
|
|
|
Number of Options |
|
Exercise Price |
|
Options outstanding as of December 31, 2018 |
|
2,551,743 |
|
|
$ |
30.82 |
|
Exercised |
|
(249,956 |
) |
|
|
20.54 |
|
Forfeited |
|
(340,255 |
) |
|
|
36.43 |
|
Options outstanding as of December 31, 2019 |
|
1,961,532 |
|
|
$ |
31.16 |
|
Options exercisable as of December 31, 2019 |
|
1,585,035 |
|
|
$ |
33.73
|
|
| Schedule of Stock Options Outstanding |
The following table summarizes information about stock options outstanding at December 31, 2019:
|
|
|
|
|
|
|
Range of
Exercise Prices |
|
Outstanding
options at
December 31,
2019 |
|
Weighted-
Average
Remaining
Contractual
Life in Years |
|
Weighted-
Average
Exercise
Price |
|
Exercisable
options at
December 31,
2019 |
|
Weighted-
Average
Exercise
Price |
|
$ |
2.74 |
- |
$ |
19.59 |
|
|
33,828 |
|
|
8.12 |
|
$ |
18.20 |
|
|
33,828 |
|
$ |
18.20 |
|
$ |
19.66 |
- |
$ |
19.66 |
|
|
828,891 |
|
|
6.98 |
|
|
19.66 |
|
|
566,036 |
|
|
19.66 |
|
$ |
19.96 |
- |
$ |
23.41 |
|
|
523,812 |
|
|
7.23 |
|
|
22.05 |
|
|
415,233 |
|
|
22.25 |
|
$ |
24.66 |
- |
$ |
120.51 |
|
|
575,001 |
|
|
4.39 |
|
|
56.75 |
|
|
569,938 |
|
|
57.00 |
|
|
|
|
|
|
|
|
1,961,532 |
|
|
6.31 |
|
$ |
31.16 |
|
|
1,585,035 |
|
$ |
33.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate intrinsic value
(U.S. $ in thousands) |
$ |
563 |
|
|
|
|
|
|
|
$ |
405 |
|
|
|
|
| Schedule of Stock Option Assumptions |
The Company used the Black-Scholes option-pricing model to determine the fair value of options granted during 2018 and 2017. No options were granted during 2019. The following assumptions were applied in determining the options’ fair value on their grant date:
|
|
|
2018 |
|
2017 |
|
Risk-free interest rate |
|
2.9%-3.1% |
|
1.8%-2.2% |
|
Expected option term (years) |
|
5.3-5.5 |
|
5.1-6.0 |
|
Expected share price volatility |
|
52.0%-52.2% |
|
52.6%-54.0% |
|
Dividend yield |
|
|
— |
|
|
— |
|
Weighted average grant date fair value |
|
$ |
11.49 |
|
$ |
11.10
|
|
| Summary of RSUs and PSUs Activity |
A summary of the Company’s RSUs and PSUs activity for the year ended December 31, 2019 is as follows:
|
|
|
Number of RSUs
and PSUs |
|
Weighted
Average
Grant Date Fair
Value |
|
Unvested RSUs and PSUs outstanding as of December 31, 2018 |
|
1,422,887 |
|
|
$ |
20.17 |
|
Granted |
|
1,613,282 |
|
|
|
26.50 |
|
Vested |
|
(309,642 |
) |
|
|
20.50 |
|
Forfeited |
|
(363,536 |
) |
|
|
22.32 |
|
Unvested RSUs and PSUs outstanding as of December 31, 2019 |
|
2,362,991 |
|
|
$ |
24.10
|
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense for stock options and equity classified RSUs included in the Company’s Statements of Operations and Comprehensive Loss were allocated as follows:
|
|
|
2019 |
|
2018 |
|
2017 |
|
|
|
(U.S. $ in thousands) |
|
Cost of sales |
|
$ |
1,848 |
|
$ |
1,474 |
|
$ |
2,580 |
|
Research and development, net |
|
|
5,167 |
|
|
3,215 |
|
|
3,503 |
|
Selling, general and administrative |
|
|
13,549 |
|
|
10,997 |
|
|
11,639 |
|
Total stock-based compensation expenses |
|
$ |
20,564 |
|
$ |
15,686 |
|
$ |
17,722
|
|
| 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, 2019, 2018 and 2017:
|
|
|
Year ended December 31, 2019 |
|
|
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
|
hedges |
|
adjustments |
|
Total |
|
|
|
U.S. $ in thousands |
|
Balance as of January 1, 2019 |
|
$ |
(627 |
) |
|
$ |
(7,126 |
) |
|
$ |
(7,753 |
) |
|
Other comprehensive loss before reclassifications |
|
|
1,548 |
|
|
|
(580 |
) |
|
|
968 |
|
|
Amounts reclassified from accumulated other comprehensive loss |
|
|
(931 |
) |
|
|
— |
|
|
|
(931 |
) |
|
Other comprehensive income (loss) |
|
|
617 |
|
|
|
(580 |
) |
|
|
37 |
|
|
Balance as of December 31, 2019 |
|
$ |
(10 |
) |
|
$ |
(7,706 |
) |
|
$ |
(7,716 |
) |
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table of Contents
STRATASYS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
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 |
)
|
|