Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2022 | |
Document Information Line Items | |
Entity Registrant Name | STRATASYS LTD. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001517396 |
Document Period End Date | Sep. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Entity File Number | 001-35751 |
Entity Address, Address Line One | 1 Holtzman Street |
Entity Address, Address Line Two | Science Park |
Entity Address, Address Line Three | P.O. Box 2496 |
Entity Address, City or Town | Rehovot |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | 76124 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 150,672 | $ 243,179 |
Short-term deposits | 198,056 | 259,000 |
Accounts receivable, net of allowance for credit losses of $0.7 million and $0.5 million as of September 30, 2022 and December 31, 2021 | 140,258 | 129,382 |
Inventories | 170,434 | 129,147 |
Prepaid expenses | 8,146 | 6,871 |
Other current assets | 26,838 | 33,123 |
Total current assets | 694,404 | 800,702 |
Non-current assets | ||
Property, plant and equipment, net | 194,214 | 203,295 |
Goodwill | 64,844 | 65,144 |
Other intangible assets, net | 129,682 | 152,244 |
Operating lease right-of-use assets | 19,010 | 14,651 |
Long-term investments | 143,928 | 28,667 |
Other non-current assets | 21,309 | 12,519 |
Total non-current assets | 572,987 | 476,520 |
Total assets | 1,267,391 | 1,277,222 |
Current liabilities | ||
Accounts payable | 67,957 | 51,976 |
Accrued expenses and other current liabilities | 55,152 | 55,358 |
Accrued compensation and related benefits | 34,862 | 44,684 |
Deferred revenues - short term | 48,735 | 51,174 |
Operating lease liabilities - short term | 6,977 | 7,276 |
Total current liabilities | 213,683 | 210,468 |
Non-current liabilities | ||
Deferred revenues - long term | 23,581 | 21,133 |
Deferred income taxes - long term | 4,084 | 7,341 |
Operating lease liabilities - long term | 11,738 | 7,693 |
Contingent consideration - long term | 38,551 | 53,478 |
Other non-current liabilities | 27,028 | 21,095 |
Total non-current liabilities | 104,982 | 110,740 |
Total liabilities | 318,665 | 321,208 |
Contingencies (see note 12) | ||
Equity | ||
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousand shares; 66,784 thousand shares and 65,677 thousand shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 186 | 182 |
Additional paid-in capital | 3,037,225 | 3,012,481 |
Accumulated other comprehensive loss | (14,223) | (8,771) |
Accumulated deficit | (2,074,462) | (2,047,878) |
Total equity | 948,726 | 956,014 |
Total liabilities and equity | $ 1,267,391 | $ 1,277,222 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) $ in Millions | Sep. 30, 2022 USD ($) shares | Sep. 30, 2022 ₪ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 ₪ / shares |
Statement of Financial Position [Abstract] | ||||
Accounts receivable, net of allowance for credit losses (in Dollars) | $ | $ 0.7 | $ 0.5 | ||
Ordinary shares, par value (in New Shekels per share) | ₪ / shares | ₪ 10 | ₪ 10 | ||
Ordinary shares, authorized | 180,000 | 180,000 | ||
Ordinary shares, issued | 66,784 | 65,677 | ||
Ordinary shares, outstanding | 66,784 | 65,677 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Revenues | $ 162,192 | $ 159,009 | $ 492,224 | $ 440,203 |
Cost of revenues | ||||
Cost of revenues | 91,443 | 90,821 | 284,405 | 253,168 |
Gross profit | 70,749 | 68,188 | 207,819 | 187,035 |
Operating expenses | ||||
Research and development, net | 23,145 | 22,645 | 71,489 | 65,683 |
Selling, general and administrative | 63,230 | 67,462 | 195,085 | 184,353 |
Total operating expenses | 86,375 | 90,107 | 266,574 | 250,036 |
Operating loss | (15,626) | (21,919) | (58,755) | (63,001) |
Gain from deconsolidation of subsidiary | 39,136 | 39,136 | ||
Financial income (expense), net | 452 | (634) | (2,080) | (1,383) |
Income (loss) before income taxes | 23,962 | (22,553) | (21,699) | (64,384) |
Income tax expense (benefit) | 3,298 | (699) | 2,796 | 6,009 |
Share in profit (losses) of associated companies | (1,915) | 3,778 | (2,089) | 1,229 |
Net income (loss) | $ 18,749 | $ (18,076) | $ (26,584) | $ (57,146) |
Net income (loss) per share - basic and diluted (in Dollars per share) | $ 0.28 | $ (0.28) | $ (0.4) | $ (0.91) |
Weighted average ordinary shares outstanding - basic (in Shares) | 66,772 | 65,018 | 66,356 | 62,888 |
Weighted average ordinary shares outstanding - diluted (in Shares) | 67,038 | 65,018 | 66,356 | 62,888 |
Comprehensive income (loss) | ||||
Net income (loss) | $ 18,749 | $ (18,076) | $ (26,584) | $ (57,146) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (1,598) | (2,247) | (5,089) | (2,105) |
Unrealized gains (losses) on derivatives designated as cash flow hedges | 729 | 578 | (363) | 2,579 |
Other comprehensive income (loss), net of tax | (869) | (1,669) | (5,452) | 474 |
Comprehensive income (loss) | 17,880 | (19,745) | (32,036) | (56,672) |
Products | ||||
Revenues | ||||
Revenues | 112,133 | 108,888 | 340,927 | 299,517 |
Cost of revenues | ||||
Cost of revenues | 55,916 | 54,820 | 176,421 | 151,471 |
Services | ||||
Revenues | ||||
Revenues | 50,059 | 50,121 | 151,297 | 140,686 |
Cost of revenues | ||||
Cost of revenues | $ 35,527 | $ 36,001 | $ 107,984 | $ 101,697 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Ordinary Shares | Additional Paid-In Capital | Accumulated deficit | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2020 | $ 155 | $ 2,753,955 | $ (1,985,896) | $ (8,846) | $ 759,368 |
Balance (in Shares) at Dec. 31, 2020 | 56,617 | ||||
Issuance of shares in connection with stock-based compensation plans | $ 2 | 2,881 | 2,883 | ||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 670 | ||||
Stock-based compensation | 7,205 | 7,205 | |||
Public offering of ordinary shares, net | $ 24 | 218,851 | 218,875 | ||
Public offering of ordinary shares, net (in Shares) | 7,931 | ||||
Deferred tax assets in connection with public offering expenses | 1,156 | 1,156 | |||
Comprehensive income (loss) | (18,911) | 1,212 | (17,699) | ||
Balance at Mar. 31, 2021 | $ 181 | 2,984,048 | (2,004,807) | (7,634) | 971,788 |
Balance (in Shares) at Mar. 31, 2021 | 65,218 | ||||
Issuance of shares in connection with stock-based compensation plans | 633 | 633 | |||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 178 | ||||
Stock-based compensation | 7,977 | 7,977 | |||
Deferred tax assets in connection with public offering expenses | 175 | 175 | |||
Comprehensive income (loss) | (20,159) | 931 | (19,228) | ||
Balance at Jun. 30, 2021 | $ 181 | 2,992,833 | (2,024,966) | (6,703) | 961,345 |
Balance (in Shares) at Jun. 30, 2021 | 65,396 | ||||
Issuance of shares in connection with stock-based compensation plans | $ 1 | 692 | 693 | ||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 71 | ||||
Stock-based compensation | 7,958 | 7,958 | |||
Expenses in connection with March 2021 public offering | (25) | (25) | |||
Reduction of redeemable non-controlling interest | 227 | 227 | |||
Comprehensive income (loss) | (18,076) | (1,669) | (19,745) | ||
Balance at Sep. 30, 2021 | $ 182 | 3,001,685 | (2,043,042) | (8,372) | 950,453 |
Balance (in Shares) at Sep. 30, 2021 | 65,467 | ||||
Balance at Dec. 31, 2021 | $ 182 | 3,012,481 | (2,047,878) | (8,771) | 956,014 |
Balance (in Shares) at Dec. 31, 2021 | 65,677 | ||||
Issuance of shares in connection with stock-based compensation plans | $ 3 | 152 | 155 | ||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 731 | ||||
Stock-based compensation | 8,533 | 8,533 | |||
Comprehensive income (loss) | (20,948) | (1,053) | (22,001) | ||
Balance at Mar. 31, 2022 | $ 185 | 3,021,166 | (2,068,826) | (9,824) | 942,701 |
Balance (in Shares) at Mar. 31, 2022 | 66,408 | ||||
Issuance of shares in connection with stock-based compensation plans | $ 1 | 91 | 92 | ||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 336 | ||||
Stock-based compensation | 8,831 | 8,831 | |||
Comprehensive income (loss) | (24,385) | (3,530) | (27,915) | ||
Balance at Jun. 30, 2022 | $ 186 | 3,030,088 | (2,093,211) | (13,354) | 923,709 |
Balance (in Shares) at Jun. 30, 2022 | 66,744 | ||||
Issuance of shares in connection with stock-based compensation plans | 13 | 13 | |||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 40 | ||||
Stock-based compensation | 7,391 | 7,391 | |||
Other items | (267) | (267) | |||
Comprehensive income (loss) | 18,749 | (869) | 17,880 | ||
Balance at Sep. 30, 2022 | $ 186 | $ 3,037,225 | $ (2,074,462) | $ (14,223) | $ 948,726 |
Balance (in Shares) at Sep. 30, 2022 | 66,784 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (26,584) | $ (57,146) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Impairment of other long-lived assets | 3,865 | 1,944 |
Depreciation and amortization | 44,451 | 41,412 |
Stock-based compensation | 24,755 | 23,140 |
Foreign currency transaction loss | 13,978 | 4,210 |
Gain from deconsolidation of subsidiary | (39,136) | |
Share in loss of associated companies | 2,089 | (1,229) |
Revaluation of investments | 3,217 | 556 |
Other non-cash items, net | 826 | 364 |
Change in cash attributable to changes in operating assets and liabilities: | ||
Accounts receivable, net | (21,832) | (17,023) |
Inventories | (64,286) | 8,271 |
Other current assets and prepaid expenses | 3,898 | (11,911) |
Other non-current assets | (17,003) | 3,834 |
Accounts payable | 17,286 | 29,204 |
Other current liabilities | 2,013 | 14,047 |
Deferred revenues | 4,860 | 3,470 |
Deferred income taxes, net and uncertain tax positions | (301) | (6,677) |
Other non-current liabilities | (9,385) | (5,070) |
Net cash provided by (used in) operating activities | (57,289) | 31,396 |
Cash flows from investing activities | ||
Cash paid for acquisitions, net of cash acquired | (6,669) | |
Purchase of property and equipment | (11,761) | (16,193) |
Investments in short-term bank deposits | (307,485) | (249,000) |
Proceeds from short-term bank deposits | 368,429 | 89,000 |
Purchase of intangible assets | (5,980) | (1,219) |
Other investing activities | 84 | (85) |
Investments in unconsolidated entities | (67,274) | (7,000) |
Net cash used in investing activities | (23,987) | (191,166) |
Cash flows from financing activities | ||
Proceeds from public offering, net of issuance costs | 218,850 | |
Proceeds from exercise of stock options | 260 | 3,699 |
Payment of contingent consideration | (1,386) | |
Other financing activities | (281) | 406 |
Net cash provided by (used in) financing activities | (1,407) | 222,955 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (9,787) | (2,413) |
Net change in cash, cash equivalents and restricted cash | (92,470) | 60,772 |
Cash, cash equivalents and restricted cash, beginning of period | 243,293 | 272,216 |
Cash, cash equivalents and restricted cash, end of period | 150,823 | 332,988 |
Supplemental disclosures of cash flow information: | ||
Transfer of inventory to fixed assets | 6,306 | 2,760 |
Transfer of fixed assets to inventory | 123 | 844 |
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets: | ||
Cash and cash equivalents | 150,672 | 332,871 |
Restricted cash included in other current assets | 151 | 117 |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 150,823 | $ 332,988 |
Business Description and Basis
Business Description and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | Note 1. Business Description and Basis of Presentation Stratasys Ltd. (collectively with its subsidiaries, the “Company” or “Stratasys”) is a global leader in connected, polymer-based 3D printing solutions, across the entire manufacturing value chain. The Company leverages its competitive advantages, which include a broad set of best-in-class 3D printing platforms, software, a materials and technology partner ecosystem, innovative leadership, and global GTM infrastructure, in order to position itself to capture share in a significant and growing global marketplace, with a focus on manufacturing. The condensed consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The condensed consolidated interim financial statements include the accounts of Stratasys Ltd. and its subsidiaries. All intercompany accounts and transactions, including profits from intercompany sales not yet realized outside the Company, have been eliminated in consolidation. The Company’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which require the Company to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in its financial statements. Although the Company’s current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from the Company’s expectations, which could materially affect its results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by The results of operations for the three and nine months ended September 30, 2022 are not indicative of results that could be expected for the entire fiscal year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The reader is referred to the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2022 as part of the Company’s Annual Report on Form 20-F for such year. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | Note 2. New Accounting Pronouncements Accounting Pronouncements Adopted in 2022 In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The amendments to this guidance are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2022, with no material impact on its consolidated financial statements. Recently issued accounting pronouncements not yet adopted In October 2021, the FASB issued ASU 2021-08 “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. The guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. |
Certain Transactions
Certain Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Certain Transactions [Abstract] | |
Certain Transactions | Note 3. Certain Transactions Investment in Xaar 3D Ltd. ("Xaar 3D") During the fourth quarter of 2019, the Company entered into an agreement with Xaar plc (“Xaar”) to purchase additional shares of Xaar 3D that would increase its stake from 15 to 45 percent, with Xaar retaining the remaining 55 percent. Xaar and Stratasys had announced the formation of Xaar 3D Ltd in July 2018 for the purpose of developing Powder Bed Fusion (“PBF”) additive manufacturing solutions that Stratasys can bring to the market. In addition, the agreement included an option for Stratasys to acquire the remaining shares of Xaar 3D. Following the additional investment, the Company considered the FASB guidance in accordance with ASC Topic 810 “Consolidation” regarding the propriety of implementing consolidation, for both the variable interest entity and voting model, or equity method accounting. The Company concluded that it should continue accounting for the investment according to the equity method, as it had retained the ability to exercise significant influence but did not control Xaar 3D. For its additional interest in Xaar 3D, the Company paid approximately $15.7 million. The investment was presented under other non-current assets in the Company’s consolidated balance sheets. On November 1, 2021 (the “Xaar 3D transaction date”) , the Company acquired the remaining 55% share of Xaar 3D, for an aggregate purchase price of $29.3 million. The Company paid cash upon closing and it is obligated to make additional earn-out payments and payments of royalties on products and services sales for up to 15 years. The Xaar 3D transaction is reflected in accordance with ASC Topic 805, “Business Combinations”, using the acquisition method of accounting, with the Company as the acquirer. The Company accounted for the acquisition of the remaining equity of Xaar 3D as a step acquisition, which required re-measurement of the Company’s previous ownership interest to fair value prior to completing purchase accounting. Using step acquisition accounting, the Company increased the value of its previously-held equity investment to its fair value of $23.8 million, which resulted in a gain of approximately $14.4 million, recorded in the consolidated statements of operations in the fourth quarter of 2021. The acquisition of the remaining equity interest also resulted in the recognition of a previously unrealized foreign currency gain of $0.6 million, The following table summarizes the fair value of the consideration transferred to Xaar 3D’s stockholders for the Xaar 3D transaction: U.S. $ in thousands Cash payments $ 13,967 Contingent consideration at estimated fair value 15,314 Total consideration for 55% holding 29,281 Fair value of 45% holding 23,775 Total consideration $ 53,056 In accordance with ASC Topic 805, the estimated contingent consideration as of the Xaar 3D transaction date was included in the purchase price. The total contingent payments could reach a maximum aggregate amount of up to $21 million. The estimated fair value of the contingent consideration is based on management’s assessment of whether, and at what level, the financial metrics will be achieved, and the present value factors associated with the timing of the payments. This fair value measurement is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. Changes in the fair value of contingent consideration will be recorded in operating expenses. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Xaar 3D transaction date. The estimated fair values are preliminary and based on the information that was available as of November 1, 2021. Thus, the measurements of fair value that are reflected are subject to changes, and such changes could be significant. The preliminary allocation of the purchase price to assets acquired and liabilities assumed is as follows: Allocation of Purchase Price (U.S. $ in thousands) Cash and cash equivalents $ 82 Goodwill 25,375 Intangible assets 45,000 Other assets 5,280 Total assets acquired 75,737 Net deferred tax liabilities 1,736 Other labilities 20,945 Total liabilities assumed 22,681 Net assets acquired $ 53,056 RPS acquisition On February 16, 2021 the Company acquired RP Support Lim ited (“RPS”), a provider of industrial stereolithography 3D printers and solutions. In exchange for 100% of the outstanding shares of RPS, the Company paid cash upon closing and is obligated to make additional payments (in cash), subject to performance-based criteria, via earn-out payments over two years. M arketable equity investment The Company recognized losses for the revaluation of an equity investment, in amounts of $0.9 million and $2.0 million in the three-month periods ended September 30, 2022 and 2021, respectively. A loss of $3.2 million and a loss of $1.2 million were recognized in the nine-month periods ended September 30, 2022 and 2021, respectively. The entity in which the Company invested became public during the first quarter of 2021 and accordingly the investment is treated as a marketable equity investment. Prior to the first quarter of 2021, the investment was treated as a non-marketable equity investment without readily determinable fair value. MakerBot and Ultimaker transaction On The Company accounts for its investment in the combined company according to the equity method in accordance with ASC Topic 323, as it has retained the ability to exercise significant influence but does not control the new entity. the Company recognized an equity method investment in a total amount of $105.6 million, representing a share of 46.5% in the new entity. Covestro acquisition On August 8, 2022, the Company announced it has signed a definitive agreement to acquire the additive manufacturing materials business of Covestro AG. The acquisition is expected to close during the first quarter of 2023. The purchase price is approximately $42.3 million (43 million euros), plus additional inventory, less certain liabilities. In addition, there is a potential earnout payment of up to $36.4 million (37 million euros), subject to the achievement of various performance metrics. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Revenues | Note 4. Revenues Disaggregation of Revenues The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (U.S. $ in thousands) (U.S. $ in thousands) Americas Systems $ 34,869 $ 34,136 $ 96,719 $ 82,546 Consumables 33,303 31,474 99,319 90,415 Service 39,281 37,962 117,207 105,673 Total Americas 107,453 103,572 313,245 278,634 EMEA Systems 11,811 10,214 41,648 30,393 Consumables 13,666 16,682 45,759 44,830 Service 5,983 7,165 19,320 20,279 Total EMEA 31,460 34,061 106,727 95,502 Asia Pacific Systems 9,626 7,926 31,319 24,781 Consumables 8,861 8,456 26,166 26,552 Service 4,792 4,994 14,767 14,734 Total Asia Pacific 23,279 21,376 72,252 66,067 Total Revenues $ 162,192 $ 159,009 $ 492,224 $ 440,203 The following table presents the Company’s revenues disaggregated based on the timing of revenue recognition (at a specific point in time or over the course of time) for the three and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (U.S. $ in thousands) (U.S. $ in thousands) Revenues recognized at point in time from: Products $ 112,133 $ 108,888 $ 340,927 $ 299,517 Services 13,519 12,056 39,158 33,781 Total revenues recognized at point in time 125,652 120,944 380,085 333,298 Revenues recognized over time from: Services 36,540 38,065 112,139 106,905 Total revenues recognized over time 36,540 38,065 112,139 106,905 Total Revenues $ 162,192 $ 159,009 $ 492,224 $ 440,203 Contract Assets and Contract Liabilities Contract assets are recorded when the Company's right to consideration is conditioned on constraints other than the passage of time. The Company had no material contract assets as of September 30, 2022 and December 31, 2021. Contract liabilities include advance payments and billings in excess of revenue recognized, which are primarily related to advanced billings for service type warranty. Contract liabilities are presented under deferred revenues. The Company's deferred revenues as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 U.S. $ in thousands Deferred revenue* $ 72,316 $ 72,307 *Includes $23.6 million and $21.1 million under long-term deferred revenue in the Company's consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. Revenue recognized in 2022 that was included in deferred revenue balance as of Dece mber 31, 2021 was $10.6 million and $41.1 million Remaining Performance Obligations Rema ining Performance Obligations ( “ “ Incremental Costs of Obtaining a Contract Sales commissions earned mainly by the Company’s sales agents are considered incremental costs of obtaining a contract with a customer, as the Company expects the benefit of those commissions to be longer than one year. The majority of the sales commissions are not subject to capitalization, as the commission expense is recognized as the related revenue is recognized. Sales commissions for initial contracts related to the service type warranty are deferred and then amortized on a straight-line basis over the expected customer relationship period if the Company expects to recover those costs. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. As of September 30, 2022 and December 31, 2021, the deferred commissions amounted to $8.9 million and $7.4 million, respectively. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Inventories consisted of the following as of the below balance sheet dates: September 30, 2022 December 31, 2021 U.S. $ in thousands Finished goods $ 80,251 $ 58,784 Work-in-process 8,031 4,360 Raw materials 82,152 66,003 $ 170,434 $ 129,147 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of the Company’s goodwill during the nine months ended September 30, 2022 were as follows: U.S. $ in thousands Goodwill as of January 1, 2022 $ 65,144 Foreign currency translation adjustments (300 ) Goodwill as of September 30, 2022 $ 64,844 Other Intangible Assets Other intangible assets consisted of the following: September 30, 2022 December 31, 2021 Carrying Amount, Net Carrying Amount, Net Net of Accumulated Book Net of Accumulated Book Impairment Amortization Value Impairment Amortization Value U.S. $ in thousands Developed technology $ 387,146 $ (276,273 ) $ 110,873 $ 406,578 $ (279,037 ) $ 127,541 Patents 16,696 (8,681 ) 8,015 16,220 (8,503 ) 7,717 Trademarks and trade names 16,261 (13,750 ) 2,511 26,055 (22,241 ) 3,814 Customer relationships 93,288 (85,005 ) 8,283 100,731 (87,559 ) 13,172 Capitalized software development costs 7,066 (7,066 ) - 7,410 (7,410 ) - $ 520,457 $ (390,775 ) $ 129,682 $ 556,994 $ (404,750 ) $ 152,244 Amortization expenses relating to intangible assets for the three-month periods ended September 30, 2022 and 2021 were approximately $9.0 million and $7.7 million, respectively. Amortization expenses relating to intangible assets for the nine month periods ended September 30, 2022 and 2021 were approximately $27.4 million and $23.0 million, respectively. As of September 30, 2022, the estimated amortization expenses relating to intangible assets for each of the following future periods were as follows: Estimated amortization expense (U.S. $ in thousands) Remaining 3 months of 2022 $ 9,842 2023 22,585 2024 18,530 2025 16,051 2026 15,957 2027 and thereafter 46,717 Total $ 129,682 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 7. Net Income (Loss) Per Share The following table presents the numerator and denominator of the basic and diluted net income (loss) per share computations for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 In thousands, except per share amounts In thousands, except per share amounts Numerator: Net income (loss) for basic and diluted net income (loss) per share $ 18,749 $ (18,076 ) $ (26,584 ) $ (57,146 ) Denominator: Weighted average shares - for basic net income (loss) per share 66,772 65,018 66,356 62,888 Weighted average shares - for diluted net income (loss) per share 67,038 65,018 66,356 62,888 Net income (loss) per share Basic and diluted $ 0.28 $ (0.28 ) $ (0.40 ) $ (0.91 ) The computation of diluted net income (loss) per share excluded share awards of 4.1 million shares and 5.0 million shares for the three month ended September 30, 2022 and 2021, respectively, and 5.0 million shares for the nine month ended September 30, 2022 and 2021, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net income (loss) per share. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. Income Taxes The Company had income tax expense of $3.3 million for the three-month period ended September 30, 2022, compared to income tax benefit of $0.7 million for the three-month period ended September 30, 2021. The Company had income tax expense of $2.8 million for the nine-month period ended September 30, 2022, and income tax benefit of $6.0 million for the nine-month period ended September 30, 2021. The Company’s effective tax rate as of September 30, 2022, was primarily impacted by the geographic mix of its earnings and losses, as well as changes in its valuation allowance. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements Financial instruments measured at fair value The following table summarizes the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets: September 30, 2022 December 31, 2021 Level 2 Level 3 Level 2 Level 3 (U.S. $ in thousands) Assets: Foreign exchange forward contracts not designated as hedging instruments $ 249 $ - $ 82 $ - Foreign exchange forward contracts designated as hedging instruments 1,899 - 910 - Liabilities: Foreign exchange forward contracts not designated as hedging instruments (427 ) - (89 ) - Foreign exchange forward contracts designated as hedging instruments (2,481 ) - (60 ) - Total contingent consideration* - 55,412 - 55,919 $ (760 ) $ 55,412 $ 843 $ 55,919 *Includes $16.9 million and $2.4 million under Accrued expenses and other current liabilities in the Company's consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. The Company’s foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs). Contingent consideration represents liabilities recorded at fair value in connection with acquisitions, and thus represents a Level 3 measurement within the fair value hierarchy (refer to Note 3). Other financial instruments consist mainly of cash and cash equivalents, short-term deposits, current and non-current assets, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | Note 10. Derivative instruments and hedging activities Since the Company conducts its operations globally, it is exposed to global market risks and to the risk that its earnings, cash flows and equity could be adversely impacted by fluctuations in foreign currency exchange rates. The Company enters into transactions involving foreign currency exchange derivative financial instruments. The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to net exposures and take advantage of any natural hedging. The transactions are designed to manage the Company’s net exposure to foreign currency exchange rates and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes. The Company is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), Euro, GBP, Korean Won, Chinese Yuan and the Japanese Yen. The gains and losses on the hedging instruments partially offset losses and gains on the hedged items. Financial markets and currency volatility may limit the Company’s ability to hedge these exposures. These contracts mature through December 2023. The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments: Fair Value Notional Amount September 30, December 31, September 30, December 31, Balance sheet location 2022 2021 2022 2021 U.S. $ in thousands Assets derivatives -Foreign exchange contracts, not designated as hedging instruments Other current assets $ 249 $ 82 $ 24,156 $ 12,380 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 1,899 910 14,362 60,408 Liability derivatives -Foreign exchange contracts, not designated as hedging instruments Accrued expenses and other current liabilities (427 ) (89 ) 34,026 33,047 Liability derivatives -Foreign exchange contracts, designated as hedging instruments Accrued expenses and other current liabilities (2,481 ) (60 ) 57,780 26,320 $ (760 ) $ 843 $ 130,324 $ 132,155 Foreign exchange contracts not designated as hedging instruments As of September 30, 2022, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $58.2 million, and were used to reduce foreign currency exposures. With respect to such derivatives, gain of $2.9 million and loss of $0.9 million gain of $6.0 million and gain of $2.6 million were recognized under financial expenses, net for the nine-month periods ended September 30, 2022 and 2021, respectively Cash Flow Hedging - Hedges of forecasted foreign currency payroll and other operating expenses As of September 30, 2022 Cash Flow Hedging - Hedges of forecasted foreign currency revenue As of September 30, 2022 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
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”), performance-based restricted share units ( ” ” Employee Share Purchase Plan Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S $ in thousands U.S $ in thousands Cost of revenues $ 1,061 $ 805 $ 3,041 $ 2,227 Research and development, net 1,487 1,764 4,879 5,058 Selling, general and administrative 4,843 5,389 16,835 15,855 Total stock-based compensation expenses $ 7,391 $ 7,958 $ 24,755 $ 23,140 A summary of the Company’s stock option activity for the nine months ended September 30, 2022 Number of Options Weighted Average Exercise Price Options outstanding as of January 1, 2022 1,732,368 28.85 Granted - - Exercised (24,852 ) 10.41 Forfeited (35,421 ) 26.80 Options outstanding as of September 30, 2022 1,672,095 29.17 Options exercisable as of September 30, 2022 1,365,231 32.04 As of September 30, 2022 A summary of the Company’s RSUs and PSUs activity for the nine months ended September 30, 2022 Number of RSUs and PSUs Weighted Average Grant Date Fair Value Unvested as of January 1, 2022 3,082,798 26.36 Granted 1,904,310 22.29 Vested (1,077,117 ) 24.87 Forfeited (590,724 ) 24.60 Unvested as of September 30, 2022 3,319,267 24.82 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 September 30, 2022 Employee Stock Purchase Plan On October 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). According to the ESPP, eligible employees may use up to 15% of their salaries to purchase ordinary shares. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the beginning of each offering period or on the purchase date. The first offering period commenced on June 1, 2022 and will end on November 30, 2022. In accordance with ASC Topic 718, the ESPP is considered compensatory and, as such, results in recognition of stock-based compensation expenses. The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the nine months ended September 30, 2022 Nine Months Ended September 30, 2022 Net Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Adjustments Total U.S. $ in thousands Balance as of January 1, 2022 $ 1,572 $ (10,343 ) $ (8,771 ) Other comprehensive income (loss) before reclassifications (506 ) (5,089 ) (5,595 ) Amounts reclassified from accumulated other comprehensive loss 143 - 143 Other comprehensive loss (363 ) (5,089 ) (5,452 ) Balance as of September 30, 2022 $ 1,209 $ (15,432 ) $ (14,223 ) Nine Months Ended September 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 2,427 (2,105 ) 322 Amounts reclassified from accumulated other comprehensive loss 152 - 152 Other comprehensive income 2,579 (2,105 ) 474 Balance as of September 30, 2021 $ 906 $ (9,278 ) $ (8,372 ) c. Rights plan On July 24, 2022, the Company’s Board of Directors adopted a rights plan (the “Rights Plan”) to protect the interests of the Company’s shareholders. Each Right entitles the registered holder thereof to purchase from the Company one Ordinary Share at a price of $0.01 per share, subject to adjustment, once the Rights become exercisable, and subject to the exercise terms and conditions thereof described in the Rights Agreement. The rights would become exercisable only if an entity, person, or group acquires beneficial ownership of 15% or more of the Company’s outstanding ordinary shares in a transaction not approved by the Company’s Board. The Rights Plan has a 364-day term, expiring on July 24, 2023. The Rights Plan will encourage anyone seeking to gain a significant interest in Stratasys to negotiate directly with the Board prior to attempting to control or significantly influence the Company. Further to those goals, the Rights may cause substantial dilution to a person or group that acquires 15% or more of the ordinary shares, par value NIS 0.01, of the Company (“Ordinary Shares”) or any existing holder of 15% or more of the Ordinary Shares who shall acquire any additional Ordinary Shares. d. Public offering of ordinary shares During March 2021, the Company completed a public offering of its ordinary shares that raised $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. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Loss Contingency [Abstract] | |
Contingencies | Note 12. Contingencies Legal proceedings During the fourth quarter of 2021, the Company reached preliminary settlement on an employee-related litigation matter in the US. The financial statements for the period ended September 30, 2022 and the year ended December 31, 2021 include a provision in respect of this settlement. The Company is a party to various legal proceedings from time to time, the outcome of which, in the opinion of management, will not have a significant effect on the financial position, profitability or cash flows of the Company. |
Certain Transactions (Tables)
Certain Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Certain Transactions [Abstract] | |
Schedule of fair value of the consideration transferred to xaar 3D’s stockholders for the xaar 3D transaction | U.S. $ in thousands Cash payments $ 13,967 Contingent consideration at estimated fair value 15,314 Total consideration for 55% holding 29,281 Fair value of 45% holding 23,775 Total consideration $ 53,056 |
Schedule of preliminary allocation of the purchase price to assets acquired and liabilities | Allocation of Purchase Price (U.S. $ in thousands) Cash and cash equivalents $ 82 Goodwill 25,375 Intangible assets 45,000 Other assets 5,280 Total assets acquired 75,737 Net deferred tax liabilities 1,736 Other labilities 20,945 Total liabilities assumed 22,681 Net assets acquired $ 53,056 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |
Schedule of disaggregated by geographical region | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (U.S. $ in thousands) (U.S. $ in thousands) Americas Systems $ 34,869 $ 34,136 $ 96,719 $ 82,546 Consumables 33,303 31,474 99,319 90,415 Service 39,281 37,962 117,207 105,673 Total Americas 107,453 103,572 313,245 278,634 EMEA Systems 11,811 10,214 41,648 30,393 Consumables 13,666 16,682 45,759 44,830 Service 5,983 7,165 19,320 20,279 Total EMEA 31,460 34,061 106,727 95,502 Asia Pacific Systems 9,626 7,926 31,319 24,781 Consumables 8,861 8,456 26,166 26,552 Service 4,792 4,994 14,767 14,734 Total Asia Pacific 23,279 21,376 72,252 66,067 Total Revenues $ 162,192 $ 159,009 $ 492,224 $ 440,203 |
Schedule of revenue recognition | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (U.S. $ in thousands) (U.S. $ in thousands) Revenues recognized at point in time from: Products $ 112,133 $ 108,888 $ 340,927 $ 299,517 Services 13,519 12,056 39,158 33,781 Total revenues recognized at point in time 125,652 120,944 380,085 333,298 Revenues recognized over time from: Services 36,540 38,065 112,139 106,905 Total revenues recognized over time 36,540 38,065 112,139 106,905 Total Revenues $ 162,192 $ 159,009 $ 492,224 $ 440,203 |
Schedule of deferred revenue | September 30, 2022 December 31, 2021 U.S. $ in thousands Deferred revenue* $ 72,316 $ 72,307 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | September 30, 2022 December 31, 2021 U.S. $ in thousands Finished goods $ 80,251 $ 58,784 Work-in-process 8,031 4,360 Raw materials 82,152 66,003 $ 170,434 $ 129,147 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | U.S. $ in thousands Goodwill as of January 1, 2022 $ 65,144 Foreign currency translation adjustments (300 ) Goodwill as of September 30, 2022 $ 64,844 |
Schedule of other intangible assets | September 30, 2022 December 31, 2021 Carrying Amount, Net Carrying Amount, Net Net of Accumulated Book Net of Accumulated Book Impairment Amortization Value Impairment Amortization Value U.S. $ in thousands Developed technology $ 387,146 $ (276,273 ) $ 110,873 $ 406,578 $ (279,037 ) $ 127,541 Patents 16,696 (8,681 ) 8,015 16,220 (8,503 ) 7,717 Trademarks and trade names 16,261 (13,750 ) 2,511 26,055 (22,241 ) 3,814 Customer relationships 93,288 (85,005 ) 8,283 100,731 (87,559 ) 13,172 Capitalized software development costs 7,066 (7,066 ) - 7,410 (7,410 ) - $ 520,457 $ (390,775 ) $ 129,682 $ 556,994 $ (404,750 ) $ 152,244 |
Schedule of estimated amortization expenses relating to intangible assets | Estimated amortization expense (U.S. $ in thousands) Remaining 3 months of 2022 $ 9,842 2023 22,585 2024 18,530 2025 16,051 2026 15,957 2027 and thereafter 46,717 Total $ 129,682 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net income (loss) per share | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 In thousands, except per share amounts In thousands, except per share amounts Numerator: Net income (loss) for basic and diluted net income (loss) per share $ 18,749 $ (18,076 ) $ (26,584 ) $ (57,146 ) Denominator: Weighted average shares - for basic net income (loss) per share 66,772 65,018 66,356 62,888 Weighted average shares - for diluted net income (loss) per share 67,038 65,018 66,356 62,888 Net income (loss) per share Basic and diluted $ 0.28 $ (0.28 ) $ (0.40 ) $ (0.91 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities carried at fair value on a recurring basis | September 30, 2022 December 31, 2021 Level 2 Level 3 Level 2 Level 3 (U.S. $ in thousands) Assets: Foreign exchange forward contracts not designated as hedging instruments $ 249 $ - $ 82 $ - Foreign exchange forward contracts designated as hedging instruments 1,899 - 910 - Liabilities: Foreign exchange forward contracts not designated as hedging instruments (427 ) - (89 ) - Foreign exchange forward contracts designated as hedging instruments (2,481 ) - (60 ) - Total contingent consideration* - 55,412 - 55,919 $ (760 ) $ 55,412 $ 843 $ 55,919 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of balance sheet classification and fair values of derivative instruments | Fair Value Notional Amount September 30, December 31, September 30, December 31, Balance sheet location 2022 2021 2022 2021 U.S. $ in thousands Assets derivatives -Foreign exchange contracts, not designated as hedging instruments Other current assets $ 249 $ 82 $ 24,156 $ 12,380 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 1,899 910 14,362 60,408 Liability derivatives -Foreign exchange contracts, not designated as hedging instruments Accrued expenses and other current liabilities (427 ) (89 ) 34,026 33,047 Liability derivatives -Foreign exchange contracts, designated as hedging instruments Accrued expenses and other current liabilities (2,481 ) (60 ) 57,780 26,320 $ (760 ) $ 843 $ 130,324 $ 132,155 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock-based compensation expenses | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S $ in thousands U.S $ in thousands Cost of revenues $ 1,061 $ 805 $ 3,041 $ 2,227 Research and development, net 1,487 1,764 4,879 5,058 Selling, general and administrative 4,843 5,389 16,835 15,855 Total stock-based compensation expenses $ 7,391 $ 7,958 $ 24,755 $ 23,140 |
Schedule of stock option activity | Number of Options Weighted Average Exercise Price Options outstanding as of January 1, 2022 1,732,368 28.85 Granted - - Exercised (24,852 ) 10.41 Forfeited (35,421 ) 26.80 Options outstanding as of September 30, 2022 1,672,095 29.17 Options exercisable as of September 30, 2022 1,365,231 32.04 |
Schedule of RSUs and PSUs activity | Number of RSUs and PSUs Weighted Average Grant Date Fair Value Unvested as of January 1, 2022 3,082,798 26.36 Granted 1,904,310 22.29 Vested (1,077,117 ) 24.87 Forfeited (590,724 ) 24.60 Unvested as of September 30, 2022 3,319,267 24.82 |
Schedule of accumulated other comprehensive income (loss) | Nine Months Ended September 30, 2022 Net Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Adjustments Total U.S. $ in thousands Balance as of January 1, 2022 $ 1,572 $ (10,343 ) $ (8,771 ) Other comprehensive income (loss) before reclassifications (506 ) (5,089 ) (5,595 ) Amounts reclassified from accumulated other comprehensive loss 143 - 143 Other comprehensive loss (363 ) (5,089 ) (5,452 ) Balance as of September 30, 2022 $ 1,209 $ (15,432 ) $ (14,223 ) Nine Months Ended September 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 2,427 (2,105 ) 322 Amounts reclassified from accumulated other comprehensive loss 152 - 152 Other comprehensive income 2,579 (2,105 ) 474 Balance as of September 30, 2021 $ 906 $ (9,278 ) $ (8,372 ) |
Business Description and Basi_2
Business Description and Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination [Member] | |
Business Description and Basis of Presentation (Details) [Line Items] | |
Business acquisition, description | The Company’s approximately 1,700 granted and pending additive technology patents to date have been used to create models, prototypes, manufacturing tools, and production parts for a multitude of industries including aerospace, automotive, transportation, healthcare, consumer products, dental, medical, and education. |
Certain Transactions (Details)
Certain Transactions (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Nov. 01, 2021 USD ($) | Feb. 16, 2021 | Aug. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2019 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 EUR (€) | |
Certain Transactions (Details) [Line Items] | ||||||||||
Aggregate purchase price | $ 29.3 | |||||||||
Products and services term | 15 years | |||||||||
Fair value | $ 23.8 | |||||||||
Gain | $ 14.4 | |||||||||
Changes in fair value of equity investment | $ 0.6 | |||||||||
Total contingent payments aggregate amount | 21 | |||||||||
Exchange for outstanding shares, percentage | 100% | |||||||||
Based earn-outs over term | 2 years | |||||||||
Gain and loss equity investment | $ 0.9 | $ 2 | ||||||||
Equity loss amount | 3.2 | $ 1.2 | ||||||||
Other current assets | $ 105.6 | $ 105.6 | ||||||||
Investment rate | 46.50% | 46.50% | 46.50% | |||||||
Aggregate purchase price | $ 42.3 | $ 42.3 | € 43 | |||||||
Potential earnout payment | $ 36.4 | 36.4 | € 37 | |||||||
Xaar 3D [Member] | ||||||||||
Certain Transactions (Details) [Line Items] | ||||||||||
Investment, description | During the fourth quarter of 2019, the Company entered into an agreement with Xaar plc (“Xaar”) to purchase additional shares of Xaar 3D that would increase its stake from 15 to 45 percent, with Xaar retaining the remaining 55 percent. | |||||||||
Additional interest amount | $ 15.7 | |||||||||
Remaining acquire share, percentage | 55% | |||||||||
MakerBot [Member] | ||||||||||
Certain Transactions (Details) [Line Items] | ||||||||||
Revaluation of an equity investment | $ 39.1 |
Certain Transactions (Details)
Certain Transactions (Details) - Schedule of fair value of the consideration transferred to xaar 3D’s stockholders for the xaar 3D transaction - Xaar 3D [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Cash payments | $ 13,967 |
Contingent consideration at estimated fair value | 15,314 |
Total consideration for 55% holding | 29,281 |
Fair value of 45% holding | 23,775 |
Total consideration | $ 53,056 |
Certain Transactions (Details_2
Certain Transactions (Details) - Schedule of fair value of the consideration transferred to xaar 3D’s stockholders for the xaar 3D transaction (Parentheticals) - Xaar 3D [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Consideration rate | 55% |
Fair value rate | 45% |
Certain Transactions (Details_3
Certain Transactions (Details) - Schedule of preliminary allocation of the purchase price to assets acquired and liabilities $ in Thousands | Sep. 30, 2022 USD ($) |
Schedule Of Preliminary Allocation Of The Purchase Price To Assets Acquired And Liabilities Abstract | |
Cash and cash equivalents | $ 82 |
Goodwill | 25,375 |
Intangible assets | 45,000 |
Other assets | 5,280 |
Total assets acquired | 75,737 |
Net deferred tax liabilities | 1,736 |
Other labilities | 20,945 |
Total liabilities assumed | 22,681 |
Net assets acquired | $ 53,056 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |||
Long term deferred revenue | $ 23.6 | $ 23.6 | $ 21.1 |
Revenue recognized | 41.1 | 41.1 | 10.6 |
Remaining performance obligations | 103.6 | 103.6 | |
Expected remaining performance obligations recognized over subsequent 12 months | 14.9 | 14.9 | |
Expected remaining performance obligations recognized remainder thereafter | 11.2 | 11.2 | |
Expected remaining performance obligations recognized during next 12 months | 77.5 | 77.5 | |
Deferred sales commissions | $ 8.9 | $ 8.9 | $ 7.4 |
Revenues (Details) - Schedule o
Revenues (Details) - Schedule of disaggregated by geographical region - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | $ 162,192 | $ 159,009 | $ 492,224 | $ 440,203 |
Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 107,453 | 103,572 | 313,245 | 278,634 |
Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 31,460 | 34,061 | 106,727 | 95,502 |
Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 23,279 | 21,376 | 72,252 | 66,067 |
Systems [Member] | Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 34,869 | 34,136 | 96,719 | 82,546 |
Systems [Member] | Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 11,811 | 10,214 | 41,648 | 30,393 |
Systems [Member] | Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 9,626 | 7,926 | 31,319 | 24,781 |
Consumables [Member] | Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 33,303 | 31,474 | 99,319 | 90,415 |
Consumables [Member] | Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 13,666 | 16,682 | 45,759 | 44,830 |
Consumables [Member] | Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 8,861 | 8,456 | 26,166 | 26,552 |
Service [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 50,059 | 50,121 | 151,297 | 140,686 |
Service [Member] | Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 39,281 | 37,962 | 117,207 | 105,673 |
Service [Member] | Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 5,983 | 7,165 | 19,320 | 20,279 |
Service [Member] | Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | $ 4,792 | $ 4,994 | $ 14,767 | $ 14,734 |
Revenues (Details) - Schedule_2
Revenues (Details) - Schedule of revenue recognition - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | $ 162,192 | $ 159,009 | $ 492,224 | $ 440,203 |
Total revenues recognized at point in time [Member] | ||||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | 125,652 | 120,944 | 380,085 | 333,298 |
Total revenues recognized over time [Member] | ||||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | 36,540 | 38,065 | 112,139 | 106,905 |
Products [Member] | ||||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | 112,133 | 108,888 | 340,927 | 299,517 |
Products [Member] | Total revenues recognized at point in time [Member] | ||||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | 112,133 | 108,888 | 340,927 | 299,517 |
Services [Member] | ||||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | 50,059 | 50,121 | 151,297 | 140,686 |
Services [Member] | Total revenues recognized at point in time [Member] | ||||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | 13,519 | 12,056 | 39,158 | 33,781 |
Services [Member] | Total revenues recognized over time [Member] | ||||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||||
Total Revenues | $ 36,540 | $ 38,065 | $ 112,139 | $ 106,905 |
Revenues (Details) - Schedule_3
Revenues (Details) - Schedule of deferred revenue - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Deferred Revenue Abstract | |||
Deferred revenue | [1] | $ 72,316 | $ 72,307 |
[1]Includes $23.6 million and $21.1 million under long-term deferred revenue in the Company's consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Inventories Abstract | ||
Finished goods | $ 80,251 | $ 58,784 |
Work-in-process | 8,031 | 4,360 |
Raw materials | 82,152 | 66,003 |
Total inventory | $ 170,434 | $ 129,147 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 9 | $ 7.7 | $ 27.4 | $ 23 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - Schedule of changes in the carrying amount of goodwill - Goodwill [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Line Items] | |
Goodwill as of January 1, 2022 | $ 65,144 |
Foreign currency translation adjustments | (300) |
Goodwill as of September 30, 2022 | $ 64,844 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | $ 520,457 | $ 556,994 |
Accumulated Amortization | (390,775) | (404,750) |
Net Book Value | 129,682 | 152,244 |
Developed technology [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 387,146 | 406,578 |
Accumulated Amortization | (276,273) | (279,037) |
Net Book Value | 110,873 | 127,541 |
Patents [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 16,696 | 16,220 |
Accumulated Amortization | (8,681) | (8,503) |
Net Book Value | 8,015 | 7,717 |
Trademarks and trade names [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 16,261 | 26,055 |
Accumulated Amortization | (13,750) | (22,241) |
Net Book Value | 2,511 | 3,814 |
Customer relationships [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 93,288 | 100,731 |
Accumulated Amortization | (85,005) | (87,559) |
Net Book Value | 8,283 | 13,172 |
Capitalized software development costs [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 7,066 | 7,410 |
Accumulated Amortization | (7,066) | (7,410) |
Net Book Value |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Details) - Schedule of estimated amortization expenses relating to intangible assets $ in Thousands | Sep. 30, 2022 USD ($) |
Schedule Of Estimated Amortization Expenses Relating To Intangible Assets Abstract | |
Remaining 3 months of 2022 | $ 9,842 |
2023 | 22,585 |
2024 | 18,530 |
2025 | 16,051 |
2026 | 15,957 |
2027 and thereafter | 46,717 |
Total | $ 129,682 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of net income (loss) per share | 4.1 | 5 | 5 | 5 |
Net Income (Loss) Per Share (_2
Net Income (Loss) Per Share (Details) - Schedule of basic and diluted net income (loss) per share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net income (loss) for basic and diluted net income (loss) per share (in Dollars) | $ 18,749 | $ (18,076) | $ (26,584) | $ (57,146) |
Denominator: | ||||
Weighted average shares - for basic net income (loss) per share | 66,772 | 65,018 | 66,356 | 62,888 |
Weighted average shares - for diluted net income (loss) per share | 67,038 | 65,018 | 66,356 | 62,888 |
Net income (loss) per share | ||||
Basic and diluted (in Dollars per share) | $ 0.28 | $ (0.28) | $ (0.4) | $ (0.91) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense benefits | $ 3.3 | $ 0.7 | $ 2.8 | $ 6 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Accrued expenses and other current liabilities | $ 16.9 | $ 2.4 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of assets and liabilities carried at fair value on a recurring basis - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | |||
Assets: | |||
Foreign exchange forward contracts not designated as hedging instruments | $ 249 | $ 82 | |
Foreign exchange forward contracts designated as hedging instruments | 1,899 | 910 | |
Fair Value, Inputs, Level 2 [Member] | Liabilities [Member] | |||
Liabilities: | |||
Foreign exchange forward contracts not designated as hedging instruments | (427) | (89) | |
Foreign exchange forward contracts designated as hedging instruments | (2,481) | (60) | |
Total contingent consideration | [1] | ||
Foreign exchange forward contracts fair value | (760) | 843 | |
Fair Value, Inputs, Level 3 [Member] | Assets [Member] | |||
Assets: | |||
Foreign exchange forward contracts not designated as hedging instruments | |||
Foreign exchange forward contracts designated as hedging instruments | |||
Fair Value, Inputs, Level 3 [Member] | Liabilities [Member] | |||
Liabilities: | |||
Foreign exchange forward contracts not designated as hedging instruments | |||
Foreign exchange forward contracts designated as hedging instruments | |||
Total contingent consideration | [1] | 55,412 | 55,919 |
Foreign exchange forward contracts fair value | $ 55,412 | $ 55,919 | |
[1]Includes $16.9 million and $2.4 million under Accrued expenses and other current liabilities in the Company's consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) € in Millions, ₪ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 ILS (₪) | |
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
Notional amount of derivative asset | $ 58,200,000 | $ 58,200,000 | ||||
Gain (Loss) on derivative instrument | $ 2,900,000 | $ 900,000 | $ 6,000,000 | $ 2.6 | ||
Conversion to NIS [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
Notional amount of derivative asset | ₪ | ₪ 58.4 | |||||
Conversion to Euro [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
Notional amount of derivative asset | € | € 13.8 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details) - Schedule of balance sheet classification and fair values of derivative instruments - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair value | $ (760) | $ 843 |
Notional amount | 130,324 | 132,155 |
Foreign exchange contracts [Member] | Other current assets [Member] | Not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivative asset | 249 | 82 |
Notional amount of derivative asset | 24,156 | 12,380 |
Foreign exchange contracts [Member] | Other current assets [Member] | Designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivative asset | 1,899 | 910 |
Notional amount of derivative asset | 14,362 | 60,408 |
Foreign exchange contracts [Member] | Accrued expenses and other current liabilities [Member] | Not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivative liability | (427) | (89) |
Notional amount of derivative liability | 34,026 | 33,047 |
Foreign exchange contracts [Member] | Accrued expenses and other current liabilities [Member] | Designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivative liability | (2,481) | (60) |
Notional amount of derivative liability | $ 57,780 | $ 26,320 |
Equity (Details)
Equity (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 24, 2022 | Oct. 31, 2021 | Mar. 31, 2021 USD ($) shares | Sep. 30, 2022 USD ($) | Sep. 30, 2022 ₪ / shares | |
Equity (Details) [Line Items] | |||||
Salaries to purchase ordinary shares, percentage | 0.01% | 15% | |||
Fair market value | 85% | ||||
Long-Term Debt, Term | 364 years | ||||
acquires percentage | 15% | ||||
Ordinary shares, par value (in New Shekels per share) | ₪ / shares | ₪ 1 | ||||
Existing holder of ordinary shares | 15% | ||||
Public offering of ordinary shares, net (in Dollars) | $ 218.9 | ||||
Deferred tax asset (in Dollars) | $ 1.3 | ||||
Rights Plan [Member] | |||||
Equity (Details) [Line Items] | |||||
Ownership percentage | 15% | ||||
Ordinary Shares [Member] | |||||
Equity (Details) [Line Items] | |||||
Sale of public offering shares (in Shares) | shares | 7,931,034 | ||||
Stock Option [Member] | |||||
Equity (Details) [Line Items] | |||||
Unrecognized compensation cost (in Dollars) | $ 1.3 | ||||
Weighted-average period | 2 years 4 months 6 days | ||||
RSUs and PSUs [Member] | |||||
Equity (Details) [Line Items] | |||||
Unrecognized compensation cost (in Dollars) | $ 59 | ||||
Weighted-average period | 2 years 4 months 24 days |
Equity (Details) - Schedule of
Equity (Details) - Schedule of stock-based compensation expenses - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cost of revenues [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | $ 1,061 | $ 805 | $ 3,041 | $ 2,227 |
Research and development, net [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | 1,487 | 1,764 | 4,879 | 5,058 |
Selling, general and administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | 4,843 | 5,389 | 16,835 | 15,855 |
Total stock-based compensation expenses [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | $ 7,391 | $ 7,958 | $ 24,755 | $ 23,140 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of stock option activity | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Stockholders' Equity Note [Abstract] | |
Number of Options, Options outstanding | shares | 1,732,368 |
Weighted Average Exercise Price, Options outstanding | $ / shares | $ 28.85 |
Number of Options, Granted | shares | |
Weighted Average Exercise Price, Granted | $ / shares | |
Number of Options, Exercised | shares | (24,852) |
Weighted Average Exercise Price, Exercised | $ / shares | $ 10.41 |
Number of Options, Forfeited | shares | (35,421) |
Weighted Average Exercise Price, Forfeited | $ / shares | $ 26.8 |
Number of Options, Options outstanding | shares | 1,672,095 |
Weighted Average Exercise Price, Options outstanding | $ / shares | $ 29.17 |
Number of Options, Options exercisable | shares | 1,365,231 |
Weighted Average Exercise Price, Options exercisable | $ / shares | $ 32.04 |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of RSUs and PSUs activity - Restricted and Phantom Share Units [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Equity (Details) - Schedule of RSUs and PSUs activity [Line Items] | |
Number of RSUs and PSUs, Unvested | shares | 3,082,798 |
Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 26.36 |
Number of RSUs and PSUs, Granted | shares | 1,904,310 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 22.29 |
Number of RSUs and PSUs, Vested | shares | (1,077,117) |
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 24.87 |
Number of RSUs and PSUs, Forfeited | shares | (590,724) |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 24.6 |
Number of RSUs and PSUs, Unvested | shares | 3,319,267 |
Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 24.82 |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of accumulated other comprehensive income (loss) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (8,771) | $ (8,846) |
Other comprehensive income before reclassifications | 322 | |
Other comprehensive income (loss) before reclassifications | (5,595) | |
Amounts reclassified from accumulated other comprehensive loss | 143 | 152 |
Other comprehensive income (loss) | (5,452) | 474 |
Ending balance | (14,223) | (8,372) |
Net Unrealized Gain (Loss) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 1,572 | (1,673) |
Other comprehensive income before reclassifications | 2,427 | |
Other comprehensive income (loss) before reclassifications | (506) | |
Amounts reclassified from accumulated other comprehensive loss | 143 | 152 |
Other comprehensive income (loss) | (363) | 2,579 |
Ending balance | 1,209 | 906 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (10,343) | (7,173) |
Other comprehensive income before reclassifications | (2,105) | |
Other comprehensive income (loss) before reclassifications | (5,089) | |
Amounts reclassified from accumulated other comprehensive loss | ||
Other comprehensive income (loss) | (5,089) | (2,105) |
Ending balance | $ (15,432) | $ (9,278) |