Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2023 | |
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 | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
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 |
Entity File Number | 001-35751 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 209,139 | $ 150,470 |
Short-term deposits | 78,448 | 177,367 |
Accounts receivable, net of allowance for credit losses of $0.8 million and $0.9 million as of March 31, 2023 and December 31, 2022, respectively | 144,519 | 144,739 |
Inventories | 201,997 | 194,054 |
Prepaid expenses | 8,466 | 5,767 |
Other current assets | 22,468 | 27,823 |
Total current assets | 665,037 | 700,220 |
Non-current assets | ||
Property, plant and equipment, net | 196,986 | 195,063 |
Goodwill | 69,735 | 64,953 |
Other intangible assets, net | 129,756 | 121,402 |
Operating lease right-of-use assets | 16,884 | 18,122 |
Long-term investments | 140,621 | 141,610 |
Other non-current assets | 18,076 | 18,420 |
Total non-current assets | 572,058 | 559,570 |
Total assets | 1,237,095 | 1,259,790 |
Current liabilities | ||
Accounts payable | 54,834 | 72,921 |
Accrued expenses and other current liabilities | 49,554 | 45,912 |
Accrued compensation and related benefits | 37,261 | 34,432 |
Deferred revenues - short term | 53,774 | 50,220 |
Operating lease liabilities - short term | 6,724 | 7,169 |
Total current liabilities | 202,147 | 210,654 |
Non-current liabilities | ||
Deferred revenues - long term | 25,439 | 25,214 |
Deferred income taxes - long term | 7,075 | 5,638 |
Operating lease liabilities - long term | 9,880 | 10,670 |
Contingent consideration - long term | 24,222 | 23,707 |
Other non-current liabilities | 23,869 | 24,475 |
Total non-current liabilities | 90,485 | 89,704 |
Total liabilities | 292,632 | 300,358 |
Contingencies (see note 12) | ||
Equity | ||
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousand shares; 68,103 thousand shares and 67,086 thousand shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 190 | 187 |
Additional paid-in capital | 3,057,157 | 3,048,915 |
Accumulated other comprehensive loss | (13,808) | (12,818) |
Accumulated deficit | (2,099,076) | (2,076,852) |
Total equity | 944,463 | 959,432 |
Total liabilities and equity | $ 1,237,095 | $ 1,259,790 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) | Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 ₪ / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 ₪ / shares |
Statement of Financial Position [Abstract] | ||||
Accounts receivable, net of allowance for credit losses (in Dollars) | $ | $ 800 | $ 900 | ||
Ordinary shares, par value (in New Shekels per share) | ₪ / shares | ₪ 0.01 | ₪ 0.01 | ||
Ordinary shares, authorized | 180,000 | 180,000 | ||
Ordinary shares, issued | 68,103 | 67,086 | ||
Ordinary shares, outstanding | 68,103 | 67,086 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Revenues | $ 149,377 | $ 163,429 |
Cost of revenues | ||
Cost of revenues | 83,982 | 93,752 |
Gross profit | 65,395 | 69,677 |
Operating expenses | ||
Research and development, net | 21,475 | 23,998 |
Selling, general and administrative | 60,717 | 65,263 |
Total operating expenses | 82,192 | 89,261 |
Operating loss | (16,797) | (19,584) |
Financial income (expenses), net | 773 | (1,362) |
Loss before income taxes | (16,024) | (20,946) |
Income tax benefit (expenses) | (3,775) | 73 |
Share in losses of associated companies | (2,425) | (75) |
Net loss | $ (22,224) | $ (20,948) |
Net loss per share - basic and diluted (in Dollars per share) | $ (0.33) | $ (0.32) |
Weighted average ordinary shares outstanding - basic and diluted (in Shares) | 67,583 | 65,721 |
Comprehensive loss | ||
Net loss | $ (22,224) | $ (20,948) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (2,245) | (702) |
Unrealized gains (losses) on derivatives designated as cash flow hedges | 1,255 | (351) |
Other comprehensive income (loss), net of tax | (990) | (1,053) |
Comprehensive loss | (23,214) | (22,001) |
Products | ||
Revenues | ||
Revenues | 100,971 | 113,073 |
Cost of revenues | ||
Cost of revenues | 51,113 | 59,373 |
Services | ||
Revenues | ||
Revenues | 48,406 | 50,356 |
Cost of revenues | ||
Cost of revenues | $ 32,869 | $ 34,379 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Ordinary Shares | Additional Paid-In Capital | Accumulated deficit | Accumulated Other Comprehensive Loss | Total |
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 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 | ||||
Balance at Dec. 31, 2022 | $ 187 | 3,048,915 | (2,076,852) | (12,818) | 959,432 |
Balance (in Shares) at Dec. 31, 2022 | 67,086 | ||||
Issuance of shares in connection with stock-based compensation plans | $ 3 | 1 | 4 | ||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 1,017 | ||||
Stock-based compensation | 8,241 | 8,241 | |||
Comprehensive loss | (22,224) | (990) | (23,214) | ||
Balance at Mar. 31, 2023 | $ 190 | $ 3,057,157 | $ (2,099,076) | $ (13,808) | $ 944,463 |
Balance (in Shares) at Mar. 31, 2023 | 68,103 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (22,224) | $ (20,948) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 11,680 | 15,290 |
Stock-based compensation | 8,241 | 8,533 |
Foreign currency transaction loss | 531 | 2,792 |
Share in losses of associated companies | 2,425 | 75 |
Revaluation of investments | 1,042 | 1,061 |
Other non-cash items, net | (95) | 83 |
Change in cash attributable to changes in operating assets and liabilities: | ||
Accounts receivable, net | 1,081 | (7,950) |
Inventories | (10,123) | (14,775) |
Other current assets and prepaid expenses | 2,945 | 7,386 |
Other non-current assets | 2,746 | (85) |
Accounts payable | (18,547) | 7,194 |
Other current liabilities | 1,622 | (16,037) |
Deferred revenues | 3,387 | 2,522 |
Deferred income taxes, net and uncertain tax positions | 2,581 | (381) |
Other non-current liabilities | (5,218) | (823) |
Net cash used in operating activities | (17,926) | (16,063) |
Cash flows from investing activities | ||
Cash paid for acquisitions, net of cash acquired | (16,480) | |
Purchase of property and equipment | (3,723) | (3,741) |
Investments in short-term bank deposits | (12,448) | (40,000) |
Proceeds from short-term bank deposits | 111,367 | 117,000 |
Purchase of intangible assets | (311) | (444) |
Other investing activities | (30) | (47) |
Investments in unconsolidated entities | (2,453) | (5,030) |
Net cash provided by investing activities | 75,922 | 67,738 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 4 | 155 |
Other financing activities | 851 | 866 |
Net cash provided by financing activities | 855 | 1,021 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (168) | (2,228) |
Net change in cash, cash equivalents and restricted cash | 58,683 | 50,468 |
Cash, cash equivalents and restricted cash, beginning of period | 150,686 | 243,293 |
Cash, cash equivalents and restricted cash, end of period | 209,369 | 293,761 |
Supplemental disclosures of cash flow information: | ||
Transfer of inventory to fixed assets | 3,604 | 188 |
Transfer of fixed assets to inventory | 97 | 120 |
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets: | ||
Cash and cash equivalents | 209,139 | 293,649 |
Restricted cash included in other current assets | 230 | 112 |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 209,369 | $ 293,761 |
Business Description and Basis
Business Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Business Description and Basis of Presentation [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, which the Company views as having the largest and fastest growing total addressable market 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 trends that have arisen in the aftermath of the COVID-19 pandemic, including global events and other longer-term macroeconomic conditions, most prominently, rising inflation, increasing interest rates, tightening of capital markets and global supply chain delays. As a result, the accounting estimates and assumptions may change over time. Such changes could have an additional impact on the Company’s long-lived asset and intangible asset valuation; and the allowance for expected credit losses. These consolidated financial statements reflect the financial statement effects based upon management’s estimates and assumptions utilizing the most currently available information. The results of operations for the three months ended March 31, 2023 are not necessarily 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, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2023 as part of the Company’s Annual Report on Form 20-F for such year. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | Note 2. New Accounting Pronouncements Accounting Pronouncements Adopted in 2023 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 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. The Company adopted this guidance effective January 1, 2023, with no material impact on its consolidated financial statements. |
Certain Transactions
Certain Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Certain Transactions [Abstract] | |
Certain Transactions | Note 3. Certain Transactions MakerBot and Ultimaker transaction ("Ultimaker") On August 31, 2022, Stratasys completed the merger of MakerBot (previously, a fully owned subsidiary) with Ultimaker, which together formed a new entity under the name Ultimaker. The Company recorded a net gain of $39.1 million from deconsolidation of MakerBot, representing the difference between the book value of MakerBot's net assets and the fair value allocated to such net assets in the transaction as follows: U.S. $ in thousands Fair value, net $ 55,751 Net assets deconsolidated (14,146 ) Transaction expenses (2,469 ) Gain on deconsolidation of subsidiary $ 39,136 The Company accounts for its investment in the combined company Ultimaker 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 comprised of the assumed fair value of the MakerBot shares and additional amount invested in cash by the Company, representing a share of 46.5% in the new entity. The preliminary allocation of the purchase price ("PPA") to net assets acquired and liability assumed resulted in the recognition of intangible assets with a value of $57.8 million, goodwill of $22.3 million and other net assets of $25.5 million. The value assigned to intangible assets is amortized over a period of 5 to 10 years and the related amortization is included under share in net losses (profits) from associated companies. The estimated fair values are preliminary and based on the information that was available as of August 31, 2022. Thus, the measurements of fair value reflected in these assets are subject to changes and such changes could be significant. As of March 31, 2023 and December 31, 2022 the equity investment in Ultimaker amounted to $97.8 million and $100.2 million, respectively, respectively Covestro acquisition August 8, 2022, the Company announced that it signed a definitive agreement to acquire the additive manufacturing materials business of Covestro AG. On April 3, 2023 the Company completed the acquisition of Covestro. The purchase price was approximately $46.7 million (Euro 43 million) in cash (which is subject to adjustment to reflect the amount of inventory acquired under the Covestro asset purchase agreement, and the accrual with respect to liabilities being assumed under the Covestro asset purchase agreement), as well as 317,505 newly issued Stratasys ordinary shares, par value 0.01 New Israeli Shekels per share (“ Stratasys ordinary shares as the consideration for the purchased assets. Under the terms of the Covestro asset purchase agreement, Covestro may also earn up to an additional Euro 37 million of consideration, subject to the achievement of specified performance metrics, which will be payable via the issuance of additional Stratasys ordinary shares. Other investments In addition to the investment in Ultimaker, other investments included under Long-term investments primarily consist of investments in non-marketable equity securities of several companies without readily determinable fair value in which the Company does not have a controlling interest or significant influence. During the first quarter of 2023 and during 2022, the Company invested a total of $2.4 million and $ 16.7 convertible notes |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2023 | |
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 months ended March 31, 2023 and 2022: Three months ended March 31, 2023 2022 (U.S. $ in thousands) Americas Systems $ 21,186 $ 28,982 Consumables 32,572 31,354 Service 36,322 38,231 Total Americas 90,080 98,567 EMEA Systems 11,402 15,076 Consumables 18,911 17,825 Service 7,567 7,153 Total EMEA 37,880 40,055 Asia Pacific Systems 7,864 10,458 Consumables 9,036 9,377 Service 4,517 4,972 Total Asia Pacific 21,417 24,807 Total Revenues $ 149,377 $ 163,429 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 months ended March 31, 2023 and 2022: Three months ended March 31, 2023 2022 (U.S. $ in thousands) Revenues recognized in point in time from: Products $ 100,971 $ 113,073 Services 13,691 12,492 Total revenues recognized in point in time 114,662 125,565 Revenues recognized over time from: Services 34,715 37,864 Total revenues recognized over time 34,715 37,864 Total Revenues $ 149,377 $ 163,429 Contract Assets and Contract Liabilities Contract assets are recorded when the Company’s right to consideration is conditional on constraints other than the passage of time. The Company had no material contract assets as of March 31, 2023 and December 31, 2022. 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 revenue. The Company’s deferred revenue as of March 31, 2023 and December 31, 2022 was as follows: March 31, December 31, 2023 2022 U.S. $ in thousands Deferred revenue* $ 79,213 $ 75,434 *Includes $25.4 million and $25.2 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. Revenue recognized in 2023 that was included in deferred revenue balance as of December 31, 2022 was $16.1 Remaining Performance Obligations Remaining 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. As of March 31, 2023 and December 31, 2022, the deferred commissions amounted to $9.5 million and $9.6 million, respectively. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Inventories consisted of the following: March 31, December 31, 2023 2022 U.S. $ in thousands Finished goods $ 86,214 $ 81,564 Work-in-process 8,319 7,562 Raw materials 107,464 104,928 $ 201,997 $ 194,054 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Other Intangible Assets [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 three months ended March 31, 2023 were as follows: U.S. $ in thousands Goodwill as of January 1, 2023 $ 64,953 Goodwill acquired 4,743 Foreign currency translation adjustments 39 Goodwill as of March 31, 2023 $ 69,735 Other Intangible Assets Other intangible assets consisted of the following: March 31, 2023 December 31, 2022 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 $ 392,867 $ (287,704 ) $ 105,163 $ 387,603 $ (283,671 ) $ 103,932 Patents 17,808 (9,302 ) 8,506 17,508 (8,970 ) 8,538 Trademarks and trade names 17,291 (14,328 ) 2,963 16,278 (14,030 ) 2,248 Customer relationships 101,619 (88,495 ) 13,124 93,609 (86,925 ) 6,684 Capitalized software development costs 7,066 (7,066 ) - 7,066 (7,066 ) - $ 536,651 $ (406,895 ) $ 129,756 $ 522,064 $ (400,662 ) $ 121,402 Amortization expenses relating to intangible assets for the three-month period ended March 31, 2023 and 2022 were approximately $6.2 million and $9.2 million, respectively. As of March 31, 2023, the estimated amortization expenses relating to intangible assets for each of the following future periods were as follows: Estimated amortization expenses (U.S. $ in thousands) Remaining 9 months of 2023 $ 19,362 2024 21,627 2025 19,149 2026 19,063 2027 18,099 2028 and thereafter 32,456 Total $ 129,756 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | Note 7. Net Loss Per Share The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (In thousands, except per share amounts) Numerator: Net loss for basic and diluted loss per share $ (22,224 ) $ (20,948 ) Denominator: Weighted average shares - for basic and diluted net loss per share 67,583 65,721 Net loss per share Basic and diluted $ (0.33 ) $ (0.32 ) The computation of diluted net loss per share excluded share awards of 3.4 million and 5.4 million shares for the three months ended March 31, 2023 and 2022 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8. Income Taxes The Company had tax expense of $3.8 million for the three-month period ended March 31, 2023 compa red to tax benefit of $0.1 million for the three-month period ended March 31, 2022. The Company’s effective tax rate as of March 31, 2023 was primarily impacted by the geographic mix of its earnings and losses, movements in its valuation allowance and changes in its uncertain tax positions. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements 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: March 31, 2023 December 31, 2022 Level 2 Level 3 Level 2 Level 3 (U.S. $ in thousands) Assets: Foreign exchange forward contracts not designated as hedging instruments $ 73 - $ 159 - Foreign exchange forward contracts designated as hedging instruments 220 - 3 - Liabilities: Foreign exchange forward contracts not designated as hedging instruments (100 ) - (38 ) - Foreign exchange forward contracts designated as hedging instruments (2,610 ) - (1,640 ) - Convertible notes 4,327 - 1,894 Contingent consideration* 38,606 - 38,341 (2,417 ) 42,933 (1,516 ) 40,235 *Include s $14.4 million and $14.6 million un der Accrued expenses and other current liabilities in the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022, 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 receivables, 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 | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities [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 New Israeli Shekels (“NIS”), Euro, British Pound, 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 March 31, December 31, March 31, December 31, Balance sheet location 2023 2022 2023 2022 U.S. $ in thousands Assets derivatives -Foreign exchange contracts, not designated as hedging instruments Other current assets $ 73 $ 159 $ 40,375 $ 101,733 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 220 3 31,480 4,900 Liability derivatives -Foreign exchange contracts, not designated as hedging instruments Accrued expenses and other current liabilities (100 ) (38 ) 22,311 16,751 Liability derivatives -Foreign exchange contracts, designated as hedging instruments Accrued expenses and other current liabilities (2,610 ) (1,640 ) 52,115 72,273 $ (2,417 ) $ (1,516 ) $ 146,281 $ 195,657 Foreign exchange contracts not designated as hedging instruments As of March 31, 2023, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $62.7 million, and were used to reduce foreign currency exposures of the Euro, NIS, Japanese Yen, Korean Won and Chinese Yuan. With respect to such derivatives, loss of $0.4 million and gain of $0.7 million Cash Flow Hedging - Hedges of forecasted foreign currency payroll and other operating expenses As of March 31, 2023, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of $48.9 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll costs and other operating expenses denominated in NIS. The changes in fair value of those contracts are included in the Company’s accumulated other comprehensive loss. Cash Flow Hedging - Hedges of forecasted foreign currency revenue As of March 31, 2023, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of 34.7 million Euro into U.S. dollars. The Company transacts business in U.S. dollars and in various other currencies. The Company may use foreign exchange or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to twelve months. The Company enters into these foreign exchange contracts to hedge a portion of its forecasted foreign currency denominated revenue in the normal course of business, and, accordingly, they are not speculative in nature. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity | Note 11. Equity a. Stock-based compensation plans Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”) and performance-based restricted share units ( ” ” Three Months Ended March 31, 2023 2022 U.S $ in thousands Cost of revenues $ 932 $ 900 Research and development, net 2,089 1,786 Selling, general and administrative 5,220 5,847 Total stock-based compensation expenses $ 8,241 $ 8,533 A summary of the Company’s stock option activity for the three months ended March 31, 2023 is as follows: Number of Options Weighted Average Exercise Price Options outstanding as of January 1, 2023 $ 1,619,559 $ 27.62 Granted - - Exercised (1,083 ) 3.58 Forfeited (2,910 ) 34.73 Options outstanding as of March 31, 2023 1,615,566 27.62 Options exercisable as of March 31, 2023 $ 1,243,725 $ 31.13 As of March 31, 2023, the unrecognized compensation cost of $1.1 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 1.66 years. A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2023 is as follows: Number of RSUs and PSUs Weighted Average Grant Date Fair Value Unvested as of January 1, 2023 $ 3,496,099 $ 23.98 Granted 1,642,257 13.02 Vested (996,094 ) 25.58 Forfeited (104,741 ) 25.03 Unvested as of March 31, 2023 $ 4,037,521 $ 19.10 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 March 31, 2023, the unrecognized compensation cost of $63.5 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 2.4 years. b. Accumulated other comprehensive loss The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, 2023 Net Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Adjustments Total U.S. $ in thousands Balance as of January 1, 2023 $ (299 ) $ (12,519 ) $ (12,818 ) Other comprehensive income (loss) before reclassifications (1,828 ) 1,255 (573 ) Amounts reclassified from accumulated other comprehensive loss (417 ) - (417 ) Other comprehensive income (loss) (2,245 ) 1,255 (990 ) Balance as of March 31, 2023 $ (2,544 ) $ (11,264 ) $ (13,808 ) Three Months Ended March 31, 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 271 (702 ) (431 ) Amounts reclassified from accumulated other comprehensive loss (622 ) - (622 ) Other comprehensive income (loss) (351 ) (702 ) (1,053 ) Balance as of March 31, 2022 $ 1,221 $ (11,045 ) $ (9,824 ) |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Note 12. Contingencies 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) | 3 Months Ended |
Mar. 31, 2023 | |
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 Fair value, net $ 55,751 Net assets deconsolidated (14,146 ) Transaction expenses (2,469 ) Gain on deconsolidation of subsidiary $ 39,136 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |
Schedule of disaggregated by geographical region | Three months ended March 31, 2023 2022 (U.S. $ in thousands) Americas Systems $ 21,186 $ 28,982 Consumables 32,572 31,354 Service 36,322 38,231 Total Americas 90,080 98,567 EMEA Systems 11,402 15,076 Consumables 18,911 17,825 Service 7,567 7,153 Total EMEA 37,880 40,055 Asia Pacific Systems 7,864 10,458 Consumables 9,036 9,377 Service 4,517 4,972 Total Asia Pacific 21,417 24,807 Total Revenues $ 149,377 $ 163,429 |
Schedule of revenue recognition | Three months ended March 31, 2023 2022 (U.S. $ in thousands) Revenues recognized in point in time from: Products $ 100,971 $ 113,073 Services 13,691 12,492 Total revenues recognized in point in time 114,662 125,565 Revenues recognized over time from: Services 34,715 37,864 Total revenues recognized over time 34,715 37,864 Total Revenues $ 149,377 $ 163,429 |
Schedule of deferred revenue | March 31, December 31, 2023 2022 U.S. $ in thousands Deferred revenue* $ 79,213 $ 75,434 *Includes $25.4 million and $25.2 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | March 31, December 31, 2023 2022 U.S. $ in thousands Finished goods $ 86,214 $ 81,564 Work-in-process 8,319 7,562 Raw materials 107,464 104,928 $ 201,997 $ 194,054 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of changes in the carrying amount of goodwill | U.S. $ in thousands Goodwill as of January 1, 2023 $ 64,953 Goodwill acquired 4,743 Foreign currency translation adjustments 39 Goodwill as of March 31, 2023 $ 69,735 |
Schedule of other intangible assets | March 31, 2023 December 31, 2022 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 $ 392,867 $ (287,704 ) $ 105,163 $ 387,603 $ (283,671 ) $ 103,932 Patents 17,808 (9,302 ) 8,506 17,508 (8,970 ) 8,538 Trademarks and trade names 17,291 (14,328 ) 2,963 16,278 (14,030 ) 2,248 Customer relationships 101,619 (88,495 ) 13,124 93,609 (86,925 ) 6,684 Capitalized software development costs 7,066 (7,066 ) - 7,066 (7,066 ) - $ 536,651 $ (406,895 ) $ 129,756 $ 522,064 $ (400,662 ) $ 121,402 |
Schedule of estimated amortization expenses relating to intangible assets | Estimated amortization expenses (U.S. $ in thousands) Remaining 9 months of 2023 $ 19,362 2024 21,627 2025 19,149 2026 19,063 2027 18,099 2028 and thereafter 32,456 Total $ 129,756 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Net Loss Per Share [Abstract] | |
Schedule of basic and diluted net loss per share | Three Months Ended March 31, 2023 2022 (In thousands, except per share amounts) Numerator: Net loss for basic and diluted loss per share $ (22,224 ) $ (20,948 ) Denominator: Weighted average shares - for basic and diluted net loss per share 67,583 65,721 Net loss per share Basic and diluted $ (0.33 ) $ (0.32 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of assets and liabilities carried at fair value on a recurring basis | March 31, 2023 December 31, 2022 Level 2 Level 3 Level 2 Level 3 (U.S. $ in thousands) Assets: Foreign exchange forward contracts not designated as hedging instruments $ 73 - $ 159 - Foreign exchange forward contracts designated as hedging instruments 220 - 3 - Liabilities: Foreign exchange forward contracts not designated as hedging instruments (100 ) - (38 ) - Foreign exchange forward contracts designated as hedging instruments (2,610 ) - (1,640 ) - Convertible notes 4,327 - 1,894 Contingent consideration* 38,606 - 38,341 (2,417 ) 42,933 (1,516 ) 40,235 *Include s $14.4 million and $14.6 million un der Accrued expenses and other current liabilities in the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of balance sheet classification and fair values of derivative instruments | Fair Value Notional Amount March 31, December 31, March 31, December 31, Balance sheet location 2023 2022 2023 2022 U.S. $ in thousands Assets derivatives -Foreign exchange contracts, not designated as hedging instruments Other current assets $ 73 $ 159 $ 40,375 $ 101,733 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 220 3 31,480 4,900 Liability derivatives -Foreign exchange contracts, not designated as hedging instruments Accrued expenses and other current liabilities (100 ) (38 ) 22,311 16,751 Liability derivatives -Foreign exchange contracts, designated as hedging instruments Accrued expenses and other current liabilities (2,610 ) (1,640 ) 52,115 72,273 $ (2,417 ) $ (1,516 ) $ 146,281 $ 195,657 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock-based compensation expenses | Three Months Ended March 31, 2023 2022 U.S $ in thousands Cost of revenues $ 932 $ 900 Research and development, net 2,089 1,786 Selling, general and administrative 5,220 5,847 Total stock-based compensation expenses $ 8,241 $ 8,533 |
Schedule of stock option activity | Number of Options Weighted Average Exercise Price Options outstanding as of January 1, 2023 $ 1,619,559 $ 27.62 Granted - - Exercised (1,083 ) 3.58 Forfeited (2,910 ) 34.73 Options outstanding as of March 31, 2023 1,615,566 27.62 Options exercisable as of March 31, 2023 $ 1,243,725 $ 31.13 |
Schedule of RSUs and PSUs activity | Number of RSUs and PSUs Weighted Average Grant Date Fair Value Unvested as of January 1, 2023 $ 3,496,099 $ 23.98 Granted 1,642,257 13.02 Vested (996,094 ) 25.58 Forfeited (104,741 ) 25.03 Unvested as of March 31, 2023 $ 4,037,521 $ 19.10 |
Schedule of accumulated other comprehensive income (loss) | Three Months Ended March 31, 2023 Net Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Adjustments Total U.S. $ in thousands Balance as of January 1, 2023 $ (299 ) $ (12,519 ) $ (12,818 ) Other comprehensive income (loss) before reclassifications (1,828 ) 1,255 (573 ) Amounts reclassified from accumulated other comprehensive loss (417 ) - (417 ) Other comprehensive income (loss) (2,245 ) 1,255 (990 ) Balance as of March 31, 2023 $ (2,544 ) $ (11,264 ) $ (13,808 ) Three Months Ended March 31, 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 271 (702 ) (431 ) Amounts reclassified from accumulated other comprehensive loss (622 ) - (622 ) Other comprehensive income (loss) (351 ) (702 ) (1,053 ) Balance as of March 31, 2022 $ 1,221 $ (11,045 ) $ (9,824 ) |
Business Description and Basi_2
Business Description and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2023 | |
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, fashion and education. |
Certain Transactions (Details)
Certain Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Nov. 01, 2021 | Feb. 16, 2021 | Aug. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Certain Transactions (Details) [Line Items] | |||||
Other current assets | $ 105.6 | ||||
Investment rate | 46.50% | ||||
Developed technology | $ 57.8 | ||||
Goodwill | 22.3 | ||||
Other net assets | 25.5 | ||||
Based earn-outs over term | 97 years 9 months 18 days | ||||
Exchange for outstanding shares, percentage | 100.20% | ||||
Net losses | $ 2.3 | $ 5.4 | |||
Aggregate purchase price | $ 43 | ||||
Ordinary shares, issued (in Shares) | 317,505 | ||||
Price per share (in Dollars per share) | $ 0.01 | ||||
Aggregate purchase price | $ 37 | ||||
Invested amount | $ 2.4 | $ 16.7 | |||
MakerBot [Member] | |||||
Certain Transactions (Details) [Line Items] | |||||
Revaluation of an equity investment | $ 39.1 | ||||
Xaar 3D [Member] | |||||
Certain Transactions (Details) [Line Items] | |||||
Remaining acquire share, percentage | 46.70% |
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 | 3 Months Ended |
Mar. 31, 2023 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] | |
Fair value, net | $ 55,751 |
Net assets deconsolidated | (14,146) |
Transaction expenses | (2,469) |
Gain on deconsolidation of subsidiary | $ 39,136 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |||
Long term deferred revenue | $ 25.4 | $ 25.2 | |
Revenue recognized | 16.1 | 16.1 | |
Remaining performance obligations | $ 111.9 | ||
Expected remaining performance obligations recognized during next 12 months | $ 79.1 | ||
Expected remaining performance obligations recognized over subsequent 12 months | 19.1 | ||
Expected remaining performance obligations recognized remainder thereafter | 13.7 | ||
Deferred sales commissions | $ 9.5 | $ 9.6 |
Revenues (Details) - Schedule o
Revenues (Details) - Schedule of disaggregated by geographical region - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | $ 149,377 | $ 163,429 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 90,080 | 98,567 |
Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 37,880 | 40,055 |
Total Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 21,417 | 24,807 |
Systems [Member] | Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 21,186 | 28,982 |
Systems [Member] | Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 11,402 | 15,076 |
Systems [Member] | Total Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 7,864 | 10,458 |
Consumables [Member] | Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 32,572 | 31,354 |
Consumables [Member] | Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 18,911 | 17,825 |
Consumables [Member] | Total Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 9,036 | 9,377 |
Service [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 48,406 | 50,356 |
Service [Member] | Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 36,322 | 38,231 |
Service [Member] | Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | 7,567 | 7,153 |
Service [Member] | Total Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | $ 4,517 | $ 4,972 |
Revenues (Details) - Schedule_2
Revenues (Details) - Schedule of revenue recognition - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | $ 149,377 | $ 163,429 |
Total revenues recognized at point in time [Member] | ||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | 114,662 | 125,565 |
Total revenues recognized over time [Member] | ||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | 34,715 | 37,864 |
Products [Member] | ||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | 100,971 | 113,073 |
Products [Member] | Total revenues recognized at point in time [Member] | ||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | 100,971 | 113,073 |
Services [Member] | ||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | 48,406 | 50,356 |
Services [Member] | Total revenues recognized at point in time [Member] | ||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | 13,691 | 12,492 |
Services [Member] | Total revenues recognized over time [Member] | ||
Revenues (Details) - Schedule of revenue recognition [Line Items] | ||
Total Revenues | $ 34,715 | $ 37,864 |
Revenues (Details) - Schedule_3
Revenues (Details) - Schedule of deferred revenue - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Deferred Revenue [Abstract] | |||
Deferred revenue | [1] | $ 79,213 | $ 75,434 |
[1]Includes $25.4 million and $25.2 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Abstract] | ||
Finished goods | $ 86,214 | $ 81,564 |
Work-in-process | 8,319 | 7,562 |
Raw materials | 107,464 | 104,928 |
Total inventory | $ 201,997 | $ 194,054 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 6.2 | $ 9.2 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - Schedule of changes in the carrying amount of goodwill - Goodwill [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Line Items] | |
Goodwill as of January 1, 2023 | $ 64,953 |
Goodwill acquired | 4,743 |
Foreign currency translation adjustments | 39 |
Goodwill as of March 31, 2023 | $ 69,735 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | $ 536,651 | $ 522,064 |
Accumulated Amortization | (406,895) | (400,662) |
Net Book Value | 129,756 | 121,402 |
Developed technology [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 392,867 | 387,603 |
Accumulated Amortization | (287,704) | (283,671) |
Net Book Value | 105,163 | 103,932 |
Patents [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 17,808 | 17,508 |
Accumulated Amortization | (9,302) | (8,970) |
Net Book Value | 8,506 | 8,538 |
Trademarks and trade names [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 17,291 | 16,278 |
Accumulated Amortization | (14,328) | (14,030) |
Net Book Value | 2,963 | 2,248 |
Customer relationships [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of other intangible assets [Line Items] | ||
Carrying Amount, Net of Impairment | 101,619 | 93,609 |
Accumulated Amortization | (88,495) | (86,925) |
Net Book Value | 13,124 | 6,684 |
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 | 7,066 |
Accumulated Amortization | (7,066) | (7,066) |
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 | Mar. 31, 2023 USD ($) |
Schedule of Estimated Amortization Expenses Relating to Intangible Assets [Abstract] | |
Remaining 9 months of 2023 | $ 19,362 |
2024 | 21,627 |
2025 | 19,149 |
2026 | 19,063 |
2027 | 18,099 |
2028 and thereafter | 32,456 |
Total | $ 129,756 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares shares in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of net income (loss) per share | 3.4 | 5.4 |
Net Loss Per Share (Details) -
Net Loss Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss for basic and diluted loss per share | $ (22,224) | $ (20,948) |
Denominator: | ||
Weighted average shares - for basic net loss per share | 67,583 | 65,721 |
Net loss per share | ||
Basic | $ (0.33) | $ (0.32) |
Net Loss Per Share (Details) _2
Net Loss Per Share (Details) - Schedule of basic and diluted net loss per share (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Basic And Diluted Net Loss Per Share Abstract | ||
Weighted average shares - for diluted net loss per share | 67,583 | 65,721 |
Diluted | $ (0.33) | $ (0.32) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense benefits | $ 3.8 | $ 0.1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Accrued expenses and other current liabilities | $ 14.4 | $ 14.6 |
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 | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | |||
Assets: | |||
Foreign exchange forward contracts not designated as hedging instruments | $ 73 | $ 159 | |
Foreign exchange forward contracts designated as hedging instruments | 220 | 3 | |
Fair Value, Inputs, Level 2 [Member] | Liabilities [Member] | |||
Liabilities: | |||
Foreign exchange forward contracts not designated as hedging instruments | (100) | (38) | |
Foreign exchange forward contracts designated as hedging instruments | (2,610) | (1,640) | |
Contingent consideration | [1] | ||
Total | (2,417) | (1,516) | |
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities: | |||
Convertible notes | 4,327 | 1,894 | |
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 | |||
Contingent consideration | [1] | 38,606 | 38,341 |
Total | $ 42,933 | $ 40,235 | |
[1]Include s $14.4 million and $14.6 million un der Accrued expenses and other current liabilities in the Company's consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) € in Millions, ₪ in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 ILS (₪) | Mar. 31, 2022 EUR (€) | |
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||
Notional amount of derivative asset | $ 62.7 | |||
Gain (Loss) on derivative instrument | $ 0.4 | $ 0.7 | ||
Designated as Hedging Instrument [Member] | Conversion to NIS [Member] | ||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||
Notional amount of derivative asset | ₪ | ₪ 48.9 | |||
Designated as Hedging Instrument [Member] | Conversion to Euro [Member] | ||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||
Notional amount of derivative asset | € | € 34.7 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Fair value | $ (2,417) | $ (1,516) |
Notional amount | 146,281 | 195,657 |
Foreign exchange contracts [Member] | Not designated as hedging instruments [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | 73 | 159 |
Notional Amount | 40,375 | 101,733 |
Foreign exchange contracts [Member] | Not designated as hedging instruments [Member] | Accrued expenses and other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value | (100) | (38) |
Notional Amount | 22,311 | 16,751 |
Foreign exchange contracts [Member] | Designated as hedging instruments [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | 220 | 3 |
Notional Amount | 31,480 | 4,900 |
Foreign exchange contracts [Member] | Designated as hedging instruments [Member] | Accrued expenses and other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value | (2,610) | (1,640) |
Notional Amount | $ 52,115 | $ 72,273 |
Equity (Details)
Equity (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Stock Option [Member] | |
Equity (Details) [Line Items] | |
Unrecognized compensation cost | $ 1.1 |
Weighted-average period | 1 year 7 months 28 days |
RSUs and PSUs [Member] | |
Equity (Details) [Line Items] | |
Unrecognized compensation cost | $ 63.5 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cost of sales [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expenses | $ 932 | $ 900 |
Research and development, net [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expenses | 2,089 | 1,786 |
Selling, general and administrative [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expenses | 5,220 | 5,847 |
Total stock-based compensation expenses [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expenses | $ 8,241 | $ 8,533 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of stock option activity | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Stockholders' Equity Note [Abstract] | |
Number of Options, Options outstanding | shares | 1,619,559 |
Weighted Average Exercise Price, Options outstanding | $ / shares | $ 27.62 |
Number of Options, Granted | shares | |
Weighted Average Exercise Price, Granted | $ / shares | |
Number of Options, Exercised | shares | (1,083) |
Weighted Average Exercise Price, Exercised | $ / shares | $ 3.58 |
Number of Options, Forfeited | shares | (2,910) |
Weighted Average Exercise Price, Forfeited | $ / shares | $ 34.73 |
Number of Options, Options outstanding | shares | 1,615,566 |
Weighted Average Exercise Price, Options outstanding | $ / shares | $ 27.62 |
Number of Options, Options exercisable | shares | 1,243,725 |
Weighted Average Exercise Price, Options exercisable | $ / shares | $ 31.13 |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of RSUs and PSUs activity - Restricted and Phantom Share Units [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Equity (Details) - Schedule of RSUs and PSUs activity [Line Items] | |
Number of RSUs and PSUs, Unvested | shares | 3,496,099 |
Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 23.98 |
Number of RSUs and PSUs, Granted | shares | 1,642,257 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 13.02 |
Number of RSUs and PSUs, Vested | shares | (996,094) |
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 25.58 |
Number of RSUs and PSUs, Forfeited | shares | (104,741) |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 25.03 |
Number of RSUs and PSUs, Unvested | shares | 4,037,521 |
Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 19.1 |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of accumulated other comprehensive income (loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (12,818) | $ (8,771) |
Other comprehensive income (loss) before reclassifications | (573) | (431) |
Amounts reclassified from accumulated other comprehensive loss | (417) | (622) |
Other comprehensive income (loss) | (990) | (1,053) |
Ending balance | (13,808) | (9,824) |
Net Unrealized Gain (Loss) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (299) | 1,572 |
Other comprehensive income (loss) before reclassifications | (1,828) | 271 |
Amounts reclassified from accumulated other comprehensive loss | (417) | (622) |
Other comprehensive income (loss) | (2,245) | (351) |
Ending balance | (2,544) | 1,221 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (12,519) | (10,343) |
Other comprehensive income (loss) before reclassifications | 1,255 | (702) |
Amounts reclassified from accumulated other comprehensive loss | ||
Other comprehensive income (loss) | 1,255 | (702) |
Ending balance | $ (11,264) | $ (11,045) |