Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
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
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 144,366 | $ 150,470 |
Short-term deposits | 61,000 | 177,367 |
Accounts receivable, net of allowance for credit losses of $0.8 million and $0.9 million as of June 30, 2023 and December 31, 2022, respectively | 156,264 | 144,739 |
Inventories | 211,186 | 194,054 |
Prepaid expenses | 10,187 | 5,767 |
Other current assets | 27,463 | 27,823 |
Total current assets | 610,466 | 700,220 |
Non-current assets | ||
Property, plant and equipment, net | 200,994 | 195,063 |
Goodwill | 92,946 | 64,953 |
Other intangible assets, net | 148,613 | 121,402 |
Operating lease right-of-use assets | 20,513 | 18,122 |
Long-term investments | 138,624 | 141,610 |
Other non-current assets | 18,269 | 18,420 |
Total non-current assets | 619,959 | 559,570 |
Total assets | 1,230,425 | 1,259,790 |
Current liabilities | ||
Accounts payable | 69,793 | 72,921 |
Accrued expenses and other current liabilities | 50,763 | 45,912 |
Accrued compensation and related benefits | 29,534 | 34,432 |
Deferred revenues - short term | 51,865 | 50,220 |
Operating lease liabilities - short term | 6,842 | 7,169 |
Total current liabilities | 208,797 | 210,654 |
Non-current liabilities | ||
Deferred revenues - long term | 27,399 | 25,214 |
Deferred income taxes - long term | 6,995 | 5,638 |
Operating lease liabilities - long term | 13,346 | 10,670 |
Contingent consideration - long term | 26,151 | 23,707 |
Other non-current liabilities | 24,510 | 24,475 |
Total non-current liabilities | 98,401 | 89,704 |
Total liabilities | 307,198 | 300,358 |
Contingencies (see note 13) | ||
Equity | ||
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 68,942 shares and 67,086 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 193 | 187 |
Additional paid-in capital | 3,073,396 | 3,048,915 |
Accumulated other comprehensive loss | (12,671) | (12,818) |
Accumulated deficit | (2,137,691) | (2,076,852) |
Total equity | 923,227 | 959,432 |
Total liabilities and equity | $ 1,230,425 | $ 1,259,790 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 ₪ / shares | Dec. 31, 2022 USD ($) 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 | 68,942 | 67,086 | ||
Ordinary shares, outstanding | 68,942 | 67,086 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Revenues | $ 159,751 | $ 166,603 | $ 309,128 | $ 330,032 |
Cost of revenues | ||||
Cost of revenues | 93,529 | 99,210 | 177,511 | 192,962 |
Gross profit | 66,222 | 67,393 | 131,617 | 137,070 |
Operating expenses | ||||
Research and development, net | 24,305 | 24,346 | 45,780 | 48,344 |
Selling, general and administrative | 75,576 | 66,592 | 136,293 | 131,855 |
Total operating expenses | 99,881 | 90,938 | 182,073 | 180,199 |
Operating loss | (33,659) | (23,545) | (50,456) | (43,129) |
Financial income (expenses), net | 687 | (1,170) | 1,460 | (2,532) |
Loss before income taxes | (32,972) | (24,715) | (48,996) | (45,661) |
Income tax benefit (expenses) | (725) | 429 | (4,500) | 502 |
Share in losses of associated companies | (4,918) | (99) | (7,343) | (174) |
Net loss | $ (38,615) | $ (24,385) | $ (60,839) | $ (45,333) |
Net loss per share - basic (in Dollars per share) | $ (0.56) | $ (0.37) | $ (0.89) | $ (0.69) |
Weighted average ordinary shares outstanding. - basic (in Shares) | 68,648 | 66,568 | 68,107 | 66,151 |
Comprehensive loss | ||||
Net loss | $ (38,615) | $ (24,385) | $ (60,839) | $ (45,333) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 579 | (2,789) | 1,834 | (3,491) |
Unrealized gains (losses) on derivatives designated as cash flow hedges | 558 | (741) | (1,687) | (1,092) |
Other comprehensive income (loss), net of tax | 1,137 | (3,530) | 147 | (4,583) |
Comprehensive loss | (37,478) | (27,915) | (60,692) | (49,916) |
Products | ||||
Revenues | ||||
Revenues | 109,112 | 115,721 | 210,083 | 228,794 |
Cost of revenues | ||||
Cost of revenues | 57,576 | 61,132 | 108,689 | 120,505 |
Services | ||||
Revenues | ||||
Revenues | 50,639 | 50,882 | 99,045 | 101,238 |
Cost of revenues | ||||
Cost of revenues | $ 35,953 | $ 38,078 | $ 68,822 | $ 72,457 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net loss per share - diluted | $ (0.56) | $ (0.37) | $ (0.89) | $ (0.69) |
Weighted average ordinary shares outstanding. - diluted | 68,648 | 66,568 | 68,107 | 66,151 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 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 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 | ||||
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 income (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 | ||||
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 Common stock under employee stock purchase plan | 3,014 | ||||
Issuance of shares as part of the Covestro acquisition | 5,201 | ||||
Balance at Jun. 30, 2023 | $ 193 | 3,073,396 | (2,137,691) | (12,671) | 923,227 |
Balance (in Shares) at Jun. 30, 2023 | 68,942 | ||||
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 | ||||
Issuance of shares in connection with stock-based compensation plans | $ 1 | 4 | 5 | ||
Issuance of shares in connection with stock-based compensation plans (in Shares) | 268 | ||||
Stock-based compensation | 8,022 | 8,022 | |||
Comprehensive income (loss) | (38,615) | 1,137 | (37,478) | ||
Issuance of Common stock under employee stock purchase plan | $ 1 | 3,013 | 3,014 | ||
Issuance of Common stock under employee stock purchase plan (in Shares) | 253 | ||||
Issuance of shares as part of the Covestro acquisition | $ 1 | 5,200 | 5,201 | ||
Issuance of shares as part of the Covestro acquisition (in Shares) | 318 | ||||
Balance at Jun. 30, 2023 | $ 193 | $ 3,073,396 | $ (2,137,691) | $ (12,671) | $ 923,227 |
Balance (in Shares) at Jun. 30, 2023 | 68,942 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (60,839) | $ (45,333) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Impairment of other long-lived assets | 919 | 3,865 |
Depreciation and amortization | 24,343 | 29,924 |
Stock-based compensation | 16,263 | 17,364 |
Foreign currency transaction loss | 1,967 | 10,318 |
Share in losses of associated companies | 7,343 | 174 |
Revaluation of investments | 1,217 | 2,316 |
Other non-cash items, net | 2,073 | 168 |
Change in cash attributable to changes in operating assets and liabilities: | ||
Accounts receivable, net | (11,156) | (11,058) |
Inventories | (11,161) | (39,162) |
Other current assets and prepaid expenses | (3,777) | 5,320 |
Other non-current assets | 4,642 | 382 |
Accounts payable | (4,360) | 10,217 |
Other current liabilities | (8,972) | (20,650) |
Deferred revenues | 3,715 | 4,540 |
Deferred income taxes, net and uncertain tax positions | 2,810 | (1,674) |
Other non-current liabilities | (6,194) | (5,620) |
Net cash used in operating activities | (41,167) | (38,909) |
Cash flows from investing activities | ||
Cash paid for acquisitions, net of cash acquired | (66,472) | |
Purchase of property and equipment | (6,546) | (7,526) |
Investments in short-term bank deposits | (12,448) | (195,429) |
Proceeds from short-term bank deposits | 128,815 | 272,000 |
Purchase of intangible assets | (464) | (965) |
Other investing activities | (58) | 122 |
Investments in unconsolidated entities | (6,199) | (5,030) |
Net cash provided by investing activities | 36,628 | 63,172 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 9 | 247 |
Payment of contingent consideration | (691) | (1,386) |
Other financing activities | 275 | |
Net cash used in financing activities | (682) | (864) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (824) | (7,413) |
Net change in cash, cash equivalents and restricted cash | (6,045) | 15,986 |
Cash, cash equivalents and restricted cash, beginning of period | 150,686 | 243,293 |
Cash, cash equivalents and restricted cash, end of period | 144,641 | 259,279 |
Supplemental disclosures of cash flow information: | ||
Transfer of inventory to fixed assets | 5,612 | 1,150 |
Transfer of fixed assets to inventory | 118 | 123 |
Issuance of Common stock under employee stock purchase plan | 3,014 | |
Issuance of shares as part of Covestro acquisition (Refer to Note 3) | 5,201 | |
Contingent consideration | 3,009 | |
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets: | ||
Cash and cash equivalents | 144,366 | 255,886 |
Restricted cash included in other current assets | 275 | 160 |
Cash balances classified as Held for sale | 3,233 | |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 144,641 | $ 259,279 |
Business Description and Basis
Business Description and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 Company’s approximately 2,400 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. Stratasys’ products and comprehensive solutions improve product quality, development time, cost, time-to-market and patient care. The Company’s 3D ecosystem of solutions and expertise includes 3D printers, materials, software, expert services, and on-demand parts production. 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 global events and other longer-term macroeconomic conditions, most prominently, the extent and speed at which inflation subsides, whether interest rate hikes continue, tighter credit markets and whether capital markets and global supply chains fully recover. 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 six and three months periods ended June 30, 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 | 6 Months Ended |
Jun. 30, 2023 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | Note 2. New Accounting Pronouncements Accounting Pronouncements Adopted in 2023 In October 2021, the Financial Accounting Standards Board (the “ ” “ ” “ ” The Company adopted this guidance effective January 1, 2023, with no material impact on its consolidated financial statements. |
Certain Transactions
Certain Transactions | 6 Months Ended |
Jun. 30, 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 46.5% share in the new entity. The preliminary allocation of the purchase price ( “ ” $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 June 30, 2023 and December 31, 2022 the equity investment in Ultimaker amounted to $92.9 million and $100.2 million, respectively, which represented the original investment in Ultimaker, net of share in net losses for the respective periods (the six months ended June 30, 2023 and year ended December 31, 2022) in amounts of $7.3 million and $5.4 million, respectively . Following the acquisition, the Company will act as an agent to Ultimaker and will distribute products of Ultimaker. Transactions with Ultimaker for the period were immaterial. STRATASYS LTD. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) Covestro AG assets acquisition On April 3 th (the "Covestro transaction date"), Also, the Company acquired an IP portfolio comprised of hundreds of patents and pending patents, including all of the SOMOS™ portfolio. The Covestro transaction is reflected in accordance with ASC Topic 805, “Business Combinations”. The assets acquisition transaction meets the definition of a business and was accounted for as a “Business Combinations” transaction, using the acquisition method of accounting with the Company as the acquirer. The following table summarizes the fair value of the consideration transferred to Covestro AG for the Covestro transaction: U.S. $ in thousands Cash payments* $ 53,300 Issuance of ordinary shares to Covestro stockholders 5,201 Contingent consideration at estimated fair value 659 Total consideration $ 59,160 *Of which $50 million was paid on April 3, 2023. The fair value of the ordinary shares issued was determined based on the closing market price of the Company's ordinary shares on the Covestro transaction date. In accordance with ASC Topic 805, the estimated contingent consideration as of the Covestro transaction date was included in the purchase price. The total contingent payments could reach to a maximum aggregate amount of up to $37 million. The payment will be settled through the issuance of ordinary shares. 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. Refer to note 9. STRATASYS LTD. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Covestro transaction date. The estimated fair values are preliminary and based on the information that was available as of April 3 , 2023. Thus, the measurements of fair value 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) Inventory $ 10,429 Fixed assets 5,043 Goodwill 23,092 Intangible assets 22,437 Total assets acquired 61,001 Other current liabilities 1,841 Total liabilities assumed 1,841 Net assets acquired $ 59,160 The preliminary allocation of the PPA to net assets acquired and liability assumed resulted in the recognition of intangible assets related to developed technology, customer relationship, and trade name. These intangible assets have a useful life of 7 to 10 years. The fair value estimate of the intangible assets is determined using a variation of the income approach known as the “Multi-Period Excess Earnings Approach”. This valuation technique estimates the fair value of an asset based on market participants’ expectations of the cash flows assets would generate over its remaining useful life. The net cash flows were discounted to present value. Pro forma information giving effect to the acquisition has not been provided as the results would not be material. 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 six months ended June 30, 2023 and during 2022, the Company invested a total of $5.4 million and $16.7 million, respectively, in non-marketable equity securities and convertible notes of several companies. |
Recent developments
Recent developments | 6 Months Ended |
Jun. 30, 2023 | |
Recent Developments Abstract | |
Recent developments | Note 4. Recent developments Prospective Merger with Desktop Metal On May 25, 2023, the Company and Desktop Metal, Inc., (“Desktop Metal”), jointly announced their entry into a merger agreement, whereby a wholly-owned Delaware subsidiary of the company will merge with and into Desktop Metal, with Desktop Metal surviving the merger as a wholly-owned subsidiary of the Company. The Company’s shareholders and Desktop Metal’s stockholders would hold 59% and 41%, respectively, of Stratasys ordinary shares following the merger. The parties expect the transaction to close in the fourth quarter of 2023, subject to the receipt of required regulatory approvals, as well as approvals of the shareholders of Stratasys and stockholders of Desktop Metal, and other customary closing conditions. Nano Dimension Tender Offer and Board Contest On May 25, 2023, following the announcement of the merger with Desktop Metal, Nano Dimension Ltd., (“Nano”), a 14.1% shareholder of the Company in the 3D printing industry, launched a hostile partial tender offer whereby it sought to acquire—including shares already held by it— between 53% and 55% of the Company’s outstanding ordinary shares, at a price of $18.00 per share. The tender offer was subject to various conditions and was originally set to expire on June 26, 2023. Over the course of subsequent periods of time, the price offered by Nano in its tender offer was ultimately raised to $25.00 per share, with an accompanying reduction as to the percentage of Company shares to be held by it upon consummation of the offer, to between 46% and 51%, and the offer was extended ultimately through July 31, 2023. The offer expired on July 31, 2023 and Nano did not receive enough tendered shares and was therefore unable to complete the purchase of any of the Company ordinary shares pursuant to the offer. The Company has also been subject to litigation with Nano in an Israeli district court regarding our shareholder rights plan, Nano’s tender offer, and the contested board election. The litigation has not changed the outcome of any of the developments described above. Please see note 13. 3D Systems Offers On May 30, 2023, and then again on June 27, 2023, the Company received an unsolicited non-binding indicative proposal from 3D Systems Corporation (“3D Systems”) to merge with the Company. The price offered was $7.50 in cash and 1.2507 shares of common stock of 3D Systems per ordinary share of Stratasys, followed by $7.50 in cash and 1.3223 shares of common stock, in those respective offers. On July 13, 2023, the Company received an updated proposal from 3D Systems, pursuant to which it would merge with the Company for $7.50 in cash and 1.5444 newly issued shares of common stock of 3D Systems per Stratasys ordinary share. The Stratasys board determined that the latest 3D Systems proposal would reasonably be expected to result in a “Superior Proposal” under the merger agreement with Desktop Metal and authorized Company management to enter into discussions with 3D Systems with respect to the proposal. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition [Abstract] | |
Revenues | Note 5. Revenues Disaggregation of Revenues Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (U.S. $ in thousands) (U.S. $ in thousands) Americas Systems $ 28,975 $ 32,868 $ 50,161 $ 61,850 Consumables 33,757 34,662 66,329 66,016 Service 39,463 39,695 75,785 77,926 Total Americas 102,195 107,225 192,275 205,792 EMEA Systems 12,054 14,760 23,456 29,837 Consumables 17,910 14,268 36,821 32,093 Service 6,920 6,184 14,487 13,337 Total EMEA 36,884 35,212 74,764 75,267 Asia Pacific Systems 7,284 11,235 15,148 21,693 Consumables 9,132 7,928 18,168 17,305 Service 4,256 5,003 8,773 9,975 Total Asia Pacific 20,672 24,166 42,089 48,973 Total Revenues $ 159,751 $ 166,603 $ 309,128 $ 330,032 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 six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (U.S. $ in thousands) (U.S. $ in thousands) Revenues recognized in point in time from: Products $ 109,112 $ 115,721 $ 210,083 $ 228,794 Services 14,156 13,147 27,847 25,639 Total revenues recognized in point in time 123,268 128,868 237,930 254,433 Revenues recognized over time from: Services 36,483 37,735 71,198 75,599 Total revenues recognized over time 36,483 37,735 71,198 75,599 Total Revenues $ 159,751 $ 166,603 $ 309,128 $ 330,032 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 June 30, 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 June 30, 2023 and December 31, 2022 were as follows: June 30, 2023 December 31, 2022 U.S. $ in thousands Deferred revenue* $ 79,264 $ 75,434 *Includes $27.4 Revenue recognized in 2023 that was included in deferred revenue balance as of December 31, 2022 was $11.8 million and $27.9 million Remaining Performance Obligations Remaining Performance Obligations ( “ “ . As of June 30, 2023, the total RPO amounted to $107.4 million. The Company expects to recognize $78.7 million of this RPO during the next 12 months, $14.3 million over the subsequent 12 months and the remaining $14.4 million thereafter. 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 June 30, 2023 and December 31, 2022, the deferred commissions amounted to $9.7 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6. Inventories Inventories consisted of the following as of the below balance sheet dates: June 30, 2023 December 31, 2022 U.S. $ in thousands Finished goods $ 88,967 $ 81,564 Work-in-process 11,429 7,562 Raw materials 110,790 104,928 $ 211,186 $ 194,054 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of the Company’s goodwill during the six months ended June 30, 2023 were as follows: U.S. $ in thousands Goodwill as of January 1, 2023 $ 64,953 Goodwill acquired 27,835 Foreign currency translation adjustments 158 Goodwill as of June 30, 2023 $ 92,946 Other Intangible Assets Other intangible assets consisted of the following: June 30, 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 $ 406,738 $ (292,135 ) $ 114,603 $ 387,603 $ (283,671 ) $ 103,932 Patents 17,958 (9,640 ) 8,318 17,508 (8,970 ) 8,538 Trademarks and trade names 21,368 (14,776 ) 6,592 16,278 (14,030 ) 2,248 Customer relationships 109,419 (90,319 ) 19,100 93,609 (86,925 ) 6,684 Capitalized software development costs 7,066 (7,066 ) - 7,066 (7,066 ) - $ 562,549 $ (413,936 ) $ 148,613 $ 522,064 $ (400,662 ) $ 121,402 Amortization expenses relating to intangible assets for the three-month periods ended June 30, 2023 and 2022 were approximately $7.1 Amortization expenses relating to intangible assets for the six-month periods ended June 30, 2023 and 2022 were approximately $13.3 As of June 30, 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 6 months of 2023 $ 14,202 2024 23,774 2025 22,371 2026 22,293 2027 20,892 2028 and thereafter 45,081 Total $ 148,613 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | Note 8. 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 In thousands, except per share amounts In thousands, except per share amounts Numerator: Net loss for basic and diluted net loss per share $ (38,615 ) $ (24,385 ) $ (60,839 ) $ (45,333 ) Denominator: Weighted average shares - for basic and diluted net loss per share 68,648 66,568 68,107 66,151 Net loss per share Basic and diluted $ (0.56 ) $ (0.37 ) $ (0.89 ) $ (0.69 ) The computation of diluted net loss per share excluded share aw ards of 3 million shares and 5.2 mi respectively, The computation of diluted net loss per share excluded share aw ards of 3.3 million shares and 5.2 mi |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The Company had income tax expense of $0.7 million for the three-month period ended June 30, 2023, compared to income tax benefit of $0.4 million for the three-month period ended June 30, 2022. The Company had income tax expense of $4.5 million for the six-month period ended June 30, 2023, compared to income tax benefit of $0.5 million for the six-month period ended June 30, 2022. The Company’s effective tax rate as of June 30, 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 | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 10. 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: June 30, 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 $ 7 $ - $ 159 $ - Foreign exchange forward contracts designated as hedging instruments 376 - 3 - Liabilities: Foreign exchange forward contracts not designated as hedging instruments (87 ) - (38 ) - Foreign exchange forward contracts designated as hedging instruments (2,540 ) - (1,640 ) - Convertible notes - 5,423 - 1,894 Contingent consideration* - 41,171 - 38,341 $ (2,244 ) $ 46,594 $ (1,516 ) $ 40,235 *Includes $15.0 d $14.6 m 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 | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | Note 11. 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, 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 June 2023. The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments: Fair Value Notional Amount June 30, December 31, June 30, 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 $ 7 $ 159 $ 25,093 $ 101,733 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 376 3 28,221 4,900 Liability derivatives -Foreign exchange contracts, not designated as hedging instruments Accrued expenses and other current liabilities (87 ) (38 ) 33,927 16,751 Liability derivatives -Foreign exchange contracts, designated as hedging instruments Accrued expenses and other current liabilities (2,540 ) (1,640 ) 36,858 72,273 $ (2,244 ) $ (1,516 ) $ 124,099 $ 195,657 Foreign exchange contracts not designated as hedging instruments As of June 30, 2023, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $59.0 million, and were used to reduce foreign currency exposures. With respect to such derivatives, a gain of $1.6 million and a gain of $2.4 million gain of $1.2 Cash Flow Hedging - Hedges of forecasted foreign currency payroll and other operating expenses As of June 30, 2023 36.9 Cash Flow Hedging - Hedges of forecasted foreign currency revenue As of June 30, 2023 28.2 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity | Note 12. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 U.S $ in thousands U.S $ in thousands Cost of revenues $ 999 $ 1,080 $ 1,931 $ 1,980 Research and development, net 1,867 1,606 3,956 3,392 Selling, general and administrative 5,156 6,145 10,376 11,992 Total stock-based compensation expenses $ 8,022 $ 8,831 $ 16,263 $ 17,364 A summary of the Company’s stock option activity for the six months ended June 30, 2023 Number of Options Weighted Average Exercise Price Options outstanding as of January 1, 2023 1,619,559 27.62 Granted - - Exercised (2,429 ) 3.56 Forfeited (205,478 ) 64.78 Options outstanding as of June 30, 2023 1,411,652 22.25 Options exercisable as of June 30, 2023 1,084,689 24.18 As of June 30, 2023 f $0.9 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 1.41 yea A summary of the Company’s RSUs and PSUs activity for the six months ended June 30, 2023 Number of RSUs and PSUs Weighted Average Grant Date Fair Value Unvested as of January 1, 2023 3,496,099 23.98 Granted 1,784,752 13.26 Vested (1,262,954 ) 24.37 Forfeited (201,832 ) 24.15 Unvested as of June 30, 2023 3,816,065 18.83 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 June 30, 2023 $57.60 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 2.72 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 ended on November 30, 2022, the second offering commenced on December 1,2022 and ended on May 31, 2023 and the third offering commenced on June 1, 2023 and will end on November 30, 2023. In accordance with ASC Topic 718, the ESPP is considered compensatory and, as such, results in recognition of stock-based compensation expenses. 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 six months ended June 30, 2023 Six Months Ended June 30, 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 (2,708 ) 1,834 (874 ) Amounts reclassified from accumulated other comprehensive loss 1,021 - 1,021 Other comprehensive loss (1,687 ) 1,834 147 Balance as of June 30, 2023 $ (1,986 ) $ (10,685 ) $ (12,671 ) Six Months Ended June 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 before reclassifications (1,049 ) (3,491 ) (4,540 ) Amounts reclassified from accumulated other comprehensive loss (43 ) - (43 ) Other comprehensive income (1,092 ) (3,491 ) (4,583 ) Balance as of June 30, 2022 $ 480 $ (13,834 ) $ (13,354 ) c. Rights plan On July 24, 2022, the Company’s Board of Directors adopted a shareholder 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, par value NIS 0.01, of the Company (“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 agreement governing the Rights Plan (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 originally had a 364-day term, expiring on July 24, 2023. On May 25, 2023, in connection with the execution and delivery on that day of the agreement and plan of merger, by and among Stratasys, Desktop Metal, Inc., and Tetris Sub Inc., a Delaware corporation and Stratasys’ wholly-owned subsidiary (the “Desktop Metal Merger Agreement”) Stratasys Desktop Metal Merger Agreement The adoption of the Rights Plan is intended to protect the long-term interests of Stratasys and all Stratasys shareholders. The Rights Plan is designed to reduce the likelihood that any entity, person, or group would gain control of, or significant influence over, Stratasys through the open-market accumulation of the Company’s shares without appropriately compensating all Stratasys shareholders for control. 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 or any existing holder of 15% or more of the ordinary shares who shall acquire any additional ordinary shares. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Contingencies [Abstract] | |
Contingencies | Note 13. Contingencies Legal proceedings Litigation with Nano Dimension regarding Stratasys’ Rights Plan, Nano Dimension’s tender offer, and Stratasys board election On April 25, 2023, the Company was named as a defendant in an action filed by Nano in the Tel-Aviv District Court in which Nano sought declaratory relief declaring that Stratasys’ shareholder rights plan is both illegal and void, and also requested a court order enjoining the Company and its directors from intervening with, or hindering in any way, a tender offer that Nano at the time intended to launch to acquire Stratasys ordinary shares. On June 8, 2023, in its statement of defense, the Company rejected all of Nano’s claims, stating, among other things, that there was a substantial change of circumstance since Nano’s action was filed due to Stratasys’ entry into the Desktop Metal Merger Agreement on May 25, 2023 and the launch of Nano’s tender offer on May 25, 2023. The Company argued that its rights plan is legal under Israeli law, and that due to the many flaws and unlawful conditions of Nano’s tender offer and Nano’s conduct and circumstances, The Company’s board was obligated to get involved and protect the Company and its shareholders. The Company also submitted a counterclaim to the court, seeking an order restraining Nano from completing its tender offer until certain conditions were to be fulfilled. On July 18, 2023, in the context of an interim procedural decision, the Israeli court took the opportunity to express its preliminary view on the legality of shareholder rights plans for Israeli companies. The court indicated that it is inclined to view rights plans as permissible under Israeli law; that the adoption of a rights plan by a board should be viewed “with suspicion”; and that the board would bear the burden of proving certain matters related to the adoption of such a plan. The court has set a schedule for submission of written summations by the parties, with Nano to submit its summations as claimant by August 7, 2023, the Company to submit its summations as respondent and counterclaimant by August 25, 2023, and Nano to submit its summations as counter-respondent by September 14, 2023. In a separate action, on July 13, 2023, Nano filed a motion in an Israeli court requesting that the court order, among other things, that (i) The Company correct the agenda sent out to its shareholders in advance of an annual general shareholder meeting scheduled for August 8, 2023, so that the agenda would include Nano’s individual director nominees for the Company’s board, and (ii) The Company issue a new proxy statement and proxy card for the annual general shareholder meeting. On July 28, 2023, Nano issued a press release in which it announced that it intends to withdraw its nominees for the Company’s board, which Nano reiterated in a press release that it issued on August 1, 2023. Ordinary course litigation In addition to the foregoing litigations, the Company is also 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) | 6 Months Ended |
Jun. 30, 2023 | |
Certain Transactions [Abstract] | |
Schedule of Fair Value Allocated To Such Net Assets In The Transaction | 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 |
Schedule of Fair Value of The Consideration Transferred | The following table summarizes the fair value of the consideration transferred to Covestro AG for the Covestro transaction: U.S. $ in thousands Cash payments* $ 53,300 Issuance of ordinary shares to Covestro stockholders 5,201 Contingent consideration at estimated fair value 659 Total consideration $ 59,160 *Of which $50 million was paid on April 3, 2023. |
Schedule of Preliminary Allocation of The Purchase Price | The preliminary allocation of the purchase price to assets acquired and liabilities assumed is as follows: Allocation of Purchase Price (U.S. $ in thousands) Inventory $ 10,429 Fixed assets 5,043 Goodwill 23,092 Intangible assets 22,437 Total assets acquired 61,001 Other current liabilities 1,841 Total liabilities assumed 1,841 Net assets acquired $ 59,160 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |
Schedule of Disaggregated By Geographical Region | 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 six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (U.S. $ in thousands) (U.S. $ in thousands) Americas Systems $ 28,975 $ 32,868 $ 50,161 $ 61,850 Consumables 33,757 34,662 66,329 66,016 Service 39,463 39,695 75,785 77,926 Total Americas 102,195 107,225 192,275 205,792 EMEA Systems 12,054 14,760 23,456 29,837 Consumables 17,910 14,268 36,821 32,093 Service 6,920 6,184 14,487 13,337 Total EMEA 36,884 35,212 74,764 75,267 Asia Pacific Systems 7,284 11,235 15,148 21,693 Consumables 9,132 7,928 18,168 17,305 Service 4,256 5,003 8,773 9,975 Total Asia Pacific 20,672 24,166 42,089 48,973 Total Revenues $ 159,751 $ 166,603 $ 309,128 $ 330,032 |
Schedule of Revenue Recognition | 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 six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (U.S. $ in thousands) (U.S. $ in thousands) Revenues recognized in point in time from: Products $ 109,112 $ 115,721 $ 210,083 $ 228,794 Services 14,156 13,147 27,847 25,639 Total revenues recognized in point in time 123,268 128,868 237,930 254,433 Revenues recognized over time from: Services 36,483 37,735 71,198 75,599 Total revenues recognized over time 36,483 37,735 71,198 75,599 Total Revenues $ 159,751 $ 166,603 $ 309,128 $ 330,032 |
Schedule of Deferred Revenue | The Company's deferred revenue as of June 30, 2023 and December 31, 2022 were as follows: June 30, 2023 December 31, 2022 U.S. $ in thousands Deferred revenue* $ 79,264 $ 75,434 *Includes $27.4 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following as of the below balance sheet dates: June 30, 2023 December 31, 2022 U.S. $ in thousands Finished goods $ 88,967 $ 81,564 Work-in-process 11,429 7,562 Raw materials 110,790 104,928 $ 211,186 $ 194,054 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Changes In The Carrying Amount Of Goodwill | Changes in the carrying amount of the Company’s goodwill during the six months ended June 30, 2023 were as follows: U.S. $ in thousands Goodwill as of January 1, 2023 $ 64,953 Goodwill acquired 27,835 Foreign currency translation adjustments 158 Goodwill as of June 30, 2023 $ 92,946 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following: June 30, 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 $ 406,738 $ (292,135 ) $ 114,603 $ 387,603 $ (283,671 ) $ 103,932 Patents 17,958 (9,640 ) 8,318 17,508 (8,970 ) 8,538 Trademarks and trade names 21,368 (14,776 ) 6,592 16,278 (14,030 ) 2,248 Customer relationships 109,419 (90,319 ) 19,100 93,609 (86,925 ) 6,684 Capitalized software development costs 7,066 (7,066 ) - 7,066 (7,066 ) - $ 562,549 $ (413,936 ) $ 148,613 $ 522,064 $ (400,662 ) $ 121,402 |
Schedule of Estimated Amortization Expenses Relating To Intangible Assets | As of June 30, 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 6 months of 2023 $ 14,202 2024 23,774 2025 22,371 2026 22,293 2027 20,892 2028 and thereafter 45,081 Total $ 148,613 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net Loss Per Share [Abstract] | |
Schedule of Basic And Diluted 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 In thousands, except per share amounts In thousands, except per share amounts Numerator: Net loss for basic and diluted net loss per share $ (38,615 ) $ (24,385 ) $ (60,839 ) $ (45,333 ) Denominator: Weighted average shares - for basic and diluted net loss per share 68,648 66,568 68,107 66,151 Net loss per share Basic and diluted $ (0.56 ) $ (0.37 ) $ (0.89 ) $ (0.69 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Assets And Liabilities Carried At Fair Value On A Recurring Basis | 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: June 30, 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 $ 7 $ - $ 159 $ - Foreign exchange forward contracts designated as hedging instruments 376 - 3 - Liabilities: Foreign exchange forward contracts not designated as hedging instruments (87 ) - (38 ) - Foreign exchange forward contracts designated as hedging instruments (2,540 ) - (1,640 ) - Convertible notes - 5,423 - 1,894 Contingent consideration* - 41,171 - 38,341 $ (2,244 ) $ 46,594 $ (1,516 ) $ 40,235 *Includes $15.0 d $14.6 m |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Balance Sheet Classification And Fair Values of Derivative Instruments | The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments: Fair Value Notional Amount June 30, December 31, June 30, 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 $ 7 $ 159 $ 25,093 $ 101,733 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 376 3 28,221 4,900 Liability derivatives -Foreign exchange contracts, not designated as hedging instruments Accrued expenses and other current liabilities (87 ) (38 ) 33,927 16,751 Liability derivatives -Foreign exchange contracts, designated as hedging instruments Accrued expenses and other current liabilities (2,540 ) (1,640 ) 36,858 72,273 $ (2,244 ) $ (1,516 ) $ 124,099 $ 195,657 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock-Based Compensation Expenses | 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 U.S $ in thousands U.S $ in thousands Cost of revenues $ 999 $ 1,080 $ 1,931 $ 1,980 Research and development, net 1,867 1,606 3,956 3,392 Selling, general and administrative 5,156 6,145 10,376 11,992 Total stock-based compensation expenses $ 8,022 $ 8,831 $ 16,263 $ 17,364 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity for the six months ended June 30, 2023 Number of Options Weighted Average Exercise Price Options outstanding as of January 1, 2023 1,619,559 27.62 Granted - - Exercised (2,429 ) 3.56 Forfeited (205,478 ) 64.78 Options outstanding as of June 30, 2023 1,411,652 22.25 Options exercisable as of June 30, 2023 1,084,689 24.18 |
Schedule of RSUs and PSUs Activity | A summary of the Company’s RSUs and PSUs activity for the six months ended June 30, 2023 Number of RSUs and PSUs Weighted Average Grant Date Fair Value Unvested as of January 1, 2023 3,496,099 23.98 Granted 1,784,752 13.26 Vested (1,262,954 ) 24.37 Forfeited (201,832 ) 24.15 Unvested as of June 30, 2023 3,816,065 18.83 |
Schedule of Accumulated Other Comprehensive Income (loss), Net of Taxes | The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the six months ended June 30, 2023 Six Months Ended June 30, 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 (2,708 ) 1,834 (874 ) Amounts reclassified from accumulated other comprehensive loss 1,021 - 1,021 Other comprehensive loss (1,687 ) 1,834 147 Balance as of June 30, 2023 $ (1,986 ) $ (10,685 ) $ (12,671 ) Six Months Ended June 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 before reclassifications (1,049 ) (3,491 ) (4,540 ) Amounts reclassified from accumulated other comprehensive loss (43 ) - (43 ) Other comprehensive income (1,092 ) (3,491 ) (4,583 ) Balance as of June 30, 2022 $ 480 $ (13,834 ) $ (13,354 ) |
Business Description and Basi_2
Business Description and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination [Member] | |
Business Description and Basis of Presentation (Details) [Line Items] | |
Business acquisition, description | The Company’s approximately 2,400 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 ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 03, 2023 | Aug. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Certain Transactions (Details) [Line Items] | |||||
Other current assets | $ 105.6 | ||||
Investment rate | 46.50% | ||||
Intangible assets value | $ 57.8 | ||||
Goodwill | 22.3 | ||||
Other net assets | 25.5 | ||||
Equity investment ultimaker amounted | 92.9 | $ 100.2 | |||
Net losses | 7.3 | $ 5.4 | |||
Paid amount | $ 50 | ||||
Contingent payments | 37 | ||||
Invested amount | $ 5.4 | $ 16.7 | |||
Minimum [Member] | |||||
Certain Transactions (Details) [Line Items] | |||||
Intangible assets useful life | 7 years | ||||
Maximum [Member] | |||||
Certain Transactions (Details) [Line Items] | |||||
Intangible assets useful life | 10 years | ||||
PPA [Member] | Minimum [Member] | |||||
Certain Transactions (Details) [Line Items] | |||||
Intangible assets useful life | 5 years | ||||
PPA [Member] | Maximum [Member] | |||||
Certain Transactions (Details) [Line Items] | |||||
Intangible assets useful life | 10 years | ||||
MakerBot [Member] | |||||
Certain Transactions (Details) [Line Items] | |||||
Revaluation of an equity investment | $ 39.1 |
Certain Transactions (Details)
Certain Transactions (Details) - Schedule of Fair Value Allocated To Such Net Assets In The Transaction $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Schedule of fair value allocated to such net assets in the transaction [Abstract] | |
Fair Value, net | $ 55,751 |
Net assets deconsolidated | (14,146) |
Transaction expenses | (2,469) |
Gain on deconsolidation of subsidiary | $ 39,136 |
Certain Transactions (Details_2
Certain Transactions (Details) - Schedule of Fair Value of The Consideration Transferred $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Schedule of Fair Value of the Consideration Transferred [Abstract] | ||
Cash payments | $ 53,300 | [1] |
Issuance of ordinary shares to Covestro stockholders | 5,201 | |
Contingent consideration at estimated fair value | 659 | |
Total consideration | $ 59,160 | |
[1]Of which $50 million was paid on April 3, 2023. |
Certain Transactions (Details_3
Certain Transactions (Details) - Schedule of Preliminary Allocation of The Purchase Price $ in Thousands | Jun. 30, 2023 USD ($) |
Schedule of Preliminary Allocation of the Purchase Price [Abstract] | |
Inventory | $ 10,429 |
Fixed assets | 5,043 |
Goodwill | 23,092 |
Intangible assets | 22,437 |
Total assets acquired | 61,001 |
Other current liabilities | 1,841 |
Total liabilities assumed | 1,841 |
Net assets acquired | $ 59,160 |
Recent developments (Details)
Recent developments (Details) | 1 Months Ended | |||||
Jun. 26, 2023 $ / shares | May 25, 2023 $ / shares | Jul. 13, 2023 $ / shares shares | May 30, 2023 $ / shares shares | Jul. 24, 2021 ₪ / shares | Jul. 24, 2021 $ / shares | |
Recent developments (Details) [Line Items] | ||||||
Price per share (in Dollars per share) | (per share) | $ 7.5 | ₪ 0.01 | $ 0.01 | |||
Number of common stock shares (in Shares) | shares | 1.3223 | |||||
Maximum [Member] | ||||||
Recent developments (Details) [Line Items] | ||||||
Number of shares held by stockholders percentage | 59% | |||||
Minimum [Member] | ||||||
Recent developments (Details) [Line Items] | ||||||
Number of shares held by stockholders percentage | 41% | |||||
Nano Dimension Ltd [Member] | ||||||
Recent developments (Details) [Line Items] | ||||||
Number of shares held by stockholders percentage | 14.10% | |||||
Price per share (in Dollars per share) | $ / shares | $ 25 | $ 18 | ||||
Nano Dimension Ltd [Member] | Maximum [Member] | ||||||
Recent developments (Details) [Line Items] | ||||||
Number of shares held by stockholders percentage | 51% | 55% | ||||
Nano Dimension Ltd [Member] | Minimum [Member] | ||||||
Recent developments (Details) [Line Items] | ||||||
Number of shares held by stockholders percentage | 46% | 53% | ||||
3D Systems [Member] | ||||||
Recent developments (Details) [Line Items] | ||||||
Price per share (in Dollars per share) | $ / shares | $ 7.5 | |||||
Number of common stock shares (in Shares) | shares | 1.2507 | |||||
3D Systems [Member] | Subsequent Event [Member] | ||||||
Recent developments (Details) [Line Items] | ||||||
Price per share (in Dollars per share) | $ / shares | $ 7.5 | |||||
Number of common stock shares (in Shares) | shares | 1.5444 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |||
Long term deferred revenue | $ 27.4 | $ 27.4 | $ 25.2 |
Revenue recognized | 27.9 | 27.9 | 11.8 |
Remaining performance obligations | 107.4 | 107.4 | |
Expected remaining performance obligations recognized during next 12 months | 78.7 | 78.7 | |
Expected remaining performance obligations recognized over subsequent 12 months | 14.3 | 14.3 | |
Expected remaining performance obligations recognized remainder thereafter | 14.4 | 14.4 | |
Deferred sales commissions | $ 9.7 | $ 9.7 | $ 9.6 |
Revenues (Details) - Schedule o
Revenues (Details) - Schedule of Disaggregated By Geographical Region - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | $ 159,751 | $ 166,603 | $ 309,128 | $ 330,032 |
Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 102,195 | 107,225 | 192,275 | 205,792 |
Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 36,884 | 35,212 | 74,764 | 75,267 |
Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 20,672 | 24,166 | 42,089 | 48,973 |
Systems [Member] | Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 28,975 | 32,868 | 50,161 | 61,850 |
Systems [Member] | Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 12,054 | 14,760 | 23,456 | 29,837 |
Systems [Member] | Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 7,284 | 11,235 | 15,148 | 21,693 |
Consumables [Member] | Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 33,757 | 34,662 | 66,329 | 66,016 |
Consumables [Member] | Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 17,910 | 14,268 | 36,821 | 32,093 |
Consumables [Member] | Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 9,132 | 7,928 | 18,168 | 17,305 |
Service [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 50,639 | 50,882 | 99,045 | 101,238 |
Service [Member] | Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 39,463 | 39,695 | 75,785 | 77,926 |
Service [Member] | Total EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | 6,920 | 6,184 | 14,487 | 13,337 |
Service [Member] | Total Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Revenues | $ 4,256 | $ 5,003 | $ 8,773 | $ 9,975 |
Revenues (Details) - Schedule_2
Revenues (Details) - Schedule of Revenue Recognition - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | $ 159,751 | $ 166,603 | $ 309,128 | $ 330,032 |
Total Revenues [Member] | ||||
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | 123,268 | 128,868 | 237,930 | 254,433 |
Total revenues recognized over time [Member] | ||||
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | 36,483 | 37,735 | 71,198 | 75,599 |
Products [Member] | ||||
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | 109,112 | 115,721 | 210,083 | 228,794 |
Products [Member] | Total Revenues [Member] | ||||
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | 109,112 | 115,721 | 210,083 | 228,794 |
Services [Member] | ||||
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | 50,639 | 50,882 | 99,045 | 101,238 |
Services [Member] | Total Revenues [Member] | ||||
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | 14,156 | 13,147 | 27,847 | 25,639 |
Services [Member] | Total revenues recognized over time [Member] | ||||
Schedule of revenue recognition [Abstract] | ||||
Total Revenues | $ 36,483 | $ 37,735 | $ 71,198 | $ 75,599 |
Revenues (Details) - Schedule_3
Revenues (Details) - Schedule of Deferred Revenue - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Schedule of Deferred Revenue [Abstract] | |||
Deferred revenue | [1] | $ 79,264 | $ 75,434 |
[1]Includes $27.4 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Abstract] | ||
Finished goods | $ 88,967 | $ 81,564 |
Work-in-process | 11,429 | 7,562 |
Raw materials | 110,790 | 104,928 |
Total inventories | $ 211,186 | $ 194,054 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | ||||
Amortization of intangible assets | $ 7.1 | $ 9.2 | $ 13.3 | $ 18.4 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - Schedule of Changes In The Carrying Amount Of Goodwill - Goodwill [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Line Items] | |
Goodwill as of January 1, 2023 | $ 64,953 |
Goodwill acquired | 27,835 |
Foreign currency translation adjustments | 158 |
Goodwill as of June 30, 2023 | $ 92,946 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details) - Schedule of Other Intangible Assets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Other Intangible Assets (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Carrying Amount, Net of Impairment | $ 562,549 | $ 522,064 |
Accumulated Amortization | (413,936) | (400,662) |
Net Book Value | 148,613 | 121,402 |
Developed technology [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Carrying Amount, Net of Impairment | 406,738 | 387,603 |
Accumulated Amortization | (292,135) | (283,671) |
Net Book Value | 114,603 | 103,932 |
Patents [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Carrying Amount, Net of Impairment | 17,958 | 17,508 |
Accumulated Amortization | (9,640) | (8,970) |
Net Book Value | 8,318 | 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 | 21,368 | 16,278 |
Accumulated Amortization | (14,776) | (14,030) |
Net Book Value | 6,592 | 2,248 |
Customer relationships [Member] | ||
Goodwill and Other Intangible Assets (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Carrying Amount, Net of Impairment | 109,419 | 93,609 |
Accumulated Amortization | (90,319) | (86,925) |
Net Book Value | 19,100 | 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 | Jun. 30, 2023 USD ($) |
Schedule of Estimated Amortization Expenses Relating to Intangible Assets [Abstract] | |
Remaining 6 months of 2023 | $ 14,202 |
2024 | 23,774 |
2025 | 22,371 |
2026 | 22,293 |
2027 | 20,892 |
2028 and thereafter | 45,081 |
Total | $ 148,613 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Loss Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of net income (loss) per share | 3 | 5.2 | 3.3 | 5.2 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net loss for basic net loss per share | $ (38,615) | $ (24,385) | $ (60,839) | $ (45,333) |
Denominator: | ||||
Weighted average shares - for basic net loss per share | 68,648 | 66,568 | 68,107 | 66,151 |
Net loss per share | ||||
Net loss per share, Basic | $ (0.56) | $ (0.37) | $ (0.89) | $ (0.69) |
Net Loss Per Share (Details) _2
Net Loss Per Share (Details) - Schedule of Basic And Diluted Net Loss Per Share (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of basic and diluted net loss per share [Abstract] | ||||
Net loss for diluted net loss per share | $ (38,615) | $ (24,385) | $ (60,839) | $ (45,333) |
Weighted average shares - for diluted net loss per share | 68,648 | 66,568 | 68,107 | 66,151 |
Net loss per share, Diluted | $ (0.56) | $ (0.37) | $ (0.89) | $ (0.69) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense benefits | $ 0.7 | $ 0.4 | $ 4.5 | $ 0.5 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Measurements [Abstract] | ||
Accrued expenses and other current liabilities | $ 15 | $ 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 | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | |||
Assets: | |||
Foreign exchange forward contracts not designated as hedging instruments | $ 7 | $ 159 | |
Foreign exchange forward contracts designated as hedging instruments | 376 | 3 | |
Fair Value, Inputs, Level 2 [Member] | Liabilities [Member] | |||
Liabilities: | |||
Foreign exchange forward contracts not designated as hedging instruments | (87) | (38) | |
Foreign exchange forward contracts designated as hedging instruments | (2,540) | (1,640) | |
Convertible notes | |||
Contingent consideration | [1] | ||
Total | (2,244) | (1,516) | |
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 | |||
Convertible notes | 5,423 | 1,894 | |
Contingent consideration | [1] | 41,171 | 38,341 |
Total | $ 46,594 | $ 40,235 | |
[1]Includes $15.0 d $14.6 m |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) € in Millions, ₪ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 ILS (₪) | Jun. 30, 2023 EUR (€) | |
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
Notional amount of derivative asset | $ 59 | $ 59 | ||||
Gain (loss) on derivative instrument | $ 1.6 | $ 2.4 | $ 1.2 | $ 3.1 | ||
Designated as Hedging Instrument [Member] | Conversion to NIS [Member] | ||||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
Notional amount of derivative asset | ₪ | ₪ 36.9 | |||||
Designated as Hedging Instrument [Member] | Conversion to Euro [Member] | ||||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
Notional amount of derivative asset | € | € 28.2 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Fair value | $ (2,244) | $ (1,516) |
Notional amount | 124,099 | 195,657 |
Foreign exchange contracts [Member] | Not designated as hedging instruments [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | 7 | 159 |
Notional Amount | 25,093 | 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 | (87) | (38) |
Notional Amount | 33,927 | 16,751 |
Foreign exchange contracts [Member] | Designated as hedging instruments [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | 376 | 3 |
Notional Amount | 28,221 | 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 | (2,540) | (1,640) |
Notional Amount | $ 36,858 | $ 72,273 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Oct. 31, 2021 | Jul. 24, 2021 ₪ / shares | Jun. 30, 2023 USD ($) | May 30, 2023 $ / shares | Jul. 24, 2021 $ / shares | |
Equity (Details) [Line Items] | |||||
Salaries to Purchase Precentage | 15% | ||||
Fair market value percentage | 85% | ||||
Price per share | (per share) | ₪ 0.01 | $ 7.5 | $ 0.01 | ||
Ownership percentage | 15% | ||||
Ordinary shares percentage | 15% | ||||
Existing holder percentage | 15% | ||||
Stock Option [Member] | |||||
Equity (Details) [Line Items] | |||||
Unrecognized compensation cost (in Dollars) | $ 900 | ||||
Weighted-average period | 1 year 4 months 28 days | ||||
RSUs and PSUs [Member] | |||||
Equity (Details) [Line Items] | |||||
Unrecognized compensation cost (in Dollars) | $ 57,600 | ||||
Weighted-average period | 2 years 8 months 19 days |
Equity (Details) - Schedule of
Equity (Details) - Schedule of Stock-Based Compensation Expenses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cost of revenues [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | $ 999 | $ 1,080 | $ 1,931 | $ 1,980 |
Research and development, net [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | 1,867 | 1,606 | 3,956 | 3,392 |
Selling, general and administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | 5,156 | 6,145 | 10,376 | 11,992 |
Total stock-based compensation expenses [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expenses | $ 8,022 | $ 8,831 | $ 16,263 | $ 17,364 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of Stock Option Activity | 6 Months Ended |
Jun. 30, 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 | (2,429) |
Weighted Average Exercise Price, Exercised | $ / shares | $ 3.56 |
Number of Options, Forfeited | shares | (205,478) |
Weighted Average Exercise Price, Forfeited | $ / shares | $ 64.78 |
Number of Options, Options outstanding | shares | 1,411,652 |
Weighted Average Exercise Price, Options outstanding | $ / shares | $ 22.25 |
Number of Options, Options exercisable | shares | 1,084,689 |
Weighted Average Exercise Price, Options exercisable | $ / shares | $ 24.18 |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of RSUs and PSUs Activity - Restricted and Phantom Share Units [Member] | 6 Months Ended |
Jun. 30, 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 | 1,784,752 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 13.26 |
Number of RSUs and PSUs, Vested | shares | (1,262,954) |
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 24.37 |
Number of RSUs and PSUs, Forfeited | shares | (201,832) |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 24.15 |
Number of RSUs and PSUs, Unvested | shares | 3,816,065 |
Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 18.83 |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of Accumulated Other Comprehensive Income (loss), Net of Taxes - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (12,818) | $ (8,771) |
Other comprehensive income (loss) before reclassifications | (874) | (4,540) |
Amounts reclassified from accumulated other comprehensive loss | 1,021 | (43) |
Other comprehensive income (loss) | 147 | (4,583) |
Ending balance | (12,671) | (13,354) |
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 | (2,708) | (1,049) |
Amounts reclassified from accumulated other comprehensive loss | 1,021 | (43) |
Other comprehensive income (loss) | (1,687) | (1,092) |
Ending balance | (1,986) | 480 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (12,519) | (10,343) |
Other comprehensive income (loss) before reclassifications | 1,834 | (3,491) |
Amounts reclassified from accumulated other comprehensive loss | ||
Other comprehensive income (loss) | 1,834 | (3,491) |
Ending balance | $ (10,685) | $ (13,834) |