NovoCure Limited (NVCR) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37565
Entity Registrant Name	NovoCure Limited
Entity Incorporation, State or Country Code	Y9
Entity Tax Identification Number	98-1057807
Entity Address, Address Line One	No. 4 The Forum
Entity Address, Address Line Two	Grenville Street
Entity Address, City or Town	St. Helier
Entity Address, Country	JE
Entity Address, Postal Zip Code	JE2 4UF
City Area Code	44 (0) 15
Local Phone Number	3475 6700
Title of 12(b) Security	Ordinary Shares, no par value
Trading Symbol	NVCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,413,367
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001645113
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 314,547	$ 234,674
Short-term investments	549,855	607,902
Restricted cash	11,430	11,499
Trade receivables, net	92,514	96,699
Receivables and prepaid expenses	18,922	21,245
Inventories	27,968	27,422
Total current assets	1,015,236	999,441
LONG-TERM ASSETS:
Property and equipment, net	11,733	11,395
Field equipment, net	12,132	11,230
Right-of-use assets	17,741	19,009
Other long-term assets	10,788	10,908
Total long-term assets	52,394	52,542
TOTAL ASSETS	1,067,630	1,051,983
CURRENT LIABILITIES:
Trade payables	52,703	53,647
Other payables, lease liabilities and accrued expenses	57,784	59,965
Total current liabilities	110,487	113,612
LONG-TERM LIABILITIES:
Long-term debt, net	559,584	429,905
Deferred revenue	9,577	12,139
Long-term leases	12,708	14,293
Employee benefits	2,963	5,171
Other long-term liabilities	177	337
Total long-term liabilities	585,009	461,845
TOTAL LIABILITIES	695,496	575,457
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 103,187,460 shares and 102,334,276 shares at March 31, 2021 (unaudited) and December 31, 2020, respectively	0	0
Additional paid-in capital	1,005,785	1,111,435
Accumulated other comprehensive income (loss)	(1,948)	(3,832)
Retained earnings (accumulated deficit)	(631,703)	(631,077)
TOTAL SHAREHOLDERS' EQUITY	372,134	476,526
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,067,630	$ 1,051,983

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, shares issued	103,187,460	102,334,276
Common stock, shares outstanding	103,187,460	102,334,276

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Statement [Abstract]
Net revenues	$ 134,695	$ 101,828	$ 494,366
Cost of revenues	26,385	24,496	106,501
Gross profit	108,310	77,332	387,865
Operating costs and expenses:
Research, development and clinical trials	45,916	25,271	132,010
Sales and marketing	31,357	28,834	118,017
General and administrative	31,125	26,608	107,437
Total operating costs and expenses	108,398	80,713	357,464
Operating income (loss)	(88)	(3,381)	30,401
Financial expenses (income), net	2,646	2,432	12,299
Income (loss) before income tax	(2,734)	(5,813)	18,102
Income tax	1,394	(9,765)	(1,706)
Net income (loss)	$ (4,128)	$ 3,952	$ 19,808
Basic net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ 0.04	$ 0.20
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	102,633,545	99,877,567	100,930,866
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ 0.04	$ 0.18
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	102,633,545	108,100,623	108,877,648

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4,128)	$ 3,952	$ 19,808
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	(268)	(200)	(85)
Pension benefit plan	2,152	(662)	(980)
Total comprehensive income (loss)	$ (2,244)	$ 3,090	$ 18,743

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Ordinary shares	Additional paid-in capital	Additional paid-in capitalCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Retained earnings (accumulated deficit)	Retained earnings (accumulated deficit)Cumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2019	$ 217,790			$ 871,442		$ (2,767)	$ (650,885)
Beginning balance (in shares) at Dec. 31, 2019			99,528,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	16,557			16,557
Exercise of options and vested RSUs	4,511			4,511
Exercise of options and vested RSUs (in shares)			834,538
Other comprehensive income (loss), net of tax benefit	(862)					(862)
Net income (loss)	3,952						3,952
Ending balance at Mar. 31, 2020	241,948			892,510		(3,629)	(646,933)
Ending balance (in shares) at Mar. 31, 2020			100,362,973
Beginning balance at Dec. 31, 2019	217,790			871,442		(2,767)	(650,885)
Beginning balance (in shares) at Dec. 31, 2019			99,528,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	19,808
Ending balance at Dec. 31, 2020	476,526	$ (128,972)		1,111,435	$ (132,474)	(3,832)	(631,077)	$ 3,502
Ending balance (in shares) at Dec. 31, 2020			102,334,276
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	18,863			18,863
Exercise of options and vested RSUs	7,961			7,961
Exercise of options and vested RSUs (in shares)			853,184
Other comprehensive income (loss), net of tax benefit	1,884					1,884
Net income (loss)	(4,128)						(4,128)
Ending balance at Mar. 31, 2021	$ 372,134			$ 1,005,785		$ (1,948)	$ (631,703)
Ending balance (in shares) at Mar. 31, 2021			103,187,460

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), tax benefit	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (4,128)	$ 3,952	$ 19,808
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,370	1,888	9,150
Asset write-downs and impairment of field equipment	176	6	429
Share-based compensation	18,863	16,557	75,721
Foreign currency remeasurement loss (gain)	2,157	(7)	(699)
Decrease (increase) in accounts receivables	4,624	(19,718)	(30,354)
Amortization of discount (premium)	603	(539)	3,260
Decrease (increase) in inventories	(1,296)	1,147	(2,935)
Decrease (increase) in other long-term assets	1,432	1,235	(1,366)
Increase (decrease) in accounts payables and accrued expenses	(2,626)	(2,339)	25,470
Increase (decrease) in other long-term liabilities	(4,394)	(225)	664
Net cash provided by (used in) operating activities	17,780	1,957	99,148
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(3,981)	(3,112)	(14,968)
Proceeds from maturity of short-term investments	608,000	0	150,000
Purchase of short-term investments	(549,848)	0	(607,879)
Net cash provided by (used in) investing activities	54,171	(3,112)	(472,847)
Cash flows from financing activities:
Proceeds from issuance of shares, net	0	0	3,370
Proceeds from long term debt, net	0	0	558,439
Repayment of long-term loan	(6)	(8)	(150,028)
Exercise of options and warrants	7,961	4,511	28,428
Net cash provided by (used in) financing activities	7,955	4,503	440,209
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(102)	(59)	247
Increase (decrease) in cash, cash equivalents and restricted cash	79,804	3,289	66,757
Cash, cash equivalents and restricted cash at the beginning of the period	246,173	179,416	179,416
Cash, cash equivalents and restricted cash at the end of the period	325,977	182,705	246,173
Cash paid during the period for:
Income taxes paid (refunded), net	(2,405)	2,209	(3,261)
Interest paid	1	3,415	8,686
Non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 284	$ 783	$ 5,617

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Organization . NovoCure Limited (including its consolidated subsidiaries, the "Company") was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields ("TTFields") delivery systems, including Optune and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company currently markets Optune in the United States ("U.S."), Austria, Germany, Israel, Japan, Sweden and Switzerland. The Company currently markets Optune Lua in the U.S. The Company also has a License and Collaboration Agreement (the "Zai Agreement") with Zai Lab (Shanghai) Co., Ltd. ("Zai") to market Optune in Greater China. Financial statement preparation . The accompanying unaudited consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "2020 10-K') filed with the Securities and Exchange Commission on February 25, 2021. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2020 10-K are applied consistently in these unaudited interim consolidated financial statements, except as noted below: Recently Adopted Accounting Pronouncements. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share (EPS), which is consistent with the Company’s accounting treatment under the current standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis. The Company early adopted ASU 2020-06, effective January 1, 2021 on a modified retrospective basis. The impact of the Company’s adoption of ASU 2020-06 on the balance sheet as of January 1, 2021 was an increase in long term debt, net of $128,972, a decrease in additional paid-in capital of $132,474, and a decrease in accumulated deficit of $3,502. Interest expense recognized in future periods will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. For additional information see Note 5 of these unaudited consolidated financial statements. In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance. ASU 2019-12 is effective for the Company as of January 1, 2021 and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments	3 Months Ended
	Mar. 31, 2021
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Cash, Cash Equivalents and Short-Term Investments	CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash equivalents include items almost as liquid as cash, such as certificates of deposit and time deposits with maturity periods of three months or less when purchased. As of March 31, 2021 and December 31, 2020, the Company’s cash and cash equivalents were composed of: March 31, December 31, Unaudited Audited Cash $ 31,849 $ 20,339 Money market funds 282,698 214,335 Total cash and cash equivalents $ 314,547 $ 234,674 The Company also invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments. As of March 31, 2021 and December 31, 2020, the Company’s short-term investments were: March 31, December 31, Unaudited Audited Short-term investments $ 549,855 $ 607,902 Quoted market prices were applied to determine the fair value of cash equivalents and short-term investments, therefore they were categorized as Level 1 in accordance with Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” The estimated fair value of the Company’s short-term investments as of March 31, 2021 and December 31, 2020 was $549,890 and $607,905, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of March 31, 2021 and December 31, 2020, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 3,376 $ 5,175 Work in progress 9,342 4,896 Finished products 15,250 17,351 Total $ 27,968 $ 27,422

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	COMMITMENTS AND CONTINGENT LIABILITIES Operating Leases. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2030. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2024. Pledged deposits and bank guarantees. As of March 31, 2021 and December 31, 2020, the Company pledged bank deposits of $1,409 and $1,438, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $1,649 and $1,687, respectively . Senior secured revolving credit facility. On November 6, 2020, the Company entered into a new three-year $150,000 senior secured revolving credit facility with a syndicate of relationship banks. For additional information, see Note 12(c) to the Consolidated Financial Statements in the 2020 10-K. As of March 31, 2021, the Company had no outstanding balance borrowed under the facility.

Convertible Note

Convertible Note	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Note	CONVERTIBLE NOTE On November 5, 2020, the Company issued $575,000 aggregate principal amount of 0% Convertible Senior Notes due 2025 (the “Notes”). The Notes are senior unsecured obligations of the Company. The Notes do not bear regular interest, and the principal amount of the Notes will not accrete. Special interest, if any, payable in accordance with the terms of the Notes will be payable in cash semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. The Notes mature on November 1, 2025, unless earlier repurchased, redeemed or converted. For additional information, see Note 10(a) to the Consolidated Financial Statements in the 2020 10-K. In January 2021, the Company irrevocably elected to settle all conversions of Notes by a combination of cash and the Company's ordinary shares and that the cash portion per $1,000 principal amount of Notes for all conversion settlements shall be $1,000. Accordingly, from and after the date of the election, upon conversion of any Notes, holders of Notes will receive, with respect to each $1,000 principal amount of Notes converted, cash in an amount up to $1,000 and the balance of the conversion value, if any, in ordinary shares (the "Conversion Shares"). The net carrying amount of the liability and equity components of the Notes as of March 31, 2021 and December 31, 2020 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized discount — (132,797) Unamortized issuance costs (15,416) (12,298) Net carrying amount of liability component (1) $ 559,584 $ 429,905 Equity component, net: Conversion feature $ — $ 136,402 Issuance costs — (3,928) Net carrying amount of equity component $ — $ 132,474 (1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820, "Fair Value Measurements and Disclosures." The estimated fair value of the Net carrying amount of liability component of the Notes as of March 31, 2021 and December 31, 2020 were $477,841 and $450,437, respectively. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Amortization of debt discount $ — $ — $ 3,605 Amortization of debt issuance costs 709 — 333 Total finance expense recognized $ 709 $ — $ 3,938

Share Option Plans and ESPP

Share Option Plans and ESPP	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share Option Plans and ESPP	SHARE OPTION PLANS AND ESPP In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company can issue various types of equity compensation awards such as share options, restricted shares, performance shares, restricted share units (“RSUs”), performance-based share units (“PSUs”), long-term cash awards and other share-based awards. Options granted under the 2015 Plan generally have a four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are canceled or forfeited before expiration become available for future grants. RSUs granted under the 2015 Plan generally vest over a three year period. PSUs granted under the 2015 Plan generally vest between a three A summary of the status of the Company’s option plans as of March 31, 2021 and changes during the period then ended is presented below: Three months ended March 31, 2021 Unaudited Number Weighted Outstanding at beginning of year 9,220,326 $ 26.21 Granted 375,689 153.09 Exercised (404,591) 19.36 Forfeited and canceled (20,911) 62.86 Outstanding as of March 31, 2021 9,170,513 $ 31.63 Exercisable options 5,344,848 $ 18.59 For the three months ended March 31, 2021, options to purchase 404,591 ordinary shares were exercised, resulting in the issuance of 404,591 ordinary shares. A summary of the status of the Company’s RSUs and PSUs as of March 31, 2021 and changes during the period then ended is presented below. Three months ended March 31, 2021 Unaudited Number Weighted Unvested at beginning of year 4,466,151 $ 54.06 Granted 538,908 139.43 Vested (448,593) 48.38 Forfeited and cancelled (12,262) 75.05 Unvested as of March 31, 2021 (1) 4,544,204 64.69 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones which are not probable, as of March 31, 2021, in accordance with ASC 718 as follows: March 31, 2021 Number of Fair value at grant date per PSU Total fair value at gtant date 2,703,852 $ 48.16 $ 130,218 216,226 69.37 15,000 35,424 84.68 3,000 94,813 $ 114.26 10,833 3,050,315 $ 159,050 These PSUs will be expensed over the performance period when the vesting conditions become probable in accordance with ASC 718. In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP are construed in a manner consistent with the requirements of such section. As of March 31, 2021, 5,006,367 ordinary shares were available to be purchased by eligible employees under the ESPP. The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Stock Option Plans Expected term (years) 5.86-6.00 6.25 5.50-6.00 Expected volatility 60 % 54 % 54%-56% Risk-free interest rate 0.85%-0.88% 0.86 % 0.30%-0.86% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 55 % 47 % 47%-66% Risk-free interest rate 0.09 % 1.57 % 0.17%-1.57% Dividend yield 0.00 % 0.00 % 0.00 % The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020 was: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Cost of revenues $ 733 $ 590 $ 2,221 Research, development and clinical trials 5,124 3,394 18,125 Sales and marketing 4,471 3,616 17,672 General and administrative 8,535 8,957 37,703 Total share-based compensation expense $ 18,863 $ 16,557 $ 75,721

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Ordinary Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) Per Ordinary Share	Basic and diluted net income (loss) per ordinary shareBasic net income (loss) per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted net income per share is computed based on the weighted average number of ordinary shares outstanding during the period, plus potential dilutive shares (deriving from options, RSUs, PSUs, convertible notes and the ESPP) considered outstanding during the period, in accordance with ASC 260-10, as determined under the if-converted method. The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Net income (loss) attributable to ordinary shares as reported $ (4,128) $ 3,952 $ 19,808 Net income (loss) used in computing basic net income (loss) per share $ (4,128) $ 3,952 $ 19,808 Adjustment needed in calculating diluted net income (loss) per share — — — Net income (loss) used in computing diluted net income (loss) per share $ (4,128) $ 3,952 $ 19,808 Weighted average number of ordinary shares used in computing basic net income (loss) per share 102,633,545 99,877,567 100,930,866 Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share: Options — 7,113,992 6,967,554 Restricted share units — 1,094,385 945,612 ESPP — 14,679 33,616 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 102,633,545 108,100,623 108,877,648 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 9,734,269 352,291 1,307,762 Basic net income (loss) per ordinary share $ (0.04) $ 0.04 $ 0.20 Diluted net income (loss) per ordinary share $ (0.04) $ 0.04 $ 0.18

Supplemental Information

Supplemental Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Supplemental Information	SUPPLEMENTAL INFORMATION The Company operates in a single reportable segment. The following table presents long-lived assets by location: March 31, December 31, Unaudited Audited United States $ 12,418 $ 11,868 Israel 4,552 4,370 Switzerland 4,048 2,849 Japan 1,042 1,230 Germany 1,084 1,075 Others 721 1,233 Total $ 23,865 $ 22,625 The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited United States $ 85,908 $ 69,259 $ 340,782 EMEA: Germany 26,364 21,802 93,264 Other EMEA 8,619 2,674 18,654 Japan 8,278 6,451 29,076 Greater China (1) 5,526 1,642 12,590 Total net revenues $ 134,695 $ 101,828 $ 494,366 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2020 10-K.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share (EPS), which is consistent with the Company’s accounting treatment under the current standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis. The Company early adopted ASU 2020-06, effective January 1, 2021 on a modified retrospective basis. The impact of the Company’s adoption of ASU 2020-06 on the balance sheet as of January 1, 2021 was an increase in long term debt, net of $128,972, a decrease in additional paid-in capital of $132,474, and a decrease in accumulated deficit of $3,502. Interest expense recognized in future periods will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. For additional information see Note 5 of these unaudited consolidated financial statements. In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance. ASU 2019-12 is effective for the Company as of January 1, 2021 and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Summary of Cash and Cash Equivalents	As of March 31, 2021 and December 31, 2020, the Company’s cash and cash equivalents were composed of: March 31, December 31, Unaudited Audited Cash $ 31,849 $ 20,339 Money market funds 282,698 214,335 Total cash and cash equivalents $ 314,547 $ 234,674
Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments	As of March 31, 2021 and December 31, 2020, the Company’s short-term investments were: March 31, December 31, Unaudited Audited Short-term investments $ 549,855 $ 607,902

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2021 and December 31, 2020, the Company’s inventories were composed of: March 31, December 31, Unaudited Audited Raw materials $ 3,376 $ 5,175 Work in progress 9,342 4,896 Finished products 15,250 17,351 Total $ 27,968 $ 27,422

Convertible Note (Tables)

Convertible Note (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of the Convertible Notes	The net carrying amount of the liability and equity components of the Notes as of March 31, 2021 and December 31, 2020 are as follows: March 31, December 31, Unaudited Audited Liability component, net: Principal amount $ 575,000 $ 575,000 Unamortized discount — (132,797) Unamortized issuance costs (15,416) (12,298) Net carrying amount of liability component (1) $ 559,584 $ 429,905 Equity component, net: Conversion feature $ — $ 136,402 Issuance costs — (3,928) Net carrying amount of equity component $ — $ 132,474 (1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820, "Fair Value Measurements and Disclosures." The estimated fair value of the Net carrying amount of liability component of the Notes as of March 31, 2021 and December 31, 2020 were $477,841 and $450,437, respectively. Finance expense related to the Notes was as follows: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Amortization of debt discount $ — $ — $ 3,605 Amortization of debt issuance costs 709 — 333 Total finance expense recognized $ 709 $ — $ 3,938

Share Option Plans and ESPP (Ta

Share Option Plans and ESPP (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Schedule of Stock Option Plans	A summary of the status of the Company’s option plans as of March 31, 2021 and changes during the period then ended is presented below: Three months ended March 31, 2021 Unaudited Number Weighted Outstanding at beginning of year 9,220,326 $ 26.21 Granted 375,689 153.09 Exercised (404,591) 19.36 Forfeited and canceled (20,911) 62.86 Outstanding as of March 31, 2021 9,170,513 $ 31.63 Exercisable options 5,344,848 $ 18.59
Schedule of RSUs and PSUs	A summary of the status of the Company’s RSUs and PSUs as of March 31, 2021 and changes during the period then ended is presented below. Three months ended March 31, 2021 Unaudited Number Weighted Unvested at beginning of year 4,466,151 $ 54.06 Granted 538,908 139.43 Vested (448,593) 48.38 Forfeited and cancelled (12,262) 75.05 Unvested as of March 31, 2021 (1) 4,544,204 64.69 (1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones which are not probable, as of March 31, 2021, in accordance with ASC 718 as follows: March 31, 2021 Number of Fair value at grant date per PSU Total fair value at gtant date 2,703,852 $ 48.16 $ 130,218 216,226 69.37 15,000 35,424 84.68 3,000 94,813 $ 114.26 10,833 3,050,315 $ 159,050
Schedule of Fair Value Assumptions Used for All Equity Based Awards Estimated Using Black-Scholes Option Pricing Model	The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Stock Option Plans Expected term (years) 5.86-6.00 6.25 5.50-6.00 Expected volatility 60 % 54 % 54%-56% Risk-free interest rate 0.85%-0.88% 0.86 % 0.30%-0.86% Dividend yield 0.00 % 0.00 % 0.00 % ESPP Expected term (years) 0.50 0.50 0.50 Expected volatility 55 % 47 % 47%-66% Risk-free interest rate 0.09 % 1.57 % 0.17%-1.57% Dividend yield 0.00 % 0.00 % 0.00 %
Schedule of Non-cash Share-based Compensation Expense Related to Company's Equity-Based Awards	The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020 was: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Cost of revenues $ 733 $ 590 $ 2,221 Research, development and clinical trials 5,124 3,394 18,125 Sales and marketing 4,471 3,616 17,672 General and administrative 8,535 8,957 37,703 Total share-based compensation expense $ 18,863 $ 16,557 $ 75,721

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) Per Ordinary Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Ordinary Share	The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited Net income (loss) attributable to ordinary shares as reported $ (4,128) $ 3,952 $ 19,808 Net income (loss) used in computing basic net income (loss) per share $ (4,128) $ 3,952 $ 19,808 Adjustment needed in calculating diluted net income (loss) per share — — — Net income (loss) used in computing diluted net income (loss) per share $ (4,128) $ 3,952 $ 19,808 Weighted average number of ordinary shares used in computing basic net income (loss) per share 102,633,545 99,877,567 100,930,866 Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share: Options — 7,113,992 6,967,554 Restricted share units — 1,094,385 945,612 ESPP — 14,679 33,616 Weighted average number of ordinary shares used in computing diluted net income (loss) per share 102,633,545 108,100,623 108,877,648 Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 9,734,269 352,291 1,307,762 Basic net income (loss) per ordinary share $ (0.04) $ 0.04 $ 0.20 Diluted net income (loss) per ordinary share $ (0.04) $ 0.04 $ 0.18

Supplemental Information (Table

Supplemental Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Long-Lived Assets by Location	The following table presents long-lived assets by location: March 31, December 31, Unaudited Audited United States $ 12,418 $ 11,868 Israel 4,552 4,370 Switzerland 4,048 2,849 Japan 1,042 1,230 Germany 1,084 1,075 Others 721 1,233 Total $ 23,865 $ 22,625
Schedule of Revenues by Geographic Region	The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended March 31, Year ended December 31, 2021 2020 Unaudited Audited United States $ 85,908 $ 69,259 $ 340,782 EMEA: Germany 26,364 21,802 93,264 Other EMEA 8,619 2,674 18,654 Japan 8,278 6,451 29,076 Greater China (1) 5,526 1,642 12,590 Total net revenues $ 134,695 $ 101,828 $ 494,366 (1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2020 10-K.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity	$ 372,134	$ 476,526	$ 241,948	$ 217,790
Additional paid-in capital
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity	1,005,785	1,111,435	892,510	871,442
Retained earnings (accumulated deficit)
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity	$ (631,703)	(631,077)	$ (646,933)	$ (650,885)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity		(128,972)
Cumulative Effect, Period of Adoption, Adjustment | Additional paid-in capital
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity		(132,474)
Cumulative Effect, Period of Adoption, Adjustment | Retained earnings (accumulated deficit)
New Accounting Pronouncement, Early Adoption [Line Items]
Stockholders' equity		$ 3,502

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-Term Investments - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Cash	$ 31,849	$ 20,339
Money market funds	282,698	214,335
Total cash and cash equivalents	$ 314,547	$ 234,674

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-Term Investments - Summary of Amortized Cost And Recorded Basis of T-bills in Short Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Short-term investments	$ 549,855	$ 607,902

Cash, Cash Equivalents and Sh_5

Cash, Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Estimated fair value of short-term investments	$ 549,890	$ 607,905

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 3,376	$ 5,175
Work in progress	9,342	4,896
Finished products	15,250	17,351
Total	$ 27,968	$ 27,422

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) - USD ($)	Nov. 06, 2020	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Pledged bank deposits		$ 1,409,000	$ 1,438,000
Operating lease and other contractual commitments		$ 1,649,000	$ 1,687,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Contractual term	3 years
Maximum borrowing capacity	$ 150,000,000

Convertible Note - Additional I

Convertible Note - Additional Information (Details) - Convertible Debt - the “Notes” - USD ($)	1 Months Ended
	Jan. 31, 2021	Nov. 05, 2020
Debt Instrument [Line Items]
Aggregate principal amount		$ 575,000,000
Stated interest rate		0.00%
Cash portion per $1,000 principal amount of Notes converted	$ 1,000,000

Convertible Note - Liability an

Convertible Note - Liability and Equity Components of the Convertible Notes (Details) - Convertible Debt - the “Notes” - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 575,000	$ 575,000
Unamortized discount	0	(132,797)
Unamortized issuance costs	(15,416)	(12,298)
Net carrying amount of liability component	559,584	429,905
Conversion feature	0	136,402
Issuance costs	0	(3,928)
Net carrying amount of equity component	0	132,474
Estimated fair value	$ 477,841	$ 450,437

Convertible Note - Finance Expe

Convertible Note - Finance Expense Related to the Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Amortization of debt discount	$ 603	$ (539)	$ 3,260
the “Notes” | Convertible Debt
Debt Instrument [Line Items]
Amortization of debt discount	0	0	3,605
Amortization of debt issuance costs	709	0	333
Total finance expense recognized	$ 709	$ 0	$ 3,938

Share Option Plans and ESPP - A

Share Option Plans and ESPP - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021shares
Share Capital [Line Items]
Options exercised (in shares)	404,591
ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	5,006,367
Shares issued under plan (in shares)	404,591
2015 Plan
Share Capital [Line Items]
Ordinary shares available for grants (in shares)	14,450,270
2015 Plan | Options
Share Capital [Line Items]
Stock awards granted, vesting period (years)	4 years
Stock awards granted, expiration period (years)	10 years
2015 Plan | Restricted share units
Share Capital [Line Items]
Stock awards granted, vesting period (years)	3 years
2015 Plan | PSUs | Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	3 years
2015 Plan | PSUs | Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)	6 years

Share Option Plans and ESPP - S

Share Option Plans and ESPP - Schedule of Stock Option Plan (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of options
Number of options, beginning outstanding (in shares) | shares	9,220,326
Number of options, granted (in shares) | shares	375,689
Number of options, exercised (in shares) | shares	(404,591)
Number of options, forfeited and canceled (in shares) | shares	(20,911)
Number of options, ending outstanding (in shares) | shares	9,170,513
Number of options, exercisable options (in shares) | shares	5,344,848
Weighted average exercise price
Weighted average exercise price, beginning outstanding (in usd per share) | $ / shares	$ 26.21
Weighted average exercise price, granted (in usd per share) | $ / shares	153.09
Weighted average exercise price, exercised (in usd per share) | $ / shares	19.36
Weighted average exercise price, forfeited and canceled (in usd per share) | $ / shares	62.86
Weighted average exercise price, ending outstanding (in usd per share) | $ / shares	31.63
Weighted average exercise price, exercisable options (in usd per share) | $ / shares	$ 18.59

Share Capital - Schedule of RSU

Share Capital - Schedule of RSUs and PSUs (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
RSUs/PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)	4,466,151
Granted (in shares)	538,908
Vested (in shares)	(448,593)
Forfeited and cancelled (in shares)	(12,262)
Unvested at ending of year (in shares)	4,544,204
Weighted average grant date fair value
Unvested at beginning of year (in usd per share) | $ / shares	$ 54.06
Granted (in usd per share) | $ / shares	139.43
Vested (in usd per share) | $ / shares	48.38
Forfeited and cancelled (in usd per share) | $ / shares	75.05
Unvested at ending of year (in usd per share) | $ / shares	$ 64.69
PSUs
Weighted average grant date fair value
Number of PSUs (in shares)	3,050,315
Total fair value at grant date | $	$ 159,050
PSUs | Award One
Weighted average grant date fair value
Number of PSUs (in shares)	2,703,852
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 48.16
Total fair value at grant date | $	$ 130,218
PSUs | Award Two
Weighted average grant date fair value
Number of PSUs (in shares)	216,226
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 69.37
Total fair value at grant date | $	$ 15,000
PSUs | Award Three
Weighted average grant date fair value
Number of PSUs (in shares)	35,424
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 84.68
Total fair value at grant date | $	$ 3,000
PSUs | Award Four
Weighted average grant date fair value
Number of PSUs (in shares)	94,813
Fair value at grant date per PSU (in usd per share) | $ / shares	$ 114.26
Total fair value at grant date | $	$ 10,833

Share Option Plans and ESPP -_2

Share Option Plans and ESPP - Schedule of Fair Value Assumptions Used Only for Equity Based Awards Estimated Using Black-Scholes Option Pricing Model (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility	55.00%	47.00%
Expected volatility, minimum			47.00%
Expected volatility, maximum			66.00%
Risk-free interest rate	0.09%	1.57%
Risk-free interest rate, minimum			0.17%
Risk-free interest rate, maximum			1.57%
Dividend yield	0.00%	0.00%	0.00%
Stock Option Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)		6 years 3 months
Expected volatility	60.00%	54.00%
Expected volatility, minimum			54.00%
Expected volatility, maximum			56.00%
Risk-free interest rate		0.86%
Risk-free interest rate, minimum	0.85%		0.30%
Risk-free interest rate, maximum	0.88%		0.86%
Dividend yield	0.00%	0.00%	0.00%
Stock Option Plans | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years 10 months 9 days		5 years 6 months
Stock Option Plans | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years		6 years

Share Option Plans and ESPP -_3

Share Option Plans and ESPP - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 18,863	$ 16,557	$ 75,721
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	733	590	2,221
Research, development and clinical trials
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	5,124	3,394	18,125
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4,471	3,616	17,672
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 8,535	$ 8,957	$ 37,703

Basic and Diluted Net Income _3

Basic and Diluted Net Income (Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ (4,128)	$ 3,952	$ 19,808
Net income (loss) used in computing basic net income (loss) per share	(4,128)	3,952	19,808
Adjustment needed in calculating diluted net income (loss) per share	0	0	0
Net income (loss) used in computing diluted net income (loss) per share	$ (4,128)	$ 3,952	$ 19,808
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	102,633,545	99,877,567	100,930,866
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	102,633,545	108,100,623	108,877,648
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation (in shares)	9,734,269	352,291	1,307,762
Basic net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ 0.04	$ 0.20
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.04)	$ 0.04	$ 0.18
Options
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0	7,113,992	6,967,554
Restricted share units
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0	1,094,385	945,612
ESPP
Potentially dilutive shares that were excluded from the computation of basic net income (loss) per share:
Share-based payment arrangements (in shares)	0	14,679	33,616

Supplemental Information - Sche

Supplemental Information - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 23,865	$ 22,625
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	12,418	11,868
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	4,552	4,370
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	4,048	2,849
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	1,042	1,230
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	1,084	1,075
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term assets	$ 721	$ 1,233

Supplemental Information - Sc_2

Supplemental Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 134,695	$ 101,828	$ 494,366
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	85,908	69,259	340,782
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	26,364	21,802	93,264
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	8,619	2,674	18,654
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	8,278	6,451	29,076
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 5,526	$ 1,642	$ 12,590