UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2022
Commission File Number
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(Translation of registrant’s name into English) |
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c/o Stratasys, Inc. 9600 West 76th Street Eden Prairie, Minnesota 55344 |
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(Address of principal executive office) |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
CONTENTS
On August 3, 2022, Stratasys Ltd., or Stratasys, released its financial results for the three and six months ended June 30, 2022.
Attached hereto as Exhibit 99.1 are the unaudited, condensed consolidated financial statements of Stratasys for the three and six months ended June 30, 2022 (including the notes thereto), or the Q2 2022 Financial Statements
Attached hereto as Exhibit 99.2 is Stratasys’ review of its results of operations and financial condition for the three and six months ended June 30, 2022, including the following:
(i)
Operating and Financial Review and Prospects
(ii)
Quantitative and Qualitative Disclosures About Market Risk
(iii)
Legal Proceedings
(iv)
Risk Factors
Attached hereto as Exhibit 101 are the Q2 2022 Financial Statements, formatted in IXBRL (eXtensible Business Reporting Language), consisting of the following sub-exhibits:
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Exhibit Number |
Document Description |
| 99.1 | Unaudited, condensed consolidated financial statements of Stratasys for the three and six months ended June 30, 2022 |
| 99.2 | Stratasys’ review of its results of operations and financial condition for the three and six months ended June 30, 2022 |
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EX-101.INS |
IXBRL Taxonomy Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
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EX-101.SCH |
IXBRL Taxonomy Extension Schema Document |
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EX-101.CAL |
IXBRL Taxonomy Calculation Linkbase Document |
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EX-101.DEF |
IXBRL Taxonomy Extension Definition Linkbase Document |
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EX-101.LAB |
IXBRL Taxonomy Label Linkbase Document |
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EX-101.PRE |
IXBRL Taxonomy Presentation Linkbase Document |
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EX-104 |
Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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STRATASYS LTD. | |
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Dated: August 3, 2022 |
By: |
/s/ Eitan Zamir |
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Name: |
Eitan Zamir |
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Title: |
Chief Financial Officer |
Exhibit 99.1
STRATASYS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2022
(UNAUDITED)
INDEX TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(UNAUDITED)
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Item |
Page | |
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Consolidated Balance Sheets |
2 | |
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Consolidated Statements of Operations and Comprehensive Loss |
3 | |
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Consolidated Statements of Changes in Equity |
4-5 | |
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Consolidated Statements of Cash Flows |
6 | |
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Notes to Condensed Consolidated Interim Financial Statements |
7-18 |
STRATASYS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
| Consolidated Balance Sheets | ||||||||
| (in thousands, except share data) | ||||||||
| June 30, 2022 | December 31, 2021 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Short-term deposits | ||||||||
| Accounts receivable, net of allowance for credit losses of $ | ||||||||
| Inventories | ||||||||
| Prepaid expenses | ||||||||
| Other current assets | ||||||||
| Total current assets | ||||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Goodwill | ||||||||
| Other intangible assets, net | ||||||||
| Operating lease right-of-use assets | ||||||||
| Long-term investments | ||||||||
| Other non-current assets | ||||||||
| Total non-current assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued expenses and other current liabilities | ||||||||
| Accrued compensation and related benefits | ||||||||
| Deferred revenues - short term | ||||||||
| Operating lease liabilities - short term | ||||||||
| Total current liabilities | ||||||||
| Non-current liabilities | ||||||||
| Deferred revenues - long term | ||||||||
| Deferred income taxes - long term | ||||||||
| Operating lease liabilities - long term | ||||||||
| Contingent consideration - long term | ||||||||
| Other non-current liabilities | ||||||||
| Total non-current liabilities | ||||||||
| Total liabilities | $ | $ | ||||||
| Contingencies (see note 12) | ||||||||
| Equity | ||||||||
| Ordinary shares, NIS | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total equity | ||||||||
| Total liabilities and equity | $ | $ |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
STRATASYS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
| Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||
| Revenues | ||||||||||||||||||
| Products | $ | $ | $ | $ | ||||||||||||||
| Services | ||||||||||||||||||
| Cost of revenues | ||||||||||||||||||
| Products | ||||||||||||||||||
| Services | ||||||||||||||||||
| Gross profit | ||||||||||||||||||
| Operating expenses | ||||||||||||||||||
| Research and development, net | ||||||||||||||||||
| Selling, general and administrative | ||||||||||||||||||
| Operating loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Financial expenses, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Loss before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Income tax benefit | ||||||||||||||||||
| Share in losses of associated companies | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
| Net loss per share - basic and diluted | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
| Weighted average ordinary shares outstanding. - basic and diluted | ||||||||||||||||||
| Comprehensive loss | ||||||||||||||||||
| Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||
| Foreign currency translation adjustments | ( | ) | ( | ) | ||||||||||||||
| Unrealized gains (losses) on derivatives designated as cash flow hedges | ( | ) | ( | ) | ( | ) | ||||||||||||
| Other comprehensive income (loss), net of tax | ( | ) | ( | ) | ||||||||||||||
| Comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
STRATASYS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
| Consolidated Statements of Changes in Equity | ||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||
| Three and Six Months Ended June 30, 2022 | ||||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||
| Additional | Other | |||||||||||||||||||||||
| Ordinary Shares | Paid-In | Accumulated | Comprehensive | Total | ||||||||||||||||||||
| Number of shares | Par Value | Capital | deficit | Loss | Equity | |||||||||||||||||||
| Balance as of December 31, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| Issuance of shares in connection with stock-based compensation plans | ||||||||||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||||||
| Comprehensive loss | - | ( | ) | ( | ) | ( | ) | |||||||||||||||||
| Balance as of March 31, 2022 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| Issuance of shares in connection with stock-based compensation plans | ||||||||||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||||||
| Comprehensive loss | - | ( | ) | ( | ) | ( | ) | |||||||||||||||||
| Balance as of June 30, 2022 | ( | ) | ( | ) | ||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
STRATASYS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
| Consolidated Statements of Changes in Equity | ||||||||||||||||||||||||
| (in thousands ) | ||||||||||||||||||||||||
| Three and Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||
| Additional | Other | |||||||||||||||||||||||
| Ordinary Shares | Paid-In | Accumulated | Comprehensive | Total | ||||||||||||||||||||
| Number of shares | Par Value | Capital | deficit | Loss | Equity | |||||||||||||||||||
| Balance as of December 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| Issuance of shares in connection with stock-based compensation plans | ||||||||||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||||||
| Public offering of ordinary shares, net | ||||||||||||||||||||||||
| Deferred tax assets in connection with public offering expenses | - | |||||||||||||||||||||||
| Comprehensive income (loss) | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of March 31, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| Issuance of shares in connection with stock-based compensation plans | ||||||||||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||||||
| Deferred tax assets in connection with public offering expenses | - | |||||||||||||||||||||||
| Comprehensive income (loss) | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of June 30, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
STRATASYS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
| Consolidated Statements of Cash Flows | |||||||||
| in thousands | Six Months Ended June 30, | ||||||||
| 2022 | 2021 | ||||||||
| Cash flows from operating activities | |||||||||
| Net loss | $ | ( | ) | $ | ( | ) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
| Impairment of other long-lived assets | |||||||||
| Depreciation and amortization | |||||||||
| Stock-based compensation | |||||||||
| Foreign currency transaction loss | |||||||||
| Share in loss of associated companies | |||||||||
| Revaluation of investments | ( | ) | |||||||
| Other non-cash items, net | |||||||||
| Change in cash attributable to changes in operating assets and liabilities: | |||||||||
| Accounts receivable, net | ( | ) | ( | ) | |||||
| Inventories | ( | ) | |||||||
| Other current assets and prepaid expenses | ( | ) | |||||||
| Other non-current assets | |||||||||
| Accounts payable | |||||||||
| Other current liabilities | ( | ) | |||||||
| Deferred revenues | |||||||||
| Deferred income taxes, net and uncertain tax positions | ( | ) | ( | ) | |||||
| Other non-current liabilities | ( | ) | ( | ) | |||||
| Net cash provided by (used in) operating activities | ( | ) | |||||||
| Cash flows from investing activities | |||||||||
| Cash paid for acquisitions, net of cash acquired | ( | ) | |||||||
| Purchase of property and equipment | ( | ) | ( | ) | |||||
| Investments in short-term bank deposits | ( | ) | ( | ) | |||||
| Proceeds from short-term bank deposits | |||||||||
| Purchase of intangible assets | ( | ) | ( | ) | |||||
| Other investing activities | ( | ) | |||||||
| Investments in unconsolidated entities | ( | ) | ( | ) | |||||
| Net cash provided by (used in) investing activities | ( | ) | |||||||
| Cash flows from financing activities | |||||||||
| Proceeds from public offering, net of issuance costs | |||||||||
| Proceeds from exercise of stock options | |||||||||
| Payment of contingent consideration | ( | ) | |||||||
| Other financing activities | |||||||||
| Net cash provided by (used in) financing activities | ( | ) | |||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ) | ( | ) | |||||
| Net change in cash, cash equivalents and restricted cash | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||
| Supplemental disclosures of cash flow information: | |||||||||
| Transfer of inventory to fixed assets | |||||||||
| Transfer of fixed assets to inventory | |||||||||
| Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets: | |||||||||
| Cash and cash equivalents | |||||||||
| Restricted cash included in other current assets | |||||||||
| Cash balances classified as Held for sale | |||||||||
| Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ | $ | |||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Note 1. Business Description and Basis of Presentation
The results of operations for the three and six months ended June 30, 2022 are not indicative of results that could be expected for the entire fiscal year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The reader is referred to the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2022 as part of the Company’s Annual Report on Form 20-F for such year.
Note 2. New Accounting Pronouncements
Accounting Pronouncements Adopted in 2022
| U.S. $ in thousands | |||
| Cash payments | $ | ||
| Contingent consideration at estimated fair value | |||
| Total consideration for | |||
| Fair value of | |||
| Total consideration | $ |
| Allocation of Purchase Price | |||
| (U.S. $ in thousands) | |||
| Cash and cash equivalents | $ | ||
| Goodwill | |||
| Intangible assets | |||
| Other assets | |||
| Total assets acquired | |||
| Net deferred tax liabilities | |||
| Other labilities | |||
| Total liabilities assumed | |||
| Net assets acquired | $ |
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Note 4. Revenues
Disaggregation of Revenues
The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three and six months ended June 30, 2022 and 2021:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| (U.S. $ in thousands) | (U.S. $ in thousands) | ||||||||||||||
| Americas | |||||||||||||||
| Systems | $ | $ | $ | $ | |||||||||||
| Consumables | |||||||||||||||
| Service | |||||||||||||||
| Total Americas | |||||||||||||||
| EMEA | |||||||||||||||
| Systems | |||||||||||||||
| Consumables | |||||||||||||||
| Service | |||||||||||||||
| Total EMEA | |||||||||||||||
| Asia Pacific | |||||||||||||||
| Systems | |||||||||||||||
| Consumables | |||||||||||||||
| Service | |||||||||||||||
| Total Asia Pacific | |||||||||||||||
| Total Revenues | $ | $ | $ | $ | |||||||||||
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, 2022 and 2021:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| (U.S. $ in thousands) | (U.S. $ in thousands) | ||||||||||||||
| Revenues recognized in point in time from: | |||||||||||||||
| Products | $ | $ | $ | $ | |||||||||||
| Services | |||||||||||||||
| Total revenues recognized in point in time | |||||||||||||||
| Revenues recognized over time from: | |||||||||||||||
| Services | |||||||||||||||
| Total revenues recognized over time | |||||||||||||||
| Total Revenues | $ | $ | $ | $ | |||||||||||
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Contract Assets and Contract Liabilities
Contract assets are recorded when the Company's right to consideration is conditioned on constraints other than the passage of time. The Company had no material contract assets as of June 30, 2022 and December 31, 2021.
Contract liabilities include advance payments and billings in excess of revenue recognized, which are primarily related to advanced billings for service type warranty. Contract liabilities are presented under deferred revenues. The Company's deferred revenues as of June 30, 2022 and December 31, 2021 were as follows:
| June 30, 2022 | December 31, 2021 | ||||||
| U.S. $ in thousands | |||||||
| Deferred revenue* | $ | $ | |||||
*Includes $
Revenue recognized in 2022 that was included in deferred revenue balance as of December 31, 2021 was $
Remaining Performance Obligations
Remaining Performance Obligations (“RPO“) represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2022, the total RPO amounted to $
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, 2022 and December 31, 2021, the deferred commissions amounted to $
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Note 5. Inventories
Inventories consisted of the following as of the below balance sheet dates:
| June 30, 2022 | December 31, 2021 | ||||||
| U.S. $ in thousands | |||||||
| Finished goods | $ | $ | |||||
| Work-in-process | |||||||
| Raw materials | |||||||
| $ | $ | ||||||
Note 6. Goodwill and Other Intangible Assets
Goodwill
| U.S. $ in thousands | ||||
| Goodwill as of January 1, 2022 | $ | |||
| Foreign currency translation adjustments | ( | ) | ||
| Goodwill as of June 30, 2022 | $ |
Other Intangible Assets
Other intangible assets consisted of the following:
| June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
| Carrying Amount, | Net | Carrying Amount, | Net | |||||||||||||||||||||
| Net of | Accumulated | Book | Net of | Accumulated | Book | |||||||||||||||||||
| Impairment | Amortization | Value | Impairment | Amortization | Value | |||||||||||||||||||
| U.S. $ in thousands | ||||||||||||||||||||||||
| Developed technology | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Patents | ( | ) | ( | ) | ||||||||||||||||||||
| Trademarks and trade names | ( | ) | ( | ) | ||||||||||||||||||||
| Customer relationships | ( | ) | ( | ) | ||||||||||||||||||||
| Capitalized software development costs | ( | ) | ( | ) | - | |||||||||||||||||||
| $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||
Amortization expenses relating to intangible assets for the three-month periods ended June 30, 2022 and 2021 were approximately $
As of June 30, 2022, the estimated amortization expenses relating to intangible assets for each of the following future periods were as follows:
| Estimated | ||||
| amortization expense | ||||
| (U.S. $ in thousands) | ||||
| Remaining 6 months of 2022 | $ | |||
| 2023 | ||||
| 2024 | ||||
| 2025 | ||||
| 2026 | ||||
| 2027 and thereafter | ||||
| Total | $ |
Note 7. Net Loss Per Share
The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three and six months ended June 30, 2022 and 2021:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| In thousands, except per share amounts | In thousands, except per share amounts | ||||||||||||||
| Numerator: | |||||||||||||||
| Net loss for basic and diluted net loss per share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
| Denominator: | |||||||||||||||
| Weighted average shares - for basic and diluted net loss per share | |||||||||||||||
| Net loss per share | |||||||||||||||
| Basic and diluted | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
The computation of diluted net loss per share excluded share awards of
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Note 8. Income Taxes
Note 9. Fair Value Measurements
Financial instruments measured at fair value
The following table summarizes the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets:
| June 30, 2022 | December 31, 2021 | ||||||||||||||
| Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
| (U.S. $ in thousands) | |||||||||||||||
| Assets: | |||||||||||||||
| Foreign exchange forward contracts not designated as hedging instruments | $ | $ | $ | $ | |||||||||||
| Foreign exchange forward contracts designated as hedging instruments | |||||||||||||||
| Liabilities: | |||||||||||||||
| Foreign exchange forward contracts not designated as hedging instruments | ( | ) | ( | ) | |||||||||||
| Foreign exchange forward contracts designated as hedging instruments | ( | ) | ( | ) | |||||||||||
| Total contingent consideration* | |||||||||||||||
| $ | ( | ) | $ | $ | $ | ||||||||||
The Company’s foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs).
Contingent consideration represents liabilities recorded at fair value in connection with acquisitions, and thus represents a Level 3 measurement within the fair value hierarchy (refer to Note 3).
Other financial instruments consist mainly of cash and cash equivalents, short-term deposits, current and non-current assets, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values.
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Note 10. Derivative instruments and hedging activities
Since the Company conducts its operations globally, it is exposed to global market risks and to the risk that its earnings, cash flows and equity could be adversely impacted by fluctuations in foreign currency exchange rates. The Company enters into transactions involving foreign currency exchange derivative financial instruments. The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to net exposures and take advantage of any natural hedging. The transactions are designed to manage the Company’s net exposure to foreign currency exchange rates and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes.
The Company is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), Euro, GBP, Korean Won, Chinese Yuan and the Japanese Yen. The gains and losses on the hedging instruments partially offset losses and gains on the hedged items. Financial markets and currency volatility may limit the Company’s ability to hedge these exposures. These contracts mature through 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 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| U.S. $ in thousands | ||||||||||||||||||
| Assets derivatives -Foreign exchange contracts, not designated as hedging instruments | Other current assets | $ | $ | $ | $ | |||||||||||||
| Assets derivatives -Foreign exchange contracts, designated as cash flow hedge | Other current assets | |||||||||||||||||
| Liability derivatives -Foreign exchange contracts, not designated as hedging instruments | Accrued expenses and other current liabilities | ( | ) | ( | ) | |||||||||||||
| Liability derivatives -Foreign exchange contracts, designated as hedging instruments | Accrued expenses and other current liabilities | ( | ) | ( | ) | |||||||||||||
| $ | ( | ) | $ | $ | $ | |||||||||||||
Foreign exchange contracts not designated as hedging instruments
As of June 30, 2022, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $
Cash Flow Hedging - Hedges of forecasted foreign currency payroll and other operating expenses
As of June 30, 2022, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of $
Cash Flow Hedging - Hedges of forecasted foreign currency revenue
As of June 30, 2022, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Note 11. Equity
a. Stock-based compensation plans
Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”), performance-based restricted share units (”PSUs”) and Employee Share Purchase Plan ("ESPP") were allocated as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| U.S $ in thousands | U.S $ in thousands | ||||||||||||||
| Cost of revenues | $ | $ | $ | $ | |||||||||||
| Research and development, net | |||||||||||||||
| Selling, general and administrative | |||||||||||||||
| Total stock-based compensation expenses | $ | $ | $ | $ | |||||||||||
A summary of the Company’s stock option activity for the six months ended June 30, 2022 is as follows:
| Number of Options | Weighted Average Exercise Price | ||||||
| Options outstanding as of January 1, 2021 | |||||||
| Granted | |||||||
| Exercised | ( | ) | |||||
| Forfeited | ( | ) | |||||
| Options outstanding as of June 30, 2022 | |||||||
| Options exercisable as of June 30, 2022 |
As of June 30, 2022, the unrecognized compensation cost of $
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
A summary of the Company’s RSUs and PSUs activity for the six months ended June 30, 2022 is as follows:
| Number of RSUs and PSUs | Weighted Average Grant Date Fair Value | ||||||
| Unvested as of January 1, 2022 | |||||||
| Granted | |||||||
| Vested | ( | ) | |||||
| Forfeited | ( | ) | |||||
| Unvested as of June 30, 2022 |
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, 2022, the unrecognized compensation cost of $
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
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, 2022 and 2021, respectively:
| 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 | $ | $ | ( | ) | $ | ( | ) | ||||
| Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | |||||
| Amounts reclassified from accumulated other comprehensive loss | ( | ) | ( | ) | |||||||
| Other comprehensive loss | ( | ) | ( | ) | ( | ) | |||||
| Balance as of June 30, 2022 | $ | $ | ( | ) | $ | ( | ) | ||||
STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
| Six Months Ended June 30, 2021 | |||||||||||
| Net Unrealized Gain (Loss) on Cash Flow Hedges | Foreign Currency Translation Adjustments | Total | |||||||||
| U.S. $ in thousands | |||||||||||
| Balance as of January 1, 2021 | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
| Other comprehensive income before reclassifications | |||||||||||
| Amounts reclassified from accumulated other comprehensive loss | |||||||||||
| Other comprehensive income | |||||||||||
| Balance as of June 30, 2021 | $ | $ | ( | ) | $ | ( | ) | ||||
d. Public offering of ordinary shares
Note 12. Contingencies
Legal proceedings
The Company is a party to various legal proceedings from time to time, the outcome of which, in the opinion of management, will not have a significant effect on the financial position, profitability or cash flows of the Company.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS.
Overview of Business and Trend Information
Business Performance in Macro-Economic Environment
Summary of Financial Results
Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. In the opinion of our management, all adjustments considered necessary for a fair statement of the unaudited condensed consolidated financial statements have been included herein and are of a normal recurring nature. The following discussion compares the actual results, on a GAAP basis, for the three and six months ended June 30, 2022 with the corresponding periods of 2021.
Results of Operations
Comparison of Three Months Ended June 30, 2022 to Three Months Ended June 30, 2021
The following table sets forth certain statement of operations data for the periods indicated:
| Three Months Ended June 30, | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| U.S. $ in thousands | % of Revenues | U.S. $ in thousands | % of Revenues | ||||||||||||
| Revenues | $ | 166,603 | 100.0 | % | $ | 147,005 | 100.0 | % | |||||||
| Cost of revenues | 99,210 | 59.5 | % | 83,735 | 57.0 | % | |||||||||
| Gross profit | 67,393 | 40.5 | % | 63,270 | 43.0 | % | |||||||||
| Research and development, net | 24,346 | 14.6 | % | 22,437 | 15.3 | % | |||||||||
| Selling, general and administrative | 66,592 | 40.0 | % | 63,557 | 43.2 | % | |||||||||
| Operating loss | (23,545 | ) | (14.1 | )% | (22,724 | ) | (15.5 | )% | |||||||
| Financial expenses, net | (1,170 | ) | (0.7 | )% | (372 | ) | (0.3 | )% | |||||||
| Loss before income taxes | (24,715 | ) | (14.8 | )% | (23,096 | ) | (15.7 | )% | |||||||
| Income tax benefit | 429 | 0.3 | % | 4,368 | 3.0 | % | |||||||||
| Share in losses of associated companies | (99 | ) | (0.1 | )% | (1,431 | ) | (1.0 | )% | |||||||
| Net loss | (24,385 | ) | (14.6 | )% | (20,159 | ) | (13.7 | )% | |||||||
Discussion of Results of Operations
Revenues
Our products and services revenues in the three months ended June 30, 2022 and 2021, as well as the percentage change reflected thereby, were as follows:
| Three Months Ended June 30, | |||||||||||||||
| 2022 | 2021 | % Change | |||||||||||||
| U.S. $ in thousands | |||||||||||||||
| Products | $ | 115,721 | $ | 100,305 | 15.4 | % | |||||||||
| Services | 50,882 | 46,700 | 9.0 | % | |||||||||||
| Total Revenues | $ | 166,603 | $ | 147,005 | 13.3 | % | |||||||||
Products Revenues
Revenues derived from products (including systems and consumable materials) increased by $15.4 million, or 15.4%, for the three months ended June 30, 2022, as compared to the three months ended June 30, 2021.
Services Revenues
Services revenues (including SDM, maintenance contracts, time and materials and other services) increased by $4.2 million for the three months ended June 30, 2022, or 9%, as compared to the three months ended June 30, 2021. Within services revenues, customer support revenue, which includes revenue generated mainly by maintenance contracts on our systems, increased by 9.1%.
Revenues by Region
Revenues and the percentage of revenues by region for the three months ended June 30, 2022 and 2021, as well as the percentage change in revenues in each such region reflected thereby, were as follows:
| Three Months Ended June 30, | ||||||||||||||||||||
| 2022 | 2021 | % Change | ||||||||||||||||||
| U.S.$ in thousands | % of Revenues | U.S.$ in thousands | % of Revenues | |||||||||||||||||
| Americas* | $ | 107,225 | 64.4 | % | $ | 92,949 | 63.2 | % | 15.4 | % | ||||||||||
| EMEA | 35,212 | 21.1 | % | 32,523 | 22.1 | % | 8.3 | % | ||||||||||||
| Asia Pacific | 24,166 | 14.5 | % | 21,533 | 14.7 | % | 12.2 | % | ||||||||||||
| $ | 166,603 | 100.0 | % | $ | 147,005 | 100.0 | % | 13.3 | % | |||||||||||
* Represent the United States, Canada and Latin America
Revenues in the Americas region increased by $14.3 million, or 15.4%, to $107.2 million for the three months ended June 30, 2022, compared to $92.9 million for the three months ended June 30, 2021. The increase was in all revenue streams.
Revenues in the EMEA region increased by $2.7 million, or 8.3%, to $35.2 million for the three months ended June 30, 2022, compared to $32.5 million for the three months ended June 30, 2021. The increase was primarily driven by higher systems revenues. On a constant currency basis, when using the prior year period’s exchange rates, revenues increased by $6.6 million, or 20.4%.
Revenues in the Asia Pacific region increased by $2.6 million, or 12.2%, to $24.2 million for the three months ended June 30, 2022, compared to $21.5 million for the three months ended June 30, 2021. The increase was primarily driven by higher systems revenues.
Gross Profit
Gross profit from our products and services, as well as the percentage change reflected thereby, was as follows:
| Three Months Ended June 30, | ||||||||||||
| 2022 | 2021 | |||||||||||
| U.S. $ in thousands | Change in % | |||||||||||
| Gross profit attributable to: | ||||||||||||
| Products | $ | 54,589 | $ | 50,574 | 7.9 | % | ||||||
| Services | 12,804 | 12,696 | 0.9 | % | ||||||||
| $ | 67,393 | $ | 63,270 | 6.5 | % | |||||||
Gross profit as a percentage of revenues from our products and services was as follows:
| Three Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| Gross profit as a percentage of revenues from: | ||||||||
| Products | 47.2 | % | 50.4 | % | ||||
| Services | 25.2 | % | 27.2 | % | ||||
| Total gross profit | 40.5 | % | 43.0 | % | ||||
Gross profit attributable to products revenues increased by $4 million, or 7.9%, to $54.6 million for the three months ended June 30, 2022, compared to gross profit of $50.6 million for the three months ended June 30, 2021. Gross profit attributable to products revenues as a percentage of products revenues decreased to 47.2% for the three months ended June 30, 2022, compared to 50.4% for the three months ended June 30, 2021.
Gross profit attributable to services revenues increased by $0.1 million, or 0.9%, to $12.8 million for the three months ended June 30, 2022, compared to $ 12.7 million for the three months ended June 30, 2021. Gross profit attributable to services revenues as a percentage of services revenues in the three months ended June 30, 2022 decreased to 25.2%, as compared to 27.2% for the three months ended June 30, 2021.
Operating Expenses
The amount of each type of operating expense for the three months ended June 30, 2022 and 2021, as well as the percentage change reflected thereby, and total operating expenses as a percentage of our total revenues in each such quarter, were as follows:
| Three Months Ended June 30, | ||||||||||||
| 2022 | 2021 | % Change | ||||||||||
| U.S. $ in thousands | ||||||||||||
| Research and development, net | $ | 24,346 | $ | 22,437 | 8.5 | % | ||||||
| Selling, general and administrative | 66,592 | 63,557 | 4.8 | % | ||||||||
| 90,938 | 85,994 | 5.7 | % | |||||||||
| Percentage of revenues | 54.6 | % | 58.5 | % | ||||||||
Research and development expenses, net increased by $1.9 million, or 8.5%, to $24.3 million for the three months ended June 30, 2022, compared to $22.4 million for the three months ended June 30, 2021. The amount of research and development expenses constituted 14.6% of our revenues for the three months ended June 30, 2022, as compared to 15.3% for the three months ended June 30, 2021.
Our research and development expenses were impacted by the timing of project spending and product launches, based on our portfolio management. We continue to invest in strategic long-term initiatives that include advancements in our core FDM and PolyJet technologies and in our new powder-based and photopolymer-based, SAF and P3 technologies, advanced composite materials, software and development of new applications which will enhance our current solutions offerings.
Selling, general and administrative expenses increased by $3.0 million, or 4.8%, to $66.6 million for the three months ended June 30, 2022, compared to $63.6 million for the three months ended June 30, 2021. The increase in these expenses reflected the trend of increased operating activity that began in 2021 and has intensified during the first and second quarters of 2022. The amount of selling, general and administrative expenses constituted 40.0% of our revenues for the three months ended June 30, 2022, as compared to 43.2% for the three months ended June 30, 2021.
Operating Loss
Operating loss and operating loss as a percentage of our total revenues were as follows:
| Three Months Ended June 30, | |||||||||
| 2022 | 2021 | ||||||||
| U.S. $ in thousands | |||||||||
| Operating loss | $ | (23,545 | ) | $ | (22,724 | ) | |||
| Percentage of revenues | (14.1 | )% | (15.5 | )% | |||||
Operating loss amounted to $23.5 million for the three months ended June 30, 2022, compared to an operating loss of $22.7 million for the three months ended June 30, 2021. While increasing on an absolute basis, our operating loss decreased as a percentage of our revenues in the second quarter of 2022 compared to the second quarter of 2021, reflecting our improved operating efficiencies.
Financial Expenses, net
Financial expenses, net, which was primarily comprised of foreign currencies effects, interest income and interest expenses, was $1.2 million for the three months ended June 30, 2022, compared to financial expenses, net of $0.4 million for the three months ended June 30, 2021.
Income Taxes
Income tax benefit and income tax benefit as a percentage of net loss before taxes, as well as the percentage change in each, year over year, reflected thereby, were as follows:
| Three Months Ended June 30, | |||||||||||||
| 2022 | 2021 | ||||||||||||
| U.S. $ in thousands | Change in % | ||||||||||||
| Income tax benefit | $ | 429 | $ | 4,368 | (90.2 | )% | |||||||
| As a percent of loss before income taxes | 1.7 | % | 18.9 | % | (90.8 | )% | |||||||
We had an effective tax rate of 1.7% for the three-month period ended June 30, 2022, compared to an effective tax rate of 18.9% for the three-month period ended June 30, 2021. Our effective tax rate in the second quarter of 2022 was primarily impacted by the geographic mix of foreign taxable earnings and losses, as well as our valuation allowance.
Share in Losses of Associated Companies
Share in losses of associated companies reflects our proportionate share of the profits of unconsolidated entities accounted for by using the equity method of accounting. During the three months ended June 30, 2022, the loss from our proportionate share of the losses of our equity method investments was $0.1 million, compared to a loss of $1.4 million in the three months ended June 30, 2021. The foregoing decrease in losses was attributable to our acquisition, in the fourth quarter of 2021, of Xaar which was previously held as an equity investment.
Net Loss and Net Loss Per Share
Net loss, and net loss per share were as follows:
| Three Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| U.S. $ in thousands | ||||||||
| Net loss | $ | (24,385 | ) | $ | (20,159 | ) | ||
| Percentage of revenues | (14.6 | )% | (13.7 | )% | ||||
| Basic and diluted loss per share | $ | (0.37 | ) | $ | (0.31 | ) | ||
Net loss was $24.4 million for the three months ended June 30, 2022 compared to net loss of $20.2 million for the three months ended June 30, 2021.
Net loss per share was $0.37 for the three months ended June 30, 2022 as compared to net loss per share of $0.31 for the three months ended June 30, 2021. The weighted average fully diluted share count was 66.6 million during the three months ended June 30, 2022, compared to 64.9 million during the three months ended June 30, 2021.
The absolute increase in net loss and basic and diluted net loss per share, as well as that increase as a percentage of our revenues, resulted from the aggregate impact of the foregoing line items in our results of operations in the second quarter of 2022 as compared to the second quarter of 2021.
Results of Operations
Comparison of Six Months Ended June 30, 2022 to Six Months Ended June 30, 2021
The following table sets forth certain statement of operations data for the periods indicated:
| Six Months Ended June 30, | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| U.S. $ in thousands | % of Revenues | U.S. $ in thousands | % of Revenues | ||||||||||||
| Revenues | $ | 330,032 | 100.0 | % | $ | 281,194 | 100.0 | % | |||||||
| Cost of revenues | 192,962 | 58.5 | % | 162,347 | 57.7 | % | |||||||||
| Gross profit | 137,070 | 41.5 | % | 118,847 | 42.3 | % | |||||||||
| Research and development, net | 48,344 | 14.6 | % | 43,038 | 15.3 | % | |||||||||
| Selling, general and administrative | 131,855 | 40.0 | % | 116,891 | 41.6 | % | |||||||||
| Operating loss | (43,129 | ) | (13.1 | )% | (41,082 | ) | (14.6 | )% | |||||||
| Financial expenses, net | (2,532 | ) | (0.8 | )% | (749 | ) | (0.3 | )% | |||||||
| Loss before income taxes | (45,661 | ) | (13.8 | )% | (41,831 | ) | (14.9 | )% | |||||||
| Income tax benefit | 502 | 0.2 | % | 5,310 | 1.9 | % | |||||||||
| Share in losses of associated companies | (174 | ) | (0.1 | )% | (2,549 | ) | (0.9 | )% | |||||||
| Net loss | (45,333 | ) | (13.7 | )% | (39,070 | ) | (13.9 | )% | |||||||
Discussion of Results of Operations
Revenues
Our products and services revenues in the six months ended June 30, 2022 and 2021, as well as the percentage change reflected thereby, were as follows:
| Six Months Ended June 30, | ||||||||||||
| 2022 | 2021 | % Change | ||||||||||
| U.S. $ in thousands | ||||||||||||
| Products | $ | 228,794 | $ | 190,629 | 20.0 | % | ||||||
| Services | 101,238 | 90,565 | 11.8 | % | ||||||||
| Total Revenues | $ | 330,032 | $ | 281,194 | 17.4 | % | ||||||
Products Revenues
Revenues derived from products (including AM systems and consumable materials) increased by $38.2 million, or 20.0%, for the six months ended June 30, 2022, as compared to the six months ended June 30, 2021.
Revenues derived from systems for the six months ended June 30, 2022 increased by $27.9 million, or 32.7% as compared to the six months ended June 30, 2021. The increase in systems revenues reflected a strong six-month period ended June 30, 2022, which was strengthened by the launch of the Origin One 3D printer in mid-February 2022 and the first full quarter of H350 sales in the second quarter of 2022.
Revenues derived from consumables increased by $10.2 million, or 9.7%, for the six months ended June 30, 2022, as compared to the six months ended June 30, 2021. The increase in consumables reflects the impact of strong systems sales throughout 2021 and their initial flow-through to consumables as initial materials began to be replenished in the first half of 2022.
Services Revenues
Services revenues (including SDM, maintenance contracts, time and materials and other services) increased by $10.7 million for the six months ended June 30, 2022, or 11.8%, as compared to the six months ended June 30, 2021. Within services revenues, customer support revenue, which includes revenue generated mainly by maintenance contracts on our systems, increased by 9.6%.
Revenues by Region
Revenues and the percentage of revenues by region for the six months ended June 30, 2022 and 2021, as well as the percentage change in revenues in each such region reflected thereby, were as follows:
| Six Months Ended June 30, | ||||||||||||||||||||
| 2022 | 2021 | % Change | ||||||||||||||||||
| U.S.$ in thousands | % of Revenues | U.S.$ in thousands | % of Revenues | |||||||||||||||||
| Americas* | $ | 205,792 | 62.4 | % | $ | 175,062 | 62.3 | % | 17.6 | % | ||||||||||
| EMEA | 75,267 | 22.8 | % | 61,441 | 21.8 | % | 22.5 | % | ||||||||||||
| Asia Pacific | 48,973 | 14.8 | % | 44,691 | 15.9 | % | 9.6 | % | ||||||||||||
| $ | 330,032 | 100.0 | % | $ | 281,194 | 100.0 | % | 17.4 | % | |||||||||||
* Consists of United States, Canada and Latin America
Revenues in the Americas region increased by $30.7 million, or 17.6%, to $205.8 million for the six months ended June 30, 2022, compared to $175.1 million for the six months ended June 30, 2021. The increase was in all revenue streams.
Revenues in the EMEA region increased by $13.8 million, or 22.5%, to $75.3 million for the six months ended June 30, 2022, compared to $61.4 million for the six months ended June 30, 2021. The increase was primarily driven by higher products revenues.
Revenues in the Asia Pacific region increased by $4.3 million, or 9.6%, to $49.0 million for the six months ended June 30, 2022, compared to $44.7 million for the six months ended June 30, 2021. The increase was primarily driven by higher systems revenues.
Gross Profit
Gross profit from our products and services, as well as the percentage change reflected thereby, were as follows:
| Six Months Ended June 30, | ||||||||||||
| 2022 | 2021 | |||||||||||
| U.S. $ in thousands | Change in % | |||||||||||
| Gross profit attributable to: | ||||||||||||
| Products | $ | 108,289 | $ | 93,978 | 15.2 | % | ||||||
| Services | 28,781 | 24,869 | 15.7 | % | ||||||||
| $ | 137,070 | $ | 118,847 | 15.3 | % | |||||||
Gross profit as a percentage of revenues from our products and services was as follows:
| Six Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| Gross profit as a percentage of revenues from: | ||||||||
| Products | 47.3 | % | 49.3 | % | ||||
| Services | 28.4 | % | 27.5 | % | ||||
| Total gross profit | 41.5 | % | 42.3 | % | ||||
Gross profit attributable to products revenues increased by $14.3 million, or 15.2%, to $108.3 million for the six months ended June 30, 2022, compared to gross profit of $94.0 million for the six months ended June 30, 2021. Gross profit attributable to products revenues as a percentage of products revenues decreased to 47.3% for the six months ended June 30, 2022, compared to 49.3% for the six months ended June 30, 2021.
Gross profit attributable to services revenues increased by $3.9 million, or 15.7%, to $28.8 million for the six months ended June 30, 2022, compared to $24.9 million for the six months ended June 30, 2021. Gross profit attributable to services revenues as a percentage of services revenues in the six months ended June 30, 2022 increased to 28.4%, as compared to 27.5% for the six months ended June 30, 2021.
The above gross profit results were impacted by growth in logistics and materials costs, reflecting global inflationary trends, offset by our increased revenues from systems and consumables, along with operational efficiencies, during the second quarter of 2022 compared to the second quarter of 2021.
Operating Expenses
The amount of each type of operating expense for the six months ended June 30, 2022 and 2021, as well as the percentage change reflected thereby, and total operating expenses as a percentage of our total revenues in each such quarter, were as follows:
| Six Months Ended June 30, | ||||||||||||
| 2022 | 2021 | % Change | ||||||||||
| U.S. $ in thousands | ||||||||||||
| Research and development, net | $ | 48,344 | $ | 43,038 | 12.3 | % | ||||||
| Selling, general and administrative | 131,855 | 116,891 | 12.8 | % | ||||||||
| $ | 180,199 | $ | 159,929 | 12.7 | % | |||||||
| Percentage of revenues | 54.6 | % | 56.9 | % | ||||||||
Operating expenses were $180.2 million in the six months ended June 30, 2022, compared to operating expenses of $159.9 million in the six months ended June 30, 2021. The increase in operating expenses was driven primarily by the impact of the addition of the operating expenses of three recently-acquired companies— Xaar, Origin, and RPS— to our consolidated results of operations, as well as higher commissions based on our increased revenues.
Research and development expenses, net increased by $5.3 million, or 12.3%, to $48.3 million for the six months ended June 30, 2022, compared to $43.0 million for the six months ended June 30, 2021. The amount of research and development expenses constituted 14.6% of our revenues for the six months ended June 30, 2022, as compared to 15.3% for the six months ended June 30, 2021.
Our research and development expenses were impacted by the timing of project spending and product launches, based on our management of our product portfolio. We continue to invest in strategic long-term initiatives that include advancements in our core FDM and PolyJet technologies and in our new powder-based and photopolymer-based, SAF and P3 technologies, advanced composite materials, software and development of new applications which will enhance our current solutions offerings.
Selling, general and administrative expenses increased by $15.0 million, or 12.8%, to $131.9 million for the six months ended June 30, 2022, compared to $116.9 million for the six months ended June 30, 2021. The increase in these expenses reflected the trend of increased operating activity which began in 2021 and carried over with even greater strength into the first half of 2022. The amount of selling, general and administrative expenses constituted 40.0% of our revenues for the six months ended June 30, 2022, as compared to 41.6% for the six months ended June 30, 2021.
The decrease in each category of operating expenses as a percentage of our revenues in the first half of 2022 compared to the first half of 2021 reflects our improved operational efficiencies.
Operating Loss
Operating loss and operating loss as a percentage of our total revenues were as follows:
| Six Months Ended June 30, | |||||||||
| 2022 | 2021 | ||||||||
| U.S. $ in thousands | |||||||||
| Operating loss | $ | (43,129 | ) | $ | (41,082 | ) | |||
| Percentage of revenues | (13.1 | )% | (14.6 | )% | |||||
Operating loss amounted to $43.1 million for the six months ended June 30, 2022, compared to an operating loss of $41.1 million for the six months ended June 30, 2021. While increasing on an absolute basis, our operating loss decreased as a percentage of our revenues in the first half of 2022 compared to the first half of 2021.
Financial Expenses, net
Financial expenses, net, which were primarily comprised of foreign currencies effects, interest income and interest expenses, were $2.5 million for the six months ended June 30, 2022 and $0.7 million for the six months ended June 30, 2021.
Income Taxes
Income tax benefit and income tax benefit as a percentage of net loss before taxes, as well as the percentage change in each, year over year, reflected thereby, were as follows:
| Six Months Ended June 30, | |||||||||||||
| 2022 | 2021 | ||||||||||||
| U.S. $ in thousands | Change in % | ||||||||||||
| Income tax benefit | $ | 502 | $ | 5,310 | (90.5 | )% | |||||||
| As a percent of loss before income taxes | 1.1 | % | 12.7 | % | (91.3 | )% | |||||||
We had an effective tax rate of 1.1% for the six-month period ended June 30, 2022, compared to an effective tax rate of 12.7% for the six-month period ended June 30, 2021.Our effective tax rate in the six months ended June 30, 2022 was primarily impacted by the geographic mix of foreign taxable earnings and losses, as well as our valuation allowance.
Share in Losses of Associated Companies
Share in losses of associated companies reflects our proportionate share of the losses of unconsolidated entities accounted for by using the equity method of accounting. During the six months ended June 30, 2022, the loss from our proportionate share of the earnings of our equity method investments was $0.2 million, compared to a loss of $2.5 million in the six months ended June 30, 2021. The foregoing decrease in losses was attributable to our acquisition, in the fourth quarter of 2021, of Xaar which was previously held as an equity investment.
Net Loss and Net Loss Per Share
Net loss, and net loss per share were as follows:
| Six Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| U.S. $ in thousands | ||||||||
| Net loss | $ | (45,333 | ) | $ | (39,070 | ) | ||
| Percentage of revenues | (13.7 | )% | (13.9 | )% | ||||
| Basic and diluted net loss per share | $ | (0.69 | ) | $ | (0.63 | ) | ||
Net loss was $45.3 million for the six months ended June 30, 2022 compared to a net loss of $39.1 million for the six months ended June 30, 2021. While increasing on an absolute basis, our net loss decreased as a percentage of our revenues in the six months ended June 30, 2022 compared to the six months ended June 30, 2021.
Net loss per share was $0.69 and $0.63 for the six months ended June 30, 2022 and 2021, respectively. The weighted average fully diluted share count was 66.2 million for the six months ended June 30, 2022, compared to 61.8 million for the six months ended June 30, 2021.
The absolute increase in net loss and basic and diluted net loss per share, as well as the decrease in net loss as a percentage of our revenues, resulted from the aggregate impact of the foregoing line items in our results of operations in the first six months of 2022 as compared to the corresponding period in 2021.
The following non-GAAP data, which excludes certain items as described below, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations (i) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and restructuring-related charges or gains, legal provisions and (ii) excluding non-cash items such as stock-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long-lived assets and goodwill, revaluation of our investments and the corresponding tax effect of those items.
Reconciliation of GAAP to Non-GAAP Results of Operations
The following tables present the GAAP measures, the corresponding non-GAAP amounts and the related non-GAAP adjustments for the applicable periods:
| Three Months Ended June 30, | ||||||||||||||||||||||||||
| 2022 | Non-GAAP | 2022 | 2021 | Non-GAAP | 2021 | |||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | |||||||||||||||||||||
| U.S. dollars and shares in thousands (except per share amounts) | ||||||||||||||||||||||||||
| Gross profit (1) | $67,393 | $11,914 | $79,307 | $63,270 | $6,616 | $69,886 | ||||||||||||||||||||
| Operating income (loss) (1,2) | (23,545 | ) | 25,479 | 1,934 | (22,724 | ) | 20,133 | (2,591 | ) | |||||||||||||||||
| Net income (loss) (1,2,3) | (24,385 | ) | 25,560 | 1,175 | (20,159 | ) | 18,581 | (1,578 | ) | |||||||||||||||||
| Net income (loss) per diluted share (4) | $ | (0.37 | ) | $ | 0.39 | $ | 0.02 | $ | (0.31 | ) | $ | 0.29 | $ | (0.02 | ) | |||||||||||
| (1) | Acquired intangible assets amortization expense | 6,954 | 5,518 | |||||||||||||||||||||||
| Non-cash stock-based compensation expense | 1,080 | 788 | ||||||||||||||||||||||||
| Restructuring and other related costs | 15 | 310 | ||||||||||||||||||||||||
| Impairment charges | 3,865 | - | ||||||||||||||||||||||||
| 11,914 | 6,616 | |||||||||||||||||||||||||
| (2) | Acquired intangible assets amortization expense | 2,218 | 2,200 | |||||||||||||||||||||||
| Non-cash stock-based compensation expense | 7,751 | 7,189 | ||||||||||||||||||||||||
| Restructuring and other related costs | - | 350 | ||||||||||||||||||||||||
| Revaluation of investments | 1,255 | 2,201 | ||||||||||||||||||||||||
| Contingent consideration | 596 | 202 | ||||||||||||||||||||||||
| Other expenses | 1,745 | 1,375 | ||||||||||||||||||||||||
| 13,565 | 13,517 | |||||||||||||||||||||||||
| 25,479 | 20,133 | |||||||||||||||||||||||||
| (3) | Corresponding tax effect and other expenses | 81 | (1,552) | |||||||||||||||||||||||
| $25,560 | $18,581 | |||||||||||||||||||||||||
| (4 | ) | Weighted average number of ordinary shares outstanding- Diluted | 66,568 | 67,070 | 64,908 | 64,908 | ||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||
| 2022 | Non-GAAP | 2022 | 2021 | Non-GAAP | 2021 | |||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | |||||||||||||||||||
| U.S. dollars and shares in thousands (except per share amounts) | ||||||||||||||||||||||||
| Gross profit (1) | $ | 137,070 | $ | 19,603 | $ | 156,673 | $ | 118,847 | $ | 13,685 | $ | 132,532 | ||||||||||||
| Operating income (loss) (1,2) | (43,129 | ) | 47,086 | 3,957 | (41,082 | ) | 35,918 | (5,164 | ) | |||||||||||||||
| Net income (loss) (1,2,3) | (45,333 | ) | 47,718 | 2,385 | (39,070 | ) | 33,692 | (5,378 | ) | |||||||||||||||
| Net income (loss) per diluted share (4) | $ | (0.69 | ) | $ | 0.73 | $ | 0.04 | $ | (0.63 | ) | $ | 0.54 | $ | (0.09 | ) | |||||||||
| (1) | Acquired intangible assets amortization expense | 13,920 | 10,873 | |||||||||||||||||||||
| Non-cash stock-based compensation expense | 1,980 | 1,422 | ||||||||||||||||||||||
| Restructuring and other related costs | (162 | ) | 1,390 | |||||||||||||||||||||
| Impairment charges | 3,865 | - | ||||||||||||||||||||||
| 19,603 | 13,685 | |||||||||||||||||||||||
| (2) | Acquired intangible assets amortization expense | 4,443 | 4,393 | |||||||||||||||||||||
| Non-cash stock-based compensation expense | 15,384 | 13,760 | ||||||||||||||||||||||
| Restructuring and other related costs | 555 | 2,159 | ||||||||||||||||||||||
| Revaluation of investments | 2,316 | (1,469 | ) | |||||||||||||||||||||
| Contingent consideration | 803 | 393 | ||||||||||||||||||||||
| Other expenses | 3,982 | 2,997 | ||||||||||||||||||||||
| 27,483 | 22,233 | |||||||||||||||||||||||
| 47,086 | 35,918 | |||||||||||||||||||||||
| (3) | Corresponding tax effect and other expenses | 632 | (2,226 | ) | ||||||||||||||||||||
| $ | 47,718 | $ | 33,692 | |||||||||||||||||||||
| (4) | Weighted average number of ordinary shares outstanding- Diluted | 66,151 | 67,071 | 61,796 | 61,796 | |||||||||||||||||||
Liquidity and Capital Resources
A summary of our statements of cash flows is as follows:
| Six Months Ended June 30, | |||||||
| 2022 | 2021 | ||||||
| U.S $ in thousands | |||||||
| Net loss | $ | (45,333 | ) | $ | (39,070 | ) | |
| Depreciation and amortization | 29,924 | 27,695 | |||||
| Impairment of other long-lived assets | 3,865 | - | |||||
| Stock-based compensation | 17,364 | 15,182 | |||||
| Foreign currency transactions loss | 10,318 | 3,311 | |||||
| Other non-cash items, net | 2,658 | 2,232 | |||||
| Change in working capital and other items | (57,705 | ) | 19,036 | ||||
| Net cash provided by (used in) operating activities | (38,909 | ) | 28,386 | ||||
| Net cash provided by (used in) investing activities | 63,172 | (177,676 | ) | ||||
| Net cash provided by (used in) by financing activities | (864 | ) | 222,796 | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (7,413 | ) | (1,869 | ) | |||
| Net change in cash, cash equivalents and restricted cash | 15,986 | 71,637 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 243,293 | 272,216 | |||||
| Cash, cash equivalents and restricted cash, end of period | 259,279 | 343,853 | |||||
Our cash, cash equivalents and restricted cash balance increased to $259.3 million as of June 30, 2022 from $243.3 million as of December 31, 2021. The increase in cash, cash equivalents and restricted cash in the six months ended June 30, 2022 was primarily due to $63.2 million of cash generated by investing activities, partially offset by $38.9 million of cash used in operating activities.
Cash used in operating activities
We used $38.9 million of cash in operating activities during the six months ended June 30, 2022. That cash use reflects our $45.3 million net loss, as adjusted downwards to eliminate non-cash charges included in net loss, such as $29.9 million of depreciation and amortization, $17.4 million of share-based compensation expenses and a $10.3 million loss from foreign currency transactions, as offset in part, by elimination of changes in our working capital balances, which adjustments had an unfavorable net impact of $57.7 million on our cash flows, which changes were mainly driven by increased inventory purchases.
Cash flows from investing activities
We generated $63.2 million of cash from our investing activities during the six months ended June 30, 2022. The increase was mostly attributable to $76.6 million of net proceeds that we withdrew from short-term bank deposits, partly offset by cash that we invested for the purchase of property and equipment, and for investments in unconsolidated entities.
Cash used in financing activities
We used $0.9 million of cash in financing activities during the six months ended June 30, 2022. These financing activities were mostly related to contingent consideration that we paid for acquisitions, in an aggregate amount of $1.4 million.
Capital resources and capital expenditures
Our total current assets amounted to $782.2 million as of June 30, 2022, of which $441.5 million consisted of cash, cash equivalents, short-term deposits and restricted cash. Total current liabilities amounted to $199.5 million. Most of our cash and cash equivalents and short-term deposits are held in banks in Israel and in the U.S.
Critical Accounting Policies
Forward-Looking Statements and Factors That May Affect Future Results of Operations
These forward-looking statements may include, but are not limited to, statements regarding our future strategy, future operations, projected financial position, proposed products, estimated future revenues, projected costs, future prospects, the future of our industry and results that might be obtained by pursuing management’s current plans and objectives.
•
the extent of our success at introducing new or improved products and solutions that gain market share;
•
the extent of growth of the 3D printing market generally;
•
changes in our overall strategy, including as related to any restructuring activities and our capital expenditures;
•
the impact of shifts in prices or margins of the products that we sell or services we provide;
•
the impact of competition and new technologies;
•
impairments of goodwill or other intangible assets in respect of companies that we acquire;
•
the extent of our success at efficiently and successfully integrating the operations of various companies that we have acquired or may acquire;
•
the degree of our success at locating and acquiring additional value-enhancing, inorganic technology that furthers our business plan to lead in the realm of polymers;
•
government regulations and approvals;
•
litigation and regulatory proceedings;
•
infringement of our intellectual property rights by others (including for replication and sale of consumables for use in our systems), or infringement of others’ intellectual property rights by us;
• the extent of our success at maintaining our liquidity and financing our operations and capital needs;
•
impact of tax regulations on our results of operations and financial conditions;
•
those factors referred to in Item 3.D, “Key Information - Risk Factors”, Item 4, “Information on the Company”, and Item 5, “Operating and Financial Review and Prospects” in our 2021 Annual Report, as supplemented herein, as well as in other portions of the 2021 Annual Report Readers are urged to carefully review and consider the various disclosures made throughout the Form 6-K, our 2021 Annual Report, and in our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Reference is made to Item 11, “Quantitative and Qualitative Disclosures About Market Risk” in our 2021 Annual Report.
LEGAL PROCEEDINGS
We are subject to various litigation and other legal proceedings from time to time. For a discussion of our litigation status, see Note 12-“Contingencies” in the notes to our unaudited condensed consolidated interim financial statements attached as Exhibit 99.1 to the Form 6-K.
RISK FACTORS
Document And Entity Information |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Document Information Line Items | |
| Entity Registrant Name | STRATASYS LTD. |
| Document Type | 6-K |
| Current Fiscal Year End Date | --12-31 |
| Amendment Flag | false |
| Entity Central Index Key | 0001517396 |
| Document Period End Date | Jun. 30, 2022 |
| Document Fiscal Year Focus | 2022 |
| 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 (Unaudited) (Parentheticals) |
Jun. 30, 2022
USD ($)
shares
|
Jun. 30, 2022
₪ / shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2021
₪ / shares
|
|---|---|---|---|---|
| Statement of Financial Position [Abstract] | ||||
| Accounts receivable, net of allowance for credit losses (in Dollars) | $ | $ 1,000 | $ 500 | ||
| Ordinary shares, par value (in New Shekels per share) | ₪ / shares | ₪ 10.00 | ₪ 10.00 | ||
| Ordinary shares, authorized | 180,000 | 180,000 | ||
| Ordinary shares, issued | 66,744 | 65,677 | ||
| Ordinary shares, outstanding | 66,744 | 65,677 |
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Revenues | ||||
| Revenues | $ 166,603 | $ 147,005 | $ 330,032 | $ 281,194 |
| Cost of revenues | ||||
| Cost of revenues | 99,210 | 83,735 | 192,962 | 162,347 |
| Gross profit | 67,393 | 63,270 | 137,070 | 118,847 |
| Operating expenses | ||||
| Research and development, net | 24,346 | 22,437 | 48,344 | 43,038 |
| Selling, general and administrative | 66,592 | 63,557 | 131,855 | 116,891 |
| Total operating expenses | 90,938 | 85,994 | 180,199 | 159,929 |
| Operating loss | (23,545) | (22,724) | (43,129) | (41,082) |
| Financial expenses, net | (1,170) | (372) | (2,532) | (749) |
| Loss before income taxes | (24,715) | (23,096) | (45,661) | (41,831) |
| Income tax benefit | 429 | 4,368 | 502 | 5,310 |
| Share in losses of associated companies | (99) | (1,431) | (174) | (2,549) |
| Net loss | $ (24,385) | $ (20,159) | $ (45,333) | $ (39,070) |
| Net loss per share - basic and diluted (in Dollars per share) | $ (0.37) | $ (0.31) | $ (0.69) | $ (0.63) |
| Weighted average ordinary shares outstanding. - basic and diluted (in Shares) | 66,568 | 64,908 | 66,151 | 61,796 |
| Comprehensive loss | ||||
| Net loss | $ (24,385) | $ (20,159) | $ (45,333) | $ (39,070) |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation adjustments | (2,789) | 1,103 | (3,491) | 142 |
| Unrealized gains (losses) on derivatives designated as cash flow hedges | (741) | (172) | (1,092) | 2,001 |
| Other comprehensive income (loss), net of tax | (3,530) | 931 | (4,583) | 2,143 |
| Comprehensive loss | (27,915) | (19,228) | (49,916) | (36,927) |
| Products | ||||
| Revenues | ||||
| Revenues | 115,721 | 100,305 | 228,794 | 190,629 |
| Cost of revenues | ||||
| Cost of revenues | 61,132 | 49,731 | 120,505 | 96,651 |
| Services | ||||
| Revenues | ||||
| Revenues | 50,882 | 46,700 | 101,238 | 90,565 |
| Cost of revenues | ||||
| Cost of revenues | $ 38,078 | $ 34,004 | $ 72,457 | $ 65,696 |
Business Description and Basis of Presentation |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Business Description and Basis of Presentation | Note 1. Business Description and Basis of Presentation Stratasys Ltd. (collectively with its subsidiaries, the “Company” or “Stratasys”) is a global leader in connected, polymer-based 3D printing solutions, across the entire manufacturing value chain. The Company leverages its competitive advantages, which include a broad set of best-in-class 3D printing platforms, software, a materials and technology partner ecosystem, innovative leadership, and global GTM infrastructure, in order to position itself to capture share in a significant and growing global marketplace, with a focus on manufacturing. The Company’s approximately 1,700 granted and pending additive technology patents to date have been used to create models, prototypes, manufacturing tools, and production parts for a multitude of industries including aerospace, automotive, transportation, healthcare, consumer products, dental, medical, and education. Stratasys’ products and comprehensive solutions improve product quality, development time, cost, and time-to-market. 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 the COVID-19 pandemic and/or by
macroeconomic conditions that have been triggered as a result of the pandemic
or steps taken to counter it. The global economic environment that has set in
after the most severe period of the COVID-19 pandemic has passed - assuming
that it has passed - remains uncertain, rapidly changing and difficult to
predict. The magnitude and duration of, as well as the consequences of, global
macroeconomic trends triggered, in large part, by the recovery from the
pandemic, such as inflationary pressures and supply chain problems, are currently difficult to predict. As a
result, the accounting estimates and assumptions underlying the Company’s
financial statements may change over time. Such changes could have an additional
impact on the Company’s long-lived asset and intangible asset valuation;
inventory valuation; assessment of the annual effective tax rate; and the
allowance for expected credit losses and bad debt. The results of operations for the three and six months ended June 30, 2022 are not indicative of results that could be expected for the entire fiscal year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The reader is referred to the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2022 as part of the Company’s Annual Report on Form 20-F for such year. |
New Accounting Pronouncements |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| New Accounting Pronouncements | Note 2. New Accounting Pronouncements Accounting Pronouncements Adopted in 2022 In August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The amendments to this guidance are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2022, with no material impact on its consolidated financial statements. Recently issued accounting pronouncements not yet adopted In October 2021, the FASB issued ASU 2021-08 “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. The guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements.
|
Certain Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certain Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certain Transactions | Note 3. Certain Transactions Investment in Xaar 3D Ltd. ("Xaar 3D") During the fourth quarter of 2019, the Company entered into an agreement with Xaar plc (“Xaar”) to purchase additional shares of Xaar 3D that would increase its stake from 15 to 45 percent, with Xaar retaining the remaining 55 percent. Xaar and Stratasys had announced the formation of Xaar 3D Ltd in July 2018 for the purpose of developing Powder Bed Fusion (“PBF”) additive manufacturing solutions that Stratasys can bring to the market. In addition, the agreement included an option for Stratasys to acquire the remaining shares of Xaar 3D.
Following the additional investment, the Company considered the FASB guidance in accordance with ASC Topic 810 “Consolidation” regarding the propriety of implementing consolidation, for both the variable interest entity and voting model, or equity method accounting. The Company concluded that it should continue accounting for the investment according to the equity method, as it had retained the ability to exercise significant influence but did not control Xaar 3D. For its additional interest in Xaar 3D, the Company paid approximately $15.7 million. The investment was presented under other non-current assets in the Company’s consolidated balance sheets. On November 1, 2021 (the “Xaar 3D transaction date”) , the Company acquired the remaining 55% share of Xaar 3D, for an aggregate purchase price of $29.3 million. The Company paid cash upon closing and it is obligated to make additional earn-out payments and payments of royalties on products and services sales for up to 15 years. The Xaar 3D transaction is reflected in accordance with ASC Topic 805, “Business Combinations”, using the acquisition method of accounting, with the Company as the acquirer. The Company accounted for the acquisition of the remaining equity of Xaar 3D as a step acquisition, which required re-measurement of the Company’s previous ownership interest to fair value prior to completing purchase accounting. Using step acquisition accounting, the Company increased the value of its previously-held equity investment to its fair value of $23.8 million, which resulted in a gain of approximately $14.4 million, recorded in the consolidated statements of operations in the fourth quarter of 2021. The acquisition of the remaining equity interest also resulted in the recognition of a previously unrealized foreign currency gain of $0.6 million, which was reclassified from accumulated other comprehensive income (OCI). The fair value of the previously held equity method investment was determined based upon a valuation of the acquired business, as of the date of acquisition, as detailed below. The following table summarizes the fair value of the consideration transferred to Xaar 3D’s stockholders for the Xaar 3D transaction:
In accordance with ASC Topic 805, the estimated contingent consideration as of the Xaar 3D transaction date was included in the purchase price. The total contingent payments could reach a maximum aggregate amount of up to $21 million. The estimated fair value of the contingent consideration is based on management’s assessment of whether, and at what level, the financial metrics will be achieved, and the present value factors associated with the timing of the payments. This fair value measurement is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. Changes in the fair value of contingent consideration will be recorded in operating expenses. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Xaar 3D transaction date. The estimated fair values are preliminary and based on the information that was available as of November 1, 2021. Thus, the measurements of fair value that are reflected are subject to changes, and such changes could be significant. The preliminary allocation of the purchase price to assets acquired and liabilities assumed is as follows:
RPS acquisition On February 16, 2021 the Company acquired RP Support Limited (“RPS”), a provider of industrial stereolithography 3D printers and solutions. In exchange for 100% of the outstanding shares of RPS, the Company paid cash upon closing and is obligated to make additional payments (in cash), subject to performance-based criteria, via earn-out payments over two years. Marketable equity investment The Company recognized losses for the revaluation of an equity
investment, in amounts of $1.3 million and $2.9 million in the three-month periods ended
June 30, 2022 and 2021, respectively. A loss of $2.3 million and a gain of $0.7
million were recognized in the six-month periods ended June 30, 2022 and 2021,
respectively. The entity in which the Company invested became public
during the first quarter of 2021 and accordingly the investment is treated as a
marketable equity investment. Prior to the first quarter of 2021, the
investment was treated as a non-marketable equity investment without readily
determinable fair value. MakerBot and Ultimaker transaction On May 12, 2022, the Company announced the
creation of a new company (“the combined company”) comprised of MakerBot and
Ultimaker. Under the terms of the agreement, Stratasys will contribute MakerBot
assets, invest $47 million and own 45.6% of the combined company, while NPM
Capital will contribute Ultimaker assets, invest $15.4 million, and own 54.4%
of the combined company. The transaction is expected to close within few months. The Company will account for its investment, in the combined company according to the equity method in
accordance with ASC Topic 323, as it has retained the ability to exercise
significant influence but does not control the new entity. In connection with this transaction, the Company expects to record a gain 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. In
accordance with ASC Topic 360, MakerBot’s assets and liabilities are classified as
held for sale. The held for sale assets and liabilities are presented under Other current assets ($23.5 million) and Accrued expenses and other current liabilities ($10.1 million), respectively, in the Company's consolidated balance sheets as of June 30, 2022.
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Revenues |
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| Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Note 4. Revenues Disaggregation of Revenues The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three and six months ended June 30, 2022 and 2021:
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, 2022 and 2021:
Contract Assets and Contract Liabilities Contract assets are recorded when the Company's right to consideration is conditioned on constraints other than the passage of time. The Company had no material contract assets as of June 30, 2022 and December 31, 2021. Contract liabilities include advance payments and billings in excess of revenue recognized, which are primarily related to advanced billings for service type warranty. Contract liabilities are presented under deferred revenues. The Company's deferred revenues as of June 30, 2022 and December 31, 2021 were as follows:
*Includes $22.7 million and $21.1 million under long-term deferred revenue in the Company's consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively. Revenue recognized in 2022 that was included in deferred revenue balance as of December 31, 2021 was $12.9 million and $30.5 million for the three and six months ended June 30, 2022. Remaining Performance Obligations Remaining Performance Obligations (“RPO“) represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2022, the total RPO amounted to $112.7 million. The Company expects to recognize $89.5 million of this RPO during the next 12 months, $16.2 million over the subsequent 12 months and the remaining $6.9 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, 2022 and December 31, 2021, the deferred commissions amounted to $8.4 million and $7.4 million, respectively. |
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Inventories |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Note 5. Inventories Inventories consisted of the following as of the below balance sheet dates:
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of the Company’s goodwill during the six months ended June 30, 2022 were as follows:
Other Intangible Assets Other intangible assets consisted of the following:
Amortization expenses relating to intangible assets for the three-month periods ended June 30, 2022 and 2021 were approximately $9.2 million and $7.7 million, respectively. Amortization expenses relating to intangible assets for the six month periods ended June 30, 2022 and 2021 were approximately $18.4 million and $15.2 million, respectively. As of June 30, 2022, the estimated amortization expenses relating to intangible assets for each of the following future periods were as follows:
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Net Loss Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss Per Share | Note 7. Net Loss Per Share
The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three and six months ended June 30, 2022 and 2021:
The computation of diluted net loss per share excluded share awards of 5.2 million shares and 5.1 million shares for the three and six months ended June 30, 2022 and 2021, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net loss per share. |
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Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 8. Income Taxes
The Company had income tax benefit of $0.4
million for the three-month period ended June 30, 2022, compared to income tax
benefit of $4.4 million for the three-month period ended June 30, 2021. The
Company had income tax benefit of $0.5 million for the six-month period
ended June 30, 2022, compared to income tax benefit of $5.3 million for the
six-month period ended June 30, 2021 The Company’s effective tax rate as of
June 30, 2022, was primarily impacted by the geographic mix of its earnings and
losses, as well as its valuation allowance.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 9. Fair Value Measurements Financial instruments measured at fair value The following table summarizes the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets:
*Includes $4.8 million and $2.4 million under Accrued expenses and other current liabilities in the Company's consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively. The Company’s foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs). Contingent consideration represents liabilities recorded at fair value in connection with acquisitions, and thus represents a Level 3 measurement within the fair value hierarchy (refer to Note 3). Other financial instruments consist mainly of cash and cash equivalents, short-term deposits, current and non-current assets, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values. |
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Derivative Instruments and Hedging Activities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative instruments and hedging activities | Note 10. Derivative instruments and hedging activities Since the Company conducts its operations globally, it is exposed to global market risks and to the risk that its earnings, cash flows and equity could be adversely impacted by fluctuations in foreign currency exchange rates. The Company enters into transactions involving foreign currency exchange derivative financial instruments. The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to net exposures and take advantage of any natural hedging. The transactions are designed to manage the Company’s net exposure to foreign currency exchange rates and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes. The Company is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), Euro, GBP, Korean Won, Chinese Yuan and the Japanese Yen. The gains and losses on the hedging instruments partially offset losses and gains on the hedged items. Financial markets and currency volatility may limit the Company’s ability to hedge these exposures. These contracts mature through June 2023. The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments:
Foreign exchange contracts not designated as hedging instruments As of June 30, 2022, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $41.6 million, and were used to reduce foreign currency exposures. With respect to such derivatives, gain of $2.4 million and loss of $0.5 million were recognized under financial expenses, net for the three-month periods ended June 30, 2022 and 2021, respectively and gain of $3.1 million and gain of $1.7 million were recognized under financial expenses, net for the six-month periods ended June 30, 2022 and 2021, respectively. Such gains or losses partially offset the foreign currency revaluation changes of the balance sheet items. These foreign currencies revaluation changes are also recognized under financial expenses, net. Cash Flow Hedging - Hedges of forecasted foreign currency payroll and other operating expenses As of June 30, 2022, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of $35.1 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll costs and other operating expenses denominated in NIS. The changes in fair value of those contracts are included in the Company’s accumulated other comprehensive loss. Cash Flow Hedging - Hedges of forecasted foreign currency revenue As of June 30, 2022, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of 27.4 million Euro into U.S. dollars. The Company transacts business in U.S. dollars and in various other currencies. The Company may use foreign exchange or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to twelve months. The Company enters into these foreign exchange contracts to hedge a portion of its forecasted foreign currency denominated revenue in the normal course of business and accordingly, they are not speculative in nature. |
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Equity |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Note 11. Equity
a. Stock-based compensation plans Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”), performance-based restricted share units (”PSUs”) and Employee Share Purchase Plan ("ESPP") were allocated as follows:
A summary of the Company’s stock option activity for the six months ended June 30, 2022 is as follows:
As of June 30, 2022, the unrecognized compensation cost of $1.6 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 2.55 years.
A summary of the Company’s RSUs and PSUs activity for the six months ended June 30, 2022 is as follows:
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, 2022, the unrecognized compensation cost of $72 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 2.66 years. Employee Stock Purchase Plan On October 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). According to the ESPP, eligible employees may use up to 15% of their salaries to purchase ordinary shares. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the beginning of each offering period or on the purchase date. The first offering period commenced on June 1, 2022 and will end on November 30, 2022. In accordance with ASC Topic 718, the ESPP is considered compensatory and, as such, results in recognition of stock-based compensation expenses. The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the six months ended June 30, 2022 and 2021, respectively:
c. Rights plan On
July 24, 2022, the Company’s Board of Directors adopted a rights plan (the “Rights
Plan”) to protect the interests of the Company’s shareholders. Each Right
entitles the registered holder thereof to purchase from the Company one
Ordinary Share at a price of $0.01 per share, subject to adjustment,
once the Rights become exercisable, and subject to the exercise terms and
conditions thereof described in the Rights Agreement. The
rights would become exercisable only if an entity, person, or group acquires
beneficial ownership of 15% or more of the Company’s outstanding ordinary
shares in a transaction not approved by the Company’s Board. The Rights Plan has a
364-day term, expiring on July 24, 2023. The 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, par value NIS 0.01, of the Company (“Ordinary Shares”) or
any existing holder of 15% or more of the Ordinary Shares who shall acquire any
additional Ordinary Shares. d. Public offering of ordinary shares During March 2021, the Company completed a public offering of its ordinary shares that raised $218.9 million, net of underwriting discounts and offering expenses. The total number of shares sold by the Company in the public offering was 7,931,034. A deferred tax asset in an
amount of $1.3 million was recorded in respect of a tax benefit, arising from
the underwriting discounts and offering expenses, as an increase
to Additional Paid-In Capital.
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Contingencies |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Loss Contingency [Abstract] | |
| Contingencies | Note 12. Contingencies Legal proceedings During the fourth quarter of 2021, the Company reached preliminary settlement on an employee-related litigation matter in the US. The financial statements for the period ended June 30, 2022 and the year ended December 31, 2021 include a provision in respect of this settlement. The Company is a party to various legal proceedings from time to time, the outcome of which, in the opinion of management, will not have a significant effect on the financial position, profitability or cash flows of the Company. |
Certain Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certain Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair value of the consideration transferred to xaar 3D’s stockholders for the xaar 3D transaction |
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| Schedule of preliminary allocation of the purchase price to assets acquired and liabilities |
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Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of disaggregated by geographical region |
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| Schedule of revenue recognition |
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| Schedule of changes in deferred revenue |
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of inventories |
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Goodwill and Other Intangible Assets (Tables) |
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in the carrying amount of goodwill |
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| Schedule of other intangible assets |
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| Schedule of estimated amortization expense relating to intangible assets |
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Net Loss Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of basic and diluted net loss per share |
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities carried at fair value on a recurring basis |
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Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of balance sheet classification and fair values of derivative instruments |
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Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of stock-based compensation expenses |
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| Schedule of stock option activity |
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| Schedule of RSUs and PSUs activity |
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| Schedule of accumulated other comprehensive income (loss) |
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Business Description and Basis of Presentation (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Business Combination [Member] | |
| Business Description and Basis of Presentation (Details) [Line Items] | |
| Business acquisition, description | The Company’s approximately 1,700 granted and pending additive technology patents to date have been used to create models, prototypes, manufacturing tools, and production parts for a multitude of industries including aerospace, automotive, transportation, healthcare, consumer products, dental, medical, and education. |
Certain Transactions (Details) - Schedule of fair value of the consideration transferred to xaar 3D’s stockholders for the xaar 3D transaction - Xaar 3D [Member] $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2022
USD ($)
| |
| Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
| Cash payments | $ 13,967 |
| Contingent consideration at estimated fair value | 15,314 |
| Total consideration for 55% holding | 29,281 |
| Fair value of 45% holding | 23,775 |
| Total consideration | $ 53,056 |
Certain Transactions (Details) - Schedule of fair value of the consideration transferred to xaar 3D’s stockholders for the xaar 3D transaction (Parentheticals) - Xaar 3D [Member] |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
| Consideration rate | 55.00% |
| Fair value rate | 45.00% |
Certain Transactions (Details) - Schedule of preliminary allocation of the purchase price to assets acquired and liabilities $ in Thousands |
Jun. 30, 2022
USD ($)
|
|---|---|
| Schedule of preliminary allocation of the purchase price to assets acquired and liabilities [Abstract] | |
| Cash and cash equivalents | $ 82 |
| Goodwill | 25,375 |
| Intangible assets | 45,000 |
| Other assets | 5,280 |
| Total assets acquired | 75,737 |
| Net deferred tax liabilities | 1,736 |
| Other liabilities | 20,945 |
| Total liabilities assumed | 22,681 |
| Net assets acquired | $ 53,056 |
Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
| Revenue Recognition [Abstract] | |||
| Long term deferred revenue | $ 22.7 | $ 22.7 | $ 21.1 |
| Revenue recognized | 30.5 | 12.9 | |
| Remaining performance obligations | 112.7 | 112.7 | |
| Expected remaining performance obligations recognized during next 12 months | 89.5 | 89.5 | |
| Expected remaining performance obligations recognized over subsequent 12 months | 16.2 | 16.2 | |
| Expected remaining performance obligations recognized remainder thereafter | 6.9 | 6.9 | |
| Deferred sales commissions | $ 8.4 | $ 8.4 | $ 7.4 |
Revenues (Details) - Schedule of changes in deferred revenue - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||
|---|---|---|---|---|
| Schedule of changes in deferred revenue [Abstract] | ||||
| Deferred revenue | [1] | $ 72,238 | $ 72,307 | |
| ||||
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Schedule of inventories [Abstract] | ||
| Finished goods | $ 64,897 | $ 58,784 |
| Work-in-process | 6,218 | 4,360 |
| Raw materials | 82,587 | 66,003 |
| Total inventory | $ 153,702 | $ 129,147 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Amortization of intangible assets | $ 7.7 | $ 9.2 | $ 18.4 | $ 15.2 |
Goodwill and Other Intangible Assets (Details) - Schedule of changes in the carrying amount of goodwill - Goodwill [Member] $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2022
USD ($)
| |
| Goodwill [Line Items] | |
| Goodwill as of January 1, 2022 | $ 65,144 |
| Foreign currency translation adjustments | (185) |
| Goodwill as of June 30, 2022 | $ 64,959 |
Goodwill and Other Intangible Assets (Details) - Schedule of estimated amortization expense relating to intangible assets $ in Thousands |
Jun. 30, 2022
USD ($)
|
|---|---|
| Schedule of estimated amortization expense relating to intangible assets [Abstract] | |
| 2022 | $ 18,705 |
| 2023 | 22,058 |
| 2024 | 18,048 |
| 2025 | 15,577 |
| 2026 | 15,501 |
| 2026 and thereafter | 43,768 |
| Total | $ 133,657 |
Net Loss Per Share (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Earnings Per Share [Abstract] | ||||
| Antidilutive securities excluded from computation of net loss per share | 5.2 | 5.1 | 5.2 | 5.1 |
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, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Numerator: | ||||
| Net loss for basic and diluted net loss per share | $ (24,385) | $ (20,159) | $ (45,333) | $ (39,070) |
| Denominator: | ||||
| Weighted average shares - for basic and diluted net loss per share | 66,568 | 64,908 | 66,151 | 61,796 |
| Net loss per share | ||||
| Basic and diluted | $ (0.37) | $ (0.31) | $ (0.69) | $ (0.63) |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax expense benefits | $ 0.4 | $ 4.4 | $ 0.5 | $ 5.3 |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Fair Value Disclosures [Abstract] | ||
| Accrued expenses and other current liabilities | $ 4.8 | $ 2.4 |
Derivative Instruments and Hedging Activities (Details) € in Millions, ₪ in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
ILS (₪)
|
Jun. 30, 2022
EUR (€)
|
|
| Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
| Notional amount of derivative asset | $ 41.6 | $ 41.6 | ||||
| Gain (Loss) on derivative instrument | $ 2.4 | $ 0.5 | $ 3.1 | $ 1.7 | ||
| Conversion to NIS [Member] | Designated as Hedging Instrument [Member] | ||||||
| Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
| Notional amount of derivative asset | ₪ | ₪ 35.1 | |||||
| Conversion to Euro [Member] | Designated as Hedging Instrument [Member] | ||||||
| Derivative Instruments and Hedging Activities (Details) [Line Items] | ||||||
| Notional amount of derivative asset | € | € 27.4 | |||||
Derivative Instruments and Hedging Activities (Details) - Schedule of balance sheet classification and fair values of derivative instruments - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Fair value | $ (258) | $ 843 |
| Notional amount | 104,173 | 132,155 |
| Foreign exchange contracts [Member] | Other current assets [Member] | Not designated as hedging instruments [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value derivative asset | 244 | 82 |
| Notional amount of derivative asset | 39,197 | 12,380 |
| Foreign exchange contracts [Member] | Other current assets [Member] | Designated as hedging instruments [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value derivative asset | 2,295 | 910 |
| Notional amount of derivative asset | 27,434 | 60,408 |
| Foreign exchange contracts [Member] | Accrued expenses and other current liabilities [Member] | Not designated as hedging instruments [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value derivative liability | (82) | (89) |
| Notional amount of derivative liability | 2,421 | 33,047 |
| Foreign exchange contracts [Member] | Accrued expenses and other current liabilities [Member] | Designated as hedging instruments [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value derivative liability | (2,715) | (60) |
| Notional amount of derivative liability | $ 35,121 | $ 26,320 |
Equity (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|---|
Jul. 24, 2022 |
Oct. 31, 2021 |
Mar. 31, 2021
USD ($)
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2022
₪ / shares
|
|
| Equity (Details) [Line Items] | |||||
| Salaries to purchase ordinary shares, percentage | 0.01% | 15.00% | |||
| Fair market value | 85.00% | ||||
| Long-Term Debt, Term | 364 years | ||||
| acquires percentage | 15.00% | ||||
| Ordinary shares, par value (in New Shekels per share) | ₪ / shares | ₪ 0.01 | ||||
| Existing holder of ordinary shares | 15.00% | ||||
| Public offering of ordinary shares, net (in Dollars) | $ 218.9 | ||||
| Deferred tax asset (in Dollars) | $ 1.3 | ||||
| Rights Plan [Member] | |||||
| Equity (Details) [Line Items] | |||||
| Ownership percentage | 15.00% | ||||
| Ordinary Shares [Member] | |||||
| Equity (Details) [Line Items] | |||||
| Sale of public offering shares (in Shares) | shares | 7,931,034 | ||||
| Stock Option [Member] | |||||
| Equity (Details) [Line Items] | |||||
| Unrecognized compensation cost (in Dollars) | $ 1.6 | ||||
| Weighted-average period | 2 years 6 months 18 days | ||||
| RSUs and PSUs [Member] | |||||
| Equity (Details) [Line Items] | |||||
| Unrecognized compensation cost (in Dollars) | $ 72.0 | ||||
| Weighted-average period | 2 years 7 months 28 days | ||||
Equity (Details) - Schedule of stock-based compensation expenses - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Cost of revenues [Member] | ||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
| Total stock-based compensation expenses | $ 1,080 | $ 788 | $ 1,980 | $ 1,422 |
| Research and development, net [Member] | ||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
| Total stock-based compensation expenses | 1,606 | 1,870 | 3,392 | 3,294 |
| Selling, general and administrative [Member] | ||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
| Total stock-based compensation expenses | 6,145 | 5,319 | 11,992 | 10,466 |
| Total stock-based compensation expenses [Member] | ||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
| Total stock-based compensation expenses | $ 8,831 | $ 7,977 | $ 17,364 | $ 15,182 |
Equity (Details) - Schedule of stock option activity |
6 Months Ended |
|---|---|
|
Jun. 30, 2022
$ / shares
shares
| |
| Stockholders' Equity Note [Abstract] | |
| Number of Options, Options outstanding | shares | 1,732,368 |
| Weighted Average Exercise Price, Options outstanding | $ / shares | $ 28.85 |
| Number of Options, Granted | shares | |
| Weighted Average Exercise Price, Granted | $ / shares | |
| Number of Options, Exercised | shares | (21,240) |
| Weighted Average Exercise Price, Exercised | $ / shares | $ 11.58 |
| Number of Options, Forfeited | shares | (22,793) |
| Weighted Average Exercise Price, Forfeited | $ / shares | $ 23.06 |
| Number of Options, Options outstanding | shares | 1,688,335 |
| Weighted Average Exercise Price, Options outstanding | $ / shares | $ 29.15 |
| Number of Options, Options exercisable | shares | 1,374,113 |
| Weighted Average Exercise Price, Options exercisable | $ / shares | $ 32.04 |
Equity (Details) - Schedule of RSUs and PSUs activity - Restricted and Phantom Share Units [Member] |
6 Months Ended |
|---|---|
|
Jun. 30, 2022
$ / shares
shares
| |
| Equity (Details) - Schedule of RSUs and PSUs activity [Line Items] | |
| Number of RSUs and PSUs, Unvested | shares | 3,082,798 |
| Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 26.36 |
| Number of RSUs and PSUs, Granted | shares | 1,741,710 |
| Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 22.43 |
| Number of RSUs and PSUs, Vested | shares | (1,030,907) |
| Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 25.04 |
| Number of RSUs and PSUs, Forfeited | shares | (248,657) |
| Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 24.56 |
| Number of RSUs and PSUs, Unvested | shares | 3,544,944 |
| Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 24.94 |
Equity (Details) - Schedule of accumulated other comprehensive income (loss) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Beginning balance | $ (8,771) | $ (8,846) |
| Other comprehensive income before reclassifications | 1,852 | |
| Other comprehensive income (loss) before reclassifications | (4,540) | |
| Amounts reclassified from accumulated other comprehensive loss | (43) | 291 |
| Other comprehensive income (loss) | (4,583) | 2,143 |
| Ending balance | (13,354) | (6,703) |
| Net Unrealized Gain (Loss) on Cash Flow Hedges [Member] | ||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Beginning balance | 1,572 | (1,673) |
| Other comprehensive income before reclassifications | 1,710 | |
| Other comprehensive income (loss) before reclassifications | (1,049) | |
| Amounts reclassified from accumulated other comprehensive loss | (43) | 291 |
| Other comprehensive income (loss) | (1,092) | 2,001 |
| Ending balance | 480 | 328 |
| Foreign Currency Translation Adjustments [Member] | ||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Beginning balance | (10,343) | (7,173) |
| Other comprehensive income before reclassifications | 142 | |
| Other comprehensive income (loss) before reclassifications | (3,491) | |
| Amounts reclassified from accumulated other comprehensive loss | ||
| Other comprehensive income (loss) | (3,491) | 142 |
| Ending balance | $ (13,834) | $ (7,031) |
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