0001206774-19-001611.txt : 20190502 0001206774-19-001611.hdr.sgml : 20190502 20190502102056 ACCESSION NUMBER: 0001206774-19-001611 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190502 DATE AS OF CHANGE: 20190502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRATASYS LTD. CENTRAL INDEX KEY: 0001517396 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35751 FILM NUMBER: 19790232 BUSINESS ADDRESS: STREET 1: 7665 COMMERCE WAY CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 972-8-931-4314 MAIL ADDRESS: STREET 1: 2 Holtzman Street STREET 2: Science Park, P.O. Box 2496 CITY: Rehovot STATE: l3 ZIP: 76124 FORMER COMPANY: FORMER CONFORMED NAME: OBJET LTD DATE OF NAME CHANGE: 20111118 FORMER COMPANY: FORMER CONFORMED NAME: OBJET GEOMETRIES LTD DATE OF NAME CHANGE: 20110405 6-K 1 stratasys3490686-6k.htm CURRENT REPORT OF FOREIGN ISSUER

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2019

Commission File Number 001-35751

STRATASYS LTD.

(Translation of registrant’s name into English)

c/o Stratasys, Inc. 7665 Commerce Way Eden Prairie, Minnesota 55344		1 Holtzman Street, Science Park P.O. Box 2496 Rehovot, Israel 76124
(Address of principal executive office)

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): ____

The contents of this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”), including Exhibits 99.1, 99.2 and 101 annexed hereto, are incorporated by reference into the Registrant’s registration statement on Form S-8, SEC file number 333-190963, filed by the Registrant with the SEC on September 3, 2013, and shall be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

CONTENTS

On May 2, 2019, Stratasys Ltd., or Stratasys, released its financial results for the three months ended March 31, 2019.

Attached hereto as Exhibit 99.1 are the unaudited, condensed consolidated financial statements of Stratasys for the three months ended March 31, 2019 (including the notes thereto) (the “Q1 2019 Financial Statements”).

Attached hereto as Exhibit 99.2 is Stratasys’ review of its results of operations and financial condition for the three months ended March 31, 2019, including the following:

(i)		Operating and Financial Review and Prospects
(ii)		Quantitative and Qualitative Disclosures About Market Risk
(iii)		Legal Proceedings Update

Attached hereto as Exhibit 101 are the Q1 2019 Financial Statements, formatted in XBRL (eXtensible Business Reporting Language), consisting of the following sub-exhibits:

Exhibit
Number		Document Description
EX-101.INS		XBRL Taxonomy Instance Document
EX-101.SCH		XBRL Taxonomy Extension Schema Document
EX-101.CAL		XBRL Taxonomy Calculation Linkbase Document
EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
EX-101.LAB		XBRL Taxonomy Label Linkbase Document
EX-101.PRE		XBRL Taxonomy Presentation Linkbase 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.

	STRATASYS LTD.

Dated: May 2, 2019	By:	/s/ Lilach Payorski
	Name: Lilach Payorski
	Title: Chief Financial Officer

EX-99.1 2 stratasys3490686-ex991.htm UNAUDITED, CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF STRATASYS

Exhibit 99.1

STRATASYS LTD.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2019

(UNAUDITED)

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2019
(UNAUDITED)

Item		Page
Consolidated Balance Sheets		2
Consolidated Statements of Operations and Comprehensive Loss		3
Consolidated Statements of Changes in Equity		4
Consolidated Statements of Cash Flows		5
Notes to Condensed Consolidated Financial Statements		6-17

STRATASYS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Consolidated Balance Sheets
(in thousands, except share data)
	March 31, 2019			December 31, 2018
ASSETS

Current assets
Cash and cash equivalents	$	367,843		$	393,167
Accounts receivable, net		128,420			138,146
Inventories		131,731			123,524
Net investment in sales-type leases		2,193			2,658
Prepaid expenses		7,750			6,398
Other current assets		21,023			20,278
Total current assets		658,960			684,171
Non-current assets
Net investment in sales-type leases - long-term		965			1,552
Property, plant and equipment, net		188,255			188,150
Goodwill		385,612			385,849
Other intangible assets, net		101,486			107,274
Operating lease right-of-use assets		27,408			-
Other non-current assets		22,456			21,258
Total non-current assets		726,182			704,083
Total assets	$	1,385,142		$	1,388,254

LIABILITIES AND EQUITY

Current liabilities
Accounts payable	$	43,033		$	45,855
Current portion of long-term debt		-			5,143
Accrued expenses and other current liabilities		29,831			39,115
Accrued compensation and related benefits		35,516			31,703
Deferred revenues		53,997			53,965
Operating lease liabilities - short term		9,439			-
Total current liabilities		171,816			175,781
Non-current liabilities
Long-term debt		-			22,000
Deferred tax liabilities		1,391			1,662
Deferred revenues - long-term		17,307			18,422
Operating lease liabilities - long term		18,481			-
Other non-current liabilities		28,474			27,422
Total non-current liabilities		65,653			69,506
Total liabilities	$	237,469		$	245,287

Contingencies (see note 11)

Redeemable non-controlling interests		809			852

Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 54,048 thousands shares and 53,881 thousands shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively		146			146
Additional paid-in capital		2,687,499			2,681,048
Accumulated other comprehensive loss		(7,185	)		(7,753	)
Accumulated deficit		(1,533,596	)		(1,531,326	)
Total equity		1,146,864			1,142,115
Total liabilities and equity	$	1,385,142		$	1,388,254

The accompanying notes are an integral part of these consolidated financial statements.

STRATASYS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Consolidated Statements of Operations and Comprehensive Loss
	Three Months Ended March 31,
in thousands, except per share data	2019			2018
Net sales
Products	$	105,091		$	103,917
Services		50,209			49,916
		155,300			153,833
Cost of sales
Products		44,169			45,218
Services		34,674			32,965
		78,843			78,183
Gross profit		76,457			75,650

Operating expenses
Research and development, net		22,574			25,110
Selling, general and administrative		57,154			57,005
		79,728			82,115

Operating loss		(3,271	)		(6,465	)

Financial income, net		753			8

Loss before income taxes		(2,518	)		(6,457	)

Income tax expenses		1,218			601

Share in profits (losses) of associated companies		1,423			(6,073	)

Net loss	$	(2,313	)	$	(13,131	)

Net loss attributable to non-controlling interests		(43	)		(90	)

Net loss attributable to Stratasys Ltd.	$	(2,270	)	$	(13,041	)

Net loss per ordinary share attributable to Stratasys Ltd. - basic and diluted	$	(0.04	)	$	(0.24	)

Weighted average ordinary shares outstanding - basic and diluted		53,966			53,657

Comprehensive loss
Net loss		(2,313	)		(13,131	)

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(427	)		2,011
Unrealized gains (losses) on derivatives designated as cash flow hedges		995			(325	)
Other comprehensive income, net of tax		568			1,686
Comprehensive loss		(1,745	)		(11,445	)

Less: comprehensive loss attributable to non-controlling interests		(43	)		(90	)
Comprehensive loss attributable to Stratasys Ltd.	$	(1,702	)	$	(11,355	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

STRATASYS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Consolidated Statements of Changes in Equity
(in thousands )
Three Months Ended March 31, 2019 and 2018
						Retained			Accumulated
	Ordinary Shares			Additional		Earnings			Other			Equity
	Number of			Paid-In		(accumulated			Comprehensive			attributable to			Non-controlling			Total
	shares	Par Value		Capital		deficit)			Loss			Stratasys Ltd.			Interests			Equity
Balance as of December 31, 2018	53,881		146		2,681,048		(1,531,326	)		(7,753	)		1,142,115			-			1,142,115

Issuance of shares in connection with stock-based compensation plans	167		*		2,222		-			-			2,222			-			2,222

Stock-based compensation	-		-		4,229		-			-			4,229			-			4,229

Comprehensive loss	-		-		-		(2,270	)		568			(1,702	)		-			(1,702	)
Balance as of March 31, 2019	54,048	$	146	$	2,687,499	$	(1,533,596	)	$	(7,185	)	$	1,146,864		$	-		$	1,146,864

						Retained			Accumulated
	Ordinary Shares			Additional		Earnings			Other			Equity
	Number of			Paid-In		(accumulated			Comprehensive			attributable to			Non-controlling			Total
	shares	Par Value		Capital		deficit)			Loss			Stratasys Ltd.			Interests			Equity
Balance as of December 31, 2017	53,631		145		2,663,274		(1,523,906	)		(7,023	)		1,132,490			17			1,132,507

Cumulative effect of changes in accounting principles	-		-		-		3,544			-			3,544			-			3,544

Issuance of shares in connection with stock-based compensation plans	79		*		334		-			-			334			-			334

Stock-based compensation	-		-		3,415		-			-			3,415			-			3,415

Comprehensive loss	-		-		-		(13,041	)		1,686			(11,355	)		(34	)		(11,389	)
Balance as of March 31, 2018	53,710	$	145	$	2,667,023	$	(1,533,403	)	$	(5,337	)	$	1,128,428		$	(17	)	$	1,128,411

Represents an amount less than 0.5 thousand

STRATASYS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Consolidated Statements of Cash Flows
	Three Months Ended March 31,
in thousands	2019			2018
Cash flows from operating activities
Net loss	$	(2,313	)	$	(13,131	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		12,700			15,372
Stock-based compensation		4,229			3,415
Foreign currency transaction gain		(210	)		(1,678	)
Deferred income taxes		(685	)		(922	)
Share in (profits) losses of associated companies		(1,423	)		6,073
Other non-cash items, net		1,018			709

Change in cash attributable to changes in operating assets and liabilities:
Accounts receivable, net		9,124			13,990
Inventories		(9,598	)		(3,573	)
Net investment in sales-type leases		1,052			2,244
Other current assets and prepaid expenses		(2,133	)		266
Other non-current assets		(219	)		(304	)
Accounts payable		(2,805	)		981
Other current liabilities		(5,172	)		4,110
Deferred revenues		(781	)		1,594
Other non-current liabilities		1,820			(2,094	)
Net cash provided by operating activities		4,604			27,052

Cash flows from investing activities
Purchase of property and equipment		(6,114	)		(7,607	)
Investment in unconsolidated entities		-			(5,000	)
Purchase of intangible assets		(310	)		(271	)
Proceeds from sale of plant and property		118			3,770
Other investing activities		577			(162	)
Net cash used in investing activities		(5,729	)		(9,270	)

Cash flows from financing activities
Repayment of long-term debt		(27,293	)		(1,286	)
Proceeds from exercise of stock options		2,222			1,002
Net cash used in financing activities		(25,071	)		(284	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		878			296

Net change in cash, cash equivalents and restricted cash		(25,318	)		17,794
Cash, cash equivalents and restricted cash, beginning of period		393,734			329,359

Cash, cash equivalents and restricted cash, end of period	$	368,416		$	347,153

Supplemental disclosures of cash flow information:
Transfer of fixed assets to inventory		97			109
Transfer of inventory to fixed assets		1,028			320

The accompanying notes are an integral part of these condensed consolidated financial statements.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Business Description and Basis of Presentation

Stratasys Ltd. (collectively with its subsidiaries, the “Company”) is a global provider of applied additive technology solutions for a broad range of industries. The Company focuses on customers’ business requirements and seeks to create new value for its customers across their product lifecycle processes, from design prototypes to manufacturing tools and final production parts. The Company operates a 3D printing ecosystem of solutions and expertise, comprised of: 3D printers ranging from entry-level desktop 3D printers to systems for rapid prototyping (“RP”) and large production systems for direct digital manufacturing (“DDM”) based on precise fused deposition modeling (“FDM”) and PolyJet technologies; advanced materials for use with its 3D printers; software with voxel level control; application-based services; on-demand parts; and key partnerships.

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 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 results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The reader is referred to the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s Annual Report on Form 20-F for such year on March 7, 2019.

Note 2. New Accounting Pronouncements

Accounting Pronouncements Adopted in the Current Period

In June 2018, the Financial Accounting Standards Board (“FASB”) issued a new Accounting Standards Update (“ASU”) which substantially aligns the measurement and classification guidance for share-based payments to non-employees with the guidance for share-based payments to employees. That ASU also clarifies that any share-based payment issued to a customer should be evaluated based upon the new revenue recognition standard. The new ASU required a modified retrospective transition approach. The Company adopted this guidance effective January 1, 2019, which has not had a material impact on its consolidated financial statements.

In August 2017, the FASB issued an ASU which simplifies the designation and measurement requirements of hedge accounting in certain situations and allows companies to better align their hedge accounting with their risk management activities. The ASU also eases certain hedge effectiveness assessment requirements, expands the eligibility of hedging strategies that may qualify for hedge accounting and modifies certain presentation and disclosure requirements. The Company adopted this guidance effective January 1, 2019, which has not had a material impact on its consolidated financial statements.

In February 2016, the FASB issued a new ASU which amended its lease accounting guidance. Under the new lease accounting guidance, lessees are required to recognize a right-of-use asset and a lease liability for all leases, including leases classified as operating leases. The lease liability and the right-of-use asset are measured based on the present value of the lease payments. In addition, disclosures of qualitative and quantitative information about leasing arrangements are required. The new lease accounting guidance also contains amended guidance regarding the identification of embedded leases in service contracts and the identification of lease and non-lease components of an arrangement.

The Company adopted the new lease accounting guidance on January 1, 2019, using a modified retrospective transition approach, with certain practical expedients, and as a result did not adjust prior periods. Following the adoption, the Company recognized right-of-use assets of $27.4 million and lease liabilities of $27.9 million for its operating leases. The Company does not have material finance leases. The new lease accounting guidance had no material impact on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss and no material impact on the Condensed Consolidated Statements of Cash Flows.

The Company determines whether an arrangement contains a lease at the inception of a contract. If an arrangement is a lease, the Company determines whether it is an operating lease or a finance lease. The Company’s lease terms include all non-cancelable periods and may include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. All leases with a lease term greater than twelve months result in the recognition of a right-of-use asset and a corresponding lease liability.

The right-of-use assets represent the Company’s right to control the use of an underlying asset for the lease term. The lease liabilities represent the present value of the Company's future lease payments over the expected lease term, which is determined using the Company's incremental borrowing rate at the lease commencement date. This rate is determined considering factors such as the lease term, credit standing and the economic environment of the location of the lease.

The Company's leases primarily relate to buildings for the Company’s administrative, research and development, sales and marketing, and manufacturing activities, as well as vehicles leases.

As of March 31, 2019, the weighted average remaining lease term for the Company’s leases was 3.9 years, and weighted-average discount rate was 5.1%.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Recently Issued Accounting Pronouncements Not Yet Adopted

In August 2018, the FASB issued an ASU that clarifies the accounting for implementation costs in cloud computing arrangements. This ASU requires the implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customers in a software licensing arrangement. The guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements.

In June 2016, the FASB issued an ASU that supersedes the existing impairment model for most financial assets to a current expected credit loss model. The new guidance requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. The ASU also requires that credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 3. Revenues

Disaggregation of Revenues

The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three months ended March 31, 2019 and 2018:

	March 31,
	2019		2018
	(U.S. $ in thousands)
Americas
Products	$	58,054	$	50,244
Service		38,444		37,670
Total Americas		96,498		87,914

EMEA
Products		28,085		31,981
Service		6,698		6,990
Total EMEA		34,783		38,971

Asia Pacific
Products		18,952		21,692
Service		5,067		5,256
Total Asia Pacific		24,019		26,948

Total Revenues	$	155,300	$	153,833

The following table presents the Company’s revenues disaggregated based on the timing of revenue recognized for the three months ended March 31, 2019 and 2018:

	March 31,
	2019		2018
	(U.S. $ in thousands)
Revenues recognized in point in time from:
Products	$	105,091	$	103,917
Services		31,435		30,882
Total revenues recognized in point in time		136,526		134,799

Revenues recognized over time from:
Services		18,774		19,034
Total revenues recognized over time		18,774		19,034

Total Revenues	$	155,300	$	153,833

STRATASYS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Contract Assets and Contract Liabilities

Contract assets are recorded when the Company's right to consideration is conditional on constraints other than the passage of time. The Company had no material contract assets as of March 31, 2019.

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 March 31, 2019 and December 31, 2018 were as follows:

	March 31,	December 31,
	2019	2018
	U.S. $ in thousands
Deferred revenue*	71,304	72,387

Includes $17.3 million and $18.4 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.

Revenue recognized in the first quarter of 2019 that was included in deferred revenue balance as of January 1, 2019 was $17.8 million.

Remaining Performance Obligations

Remaining Performance Obligations ("RPO") represents 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 March 31, 2019, the total RPO amounted to $92.2 million. The Company expects to recognize $74.0 million of this RPO during the next 12 months, $12.0 million over the subsequent 12 months and the remainder 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. As of March 31, 2019, the deferred commission amounted to $3.3 million.

STRATASYS LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4. Inventories

Inventories consisted of the following:

	March 31,		December 31,
	2019		2018
	U.S. $ in thousands
Finished goods	$	66,184	$	61,391
Work-in-process		2,437		2,616
Raw materials		63,110		59,517
		131,731		123,524

Note 5. Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of the Company’s goodwill for the three-months ended March 31, 2019 were as follows:

	U.S. $ in millions
Goodwill as of January 1, 2019	$	385.8
Translation differences		(0.2	)
Goodwill as of March 31, 2019	$	385.6

During the fourth quarter of 2018, the Company performed a quantitative assessment for goodwill impairment for its Stratasys-Objet reporting unit.

Following its quantitative assessment, the Company concluded that the fair value of its Stratasys-Objet reporting unit exceeded its carrying amount by approximately 8%, with a carrying amount of goodwill assigned to this reporting unit in an amount of $386 million.

When evaluating the fair value of its Stratasys-Objet reporting unit the Company used a discounted cash flow model which utilized Level 3 measures that represent unobservable inputs into the valuation method. Key assumptions used to determine the estimated fair value include: (a) expected cash flows for five years following the assessment date which were based on, among other factors, expected revenue growth, costs to produce, operating profit margins and estimated capital needs; (b) an estimated terminal value that utilized a terminal year growth rate of 3.1% that was determined based on the growth prospects of the reporting unit; and (c) a discount rate of 14.0% based on management’s best estimate of the after-tax weighted average cost of capital. If any of these were to vary materially from the Company's estimates, the Company could face impairment of goodwill allocated to this reporting unit in the future.

Actual results may differ from those assumed in the Company's valuation method. It is reasonably possible that the Company's assumptions described above could change in future periods. If any of these were to vary materially from the Company's plans, it may record impairment of goodwill allocated to this reporting unit in the future.

A hypothetical decrease in the growth rate of 1% or an increase of 1% to the discount rate would have reduced the fair value of Stratasys-Objet reporting unit by approximately $48 million and $80 million, respectively.

Based on the Company’s assessment as of December 31, 2018, no goodwill was determined to be impaired.

During the first quarter of 2019 the Company reaffirmed that no significant events or circumstances occurred that contradict the assumptions and data used in the annual impairment test performed in the fourth quarter of 2018.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Determining the fair value of the Stratasys-Objet reporting unit requires significant judgment, including judgments about the appropriate discount rates, terminal growth rates, weighted average costs of capital and the amount and timing of projected future cash flows. The Company will continue to monitor the fair value of its Stratasys-Objet reporting unit to determine whether events and changes in circumstances such as a deterioration in the business climate or operating results, significant decline in the Company's share price, changes in management’s business strategy or downward changes of the Company's cash flows projections, warrant further interim impairment testing.

Other Intangible Assets

Other intangible assets consisted of the following:

	March 31, 2019							December 31, 2018
	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	$	299,100	$	(240,316	)	$	58,784	$	299,100	$	(236,375	)	$	62,725
Patents		10,483		(5,960	)		4,523		10,127		(5,752	)		4,375
Trademarks and trade names		26,224		(20,404	)		5,820		26,212		(19,067	)		7,145
Customer relationships		102,914		(70,868	)		32,046		102,984		(70,353	)		32,631
Capitalized software development costs		19,541		(19,228	)		313		19,540		(19,142	)		398
	$	458,262	$	(356,776	)	$	101,486	$	457,963	$	(350,689	)	$	107,274

Amortization expense relating to intangible assets for the three-month periods ended March 31, 2019 and 2018 was approximately $6.1 million and $8.1 million, respectively.

As of March 31, 2019, the estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows:

	Estimated
	amortization expense
	(U.S. $ in thousands)
Remaining 9 months of 2019	$	18,124
2020		23,933
2021		23,772
2022		23,678
2023		6,698
Thereafter		5,281
Total	$	101,486

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 6. Loss Per Share

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2019 and 2018:

	Three months ended March 31,
	2019			2018
	In thousands, except per share amounts
Numerator:
Net loss attributable to Stratasys Ltd. for basic and diluted loss per share	$	(2,270	)	$	(13,041	)

Denominator:
Weighted average shares – denominator for basic and diluted net loss per share		53,966			53,657

Net loss per share attributable to Stratasys Ltd.
Basic	$	(0.04	)	$	(0.24	)
Diluted	$	(0.04	)	$	(0.24	)

The computation of diluted net loss per share excluded share awards of 5.1 million shares and 3.3 million shares for the three months ended March 31, 2019 and 2018, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net loss per share.

Note 7. Income Taxes

The Company had a negative effective tax rate of 48.4% for the three-month period ended March 31, 2019 compared to a negative effective tax rate of 9.3% for the three-month period ended March 31, 2018. The Company’s effective tax rate was primarily impacted by different geographic mixes of earnings and losses, as well as a valuation allowance on losses of the Company's US subsidiaries.

Note 8. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs that are developed using market data, such as publicly available information about actual events or transactions, and that reflect the assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability.

The fair value hierarchy is categorized into three Levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 inputs include inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Financial instruments measured at fair value

The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets:

	March 31, 2019			December 31, 2018
	(U.S. $ in thousands)
Assets:
Foreign exchange forward contracts not designated as hedging instruments	$	445		$	374
Foreign exchange forward contracts designated as hedging instruments		377			-

Liabilities:
Foreign exchange forward contracts not designated as hedging instruments		(319	)		(196	)
Foreign exchange forward contracts designated as hedging instruments		(9	)		(628	)
	$	494		$	(450	)

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).

Other financial instruments consist mainly of cash and cash equivalents, current and non-current receivables, net investment in sales-type leases, accounts payable and other financial commitments. The fair value of these financial instruments approximates their carrying values.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 9. Derivative instruments and hedging activities

The Company conducts its operations globally and may be 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. As part of the Company’s risk management strategy, the Company enters into transactions involving foreign currency exchange derivative financial instruments. For its non-hedging transactions, 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 is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), the Euro 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. The Company does not enter into derivative transactions for trading purposes.

The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments:

		Fair Value						Notional Amount
		March 31,			December 31,			March 31,		December 31,
	Balance sheet location	2019			2018			2019		2018
		U.S. $ in thousands
Assets derivatives -Foreign exchange contracts, not designated as hedging instruments	Other current assets	$	445		$	374		$	82,946	$	34,695
Assets derivatives -Foreign exchange contracts, designated as cash flow hedge	Other current assets		377			-			26,715		-
Liability derivatives -Foreign exchange contracts, not designated as hedging instruments	Accrued expenses and other current liabilities		(319	)		(196	)		11,616		54,425
Liability derivatives -Foreign exchange contracts, designated as hedging instruments	Accrued expenses and other current liabilities		(9	)		(628	)		4,208		41,303
		$	494		$	(450	)	$	125,485	$	130,423

As of March 31, 2019, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $94.6 million, and were used to reduce foreign currency exposures related to the Euro, the NIS, Japanese Yen, Korean Won and Chinese Yuan. With respect to such derivatives, gain of $1.2 million and a loss of $2.3 million were recognized under financial income, net for the three-month periods ended March 31, 2019 and 2018, respectively. Such losses or gains partially offset the foreign currencies revaluation changes of the balance sheet items. These foreign currencies revaluation changes are also recognized under financial income, net.

As of March 31, 2019, the Company had in effect foreign exchange forward contracts, designated as cash flow hedge for accounting purposes, for the conversion of $30.9 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll and related costs denominated in NIS. The changes in fair value of those contracts are included in the Company’s accumulated other comprehensive loss. These contracts mature through December 2019.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 10. Equity

a. Stock-based compensation plans

Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”) and performance stock units ("PSUs") were allocated as follows:

	Three Months Ended
	March 31,
	2019		2018
	U.S. $ in thousands
Cost of sales	$	354	$	387
Research and development, net		759		742
Selling, general and administrative		3,116		2,286
Total stock-based compensation expenses	$	4,229	$	3,415

A summary of the Company’s stock option activity for the three months ended March 31, 2019 is as follows:

			Weighted Average
	Number of Options		Exercise Price
Options outstanding as of January 1, 2019	2,551,743		$	30.82
Exercised	(109,345	)		20.32
Forfeited	(113,403	)		25.81
Options outstanding as of March 31, 2019	2,328,995		$	31.56
Options exercisable as of March 31, 2019	1,550,336		$	36.93

During the three-month periods ended March 31, 2019 and 2018, the Company issued 109,345 shares and 17,402 shares, respectively, upon the exercise of stock options. This resulted in an increase in equity of $2.2 million and $0.3 million for the three-month periods ended March 31, 2019 and 2018, respectively.

As of March 31, 2019, the unrecognized compensation cost of $7.8 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 1.8 years.

A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2019 is as follows:

	Number of RSUs and		Weighted Average Grant
	PSUs		Date Fair Value
Unvested as of January 1, 2019	1,422,887		$	20.17
Granted	1,511,632			26.65
Forfeited	(61,500	)		21.73
Vested	(43,036	)		21.06
Unvested as of March 31, 2019	2,829,983		$	23.58

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The fair value of RSUs and PSUs is determined based on the quoted price of the Company’s ordinary shares on the date of the grant.

As of March 31, 2019, the unrecognized compensation cost of $59.0 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 3.2 years.

b. Accumulated other comprehensive loss

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2019 and 2018, respectively:

	Three months ended March 31, 2019
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2019	$	(627	)	$	(7,126	)	$	(7,753	)
Other comprehensive income (loss) before reclassifications		1,011			(427	)		584
Amounts reclassified from accumulated other comprehensive loss		(16	)		-			(16	)
Other comprehensive income (loss)		995			(427	)		568
Balance as of March 31, 2019	$	368		$	(7,553	)	$	(7,185	)

	Three months ended March 31, 2018
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	Hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2018	$	330		$	(7,353	)	$	(7,023	)
Other comprehensive income (loss) before reclassifications		(90	)		2,011			1,921
Amounts reclassified from accumulated other comprehensive loss		(235	)		-			(235	)
Other comprehensive income		(325	)		2,011			1,686
Balance as of March 31, 2018	$	5		$	(5,342	)	$	(5,337	)

Note 11. Contingencies

Patent Law-Based Claim

On November 23, 2017, a former employee, whose employment had been terminated by the Company in 2008 and who had previously unsuccessfully filed a suit against the Company, brought an additional proceeding against the Company under Section 134 of the Israeli Patent Law seeking compensation and royalties for service inventions he invented while he served as an employee of the Company. In this new proceeding, the former employee claims to be entitled to receive royalties in an amount equal to: (a) 20% of the benefits, revenues and /or savings generated by the Company in the past and in the future, including the rise in the value of the Company, as determined in the merger with Stratasys Inc., which took place in December 2012; (b) 20% of the gross profit generated by the Company in the past and 9% of the gross profit produced and that will be produced by the Company; (c) 20% of the gross profit generated by the Company in the past and the relative share of the former Objet entity of the Company in the total gross profit produced and that will be produced by the Company; or (d) 20% of the value of the service inventions at issue. The former employee further sought an order of accounts. The Company rejects the claims that serve as a basis for the proceeding and is defending against them vigorously.

The Company is a party to various other legal proceedings, the outcome of which, in the opinion of management, will not have a significant adverse effect on the financial position or profitability of the Company.

EX-99.2 3 stratasys3490686-ex992.htm STRATASYS' REVIEW OF ITS RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Exhibit 99.2

OPERATING AND FINANCIAL REVIEW AND PROSPECTS.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the related notes included as Exhibit 99.1 to the Report of Foreign Private Issuer on Form 6-K to which this Operating and Financial Review and Prospects is attached, or the Form 6-K. The discussion below contains forward-looking statements (within the meaning of the United States federal securities laws) that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in “Forward-Looking Statements and Factors that May Affect Future Results of Operations”, below, as well in the “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the year ended December 31, 2018, or our 2018 Annual Report.

Overview of Business and Trend Information

We are a leading global provider of applied additive technology solutions for industries including aerospace, automotive, healthcare, consumer products and education. We focus on customers’ business requirements and seek to create new value for our customers across their product lifecycle processes, from design prototypes to manufacturing tools and final production parts. We operate a 3D printing ecosystem of solutions and expertise, comprised of advanced materials; software with voxel level control; precise, repeatable and reliable fused deposition modeling 3D printers (utilizing proprietary FDM™ technology) and inkjet-based 3D printers (utilizing proprietary PolyJet™ technology); application-based services; on-demand parts and key partnerships. We strive to ensure that our solutions are integrated seamlessly into each customer’s evolving workflow. Our applications are industry-specific and geared towards accelerating business processes, optimizing value chains and driving business performance improvements. Our customers range from individuals and smaller businesses to large, global enterprises, and we include a number of Fortune 100 companies among our customers.

Our 3D printers include systems ranging from entry-level desktop 3D printers to systems for rapid prototyping, or RP, and large production systems for direct digital manufacturing, or DDM. We also develop, manufacture and sell materials for use with our systems and provide related services offerings. We offer a powerful range of additive manufacturing materials, including clear, rubberlike and biocompatible photopolymers, and tough high-performance thermoplastics. We believe that the range of 3D printing consumable materials that we offer, consisting of 59 FDM™ cartridge-based materials, 44 PolyJet cartridge-based materials, 158 non-color digital materials, and over 500,000 color variations, is the widest in the industry. Our service offerings include Stratasys Direct Manufacturing printed parts services, as well as our professional services.

We conduct our business globally and provide products and services to our global customer base through our offices in North America and internationally, including: Baden-Baden, Germany; Shanghai, China; and Tokyo, Japan, as well as through our worldwide network of approximately 160 agents and resellers. Additionally, through our MakerBot subsidiary, we deploy an online sales channel. We have approximately 2,300 employees and hold more than 1,400 granted patents or pending patent applications worldwide.

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 months ended March 31, 2019 with the corresponding period in 2018.

Results of Operations

Comparison of Three Months Ended March 31, 2019 to Three Months Ended March 31, 2018

The following table sets forth certain statement of operations data for the periods indicated:

	Three Months Ended March 31,
	2019					2018
	U.S. $ in			% of		U.S. $ in			% of
	thousands			Revenues		thousands			Revenues
Revenues	$	155,300		100.0	%	$	153,833			100.0	%
Cost of revenues		78,843		50.8	%		78,183			50.8	%
Gross profit		76,457		49.2	%		75,650			49.2	%
Research and development, net		22,574		14.5	%		25,110			16.3	%
Selling, general and administrative		57,154		36.8	%		57,005			37.1	%
Operating loss		(3,271	)	-2.1	%		(6,465	)		-4.2	%
Financial income, net		753		0.5	%		8			0.0	%
Loss before income taxes		(2,518	)	-1.6	%		(6,457	)		-4.2	%
Income tax expenses		1,218		0.8	%		601			0.4	%
Share in profits (losses) of associated companies		1,423		0.9	%		(6,073	)		-3.9	%
Net loss attributable to non-controlling interests		(43	)	0.0	%		(90	)		-0.1	%
Net loss attributable to Stratasys Ltd.		(2,270	)	-1.5	%		(13,041	)		-8.5	%

Discussion of Results of Operations

Revenues

Our products and services revenues in the first quarter of each of 2019 and 2018, as well as the percentage change reflected thereby, were as follows:

	Three Months Ended March 31,
	2019		2018		% Change
	U.S. $ in thousands
Products	$	105,091	$	103,917	1.1	%
Services		50,209		49,916	0.6	%
	$	155,300	$	153,833	1.0	%

Products Revenues

Revenues derived from products (including AM systems and consumable materials) increased by $1.2 million, or 1.1%, for the three months ended March 31, 2019, as compared to the three months ended March 31, 2018. The increase in products revenues was driven by an increase in our consumables revenues and systems revenues, which was partially offset by a decrease due to the divestiture of certain entities and the unfavorable impact of foreign currencies translation.

Systems revenues for the three months ended March 31, 2019 increased by 0.8% as compared to the three months ended March 31, 2018. The increase in systems revenues was driven primarily by increased unit sales in North America, and was partially offset by the impact of the divestiture during the third quarter of 2018 of our former subsidiary Solidscape.

Consumables revenues for the three months ended March 31, 2019 increased by 1.4% as compared to the three months ended March 31, 2018. The increase in consumables revenues reflected the utilization of our installed base of systems, and was partially offset by the impact of the divestiture during the third quarter of 2018 of our former subsidiary Solidscape.

Services Revenues

Services revenues (including SDM, maintenance contracts, time and materials and other services) increased by $0.3 million for the three months ended March 31, 2019, or 0.6%, as compared to the three months ended March 31, 2018. Within services revenues, customer support revenue, which includes revenue generated mainly by maintenance contracts on our systems, increased by 1.4%, reflecting the growth in our installed base of systems. The increase in services revenues was partially offset by the unfavorable impact of foreign currencies translation.

Revenues by Region

Revenues and the percentage of revenues by region for the first quarter of each of 2019 and 2018, as well as the percentage change in revenues in each such region reflected thereby, were as follows:

	Three Months Ended March 31,
	2019				2018				% Change
			% of		U.S. $ in		% of
	U.S. $ in thousands		Revenues		thousands		Revenues
Americas*	$	96,498	62.1	%	$	87,914	57.1	%	9.8	%
EMEA		34,783	22.4	%		38,971	25.3	%	-10.7	%
Asia Pacific		24,019	15.5	%		26,948	17.6	%	-10.9	%
	$	155,300	100.0	%	$	153,833	100.0	%	1.0	%

Represent the United States, Canada and Latin America

Revenues in the Americas region increased by $8.6 million, or 9.8%, to $96.5 million for the three months ended March 31, 2019, compared to $87.9 million for the three months ended March 31, 2018. The increase was primarily driven by higher systems and consumables revenues.

Revenues in the EMEA region decreased by $4.2 million, or 10.7%, to $34.8 million for the three months ended March 31, 2019, compared to $39.0 million for the three months ended March 31, 2018. The decrease was primarily driven by the impact of the divestiture of our former subsidiary Solidscape and lower systems revenues. On a constant currency basis when using prior period’s exchange rates, revenues decreased by $1.6 million, or 4.2%, reflecting a decrease in systems revenues mainly driven by the impact of the divestiture of our former subsidiary Solidscape, partially offset by an increase in consumables and services revenues.

Revenues in the Asia Pacific region decreased by $2.9 million, or 10.9%, to $24.0 million for the three months ended March 31, 2019, compared to $26.9 million for the three months ended March 31, 2018. The decrease was primarily driven by lower systems revenues.

Gross Profit

Gross profit for our products and services, as well as the percentage change reflected thereby, were as follows:

	Three Months Ended March 31,
	2019		2018
	U.S. $ in thousands				Change in %
Gross profit attributable to:
Products	$	60,922	$	58,699	3.8	%
Services		15,535		16,951	-8.4	%
	$	76,457	$	75,650	1.1	%

Gross profit as a percentage of revenues for our products and services was as follows:

	Three Months Ended March 31,
	2019		2018
Gross profit as a percentage of revenues from:
Products	58.0	%	56.5	%
Services	30.9	%	34.0	%
Total gross profit	49.2	%	49.2	%

Gross profit attributable to products revenues increased by $2.2 million, or 3.8%, to $60.9 million for the three months ended March 31, 2019, compared to gross profit of $58.7 million for the three months ended March 31, 2018. Gross profit attributable to products revenues as a percentage of products revenues increased to 58.0% for the three months ended March 31, 2019, compared to gross profit of 56.5% for the three months ended March 31, 2018.

The increase in gross profit attributable to products revenues was primarily driven by product mix, higher revenue volume and lower amortization expense, partially offset by the unfavorable impact of foreign currencies translation.

Gross profit attributable to services revenues decreased by $1.4 million, or 8.4%, to $15.5 million for the three months ended March 31, 2019, compared to $17.0 million for the three months ended March 31, 2018. Gross profit attributable to services revenues as a percentage of services revenues in the three months ended March 31, 2019 decreased to 30.9%, as compared to 34.0% for the three months ended March 31, 2018. Our gross profit from services revenues was impacted by the mix of revenue sources, as well as an unfavorable impact of foreign currencies translation.

Operating Expenses

The amount of each type of operating expense for the first quarter of each of 2019 and 2018, 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 March 31,
	2019			2018			% Change
	U.S. $ in thousands
Research and development, net	$	22,574		$	25,110		-10.1	%
Selling, general & administrative		57,154			57,005		0.3	%
	$	79,728		$	82,115		-2.9	%

Percentage of revenues		51.3	%		53.4	%

Research and development expenses, net decreased by $2.5 million, or 10.1%, to $22.6 million for the three months ended March 31, 2019, compared to $25.1 million for the three months ended March 31, 2018. The amount of research and development expenses constituted 14.5% of our revenues for the three months ended March 31, 2019, as compared to 16.3% for the three months ended March 31, 2018.

Our research and development expenses were impacted by the timing of project spending and product launches and the impact of the divestiture of certain entities. Our research and development expenses, net reflects our commitment to invest in long-term initiatives that include advancements in our core FDM and PolyJet technologies, as well as our new metal additive manufacturing platform, advanced composite materials, and software and application development.

Selling, general and administrative expenses for the three months ended March 31, 2019 were relatively flat as compared to the three months ended March 31, 2018. The amount of selling, general and administrative expenses constituted 36.8% of our revenues for the three months ended March 31, 2019, as compared to 37.1% for the three months ended March 31, 2018.

Operating Loss

Operating loss and operating loss as a percentage of our total revenues were as follows:

	Three Months Ended March 31,
	2019			2018
	U.S. $ in thousands
Operating loss	$	(3,271	)	$	(6,465	)

Percentage of revenues		-2.1	%		-4.2	%

Operating loss amounted to $3.3 million for the three months ended March 31, 2019, compared to an operating loss of $6.5 million for the three months ended March 31, 2018. The decrease in operating loss was primarily attributable to lower operating expenses for the three months ended March 31, 2019 compared to the three months ended March 31, 2018, as discussed above.

Financial Income, net

Financial income, net, which was primarily comprised of foreign currencies effects, interest income and interest expense, was $0.8 million for the three months ended March 31, 2019, compared to financial income, net of $0 million for the three months ended March 31, 2018.

Income Taxes

Income taxes and income taxes as a percentage of net loss before taxes, as well as the percentage change in each reflected thereby, were as follows:

	Three Months Ended
	March 31,
	2019			2018
	U.S. $ in thousands						Change in %
Income tax expense	$	1,218		$	601		102.7	%

As a percent of loss before income taxes		-48.4	%		-9.3	%	419.7	%

We had a negative effective tax rate of 48.4% for the three-month period ended March 31, 2019, compared to a negative effective tax rate of 9.3% for the three-month period ended March 31, 2018. Our effective tax rate was primarily impacted by different geographic mixes of earnings and losses, as well as a valuation allowance on losses of our US subsidiaries.

Share in Profits (Losses) of Associated Companies

Share in profit (losses) of associated companies reflects our proportionate share of the earnings of unconsolidated entities accounted for by using the equity method of accounting. During the three months ended March 31, 2019, the profit from our proportionate share of the earnings of our equity method investments was $1.4 million, compared to a loss of $6.1 million in the three months ended March 31, 2018. The difference is primarily due to an in-process research and development (IPR&D) write-off of $5.0 million recorded during the first quarter of 2018 due to the Evolve transaction, as opposed to a gain resulting from our divestment of one of our equity method investments during the first quarter of 2019.

Net Loss Attributable to Stratasys Ltd. and Net Loss Per Share

Net loss attributable to Stratasys Ltd., and diluted net loss per share were as follows:

	Three Months Ended March 31,
	2019			2018
	U.S. $ in thousands
Net loss attributable to Stratasys Ltd.	$	(2,270	)	$	(13,041	)

Percentage of revenues		-1.5	%		-8.5	%

Diluted net loss per share	$	(0.04	)	$	(0.24	)

Net loss attributable to Stratasys Ltd. was $2.3 million for the three months ended March 31, 2019 compared to net loss of $13.0 million for the three months ended March 31, 2018. The decrease in the net loss attributable to Stratasys Ltd. was primarily attributable to decreased operating expenses, as well as an increase in share in profits of associated companies, as described above.

Diluted net loss per share was $0.04 and $0.24 for the three months ended March 31, 2019 and 2018, respectively. The weighted average fully diluted share count was 54.0 million for the three months ended March 31, 2019, compared to 53.7 million for the three months ended March 31, 2018.

Supplemental Operating Results on a Non-GAAP Basis

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 (x) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains, and (y) 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 the corresponding tax effect of those items. These non-GAAP adjustments either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. These non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table below.

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 March 31,
		2019			Non-GAAP			2019		2018			Non-GAAP			2018
		GAAP			Adjustments			Non-GAAP		GAAP			Adjustments			Non-GAAP
		U.S. dollars and shares in thousands (except per share amounts)
	Gross profit (1)	$	76,457		$	4,252		$	80,709	$	75,650		$	5,599		$	81,249
	Operating income (loss) (1,2)		(3,271	)		10,075			6,804		(6,465	)		11,387			4,922
	Net income (loss) attributable to Stratasys Ltd. (1,2,3)		(2,270	)		7,927			5,657		(13,041	)		15,763			2,722

	Net income (loss) per diluted share attributable to Stratasys Ltd. (4)	$	(0.04	)	$	0.14		$	0.10	$	(0.24	)	$	0.29		$	0.05

(1)	Acquired intangible assets amortization expense					3,898								5,204
	Non-cash stock-based compensation expense					354								387
	Reorganization and other related costs					-								8
						4,252								5,599

(2)	Acquired intangible assets amortization expense					1,889								2,558
	Non-cash stock-based compensation expense					3,875								3,028
	Reorganization and other related costs					59								1,671
	Gain from sale of plant and property					-								(1,563	)
	Merger and acquisition related expense					-								94
						5,823								5,788
						10,075								11,387

(3)	Corresponding tax effect					(544	)							(792	)
	Gain from equity method divestment, related write-offs and amortization					(1,604	)							5,168
					$	7,927							$	15,763

(4)	Weighted average number of ordinary shares outstanding- Diluted		53,966						54,477		53,657						53,721

Liquidity and Capital Resources

A summary of our statement of cash flows is as follows:

	Three Months Ended March 31,
	2019			2018
	U.S $ in thousands
Net loss	$	(2,313	)	$	(13,131	)
Depreciation and amortization		12,700			15,372
Deferred income taxes		(685	)		(922	)
Stock-based compensation		4,229			3,415
Other non-cash item, net		(615	)		5,104
Change in working capital and other items		(8,712	)		17,214
Net cash provided by operating activities		4,604			27,052
Net cash used in investing activities		(5,729	)		(9,270	)
Net cash used by financing activities		(25,071	)		(284	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		878			296
Net change in cash, cash equivalents and restricted cash		(25,318	)		17,794
Cash, cash equivalents and restricted cash, beginning of period		393,734			329,359
Cash, cash equivalents and restricted cash, end of period	$	368,416		$	347,153

Our cash, cash equivalents and restricted cash balance decreased to $368.4 million as of March 31, 2019 from $393.7 million as of December 31, 2018. The decrease in cash and cash equivalents in the three months ended March 31, 2019 was primarily due to net cash used in financing activities in an amount of $25.1 million and the cash used in investing activities in the amount of $5.7 million, partially offset by net cash provided by operating activities of $4.6 million.

Our cash, cash equivalents and restricted cash balance increased to $347.2 million at March 31, 2018 from $329.4 million at December 31, 2017.

Cash flows from operating activities

We generated $4.6 million of cash from operating activities during the three months ended March 31, 2019. That cash generation reflects our $2.3 million net loss, as adjusted upwards to eliminate non-cash charges included in net loss, including $12.7 million of depreciation and amortization and $4.2 million of stock-based compensation expense, partially offset by downwards adjustments to reflect the unfavorable changes in our working capital balances and to eliminate non-cash changes in our other assets and liabilities, in an aggregate amount of $8.7 million. The unfavorable impact of our working capital balances was driven by timing of tax payments, and proactive steps to increase inventory levels in order to increase lead time and support product demand.

We generated $27.1 million of cash from operating activities during the three months ended March 31, 2018. That cash generation reflects our net loss of $13.1 million, as adjusted upwards to eliminate non-cash charges such as depreciation and amortization of $15.4 million, and to reflect the favorable changes to our working capital and our other assets and liabilities, in an aggregate amount of $17.2 million.

Cash flows from investing activities

We used $5.7 million of cash in our investing activities during the three months ended March 31, 2019. Cash was primarily used to invest $6.1 million to purchase property and equipment. Our principal property and equipment purchases were for our new buildings complex under construction in Rehovot, Israel. The new facility in Rehovot, Israel, which will contain two buildings, houses our Israeli headquarters, research and development facilities and certain marketing activities.

We used $9.3 million of cash in our investing activities during the three months ended March 31, 2018. Cash was primarily used to invest $7.6 million to purchase property and equipment.

Cash flows from financing activities

We used $25.1 million of cash in our financing activities during the three months ended March 31, 2019. Cash used for financing activities was mainly attributable to the early repayment of the full outstanding principal amount of our long-term loan in an amount of $27.3 million. Cash provided by financing activities was mainly attributable to proceeds of $2.2 million from the exercise of stock options.

We used $0.3 million of cash in our financing activities during the three months ended March 31, 2018. Cash used by financing activities was mainly attributable to the repayment of the quarterly installments of our long-term loan in an amount of $1.3 million, partially offset by proceeds of $1.0 million from the exercise of stock options.

Capital resources and capital expenditures

Our total current assets amounted to $659.0 million as of March 31, 2019, of which $368.4 million consisted of cash, cash equivalents and restricted cash. Total current liabilities amounted to $171.8 million. Most of our cash and cash equivalents are held in banks in Israel and the U.S.

The credit risk related to our accounts receivable is limited due to the relatively large number of customers and their wide geographic distribution. In addition, we seek to reduce the credit exposure related to our accounts receivable by imposing credit limits, by conducting ongoing credit evaluation, and by implementing account monitoring procedures, as well as credit insurance for many of our customers.

We believe that we will have adequate cash and cash equivalents to fund our ongoing operations and that these sources of liquidity will be sufficient to satisfy our capital expenditure and working capital needs for the next twelve months.

Long-Term Bank Loan and Credit Line

In December 2016, our company entered into a secured loan agreement with Bank Hapoalim Ltd. in connection with our new office facility in Israel, which agreement we refer to as the Bank Loan Agreement. Pursuant to the Bank Loan Agreement, our company borrowed $26 million initially in December 2016, which we refer to as the Bank Loan, and secured a credit line for an additional $24 million, or the Credit Line. Any loans to be drawn upon the Credit Line were to be under similar terms as the Bank Loan. The Bank Loan was to mature in December 2023 and was payable in equal consecutive quarterly principal installments of principal and accrued interest. Any early repayment of the Bank Loan was subject to, within the initial three year term of the Bank Loan, a maximum 1% penalty of the amount prepaid. The repayment of the Bank Loan was secured by a first-priority lien on all of our company’s rights in the property of our new office facility in Israel. The Bank Loan bore interest at the rate of LIBOR plus 3.35%. The Bank Loan Agreement contained customary representations and warranties, affirmative covenants and negative covenants, which included, without limitation, restrictions on indebtedness, liens, investments, and certain dispositions with respect to the property secured by the lien.

The Bank Loan Agreement also contained customary events of default that entitled the lender to cause any or all of our company's indebtedness to become immediately due and payable and to foreclose on the lien, and included customary grace periods before certain events were to be deemed events of default. Borrowings under the Bank Loan Agreement were available mainly for the financing of our new facility in Israel.

As indicated above (under “Cash flows from financing activities”), in the first quarter of 2019, we repaid the full outstanding principal amount of the Bank Loan, in an aggregate amount of $27.3 million, plus all interest accrued thereon, thereby fulfilling all of our remaining obligations under the Bank Loan Agreement. In connection with the repayment, the first-priority lien on all of our rights with respect to the property of our new office facility in Israel was removed.

Critical Accounting Policies

We have prepared our consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America. This has required us to make estimates, judgments, and assumptions that affected the amounts we reported. Actual results may differ from those estimates. To facilitate the understanding of our business activities, certain accounting policies that are important to the presentation of our financial condition and results of operations and that require management’s subjective judgments are described in our 2018 Annual Report. We base our judgments on our experience and various assumptions that we believe to be reasonable under the circumstances.

Forward-Looking Statements and Factors That May Affect Future Results of Operations

Certain information included in or incorporated by reference into the Report of Foreign Private Issuer on Form 6-K to which this Operating and Financial Review is appended, or the Form 6-K, may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. You can generally identify forward-looking statements as statements containing the words “may,” “will,” “could,” “should,” “expect,” “anticipate,” “intend,” “estimate,” “believe,” “project,” “plan,” “assume” or other similar expressions, or negatives of those expressions, although not all forward-looking statements contain these identifying words.

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.

You should not place undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the date of this Form 6-K. Over time, our actual results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such difference might be significant and materially adverse to our shareholders. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

●	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 reorganization 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;

●	global market, political and economic conditions, and in the countries in which we operate in particular;

●	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 condition; and

●	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 2018 Annual Report, as well as in the 2018 Annual Report generally.

Readers are urged to carefully review and consider the various disclosures made throughout the Form 6-K, our 2018 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 2018 Annual Report.

LEGAL PROCEEDINGS

We are subject to various litigation and other legal proceedings. For a discussion of certain of these matters that we deem to be material to our company, see Note 11-“Contingencies” in the notes to our unaudited condensed consolidated financial statements attached as Exhibit 99.1 to the Form 6-K.

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167

4229000

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12700000

15372000

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9598000

3573000

-1052000 -2244000

2133000

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219000

304000

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981000

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4110000

-781000

1594000

1820000

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4604000

27052000

6114000

7607000

5000000

310000

271000

118000

3770000

-577000

162000

-5729000

-9270000

27293000

1286000

2222000

1002000

-25071000

-284000

393734000

368416000

329359000

347153000

97000 109000 1028000 320000

374000

377000

445000

628000

196000

9000

319000

30900000

94600000

34695000

26715000

82946000

1200000

2300000

374000

377000

445000

628000

196000

9000

319000

41303000

54425000

4208000

11616000

-450000

494000

130423000 125485000

109345

17402

2200000

300000

7800000

59000000

P1Y9M18D

P3Y2M12D

2551743

2328995

113403

1550336

30.82

31.56

20.32

25.81

36.93

2829983

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43036

23.58

20.17

21.73

21.06

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584000

1011000

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1921000

235000

16000

235000

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2011000

568000

995000

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1686000

17800000

1423000

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17794000

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296000

0.08 48000000 80000000 0.01 0.01

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92200000 74000000 12000000

1511632

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<div>Note 1. Business Description and Basis of Presentation Stratasys Ltd. (collectively with its subsidiaries, the “Company”) is a global provider of applied additive technology solutions for a broad range of industries. The Company focuses on customers’ business requirements and seeks to create new value for its customers across their product lifecycle processes, from design prototypes to manufacturing tools and final production parts. The Company operates a 3D printing ecosystem of solutions and expertise, comprised of: 3D printers ranging from entry-level desktop 3D printers to systems for rapid prototyping (“RP”) and large production systems for direct digital manufacturing (“DDM”) based on precise fused deposition modeling (“FDM”) and PolyJet technologies; advanced materials for use with its 3D printers; software with voxel level control; application-based services; on-demand parts; and key partnerships. 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 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 results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The reader is referred to the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s Annual Report on Form 20-F for such year on March 7, 2019.</div>

<div>Note 6. Loss Per Share The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2019 and 2018: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="7" style="border-bottom: #000000 1pt solid; width: 9%; white-space: nowrap; text-align: center">Three months ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="7" style="width: 9%; white-space: nowrap; text-align: center">In thousands, except per share amounts</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Numerator:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left">Net loss attributable to Stratasys Ltd. for basic and diluted loss per share</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">(2,270</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">(13,041</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Denominator:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left">Weighted average shares – denominator for basic and diluted net loss per share</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">53,966</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">53,657</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Net loss per share attributable to Stratasys Ltd.</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left">Basic</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">(0.04</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">(0.24</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Diluted</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">                      (0.04</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">                    (0.24</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr></table></div> The computation of diluted net loss per share excluded share awards of 5.1 million shares and 3.3 million shares for the three months ended March 31, 2019 and 2018, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net loss per share.</div>

<div>Note 7. Income Taxes The Company had a negative effective tax rate of 48.4% for the three-month period ended March 31, 2019 compared to a negative effective tax rate of 9.3% for the three-month period ended March 31, 2018. The Company’s effective tax rate was primarily impacted by different geographic mixes of earnings and losses, as well as valuation allowance on losses of the Company's US subsidiaries.</div>

<div>Note 11. Contingencies Patent Law-Based Claim On November 23, 2017, a former employee, whose employment had been terminated by the Company in 2008 and who had previously unsuccessfully filed a suit against the Company, brought an additional proceeding against the Company under Section 134 of the Israeli Patent Law seeking compensation and royalties for service inventions he invented while he served as an employee of the Company. In this new proceeding, the former employee claims to be entitled to receive royalties in an amount equal to: (a) 20% of the benefits, revenues and /or savings generated by the Company in the past and in the future, including the rise in the value of the Company, as determined in the merger with Stratasys Inc., which took place in December 2012; (b) 20% of the gross profit generated by the Company in the past and 9% of the gross profit produced and that will be produced by the Company; (c) 20% of the gross profit generated by the Company in the past and the relative share of the former Objet entity of the Company in the total gross profit produced and that will be produced by the Company; or (d) 20% of the value of the service inventions at issue. The former employee further sought an order of accounts. The Company rejects the claims that serve as a basis for the proceeding and is defending against them vigorously. The Company is a party to various other legal proceedings, the outcome of which, in the opinion of management, will not have a significant adverse effect on the financial position or profitability of the Company.</div>

<div>Other intangible assets consisted of the following: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="9" style="border-bottom: #000000 1pt solid; width: 11%; white-space: nowrap; text-align: center">March 31, 2019</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="9" style="border-bottom: #000000 1pt solid; width: 12%; white-space: nowrap; text-align: center">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Carrying Amount,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Net</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Carrying Amount,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Net</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Net of</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center">Accumulated</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Book</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Net of</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center">Accumulated</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Book</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Impairment</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">Amortization</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Value</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Impairment</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">Amortization</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="19" style="border-bottom: #000000 1pt solid; width: 24%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 75%; white-space: nowrap; text-align: left">Developed technology</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">299,100</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(240,316</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">58,784</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">299,100</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(236,375</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">62,725</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left">Patents</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">10,483</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(5,960</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">4,523</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">10,127</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(5,752</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">4,375</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 75%; white-space: nowrap; text-align: left">Trademarks and trade names</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">26,224</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(20,404</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">5,820</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">26,212</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(19,067</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">7,145</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left">Customer relationships</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">102,914</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(70,868</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">32,046</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">102,984</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(70,353</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">32,631</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 75%; white-space: nowrap; text-align: left">Capitalized software development costs</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">19,541</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(19,228</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">313</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">19,540</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(19,142</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">398</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: right">458,262</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     (356,776</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     101,486</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">457,963</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     (350,689</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     107,274</td></tr></table></div></div>

<div>As of March 31, 2019, the estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 4%; white-space: nowrap; text-align: center">Estimated</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">amortization expense</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="width: 4%; white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">Remaining 9 months of 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">18,124</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left">2020</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 3%; white-space: nowrap; text-align: right">23,933</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">2021</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">23,772</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left">2022</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 3%; white-space: nowrap; text-align: right">23,678</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">2023</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">6,698</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left">Thereafter</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right">5,281</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">Total</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">101,486</td></tr></table></div></div>

<div>The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2019 and 2018: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="7" style="border-bottom: #000000 1pt solid; width: 9%; white-space: nowrap; text-align: center">Three months ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="7" style="width: 9%; white-space: nowrap; text-align: center">In thousands, except per share amounts</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Numerator:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left">Net loss attributable to Stratasys Ltd. for basic and diluted loss per share</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">(2,270</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">(13,041</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Denominator:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left">Weighted average shares – denominator for basic and diluted net loss per share</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">53,966</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">53,657</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Net loss per share attributable to Stratasys Ltd.</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 90%; white-space: nowrap; text-align: left">Basic</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">(0.04</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">(0.24</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 90%; white-space: nowrap; text-align: left">Diluted</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">                      (0.04</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">                    (0.24</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr></table></div></div>

<div>The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">March 31, 2019</td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"></td> <td colspan="7" style="width: 7%; white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #c0c0c0; white-space: nowrap; text-align: left; padding-right: 10pt">Assets:</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: right"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts not designated as hedging instruments</td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 1%; white-space: nowrap; text-align: right">445</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 1%; white-space: nowrap; text-align: right">374</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #c0c0c0; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts designated as hedging instruments</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: right">377</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: right">-</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"> </td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #ffffff; white-space: nowrap; text-align: left; padding-right: 10pt">Liabilities:</td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 93%; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts not designated as hedging instruments</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(319</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(196</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #ffffff; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts designated as hedging instruments</td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: right">(9</td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: right">(628</td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$                   </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">494</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$                        </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(450</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr></table></div></div>

<div>The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="7" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">Fair Value</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 5%; white-space: nowrap; text-align: center">Notional Amount</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">December 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center">Balance sheet location</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="13" style="width: 13%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 84%; text-align: left">Assets derivatives -Foreign exchange contracts, not designated as hedging instruments</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">Other current assets</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">445</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">374</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">82,946</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">34,695</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; text-align: left">Assets derivatives -Foreign exchange contracts, designated as cash flow hedge</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">Other current assets</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">377</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">-</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">26,715</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 84%; text-align: left">Liability derivatives -Foreign exchange contracts, not designated as hedging instruments</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">Accrued expenses and other current liabilities</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(319</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(196</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">11,616</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">54,425</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; text-align: left">Liability derivatives -Foreign exchange contracts, designated as hedging instruments</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">Accrued expenses and other current liabilities</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">(9</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">(628</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">4,208</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">41,303</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 84%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$        </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">494</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$               </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(450</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">125,485</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">130,423</td></tr></table></div>

<div>Stock-based compensation expenses for equity-classified stock options and restricted share units (“RSUs”) and performance stock units ("PSUs") were allocated as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="width: 5%; white-space: nowrap; text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 5%; white-space: nowrap; text-align: center">March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: right">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 5%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Cost of sales</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">354</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">387</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Research and development, net</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">759</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">742</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Selling, general and administrative</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">3,116</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">2,286</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Total stock-based compensation expenses</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: right">4,229</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$      </td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: right">3,415</td></tr></table></div></div>

<div>A summary of the Company’s stock option activity for the three months ended March 31, 2019 is as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Weighted Average</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Number of Options</td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Options outstanding as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">2,551,743</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">30.82</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Exercised</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">(109,345</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">20.32</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Forfeited</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(113,403</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">25.81</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Options outstanding as of March 31, 2019</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">2,328,995</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">31.56</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Options exercisable as of March 31, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">                1,550,336</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">36.93</td></tr></table></div></div>

<div>A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2019 is as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td style="width: 1%; white-space: nowrap; text-align: center">Number of RSUs and</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Weighted Average Grant</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center">PSUs</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Date Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Unvested as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">1,422,887</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">20.17</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Granted</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">1,511,632</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">26.65</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Forfeited</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(61,500</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">21.73</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Vested</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">(43,036</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">21.06</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Unvested as of March 31, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">2,829,983</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">23.58</td></tr></table></div></div>

<div>The Company's deferred revenues as of March 31, 2019 and December 31, 2018 were as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 3%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 3%; white-space: nowrap; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Deferred revenue*</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 3%; white-space: nowrap; text-align: left; background-color: #c0c0c0; text-align: right">71,304</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">72,387</td></tr></table></div> <table cellspacing="0" cellpadding="0" border="0" style="line-height: normal; width: 100%"> <tr> <td style="vertical-align: top; width: 1%; padding-left: 15pt">*</td> <td style="vertical-align: top; width: 1%">     </td> <td style="vertical-align: top; width: 98%">Includes $17.3 million and $18.4 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.</td></tr></table></div>

<div>Note 3. Revenues Disaggregation of Revenues The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three months ended March 31, 2019 and 2018: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">2019</td> <td style="white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="5" style="white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Americas</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Products</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">$</td> <td style="white-space: nowrap; text-align: right">58,054</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">$</td> <td style="white-space: nowrap; text-align: right">50,244</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Service</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">38,444</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">37,670</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; padding-left: 30pt; text-indent: -15pt">Total Americas</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">96,498</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">87,914</td></tr> <tr> <td>   </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">EMEA</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Products</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">28,085</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">31,981</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Service</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">6,698</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">6,990</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; padding-left: 30pt; text-indent: -15pt">Total EMEA</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">34,783</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">38,971</td></tr> <tr> <td colspan="2">  </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Asia Pacific</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Products</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">18,952</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">21,692</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Service</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">5,067</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">5,256</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; padding-left: 30pt; text-indent: -15pt">Total Asia Pacific</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">24,019</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">26,948</td></tr> <tr> <td>    </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Total Revenues</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">155,300</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">153,833</td></tr></table></div> The following table presents the Company’s revenues disaggregated based on the timing of revenue recognized for the three months ended March 31, 2019 and 2018: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="width: 7%; white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Revenues recognized in point in time from:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Products</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">105,091</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">103,917</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Services</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">31,435</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">30,882</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Total revenues recognized in point in time</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">136,526</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">134,799</td></tr> <tr> <td colspan="2" style="width: 93%">    </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Revenues recognized over time from:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Services</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: right">18,774</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: right">19,034</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Total revenues recognized over time</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">18,774</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">19,034</td></tr> <tr> <td colspan="2" style="background-color: #c0c0c0; width: 93%">     </td> <td style="background-color: #c0c0c0; width: 1%"> </td> <td style="background-color: #c0c0c0; width: 2%"> </td> <td style="background-color: #c0c0c0; width: 1%"> </td> <td style="background-color: #c0c0c0; width: 1%"> </td> <td style="background-color: #c0c0c0; width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Total Revenues</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">155,300</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">153,833</td></tr></table></div> Contract Assets and Contract Liabilities Contract assets are recorded when the Company's right to consideration is conditional on constraints other than the passage of time. The Company had no material contract assets as of March 31, 2019. 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 March 31, 2019 and December 31, 2018 were as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 3%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 3%; white-space: nowrap; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Deferred revenue*</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 3%; white-space: nowrap; text-align: left; background-color: #c0c0c0; text-align: right">71,304</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">72,387</td></tr></table></div> <table cellspacing="0" cellpadding="0" border="0" style="line-height: normal; width: 100%"> <tr> <td style="vertical-align: top; width: 1%; padding-left: 15pt">*</td> <td style="vertical-align: top; width: 1%">     </td> <td style="vertical-align: top; width: 98%">Includes $17.3 million and $18.4 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively. </td></tr></table> Revenue recognized in the first quarter of 2019 that was included in deferred revenue balance as of January 1, 2019 was $17.8 million. Remaining Performance Obligations Remaining Performance Obligations ("RPO") represents 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 March 31, 2019, the total RPO amounted to $92.2 million. The Company expects to recognize $74.0 million of this RPO during the next 12 months, $12.0 million over the subsequent 12 months and the remainder 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. As of March 31, 2019, the deferred commission amounted to $3.3 million. </div> <div>The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three months ended March 31, 2019 and 2018: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">2019</td> <td style="white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="5" style="white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Americas</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Products</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">$</td> <td style="white-space: nowrap; text-align: right">58,054</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">$</td> <td style="white-space: nowrap; text-align: right">50,244</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Service</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">38,444</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">37,670</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; padding-left: 30pt; text-indent: -15pt">Total Americas</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">96,498</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">87,914</td></tr> <tr> <td>   </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">EMEA</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Products</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">28,085</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">31,981</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Service</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">6,698</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">6,990</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; padding-left: 30pt; text-indent: -15pt">Total EMEA</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">34,783</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">38,971</td></tr> <tr> <td colspan="2">  </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Asia Pacific</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Products</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">18,952</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">21,692</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Service</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">5,067</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">5,256</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; padding-left: 30pt; text-indent: -15pt">Total Asia Pacific</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">24,019</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; white-space: nowrap; text-align: right">26,948</td></tr> <tr> <td>    </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Total Revenues</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">155,300</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">153,833</td></tr></table></div> The following table presents the Company’s revenues disaggregated based on the timing of revenue recognized for the three months ended March 31, 2019 and 2018: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="width: 7%; white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Revenues recognized in point in time from:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Products</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">105,091</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 2%; white-space: nowrap; text-align: right">103,917</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Services</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">31,435</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">30,882</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Total revenues recognized in point in time</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">136,526</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">134,799</td></tr> <tr> <td colspan="2" style="width: 93%">    </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Revenues recognized over time from:</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Services</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: right">18,774</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: right">19,034</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Total revenues recognized over time</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">18,774</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">19,034</td></tr> <tr> <td colspan="2" style="background-color: #c0c0c0; width: 93%">     </td> <td style="background-color: #c0c0c0; width: 1%"> </td> <td style="background-color: #c0c0c0; width: 2%"> </td> <td style="background-color: #c0c0c0; width: 1%"> </td> <td style="background-color: #c0c0c0; width: 1%"> </td> <td style="background-color: #c0c0c0; width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Total Revenues</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">155,300</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$       </td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">153,833</td></tr></table></div></div>

<div>Note 4. Inventories Inventories consisted of the following: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Finished goods</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">66,184</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">61,391</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Work-in-process</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">2,437</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">2,616</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Raw materials</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">63,110</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">59,517</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">131,731</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">123,524</td></tr></table></div></div>

<div>Inventories consisted of the following: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Finished goods</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">66,184</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">61,391</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left">Work-in-process</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">2,437</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">2,616</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 92%; white-space: nowrap; text-align: left">Raw materials</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">63,110</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">59,517</td></tr> <tr style="vertical-align: bottom"> <td style="width: 92%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">131,731</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">123,524</td></tr></table></div></div>

<div>Note 5. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of the Company’s goodwill for the three-months ended March 31, 2019 were as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">U.S. $ in millions</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Goodwill as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">385.8</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Translation differences</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">(0.2</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Goodwill as of March 31, 2019</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">                  385.6</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> </tr></table></div> During the fourth quarter of 2018, the Company performed a quantitative assessment for goodwill impairment for its Stratasys-Objet reporting unit. Following its quantitative assessment, the Company concluded that the fair value of its Stratasys-Objet reporting unit exceeded its carrying amount by approximately 8%, with a carrying amount of goodwill assigned to this reporting unit in an amount of $386 million. When evaluating the fair value of its Stratasys-Objet reporting unit the Company used a discounted cash flow model which utilized Level 3 measures that represent unobservable inputs into the valuation method. Key assumptions used to determine the estimated fair value include: (a) expected cash flows for five years following the assessment date which were based on, among other factors, expected revenue growth, costs to produce, operating profit margins and estimated capital needs; (b) an estimated terminal value that utilized a terminal year growth rate of 3.1% that was determined based on the growth prospects of the reporting unit; and (c) a discount rate of 14.0% based on management’s best estimate of the after-tax weighted average cost of capital. If any of these were to vary materially from the Company's estimates, the Company could face impairment of goodwill allocated to this reporting unit in the future. Actual results may differ from those assumed in the Company's valuation method. It is reasonably possible that the Company's assumptions described above could change in future periods. If any of these were to vary materially from the Company's plans, it may record impairment of goodwill allocated to this reporting unit in the future. A hypothetical decrease in the growth rate of 1% or an increase of 1% to the discount rate would have reduced the fair value of Stratasys-Objet reporting unit by approximately $48 million and $80 million, respectively. Based on the Company’s assessment as of December 31, 2018, no goodwill was determined to be impaired. During the first quarter of 2019 the Company reaffirmed that no significant events or circumstances occurred that contradict the assumptions and data used in the annual impairment test performed in the fourth quarter of 2018. Determining the fair value of the Stratasys-Objet reporting unit requires significant judgment, including judgments about the appropriate discount rates, terminal growth rates, weighted average costs of capital and the amount and timing of projected future cash flows. The Company will continue to monitor the fair value of its Stratasys-Objet reporting unit to determine whether events and changes in circumstances such as a deterioration in the business climate or operating results, significant decline in the Company's share price, changes in management’s business strategy or downward changes of the Company's cash flows projections, warrant further interim impairment testing. Other Intangible Assets Other intangible assets consisted of the following: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="9" style="border-bottom: #000000 1pt solid; width: 11%; white-space: nowrap; text-align: center">March 31, 2019</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="9" style="border-bottom: #000000 1pt solid; width: 12%; white-space: nowrap; text-align: center">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Carrying Amount,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Net</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Carrying Amount,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Net</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Net of</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center">Accumulated</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Book</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Net of</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 4%; white-space: nowrap; text-align: center">Accumulated</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 3%; white-space: nowrap; text-align: center">Book</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Impairment</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">Amortization</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Value</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Impairment</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">Amortization</td> <td style="width: 1%; white-space: nowrap; text-align: center">      </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="19" style="border-bottom: #000000 1pt solid; width: 24%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 75%; white-space: nowrap; text-align: left">Developed technology</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">299,100</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(240,316</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">58,784</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">299,100</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(236,375</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">62,725</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left">Patents</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">10,483</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(5,960</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">4,523</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">10,127</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(5,752</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">4,375</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 75%; white-space: nowrap; text-align: left">Trademarks and trade names</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">26,224</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(20,404</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">5,820</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">26,212</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(19,067</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">7,145</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left">Customer relationships</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">102,914</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(70,868</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">32,046</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">102,984</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">(70,353</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 2%; white-space: nowrap; text-align: right">32,631</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 75%; white-space: nowrap; text-align: left">Capitalized software development costs</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">19,541</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(19,228</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">313</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">19,540</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">(19,142</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 2%; white-space: nowrap; text-align: right">398</td></tr> <tr style="vertical-align: bottom"> <td style="width: 75%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: right">458,262</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     (356,776</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     101,486</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">457,963</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     (350,689</td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; width: 2%; white-space: nowrap; text-align: right">     107,274</td></tr></table></div> Amortization expense relating to intangible assets for the three-month periods ended March 31, 2019 and 2018 was approximately $6.1 million and $8.1 million, respectively. As of March 31, 2019, the estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 4%; white-space: nowrap; text-align: center">Estimated</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 4%; white-space: nowrap; text-align: center">amortization expense</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">      </td> <td colspan="2" style="width: 4%; white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">Remaining 9 months of 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">18,124</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left">2020</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 3%; white-space: nowrap; text-align: right">23,933</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">2021</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">23,772</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left">2022</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 3%; white-space: nowrap; text-align: right">23,678</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">2023</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">6,698</td></tr> <tr style="vertical-align: bottom"> <td style="width: 95%; white-space: nowrap; text-align: left">Thereafter</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right">5,281</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 95%; white-space: nowrap; text-align: left">Total</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">101,486</td></tr></table></div> </div>

<div>Changes in the carrying amount of the Company’s goodwill for the three-months ended March 31, 2019 were as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="width: 60%; line-height: 14pt; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">      </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">U.S. $ in millions</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Goodwill as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 3%; white-space: nowrap; text-align: right">385.8</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left">Translation differences</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">(0.2</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left">Goodwill as of March 31, 2019</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">                  385.6</td></tr></table></div></div>

<div>Note 8. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that are developed using market data, such as publicly available information about actual events or transactions, and that reflect the assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability. The fair value hierarchy is categorized into three Levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 inputs include inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial instruments measured at fair value The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">March 31, 2019</td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"></td> <td colspan="7" style="width: 7%; white-space: nowrap; text-align: center">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #c0c0c0; white-space: nowrap; text-align: left; padding-right: 10pt">Assets:</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: right"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts not designated as hedging instruments</td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 1%; white-space: nowrap; text-align: right">445</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">$</td> <td style="width: 1%; white-space: nowrap; text-align: right">374</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #c0c0c0; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts designated as hedging instruments</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: right">377</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: right">-</td> <td style="width: 1%; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"> </td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #ffffff; white-space: nowrap; text-align: left; padding-right: 10pt">Liabilities:</td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 93%; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts not designated as hedging instruments</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(319</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(196</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 93%; background-color: #ffffff; text-align: left; padding-left: 30pt; text-indent: -15pt; padding-right: 10pt">Foreign exchange forward contracts designated as hedging instruments</td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: right">(9</td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; background-color: #ffffff; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: right">(628</td> <td style="border-bottom: #000000 1pt solid; background-color: #ffffff; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 93%; white-space: nowrap; text-align: left; padding-right: 10pt"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$                   </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">494</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$                        </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(450</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr></table></div> 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). Other financial instruments consist mainly of cash and cash equivalents, current and non-current receivables, net investment in sales-type leases, accounts payable and other financial commitments. The fair value of these financial instruments approximates their carrying values. </div>

<div>Note 9. Derivative instruments and hedging activities The Company conducts its operations globally and may be 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. As part of the Company’s risk management strategy, the Company enters into transactions involving foreign currency exchange derivative financial instruments. For its non-hedging transactions, 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 is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), the Euro 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. The Company does not enter into derivative transactions for trading purposes. The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="7" style="border-bottom: #000000 1pt solid; width: 7%; white-space: nowrap; text-align: center">Fair Value</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 5%; white-space: nowrap; text-align: center">Notional Amount</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">December 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">March 31,</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center">Balance sheet location</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">2018</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="13" style="width: 13%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 84%; text-align: left">Assets derivatives -Foreign exchange contracts, not designated as hedging instruments</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">Other current assets</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">445</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">374</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">82,946</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">34,695</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; text-align: left">Assets derivatives -Foreign exchange contracts, designated as cash flow hedge</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">Other current assets</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">377</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">-</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">26,715</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">-</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 84%; text-align: left">Liability derivatives -Foreign exchange contracts, not designated as hedging instruments</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">Accrued expenses and other current liabilities</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(319</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(196</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">11,616</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">54,425</td></tr> <tr style="vertical-align: bottom"> <td style="width: 84%; text-align: left">Liability derivatives -Foreign exchange contracts, designated as hedging instruments</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">Accrued expenses and other current liabilities</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">(9</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">(628</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">4,208</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">41,303</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 84%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$        </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">494</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$               </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(450</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">125,485</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">130,423</td></tr></table> As of March 31, 2019, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $94.6 million, and were used to reduce foreign currency exposures related to the Euro, the NIS, Japanese Yen, Korean Won and Chinese Yuan. With respect to such derivatives, gain of $1.2 million and a loss of $2.3 million were recognized under financial income, net for the three-month periods ended March 31, 2019 and 2018, respectively. Such losses or gains partially offset the foreign currencies revaluation changes of the balance sheet items. These foreign currencies revaluation changes are also recognized under financial income, net. As of March 31, 2019, the Company had in effect foreign exchange forward contracts, designated as cash flow hedge for accounting purposes, for the conversion of $30.9 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll and related costs denominated in NIS. The changes in fair value of those contracts are included in the Company’s accumulated other comprehensive loss. These contracts mature through December 2019. </div>

<div>Note 10. Equity a. Stock-based compensation plans Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”) and performance stock units ("PSUs") were allocated as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="width: 5%; white-space: nowrap; text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 5%; white-space: nowrap; text-align: center">March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2019</td> <td style="width: 1%; white-space: nowrap; text-align: right">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="5" style="border-bottom: #000000 1pt solid; width: 5%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Cost of sales</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">354</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">387</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Research and development, net</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">759</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">742</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Selling, general and administrative</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">3,116</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">2,286</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Total stock-based compensation expenses</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: right">4,229</td> <td style="width: 1%; white-space: nowrap; text-align: right"></td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: left">$      </td> <td style="border-bottom: #000000 2pt double; width: 1%; white-space: nowrap; text-align: right">3,415</td></tr></table></div> A summary of the Company’s stock option activity for the three months ended March 31, 2019 is as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Weighted Average</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Number of Options</td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Options outstanding as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">2,551,743</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">30.82</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Exercised</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">(109,345</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">20.32</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Forfeited</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(113,403</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">25.81</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Options outstanding as of March 31, 2019</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">2,328,995</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">31.56</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Options exercisable as of March 31, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">                1,550,336</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">36.93</td></tr></table></div> During the three-month periods ended March 31, 2019 and 2018, the Company issued 109,345 shares and 17,402 shares, respectively, upon the exercise of stock options. This resulted in an increase in equity of $2.2 million and $0.3 million for the three-month periods ended March 31, 2019 and 2018, respectively. As of March 31, 2019, the unrecognized compensation cost of $7.8 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 1.8 years. A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2019 is as follows: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">     </td> <td style="width: 1%; white-space: nowrap; text-align: center">Number of RSUs and</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center">     </td> <td colspan="2" style="width: 2%; white-space: nowrap; text-align: center">Weighted Average Grant</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center">PSUs</td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td style="width: 1%; white-space: nowrap; text-align: center"></td> <td colspan="2" style="border-bottom: #000000 1pt solid; width: 2%; white-space: nowrap; text-align: center">Date Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Unvested as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">1,422,887</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">20.17</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Granted</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">1,511,632</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">26.65</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Forfeited</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(61,500</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">21.73</td></tr> <tr style="vertical-align: bottom"> <td style="width: 94%; white-space: nowrap; text-align: left">Vested</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">(43,036</td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right">21.06</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 94%; white-space: nowrap; text-align: left">Unvested as of March 31, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">2,829,983</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">23.58</td></tr></table></div> The fair value of RSUs and PSUs is determined based on the quoted price of the Company’s ordinary shares on the date of the grant. As of March 31, 2019, the unrecognized compensation cost of $59.0 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 3.2 years. b. Accumulated other comprehensive loss The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2019 and 2018, respectively: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="11" style="border-bottom: #000000 1pt solid; width: 11%; white-space: nowrap; text-align: center">Three months ended March 31, 2019</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">Net unrealized gain</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">Foreign currency</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">(loss) on cash flow</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">translation</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">hedges</td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">adjustments</td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="11" style="width: 11%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(627</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,126</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,753</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income (loss) before reclassifications</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">1,011</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">(427</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">584</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Amounts reclassified from accumulated other comprehensive loss</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(16</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">-</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(16</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income (loss)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">995</td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">(427</td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">568</td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of March 31, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">                     368</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$         </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,553</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,185</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr></table> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="11" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">Three months ended March 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">Net unrealized gain</td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">Foreign currency</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">(loss) on cash flow</td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">translation</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">Hedges</td> <td style="white-space: nowrap; text-align: left">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">adjustments</td> <td style="white-space: nowrap; text-align: left">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="11" style="white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of January 1, 2018</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">330</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,353</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,023</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income (loss) before reclassifications</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">(90</td> <td style="white-space: nowrap; text-align: left">)</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">2,011</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">1,921</td> <td style="white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; text-align: left; padding-left: 15pt; text-indent: -15pt">Amounts reclassified from accumulated other comprehensive loss</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">(235</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">-</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">(235</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">                   (325</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">2,011</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">1,686</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of March 31, 2018</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">5</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">(5,342</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">(5,337</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td></tr></table></div></div>

<div>The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2019 and 2018, respectively: <div style="padding-left: 15pt"> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="11" style="border-bottom: #000000 1pt solid; width: 11%; white-space: nowrap; text-align: center">Three months ended March 31, 2019</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">Net unrealized gain</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">Foreign currency</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">(loss) on cash flow</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="width: 3%; white-space: nowrap; text-align: center">translation</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">hedges</td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">adjustments</td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="3" style="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left">   </td> <td colspan="11" style="width: 11%; white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of January 1, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(627</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,126</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,753</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income (loss) before reclassifications</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">1,011</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">(427</td> <td style="width: 1%; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: right">584</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Amounts reclassified from accumulated other comprehensive loss</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(16</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">-</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(16</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income (loss)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">995</td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">(427</td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="width: 1%; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">568</td> <td style="width: 1%; border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of March 31, 2019</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">                     368</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$         </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,553</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,185</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr></table> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="11" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">Three months ended March 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">Net unrealized gain</td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">Foreign currency</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">(loss) on cash flow</td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="3" style="white-space: nowrap; text-align: center">translation</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">Hedges</td> <td style="white-space: nowrap; text-align: left">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">adjustments</td> <td style="white-space: nowrap; text-align: left">     </td> <td colspan="3" style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td colspan="11" style="white-space: nowrap; text-align: center">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; width: 88%; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of January 1, 2018</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">330</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,353</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">$</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: right">(7,023</td> <td style="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income (loss) before reclassifications</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">(90</td> <td style="white-space: nowrap; text-align: left">)</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">2,011</td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: right">1,921</td> <td style="white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; text-align: left; padding-left: 15pt; text-indent: -15pt">Amounts reclassified from accumulated other comprehensive loss</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">(235</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">-</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: right">(235</td> <td style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 15pt; text-indent: -15pt">Other comprehensive income</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">                   (325</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">2,011</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right">1,686</td> <td style="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="background-color: #c0c0c0; text-align: left; padding-left: 15pt; text-indent: -15pt">Balance as of March 31, 2018</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">5</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">(5,342</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td> <td style="background-color: #c0c0c0; white-space: nowrap; text-align: left"></td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">$     </td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: right">(5,337</td> <td style="border-bottom: #000000 2pt double; background-color: #c0c0c0; white-space: nowrap; text-align: left">)</td></tr></table></div> </div>

P3Y10M25D

.051

<div>Note 2. New Accounting Pronouncements Accounting Pronouncements Adopted in the Current Period In June 2018, the Financial Accounting Standards Board (“FASB”) issued a new Accounting Standards Update (“ASU”) which substantially aligns the measurement and classification guidance for share-based payments to non-employees with the guidance for share-based payments to employees. That ASU also clarifies that any share-based payment issued to a customer should be evaluated based upon the new revenue recognition standard. The new ASU required a modified retrospective transition approach. The Company adopted this guidance effective January 1, 2019, which has not had a material impact on its consolidated financial statements. In August 2017, the FASB issued an ASU which simplifies the designation and measurement requirements of hedge accounting in certain situations and allows companies to better align their hedge accounting with their risk management activities. The ASU also eases certain hedge effectiveness assessment requirements, expands the eligibility of hedging strategies that may qualify for hedge accounting and modifies certain presentation and disclosure requirements. The Company adopted this guidance effective January 1, 2019, which has not had a material impact on its consolidated financial statements. In February 2016, the FASB issued a new ASU which amended its lease accounting guidance. Under the new lease accounting guidance, lessees are required to recognize a right-of-use asset and a lease liability for all leases, including leases classified as operating leases. The lease liability and the right-of-use asset are measured based on the present value of the lease payments. In addition, disclosures of qualitative and quantitative information about leasing arrangements are required. The new lease accounting guidance also contains amended guidance regarding the identification of embedded leases in service contracts and the identification of lease and non-lease components of an arrangement. The Company adopted the new lease accounting guidance on January 1, 2019, using a modified retrospective transition approach, with certain practical expedients, and as a result did not adjust prior periods. Following the adoption, the Company recognized right-of-use assets of $27.4 million and lease liabilities of $27.9 million for its operating leases. The Company does not have material finance leases. The new lease accounting guidance had no material impact on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss and no material impact on the Condensed Consolidated Statements of Cash Flows. The Company determines whether an arrangement contains a lease at the inception of a contract. If an arrangement is a lease, the Company determines whether it is an operating lease or a finance lease. The Company’s lease terms include all non-cancelable periods and may include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. All leases with a lease term greater than twelve months result in the recognition of a right-of-use asset and a corresponding lease liability. The right-of-use assets represent the Company’s right to control the use of an underlying asset for the lease term. The lease liabilities represent the present value of the Company's future lease payments over the expected lease term, which is determined using the Company's incremental borrowing rate at the lease commencement date. This rate is determined considering factors such as the lease term, credit standing and the economic environment of the location of the lease. The Company's leases primarily relate to buildings for the Company’s administrative, research and development, sales and marketing, and manufacturing activities, as well as vehicles leases. As of March 31, 2019, the weighted average remaining lease term for the Company’s leases was 3.9 years, and weighted-average discount rate was 5.1%. Recently Issued Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued an ASU that clarifies the accounting for implementation costs in cloud computing arrangements. This ASU requires the implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customers in a software licensing arrangement. The guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements. In June 2016, the FASB issued an ASU that supersedes the existing impairment model for most financial assets to a current expected credit loss model. The new guidance requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. The ASU also requires that credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements. </div>

Represents an amount less than 0.5 thousand Includes $17.3 million and $18.4 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	STRATASYS LTD.
Entity Central Index Key	0001517396
Current Fiscal Year End Date	--12-31
Trading Symbol	SSYS
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 367,843	$ 393,167
Accounts receivable, net	128,420	138,146
Inventories	131,731	123,524
Net investment in sales-type leases	2,193	2,658
Prepaid expenses	7,750	6,398
Other current assets	21,023	20,278
Total current assets	658,960	684,171
Non-current assets
Net investment in sales-type leases - long-term	965	1,552
Property, plant and equipment, net	188,255	188,150
Goodwill	385,612	385,849
Other intangible assets, net	101,486	107,274
Operating lease right-of-use assets	27,408
Other non-current assets	22,456	21,258
Total non-current assets	726,182	704,083
Total assets	1,385,142	1,388,254
Current liabilities
Accounts payable	43,033	45,855
Current portion of long-term debt		5,143
Accrued expenses and other current liabilities	29,831	39,115
Accrued compensation and related benefits	35,516	31,703
Deferred revenues	53,997	53,965
Operating lease liabilities - short term	9,439
Total current liabilities	171,816	175,781
Non-current liabilities
Long-term debt		22,000
Deferred tax liabilities	1,391	1,662
Deferred revenues - long-term	17,307	18,422
Operating lease liabilities - long term	18,481
Other non-current liabilities	28,474	27,422
Total non-current liabilities	65,653	69,506
Total liabilities	237,469	245,287
Contingencies (see note 11)
Redeemable non-controlling interests	809	852
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 54,048 thousands shares and 53,881 thousands shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	146	146
Additional paid-in capital	2,687,499	2,681,048
Accumulated other comprehensive loss	(7,185)	(7,753)
Accumulated deficit	(1,533,596)	(1,531,326)
Total equity	1,146,864	1,142,115
Total liabilities and equity	$ 1,385,142	$ 1,388,254

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Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in NIS per share)	$ 0.01	$ 0.01
Common stock, shares authorized	180,000	180,000
Common stock, shares issued	54,048	53,881
Common stock, shares outstanding	54,048	53,881

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Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales
Total net sales	$ 155,300	$ 153,833
Cost of sales
Total cost of sales	78,843	78,183
Gross profit	76,457	75,650
Operating expenses
Research and development, net	22,574	25,110
Selling, general and administrative	57,154	57,005
Total operating expenses	79,728	82,115
Operating loss	(3,271)	(6,465)
Financial income, net	753	8
Loss before income taxes	(2,518)	(6,457)
Income tax expenses	1,218	601
Share in profits (losses) of associated companies	1,423	(6,073)
Net loss	(2,313)	(13,131)
Net loss attributable to non-controlling interests	(43)	(90)
Net loss attributable to Stratasys Ltd.	$ (2,270)	$ (13,041)
Net loss per ordinary share attributable to Stratasys Ltd. - basic and diluted	$ (0.04)	$ (0.24)
Weighted average ordinary shares outstanding - basic and diluted	53,966	53,657
Comprehensive loss
Net loss	$ (2,313)	$ (13,131)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(427)	2,011
Unrealized gains (losses) on derivatives designated as cash flow hedges	995	(325)
Other comprehensive income, net of tax	568	1,686
Comprehensive loss	(1,745)	(11,445)
Less: comprehensive loss attributable to non-controlling interests	(43)	(90)
Comprehensive loss attributable to Stratasys Ltd.	(1,702)	(11,355)
Products [Member]
Net sales
Total net sales	105,091	103,917
Cost of sales
Total cost of sales	44,169	45,218
Services [Member]
Net sales
Total net sales	50,209	49,916
Cost of sales
Total cost of sales	$ 34,674	$ 32,965

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Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Ordinary Shares [Member]

Additional Paid-In Capital [Member]

Retained Earnings (accumulated deficit) [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Equity Attributable to Stratasys Ltd. [Member]

Non-controlling Interest [Member]

Total

Beginning Balance at Dec. 31, 2017

$ 145

$ 2,663,274

$ (1,523,906)

$ (7,023)

$ 1,132,490

$ 17

$ 1,132,507

Beginning Balance (in shares) at Dec. 31, 2017

53,631

Cumulative effect of changes in accounting principles

3,544

Issuance of shares in connection with stock-based compensation plans

^[1]

334

Issuance of shares in connection with stock-based compensation plans (in shares)

Stock-based compensation

3,415

Comprehensive loss

(13,041)

1,686

(11,355)

(34)

(11,389)

Ending Balance at Mar. 31, 2018

$ 145

2,667,023

(1,533,403)

(5,337)

1,128,428

(17)

1,128,411

Ending Balance (in shares) at Mar. 31, 2018

53,710

Beginning Balance at Dec. 31, 2018

$ 146

2,681,048

(1,531,326)

(7,753)

1,142,115

Beginning Balance (in shares) at Dec. 31, 2018

53,881

Issuance of shares in connection with stock-based compensation plans

^[1]

2,222

Issuance of shares in connection with stock-based compensation plans (in shares)

167

Stock-based compensation

4,229

Comprehensive loss

(2,270)

568

(1,702)

Ending Balance at Mar. 31, 2019

$ 146

$ 2,687,499

$ (1,533,596)

$ (7,185)

$ 1,146,864

Ending Balance (in shares) at Mar. 31, 2019

54,048

[1]	Represents an amount less than 0.5 thousand

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (2,313)	$ (13,131)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	12,700	15,372
Stock-based compensation	4,229	3,415
Foreign currency transaction gain	(210)	(1,678)
Deferred income taxes	(685)	(922)
Share in (profits) losses of associated companies	(1,423)	6,073
Other non-cash items, net	1,018	709
Change in cash attributable to changes in operating assets and liabilities:
Accounts receivable, net	9,124	13,990
Inventories	(9,598)	(3,573)
Net investment in sales-type leases	1,052	2,244
Other current assets and prepaid expenses	(2,133)	266
Other non-current assets	(219)	(304)
Accounts payable	(2,805)	981
Other current liabilities	(5,172)	4,110
Deferred revenues	(781)	1,594
Other non-current liabilities	1,820	(2,094)
Net cash provided by operating activities	4,604	27,052
Cash flows from investing activities
Purchase of property and equipment	(6,114)	(7,607)
Investment in unconsolidated entities		(5,000)
Purchase of intangible assets	(310)	(271)
Proceeds from sale of plant and property	118	3,770
Other investing activities	577	(162)
Net cash used in investing activities	(5,729)	(9,270)
Cash flows from financing activities
Repayment of long-term debt	(27,293)	(1,286)
Proceeds from exercise of stock options	2,222	1,002
Net cash used in financing activities	(25,071)	(284)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	878	296
Net change in cash, cash equivalents and restricted cash	(25,318)	17,794
Cash, cash equivalents and restricted cash, beginning of period	393,734	329,359
Cash, cash equivalents and restricted cash, end of period	368,416	347,153
Supplemental disclosures of cash flow information:
Transfer of fixed assets to inventory	97	109
Transfer of inventory to fixed assets	$ 1,028	$ 320

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Business Description and Basis of Presentation	3 Months Ended
Business Description and Basis of Presentation	Mar. 31, 2019
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”) is a global provider of applied additive technology solutions for a broad range of industries. The Company focuses on customers’ business requirements and seeks to create new value for its customers across their product lifecycle processes, from design prototypes to manufacturing tools and final production parts. The Company operates a 3D printing ecosystem of solutions and expertise, comprised of: 3D printers ranging from entry-level desktop 3D printers to systems for rapid prototyping (“RP”) and large production systems for direct digital manufacturing (“DDM”) based on precise fused deposition modeling (“FDM”) and PolyJet technologies; advanced materials for use with its 3D printers; software with voxel level control; application-based services; on-demand parts; and key partnerships. 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 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 results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The reader is referred to the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s Annual Report on Form 20-F for such year on March 7, 2019.

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New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2019
New Accounting Pronouncements
New Accounting Pronouncements	Note 2. New Accounting Pronouncements Accounting Pronouncements Adopted in the Current Period In June 2018, the Financial Accounting Standards Board (“FASB”) issued a new Accounting Standards Update (“ASU”) which substantially aligns the measurement and classification guidance for share-based payments to non-employees with the guidance for share-based payments to employees. That ASU also clarifies that any share-based payment issued to a customer should be evaluated based upon the new revenue recognition standard. The new ASU required a modified retrospective transition approach. The Company adopted this guidance effective January 1, 2019, which has not had a material impact on its consolidated financial statements. In August 2017, the FASB issued an ASU which simplifies the designation and measurement requirements of hedge accounting in certain situations and allows companies to better align their hedge accounting with their risk management activities. The ASU also eases certain hedge effectiveness assessment requirements, expands the eligibility of hedging strategies that may qualify for hedge accounting and modifies certain presentation and disclosure requirements. The Company adopted this guidance effective January 1, 2019, which has not had a material impact on its consolidated financial statements. In February 2016, the FASB issued a new ASU which amended its lease accounting guidance. Under the new lease accounting guidance, lessees are required to recognize a right-of-use asset and a lease liability for all leases, including leases classified as operating leases. The lease liability and the right-of-use asset are measured based on the present value of the lease payments. In addition, disclosures of qualitative and quantitative information about leasing arrangements are required. The new lease accounting guidance also contains amended guidance regarding the identification of embedded leases in service contracts and the identification of lease and non-lease components of an arrangement. The Company adopted the new lease accounting guidance on January 1, 2019, using a modified retrospective transition approach, with certain practical expedients, and as a result did not adjust prior periods. Following the adoption, the Company recognized right-of-use assets of $27.4 million and lease liabilities of $27.9 million for its operating leases. The Company does not have material finance leases. The new lease accounting guidance had no material impact on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss and no material impact on the Condensed Consolidated Statements of Cash Flows. The Company determines whether an arrangement contains a lease at the inception of a contract. If an arrangement is a lease, the Company determines whether it is an operating lease or a finance lease. The Company’s lease terms include all non-cancelable periods and may include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. All leases with a lease term greater than twelve months result in the recognition of a right-of-use asset and a corresponding lease liability. The right-of-use assets represent the Company’s right to control the use of an underlying asset for the lease term. The lease liabilities represent the present value of the Company's future lease payments over the expected lease term, which is determined using the Company's incremental borrowing rate at the lease commencement date. This rate is determined considering factors such as the lease term, credit standing and the economic environment of the location of the lease. The Company's leases primarily relate to buildings for the Company’s administrative, research and development, sales and marketing, and manufacturing activities, as well as vehicles leases. As of March 31, 2019, the weighted average remaining lease term for the Company’s leases was 3.9 years, and weighted-average discount rate was 5.1%. Recently Issued Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued an ASU that clarifies the accounting for implementation costs in cloud computing arrangements. This ASU requires the implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customers in a software licensing arrangement. The guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements. In June 2016, the FASB issued an ASU that supersedes the existing impairment model for most financial assets to a current expected credit loss model. The new guidance requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. The ASU also requires that credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements.

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Revenues

3 Months Ended

Mar. 31, 2019

Revenue Recognition [Abstract]

Revenues

Note 3. Revenues

Disaggregation of Revenues

	March 31,
	2019		2018
	(U.S. $ in thousands)
Americas
Products	$	58,054	$	50,244
Service		38,444		37,670
Total Americas		96,498		87,914

EMEA
Products		28,085		31,981
Service		6,698		6,990
Total EMEA		34,783		38,971

Asia Pacific
Products		18,952		21,692
Service		5,067		5,256
Total Asia Pacific		24,019		26,948

Total Revenues	$	155,300	$	153,833

The following table presents the Company’s revenues disaggregated based on the timing of revenue recognized for the three months ended March 31, 2019 and 2018:

	March 31,
	2019		2018
	(U.S. $ in thousands)
Revenues recognized in point in time from:
Products	$	105,091	$	103,917
Services		31,435		30,882
Total revenues recognized in point in time		136,526		134,799

Revenues recognized over time from:
Services		18,774		19,034
Total revenues recognized over time		18,774		19,034

Total Revenues	$	155,300	$	153,833

Contract Assets and Contract Liabilities

Contract assets are recorded when the Company's right to consideration is conditional on constraints other than the passage of time. The Company had no material contract assets as of March 31, 2019.

	March 31,	December 31,
	2019	2018
	U.S. $ in thousands
Deferred revenue*	71,304	72,387

Includes $17.3 million and $18.4 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.

Revenue recognized in the first quarter of 2019 that was included in deferred revenue balance as of January 1, 2019 was $17.8 million.

Remaining Performance Obligations

Incremental Costs of Obtaining a Contract

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Inventories

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Note 4. Inventories

Inventories consisted of the following:

	March 31,		December 31,
	2019		2018
	U.S. $ in thousands
Finished goods	$	66,184	$	61,391
Work-in-process		2,437		2,616
Raw materials		63,110		59,517
		131,731		123,524

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 5. Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of the Company’s goodwill for the three-months ended March 31, 2019 were as follows:

	U.S. $ in millions
Goodwill as of January 1, 2019	$	385.8
Translation differences		(0.2	)
Goodwill as of March 31, 2019	$	385.6

During the fourth quarter of 2018, the Company performed a quantitative assessment for goodwill impairment for its Stratasys-Objet reporting unit.

Based on the Company’s assessment as of December 31, 2018, no goodwill was determined to be impaired.

Other Intangible Assets

Other intangible assets consisted of the following:

	March 31, 2019							December 31, 2018
	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	$	299,100	$	(240,316	)	$	58,784	$	299,100	$	(236,375	)	$	62,725
Patents		10,483		(5,960	)		4,523		10,127		(5,752	)		4,375
Trademarks and trade names		26,224		(20,404	)		5,820		26,212		(19,067	)		7,145
Customer relationships		102,914		(70,868	)		32,046		102,984		(70,353	)		32,631
Capitalized software development costs		19,541		(19,228	)		313		19,540		(19,142	)		398
	$	458,262	$	(356,776	)	$	101,486	$	457,963	$	(350,689	)	$	107,274

Amortization expense relating to intangible assets for the three-month periods ended March 31, 2019 and 2018 was approximately $6.1 million and $8.1 million, respectively.

As of March 31, 2019, the estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows:

	Estimated
	amortization expense
	(U.S. $ in thousands)
Remaining 9 months of 2019	$	18,124
2020		23,933
2021		23,772
2022		23,678
2023		6,698
Thereafter		5,281
Total	$	101,486

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Loss Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Loss Per Share

Note 6. Loss Per Share

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2019 and 2018:

	Three months ended March 31,
	2019			2018
	In thousands, except per share amounts
Numerator:
Net loss attributable to Stratasys Ltd. for basic and diluted loss per share	$	(2,270	)	$	(13,041	)

Denominator:
Weighted average shares – denominator for basic and diluted net loss per share		53,966			53,657

Net loss per share attributable to Stratasys Ltd.
Basic	$	(0.04	)	$	(0.24	)
Diluted	$	(0.04	)	$	(0.24	)

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Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 7. Income Taxes The Company had a negative effective tax rate of 48.4% for the three-month period ended March 31, 2019 compared to a negative effective tax rate of 9.3% for the three-month period ended March 31, 2018. The Company’s effective tax rate was primarily impacted by different geographic mixes of earnings and losses, as well as valuation allowance on losses of the Company's US subsidiaries.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8. Fair Value Measurements

Financial instruments measured at fair value

The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets:

	March 31, 2019			December 31, 2018
	(U.S. $ in thousands)
Assets:
Foreign exchange forward contracts not designated as hedging instruments	$	445		$	374
Foreign exchange forward contracts designated as hedging instruments		377			-

Liabilities:
Foreign exchange forward contracts not designated as hedging instruments		(319	)		(196	)
Foreign exchange forward contracts designated as hedging instruments		(9	)		(628	)
	$	494		$	(450	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Derivative instruments and hedging activities

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments and hedging activities

Note 9. Derivative instruments and hedging activities

The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments:

		Fair Value						Notional Amount
		March 31,			December 31,			March 31,		December 31,
	Balance sheet location	2019			2018			2019		2018
		U.S. $ in thousands
Assets derivatives -Foreign exchange contracts, not designated as hedging instruments	Other current assets	$	445		$	374		$	82,946	$	34,695
Assets derivatives -Foreign exchange contracts, designated as cash flow hedge	Other current assets		377			-			26,715		-
Liability derivatives -Foreign exchange contracts, not designated as hedging instruments	Accrued expenses and other current liabilities		(319	)		(196	)		11,616		54,425
Liability derivatives -Foreign exchange contracts, designated as hedging instruments	Accrued expenses and other current liabilities		(9	)		(628	)		4,208		41,303
		$	494		$	(450	)	$	125,485	$	130,423

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Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Equity

Note 10. Equity

a. Stock-based compensation plans

Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”) and performance stock units ("PSUs") were allocated as follows:

	Three Months Ended
	March 31,
	2019		2018
	U.S. $ in thousands
Cost of sales	$	354	$	387
Research and development, net		759		742
Selling, general and administrative		3,116		2,286
Total stock-based compensation expenses	$	4,229	$	3,415

A summary of the Company’s stock option activity for the three months ended March 31, 2019 is as follows:

			Weighted Average
	Number of Options		Exercise Price
Options outstanding as of January 1, 2019	2,551,743		$	30.82
Exercised	(109,345	)		20.32
Forfeited	(113,403	)		25.81
Options outstanding as of March 31, 2019	2,328,995		$	31.56
Options exercisable as of March 31, 2019	1,550,336		$	36.93

A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2019 is as follows:

	Number of RSUs and		Weighted Average Grant
	PSUs		Date Fair Value
Unvested as of January 1, 2019	1,422,887		$	20.17
Granted	1,511,632			26.65
Forfeited	(61,500	)		21.73
Vested	(43,036	)		21.06
Unvested as of March 31, 2019	2,829,983		$	23.58

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.

b. Accumulated other comprehensive loss

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2019 and 2018, respectively:

	Three months ended March 31, 2019
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2019	$	(627	)	$	(7,126	)	$	(7,753	)
Other comprehensive income (loss) before reclassifications		1,011			(427	)		584
Amounts reclassified from accumulated other comprehensive loss		(16	)		-			(16	)
Other comprehensive income (loss)		995			(427	)		568
Balance as of March 31, 2019	$	368		$	(7,553	)	$	(7,185	)

	Three months ended March 31, 2018
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	Hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2018	$	330		$	(7,353	)	$	(7,023	)
Other comprehensive income (loss) before reclassifications		(90	)		2,011			1,921
Amounts reclassified from accumulated other comprehensive loss		(235	)		-			(235	)
Other comprehensive income		(325	)		2,011			1,686
Balance as of March 31, 2018	$	5		$	(5,342	)	$	(5,337	)

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Contingencies	3 Months Ended
Contingencies	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 11. Contingencies Patent Law-Based Claim On November 23, 2017, a former employee, whose employment had been terminated by the Company in 2008 and who had previously unsuccessfully filed a suit against the Company, brought an additional proceeding against the Company under Section 134 of the Israeli Patent Law seeking compensation and royalties for service inventions he invented while he served as an employee of the Company. In this new proceeding, the former employee claims to be entitled to receive royalties in an amount equal to: (a) 20% of the benefits, revenues and /or savings generated by the Company in the past and in the future, including the rise in the value of the Company, as determined in the merger with Stratasys Inc., which took place in December 2012; (b) 20% of the gross profit generated by the Company in the past and 9% of the gross profit produced and that will be produced by the Company; (c) 20% of the gross profit generated by the Company in the past and the relative share of the former Objet entity of the Company in the total gross profit produced and that will be produced by the Company; or (d) 20% of the value of the service inventions at issue. The former employee further sought an order of accounts. The Company rejects the claims that serve as a basis for the proceeding and is defending against them vigorously. The Company is a party to various other legal proceedings, the outcome of which, in the opinion of management, will not have a significant adverse effect on the financial position or profitability of the Company.

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2019

Revenue Recognition [Abstract]

Schedule of Disaggregation of Revenues

	March 31,
	2019		2018
	(U.S. $ in thousands)
Americas
Products	$	58,054	$	50,244
Service		38,444		37,670
Total Americas		96,498		87,914

EMEA
Products		28,085		31,981
Service		6,698		6,990
Total EMEA		34,783		38,971

Asia Pacific
Products		18,952		21,692
Service		5,067		5,256
Total Asia Pacific		24,019		26,948

Total Revenues	$	155,300	$	153,833

The following table presents the Company’s revenues disaggregated based on the timing of revenue recognized for the three months ended March 31, 2019 and 2018:

	March 31,
	2019		2018
	(U.S. $ in thousands)
Revenues recognized in point in time from:
Products	$	105,091	$	103,917
Services		31,435		30,882
Total revenues recognized in point in time		136,526		134,799

Revenues recognized over time from:
Services		18,774		19,034
Total revenues recognized over time		18,774		19,034

Total Revenues	$	155,300	$	153,833

Schedule of Changes in Deferred Revenue

The Company's deferred revenues as of March 31, 2019 and December 31, 2018 were as follows:

	March 31,	December 31,
	2019	2018
	U.S. $ in thousands
Deferred revenue*	71,304	72,387

Includes $17.3 million and $18.4 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.

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Inventories (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	March 31,		December 31,
	2019		2018
	U.S. $ in thousands
Finished goods	$	66,184	$	61,391
Work-in-process		2,437		2,616
Raw materials		63,110		59,517
		131,731		123,524

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of the Company’s goodwill for the three-months ended March 31, 2019 were as follows:

	U.S. $ in millions
Goodwill as of January 1, 2019	$	385.8
Translation differences		(0.2	)
Goodwill as of March 31, 2019	$	385.6

Schedule of Other Intangible Assets

Other intangible assets consisted of the following:

	March 31, 2019							December 31, 2018
	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	$	299,100	$	(240,316	)	$	58,784	$	299,100	$	(236,375	)	$	62,725
Patents		10,483		(5,960	)		4,523		10,127		(5,752	)		4,375
Trademarks and trade names		26,224		(20,404	)		5,820		26,212		(19,067	)		7,145
Customer relationships		102,914		(70,868	)		32,046		102,984		(70,353	)		32,631
Capitalized software development costs		19,541		(19,228	)		313		19,540		(19,142	)		398
	$	458,262	$	(356,776	)	$	101,486	$	457,963	$	(350,689	)	$	107,274

Schedule of Estimated Amortization Expense Relating to Intangible Assets

As of March 31, 2019, the estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows:

	Estimated
	amortization expense
	(U.S. $ in thousands)
Remaining 9 months of 2019	$	18,124
2020		23,933
2021		23,772
2022		23,678
2023		6,698
Thereafter		5,281
Total	$	101,486

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Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of Computations of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2019 and 2018:

	Three months ended March 31,
	2019			2018
	In thousands, except per share amounts
Numerator:
Net loss attributable to Stratasys Ltd. for basic and diluted loss per share	$	(2,270	)	$	(13,041	)

Denominator:
Weighted average shares – denominator for basic and diluted net loss per share		53,966			53,657

Net loss per share attributable to Stratasys Ltd.
Basic	$	(0.04	)	$	(0.24	)
Diluted	$	(0.04	)	$	(0.24	)

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis

The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets:

	March 31, 2019			December 31, 2018
	(U.S. $ in thousands)
Assets:
Foreign exchange forward contracts not designated as hedging instruments	$	445		$	374
Foreign exchange forward contracts designated as hedging instruments		377			-

Liabilities:
Foreign exchange forward contracts not designated as hedging instruments		(319	)		(196	)
Foreign exchange forward contracts designated as hedging instruments		(9	)		(628	)
	$	494		$	(450	)

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Derivative instruments and hedging activities (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of balance sheet classification and fair values of derivative instruments

The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments:

		Fair Value						Notional Amount
		March 31,			December 31,			March 31,		December 31,
	Balance sheet location	2019			2018			2019		2018
		U.S. $ in thousands
Assets derivatives -Foreign exchange contracts, not designated as hedging instruments	Other current assets	$	445		$	374		$	82,946	$	34,695
Assets derivatives -Foreign exchange contracts, designated as cash flow hedge	Other current assets		377			-			26,715		-
Liability derivatives -Foreign exchange contracts, not designated as hedging instruments	Accrued expenses and other current liabilities		(319	)		(196	)		11,616		54,425
Liability derivatives -Foreign exchange contracts, designated as hedging instruments	Accrued expenses and other current liabilities		(9	)		(628	)		4,208		41,303
		$	494		$	(450	)	$	125,485	$	130,423

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Equity (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Schedule of Share-based Compensation Expense

Stock-based compensation expenses for equity-classified stock options and restricted share units (“RSUs”) and performance stock units ("PSUs") were allocated as follows:

	Three Months Ended
	March 31,
	2019		2018
	U.S. $ in thousands
Cost of sales	$	354	$	387
Research and development, net		759		742
Selling, general and administrative		3,116		2,286
Total stock-based compensation expenses	$	4,229	$	3,415

Summary of Stock Options Activity

A summary of the Company’s stock option activity for the three months ended March 31, 2019 is as follows:

			Weighted Average
	Number of Options		Exercise Price
Options outstanding as of January 1, 2019	2,551,743		$	30.82
Exercised	(109,345	)		20.32
Forfeited	(113,403	)		25.81
Options outstanding as of March 31, 2019	2,328,995		$	31.56
Options exercisable as of March 31, 2019	1,550,336		$	36.93

Summary of RSUs and PSUs activity

A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2019 is as follows:

	Number of RSUs and		Weighted Average Grant
	PSUs		Date Fair Value
Unvested as of January 1, 2019	1,422,887		$	20.17
Granted	1,511,632			26.65
Forfeited	(61,500	)		21.73
Vested	(43,036	)		21.06
Unvested as of March 31, 2019	2,829,983		$	23.58

Schedule of Accumulated other comprehensive income (loss)

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2019 and 2018, respectively:

	Three months ended March 31, 2019
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2019	$	(627	)	$	(7,126	)	$	(7,753	)
Other comprehensive income (loss) before reclassifications		1,011			(427	)		584
Amounts reclassified from accumulated other comprehensive loss		(16	)		-			(16	)
Other comprehensive income (loss)		995			(427	)		568
Balance as of March 31, 2019	$	368		$	(7,553	)	$	(7,185	)

	Three months ended March 31, 2018
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	Hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2018	$	330		$	(7,353	)	$	(7,023	)
Other comprehensive income (loss) before reclassifications		(90	)		2,011			1,921
Amounts reclassified from accumulated other comprehensive loss		(235	)		-			(235	)
Other comprehensive income		(325	)		2,011			1,686
Balance as of March 31, 2018	$	5		$	(5,342	)	$	(5,337	)

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New Accounting Pronouncements (Details) $ in Millions	3 Months Ended
New Accounting Pronouncements (Details) $ in Millions	Mar. 31, 2019 USD ($)
New Accounting Pronouncements
Right-of-use assets	$ 27.4
Lease liabilities	$ 27.9
Weighted average remaining lease term	3 years 10 months 25 days
Weighted-average discount rate	5.10%

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Revenues (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Revenue Recognition [Abstract]
Revenue recognized	$ 17,800
Deferred revenue noncurrent portion	17,307	$ 18,422
Remaining performance obligations	92,200
Expected remaining performance obligations recognized during next 12 months	74,000
Expected remaining performance obligations recognized subsequent to next 12 months and thereafter	12,000
Deferred sales commissions	$ 3,300

XML 36 R27.htm IDEA: XBRL DOCUMENT

Revenues (Shedule of Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total Revenues	$ 155,300	$ 153,833
Revenues recognized in point in time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	136,526	134,799
Revenues recognized over time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,774	19,034
Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	105,091	103,917
Products [Member] \| Revenues recognized in point in time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	105,091	103,917
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	50,209	49,916
Services [Member] \| Revenues recognized in point in time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	31,435	30,882
Services [Member] \| Revenues recognized over time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,774	19,034
Americas [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	96,498	87,914
Americas [Member] \| Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	58,054	50,244
Americas [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	38,444	37,670
EMEA [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	34,783	38,971
EMEA [Member] \| Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	28,085	31,981
EMEA [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	6,698	6,990
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	24,019	26,948
Asia Pacific [Member] \| Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,952	21,692
Asia Pacific [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 5,067	$ 5,256

XML 37 R28.htm IDEA: XBRL DOCUMENT

Revenues (Schedule of Changes in Deferred Revenue) (Details) - USD ($)
$ in Thousands

Mar. 31, 2019

Dec. 31, 2018

Revenue Recognition [Abstract]

Deferred revenue

^[1]

$ 71,304

$ 72,387

[1]	Includes $17.3 million and $18.4 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.

XML 38 R29.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 66,184	$ 61,391
Work-in-process	2,437	2,616
Raw materials	63,110	59,517
Total Inventory	$ 131,731	$ 123,524

XML 39 R30.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Amortization of intangible assets	$ 6,100		$ 8,100
Goodwill	$ 385,612	$ 385,849
Stratasys-Objet reporting unit [Member]
Expected cash flow period		5 years
Growth rate (as a percent)		3.10%
Discount rate (as a percent)		14.00%
Percentage of decrease in terminal year growth rate		1.00%
Percentage of increase in terminal year growth rate		1.00%
Percentage of fair value exceeding carrying value of reporting units		8.00%
Goodwill		$ 386,000
Change in fair value due to 1% decrease in terminal year growth rate		48,000
Change in fair value due to 1% increase in terminal year growth rate		$ 80,000

XML 40 R31.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Schedule of Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill as of January 1, 2019	$ 385,849
Translation differences	(200)
Goodwill as of March 31, 2019	$ 385,612

XML 41 R32.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 458,262	$ 457,963
Accumulated Amortization	(356,776)	(350,689)
Net Book Value	101,486	107,274
Developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	299,100	299,100
Accumulated Amortization	(240,316)	(236,375)
Net Book Value	58,784	62,725
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,483	10,127
Accumulated Amortization	(5,960)	(5,752)
Net Book Value	4,523	4,375
Trademarks and trade names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	26,224	26,212
Accumulated Amortization	(20,404)	(19,067)
Net Book Value	5,820	7,145
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	102,914	102,984
Accumulated Amortization	(70,868)	(70,353)
Net Book Value	32,046	32,631
Capitalized software development costs [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,541	19,540
Accumulated Amortization	(19,228)	(19,142)
Net Book Value	$ 313	$ 398

XML 42 R33.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense Relating to Intangible Assets) (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 9 months of 2019	$ 18,124
2020	23,933
2021	23,772
2022	23,678
2023	6,698
Thereafter	5,281
Net Book Value	$ 101,486

XML 43 R34.htm IDEA: XBRL DOCUMENT

Loss Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of net loss per share	5.1	3.3

XML 44 R35.htm IDEA: XBRL DOCUMENT

Loss Per Share (Schedule of Computations of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net loss attributable to Stratasys Ltd. for basic and diluted loss per share	$ (2,270)	$ (13,041)
Denominator:
Weighted average shares - denominator for basic and diluted net loss per share	53,966	53,657
Net loss per share attributable to Stratasys Ltd.
Basic	$ (0.04)	$ (0.24)
Diluted	$ (0.04)	$ (0.24)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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XML 45 R36.htm IDEA: XBRL DOCUMENT

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	(48.40%)	(9.30%)

XML 46 R37.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Schedule of Fair Value Measurements) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset (liabilities)	$ 494	$ (450)
Foreign Exchange Future [Member] \| Recurring [Member] \| Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	445	374
Derivative liabilities	(319)	(196)
Foreign Exchange Future [Member] \| Recurring [Member] \| Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	377
Derivative liabilities	$ (9)	$ (628)

XML 47 R38.htm IDEA: XBRL DOCUMENT

Derivative instruments and hedging activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivatives, Fair Value [Line Items]
Notional amount of derivative asset	$ 94.6
Gain (Loss) on derivative instrument	1.2	$ 2.3
Other current assets [Member] \| Foreign Exchange Contract [Member] \| Designated as Hedging Instrument [Member] \| Conversion To NIS [Member]
Derivatives, Fair Value [Line Items]
Notional amount of derivative asset	$ 30.9

XML 48 R39.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging Activities (Schedule of Balance Sheet Classification and Fair Values of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Notional amount of derivative asset	$ 94,600
Fair value	494	$ (450)
Notional amount	125,485	130,423
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Other current assets [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative asset	445	374
Notional amount of derivative asset	82,946	34,695
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Accrued expenses and other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative liability	(319)	(196)
Notional amount of derivative liability	11,616	54,425
Foreign Exchange Contract [Member] \| Designated as Hedging Instrument [Member] \| Other current assets [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative asset	377
Notional amount of derivative asset	26,715
Foreign Exchange Contract [Member] \| Designated as Hedging Instrument [Member] \| Accrued expenses and other current liabilities [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative liability	(9)	(628)
Notional amount of derivative liability	$ 4,208	$ 41,303

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Equity (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Equity (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options exercised	109,345	17,402
Increase in equity	$ 2.2	$ 0.3
Unrecognized compensation cost	$ 7.8
Weighted average period for recognition	1 year 9 months 18 days
RSUs and PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 59.0
Weighted average period for recognition	3 years 2 months 12 days

XML 50 R41.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Stock-based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 4,229	$ 3,415
Cost of sales [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	354	387
Research and development, net [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	759	742
Selling, general and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 3,116	$ 2,286

XML 51 R42.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Stock Option Activity) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Number of Options
Balance, beginning	2,551,743
Exercised	(109,345)	(17,402)
Forfeited	(113,403)
Balance, ending	2,328,995
Exercisable	1,550,336
Weighted Average Exercise Price
Balance, beginning	$ 30.82
Exercised	20.32
Forfeited	25.81
Balance, ending	31.56
Exercisable	$ 36.93

XML 52 R43.htm IDEA: XBRL DOCUMENT

Equity (Summary of RSUs and PSUs Activity) (Details) - RSUs and PSUs [Member]	3 Months Ended
	Mar. 31, 2019 $ / shares shares
Number of RSUs and PSUs
Unvested RSUs outstanding, beginning \| shares	1,422,887
Granted \| shares	1,511,632
Forfeited \| shares	(61,500)
Vested \| shares	(43,036)
Unvested RSUs and PSUs outstanding, ending \| shares	2,829,983
Weighted Average Grant Date Fair Value
Unvested RSUs outstanding, beginning \| $ / shares	$ 20.17
Granted \| $ / shares	26.65
Forfeited \| $ / shares	21.73
Vested \| $ / shares	21.06
Unvested RSUs and PSUs outstanding, ending \| $ / shares	$ 23.58

XML 53 R44.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	$ (7,753)	$ (7,023)
Other comprehensive income (loss) before reclassifications	584	1,921
Amounts reclassified from accumulated other comprehensive loss	(16)	(235)
Other comprehensive income (loss)	568	1,686
Balance as of end of period	(7,185)	(5,337)
Net unrealized gain (loss) on cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	(627)	330
Other comprehensive income (loss) before reclassifications	1,011	(90)
Amounts reclassified from accumulated other comprehensive loss	(16)	(235)
Other comprehensive income (loss)	995	(325)
Balance as of end of period	368	5
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	(7,126)	(7,353)
Other comprehensive income (loss) before reclassifications	(427)	2,011
Amounts reclassified from accumulated other comprehensive loss
Other comprehensive income (loss)	(427)	2,011
Balance as of end of period	$ (7,553)	$ (5,342)

XML 54 R45.htm IDEA: XBRL DOCUMENT

Revenues (Shedule of Disaggregation of Revenues Based on Time) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total Revenues	$ 155,300	$ 153,833
Revenues recognized in point in time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	136,526	134,799
Revenues recognized over time [Member]
Disaggregation of Revenue [Line Items]
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