CEVA (CEVA) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 04, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	CEVA
Entity Registrant Name	CEVA INC
Entity Central Index Key	1,173,489
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,553,156

INTERIM CONDENSED CONSOLIDATED

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 12,621	$ 18,401
Short term bank deposits	36,799	46,247
Marketable securities	64,255	61,868
Trade receivables	13,777	15,044
Prepaid expenses and other current assets	4,596	3,152
Total current assets	132,048	144,712
Long term bank deposits	49,972	29,977
Severance pay fund	8,335	7,941
Deferred tax assets	2,572	2,252
Property and equipment, net	5,826	4,805
Goodwill	46,612	46,612
Intangible assets, net	2,669	2,978
Other long-term assets	3,575	3,218
Total long-term assets	119,561	97,783
Total assets	251,609	242,495
Current liabilities:
Trade payables	381	571
Deferred revenues	6,283	6,258
Accrued expenses and other payables	3,869	4,015
Accrued payroll and related benefits	12,023	11,751
Total current liabilities	22,556	22,595
Long term liabilities:
Accrued severance pay	8,875	8,349
Total long-term liabilities	8,875	8,349
Stockholders' equity:
Preferred Stock: $0.001 par value: 5,000,000 shares authorized; none issued and outstanding
Common Stock: $0.001 par value: 60,000,000 shares authorized; 23,595,160 shares issued at March 31, 2017 (unaudited) and December 31, 2016. 21,530,563 and 21,273,500 shares outstanding at March 31, 2017 (unaudited) and December 31, 2016, respectively	22	21
Additional paid in-capital	212,632	212,103
Treasury stock at cost (2,064,597 and 2,321,660 shares of common stock at March 31, 2017 (unaudited) and December 31, 2016, respectively)	(35,133)	(39,507)
Accumulated other comprehensive loss	(289)	(497)
Retained earnings	42,946	39,431
Total stockholders' equity	220,178	211,551
Total liabilities and stockholders' equity	$ 251,609	$ 242,495

INTERIM CONDENSED CONSOLIDATED3

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	5,000,000	5,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	60,000,000	60,000,000
Common Stock, shares issued	23,595,160	23,595,160
Common Stock, shares outstanding	21,530,563	21,273,500
Treasury stock, shares	2,064,597	2,321,660

INTERIM CONDENSED CONSOLIDATED4

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Licensing and related revenue	$ 9,535	$ 8,650
Royalties	11,752	7,858
Total revenues	21,287	16,508
Cost of revenues	1,696	1,628
Gross profit	19,591	14,880
Operating expenses:
Research and development, net	9,873	7,914
Sales and marketing	2,938	2,845
General and administrative	2,125	1,990
Amortization of intangible assets	309	309
Total operating expenses	15,245	13,058
Operating income	4,346	1,822
Financial income, net	571	441
Income before taxes on income	4,917	2,263
Income taxes	810	463
Net income	$ 4,107	$ 1,800
Basic and diluted net income per share	$ 0.19	$ 0.09
Weighted-average shares used to compute net income per share
Basic	21,398	20,520
Diluted	22,187	20,926

INTERIM CONDENSED CONSOLIDATED5

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income:	$ 4,107	$ 1,800
Available-for-sale securities:
Changes in unrealized losses	169	223
Reclassification adjustments for losses included in net income	38	30
Net change	207	253
Cash flow hedges:
Changes in unrealized gains	182	235
Reclassification adjustments for gains included in net income	(146)	(25)
Net change	36	210
Other comprehensive income before tax	243	463
Income tax expense related to components of other comprehensive income	35	55
Other comprehensive income, net of taxes	208	408
Comprehensive income	$ 4,315	$ 2,208

INTERIM CONDENSED CONSOLIDATED6

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 4,107	$ 1,800
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation	443	298
Amortization of intangible assets	309	309
Equity-based compensation	1,949	1,474
Realized loss, net on sale of available-for-sale marketable securities	38	30
Amortization of premiums on available-for-sale marketable securities	304	249
Unrealized foreign exchange (gain) loss	27	(6)
Changes in operating assets and liabilities:
Trade receivables	1,266	(2,637)
Prepaid expenses and other assets	(1,738)	(462)
Accrued interest on bank deposits	114	(272)
Deferred tax, net	(355)	(355)
Trade payables	(220)	716
Deferred revenues	25	(1,334)
Accrued expenses and other payables	(11)	293
Accrued payroll and related benefits	63	(540)
Income taxes payable	(140)	467
Accrued severance pay, net	108	206
Net cash provided by operating activities	6,289	236
Cash flows from investing activities:
Purchase of property and equipment	(1,435)	(411)
Investment in bank deposits	(21,000)
Proceeds from bank deposits	10,500	1,113
Investment in available-for-sale marketable securities	(10,696)	(15,434)
Proceeds from maturity of available-for-sale marketable securities	2,243	2,975
Proceeds from sale of available-for-sale marketable securities	5,931	6,408
Net cash used in investing activities	(14,457)	(5,349)
Cash flows from financing activities:
Purchase of treasury stock		(3,417)
Proceeds from exercise of stock-based awards	2,363	912
Net cash provided by (used in) financing activities	2,363	(2,505)
Effect of exchange rate changes on cash and cash equivalents	25	24
Decrease in cash and cash equivalents	(5,780)	(7,594)
Cash and cash equivalents at the beginning of the period	18,401	18,909
Cash and cash equivalents at the end of the period	12,621	11,315
Supplemental information of cash-flow activities:
Income and withholding taxes, net of refunds	1,280	$ 311
Non-cash transactions:
Property and equipment purchases incurred but unpaid at period end	$ 29

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
BUSINESS	NOTE 1: BUSINESS The financial information in this quarterly report includes the results of CEVA, Inc. and its subsidiaries (the “Company” or “CEVA”). CEVA licenses a family of signal processing IPs, including programmable DSP cores and application-specific platforms for advanced imaging, computer vision and deep learning for many camera-enabled devices, sound, voice and audio, as well as long and short range wireless technologies for LTE/LTE-A/5G Wi-Fi CEVA’s technologies are licensed to leading semiconductor and original equipment manufacturer (OEM) companies in the form of intellectual property (IP). These companies design, manufacture, market and sell application-specific integrated circuits (“ASICs”) and application-specific standard products (“ASSPs”) based on CEVA’s technology to wireless, consumer electronics and automotive companies for incorporation into a wide variety of end products.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The interim condensed consolidated financial statements have been prepared according to U.S Generally Accepted Accounting Principles (“U.S. GAAP”). The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2016, contained in the Company’s Annual Report on Form 10-K 2016-09 Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
MARKETABLE SECURITIES	NOTE 3: MARKETABLE SECURITIES The following is a summary of available-for-sale March 31, 2017 (Unaudited) Amortized Gross Gross Fair Available-for-sale Corporate bonds $ 11,565 $ 6 $ (23 ) $ 11,548 11,565 6 (23 ) 11,548 Available-for-sale Government bonds 501 — (7 ) 494 Corporate bonds 52,561 29 (377 ) 52,213 53,062 29 (384 ) 52,707 Total $ 64,627 $ 35 $ (407 ) $ 64,255 December 31, 2016 (Audited) Amortized Gross Gross Fair Available-for-sale Corporate bonds $ 9,456 $ 4 $ (15 ) $ 9,445 9,456 4 (15 ) 9,445 Available-for-sale Government bonds 501 — (4 ) 497 Corporate bonds 52,490 3 (567 ) 51,926 52,991 3 (571 ) 52,423 Total $ 62,447 $ 7 $ (586 ) $ 61,868 The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2017 and December 31, 2016, and the length of time that those investments have been in a continuous loss position: Less than 12 months 12 months or greater Fair value Gross unrealized loss Fair value Gross As of March 31, 2017 (unaudited) $ 46,486 $ (385 ) $ 4,397 $ (22 ) As of December 31, 2016 $ 48,663 $ (557 ) $ 4,875 $ (29 ) As of March 31, 2017 and December 31, 2016, management believes the impairments are not other than temporary and therefore the impairment losses were recorded in accumulated other comprehensive income (loss). The following table presents gross realized gains and losses from sale of available-for-sale Three months ended 2017 (unaudited) 2016 (unaudited) Gross realized losses from sale of available-for-sale $ (38 ) $ (30 )

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	NOTE 4: FAIR VALUE MEASUREMENT Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, “Fair Value Measurements and Disclosures” defines fair value, establishes a framework for measuring fair value. Fair value is an exit price, representing the amount that would be received for selling an asset or paid for the transfer of a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level I Unadjusted quoted prices in active markets that are accessible on the measurement date for identical, unrestricted assets or liabilities; Level II Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level III Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The Company measures its marketable securities and foreign currency derivative contracts at fair value. Marketable securities and foreign currency derivative contracts are classified within Level II as the valuation inputs are based on quoted prices and market observable data of similar instruments. The table below sets forth the Company’s assets and liabilities measured at fair value by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Description March 31, 2017 Level I Level II Level III Assets Marketable securities: Government bonds $ 494 $ — $ 494 $ — Corporate bonds 63,761 — 63,761 — Foreign exchange contracts 42 — 42 — Description December 31, 2016 Level I Level II Level III Assets: Marketable securities: Government bonds $ 497 $ — $ 497 $ — Corporate bonds 61,371 — 61,371 — Foreign exchange contracts 6 — 6 —

GEOGRAPHIC INFORMATION AND MAJO

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA	NOTE 5: GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA a. Summary information about geographic areas: The Company manages its business on the basis of one reportable segment: the licensing of intellectual property to semiconductor companies and electronic equipment manufacturers (see Note 1 for a brief description of the Company’s business). The following is a summary of revenues within geographic areas: Three months ended 2017 (unaudited) 2016 (unaudited) Revenues based on customer location: United States $ 1,303 $ 1,760 Europe and Middle East 3,931 2,474 Asia Pacific (1) (2) 16,053 12,274 $ 21,287 $ 16,508 (1) China $ 9,742 $ 8,892 (2) S. Korea $ 3,749 $ 2,703 b. Major customer data as a percentage of total revenues: The following table sets forth the customers that represented 10% or more of the Company’s total revenues in each of the periods set forth below. Three months ended 2017 (unaudited) 2016 (unaudited) Customer A 25 % 24 % Customer B * ) 17 % Customer C 17 % 16 % Customer D 11 % * ) *) Less than 10%

NET INCOME PER SHARE OF COMMON

NET INCOME PER SHARE OF COMMON STOCK	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
NET INCOME PER SHARE OF COMMON STOCK	NOTE 6: NET INCOME PER SHARE OF COMMON STOCK Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted net income per share is computed based on the weighted average number of shares of common stock outstanding during each period, plus dilutive potential shares of common stock considered outstanding during the period, in accordance with FASB ASC No. 260, “Earnings Per Share.” Three months ended 2017 (unaudited) 2016 (unaudited) Numerator: Net income $ 4,107 $ 1,800 Denominator (in thousands): Basic weighted-average common stock outstanding 21,398 20,520 Effect of stock -based awards 789 406 Diluted weighted average common stock outstanding 22,187 20,926 Basic and diluted net income per share $ 0.19 $ 0.09 The weighted average number of shares related to outstanding equity-based awards excluded from the calculation of diluted net income per share, since their effect was anti-dilutive, was 104,000 and 755,182 shares for the three months ended March 31, 2017 and 2016, respectively.

COMMON STOCK AND STOCK-BASED CO

COMMON STOCK AND STOCK-BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
COMMON STOCK AND STOCK-BASED COMPENSATION PLANS	NOTE 7: COMMON STOCK AND STOCK-BASED COMPENSATION PLANS The Company grants stock options and stock appreciation rights (“SARs”) capped with a ceiling to employees and stock options to non-employee non-employee Number of Weighted Weighted Aggregate intrinsic-value Outstanding as of December 31, 2016 1,455,908 $ 19.76 Granted — — Exercised (178,458 ) 19.92 Forfeited or expired (5,909 ) 17.95 Outstanding as of March 31, 2017 (2) 1,271,541 $ 19.75 4.7 $ 20,031 Exercisable as of March 31, 2017 (3) 849,332 $ 19.64 3.7 $ 13,466 (1) The SAR units are convertible for a maximum number of shares of the Company’s common stock equal to 75% of the SAR units subject to the grant. (2) Due to the ceiling imposed on the SAR grants, the outstanding amount equals a maximum of 1,144,118 shares of the Company’s common stock issuable upon exercise. (3) Due to the ceiling imposed on the SAR grants, the exercisable amount equals a maximum of 766,774 shares of the Company’s common stock issuable upon exercise. As of March 31, 2017, there was $1,314 of unrecognized compensation expense related to unvested stock options and SARs. This amount is expected to be recognized over a weighted-average period of 1.4 years. Starting in the second quarter of 2015, the Company granted to employees, including executive officers, and non-employee non-employee Number of Weighted Average Unvested as of December 31, 2016 505,142 $ 21.59 Granted 193,800 34.00 Vested (98,349 ) 20.33 Forfeited or expired (11,336 ) 21.88 Unvested as of March 31, 2017 589,257 $ 25.88 As of March 31, 2017, there was $12,722 of unrecognized compensation expense related to unvested RSUs. This amount is expected to be recognized over a weighted-average period of 1.7 years. The following table shows the total equity-based compensation expense included in the interim condensed consolidated statements of income: Three months ended 2017 (unaudited) 2016 (unaudited) Cost of revenue $ 91 $ 60 Research and development, net 871 646 Sales and marketing 289 247 General and administrative 698 521 Total equity-based compensation expense $ 1,949 $ 1,474 The fair value for rights to purchase shares of common stock under the Company’s employee stock purchase plan was estimated on the date of grant using the following assumptions: Three months ended 2017 (unaudited) 2016 (unaudited) Expected dividend yield 0% 0% Expected volatility 35%-46% 36%-57% Risk-free interest rate 0.5%-0.7% 0.3%-0.5% Expected forfeiture 0% 0% Contractual term of up to 24 months 24 months

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	NOTE 8: DERIVATIVES AND HEDGING ACTIVITIES The Company follows the requirements of FASB ASC No. 815,” Derivatives and Hedging” which requires companies to recognize all of their derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging transaction and further, on the type of hedging transaction. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. Due to the Company’s global operations, it is exposed to foreign currency exchange rate fluctuations in the normal course of its business. The Company’s treasury policy allows it to offset the risks associated with the effects of certain foreign currency exposures through the purchase of foreign exchange forward or option contracts (“Hedging Contracts”). The policy, however, prohibits the Company from speculating on such Hedging Contracts for profit. To protect against the increase in value of forecasted foreign currency cash flow resulting from salaries paid in currencies other than the U.S. dollar during the year, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll of its non-U.S. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any gain or loss on a derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item is recognized in current earnings during the period of change. As of March 31, 2017 and December 31, 2016, the notional principal amount of the Hedging Contracts to sell U.S. dollars held by the Company was $900 and $3,300, respectively. The fair value of the Company’s outstanding derivative instruments is as follows: March 31, December 31, Derivative assets Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ 42 $ — Foreign exchange forward contracts — 6 Total $ 42 $ 6 The Company recorded the fair value of derivative assets in “prepaid expenses and other current assets” and the fair value of derivative liabilities in “accrued expenses and other payables” on the Company’s interim condensed consolidated balance sheets. The increase (decrease) in unrealized gains (losses) recognized in “accumulated other comprehensive income (loss)” on derivatives, before tax effect, is as follows: Three months ended 2017 (unaudited) 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ 91 $ 122 Foreign exchange forward contracts 91 113 $ 182 $ 235 The net (gains) losses reclassified from “accumulated other comprehensive income (loss)” into income are as follows: Three months ended March 31, 2017 (unaudited) 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ (49 ) $ — Foreign exchange forward contracts (97 ) (25 ) $ (146 ) $ (25 ) The Company recorded in cost of revenues and operating expenses a net gain of $146 and $25 during the three months ended March 31, 2017 and 2016, respectively, related to its Hedging Contracts.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 9: ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables summarize the changes in accumulated balances of other comprehensive income (loss), net of taxes: Three months ended March 31, 2017 Three months ended March 31, 2016 Unrealized gains (losses) on available- for-sale marketable securities Unrealized gains (losses) on cash flow hedges Total Unrealized gains (losses) on available-for- sale marketable securities Unrealized gains (losses) on cash flow hedges Total Beginning balance $ (502 ) $ 5 $ (497 ) $ (427 ) $ 8 $ (419 ) Other comprehensive income before reclassifications 147 164 311 194 211 405 Amounts reclassified from accumulated other comprehensive income (loss) 28 (131 ) (103 ) 25 (22 ) 3 Net current period other comprehensive income 175 33 208 219 189 408 Ending balance $ (327 ) $ 38 $ (289 ) $ (208 ) $ 197 $ (11 ) The following table provides details about reclassifications out of accumulated other comprehensive income: Details about Accumulated Other Comprehensive Income Amount Reclassified from Affected Line Item in the Statements of Income Three months ended March 31, 2017 (unaudited) 2016 (unaudited) Unrealized gains on cash flow hedges $ 3 $ — Cost of revenues 125 21 Research and development 8 2 Sales and marketing 10 2 General and administrative 146 25 Total, before income taxes 15 3 Income tax expense 131 22 Total, net of income taxes Unrealized losses on available-for-sale (38 ) (30 ) Financial income (loss), net (10 ) (5 ) Income tax benefit (28 ) (25 ) Total, net of income taxes $ 103 $ (3 ) Total, net of income taxes

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
SHARE REPURCHASE PROGRAM	NOTE 10: SHARE REPURCHASE PROGRAM The Company did not repurchase shares of common stock during the first quarter of 2017. During the first quarter of 2016, the Company repurchased 180,013 shares of common stock at an average purchase price of $18.98 per share for an aggregate purchase price of $3,417. As of March 31, 2017, 311,056 shares of common stock remained available for repurchase pursuant to the Company’s share repurchase program. The repurchases of common stock are accounted for as treasury stock, and result in a reduction of stockholders’ equity. When treasury shares are reissued, the Company accounts for the reissuance in accordance with FASB ASC No. 505-30, paid-in

IMPACT OF RECENTLY ISSUED ACCOU

IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED	NOTE 11: IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED Revenue recognition In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including clarification on identifying performance obligations. The guidance permits two methods of modification: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up The new standard will be effective for the Company beginning January 1, 2018, but adoption as of the original effective date of January 1, 2017 is permitted. The Company will adopt the new standard as of January 1, 2018. The Company has made progress toward completing its evaluation of the potential changes from adopting this new standard on its financial reporting and disclosures. The Company has evaluated the impact of the standard on a majority of its revenue streams and associated contracts. The Company expects to complete the contract evaluations and validate the results during the first half of 2017. The Company formed an implementation work group and expects to complete the evaluation of the impact of the accounting and disclosure changes on its business processes, controls and systems throughout 2017, design any changes to such business processes, controls and systems, and implement the changes before the end of 2017. Under the new standard, an entity recognizes revenue when or as it satisfies a performance obligation by transferring IP license or services to the customer, either at a point in time or over time. The Company expects to continue to recognize most of its revenue at a point in time upon delivery of its products. The Company expects to recognize revenue over time on significant license customization contracts that are covered by contract accounting standards using cost inputs to measure progress toward completion of its performance obligations, which is similar to the current method. Based on its current analysis, the most significant effect on the Company, if any, will be related to certain deliverables that may be considered as distinct performance obligations separate from other performance obligations and will be measured using the relative standalone selling price basis. In addition, incremental costs that are related to sales from contracts signed during the period would require capitalization. The Company also will consider if there is a significant financing component if the time between payment and performance is more than one year. The Company continues to assess all potential impacts under the new revenues standard.

RECENTLY ADOPTED ACCOUNTING STA

RECENTLY ADOPTED ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED ACCOUNTING STANDARDS	NOTE 12: RECENTLY ADOPTED ACCOUNTING STANDARDS In March 2016, the FASB issued ASU 2016-09, 2016-09”). 2016-09 2016-09 2016-09

BASIS OF PRESENTATION AND SUM19

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements have been prepared according to U.S Generally Accepted Accounting Principles (“U.S. GAAP”). The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2016, contained in the Company’s Annual Report on Form 10-K 2016-09
Use of Estimates	Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Impact of Recently Issued Accounting Standards Not Yet Adopted	Revenue recognition In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including clarification on identifying performance obligations. The guidance permits two methods of modification: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up The new standard will be effective for the Company beginning January 1, 2018, but adoption as of the original effective date of January 1, 2017 is permitted. The Company will adopt the new standard as of January 1, 2018. The Company has made progress toward completing its evaluation of the potential changes from adopting this new standard on its financial reporting and disclosures. The Company has evaluated the impact of the standard on a majority of its revenue streams and associated contracts. The Company expects to complete the contract evaluations and validate the results during the first half of 2017. The Company formed an implementation work group and expects to complete the evaluation of the impact of the accounting and disclosure changes on its business processes, controls and systems throughout 2017, design any changes to such business processes, controls and systems, and implement the changes before the end of 2017. Under the new standard, an entity recognizes revenue when or as it satisfies a performance obligation by transferring IP license or services to the customer, either at a point in time or over time. The Company expects to continue to recognize most of its revenue at a point in time upon delivery of its products. The Company expects to recognize revenue over time on significant license customization contracts that are covered by contract accounting standards using cost inputs to measure progress toward completion of its performance obligations, which is similar to the current method. Based on its current analysis, the most significant effect on the Company, if any, will be related to certain deliverables that may be considered as distinct performance obligations separate from other performance obligations and will be measured using the relative standalone selling price basis. In addition, incremental costs that are related to sales from contracts signed during the period would require capitalization. The Company also will consider if there is a significant financing component if the time between payment and performance is more than one year. The Company continues to assess all potential impacts under the new revenues standard.

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Summary of Available-for-Sale Marketable Securities	The following is a summary of available-for-sale March 31, 2017 (Unaudited) Amortized Gross Gross Fair Available-for-sale Corporate bonds $ 11,565 $ 6 $ (23 ) $ 11,548 11,565 6 (23 ) 11,548 Available-for-sale Government bonds 501 — (7 ) 494 Corporate bonds 52,561 29 (377 ) 52,213 53,062 29 (384 ) 52,707 Total $ 64,627 $ 35 $ (407 ) $ 64,255 December 31, 2016 (Audited) Amortized Gross Gross Fair Available-for-sale Corporate bonds $ 9,456 $ 4 $ (15 ) $ 9,445 9,456 4 (15 ) 9,445 Available-for-sale Government bonds 501 — (4 ) 497 Corporate bonds 52,490 3 (567 ) 51,926 52,991 3 (571 ) 52,423 Total $ 62,447 $ 7 $ (586 ) $ 61,868
Summary of Gross Unrealized Losses and Fair Values on Investments	The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2017 and December 31, 2016, and the length of time that those investments have been in a continuous loss position: Less than 12 months 12 months or greater Fair value Gross unrealized loss Fair value Gross As of March 31, 2017 (unaudited) $ 46,486 $ (385 ) $ 4,397 $ (22 ) As of December 31, 2016 $ 48,663 $ (557 ) $ 4,875 $ (29 )
Summary of Gross Realized Gain and Loss from Sale of Available-for-Sale Marketable Securities	The following table presents gross realized gains and losses from sale of available-for-sale Three months ended 2017 (unaudited) 2016 (unaudited) Gross realized losses from sale of available-for-sale $ (38 ) $ (30 )

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement	The table below sets forth the Company’s assets and liabilities measured at fair value by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Description March 31, 2017 Level I Level II Level III Assets Marketable securities: Government bonds $ 494 $ — $ 494 $ — Corporate bonds 63,761 — 63,761 — Foreign exchange contracts 42 — 42 — Description December 31, 2016 Level I Level II Level III Assets: Marketable securities: Government bonds $ 497 $ — $ 497 $ — Corporate bonds 61,371 — 61,371 — Foreign exchange contracts 6 — 6 —

GEOGRAPHIC INFORMATION AND MA22

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Revenues Based on Customer Location	The following is a summary of revenues within geographic areas: Three months ended 2017 (unaudited) 2016 (unaudited) Revenues based on customer location: United States $ 1,303 $ 1,760 Europe and Middle East 3,931 2,474 Asia Pacific (1) (2) 16,053 12,274 $ 21,287 $ 16,508 (1) China $ 9,742 $ 8,892 (2) S. Korea $ 3,749 $ 2,703
Major Customers Data as Percentage of Total Revenues	The following table sets forth the customers that represented 10% or more of the Company’s total revenues in each of the periods set forth below. Three months ended 2017 (unaudited) 2016 (unaudited) Customer A 25 % 24 % Customer B * ) 17 % Customer C 17 % 16 % Customer D 11 % * ) *) Less than 10%

NET INCOME PER SHARE OF COMMO23

NET INCOME PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Net Income Per Share	Diluted net income per share is computed based on the weighted average number of shares of common stock outstanding during each period, plus dilutive potential shares of common stock considered outstanding during the period, in accordance with FASB ASC No. 260, “Earnings Per Share.” Three months ended 2017 (unaudited) 2016 (unaudited) Numerator: Net income $ 4,107 $ 1,800 Denominator (in thousands): Basic weighted-average common stock outstanding 21,398 20,520 Effect of stock -based awards 789 406 Diluted weighted average common stock outstanding 22,187 20,926 Basic and diluted net income per share $ 0.19 $ 0.09

COMMON STOCK AND STOCK-BASED 24

COMMON STOCK AND STOCK-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	A summary of the Company’s stock option and SARs activities and related information for the three months ended March 31, 2017, are as follows: Number of Weighted Weighted Aggregate intrinsic-value Outstanding as of December 31, 2016 1,455,908 $ 19.76 Granted — — Exercised (178,458 ) 19.92 Forfeited or expired (5,909 ) 17.95 Outstanding as of March 31, 2017 (2) 1,271,541 $ 19.75 4.7 $ 20,031 Exercisable as of March 31, 2017 (3) 849,332 $ 19.64 3.7 $ 13,466 (1) The SAR units are convertible for a maximum number of shares of the Company’s common stock equal to 75% of the SAR units subject to the grant. (2) Due to the ceiling imposed on the SAR grants, the outstanding amount equals a maximum of 1,144,118 shares of the Company’s common stock issuable upon exercise. (3) Due to the ceiling imposed on the SAR grants, the exercisable amount equals a maximum of 766,774 shares of the Company’s common stock issuable upon exercise.
Summary of Restricted Stock Units Activity	A summary of the Company’s RSU activities and related information for the three months ended March 31, 2017, are as follows: Number of Weighted Average Unvested as of December 31, 2016 505,142 $ 21.59 Granted 193,800 34.00 Vested (98,349 ) 20.33 Forfeited or expired (11,336 ) 21.88 Unvested as of March 31, 2017 589,257 $ 25.88
Equity-Based Compensation Expense Included in Interim Condensed Consolidated Statements of Income	The following table shows the total equity-based compensation expense included in the interim condensed consolidated statements of income: Three months ended 2017 (unaudited) 2016 (unaudited) Cost of revenue $ 91 $ 60 Research and development, net 871 646 Sales and marketing 289 247 General and administrative 698 521 Total equity-based compensation expense $ 1,949 $ 1,474
Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan	The fair value for rights to purchase shares of common stock under the Company’s employee stock purchase plan was estimated on the date of grant using the following assumptions: Three months ended 2017 (unaudited) 2016 (unaudited) Expected dividend yield 0% 0% Expected volatility 35%-46% 36%-57% Risk-free interest rate 0.5%-0.7% 0.3%-0.5% Expected forfeiture 0% 0% Contractual term of up to 24 months 24 months

DERIVATIVES AND HEDGING ACTIV25

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Outstanding Derivative Instruments	The fair value of the Company’s outstanding derivative instruments is as follows: March 31, December 31, Derivative assets Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ 42 $ — Foreign exchange forward contracts — 6 Total $ 42 $ 6
Increase (Decrease) in Unrealized Gains (Losses) Recognized in "Accumulated Other Comprehensive Income (Loss)" on Derivatives, Before Tax Effect	The increase (decrease) in unrealized gains (losses) recognized in “accumulated other comprehensive income (loss)” on derivatives, before tax effect, is as follows: Three months ended 2017 (unaudited) 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ 91 $ 122 Foreign exchange forward contracts 91 113 $ 182 $ 235
Net (Gains) Losses Reclassified from "Accumulated Other Comprehensive Income (Loss)"	The net (gains) losses reclassified from “accumulated other comprehensive income (loss)” into income are as follows: Three months ended March 31, 2017 (unaudited) 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ (49 ) $ — Foreign exchange forward contracts (97 ) (25 ) $ (146 ) $ (25 )

ACCUMULATED OTHER COMPREHENSI26

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Changes in Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax	The following tables summarize the changes in accumulated balances of other comprehensive income (loss), net of taxes: Three months ended March 31, 2017 Three months ended March 31, 2016 Unrealized gains (losses) on available- for-sale marketable securities Unrealized gains (losses) on cash flow hedges Total Unrealized gains (losses) on available-for- sale marketable securities Unrealized gains (losses) on cash flow hedges Total Beginning balance $ (502 ) $ 5 $ (497 ) $ (427 ) $ 8 $ (419 ) Other comprehensive income before reclassifications 147 164 311 194 211 405 Amounts reclassified from accumulated other comprehensive income (loss) 28 (131 ) (103 ) 25 (22 ) 3 Net current period other comprehensive income 175 33 208 219 189 408 Ending balance $ (327 ) $ 38 $ (289 ) $ (208 ) $ 197 $ (11 )
Details about Reclassification out of Accumulated Other Comprehensive Income Components	The following table provides details about reclassifications out of accumulated other comprehensive income: Details about Accumulated Other Comprehensive Income Amount Reclassified from Affected Line Item in the Statements of Income Three months ended March 31, 2017 (unaudited) 2016 (unaudited) Unrealized gains on cash flow hedges $ 3 $ — Cost of revenues 125 21 Research and development 8 2 Sales and marketing 10 2 General and administrative 146 25 Total, before income taxes 15 3 Income tax expense 131 22 Total, net of income taxes Unrealized losses on available-for-sale (38 ) (30 ) Financial income (loss), net (10 ) (5 ) Income tax benefit (28 ) (25 ) Total, net of income taxes $ 103 $ (3 ) Total, net of income taxes

Summary of Available-for-Sale M

Summary of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale-matures within one year, Amortized cost	$ 11,565	$ 9,456
Available-for-sale-matures within one year through five years, Amortized cost	53,062	52,991
Amortized cost, Total	64,627	62,447
Available-for-sale-matures within one year, Gross unrealized gains	6	4
Available-for-sale-matures after one year through five years, Gross unrealized gains	29	3
Gross unrealized gains, Total	35	7
Available-for-sale-matures within one year, Gross unrealized losses	(23)	(15)
Available-for-sale-matures after one year through five years, Gross unrealized losses	(384)	(571)
Gross unrealized losses, Total	(407)	(586)
Available-for-sale-matures within one year, Fair value	11,548	9,445
Available-for-sale-matures after one year through five years, Fair value	52,707	52,423
Fair value, Total	64,255	61,868
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale-matures within one year, Amortized cost	11,565	9,456
Available-for-sale-matures within one year through five years, Amortized cost	52,561	52,490
Available-for-sale-matures within one year, Gross unrealized gains	6	4
Available-for-sale-matures after one year through five years, Gross unrealized gains	29	3
Available-for-sale-matures within one year, Gross unrealized losses	(23)	(15)
Available-for-sale-matures after one year through five years, Gross unrealized losses	(377)	(567)
Available-for-sale-matures within one year, Fair value	11,548	9,445
Available-for-sale-matures after one year through five years, Fair value	52,213	51,926
Government bonds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale-matures within one year through five years, Amortized cost	501	501
Available-for-sale-matures after one year through five years, Gross unrealized losses	(7)	(4)
Available-for-sale-matures after one year through five years, Fair value	494	497
Fair value, Total	$ 494	$ 497

Summary of Gross Unrealized Los

Summary of Gross Unrealized Losses and Fair Values on Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Less than 12 months, Fair value	$ 46,486	$ 48,663
Less than 12 months, Gross unrealized loss	(385)	(557)
12 months or greater, Fair value	4,397	4,875
12 months or greater, Gross unrealized loss	$ (22)	$ (29)

Summary of Gross Realized Gain

Summary of Gross Realized Gain and Loss from Sale of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Gross realized losses from sale of available-for-sale marketable securities	$ (38)	$ (30)

Fair Value Measurement (Detail)

Fair Value Measurement (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Marketable securities	$ 64,255	$ 61,868
Foreign exchange contracts	42	6
Government bonds
Assets:
Marketable securities	494	497
Corporate bonds
Assets:
Marketable securities	63,761	61,371
Level II
Assets:
Foreign exchange contracts	42	6
Level II | Government bonds
Assets:
Marketable securities	494	497
Level II | Corporate bonds
Assets:
Marketable securities	$ 63,761	$ 61,371

Geographic Information and Ma31

Geographic Information and Major Customer and Product Data - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Revenues Based on Customer Loca

Revenues Based on Customer Location (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 21,287	$ 16,508
United States
Segment Reporting Information [Line Items]
Total revenues	1,303	1,760
Europe and Middle East
Segment Reporting Information [Line Items]
Total revenues	3,931	2,474
Asia Pacific
Segment Reporting Information [Line Items]
Total revenues	16,053	12,274
China
Segment Reporting Information [Line Items]
Total revenues	9,742	8,892
S. Korea
Segment Reporting Information [Line Items]
Total revenues	$ 3,749	$ 2,703

Major Customers Data as Percent

Major Customers Data as Percentage of Total Revenues (Detail) - Revenue - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2017		Mar. 31, 2016
Customer A
Revenue, Major Customer [Line Items]
Percentage of total revenues	25.00%		24.00%
Customer B
Revenue, Major Customer [Line Items]
Percentage of total revenues	0.00%	[1]	17.00%
Customer C
Revenue, Major Customer [Line Items]
Percentage of total revenues	17.00%		16.00%
Customer D
Revenue, Major Customer [Line Items]
Percentage of total revenues	11.00%		0.00%	[1]
[1]	*) Less than 10%

Calculation of Basic and Dilute

Calculation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 4,107	$ 1,800
Denominator (in thousands):
Basic weighted-average common stock outstanding	21,398	20,520
Effect of stock-based awards	789	406
Diluted weighted average common stock outstanding	22,187	20,926
Basic and diluted net income per share	$ 0.19	$ 0.09

Net Income Per Share of Commo35

Net Income Per Share of Common Stock - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of earnings per share	104,000	755,182

Common Stock and Stock-Based 36

Common Stock and Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
2011 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and stock appreciation rights granted under stock incentive plans vesting rate, year one	25.00%
Remaining shares vesting period	36 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period	4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period	3 years
Unrecognized compensation expense	$ 12,722
Unrecognized compensation expense, weighted-average period of recognition	1 year 8 months 12 days
Employees and non-employees award vesting, description	RSUs granted to employees generally vest in three equal annual installments starting on the first anniversary of the grant date. RSUs granted to non-employee directors generally vest in full on the first anniversary of the grant date.
Stock Appreciation Rights (SARs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted percentage	400.00%
Stock Options, SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,314
Unrecognized compensation expense, weighted-average period of recognition	1 year 4 months 24 days
Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted under stock incentive plan vesting rate, each anniversary	25.00%

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Number of options and SAR units
Number of shares outstanding, Beginning balance | shares	1,455,908	[1]
Number of shares, Options/SAR units granted | shares	0	[1]
Number of shares, Options/SAR units exercised | shares	(178,458)	[1]
Number of shares, Options/SAR units forfeited or expired | shares	(5,909)	[1]
Number of shares outstanding, Ending balance | shares	1,271,541	[1],[2]
Number of shares exercisable, Ending balance | shares	849,332	[1],[3]
Weighted-average exercise price
Weighted-average exercise price, Beginning balance | $ / shares	$ 19.76
Weighted average exercise price, Granted | $ / shares	0
Weighted average exercise price, Exercised | $ / shares	19.92
Weighted average exercise price, Forfeited or expired | $ / shares	17.95
Weighted average exercise price, Ending balance | $ / shares	19.75	[2]
Weighted average exercise price, exercisable | $ / shares	$ 19.64	[3]
Weighted average remaining contractual term
Weighted average remaining contractual life, Outstanding at end of period	4 years 8 months 12 days	[2]
Weighted average remaining contractual life, Exercisable at end of period	3 years 8 months 12 days	[3]
Aggregate intrinsic value
Aggregate intrinsic value, Outstanding | $	$ 20,031	[2]
Aggregate intrinsic value, Exercisable | $	$ 13,466	[3]
[1]	The SAR units are convertible for a maximum number of shares of the Company's common stock equal to 75% of the SAR units subject to the grant.
[2]	Due to the ceiling imposed on the SAR grants, the outstanding amount equals a maximum of 1,144,118 shares of the Company's common stock issuable upon exercise.
[3]	Due to the ceiling imposed on the SAR grants, the exercisable amount equals a maximum of 766,774 shares of the Company's common stock issuable upon exercise.

Summary of Stock Option Activ38

Summary of Stock Option Activity (Parenthetical) (Detail) - shares		3 Months Ended
		Mar. 31, 2017		Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding amount of stock appreciation right units	[2]	1,271,541	[1]	1,455,908
Exercisable amount of stock appreciation right units	[2],[3]	849,332
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding amount of stock appreciation right units		1,144,118
Exercisable amount of stock appreciation right units		766,774
Stock Appreciation Rights (SARs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of stock appreciation right units		75.00%
[1]	Due to the ceiling imposed on the SAR grants, the outstanding amount equals a maximum of 1,144,118 shares of the Company's common stock issuable upon exercise.
[2]	The SAR units are convertible for a maximum number of shares of the Company's common stock equal to 75% of the SAR units subject to the grant.
[3]	Due to the ceiling imposed on the SAR grants, the exercisable amount equals a maximum of 766,774 shares of the Company's common stock issuable upon exercise.

Summary of Restricted Stock Uni

Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Number of RSUs
Number of RSUs, Unvested, Beginning balance | shares	505,142
Number of RSUs granted | shares	193,800
Number of RSUs vested | shares	(98,349)
Number of RSUs forfeited or expired | shares	(11,336)
Number of RSUs, Unvested, Ending balance | shares	589,257
Weighted average Grant-Date fair value
Weighted average Grant-Date fair value, Beginning balance | $ / shares	$ 21.59
Weighted average Grant-Date fair value, RSUs granted | $ / shares	34
Weighted average Grant-Date fair value, RSUs vested | $ / shares	20.33
Weighted average Grant-Date fair value, RSUs forfeited or expired | $ / shares	21.88
Weighted average Grant-Date fair value, Ending balance | $ / shares	$ 25.88

Equity-Based Compensation Expen

Equity-Based Compensation Expense Included in Interim Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	$ 1,949	$ 1,474
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	91	60
Research and development, net
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	871	646
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	289	247
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	$ 698	$ 521

Assumptions Used to Estimate Fa

Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan (Detail) - Employee stock purchase plan	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected volatility, Minimum	35.00%	36.00%
Expected volatility, Maximum	46.00%	57.00%
Risk-free interest rate, Minimum	0.50%	0.30%
Risk-free interest rate, Maximum	0.70%	0.50%
Expected forfeiture	0.00%	0.00%
Contractual term of up to	24 months	24 months

Derivatives and Hedging Activ42

Derivatives and Hedging Activities - Additional Information (Detail) - Derivatives designated as cash flow hedging instruments - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income, net	$ 146,000	$ 25,000
Foreign exchange forward and option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional principal amount of Hedging Contracts	$ 900,000		$ 3,300,000

Fair Value of Outstanding Deriv

Fair Value of Outstanding Derivative Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative assets	$ 42	$ 6
Foreign exchange option contracts | Derivatives designated as cash flow hedging instruments
Derivative [Line Items]
Derivative assets	$ 42
Foreign exchange forward contracts | Derivatives designated as cash flow hedging instruments
Derivative [Line Items]
Derivative assets		$ 6

Net (Gains) Losses Reclassified

Net (Gains) Losses Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - Derivatives designated as cash flow hedging instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), Effective portion, Net, Total	$ 182	$ 235
Gain (loss) reclassified from accumulated OCI into income, Effective portion, Net, Total	(146)	(25)
Foreign exchange option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), Effective portion, Net, Total	91	122
Gain (loss) reclassified from accumulated OCI into income, Effective portion, Net, Total	(49)
Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), Effective portion, Net, Total	91	113
Gain (loss) reclassified from accumulated OCI into income, Effective portion, Net, Total	$ (97)	$ (25)

Changes in Accumulated Balances

Changes in Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 211,551
Other comprehensive income before reclassifications	311	$ 405
Amounts reclassified from accumulated other comprehensive income (loss)	(103)	3
Other comprehensive income, net of taxes	208	408
Ending balance	220,178
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(497)	(419)
Ending balance	(289)	(11)
Unrealized gains (losses) on available-for-sale marketable securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(502)	(427)
Other comprehensive income before reclassifications	147	194
Amounts reclassified from accumulated other comprehensive income (loss)	28	25
Other comprehensive income, net of taxes	175	219
Ending balance	(327)	(208)
Unrealized gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	5	8
Other comprehensive income before reclassifications	164	211
Amounts reclassified from accumulated other comprehensive income (loss)	(131)	(22)
Other comprehensive income, net of taxes	33	189
Ending balance	$ 38	$ 197

Details about Reclassification

Details about Reclassification out of Accumulated Other Comprehensive Income Components (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenues	$ (1,696)	$ (1,628)
Financial income (loss), net	571	441
Research and development	(9,873)	(7,914)
Sales and marketing	(2,938)	(2,845)
General and administrative	(2,125)	(1,990)
Income before taxes on income	4,917	2,263
Income tax expense (benefit)	810	463
Net income	4,107	1,800
Reclassification out of accumulated other comprehensive income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	103	(3)
Reclassification out of accumulated other comprehensive income | Unrealized gains (losses) on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenues	3
Research and development	125	21
Sales and marketing	8	2
General and administrative	10	2
Income before taxes on income	146	25
Income tax expense (benefit)	15	3
Net income	131	22
Reclassification out of accumulated other comprehensive income | Unrealized gains (losses) on available-for-sale marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Financial income (loss), net	(38)	(30)
Income tax expense (benefit)	(10)	(5)
Net income	$ (28)	$ (25)

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock Disclosures [Abstract]
Purchase of Treasury Stock, shares	0	180,013
Purchase of Treasury Stock, per share value		$ 18.98
Purchase of Treasury Stock		$ 3,417
Common stock shares, available for repurchase	311,056