CEVA (CEVA) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		21,964,235

INTERIM CONDENSED CONSOLIDATED

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 17,103	$ 18,401
Short term bank deposits	29,688	46,247
Marketable securities	73,209	61,868
Trade receivables	10,389	15,044
Prepaid expenses and other current assets	4,819	3,152
Total current assets	135,208	144,712
Long term bank deposits	50,196	29,977
Severance pay fund	8,956	7,941
Deferred tax assets	2,701	2,252
Property and equipment, net	6,157	4,805
Goodwill	46,612	46,612
Intangible assets, net	2,360	2,978
Other long-term assets	4,093	3,218
Total long-term assets	121,075	97,783
Total assets	256,283	242,495
Current liabilities:
Trade payables	290	571
Deferred revenues	3,388	6,258
Accrued expenses and other payables	3,006	4,015
Accrued payroll and related benefits	10,496	11,751
Total current liabilities	17,180	22,595
Long term liabilities:
Accrued severance pay	9,450	8,349
Total long-term liabilities	9,450	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 June 30, 2017 (unaudited) and December 31, 2016. 21,887,434 and 21,273,500 shares outstanding at June 30, 2017 (unaudited) and December 31, 2016, respectively	22	21
Additional paid in-capital	213,504	212,103
Treasury stock at cost (1,707,726 and 2,321,660 shares of common stock at June 30, 2017 (unaudited) and December 31, 2016, respectively)	(29,060)	(39,507)
Accumulated other comprehensive loss	(278)	(497)
Retained earnings	45,465	39,431
Total stockholders' equity	229,653	211,551
Total liabilities and stockholders' equity	$ 256,283	$ 242,495

INTERIM CONDENSED CONSOLIDATED3

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	21,887,434	21,273,500
Treasury stock, shares	1,707,726	2,321,660

INTERIM CONDENSED CONSOLIDATED4

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Licensing and related revenue	$ 10,337	$ 7,470	$ 19,872	$ 16,120
Royalties	10,238	9,633	21,990	17,491
Total revenues	20,575	17,103	41,862	33,611
Cost of revenues	1,608	1,403	3,304	3,031
Gross profit	18,967	15,700	38,558	30,580
Operating expenses:
Research and development, net	10,509	7,811	20,382	15,725
Sales and marketing	3,427	2,855	6,365	5,700
General and administrative	2,552	2,078	4,677	4,068
Amortization of intangible assets	309	309	618	618
Total operating expenses	16,797	13,053	32,042	26,111
Operating income	2,170	2,647	6,516	4,469
Financial income, net	755	561	1,326	1,002
Income before taxes on income	2,925	3,208	7,842	5,471
Income taxes expense (benefit)	(983)	497	(173)	960
Net income	$ 3,908	$ 2,711	$ 8,015	$ 4,511
Basic net income per share	$ 0.18	$ 0.13	$ 0.37	$ 0.22
Diluted net income per share	$ 0.17	$ 0.13	$ 0.36	$ 0.21
Weighted-average shares used to compute net income per share
Basic	21,712	20,604	21,556	20,562
Diluted	22,563	21,371	22,376	21,149

INTERIM CONDENSED CONSOLIDATED5

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income:	$ 3,908	$ 2,711	$ 8,015	$ 4,511
Available-for-sale securities:
Changes in unrealized losses	57	223	226	446
Reclassification adjustments for (gains) losses included in net income	2	(14)	40	16
Net change	59	209	266	462
Cash flow hedges:
Changes in unrealized gains (losses)		(92)	182	143
Reclassification adjustments for gains included in net income	(42)	(97)	(188)	(122)
Net change	(42)	(189)	(6)	21
Other comprehensive income before tax	17	20	260	483
Income tax expense related to components of other comprehensive income	6	15	41	70
Other comprehensive income, net of taxes	11	5	219	413
Comprehensive income	$ 3,919	$ 2,716	$ 8,234	$ 4,924

INTERIM CONDENSED CONSOLIDATED6

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 8,015	$ 4,511
Adjustments required to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	923	611
Amortization of intangible assets	618	618
Equity-based compensation	4,127	3,083
Realized loss, net on sale of available-for-sale marketable securities	40	16
Amortization of premiums on available-for-sale marketable securities	619	489
Unrealized foreign exchange (gain) loss	29	(33)
Changes in operating assets and liabilities:
Trade receivables	4,655	(6,697)
Prepaid expenses and other assets	(2,382)	(1,916)
Accrued interest on bank deposits	323	(441)
Deferred tax, net	(490)	(326)
Trade payables	(285)	325
Deferred revenues	(2,870)	(650)
Accrued expenses and other payables	339	(51)
Accrued payroll and related benefits	(1,675)	(1,056)
Income taxes payable	(1,475)	15
Accrued severance pay, net	41	207
Net cash provided by (used in) operating activities	10,552	(1,295)
Cash flows from investing activities:
Purchase of property and equipment	(2,275)	(740)
Investment in bank deposits	(30,757)	(9,100)
Proceeds from bank deposits	27,050	15,113
Investment in available-for-sale marketable securities	(27,825)	(23,270)
Proceeds from maturity of available-for-sale marketable securities	3,895	6,561
Proceeds from sale of available-for-sale marketable securities	12,196	12,549
Net cash provided by (used in) investing activities	(17,716)	1,113
Cash flows from financing activities:
Purchase of treasury stock		(3,417)
Proceeds from exercise of stock-based awards	5,741	3,392
Net cash provided by (used in) financing activities	5,741	(25)
Effect of exchange rate changes on cash and cash equivalents	125	(38)
Decrease in cash and cash equivalents	(1,298)	(245)
Cash and cash equivalents at the beginning of the period	18,401	18,909
Cash and cash equivalents at the end of the period	17,103	18,664
Supplemental information of cash-flow activities:
Income and withholding taxes, net of refunds	$ 2,505	1,243
Non-cash transactions:
Property and equipment purchases incurred but unpaid at period end		$ 245

BUSINESS

BUSINESS	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
MARKETABLE SECURITIES	NOTE 3: MARKETABLE SECURITIES The following is a summary of available-for-sale June 30, 2017 (Unaudited) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Corporate bonds $ 15,353 $ 10 $ (18 ) $ 15,345 15,353 10 (18 ) 15,345 Available-for-sale Government bonds 501 — (5 ) 496 Corporate bonds 57,668 50 (350 ) 57,368 58,169 50 (355 ) 57,864 Total $ 73,522 $ 60 $ (373 ) $ 73,209 December 31, 2016 (Audited) Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 June 30, 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 unrealized loss As of June 30, 2017 (unaudited) $ 50,252 $ (346 ) $ 5,368 $ (27 ) As of December 31, 2016 $ 48,663 $ (557 ) $ 4,875 $ (29 ) As of June 30, 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 Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Gross realized gains from sale of available-for-sale $ 6 $ 15 $ 6 $ 15 Gross realized losses from sale of available-for-sale $ (46 ) $ (31 ) $ (8 ) $ (1 )

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended
	Jun. 30, 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. June 30, 2017 Level I Level II Level III Description (unaudited) (unaudited) (unaudited) (unaudited) Assets: Marketable securities: Government bonds $ 496 $ — $ 496 $ — Corporate bonds 72,713 — 72,713 — 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	6 Months Ended
	Jun. 30, 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: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Revenues based on customer location: United States $ 4,925 $ 5,166 $ 3,622 $ 3,406 Europe and Middle East 6,184 4,506 2,253 2,032 Asia Pacific (1) (2) (3) 30,753 23,939 14,700 11,665 $ 41,862 $ 33,611 $ 20,575 $ 17,103 (1) China $ 15,820 $ 15,991 $ 6,078 $ 7,099 (2) S. Korea $ 8,776 $ 6,437 $ 5,027 $ 3,734 (3) Japan * ) * ) $ 2,692 * ) *) Less than 10% 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. Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Customer A 24 % 26 % 23 % 29 % Customer B 17 % 18 % 16 % 20 % Customer C * ) * ) 12 % 10 % *) Less than 10%

NET INCOME PER SHARE OF COMMON

NET INCOME PER SHARE OF COMMON STOCK	6 Months Ended
	Jun. 30, 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.” Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Numerator: Net income $ 8,015 $ 4,511 $ 3,908 $ 2,711 Denominator (in thousands): Basic weighted-average common stock outstanding 21,556 20,562 21,712 20,604 Effect of stock -based awards 820 587 851 767 Diluted weighted average common stock outstanding 22,376 21,149 22,563 21,371 Basic net income per share $ 0.37 $ 0.22 $ 0.18 $ 0.13 Diluted net income per share $ 0.36 $ 0.21 $ 0.17 $ 0.13 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 15,569 and 59,785 shares for the three and six months ended June 30, 2017, respectively, and 832,125 and 793,654 for the corresponding periods of 2016.

COMMON STOCK AND STOCK-BASED CO

COMMON STOCK AND STOCK-BASED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 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 options and Weighted average price Weighted average contractual Aggregate intrinsic-value Outstanding as of December 31, 2016 1,455,908 $ 19.76 Granted — — Exercised (572,520 ) 19.72 Forfeited or expired (12,514 ) 17.58 Outstanding as of June 30, 2017 (2) 870,874 $ 19.82 5.4 $ 22,324 Exercisable as of June 30, 2017 (3) 565,168 $ 19.08 4.7 $ 14,902 (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 790,118 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 515,026 shares of the Company’s common stock issuable upon exercise. As of June 30, 2017, there was $987 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 RSUs Weighted Average Grant-Date Fair Value Unvested as of December 31, 2016 505,142 $ 21.59 Granted 224,600 35.21 Vested (166,208 ) 20.45 Forfeited or expired (18,438 ) 23.58 Unvested as of June 30, 2017 545,096 $ 27.48 As of June 30, 2017, there was $12,172 of unrecognized compensation expense related to unvested RSUs. This amount is expected to be recognized over a weighted-average period of 1.6 years. The following table shows the total equity-based compensation expense included in the interim condensed consolidated statements of income: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Cost of revenue $ 205 $ 114 $ 114 $ 54 Research and development, net 1,843 1,421 972 775 Sales and marketing 659 502 370 255 General and administrative 1,420 1,046 722 525 Total equity-based compensation expense $ 4,127 $ 3,083 $ 2,178 $ 1,609 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: Six months ended June 30, 2017 2016 (unaudited) (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 The Company did not grant any purchase rights under the 2002 employee stock purchase plan during the three months ended June 30, 2017 and 2016.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016, the notional principal amount of the Hedging Contracts to sell U.S. dollars held by the Company was $0 and $3,300, respectively. The fair value of the Company’s outstanding derivative instruments is as follows: June 30, December 31, 2017 2016 (Unaudited) (Audited) Derivative assets: Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ — $ 6 Total $ — $ 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: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ 87 $ 74 $ (4 ) $ (48 ) Foreign exchange forward contracts 95 69 4 (44 ) $ 182 $ 143 $ — $ (92 ) The net (gains) losses reclassified from “accumulated other comprehensive income (loss)” into income are as follows: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ (87 ) $ (49 ) $ (38 ) $ (49 ) Foreign exchange forward contracts (101 ) (73 ) (4 ) (48 ) $ (188 ) $ (122 ) $ (42 ) $ (97 ) The Company recorded in cost of revenues and operating expenses a net gain of $42 and $188 during the three and six months ended June 30, 2017, respectively, and a net gain of $97 and $122 for the comparable periods of 2016, related to its Hedging Contracts.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 9: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize the changes in accumulated balances of other comprehensive income (loss), net of taxes: Six months ended June 30, 2017 (unaudited) Three months ended June 30, 2017 (unaudited) Unrealized gains (losses) on available- for-sale Unrealized Total Unrealized gains (losses) on available-for- sale marketable Unrealized Total Beginning balance $ (502 ) $ 5 $ (497 ) $ (327 ) $ 38 $ (289 ) Other comprehensive income (loss) before reclassifications 195 164 359 48 — 48 Amounts reclassified from accumulated other comprehensive income (loss) 29 (169 ) (140 ) 1 (38 ) (37 ) Net current period other comprehensive income (loss) 224 (5 ) 219 49 (38 ) 11 Ending balance $ (278 ) $ — $ (278 ) $ (278 ) $ — $ (278 ) Six months ended June 30, 2016 (unaudited) Three months ended June 30, 2016 (unaudited) Unrealized gains (losses) on available- for-sale Unrealized on cash flow Total Unrealized gains (losses) on available-for- sale marketable Unrealized Total Beginning balance $ (427 ) $ 8 $ (419 ) $ (208 ) $ 197 $ (11 ) Other comprehensive income (loss) before reclassifications 382 128 510 188 (83 ) 105 Amounts reclassified from accumulated other comprehensive income (loss) 13 (110 ) (97 ) (12 ) (88 ) (100 ) Net current period other comprehensive income (loss) 395 18 413 176 (171 ) 5 Ending balance $ (32 ) $ 26 $ (6 ) $ (32 ) $ 26 $ (6 ) The following table provides details about reclassifications out of accumulated other comprehensive income: Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Affected Line Item in the Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Unrealized gains (losses) on cash flow hedges $ 4 $ 2 $ 1 $ 2 Cost of revenues 162 103 37 82 Research and development 10 8 2 6 Sales and marketing 12 9 2 7 General and administrative 188 122 42 97 Total, before income taxes 19 12 4 9 Income tax expense 169 110 38 88 Total, net of income taxes Unrealized gains (losses) on available-for-sale marketable securities (40 ) (16 ) (2 ) 14 Financial income (loss), net (11 ) (3 ) (1 ) 2 Income tax benefit (29 ) (13 ) (1 ) 12 Total, net of income taxes $ 140 $ 97 $ 37 $ 100 Total, net of income taxes

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
SHARE REPURCHASE PROGRAM	NOTE 10: SHARE REPURCHASE PROGRAM The Company did not repurchase any shares of its common stock during the second quarter and first six months ended June 30, 2017, as well as during the second quarter of 2016. During the first six months ended June 30, 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 June 30, 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

UNCERTAIN TAX POSITIONS

UNCERTAIN TAX POSITIONS	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
UNCERTAIN TAX POSITIONS	NOTE 11: UNCERTAIN TAX POSITIONS During both the three and six months ended June 30, 2017, the Company recorded a tax benefit of $1,800 as a result of the completion of a tax audit for prior years in a certain foreign tax jurisdiction. This amount includes a release of $130 in accrued interest related to unrecognized tax benefits. The reduction in the unrecognized tax benefits balance for prior years as a result of the completion of the tax audit for both the three and six months ended June 30, 2017 was $3,003.

IMPACT OF RECENTLY ISSUED ACCOU

IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED	NOTE 12: 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 on 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 will complete the contract evaluations and validate the results throughout 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	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED ACCOUNTING STANDARDS	NOTE 13: 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 SUM20

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 on 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 will complete the contract evaluations and validate the results throughout 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)	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Summary of Available-for-Sale Marketable Securities	The following is a summary of available-for-sale June 30, 2017 (Unaudited) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Corporate bonds $ 15,353 $ 10 $ (18 ) $ 15,345 15,353 10 (18 ) 15,345 Available-for-sale Government bonds 501 — (5 ) 496 Corporate bonds 57,668 50 (350 ) 57,368 58,169 50 (355 ) 57,864 Total $ 73,522 $ 60 $ (373 ) $ 73,209 December 31, 2016 (Audited) Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 June 30, 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 unrealized loss As of June 30, 2017 (unaudited) $ 50,252 $ (346 ) $ 5,368 $ (27 ) As of December 31, 2016 $ 48,663 $ (557 ) $ 4,875 $ (29 )
Summary of Gross Realized Gains and Losses from Sale of Available-for-Sale Marketable Securities	The following table presents gross realized gains and losses from sale of available-for-sale Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Gross realized gains from sale of available-for-sale $ 6 $ 15 $ 6 $ 15 Gross realized losses from sale of available-for-sale $ (46 ) $ (31 ) $ (8 ) $ (1 )

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2017 Level I Level II Level III Description (unaudited) (unaudited) (unaudited) (unaudited) Assets: Marketable securities: Government bonds $ 496 $ — $ 496 $ — Corporate bonds 72,713 — 72,713 — 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 MA23

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Revenues Based on Customer Location	The following is a summary of revenues within geographic areas: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Revenues based on customer location: United States $ 4,925 $ 5,166 $ 3,622 $ 3,406 Europe and Middle East 6,184 4,506 2,253 2,032 Asia Pacific (1) (2) (3) 30,753 23,939 14,700 11,665 $ 41,862 $ 33,611 $ 20,575 $ 17,103 (1) China $ 15,820 $ 15,991 $ 6,078 $ 7,099 (2) S. Korea $ 8,776 $ 6,437 $ 5,027 $ 3,734 (3) Japan * ) * ) $ 2,692 * ) *) Less than 10%
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. Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Customer A 24 % 26 % 23 % 29 % Customer B 17 % 18 % 16 % 20 % Customer C * ) * ) 12 % 10 % *) Less than 10%

NET INCOME PER SHARE OF COMMO24

NET INCOME PER SHARE OF COMMON STOCK (Tables)	6 Months Ended
	Jun. 30, 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.” Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Numerator: Net income $ 8,015 $ 4,511 $ 3,908 $ 2,711 Denominator (in thousands): Basic weighted-average common stock outstanding 21,556 20,562 21,712 20,604 Effect of stock -based awards 820 587 851 767 Diluted weighted average common stock outstanding 22,376 21,149 22,563 21,371 Basic net income per share $ 0.37 $ 0.22 $ 0.18 $ 0.13 Diluted net income per share $ 0.36 $ 0.21 $ 0.17 $ 0.13

COMMON STOCK AND STOCK-BASED 25

COMMON STOCK AND STOCK-BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017, are as follows: Number of options and Weighted average price Weighted average contractual Aggregate intrinsic-value Outstanding as of December 31, 2016 1,455,908 $ 19.76 Granted — — Exercised (572,520 ) 19.72 Forfeited or expired (12,514 ) 17.58 Outstanding as of June 30, 2017 (2) 870,874 $ 19.82 5.4 $ 22,324 Exercisable as of June 30, 2017 (3) 565,168 $ 19.08 4.7 $ 14,902 (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 790,118 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 515,026 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 six months ended June 30, 2017, are as follows: Number of RSUs Weighted Average Grant-Date Fair Value Unvested as of December 31, 2016 505,142 $ 21.59 Granted 224,600 35.21 Vested (166,208 ) 20.45 Forfeited or expired (18,438 ) 23.58 Unvested as of June 30, 2017 545,096 $ 27.48
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: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Cost of revenue $ 205 $ 114 $ 114 $ 54 Research and development, net 1,843 1,421 972 775 Sales and marketing 659 502 370 255 General and administrative 1,420 1,046 722 525 Total equity-based compensation expense $ 4,127 $ 3,083 $ 2,178 $ 1,609
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: Six months ended June 30, 2017 2016 (unaudited) (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 ACTIV26

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2017 2016 (Unaudited) (Audited) Derivative assets: Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ — $ 6 Total $ — $ 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: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ 87 $ 74 $ (4 ) $ (48 ) Foreign exchange forward contracts 95 69 4 (44 ) $ 182 $ 143 $ — $ (92 )
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: Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange option contracts $ (87 ) $ (49 ) $ (38 ) $ (49 ) Foreign exchange forward contracts (101 ) (73 ) (4 ) (48 ) $ (188 ) $ (122 ) $ (42 ) $ (97 )

ACCUMULATED OTHER COMPREHENSI27

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 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: Six months ended June 30, 2017 (unaudited) Three months ended June 30, 2017 (unaudited) Unrealized gains (losses) on available- for-sale Unrealized Total Unrealized gains (losses) on available-for- sale marketable Unrealized Total Beginning balance $ (502 ) $ 5 $ (497 ) $ (327 ) $ 38 $ (289 ) Other comprehensive income (loss) before reclassifications 195 164 359 48 — 48 Amounts reclassified from accumulated other comprehensive income (loss) 29 (169 ) (140 ) 1 (38 ) (37 ) Net current period other comprehensive income (loss) 224 (5 ) 219 49 (38 ) 11 Ending balance $ (278 ) $ — $ (278 ) $ (278 ) $ — $ (278 ) Six months ended June 30, 2016 (unaudited) Three months ended June 30, 2016 (unaudited) Unrealized gains (losses) on available- for-sale Unrealized on cash flow Total Unrealized gains (losses) on available-for- sale marketable Unrealized Total Beginning balance $ (427 ) $ 8 $ (419 ) $ (208 ) $ 197 $ (11 ) Other comprehensive income (loss) before reclassifications 382 128 510 188 (83 ) 105 Amounts reclassified from accumulated other comprehensive income (loss) 13 (110 ) (97 ) (12 ) (88 ) (100 ) Net current period other comprehensive income (loss) 395 18 413 176 (171 ) 5 Ending balance $ (32 ) $ 26 $ (6 ) $ (32 ) $ 26 $ (6 )
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 Components Amount Reclassified from Accumulated Other Comprehensive Affected Line Item in the Six months ended June 30, Three months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) (unaudited) (unaudited) Unrealized gains (losses) on cash flow hedges $ 4 $ 2 $ 1 $ 2 Cost of revenues 162 103 37 82 Research and development 10 8 2 6 Sales and marketing 12 9 2 7 General and administrative 188 122 42 97 Total, before income taxes 19 12 4 9 Income tax expense 169 110 38 88 Total, net of income taxes Unrealized gains (losses) on available-for-sale marketable securities (40 ) (16 ) (2 ) 14 Financial income (loss), net (11 ) (3 ) (1 ) 2 Income tax benefit (29 ) (13 ) (1 ) 12 Total, net of income taxes $ 140 $ 97 $ 37 $ 100 Total, net of income taxes

Summary of Available-for-Sale M

Summary of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale-matures within one year, Amortized cost	$ 15,353	$ 9,456
Available-for-sale-matures within one year through five years, Amortized cost	58,169	52,991
Amortized cost, Total	73,522	62,447
Available-for-sale-matures within one year, Gross unrealized gains	10	4
Available-for-sale-matures after one year through five years, Gross unrealized gains	50	3
Gross unrealized gains, Total	60	7
Available-for-sale-matures within one year, Gross unrealized losses	(18)	(15)
Available-for-sale-matures after one year through five years, Gross unrealized losses	(355)	(571)
Gross unrealized losses, Total	(373)	(586)
Available-for-sale-matures within one year, Fair value	15,345	9,445
Available-for-sale-matures after one year through five years, Fair value	57,864	52,423
Fair value, Total	73,209	61,868
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale-matures within one year, Amortized cost	15,353	9,456
Available-for-sale-matures within one year through five years, Amortized cost	57,668	52,490
Available-for-sale-matures within one year, Gross unrealized gains	10	4
Available-for-sale-matures after one year through five years, Gross unrealized gains	50	3
Available-for-sale-matures within one year, Gross unrealized losses	(18)	(15)
Available-for-sale-matures after one year through five years, Gross unrealized losses	(350)	(567)
Available-for-sale-matures within one year, Fair value	15,345	9,445
Available-for-sale-matures after one year through five years, Fair value	57,368	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	(5)	(4)
Available-for-sale-matures after one year through five years, Fair value	496	497
Fair value, Total	$ 496	$ 497

Summary of Gross Unrealized Los

Summary of Gross Unrealized Losses and Fair Values on Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Less than 12 months, Fair value	$ 50,252	$ 48,663
Less than 12 months, Gross unrealized loss	(346)	(557)
12 months or greater, Fair value	5,368	4,875
12 months or greater, Gross unrealized loss	$ (27)	$ (29)

Summary of Gross Realized Gains

Summary of Gross Realized Gains and Losses from Sale of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Gross realized gains from sale of available-for-sale marketable securities	$ 6	$ 15	$ 6	$ 15
Gross realized losses from sale of available-for-sale marketable securities	$ (8)	$ (1)	$ (46)	$ (31)

Fair Value Measurement (Detail)

Fair Value Measurement (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Marketable securities	$ 73,209	$ 61,868
Foreign exchange contracts	0	6
Government bonds
Assets:
Marketable securities	496	497
Corporate bonds
Assets:
Marketable securities	72,713	61,371
Level II
Assets:
Foreign exchange contracts		6
Level II | Government bonds
Assets:
Marketable securities	496	497
Level II | Corporate bonds
Assets:
Marketable securities	$ 72,713	$ 61,371

Geographic Information and Ma32

Geographic Information and Major Customer and Product Data - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016		Jun. 30, 2017		Jun. 30, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 20,575	$ 17,103		$ 41,862		$ 33,611
United States
Segment Reporting Information [Line Items]
Total revenues	3,622	3,406		4,925		5,166
Europe and Middle East
Segment Reporting Information [Line Items]
Total revenues	2,253	2,032		6,184		4,506
Asia Pacific
Segment Reporting Information [Line Items]
Total revenues	14,700	11,665		30,753		23,939
China
Segment Reporting Information [Line Items]
Total revenues	6,078	7,099		15,820		15,991
S. Korea
Segment Reporting Information [Line Items]
Total revenues	5,027	3,734		8,776		6,437
Japan
Segment Reporting Information [Line Items]
Total revenues	$ 2,692	$ 0	[1]	$ 0	[1]	$ 0	[1]
[1]	*) Less than 10%

Major Customers Data as Percent

Major Customers Data as Percentage of Total Revenues (Detail) - Revenue - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Customer A
Revenue, Major Customer [Line Items]
Percentage of total revenues	23.00%	29.00%	24.00%		26.00%
Customer B
Revenue, Major Customer [Line Items]
Percentage of total revenues	16.00%	20.00%	17.00%		18.00%
Customer C
Revenue, Major Customer [Line Items]
Percentage of total revenues	12.00%	10.00%	0.00%	[1]	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income	$ 3,908	$ 2,711	$ 8,015	$ 4,511
Denominator (in thousands):
Basic weighted-average common stock outstanding	21,712	20,604	21,556	20,562
Effect of stock-based awards	851	767	820	587
Diluted weighted average common stock outstanding	22,563	21,371	22,376	21,149
Basic net income per share	$ 0.18	$ 0.13	$ 0.37	$ 0.22
Diluted net income per share	$ 0.17	$ 0.13	$ 0.36	$ 0.21

Net Income Per Share of Commo36

Net Income Per Share of Common Stock - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of earnings per share	15,569	832,125	59,785	793,654

Common Stock and Stock-Based 37

Common Stock and Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of purchase rights granted under 2002 employee stock purchase plan	0	0
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%		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	$ 12,172		$ 12,172
Unrecognized compensation expense, weighted-average period of recognition			1 year 7 months 6 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%		400.00%
Stock Options, SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 987		$ 987
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%		25.00%

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 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	(572,520)	[1]
Number of shares, Options/SAR units forfeited or expired | shares	(12,514)	[1]
Number of shares outstanding, Ending balance | shares	870,874	[1],[2]
Number of shares exercisable, Ending balance | shares	565,168	[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	19.72
Weighted average exercise price, Forfeited or expired | $ / shares	17.58
Weighted average exercise price, Ending balance | $ / shares	19.82	[2]
Weighted average exercise price, exercisable | $ / shares	$ 19.08	[3]
Weighted average remaining contractual term
Weighted average remaining contractual life, Outstanding at end of period	5 years 4 months 24 days	[2]
Weighted average remaining contractual life, Exercisable at end of period	4 years 8 months 12 days	[3]
Aggregate intrinsic value
Aggregate intrinsic value, Outstanding | $	$ 22,324	[2]
Aggregate intrinsic value, Exercisable | $	$ 14,902	[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 790,118 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 515,026 shares of the Company's common stock issuable upon exercise.

Summary of Stock Option Activ39

Summary of Stock Option Activity (Parenthetical) (Detail) - shares		6 Months Ended
		Jun. 30, 2017		Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding amount of stock appreciation right units	[2]	870,874	[1]	1,455,908
Exercisable amount of stock appreciation right units	[2],[3]	565,168
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding amount of stock appreciation right units		790,118
Exercisable amount of stock appreciation right units		515,026
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 790,118 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 515,026 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)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Number of RSUs
Number of RSUs, Unvested, Beginning balance | shares	505,142
Number of RSUs granted | shares	224,600
Number of RSUs vested | shares	(166,208)
Number of RSUs forfeited or expired | shares	(18,438)
Number of RSUs, Unvested, Ending balance | shares	545,096
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	35.21
Weighted average Grant-Date fair value, RSUs vested | $ / shares	20.45
Weighted average Grant-Date fair value, RSUs forfeited or expired | $ / shares	23.58
Weighted average Grant-Date fair value, Ending balance | $ / shares	$ 27.48

Equity-Based Compensation Expen

Equity-Based Compensation Expense Included in Interim Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	$ 2,178	$ 1,609	$ 4,127	$ 3,083
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	114	54	205	114
Research and development, net
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	972	775	1,843	1,421
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	370	255	659	502
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total equity-based compensation expense	$ 722	$ 525	$ 1,420	$ 1,046

Assumptions Used to Estimate Fa

Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan (Detail) - Employee stock purchase plan	6 Months Ended
	Jun. 30, 2017	Jun. 30, 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 Activ43

Derivatives and Hedging Activities - Additional Information (Detail) - Derivatives designated as cash flow hedging instruments - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income, net	$ 42,000	$ 97,000	$ 188,000	$ 122,000
Foreign exchange forward and option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional principal amount of Hedging Contracts	$ 0		$ 0		$ 3,300,000

Fair Value of Outstanding Deriv

Fair Value of Outstanding Derivative Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative assets	$ 0	$ 6
Foreign exchange forward contracts | Derivatives designated as cash flow hedging instruments
Derivative [Line Items]
Derivative assets	$ 0	$ 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), Effective portion, Net, Total		$ (92)	$ 182	$ 143
Gain (loss) reclassified from accumulated OCI into income, Effective portion, Net, Total	$ (42)	(97)	(188)	(122)
Foreign exchange option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), Effective portion, Net, Total	(4)	(48)	87	74
Gain (loss) reclassified from accumulated OCI into income, Effective portion, Net, Total	(38)	(49)	(87)	(49)
Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), Effective portion, Net, Total	4	(44)	95	69
Gain (loss) reclassified from accumulated OCI into income, Effective portion, Net, Total	$ (4)	$ (48)	$ (101)	$ (73)

Changes in Accumulated Balances

Changes in Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 211,551
Other comprehensive income (loss) before reclassifications	$ 48	$ 105	359	$ 510
Amounts reclassified from accumulated other comprehensive income (loss)	(37)	(100)	(140)	(97)
Other comprehensive income, net of taxes	11	5	219	413
Ending balance	229,653		229,653
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(289)	(11)	(497)	(419)
Ending balance	(278)	(6)	(278)	(6)
Unrealized gains (losses) on available-for-sale marketable securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(327)	(208)	(502)	(427)
Other comprehensive income (loss) before reclassifications	48	188	195	382
Amounts reclassified from accumulated other comprehensive income (loss)	1	(12)	29	13
Other comprehensive income, net of taxes	49	176	224	395
Ending balance	(278)	(32)	(278)	(32)
Unrealized gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	38	197	5	8
Other comprehensive income (loss) before reclassifications		(83)	164	128
Amounts reclassified from accumulated other comprehensive income (loss)	(38)	(88)	(169)	(110)
Other comprehensive income, net of taxes	$ (38)	(171)	$ (5)	18
Ending balance		$ 26		$ 26

Details about Reclassification

Details about Reclassification out of Accumulated Other Comprehensive Income Components (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenues	$ (1,608)	$ (1,403)	$ (3,304)	$ (3,031)
Financial income (loss), net	755	561	1,326	1,002
Research and development	(10,509)	(7,811)	(20,382)	(15,725)
Sales and marketing	(3,427)	(2,855)	(6,365)	(5,700)
General and administrative	(2,552)	(2,078)	(4,677)	(4,068)
Income before taxes on income	2,925	3,208	7,842	5,471
Income tax expense (benefit)	(983)	497	(173)	960
Net income	3,908	2,711	8,015	4,511
Reclassification out of accumulated other comprehensive income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	37	100	140	97
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	1	2	4	2
Research and development	37	82	162	103
Sales and marketing	2	6	10	8
General and administrative	2	7	12	9
Income before taxes on income	42	97	188	122
Income tax expense (benefit)	4	9	19	12
Net income	38	88	169	110
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	(2)	14	(40)	(16)
Income tax expense (benefit)	(1)	2	(11)	(3)
Net income	$ (1)	$ 12	$ (29)	$ (13)

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock Disclosures [Abstract]
Purchase of Treasury Stock, shares	0	0	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		311,056

Uncertain Tax Positions - Addit

Uncertain Tax Positions - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefit from prior years tax audit	$ 3,003	$ 3,003
Foreign tax jurisdictions
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefit from prior years tax audit	1,800	1,800
Accrued interest related to unrecognized tax benefit	$ 130	$ 130