Varonis Systems (VRNS) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Entity Registrant Name	VARONIS SYSTEMS INC
Entity Central Index Key	1,361,113
Trading Symbol	vrns
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		26,212,572
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 54,455	$ 49,241
Short-term deposits	57,353	57,103
Trade receivables (net of allowance for doubtful accounts of $274 and $156 at March 31, 2016 and December 31, 2015, respectively)	24,400	47,436
Prepaid expenses and other current assets	4,619	2,622
Total current assets	140,827	156,402
Long-term assets:
Other assets	494	477
Property and equipment, net	8,490	8,265
Total long-term assets	8,984	8,742
Total assets	149,811	165,144
Current liabilities:
Trade payables	702	2,612
Accrued expenses and other liabilities	18,118	23,029
Deferred revenues	43,201	45,675
Total current liabilities	62,021	71,316
Long-term liabilities:
Deferred revenues	2,868	3,096
Severance pay	1,524	1,528
Other liabilities	5,552	5,617
Total long-term liabilities	9,944	10,241
Stockholders’ equity:
Common stock of $ 0.001 par value - Authorized: 200,000,000 shares at March 31, 2016 and December 31, 2015; Issued and outstanding: 26,202,892 shares at March 31, 2016 and 26,069,154 shares at December 31, 2015	26	26
Accumulated other comprehensive income (loss)	893	(331)
Additional paid-in capital	175,711	172,326
Accumulated deficit	(98,784)	(88,434)
Total stockholders’ equity	77,846	83,587
Total liabilities and stockholders’ equity	$ 149,811	$ 165,144

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 274	$ 156
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	26,202,892	26,069,154
Common stock, outstanding (in shares)	26,202,892	26,069,154

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Licenses	$ 13,844	$ 10,158
Maintenance and services	16,626	12,828
Total revenues	30,470	22,986
Cost of revenues	3,496	2,833
Gross profit	26,974	20,153
Operating costs and expenses:
Research and development	8,837	7,733
Sales and marketing	24,364	20,191
General and administrative	4,562	3,780
Total operating expenses	37,763	31,704
Operating loss	(10,789)	(11,551)
Financial income (expenses), net	645	(1,041)
Loss before income taxes	(10,144)	(12,592)
Income taxes	(206)	(78)
Net loss	$ (10,350)	$ (12,670)
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.40)	$ (0.51)
Weighted average number of shares used in computing net loss per share of common stock, basic and diluted (in shares)	26,117,073	24,741,306

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net loss	$ (10,350)	$ (12,670)
Other comprehensive income (loss):
Unrealized gains (losses) on derivative instruments	1,224	(120)
Total other comprehensive income (loss)	1,224	(120)
Comprehensive loss	$ (9,126)	$ (12,790)

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (10,350)	$ (12,670)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	497	344
Stock-based compensation	$ 2,624	1,685
Capital gain from disposal of fixed asset		(1)
Changes in assets and liabilities:
Trade receivables	$ 23,036	17,226
Prepaid expenses and other current assets	(648)	1,064
Trade payables	(1,910)	(581)
Accrued expenses and other liabilities	(4,580)	$ (2,394)
Severance pay, net	(4)
Deferred revenues	(2,702)	$ (2,101)
Other long term liabilities	(521)	(1,327)
Net cash provided by operating activities	5,442	$ 1,245
Cash flows from investing activities:
Increase in short-term deposit	(250)
Decrease (increase) in restricted cash	(17)	$ 6
Purchase of property and equipment	(722)	(473)
Net cash used in investing activities	(989)	(467)
Cash flows from financing activities:
Proceeds from employee stock plans	761	548
Net cash provided by financing activities	761	548
Increase in cash and cash equivalents	5,214	1,326
Cash and cash equivalents at beginning of period	49,241	76,593
Cash and cash equivalents at end of period	$ 54,455	77,919
Supplemental disclosure of non-cash flow information:
Deferred rent fixed asset additions		1,355
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 66	$ 33

Note 1 - General

Note 1 - General	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1:- GENERAL a. Varonis Systems, Inc. (“VSI” and together with its subsidiaries, collectively, the “Company”) was incorporated under the laws of the State of Delaware on November 3, 2004 and commenced operations on January 1, 2005. VSI has five wholly-owned subsidiaries: Varonis Systems Ltd. (“VSL”) incorporated under the laws of Israel on November 24, 2004; Varonis UK (“VSUK”) incorporated under the laws of England on March 14, 2007; Varonis Systems (Deutschland) GmbH (“VSG”) incorporated under the laws of Germany on July 6, 2011; Varonis France SAS (“VSF”) incorporated under the laws of France on February 22, 2012; and Varonis Systems Corp. (“VSC”) incorporated under the laws of British Columbia, Canada on February 19, 2013. The Company’s software products and services allow enterprises to analyze, secure, manage and better utilize their unstructured data. The Company specializes in human-generated data, a type of unstructured data that includes an enterprise’s word processing documents, spreadsheets, presentations, audio files, video files, emails, text messages, and any other data created by employees. Through its product families DatAdvantage, DataPrivilege, IDU Classification Framework, DatAnywhere, Data Transport Engine and DatAnswers, enterprises more effectively and efficiently manage and protect their data. VSI markets and sells products and services mainly in the United States. VSUK, VSG, VSF and VSC resell the Company’s products and services mainly in the UK, Germany, France and rest of Europe, and Canada, respectively. The Company primarily sells its products and services to a global network of distributors and Value Added Resellers (VARs), which sell the products to end users customers. b. Basis of Presentation: The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the Securities and Exchange Commission (the “SEC”). Pursuant to those rules and regulations, the Company has condensed or omitted certain information and footnote disclosure it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In management’s opinion, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present its consolidated financial position, results of operations and cash flows. The Company’s interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the 2015 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2015 filed with the SEC on February 12, 2016 (the “2015 Form 10-K”). There have been no changes in the significant accounting policies from those that were disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2015 included in the 2015 Form 10-K. c. Derivative Instruments: The Company’s primary objective for holding derivative instruments is to reduce its exposure to foreign currency rate changes. The Company reduces its exposure by entering into forward foreign exchange contracts with respect to operating expenses that are forecast to be incurred in currencies other than the U.S. dollar. A majority of the Company’s revenues and a majority of its operating expenditures are transacted in U.S. dollars. However, certain operating expenditures are incurred in or exposed to other currencies, primarily the New Israeli Shekel (“NIS”). The Company has established forecasted transaction currency risk management programs to protect against fluctuations in fair value and the volatility of future cash flows caused by changes in exchange rates. The Company’s currency risk management program includes forward foreign exchange contracts designated as cash flow hedges. These forward foreign exchange contracts generally mature within 12 months. The Company does not enter into derivative financial instruments for trading purposes. Derivative instruments measured at fair value and their classification on the consolidated balance sheets are presented in the following table (in thousands): Assets as of Liabilities as of Notional Fair Notional Fair Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other liabilities $ 35,271 $ 893 $ 36,070 $ (331 ) For the three months ended March 31, 2016 and 2015, the unaudited consolidated statements of operations reflect a loss of approximately $72 and $524, respectively, related to the effective portion of foreign currency forward contracts. There was no ineffective portion for the three months ended March 31, 2016 and 2015. d. Recently Issued Accounting Pronouncements: In March 2016, the FASB issued ASU 2016-09, which effects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016. This guidance can be applied either prospectively, retrospectively or using a modified retrospective transition method. Early adoption is permitted. The Company has not yet selected a transition date and is currently evaluating this ASU to determine the impact of its adoption on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, on the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840, "Leases". The guidance is effective for the interim and annual periods beginning on or after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the potential effect of the guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. The Company early adopted ASU 2015-17 effective December 31, 2015 on a prospective basis. No prior periods were retrospectively adjusted. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and US GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. ASU 2014-09 was initially scheduled to be effective for annual and interim reporting periods beginning after December 15, 2016 and may be adopted either on a full retrospective or modified retrospective approach. However, on July 9, 2015, the FASB approved a one year deferral of the effective date of ASU 2014-09. The revised effective date is for annual reporting periods beginning after December 15, 2017 and interim periods thereafter, with an early adoption permitted as of the original effective date. The Company is still evaluating the impact of implementation of this standard on its consolidated financial statements.

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 2:- FAIR VALUE MEASUREMENTS The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. There have been no transfers between fair value measurements levels during the three months ended March 31, 2016. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Observable inputs that reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3: Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2016 and December 31, 2015 by level within the fair value hierarchy (in thousands): As of March 31, 2016 (unaudited) As of December 31, 2015 Level I Level II Level III Fair Level I Level II Level III Fair Financial assets: Forward foreign exchange contracts – 893 – 893 – – – – Financial liabilities: Forward foreign exchange contracts – – – – – (331 ) – (331 ) Total financial assets (liabilities) $ – $ 893 $ – $ 893 $ – $ (331 ) $ – $ (331 )

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 3:- COMMITMENTS AND CONTINGENT LIABILITIES a. Liens: The Company has several liens granted to financial institutions mainly to secure various operating lease agreements in connection with its office space. b. Lease Commitments: The Company rents its facilities in all locations under operating leases with lease periods expiring from 2016 - 2026. The lease agreements of VSI and VSL include extension options. VSL leases cars for its employees under operating lease agreements expiring at various dates from 2016 – 2019. Aggregate minimum rental commitments under non-cancelable leases as of March 31, 2016 for the upcoming years were as follows: unaudited 2016 $ 3,445 2017 4,334 2018 4,062 2019 4,130 2020 3,122 Thereafter 15,827 $ 34,920 Total rent expenses for the three months ended March 31, 2016 and the year ended December 31, 2015 were $797 and $4,296, respectively. The total minimum rent to be received in the future under the non-cancelable sublease as of March 31, 2016 was $2,075. For leases that contain predetermined fixed escalations of the minimum rent, the Company recognizes the related rent expense on a straight-line basis from the date of possession of the property to the end of the initial lease term. The Company records any differences between the straight-line rent amounts and amounts payable under the leases as part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. Cash or lease incentives received upon entering into certain leases (“tenant allowances”) are recognized on a straight-line basis as a reduction to rent from the date of possession of the property through the end of the initial lease term. The Company records the unamortized portion of tenant allowances as a part of deferred rent, in current liabilities or other long-term liabilities, as appropriate. c. On March 31, 2014, the Company entered into a promissory note and related security documents with Bank Leumi USA. The Company may borrow up to $7,000 against certain of its accounts receivable outstanding amount, based on several conditions, at an annual interest rate of the Wall Street Journal Prime Rate less 0.15%. As of March 31, 2016, that rate amounted to 3.35%. This promissory note enables the Company, among other things, to engage in foreign currency hedging transactions with Bank Leumi USA to manage exposure to foreign currency risk without restricted cash requirements. The Company was able to borrow under the promissory note until March 31, 2016 at which time the principal sum of each such loan, together with accrued and unpaid interest payable, became due and payable. As of March 31, 2016, the Company had no balance outstanding under the promissory note. As part of the transaction, the Company granted the lender a security interest in its personal property, excluding intellectual property and other intangible assets. The promissory note also contains customary events of default .

Note 4 - Stockholders' Equity

Note 4 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 4:– STOCKHOLDERS’ EQUITY a. On December 30, 2005, the Company’s board of directors adopted the Varonis Systems, Inc. 2005 Stock Plan (the “2005 Stock Plan”). As of December 31, 2013, the Company had reserved 4,713,319 shares of common stock available for issuance to employees, directors, officers and consultants of the Company and its subsidiaries. The options generally vest over four years. No awards were granted under the 2005 Stock Plan subsequent to December 31, 2013, and no further awards will be granted under the 2005 Stock Plan. On November 14, 2013, the Company’s board of directors adopted the Varonis Systems, Inc. 2013 Omnibus Equity Incentive Plan (the “2013 Plan”) which was subsequently approved by the Company’s stockholders. The Company initially reserved 1,904,633 shares of common stock available for issuance under the 2013 Plan to employees, directors, officers and consultants of the Company and its subsidiaries. The number of shares of common stock available for issuance under the 2013 Plan was increased on January 1, 2016 and will be increased on each January 1 thereafter by four percent (4%) of the number of shares of common stock issued and outstanding on each December 31 immediately prior to the date of increase (rounded down to the nearest whole share), but the amount of each increase will be limited to the number of shares of common stock necessary to bring the total number of shares of Common Stock available for grant and issuance under the 2013 Plan to five percent (5%) of the number of shares of common stock issued and outstanding on each December 31. As of March 31, 2016, the share reserve under the 2013 Plan was 2,947,399 shares of common stock. Awards granted under the 2013 Plan generally vest over four years. Any award that is forfeited or canceled before expiration becomes available for future grants under the 2013 Plan. The fair value of stock option grants for the three months ended March 31, 2016 was estimated using the following weighted average assumptions: Three Months Ended (unaudited) Expected dividend yield 0 % Expected volatility 62 % Risk-free interest rate 1.42 % Expected term (years) 6.25 A summary of employees’ stock options activities during the three months ended March 31, 2016 is as follows: Three Months Ended Number Average Aggregate Average Options outstanding as of January 1, 2016 2,782,560 $ 14.026 $ 21,337 6.246 Granted 135,000 $ 16.870 Exercised (15,181 ) $ 5.848 Forfeited (23,391 ) $ 25.560 Options outstanding as of March 31, 2016 2,878,988 $ 14.119 $ 20,507 6.169 Vested and expected to vest 2,783,465 $ 11.971 $ 20,471 6.095 Options exercisable at the end of the period 1,911,497 $ 9.873 $ 19,736 5.019 The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the option holders had all option holders exercised their options on the last date of the exercise period. Total intrinsic value of options exercised for the three months ended March 31, 2016 was $194. b. The options outstanding as of March 31, 2016 (unaudited) have been separated into ranges of exercise price as follows: Range of exercise price Options Weighted Weighted Options Weighted Weighted $0.901 - $1.576 974,178 2.682 $ 1.225 974,178 2.682 $ 1.225 $6.230 - 8.800 136,650 5.670 $ 6.806 133,289 5.659 $ 6.807 $12.470 - 16.870 510,698 7.710 $ 13.633 281,231 6.910 $ 12.470 $19.510 - 21.660 622,311 8.363 $ 21.218 247,216 8.247 $ 21.243 $22.010 - 24.230 308,524 8.050 $ 22.289 145,959 8.034 $ 22.349 $29.880 154,200 8.899 $ 29.880 41,772 8.899 $ 29.880 $39.860 172,427 7.978 $ 39.860 87,852 7.978 $ 39.860 2,878,988 6.169 $ 14.119 1,911,497 5.019 $ 9.873 c. Options issued to consultants: The Company’s outstanding options granted to consultants for sales and pre-marketing services as of March 31, 2016 (unaudited) were as follows: Options for shares of common stock Exercise price per share Options exercisable Exercisable through (number) (number) February 2013 3,000 $ 12.470 2,313 February 2023 August 2013 5,000 $ 21.140 3,229 August 2023 October 2013 750 $ 24.230 453 October 2023 March 2014 13,980 $ 39.860 7,105 March 2024 May 2014 8,700 $ 22.010 3,988 May 2024 November 2014 12,000 $ 21.660 4,000 November 2024 May 2015 5,250 $ 19.510 - May 2025 February 2016 3,000 $ 16.870 - February 2026 51,680 21,088 d. Restricted stock units: A summary of restricted stock units for employees, consultants and non-employee directors of the Company for the three months ended March 31, 2016 is as follows: Number of Weighted- Unvested balance - January 1, 2016 643,506 $ 23.38 Granted 719,250 $ 16.87 Vested (72,785 ) $ 28.10 Forfeited (17,925 ) $ 18.91 Unvested balance – March 31, 2016 1,272,046 $ 22.62 As of March 31, 2016, there was $11,428 and $18,287 of total unrecognized compensation cost related to non-vested stock options and non-vested restricted stock units, respectively. This cost is expected to be recognized over a period of approximately 2.358 and 3.465 years for stock options and restricted stock units, respectively. e. 2015 Employee Stock Purchase Plan On May 5, 2015, the Company’s stockholders approved the Varonis Systems, Inc. 2015 Employee Stock Purchase Plan (the “ESPP”), which the Company’s board of directors had adopted on March 19, 2015. The ESPP became effective as of June 30, 2015. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, at not less than 85% of the fair market value of the Company’s common stock on the first day or last trading day in the offering period, subject to any plan limitations. The Company initially reserved 500,000 shares of common stock for issuance under the ESPP. The number of shares available for issuance under the ESPP was increased on January 1, 2016, and will be increased on each January 1 thereafter, by an amount equal to the lesser of (i) one percent (1%) of the number of shares of common stock issued and outstanding on each December 31 immediately prior to the date of increase, except that the amount of each such increase will be limited to the number of shares of common stock necessary to bring the total number of shares of common stock available for issuance under the ESPP to two percent (2%) of the number of shares of common stock issued and outstanding on each such December 31, or (ii) 400,000 shares of common stock. As of March 31, 2016, the share reserve under the ESPP was 521,383 shares of common stock. The ESPP will continue in effect until the earlier of (i) the date when no shares of common stock are available for issuance thereunder or (ii) June 30, 2025; unless terminated prior thereto by the Company’s board of directors or compensation committee, each of which has the right to terminate the ESPP at any time. f. Stock-based compensation expense for employees and consultants: The Company recognized non-cash stock-based compensation expense in the consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2016 2015 (unaudited) (in thousands) Cost of revenues $ 146 $ 91 Research and development 665 467 Sales and marketing 1,175 737 General and administrative 638 390 Total $ 2,624 $ 1,685

Note 5 - Geographic Information

Note 5 - Geographic Information and Major Customer and Product Data	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 5:- GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA Summary information about geographic areas: ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment and derives revenues from licensing of software, sale of professional services, maintenance and technical support (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 2016 2015 (unaudited) (in thousands) Revenues based on customer’s location: United States $ 17,515 $ 13,106 EMEA (*) 10,497 7,993 Rest of World 2,458 1,887 Total revenues $ 30,470 $ 22,986 (*) Sales to customers in France accounted for $3,150 and $2,318 for the three months ended March 31, 2016 and 2015, respectively. March 31, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 6,544 $ 6,419 Israel 1,721 1,607 Other 225 239 $ 8,490 $ 8,265

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	b. Basis of Presentation: The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the Securities and Exchange Commission (the “SEC”). Pursuant to those rules and regulations, the Company has condensed or omitted certain information and footnote disclosure it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In management’s opinion, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present its consolidated financial position, results of operations and cash flows. The Company’s interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the 2015 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2015 filed with the SEC on February 12, 2016 (the “2015 Form 10-K”). There have been no changes in the significant accounting policies from those that were disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2015 included in the 2015 Form 10-K.
Derivatives, Policy [Policy Text Block]	c. Derivative Instruments: The Company’s primary objective for holding derivative instruments is to reduce its exposure to foreign currency rate changes. The Company reduces its exposure by entering into forward foreign exchange contracts with respect to operating expenses that are forecast to be incurred in currencies other than the U.S. dollar. A majority of the Company’s revenues and a majority of its operating expenditures are transacted in U.S. dollars. However, certain operating expenditures are incurred in or exposed to other currencies, primarily the New Israeli Shekel (“NIS”). The Company has established forecasted transaction currency risk management programs to protect against fluctuations in fair value and the volatility of future cash flows caused by changes in exchange rates. The Company’s currency risk management program includes forward foreign exchange contracts designated as cash flow hedges. These forward foreign exchange contracts generally mature within 12 months. The Company does not enter into derivative financial instruments for trading purposes. Derivative instruments measured at fair value and their classification on the consolidated balance sheets are presented in the following table (in thousands): Assets as of Liabilities as of Notional Fair Notional Fair Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other liabilities $ 35,271 $ 893 $ 36,070 $ (331 ) For the three months ended March 31, 2016 and 2015, the unaudited consolidated statements of operations reflect a loss of approximately $72 and $524, respectively, related to the effective portion of foreign currency forward contracts. There was no ineffective portion for the three months ended March 31, 2016 and 2015.
New Accounting Pronouncements, Policy [Policy Text Block]	d. Recently Issued Accounting Pronouncements: In March 2016, the FASB issued ASU 2016-09, which effects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016. This guidance can be applied either prospectively, retrospectively or using a modified retrospective transition method. Early adoption is permitted. The Company has not yet selected a transition date and is currently evaluating this ASU to determine the impact of its adoption on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, on the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840, "Leases". The guidance is effective for the interim and annual periods beginning on or after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the potential effect of the guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. The Company early adopted ASU 2015-17 effective December 31, 2015 on a prospective basis. No prior periods were retrospectively adjusted. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and US GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. ASU 2014-09 was initially scheduled to be effective for annual and interim reporting periods beginning after December 15, 2016 and may be adopted either on a full retrospective or modified retrospective approach. However, on July 9, 2015, the FASB approved a one year deferral of the effective date of ASU 2014-09. The revised effective date is for annual reporting periods beginning after December 15, 2017 and interim periods thereafter, with an early adoption permitted as of the original effective date. The Company is still evaluating the impact of implementation of this standard on its consolidated financial statements.

Note 1 - General (Tables)

Note 1 - General (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Assets as of Liabilities as of Notional Fair Notional Fair Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other liabilities $ 35,271 $ 893 $ 36,070 $ (331 )

Note 2 - Fair Value Measureme14

Note 2 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of March 31, 2016 (unaudited) As of December 31, 2015 Level I Level II Level III Fair Level I Level II Level III Fair Financial assets: Forward foreign exchange contracts – 893 – 893 – – – – Financial liabilities: Forward foreign exchange contracts – – – – – (331 ) – (331 ) Total financial assets (liabilities) $ – $ 893 $ – $ 893 $ – $ (331 ) $ – $ (331 )

Note 3 - Commitments and Cont15

Note 3 - Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	unaudited 2016 $ 3,445 2017 4,334 2018 4,062 2019 4,130 2020 3,122 Thereafter 15,827 $ 34,920

Note 4 - Stockholders' Equity (

Note 4 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended (unaudited) Expected dividend yield 0 % Expected volatility 62 % Risk-free interest rate 1.42 % Expected term (years) 6.25
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Three Months Ended Number Average Aggregate Average Options outstanding as of January 1, 2016 2,782,560 $ 14.026 $ 21,337 6.246 Granted 135,000 $ 16.870 Exercised (15,181 ) $ 5.848 Forfeited (23,391 ) $ 25.560 Options outstanding as of March 31, 2016 2,878,988 $ 14.119 $ 20,507 6.169 Vested and expected to vest 2,783,465 $ 11.971 $ 20,471 6.095 Options exercisable at the end of the period 1,911,497 $ 9.873 $ 19,736 5.019
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Range of exercise price Options Weighted Weighted Options Weighted Weighted $0.901 - $1.576 974,178 2.682 $ 1.225 974,178 2.682 $ 1.225 $6.230 - 8.800 136,650 5.670 $ 6.806 133,289 5.659 $ 6.807 $12.470 - 16.870 510,698 7.710 $ 13.633 281,231 6.910 $ 12.470 $19.510 - 21.660 622,311 8.363 $ 21.218 247,216 8.247 $ 21.243 $22.010 - 24.230 308,524 8.050 $ 22.289 145,959 8.034 $ 22.349 $29.880 154,200 8.899 $ 29.880 41,772 8.899 $ 29.880 $39.860 172,427 7.978 $ 39.860 87,852 7.978 $ 39.860 2,878,988 6.169 $ 14.119 1,911,497 5.019 $ 9.873
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Options for shares of common stock Exercise price per share Options exercisable Exercisable through (number) (number) February 2013 3,000 $ 12.470 2,313 February 2023 August 2013 5,000 $ 21.140 3,229 August 2023 October 2013 750 $ 24.230 453 October 2023 March 2014 13,980 $ 39.860 7,105 March 2024 May 2014 8,700 $ 22.010 3,988 May 2024 November 2014 12,000 $ 21.660 4,000 November 2024 May 2015 5,250 $ 19.510 - May 2025 February 2016 3,000 $ 16.870 - February 2026 51,680 21,088
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Number of Weighted- Unvested balance - January 1, 2016 643,506 $ 23.38 Granted 719,250 $ 16.87 Vested (72,785 ) $ 28.10 Forfeited (17,925 ) $ 18.91 Unvested balance – March 31, 2016 1,272,046 $ 22.62
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended March 31, 2016 2015 (unaudited) (in thousands) Cost of revenues $ 146 $ 91 Research and development 665 467 Sales and marketing 1,175 737 General and administrative 638 390 Total $ 2,624 $ 1,685

Note 5 - Geographic Informati17

Note 5 - Geographic Information and Major Customer and Product Data (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended 2016 2015 (unaudited) (in thousands) Revenues based on customer’s location: United States $ 17,515 $ 13,106 EMEA (*) 10,497 7,993 Rest of World 2,458 1,887 Total revenues $ 30,470 $ 22,986
Long-lived Assets by Geographic Areas [Table Text Block]	March 31, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 6,544 $ 6,419 Israel 1,721 1,607 Other 225 239 $ 8,490 $ 8,265

Note 1 - General (Details Textu

Note 1 - General (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Subsidiary or Equity Method Investee, Number	5
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives	$ 72,000	$ 524,000
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net	$ 0	$ 0

Note 1 - Derivative Instruments

Note 1 - Derivative Instruments Measured at Fair Value (Details) - Cash Flow Hedging [Member] - Foreign Exchange Forward [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other liabilities	$ 35,271	$ 36,070
Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other liabilities	$ 893
Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other liabilities		$ (331)

Note 2 - Assets and Liabilities

Note 2 - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Forward foreign exchange contracts	$ 893
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Forward foreign exchange contracts	893
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member]
Forward foreign exchange contracts		$ (331)
Foreign Exchange Contract [Member]
Forward foreign exchange contracts		(331)
Total financial assets (liabilities)	$ 893	$ (331)

Note 3 - Commitments and Cont21

Note 3 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2014	Mar. 31, 2016	Dec. 31, 2015
Promissory Note [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000
Debt Instrument, Basis Spread on Variable Rate	0.15%
Line of Credit Facility, Interest Rate at Period End		3.35%
Operating Leases, Rent Expense		$ 797	$ 4,296
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals			$ 2,075

Note 3 - Aggregate Minimum Rent

Note 3 - Aggregate Minimum Rental Commitments under Non-Cancelable Leases (Details) $ in Thousands	Mar. 31, 2016USD ($)
2,016	$ 3,445
2,017	4,334
2,018	4,062
2,019	4,130
2,020	3,122
Thereafter	15,827
Total	$ 34,920

Note 4 - Stockholders' Equity23

Note 4 - Stockholders' Equity (Details Textual) - USD ($)	Jun. 30, 2015	Mar. 31, 2016	Dec. 31, 2013	Nov. 14, 2013
The 2005 Stock Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
The 2005 Stock Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance			4,713,319
The 2013 Omnibus Equity Award Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
The 2013 Omnibus Equity Award Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance		2,947,399		1,904,633
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Reserved for Grant		4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum		5.00%
2015 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate	15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	500,000	521,383
Percent of Shares Increase, Employee Stock Purchase Plan		1.00%
Common Stock Availability Threshold, Employee Stock Purchase Plan		2.00%
Shares Increase Threshold, Employee Stock Purchase Plan		400,000
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 11,428
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 130 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 194,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 18,287,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		3 years 169 days

Note 4 - Assumptions Used to Es

Note 4 - Assumptions Used to Estimate Fair Value of Stock Option Grants (Details)	3 Months Ended
	Mar. 31, 2016
Expected dividend yield	0.00%
Expected volatility	62.00%
Risk-free interest rate	1.42%
Expected term (years)	6 years 91 days

Note 4 - Summary of Employees'

Note 4 - Summary of Employees' Stock Options Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Options outstanding as of January 1, 2016 (in shares)	2,782,560
Options outstanding as of January 1, 2016 (in dollars per share)	$ 14.026
Options outstanding as of January 1, 2016	$ 21,337
Options outstanding as of January 1, 2016	6 years 61 days	6 years 89 days
Granted (in shares)	135,000
Granted (in dollars per share)	$ 16.87
Exercised (in shares)	(15,181)
Exercised (in dollars per share)	$ 5.848
Forfeited (in shares)	(23,391)
Forfeited (in dollars per share)	$ 25.56
Options outstanding as of March 31, 2016 (in shares)	2,878,988	2,782,560
Options outstanding as of March 31, 2016 (in dollars per share)	$ 14.119	$ 14.026
Options outstanding as of March 31, 2016	$ 20,507	$ 21,337
Vested and expected to vest (in shares)	2,783,465
Vested and expected to vest (in dollars per share)	$ 11.971
Vested and expected to vest	$ 20,471
Vested and expected to vest	6 years 34 days
Options exercisable at the end of the year (in shares)	1,911,497
Options exercisable at the end of the year (in dollars per share)	$ 9.873
Options exercisable at the end of the year	$ 19,736
Options exercisable at the end of the year	5 years 6 days

Note 4 - Options Outstanding Se

Note 4 - Options Outstanding Separated into Range of Exercise Price (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Range One [Member]
Lower range (in dollars per share)	$ 0.901
Upper Range (in dollars per share)	$ 1.576
Options outstanding as of March 31, 2016 (in shares)	974,178
Weighted average remaining contractual life	2 years 248 days
Weighted average exercise price (in dollars per share)	$ 1.225
Options exercisable as of March 31, 2016 (in shares)	974,178
Weighted average remaining contractual life	2 years 248 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 1.225
Range Two [Member]
Lower range (in dollars per share)	6.23
Upper Range (in dollars per share)	$ 8.80
Options outstanding as of March 31, 2016 (in shares)	136,650
Weighted average remaining contractual life	5 years 244 days
Weighted average exercise price (in dollars per share)	$ 6.806
Options exercisable as of March 31, 2016 (in shares)	133,289
Weighted average remaining contractual life	5 years 240 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 6.807
Range Three [Member]
Lower range (in dollars per share)	12.47
Upper Range (in dollars per share)	$ 16.87
Options outstanding as of March 31, 2016 (in shares)	510,698
Weighted average remaining contractual life	7 years 259 days
Weighted average exercise price (in dollars per share)	$ 13.633
Options exercisable as of March 31, 2016 (in shares)	281,231
Weighted average remaining contractual life	6 years 332 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 12.47
Range Four [Member]
Lower range (in dollars per share)	19.51
Upper Range (in dollars per share)	$ 21.66
Options outstanding as of March 31, 2016 (in shares)	622,311
Weighted average remaining contractual life	8 years 132 days
Weighted average exercise price (in dollars per share)	$ 21.218
Options exercisable as of March 31, 2016 (in shares)	247,216
Weighted average remaining contractual life	8 years 90 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 21.243
Range Five [Member]
Lower range (in dollars per share)	22.01
Upper Range (in dollars per share)	$ 24.23
Options outstanding as of March 31, 2016 (in shares)	308,524
Weighted average remaining contractual life	8 years 18 days
Weighted average exercise price (in dollars per share)	$ 22.289
Options exercisable as of March 31, 2016 (in shares)	145,959
Weighted average remaining contractual life	8 years 12 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 22.349
Range Six [Member]
Options outstanding as of March 31, 2016 (in shares)	154,200
Weighted average remaining contractual life	8 years 328 days
Weighted average exercise price (in dollars per share)	$ 29.88
Options exercisable as of March 31, 2016 (in shares)	41,772
Weighted average remaining contractual life	8 years 328 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 29.88
Range Seven [Member]
Options outstanding as of March 31, 2016 (in shares)	172,427
Weighted average remaining contractual life	7 years 356 days
Weighted average exercise price (in dollars per share)	$ 39.86
Options exercisable as of March 31, 2016 (in shares)	87,852
Weighted average remaining contractual life	7 years 356 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 39.86
Options outstanding as of March 31, 2016 (in shares)	2,878,988
Weighted average remaining contractual life	6 years 61 days
Weighted average exercise price (in dollars per share)	$ 14.119	$ 14.026
Options exercisable as of March 31, 2016 (in shares)	1,911,497
Weighted average remaining contractual life	5 years 6 days
Weighted average exercise price of options exercisable (in dollars per share)	$ 9.873

Note 4 - Outstanding Options Gr

Note 4 - Outstanding Options Granted to Consultants for Sales and Pre-Marketing Services (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Consultants [Member] | February 2013 [Member]
Options for shares of common stock (in shares)	3,000
Granted (in dollars per share) | $ / shares	$ 12.47
Options exercisable at the end of the year (in shares)	2,313
Exercisable through	February 2,023
Consultants [Member] | August 2013 [Member]
Options for shares of common stock (in shares)	5,000
Granted (in dollars per share) | $ / shares	$ 21.14
Options exercisable at the end of the year (in shares)	3,229
Exercisable through	August 2,023
Consultants [Member] | October 2013 [Member]
Options for shares of common stock (in shares)	750
Granted (in dollars per share) | $ / shares	$ 24.23
Options exercisable at the end of the year (in shares)	453
Exercisable through	October 2,023
Consultants [Member] | March 2014 [Member]
Options for shares of common stock (in shares)	13,980
Granted (in dollars per share) | $ / shares	$ 39.86
Options exercisable at the end of the year (in shares)	7,105
Exercisable through	March 2,024
Consultants [Member] | May 2014 [Member]
Options for shares of common stock (in shares)	8,700
Granted (in dollars per share) | $ / shares	$ 22.01
Options exercisable at the end of the year (in shares)	3,988
Exercisable through	May 2,024
Consultants [Member] | November 2014 [Member]
Options for shares of common stock (in shares)	12,000
Granted (in dollars per share) | $ / shares	$ 21.66
Options exercisable at the end of the year (in shares)	4,000
Exercisable through	November 2,024
Consultants [Member] | May 2015 [Member]
Options for shares of common stock (in shares)	5,250
Granted (in dollars per share) | $ / shares	$ 19.51
Options exercisable at the end of the year (in shares)
Exercisable through	May 2,025
Consultants [Member] | February 2016 [Member]
Options for shares of common stock (in shares)	3,000
Granted (in dollars per share) | $ / shares	$ 16.87
Options exercisable at the end of the year (in shares)
Exercisable through	February 2,026
Consultants [Member]
Options for shares of common stock (in shares)	51,680
Granted (in dollars per share) | $ / shares
Options exercisable at the end of the year (in shares)	21,088
Exercisable through
Granted (in dollars per share) | $ / shares	$ 16.87
Options exercisable at the end of the year (in shares)	1,911,497

Note 4 - Summary of Restricted

Note 4 - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Unvested balance (in shares) | shares	643,506
Unvested balance (in dollars per share) | $ / shares	$ 23.38
Granted (in shares) | shares	719,250
Granted (in dollars per share) | $ / shares	$ 16.87
Vested (in shares) | shares	(72,785)
Vested (in dollars per share) | $ / shares	$ 28.10
Forfeited (in shares) | shares	(17,925)
Forfeited (in dollars per share) | $ / shares	$ 18.91
Unvested balance (in shares) | shares	1,272,046
Unvested balance (in dollars per share) | $ / shares	$ 22.62

Note 4 - Summary of Recognized

Note 4 - Summary of Recognized Non-Cash Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cost of Sales [Member]
Allocated share-based compensation	$ 146	$ 91
Research and Development Expense [Member]
Allocated share-based compensation	665	467
Selling and Marketing Expense [Member]
Allocated share-based compensation	1,175	737
General and Administrative Expense [Member]
Allocated share-based compensation	638	390
Allocated share-based compensation	$ 2,624	$ 1,685

Note 5 - Geographic Informati30

Note 5 - Geographic Information and Major Customer and Product Data (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
FRANCE
Revenues	$ 3,150	$ 2,318
Number of Reportable Segments	1
Revenues	$ 30,470	$ 22,986

Note 5 - Summary of Revenues wi

Note 5 - Summary of Revenues within Geographical Areas (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
UNITED STATES
Revenues		$ 17,515	$ 13,106
EMEA [Member]
Revenues	[1]	10,497	7,993
Rest of World [Member]
Revenues		2,458	1,887
Revenues		$ 30,470	$ 22,986
[1]	Sales to customers in France accounted for $3,150 and $2,318 for the three months ended March 31, 2016 and 2015, respectively.

Note 5 - Summary of Long-lived

Note 5 - Summary of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
UNITED STATES
Long-lived assets	$ 6,544	$ 6,419
ISRAEL
Long-lived assets	1,721	1,607
Other [Member]
Long-lived assets	225	239
Long-lived assets	$ 8,490	$ 8,265