Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 02, 2017 | |
Document Information [Line Items] | ||
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) | 27,504,378 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 53,539 | $ 48,315 |
Short-term investments | 68,039 | 65,493 |
Trade receivables (net of allowance for doubtful accounts of $420 and $372 at June 30, 2017 and December 31, 2016, respectively) | 41,313 | 53,861 |
Prepaid expenses and other current assets | 7,571 | 3,650 |
Total current assets | 170,462 | 171,319 |
Long-term assets: | ||
Other assets | 818 | 609 |
Property and equipment, net | 11,160 | 9,910 |
Total long-term assets | 11,978 | 10,519 |
Total assets | 182,440 | 181,838 |
Current liabilities: | ||
Trade payables | 1,348 | 1,288 |
Accrued expenses and other short term liabilities | 30,769 | 28,479 |
Deferred revenues | 57,457 | 58,478 |
Total current liabilities | 89,574 | 88,245 |
Long-term liabilities: | ||
Deferred revenues | 3,889 | 3,562 |
Severance pay | 1,472 | 1,664 |
Other liabilities | 5,273 | 5,628 |
Total long-term liabilities | 10,634 | 10,854 |
Stockholders’ equity: | ||
Common stock of $0.001 par value - Authorized: 200,000,000 shares at June 30, 2017 and December 31, 2016; Issued and outstanding: 27,468,395 shares at June 30, 2017 and 26,821,762 shares at December 31, 2016 | 27 | 27 |
Accumulated other comprehensive income (loss) | 2,128 | (479) |
Additional paid-in capital | 204,751 | 189,335 |
Accumulated deficit | (124,674) | (106,144) |
Total stockholders’ equity | 82,232 | 82,739 |
Total liabilities and stockholders’ equity | $ 182,440 | $ 181,838 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 420 | $ 372 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 27,468,395 | 26,821,762 |
Common stock, shares outstanding (in shares) | 27,468,395 | 26,821,762 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Licenses | $ 28,420 | $ 21,742 | $ 47,575 | $ 35,586 |
Maintenance and services | 21,754 | 16,899 | 42,979 | 33,525 |
Total revenues | 50,174 | 38,641 | 90,554 | 69,111 |
Cost of revenues | 4,878 | 3,721 | 9,550 | 7,217 |
Gross profit | 45,296 | 34,920 | 81,004 | 61,894 |
Operating costs and expenses: | ||||
Research and development | 11,498 | 8,905 | 21,907 | 17,742 |
Sales and marketing | 32,560 | 26,840 | 63,371 | 51,204 |
General and administrative | 6,582 | 4,760 | 12,095 | 9,322 |
Total operating expenses | 50,640 | 40,505 | 97,373 | 78,268 |
Operating loss | (5,344) | (5,585) | (16,369) | (16,374) |
Financial income (expenses), net | 950 | (605) | 1,419 | 40 |
Loss before income taxes | (4,394) | (6,190) | (14,950) | (16,334) |
Income taxes | (641) | (303) | (964) | (509) |
Net loss | $ (5,035) | $ (6,493) | $ (15,914) | $ (16,843) |
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.18) | $ (0.25) | $ (0.59) | $ (0.64) |
Weighted average number of shares used in computing net loss per share of common stock, basic and diluted (in shares) | 27,321,837 | 26,273,380 | 27,137,930 | 26,195,269 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss | $ (5,035) | $ (6,493) | $ (15,914) | $ (16,843) |
Other comprehensive income (loss): | ||||
Unrealized losses on short term investments | (10) | (10) | ||
Unrealized gains (losses) on derivative instruments | 493 | (845) | 2,617 | 379 |
Total other comprehensive income (loss) | 483 | (845) | 2,607 | 379 |
Comprehensive loss | $ (4,552) | $ (7,338) | $ (13,307) | $ (16,464) |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (15,914) | $ (16,843) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 1,284 | 1,066 |
Stock-based compensation | 9,663 | 5,997 |
Capital gain from disposal of fixed assets | (2) | |
Changes in assets and liabilities: | ||
Trade receivables | 12,548 | 13,943 |
Prepaid expenses and other current assets | (1,783) | 47 |
Trade payables | 60 | (538) |
Accrued expenses and other short term liabilities | 2,769 | 16 |
Severance pay | (192) | 21 |
Deferred revenues | (694) | (1,144) |
Other long term liabilities | (355) | (224) |
Net cash provided by operating activities | 7,384 | 2,341 |
Cash flows from investing activities: | ||
Decrease (increase) in short-term investments | (2,556) | 4,750 |
Increase in long-term deposits | (160) | (27) |
Increase in restricted cash | (49) | (7) |
Proceeds on sales of property and equipment | 2 | |
Purchase of property and equipment | (2,534) | (1,447) |
Net cash provided by (used in) investing activities | (5,297) | 3,269 |
Cash flows from financing activities: | ||
Proceeds from employee stock plans, net | 3,137 | 1,251 |
Net cash provided by financing activities | 3,137 | 1,251 |
Increase in cash and cash equivalents | 5,224 | 6,861 |
Cash and cash equivalents at beginning of period | 48,315 | 49,241 |
Cash and cash equivalents at end of period | 53,539 | 56,102 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $ 140 | $ 96 |
Note 1 - General
Note 1 - General | 6 Months Ended |
Jun. 30, 2017 | |
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 January 1, 2005. VSI has seven November 24, 2004; March 14, 2007; July 6, 2011; (“VSF February 22, 2012; February 19, 2013; November 11, 2016; February 28, 2017. The Company’s software products and services allow enterprises to manage, analyze and secure enterprise data. The Company specializes in creating software that manages and protects enterprise data against insider threats, data breaches and cyberattacks by detecting and alerting on deviations from known behavioral baselines, identifying and mitigating exposures of sensitive data, and automating processes to secure enterprise data. Enterprise data under our scope is typically comprised of sensitive information that is stored in spreadsheets, emails, word processing documents, presentations, audio files, video files, text messages and any other data created by employees. This data often contains an enterprise’s financial information, product plans, strategic initiatives, intellectual property and numerous other forms of vital information. Through its products, DatAdvantage (including DatAlert and the Automation Engine), DataPrivilege, IDU Classification Framework, Data Transport Engine and DatAnswers, the software platform allows enterprises to protect sensitive data from insider threats and cyberattacks and realize the value of their enterprise data. VSI markets and sells products and services mainly in the United States. VSUK, VSG, VSF, VSC and VSA resell the Company’s products and services mainly in the UK, Germany, France and rest of Europe, Canada and Australia, 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 user customers. b. Basis of Presentation: The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Article 10 X, 10 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 may 2016 10 December 31, 2016 February 9, 2017 ( “2016 10 no December 31, 2016 2016 10 Effective as of January 1, 2017, 2016 09, 718 2016 09” 2016 09 not 2016 09, $2,616 January 1, 2017. ASU 2016 09 $7,131 $718 December 31, 2016, 2016 09, 2016 09 January 1, 2017. January 1, 2017 no January 1, 2017. Additionally, ASU 2016 09 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 June 30, 2017, January 2018. not 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 short term liabilities $ 24,780 $ 2,138 $ 46,116 $ (479 ) For the three six June 30, 2017, $653 $918, three six June 30, 2016, $154 $82, no three six June 30, 2017 2016. d. Cash, Cash Equivalents and Short-Term Investments: The Company accounts for investments in marketable securities in accordance with ASC No. 320, three The Company considers all high quality investments purchased with original maturities at the date of purchase greater than three may one As of June 30, 2017 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 40,083 $ - $ - $ 40,083 Money market funds 12,456 - - 12,456 US Treasury securities 1,000 - * ) 1,000 Total $ 53,539 $ - $ - $ 53,539 Short-term investments US Treasury securities $ 32,946 $ - $ (10 ) $ 32,936 Term bank deposits 35,103 - - 35,103 Total $ 68,049 $ - $ (10 ) $ 68,039 *) Represents an amount lower than $ 1. All the US Treasury securities in short-term investments have a stated effective maturity of less than 12 June 30, 2017. As of December 31, 2016 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 42,175 $ - $ - $ 42,175 Money market funds 6,140 - - 6,140 Total $ 48,315 $ - $ - $ 48,315 Short-term investments Term bank deposits $ 65,493 - - $ 65,493 Total $ 65,493 $ - $ - $ 65,493 The gross unrealized loss related to these short-term investments was due primarily to changes in interest rates. The Company reviews its short-term investments on a regular basis to evaluate whether or not not one not six June 30, 2017, not e. Recently Issued Accounting Pronouncements: In May 2014, No. 2014 09, and issued subsequent amendments to the initial guidance in March 2016, April 2016, May 2016 December 2016 2016 08, 2016 10, 2016 12, 2016 20, not 2014 09 December 15, 2016 may July 9, 2015, one 2014 09. December 15, 2017 not 2017 January 1, 2018, may In May 2016, 2016 11, December 15, 2017. In February 2016, 2016 02, not 12 12 842 840, December 15, 2018, In November 2016, 2016 18, 230 December 15, 2017 In May 2017, 2017 09, Compensation - Stock Compensation: Scope of Modification Accounting 2017 09 December 15, 2017, |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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 three June 30, 2017. 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: • Level 2: not • Level 3: The following table sets forth the Company’s assets and liabilities that were measured at fair value as of June 30, 2017 December 31, 2016 As of June 30, 2017 As of December 31, 2016 Level Level Level Fair Level Level Level Fair Financial assets: Cash equivalents: Money market funds 12,456 – – 12,456 6,140 – – 6,140 US Treasury securities 1,000 – – 1,000 – – – – Short-term investments: US Treasury securities 32,936 – – 32,936 – – – – Term bank deposits 35,103 – – 35,103 65,493 – – 65,493 Other current assets: Forward foreign exchange contracts – 2,138 – 2,138 – – – – Financial liabilities: Forward foreign exchange contracts – – – – – (479 ) – (479 ) Total financial assets (liabilities) $ 81,495 $ 2,138 $ – $ 83,633 $ 71,633 $ (479 ) $ – $ 71,154 |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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 2017 2026. 2017 2020. Aggregate minimum rental commitments under non-cancelable leases as of June 30, 2017 (unaudited) 2017 $ 2,736 2018 4,872 2019 4,839 2020 3,486 2021 3,495 Thereafter 13,062 $ 32,490 Total rent expenses for the six June 30, 2017 December 31, 2016 $1,814 $3,258, June 30, 2017 $1,121. 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. Credit Facility: On March 31, 2014, may $7,000 0.15%. June 30, 2017, 4.10%. may August 15, 2017 June 30, 2017, no |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 4:– STOCKHOLDERS’ EQUITY a. On December 30, 2005, 2005 “2005 December 31, 2013, 4,713,319 four No 2005 December 31, 2013, no 2005 On November 14, 2013, 2013 “2013 1,904,633 2013 2013 January 1, 2016 January 1 four 4% December 31 2013 five 5% December 31. January 1, 2016 2017, 2013 1,042,766 1,072,870 2013 four 2013 A summary of employees’ stock options activities during the six June 30, 2017 Six Months Ended Number Weighted Aggregate Weighted Options outstanding as of January 1, 2017 2,388,348 $ 15.243 $ 30,025 5.861 Granted - $ - Exercised (330,351 ) $ 10.324 Forfeited (72,893 ) $ 18.148 Options outstanding as of June 30, 2017 1,985,104 $ 15.941 $ 42,589 5.035 Options exercisable at the end of the period 1,633,271 $ 14.216 $ 37,856 4.624 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 six June 30, 2017 $7,500. b. The options outstanding as of June 30, 2017 ( Range of exercise price Options outstanding as of June 30, 2017 Weighted average remaining contractual life (years) Weighted average exercise price Options exercisable as of June 30, 2017 Weighted average remaining contractual life (years) Weighted average exercise price of options exercisable $1.039 - $1.576 575,859 1.855 $ 1.329 575,859 1.855 $ 1.329 $6.230 - 8.800 70,930 4.266 $ 7.032 70,930 4.266 $ 7.032 $12.470 - 16.870 297,114 6.172 $ 13.429 263,780 5.859 $ 12.995 $19.510 - 21.660 475,348 6.602 $ 21.202 311,878 6.512 $ 21.200 $22.010 - 24.230 269,316 6.335 $ 22.270 204,808 6.316 $ 22.305 $29.880 150,887 7.649 $ 29.880 86,643 7.649 $ 29.880 $39.860 145,650 5.435 $ 39.860 119,373 5.435 $ 39.860 1,985,104 5.035 $ 15.941 1,633,271 4.624 $ 14.216 c. Options issued to consultants: The Company’s outstanding options granted to consultants for services as of June 30, 2017 ( Options for Exercise price Options Exercisable (number) (number) February 2013 1,500 $ 12.470 1,500 February 2023 August 2013 4,188 $ 21.140 3,559 August 2023 March 2014 13,100 $ 39.860 10,546 March 2024 May 2014 6,250 $ 22.010 4,580 May 2024 November 2014 8,431 $ 21.660 4,663 November 2024 May 2015 3,500 $ 19.510 1,105 May 2025 February 2016 2,500 $ 16.870 832 February 2026 39,469 26,785 d. Restricted stock units: A summary of restricted stock units for employees, consultants and non-employee directors of the Company for the six June 30, 2017 ( Number of Weighted- Unvested balance - January 1, 2017 1,399,127 $ 19.96 Granted 1,011,903 $ 28.93 Vested (309,675 ) $ 20.46 Forfeited (153,200 ) $ 21.40 Unvested balance – June 30, 2017 1,948,155 $ 25.11 e. As of June 30, 2017, $4,378 $43,752 1.242 3.083 f. 2015 On May 5, 2015, 2015 March 19, 2015. June 30, 2015. 15% not 85% first 500,000 January 1, 2016, January 1 one 1% December 31 two 2% December 31, 400,000 January 1, 2016 2017, 21,383 158,695 no June 30, 2025; g. 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: Three Months Ended Six Months Ended 2017 2016 2017 2016 (unaudited) (unaudited) (in thousands) (in thousands) Cost of revenues $ 273 $ 172 $ 500 $ 318 Research and development 1,301 793 2,431 1,458 Sales and marketing 2,362 1,628 4,421 2,803 General and administrative 1,323 780 2,311 1,418 Total $ 5,259 $ 3,373 $ 9,663 $ 5,997 Since the Company is in a net loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all the periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. There are 3,972,728 4,091,928 not June 30, 2017 2016, |
Note 5 - Geographic Information
Note 5 - Geographic Information and Major Customer and Product Data | 6 Months Ended |
Jun. 30, 2017 | |
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, one 1 Three Months Ended Six Months Ended 2017 2016 2017 2016 (unaudited) (unaudited) (in thousands) (in thousands) Revenues based on customer’s location: United States $ 33,135 $ 24,330 $ 57,544 $ 41,845 EMEA (*) 13,879 11,857 27,120 22,354 Rest of World 3,160 2,454 5,890 4,912 Total revenues $ 50,174 $ 38,641 $ 90,554 $ 69,111 (*) Sales to customers in France accounted for $5,153 three June 30, 2017 not 10% three June 30, 2016. not 10% six June 30, 2017 $6,922 six June 30, 2016. June 30, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 7,352 $ 7,664 Israel 2,731 1,827 Other 1,077 419 $ 11,160 $ 9,910 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 X, 10 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 may 2016 10 December 31, 2016 February 9, 2017 ( “2016 10 no December 31, 2016 2016 10 Effective as of January 1, 2017, 2016 09, 718 2016 09” 2016 09 not 2016 09, $2,616 January 1, 2017. ASU 2016 09 $7,131 $718 December 31, 2016, 2016 09, 2016 09 January 1, 2017. January 1, 2017 no January 1, 2017. Additionally, ASU 2016 09 |
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 June 30, 2017, January 2018. not 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 short term liabilities $ 24,780 $ 2,138 $ 46,116 $ (479 ) For the three six June 30, 2017, $653 $918, three six June 30, 2016, $154 $82, no three six June 30, 2017 2016. |
Cash, Cash Equivalents and Short-term Investments, Policy [Policy Text Block] | d. Cash, Cash Equivalents and Short-Term Investments: The Company accounts for investments in marketable securities in accordance with ASC No. 320, three The Company considers all high quality investments purchased with original maturities at the date of purchase greater than three may one As of June 30, 2017 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 40,083 $ - $ - $ 40,083 Money market funds 12,456 - - 12,456 US Treasury securities 1,000 - * ) 1,000 Total $ 53,539 $ - $ - $ 53,539 Short-term investments US Treasury securities $ 32,946 $ - $ (10 ) $ 32,936 Term bank deposits 35,103 - - 35,103 Total $ 68,049 $ - $ (10 ) $ 68,039 *) Represents an amount lower than $ 1. All the US Treasury securities in short-term investments have a stated effective maturity of less than 12 June 30, 2017. As of December 31, 2016 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 42,175 $ - $ - $ 42,175 Money market funds 6,140 - - 6,140 Total $ 48,315 $ - $ - $ 48,315 Short-term investments Term bank deposits $ 65,493 - - $ 65,493 Total $ 65,493 $ - $ - $ 65,493 The gross unrealized loss related to these short-term investments was due primarily to changes in interest rates. The Company reviews its short-term investments on a regular basis to evaluate whether or not not one not six June 30, 2017, not |
New Accounting Pronouncements, Policy [Policy Text Block] | e. Recently Issued Accounting Pronouncements: In May 2014, No. 2014 09, and issued subsequent amendments to the initial guidance in March 2016, April 2016, May 2016 December 2016 2016 08, 2016 10, 2016 12, 2016 20, not 2014 09 December 15, 2016 may July 9, 2015, one 2014 09. December 15, 2017 not 2017 January 1, 2018, may In May 2016, 2016 11, December 15, 2017. In February 2016, 2016 02, not 12 12 842 840, December 15, 2018, In November 2016, 2016 18, 230 December 15, 2017 In May 2017, 2017 09, Compensation - Stock Compensation: Scope of Modification Accounting 2017 09 December 15, 2017, |
Note 1 - General (Tables)
Note 1 - General (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 short term liabilities $ 24,780 $ 2,138 $ 46,116 $ (479 ) |
Cash, Cash Equivalents and Investments [Table Text Block] | As of June 30, 2017 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 40,083 $ - $ - $ 40,083 Money market funds 12,456 - - 12,456 US Treasury securities 1,000 - * ) 1,000 Total $ 53,539 $ - $ - $ 53,539 Short-term investments US Treasury securities $ 32,946 $ - $ (10 ) $ 32,936 Term bank deposits 35,103 - - 35,103 Total $ 68,049 $ - $ (10 ) $ 68,039 As of December 31, 2016 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 42,175 $ - $ - $ 42,175 Money market funds 6,140 - - 6,140 Total $ 48,315 $ - $ - $ 48,315 Short-term investments Term bank deposits $ 65,493 - - $ 65,493 Total $ 65,493 $ - $ - $ 65,493 |
Note 2 - Fair Value Measureme14
Note 2 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of June 30, 2017 As of December 31, 2016 Level Level Level Fair Level Level Level Fair Financial assets: Cash equivalents: Money market funds 12,456 – – 12,456 6,140 – – 6,140 US Treasury securities 1,000 – – 1,000 – – – – Short-term investments: US Treasury securities 32,936 – – 32,936 – – – – Term bank deposits 35,103 – – 35,103 65,493 – – 65,493 Other current assets: Forward foreign exchange contracts – 2,138 – 2,138 – – – – Financial liabilities: Forward foreign exchange contracts – – – – – (479 ) – (479 ) Total financial assets (liabilities) $ 81,495 $ 2,138 $ – $ 83,633 $ 71,633 $ (479 ) $ – $ 71,154 |
Note 3 - Commitments and Cont15
Note 3 - Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (unaudited) 2017 $ 2,736 2018 4,872 2019 4,839 2020 3,486 2021 3,495 Thereafter 13,062 $ 32,490 |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Six Months Ended Number Weighted Aggregate Weighted Options outstanding as of January 1, 2017 2,388,348 $ 15.243 $ 30,025 5.861 Granted - $ - Exercised (330,351 ) $ 10.324 Forfeited (72,893 ) $ 18.148 Options outstanding as of June 30, 2017 1,985,104 $ 15.941 $ 42,589 5.035 Options exercisable at the end of the period 1,633,271 $ 14.216 $ 37,856 4.624 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Range of exercise price Options outstanding as of June 30, 2017 Weighted average remaining contractual life (years) Weighted average exercise price Options exercisable as of June 30, 2017 Weighted average remaining contractual life (years) Weighted average exercise price of options exercisable $1.039 - $1.576 575,859 1.855 $ 1.329 575,859 1.855 $ 1.329 $6.230 - 8.800 70,930 4.266 $ 7.032 70,930 4.266 $ 7.032 $12.470 - 16.870 297,114 6.172 $ 13.429 263,780 5.859 $ 12.995 $19.510 - 21.660 475,348 6.602 $ 21.202 311,878 6.512 $ 21.200 $22.010 - 24.230 269,316 6.335 $ 22.270 204,808 6.316 $ 22.305 $29.880 150,887 7.649 $ 29.880 86,643 7.649 $ 29.880 $39.860 145,650 5.435 $ 39.860 119,373 5.435 $ 39.860 1,985,104 5.035 $ 15.941 1,633,271 4.624 $ 14.216 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Options for Exercise price Options Exercisable (number) (number) February 2013 1,500 $ 12.470 1,500 February 2023 August 2013 4,188 $ 21.140 3,559 August 2023 March 2014 13,100 $ 39.860 10,546 March 2024 May 2014 6,250 $ 22.010 4,580 May 2024 November 2014 8,431 $ 21.660 4,663 November 2024 May 2015 3,500 $ 19.510 1,105 May 2025 February 2016 2,500 $ 16.870 832 February 2026 39,469 26,785 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Weighted- Unvested balance - January 1, 2017 1,399,127 $ 19.96 Granted 1,011,903 $ 28.93 Vested (309,675 ) $ 20.46 Forfeited (153,200 ) $ 21.40 Unvested balance – June 30, 2017 1,948,155 $ 25.11 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended 2017 2016 2017 2016 (unaudited) (unaudited) (in thousands) (in thousands) Cost of revenues $ 273 $ 172 $ 500 $ 318 Research and development 1,301 793 2,431 1,458 Sales and marketing 2,362 1,628 4,421 2,803 General and administrative 1,323 780 2,311 1,418 Total $ 5,259 $ 3,373 $ 9,663 $ 5,997 |
Note 5 - Geographic Informati17
Note 5 - Geographic Information and Major Customer and Product Data (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Six Months Ended 2017 2016 2017 2016 (unaudited) (unaudited) (in thousands) (in thousands) Revenues based on customer’s location: United States $ 33,135 $ 24,330 $ 57,544 $ 41,845 EMEA (*) 13,879 11,857 27,120 22,354 Rest of World 3,160 2,454 5,890 4,912 Total revenues $ 50,174 $ 38,641 $ 90,554 $ 69,111 |
Long-lived Assets by Geographic Areas [Table Text Block] | June 30, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 7,352 $ 7,664 Israel 2,731 1,827 Other 1,077 419 $ 11,160 $ 9,910 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jan. 01, 2017USD ($) | Dec. 31, 2016USD ($) | |
Operations Commenced Date | Jan. 1, 2005 | |||||
Subsidiary or Equity Method Investee, Number | 7 | 7 | ||||
Entity Incorporation, Date of Incorporation | Nov. 24, 2004 | |||||
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives | $ 653 | $ 154 | $ 918 | $ 82 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | |||||
Short-term Investments [Member] | US Treasury Securities [Member] | Maximum [Member] | ||||||
Short-term Investment, Maturity Period | 1 year | |||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Net Operating Losses Related to Excess Tax Benefit | $ 7,131 | |||||
State and Local Jurisdiction [Member] | ||||||
Net Operating Losses Related to Excess Tax Benefit | $ 718 | |||||
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,616) |
Note 1 - General - Derivative I
Note 1 - General - Derivative Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Notional Amount | $ 24,780 | $ 46,116 |
Derivative Assets, Fair Value | 2,138 | 479 |
Derivative Liabilities, Fair Value | $ (2,138) | $ (479) |
Note 1 - General - Cash, Cash E
Note 1 - General - Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Cash and Cash Equivalents [Member] | |||
Gross unrealized gains | |||
Gross unrealized losses | |||
Fair value | 53,539 | 48,315 | |
Amortized Cost | 53,539 | 48,315 | |
Cash and Cash Equivalents [Member] | Cash [Member] | |||
Gross unrealized gains | |||
Gross unrealized losses | |||
Fair value | 40,083 | 42,175 | |
Amortized Cost | 40,083 | 42,175 | |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | |||
Gross unrealized gains | |||
Gross unrealized losses | |||
Fair value | 12,456 | 6,140 | |
Amortized Cost | 12,456 | 6,140 | |
Cash and Cash Equivalents [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | |||
Gross unrealized gains | |||
Gross unrealized losses | [1] | ||
Fair value | 1,000 | ||
Amortized Cost | 1,000 | ||
Short-term Investments [Member] | |||
Gross unrealized gains | |||
Gross unrealized losses | (10) | ||
Fair value | 68,039 | 65,493 | |
Amortized Cost | 68,049 | 65,493 | |
Short-term Investments [Member] | Term Bank Deposits [Member] | |||
Gross unrealized gains | |||
Gross unrealized losses | |||
Fair value | 35,103 | 65,493 | |
Amortized Cost | 35,103 | $ 65,493 | |
Short-term Investments [Member] | US Treasury Securities [Member] | |||
Gross unrealized gains | |||
Gross unrealized losses | (10) | ||
Fair value | 32,936 | ||
Amortized Cost | $ 32,946 | ||
[1] | Represents an amount lower than $ 1. |
Note 2 - Fair Value Measureme21
Note 2 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Total financial assets (liabilities) | $ 71,633 | |
Foreign Exchange Forward [Member] | ||
Derivative Assets | ||
Derivative Liabilities | ||
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Cash equivalents | 6,140 | |
Cash and Cash Equivalents [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | ||
Short-term Investments [Member] | US Treasury Securities [Member] | ||
Short-term investments | ||
Short-term Investments [Member] | Term Bank Deposits [Member] | ||
Short-term investments | 65,493 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total financial assets (liabilities) | 81,495 | $ (479) |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | ||
Derivative Assets | ||
Derivative Liabilities | (479) | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Cash equivalents | 12,456 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | 1,000 | |
Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | US Treasury Securities [Member] | ||
Short-term investments | 32,936 | |
Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | Term Bank Deposits [Member] | ||
Short-term investments | 35,103 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total financial assets (liabilities) | 2,138 | 71,154 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | ||
Derivative Assets | 2,138 | |
Derivative Liabilities | (479) | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Cash equivalents | 6,140 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | US Treasury Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | Term Bank Deposits [Member] | ||
Short-term investments | $ 65,493 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total financial assets (liabilities) | 83,633 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | ||
Derivative Assets | 2,138 | |
Derivative Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Cash equivalents | 12,456 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | 1,000 | |
Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | US Treasury Securities [Member] | ||
Short-term investments | 32,936 | |
Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | Term Bank Deposits [Member] | ||
Short-term investments | $ 35,103 |
Note 3 - Commitments and Cont22
Note 3 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2016 |
Operating Leases, Rent Expense | $ 1,814 | $ 3,258 | |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 1,121 | ||
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 | 4.10% | ||
Long-term Line of Credit | $ 0 |
Note 3 - Commitments and Cont23
Note 3 - Commitments and Contingent Liabilities - Aggregate Minimum Rental Commitments Under Non-cancelable Leases (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2,017 | $ 2,736 |
2,018 | 4,872 |
2,019 | 4,839 |
2,020 | 3,486 |
2,021 | 3,495 |
Thereafter | 13,062 |
Total | $ 32,490 |
Note 4 - Stockholders' Equity24
Note 4 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2017 | Jan. 01, 2016 | Jun. 30, 2015 | Nov. 14, 2013 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2013 | Jun. 30, 2017 |
Common Stock, Capital Shares Reserved for Future Issuance, Annual Increase, Maximum | 1,072,870 | 1,042,766 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 7,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ||||||||
Employee Stock Option [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,378 | $ 4,378 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 88 days | |||||||
Restricted Stock [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 43,752 | $ 43,752 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 30 days | |||||||
Restricted Stock Units and Stock Options [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,972,728 | 4,091,928 | ||||||
The 2005 Stock Plan [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,713,319 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||||||
The 2013 Omnibus Equity Award Plan [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 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% | |||||||
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 | |||||||
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% | |||||||
Percent of Shares Increase, Employee Stock Purchase Plan | 1.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||||||
Common Stock Availability Threshold, Employee Stock Purchase Plan | 2.00% | |||||||
Shares Increase Threshold, Employee Stock Purchase Plan | 400,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 158,695 | 21,383 |
Note 4 - Stockholders' Equity -
Note 4 - Stockholders' Equity - Summary of Employees' Stock Options Activities (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Options outstanding (in shares) | shares | 2,388,348 | |
Options outstanding (in dollars per share) | $ / shares | $ 15.243 | |
Options outstanding (in dollars per share) | $ / shares | $ 15.941 | $ 15.243 |
Options outstanding | $ | $ 42,589 | $ 30,025 |
Options outstanding (Year) | 5 years 12 days | 5 years 314 days |
Options exercisable at the end of the year (in shares) | shares | 1,633,271 | |
Options exercisable at the end of the year (in dollars per share) | $ / shares | $ 14.216 | |
Granted (in shares) | shares | ||
Granted (in dollars per share) | $ / shares | ||
Exercised (in shares) | shares | (330,351) | |
Exercised (in dollars per share) | $ / shares | $ 10.324 | |
Forfeited (in shares) | shares | (72,893) | |
Forfeited (in dollars per share) | $ / shares | $ 18.148 | |
Options outstanding (in shares) | shares | 1,985,104 | 2,388,348 |
Options exercisable at the end of the year | $ | $ 37,856 | |
Options exercisable at the end of the year (Year) | 4 years 227 days |
Note 4 - Stockholders' Equity26
Note 4 - Stockholders' Equity - Options Outstanding Separated Into Range of Exercise Price (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Weighted average exercise price, outstanding (in dollars per share) | $ 15.941 |
Exercisable (in shares) | shares | 1,633,271 |
Weighted average remaining contractual life, exercisable (Year) | 4 years 227 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 14.216 |
Outstanding (in shares) | shares | 1,985,104 |
Weighted average remaining contractual life, outstanding (Year) | 5 years 12 days |
Range One [Member] | |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.329 |
Exercisable (in shares) | shares | 575,859 |
Weighted average remaining contractual life, exercisable (Year) | 1 year 312 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 1.329 |
Lower range (in dollars per share) | 1.039 |
Upper range (in dollars per share) | $ 1.576 |
Outstanding (in shares) | shares | 575,859 |
Weighted average remaining contractual life, outstanding (Year) | 1 year 312 days |
Range Two [Member] | |
Weighted average exercise price, outstanding (in dollars per share) | $ 7.032 |
Exercisable (in shares) | shares | 70,930 |
Weighted average remaining contractual life, exercisable (Year) | 4 years 97 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 7.032 |
Lower range (in dollars per share) | 6.23 |
Upper range (in dollars per share) | $ 8.80 |
Outstanding (in shares) | shares | 70,930 |
Weighted average remaining contractual life, outstanding (Year) | 4 years 97 days |
Range Three [Member] | |
Weighted average exercise price, outstanding (in dollars per share) | $ 13.429 |
Exercisable (in shares) | shares | 263,780 |
Weighted average remaining contractual life, exercisable (Year) | 5 years 313 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 12.995 |
Lower range (in dollars per share) | 12.47 |
Upper range (in dollars per share) | $ 16.87 |
Outstanding (in shares) | shares | 297,114 |
Weighted average remaining contractual life, outstanding (Year) | 6 years 62 days |
Range Four [Member] | |
Weighted average exercise price, outstanding (in dollars per share) | $ 21.202 |
Exercisable (in shares) | shares | 311,878 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 186 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 21.20 |
Lower range (in dollars per share) | 19.51 |
Upper range (in dollars per share) | $ 21.66 |
Outstanding (in shares) | shares | 475,348 |
Weighted average remaining contractual life, outstanding (Year) | 6 years 219 days |
Range Five [Member] | |
Weighted average exercise price, outstanding (in dollars per share) | $ 22.27 |
Exercisable (in shares) | shares | 204,808 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 115 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 22.305 |
Lower range (in dollars per share) | 22.01 |
Upper range (in dollars per share) | $ 24.23 |
Outstanding (in shares) | shares | 269,316 |
Weighted average remaining contractual life, outstanding (Year) | 6 years 122 days |
Range Six [Member] | |
Weighted average exercise price, outstanding (in dollars per share) | $ 29.88 |
Exercisable (in shares) | shares | 86,643 |
Weighted average remaining contractual life, exercisable (Year) | 7 years 236 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 29.88 |
Outstanding (in shares) | shares | 150,887 |
Weighted average remaining contractual life, outstanding (Year) | 7 years 236 days |
Range Seven [Member] | |
Weighted average exercise price, outstanding (in dollars per share) | $ 39.86 |
Exercisable (in shares) | shares | 119,373 |
Weighted average remaining contractual life, exercisable (Year) | 5 years 158 days |
Weighted average exercise price, exercisable (in dollars per share) | $ 39.86 |
Outstanding (in shares) | shares | 145,650 |
Weighted average remaining contractual life, outstanding (Year) | 5 years 158 days |
Note 4 - Stockholders' Equity27
Note 4 - Stockholders' Equity - Outstanding Options Granted to Consultants for Sales and Pre-marketing Services (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Granted (in dollars per share) | $ / shares | |
Options exercisable at the end of the year (in shares) | 1,633,271 |
Consultants [Member] | |
Options exercisable at the end of the year (in shares) | 26,785 |
Options for shares of common stock (in shares) | 39,469 |
February 2013 [Member] | Consultants [Member] | |
Granted (in dollars per share) | $ / shares | $ 12.47 |
Options exercisable at the end of the year (in shares) | 1,500 |
Exercisable through | February 2,023 |
Options for shares of common stock (in shares) | 1,500 |
August 2013 [Member] | Consultants [Member] | |
Granted (in dollars per share) | $ / shares | $ 21.14 |
Options exercisable at the end of the year (in shares) | 3,559 |
Exercisable through | August 2,023 |
Options for shares of common stock (in shares) | 4,188 |
March 2014 [Member] | Consultants [Member] | |
Granted (in dollars per share) | $ / shares | $ 39.86 |
Options exercisable at the end of the year (in shares) | 10,546 |
Exercisable through | March 2,024 |
Options for shares of common stock (in shares) | 13,100 |
May 2014 [Member] | Consultants [Member] | |
Granted (in dollars per share) | $ / shares | $ 22.01 |
Options exercisable at the end of the year (in shares) | 4,580 |
Exercisable through | May 2,024 |
Options for shares of common stock (in shares) | 6,250 |
November 2014 [Member] | Consultants [Member] | |
Granted (in dollars per share) | $ / shares | $ 21.66 |
Options exercisable at the end of the year (in shares) | 4,663 |
Exercisable through | November 2,024 |
Options for shares of common stock (in shares) | 8,431 |
May 2015 [Member] | Consultants [Member] | |
Granted (in dollars per share) | $ / shares | $ 19.51 |
Options exercisable at the end of the year (in shares) | 1,105 |
Exercisable through | May 2,025 |
Options for shares of common stock (in shares) | 3,500 |
February 2016 [Member] | Consultants [Member] | |
Granted (in dollars per share) | $ / shares | $ 16.87 |
Options exercisable at the end of the year (in shares) | 832 |
Exercisable through | February 2,026 |
Options for shares of common stock (in shares) | 2,500 |
Note 4 - Stockholders' Equity28
Note 4 - Stockholders' Equity - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Unvested balance (in shares) | shares | 1,399,127 |
Unvested balance (in dollars per share) | $ / shares | $ 19.96 |
Unvested balance (in dollars per share) | $ / shares | $ 25.11 |
Granted (in shares) | shares | 1,011,903 |
Granted (in dollars per share) | $ / shares | $ 28.93 |
Vested (in shares) | shares | (309,675) |
Vested (in dollars per share) | $ / shares | $ 20.46 |
Forfeited (in shares) | shares | (153,200) |
Forfeited (in dollars per share) | $ / shares | $ 21.40 |
Unvested balance (in shares) | shares | 1,948,155 |
Note 4 - Stockholders' Equity29
Note 4 - Stockholders' Equity - Summary of Recognized Non-cash Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allocated share-based compensation | $ 5,259 | $ 3,373 | $ 9,663 | $ 5,997 |
Cost of Sales [Member] | ||||
Allocated share-based compensation | 273 | 172 | 500 | 318 |
Research and Development Expense [Member] | ||||
Allocated share-based compensation | 1,301 | 793 | 2,431 | 1,458 |
Selling and Marketing Expense [Member] | ||||
Allocated share-based compensation | 2,362 | 1,628 | 4,421 | 2,803 |
General and Administrative Expense [Member] | ||||
Allocated share-based compensation | $ 1,323 | $ 780 | $ 2,311 | $ 1,418 |
Note 5 - Geographic Informati30
Note 5 - Geographic Information and Major Customer and Product Data (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Number of Reportable Segments | 1 | |||
Revenues | $ 50,174 | $ 38,641 | $ 90,554 | $ 69,111 |
UNITED KINGDOM | ||||
Revenues | $ 5,153 | |||
FRANCE | ||||
Revenues | $ 6,922 |
Note 5 - Geographic Informati31
Note 5 - Geographic Information and Major Customer and Product Data - Summary of Revenues Within Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Revenues | $ 50,174 | $ 38,641 | $ 90,554 | $ 69,111 | |
UNITED STATES | |||||
Revenues | 33,135 | 24,330 | 57,544 | 41,845 | |
EMEA [Member] | |||||
Revenues | [1] | 13,879 | 11,857 | 27,120 | 22,354 |
Rest of World [Member] | |||||
Revenues | $ 3,160 | $ 2,454 | $ 5,890 | $ 4,912 | |
[1] | Sales to customers in France accounted for $5,153 of the Company’s revenues for the three months ended June 30, 2017 and did not exceed 10% of the Company’s revenues for the three months ended June 30, 2016. Sales to customers in France did not exceed 10% of the Company’s revenues for the six months ended June 30, 2017 and accounted for $6,922 of the Company’s revenues for the six months ended June 30, 2016. |
Note 5 - Geographic Informati32
Note 5 - Geographic Information and Major Customer and Product Data - Summary of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Long-lived assets | $ 11,160 | $ 9,910 |
UNITED STATES | ||
Long-lived assets | 7,352 | 7,664 |
ISRAEL | ||
Long-lived assets | 2,731 | 1,827 |
Other [Member] | ||
Long-lived assets | $ 1,077 | $ 419 |