Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
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 | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 28,752,821 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 70,778 | $ 56,689 |
Short-term investments | 82,892 | 79,868 |
Trade receivables (net of allowance for doubtful accounts of $433 at March 31, 2018 and December 31, 2017) | 32,468 | 75,596 |
Prepaid expenses and other current assets | 18,933 | 14,346 |
Total current assets | 205,071 | 226,499 |
Long-term assets: | ||
Other assets | 7,674 | 7,243 |
Property and equipment, net | 12,180 | 11,896 |
Total long-term assets | 19,854 | 19,139 |
Total assets | 224,925 | 245,638 |
Current liabilities: | ||
Trade payables | 483 | 635 |
Accrued expenses and other short term liabilities | 36,190 | 42,453 |
Deferred Revenue, Current | 68,481 | 73,493 |
Total current liabilities | 105,154 | 116,581 |
Long-term liabilities: | ||
Deferred revenues | 6,247 | 6,608 |
Other liabilities | 8,045 | 7,807 |
Total long-term liabilities | 14,292 | 14,415 |
Stockholders’ equity: | ||
Common stock of $0.001 par value - Authorized: 200,000,000 shares at March 31, 2018 and December 31, 2017; Issued and outstanding: 28,748,631 shares at March 31, 2018 and 28,146,162 shares at December 31, 2017 | 29 | 28 |
Accumulated other comprehensive income (loss) | (1,973) | 136 |
Additional paid-in capital | 231,860 | 223,868 |
Accumulated deficit | (124,437) | (109,390) |
Total stockholders’ equity | 105,479 | 114,642 |
Total liabilities and stockholders’ equity | $ 224,925 | $ 245,638 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ 433 | $ 433 |
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) | 28,748,631 | 28,146,162 |
Common stock, outstanding (in shares) | 28,748,631 | 28,146,162 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
License revenues | $ 53,528 | $ 39,593 |
Cost of revenues | 6,442 | 4,693 |
Gross profit | 47,086 | 34,900 |
Operating costs and expenses: | ||
Research and development | 15,542 | 10,409 |
Sales and marketing | 39,972 | 30,914 |
General and administrative | 7,069 | 5,509 |
Total operating expenses | 62,583 | 46,832 |
Operating loss | (15,497) | (11,932) |
Financial income, net | 978 | 469 |
Loss before income taxes | (14,519) | (11,463) |
Income taxes | (527) | (200) |
Net loss | $ (15,046) | $ (11,663) |
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.53) | $ (0.43) |
Weighted average number of shares used in computing net loss per share of common stock, basic and diluted (in shares) | 28,362,479 | 26,951,205 |
License [Member] | ||
Revenues: | ||
License revenues | $ 25,074 | $ 18,092 |
Maintenance [Member] | ||
Revenues: | ||
License revenues | $ 28,454 | $ 21,501 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net loss | $ (15,046) | $ (11,663) |
Other comprehensive income (loss): | ||
Unrealized loss on short-term investments | (8) | |
Unrealized income (loss) on derivative instruments | (2,101) | 2,124 |
Total other comprehensive income (loss) | (2,109) | 2,124 |
Comprehensive loss | $ (17,155) | $ (9,539) |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (15,046) | $ (11,663) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 797 | 622 |
Stock-based compensation | 6,927 | 4,404 |
Amortization of deferred commissions | 3,325 | 3,027 |
Changes in assets and liabilities: | ||
Trade receivables | 43,128 | 26,395 |
Prepaid expenses and other current assets | (5,806) | (2,497) |
Deferred commissions | (2,434) | (2,906) |
Other long term assets | 41 | |
Trade payables | (152) | 294 |
Accrued expenses and other short term liabilities | (8,200) | (6,421) |
Deferred revenues | (5,373) | (2,417) |
Other long term liabilities | 237 | (541) |
Net cash provided by operating activities | 17,444 | 8,297 |
Cash flows from investing activities: | ||
Increase in short-term investments | (3,033) | (4,757) |
Increase in long-term deposits | (308) | (140) |
Purchase of property and equipment | (1,081) | (1,498) |
Net cash used in investing activities | (4,422) | (6,395) |
Cash flows from financing activities: | ||
Proceeds from employee stock plans, net | 1,066 | 882 |
Net cash provided by financing activities | 1,066 | 882 |
Increase in cash, cash equivalents and restricted cash | 14,088 | 2,784 |
Cash, cash equivalents and restricted cash at beginning of period | 57,236 | 48,803 |
Cash, cash equivalents and restricted cash at end of period | 71,324 | 51,587 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $ 102 | $ 20 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2018 | |
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 eight November 24, 2004; March 14, 2007; July 6, 2011; (“VSF February 22, 2012; February 19, 2013; November 11, 2016; February 28, 2017; March 13, 2018. The Company’s software products and services allow enterprises to manage, analyze and secure enterprise data. Varonis focuses on protecting enterprise data: sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property. Through its products DatAdvantage (including the Automation Engine), DatAlert (including Varonis Edge), Data Classification Engine (including GDPR Patterns), DataPrivilege, 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 in ways that are not 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 2017 10 December 31, 2017 February 13, 2018 ( “2017 10 no December 31, 2017 2017 10 Effective as of January 1, 2018, 2014 09, 606” 2017 2018. 606 606, four not Adoption of the standard results in a reduction of revenues of $1,974 December 31, 2017 December 31, 2017, $13,486, $398, $426 $1,246 December 31, 2017 $13,064. Adoption of the standard related to revenue recognition had no The Company adjusted its consolidated financial statements from amounts previously reported due to the adoption of ASU 606. Three Month Ended As Reported Adjustments As Adjusted License revenues $ 19,155 $ (1,063 ) $ 18,092 Maintenance and service revenues 21,225 276 21,501 Total revenues 40,380 (787 ) 39,593 Cost of revenues 4,672 21 4,693 Gross profit 35,708 (808 ) 34,900 Operating costs and expenses: Research and development 10,409 - 10,409 Sales and marketing 30,811 103 30,914 General and administrative 5,513 (4 ) 5,509 Total operating expenses 46,733 99 46,832 Operating loss (11,025 ) (907 ) (11,932 ) Financial income, net 469 - 469 Loss before income taxes (10,556 ) (907 ) (11,463 ) Income taxes (323 ) 123 (200 ) Net loss $ (10,879 ) $ (784 ) $ (11,663 ) December 31, 2017 As Reported Adjustments As Adjusted Assets Current assets: Prepaid expenses and other current assets $ 7,130 $ 7,216 $ 14,346 Long-term assets: Other assets $ 973 $ 6,270 $ 7,243 Liabilities and stockholders’ equity Current liabilities: Deferred revenues $ 73,891 $ (398 ) $ 73,493 Long-term liabilities: Deferred revenues $ 7,034 $ (426 ) $ 6,608 Other liabilities $ 6,561 $ 1,246 $ 7,807 Stockholders’ equity: Accumulated deficit $ (122,454 ) $ 13,064 $ (109,390 ) Statement of Cash Flows As Reported Adjustments As Adjusted Cash flows from operating activities Net loss $ (10,879 ) $ (784 ) $ (11,663 ) Amortization of deferred commissions $ - $ 3,027 $ 3,027 Deferred commissions $ - $ (2,906 ) $ (2,906 ) Deferred revenues $ (3,203 ) $ 786 $ (2,417 ) Other long term liabilities $ (418 ) $ (123 ) $ (541 ) Net cash provided by operating activities $ 8,297 $ - $ 8,297 c. Revenue Recognition: The Company generates revenues in the form of software license fees and related maintenance and services fees. License fees include perpetual license fees and term license fees which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. Maintenance and services primarily consist of fees for maintenance services (including support and unspecified upgrades and enhancements when and if they are available) and to a lesser extent professional services which focus on both deployment and training the Company’s customers to fully leverage the use of its products although the user can benefit from the software without the Company’s assistance. The Company sells its products worldwide directly to a network of distributors and VARs, and payment is typically due within 30 90 The Company recognizes revenues in accordance with ASC No. 606, Software license revenues are recognized at the point of time when the software license has been delivered. The Company recognizes revenues from maintenance ratably over the term of the underlying maintenance contract term. The term of the maintenance contract is usually one Revenues from professional services consists mostly of time and material services. The performance obligations are satisfied, and revenues are recognized, when the services are provided or when the service term has expired. In contracts with multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct. The Company allocates the transaction price to each performance obligation based on its relative standalone selling price out of total consideration of the contract. For maintenance and support, the Company determines the standalone selling price based on the price at which the Company separately sells a renewal contract. The Company determines the standalone selling price for sales of licenses using the residual approach. For professional services, the Company determines the standalone selling prices based on the price at which the Company separately sells those services. Trade and other receivables are primarily comprised of trade receivables that are recorded at the invoice amount, net of an allowance for doubtful accounts. Deferred revenues represent mostly unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) the Company performs under the contract. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $27,952 three March 31, 2018. The Company does not one 2017 three March 31, 2018, no The Company pays commissions to sales and marketing and certain management personnel based on their attainment of certain predetermined sales goals. Sales commissions are considered incremental costs of obtaining a contract with a customer and are deferred and amortized. The Company is required to capitalize and amortize incremental costs of obtaining a contract, such as certain sales commission costs, over the remaining contractual term or over an expected period of benefit, which the Company has determined to be approximately four For information regarding disaggregated revenues, please refer to note 5. d. 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 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 not Derivative instruments measured at fair value and their classification on the consolidated balance sheets are presented in the following table (in thousands): Liabilities as of Assets 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 $ 44,348 $ (2,029 ) $ 1,746 $ 163 For the three March 31, 2018 2017, $48 $265, ineffective portion of foreign currency forward contracts is recognized in financial income (expense), net in the unaudited consolidated statement of operations. No three March 31, 2018 2017. e. 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 March 31, 2018 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 61,749 $ - $ - $ 61,749 Money market funds 9,029 - - 9,029 Total $ 70,778 $ - $ - $ 70,778 Short-term investments US Treasury securities $ 37,751 $ - $ (34 ) $ 37,717 Term bank deposits 45,175 - - 45,175 Total $ 82,926 $ - $ (34 ) $ 82,892 All the US Treasury securities in short-term investments have a stated effective maturity of less than 12 March 31, 2018. As of December 31, 2017 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 49,819 $ - $ - $ 49,819 Money market funds 6,870 - - 6,870 Total $ 56,689 $ - $ - $ 56,689 Short-term investments US Treasury securities $ 39,758 * ) (27 ) $ 39,731 Term bank deposits 40,137 - - 40,137 Total $ 79,895 $ * ) $ (27 ) $ 79,868 *) Represents an amount lower than $1 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 three March 31, 2018, not f. Restricted Cash: In November 2016, 2016 18, 230 2016 18 December 15, 2017. December 31, 2017 The following table provides a reconciliation of cash and cash equivalents, and long term restricted cash reported within the consolidated balance sheets that sum to the total of such amounts in the consolidated statements of cash flows: March 31, 2018 March 31, 2017 Cash and cash equivalents $ 70,778 $ 51,070 Long term restricted cash included in other assets 546 517 Cash, cash equivalents and long term restricted cash shown in the consolidated statement of cash flows $ 71,324 $ 51,587 g. Recently Issued Accounting Pronouncements: In January 2016, 2016 13, 2016 13 January 1, 2020, In February 2016, 2016 02, not 12 12 840, December 15, 2018, In January 2018, No. 118, not 9 2017 2017 10 not |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018. 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 March 31, 2018 December 31, 2017 As of March 31, 2018 As of December 31, 2017 Level I Level Level III Fair Level I Level Level III Fair Financial assets: Cash equivalents: Money market funds 9,029 – – 9,029 6,870 – – 6,870 Short-term investments: US Treasury securities 37,717 – – 37,717 39,731 – – 39,731 Term bank deposits 45,175 – – 45,175 40,137 – – 40,137 Other current assets: Forward foreign exchange contracts – – – – – 163 – 163 Financial liabilities: Forward foreign exchange contracts – (2,029 ) – (2,029 ) – – – – Total financial assets (liabilities) $ 91,921 $ (2,029 ) $ – $ 89,892 $ 86,738 $ 163 $ – $ 86,901 |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 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 2018 2026. 2018 2021. Aggregate minimum rental commitments under non-cancelable leases as of March 31, 2018 (unaudited) 2018 $ 4,733 2019 5,455 2020 4,669 2021 5,025 2022 5,064 Thereafter 21,960 $ 46,906 Total rent expenses for the three March 31, 2018 2017 $980 $883, March 31, 2018 $532. 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%; not 4.10%. March 31, 2018 , that rate amounted to 4.60%. may August 15, 2018 March 31, 2018 , the Company had no |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018, 2017 2016, 2013 1,125,846, 1,072,870 1,042,766 2013 four 2013 A summary of employees’ stock options activities during the three March 31, 2018 Three Months Ended Number Weighted Aggregate Weighted average Options outstanding as of January 1, 2018 1,456,285 $ 16.172 $ 47,152 4.906 Granted - $ - Exercised (203,474 ) $ 17.596 Forfeited (1,234 ) $ 22.070 Options outstanding as of March 31, 2018 1,251,577 $ 15.935 $ 55,777 4.622 Options exercisable at the end of the period 1,122,468 $ 15.151 $ 50,903 4.367 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 period. Total intrinsic value of options exercised for the three March 31, 2018 $7,824. b. The options outstanding as of March 31, 2018 ( Range of exercise price Options Weighted Weighted Options Weighted Weighted $1.039 - 1.576 361,725 1.090 $ 1.275 361,725 1.090 $ 1.275 $6.230 - 8.800 28,656 3.776 $ 7.174 28,656 3.776 $ 7.174 $12.470 - 16.870 204,001 5.534 $ 13.387 180,041 5.220 $ 12.923 $19.510 - 21.660 328,024 6.375 $ 21.205 266,979 6.341 $ 21.201 $22.010 - 24.230 148,740 6.047 $ 22.297 138,475 6.042 $ 22.318 $29.880 92,028 6.899 $ 29.880 58,189 6.899 $ 29.880 $39.860 88,403 5.978 $ 39.860 88,403 5.978 $ 39.860 1,251,577 4.622 $ 15.935 1,122,468 4.367 $ 15.151 c. Options issued to consultants: The Company’s outstanding options granted to consultants for services as of March 31, 2018 ( Options for Exercise price Options Exercisable (number) (number) February 2013 1,500 $ 12.470 1,500 February 2023 August 2013 4,188 $ 21.140 4,188 August 2023 March 2014 7,844 $ 39.860 7,844 March 2024 May 2014 5,991 $ 22.010 5,690 May 2024 November 2014 7,032 $ 21.660 5,428 November 2024 May 2015 1,312 $ 19.510 730 May 2025 February 2016 2,250 $ 16.870 1,050 February 2026 30,117 26,430 d. Restricted stock units: A summary of restricted stock units for employees, consultants and non-employee directors of the Company for the three March 31, 2018 ( Number of Weighted- Unvested balance - January 1, 2018 2,018,121 $ 27.32 Granted 1,061,150 $ 51.95 Vested (408,615 ) $ 24.91 Forfeited (19,900 ) $ 32.66 Unvested balance – March 31, 2018 2,650,756 $ 37.51 e. As of March 31, 2018, $1,366 $93,961 0.785 3.127 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, 2018, 2017 2016, 188,813, 158,695 21,383 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 2018 2017 (unaudited) (in thousands) Cost of revenues $ 362 $ 227 Research and development 2,105 1,130 Sales and marketing 3,101 2,059 General and administrative 1,359 988 Total $ 6,927 $ 4,404 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 were 3,932,450 4,339,384 not March 31, 2018 2017, |
Note 5 - Geographic Information
Note 5 - Geographic Information and Major Customer and Product Data | 3 Months Ended |
Mar. 31, 2018 | |
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 2018 2017 (unaudited) (as adjusted) (in thousands) Revenues based on customer’s location: North America $ 31,620 $ 25,437 EMEA (*) 20,347 12,695 Rest of World 1,561 1,461 Total revenues $ 53,528 $ 39,593 (*) Sales to customers in the UK accounted for $5,694 $4,077 three March 31, 2018 2017, to customers in France accounted for $6,754 three March 31, 2018. to customers in France did not 10% three March 31, 2017. March 31, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 7,096 $ 7,072 Israel 3,166 2,944 France 1,357 1,426 Other 561 454 $ 12,180 $ 11,896 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 2017 10 December 31, 2017 February 13, 2018 ( “2017 10 no December 31, 2017 2017 10 Effective as of January 1, 2018, 2014 09, 606” 2017 2018. 606 606, four not Adoption of the standard results in a reduction of revenues of $1,974 December 31, 2017 December 31, 2017, $13,486, $398, $426 $1,246 December 31, 2017 $13,064. Adoption of the standard related to revenue recognition had no The Company adjusted its consolidated financial statements from amounts previously reported due to the adoption of ASU 606. Three Month Ended As Reported Adjustments As Adjusted License revenues $ 19,155 $ (1,063 ) $ 18,092 Maintenance and service revenues 21,225 276 21,501 Total revenues 40,380 (787 ) 39,593 Cost of revenues 4,672 21 4,693 Gross profit 35,708 (808 ) 34,900 Operating costs and expenses: Research and development 10,409 - 10,409 Sales and marketing 30,811 103 30,914 General and administrative 5,513 (4 ) 5,509 Total operating expenses 46,733 99 46,832 Operating loss (11,025 ) (907 ) (11,932 ) Financial income, net 469 - 469 Loss before income taxes (10,556 ) (907 ) (11,463 ) Income taxes (323 ) 123 (200 ) Net loss $ (10,879 ) $ (784 ) $ (11,663 ) December 31, 2017 As Reported Adjustments As Adjusted Assets Current assets: Prepaid expenses and other current assets $ 7,130 $ 7,216 $ 14,346 Long-term assets: Other assets $ 973 $ 6,270 $ 7,243 Liabilities and stockholders’ equity Current liabilities: Deferred revenues $ 73,891 $ (398 ) $ 73,493 Long-term liabilities: Deferred revenues $ 7,034 $ (426 ) $ 6,608 Other liabilities $ 6,561 $ 1,246 $ 7,807 Stockholders’ equity: Accumulated deficit $ (122,454 ) $ 13,064 $ (109,390 ) Statement of Cash Flows As Reported Adjustments As Adjusted Cash flows from operating activities Net loss $ (10,879 ) $ (784 ) $ (11,663 ) Amortization of deferred commissions $ - $ 3,027 $ 3,027 Deferred commissions $ - $ (2,906 ) $ (2,906 ) Deferred revenues $ (3,203 ) $ 786 $ (2,417 ) Other long term liabilities $ (418 ) $ (123 ) $ (541 ) Net cash provided by operating activities $ 8,297 $ - $ 8,297 |
Revenue Recognition, Policy [Policy Text Block] | c. Revenue Recognition: The Company generates revenues in the form of software license fees and related maintenance and services fees. License fees include perpetual license fees and term license fees which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. Maintenance and services primarily consist of fees for maintenance services (including support and unspecified upgrades and enhancements when and if they are available) and to a lesser extent professional services which focus on both deployment and training the Company’s customers to fully leverage the use of its products although the user can benefit from the software without the Company’s assistance. The Company sells its products worldwide directly to a network of distributors and VARs, and payment is typically due within 30 90 The Company recognizes revenues in accordance with ASC No. 606, Software license revenues are recognized at the point of time when the software license has been delivered. The Company recognizes revenues from maintenance ratably over the term of the underlying maintenance contract term. The term of the maintenance contract is usually one Revenues from professional services consists mostly of time and material services. The performance obligations are satisfied, and revenues are recognized, when the services are provided or when the service term has expired. In contracts with multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct. The Company allocates the transaction price to each performance obligation based on its relative standalone selling price out of total consideration of the contract. For maintenance and support, the Company determines the standalone selling price based on the price at which the Company separately sells a renewal contract. The Company determines the standalone selling price for sales of licenses using the residual approach. For professional services, the Company determines the standalone selling prices based on the price at which the Company separately sells those services. Trade and other receivables are primarily comprised of trade receivables that are recorded at the invoice amount, net of an allowance for doubtful accounts. Deferred revenues represent mostly unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) the Company performs under the contract. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $27,952 three March 31, 2018. The Company does not one 2017 three March 31, 2018, no The Company pays commissions to sales and marketing and certain management personnel based on their attainment of certain predetermined sales goals. Sales commissions are considered incremental costs of obtaining a contract with a customer and are deferred and amortized. The Company is required to capitalize and amortize incremental costs of obtaining a contract, such as certain sales commission costs, over the remaining contractual term or over an expected period of benefit, which the Company has determined to be approximately four For information regarding disaggregated revenues, please refer to note 5. |
Derivatives, Policy [Policy Text Block] | d. 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 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 not Derivative instruments measured at fair value and their classification on the consolidated balance sheets are presented in the following table (in thousands): Liabilities as of Assets 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 $ 44,348 $ (2,029 ) $ 1,746 $ 163 For the three March 31, 2018 2017, $48 $265, ineffective portion of foreign currency forward contracts is recognized in financial income (expense), net in the unaudited consolidated statement of operations. No three March 31, 2018 2017. |
Cash, Cash Equivalents and Short-term Investments, Policy [Policy Text Block] | e. 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 March 31, 2018 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 61,749 $ - $ - $ 61,749 Money market funds 9,029 - - 9,029 Total $ 70,778 $ - $ - $ 70,778 Short-term investments US Treasury securities $ 37,751 $ - $ (34 ) $ 37,717 Term bank deposits 45,175 - - 45,175 Total $ 82,926 $ - $ (34 ) $ 82,892 All the US Treasury securities in short-term investments have a stated effective maturity of less than 12 March 31, 2018. As of December 31, 2017 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 49,819 $ - $ - $ 49,819 Money market funds 6,870 - - 6,870 Total $ 56,689 $ - $ - $ 56,689 Short-term investments US Treasury securities $ 39,758 * ) (27 ) $ 39,731 Term bank deposits 40,137 - - 40,137 Total $ 79,895 $ * ) $ (27 ) $ 79,868 *) Represents an amount lower than $1 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 three March 31, 2018, not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | f. Restricted Cash: In November 2016, 2016 18, 230 2016 18 December 15, 2017. December 31, 2017 The following table provides a reconciliation of cash and cash equivalents, and long term restricted cash reported within the consolidated balance sheets that sum to the total of such amounts in the consolidated statements of cash flows: March 31, 2018 March 31, 2017 Cash and cash equivalents $ 70,778 $ 51,070 Long term restricted cash included in other assets 546 517 Cash, cash equivalents and long term restricted cash shown in the consolidated statement of cash flows $ 71,324 $ 51,587 |
New Accounting Pronouncements, Policy [Policy Text Block] | g. Recently Issued Accounting Pronouncements: In January 2016, 2016 13, 2016 13 January 1, 2020, In February 2016, 2016 02, not 12 12 840, December 15, 2018, In January 2018, No. 118, not 9 2017 2017 10 not |
Note 1 - General (Tables)
Note 1 - General (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Three Month Ended As Reported Adjustments As Adjusted License revenues $ 19,155 $ (1,063 ) $ 18,092 Maintenance and service revenues 21,225 276 21,501 Total revenues 40,380 (787 ) 39,593 Cost of revenues 4,672 21 4,693 Gross profit 35,708 (808 ) 34,900 Operating costs and expenses: Research and development 10,409 - 10,409 Sales and marketing 30,811 103 30,914 General and administrative 5,513 (4 ) 5,509 Total operating expenses 46,733 99 46,832 Operating loss (11,025 ) (907 ) (11,932 ) Financial income, net 469 - 469 Loss before income taxes (10,556 ) (907 ) (11,463 ) Income taxes (323 ) 123 (200 ) Net loss $ (10,879 ) $ (784 ) $ (11,663 ) December 31, 2017 As Reported Adjustments As Adjusted Assets Current assets: Prepaid expenses and other current assets $ 7,130 $ 7,216 $ 14,346 Long-term assets: Other assets $ 973 $ 6,270 $ 7,243 Liabilities and stockholders’ equity Current liabilities: Deferred revenues $ 73,891 $ (398 ) $ 73,493 Long-term liabilities: Deferred revenues $ 7,034 $ (426 ) $ 6,608 Other liabilities $ 6,561 $ 1,246 $ 7,807 Stockholders’ equity: Accumulated deficit $ (122,454 ) $ 13,064 $ (109,390 ) Statement of Cash Flows As Reported Adjustments As Adjusted Cash flows from operating activities Net loss $ (10,879 ) $ (784 ) $ (11,663 ) Amortization of deferred commissions $ - $ 3,027 $ 3,027 Deferred commissions $ - $ (2,906 ) $ (2,906 ) Deferred revenues $ (3,203 ) $ 786 $ (2,417 ) Other long term liabilities $ (418 ) $ (123 ) $ (541 ) Net cash provided by operating activities $ 8,297 $ - $ 8,297 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Liabilities as of Assets 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 $ 44,348 $ (2,029 ) $ 1,746 $ 163 |
Cash, Cash Equivalents and Investments [Table Text Block] | As of March 31, 2018 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 61,749 $ - $ - $ 61,749 Money market funds 9,029 - - 9,029 Total $ 70,778 $ - $ - $ 70,778 Short-term investments US Treasury securities $ 37,751 $ - $ (34 ) $ 37,717 Term bank deposits 45,175 - - 45,175 Total $ 82,926 $ - $ (34 ) $ 82,892 As of December 31, 2017 Amortized Gross Gross Fair Cash and cash equivalents Cash $ 49,819 $ - $ - $ 49,819 Money market funds 6,870 - - 6,870 Total $ 56,689 $ - $ - $ 56,689 Short-term investments US Treasury securities $ 39,758 * ) (27 ) $ 39,731 Term bank deposits 40,137 - - 40,137 Total $ 79,895 $ * ) $ (27 ) $ 79,868 |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, 2018 March 31, 2017 Cash and cash equivalents $ 70,778 $ 51,070 Long term restricted cash included in other assets 546 517 Cash, cash equivalents and long term restricted cash shown in the consolidated statement of cash flows $ 71,324 $ 51,587 |
Note 2 - Fair Value Measureme14
Note 2 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of March 31, 2018 As of December 31, 2017 Level I Level Level III Fair Level I Level Level III Fair Financial assets: Cash equivalents: Money market funds 9,029 – – 9,029 6,870 – – 6,870 Short-term investments: US Treasury securities 37,717 – – 37,717 39,731 – – 39,731 Term bank deposits 45,175 – – 45,175 40,137 – – 40,137 Other current assets: Forward foreign exchange contracts – – – – – 163 – 163 Financial liabilities: Forward foreign exchange contracts – (2,029 ) – (2,029 ) – – – – Total financial assets (liabilities) $ 91,921 $ (2,029 ) $ – $ 89,892 $ 86,738 $ 163 $ – $ 86,901 |
Note 3 - Commitments and Cont15
Note 3 - Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (unaudited) 2018 $ 4,733 2019 5,455 2020 4,669 2021 5,025 2022 5,064 Thereafter 21,960 $ 46,906 |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Three Months Ended Number Weighted Aggregate Weighted average Options outstanding as of January 1, 2018 1,456,285 $ 16.172 $ 47,152 4.906 Granted - $ - Exercised (203,474 ) $ 17.596 Forfeited (1,234 ) $ 22.070 Options outstanding as of March 31, 2018 1,251,577 $ 15.935 $ 55,777 4.622 Options exercisable at the end of the period 1,122,468 $ 15.151 $ 50,903 4.367 |
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 $1.039 - 1.576 361,725 1.090 $ 1.275 361,725 1.090 $ 1.275 $6.230 - 8.800 28,656 3.776 $ 7.174 28,656 3.776 $ 7.174 $12.470 - 16.870 204,001 5.534 $ 13.387 180,041 5.220 $ 12.923 $19.510 - 21.660 328,024 6.375 $ 21.205 266,979 6.341 $ 21.201 $22.010 - 24.230 148,740 6.047 $ 22.297 138,475 6.042 $ 22.318 $29.880 92,028 6.899 $ 29.880 58,189 6.899 $ 29.880 $39.860 88,403 5.978 $ 39.860 88,403 5.978 $ 39.860 1,251,577 4.622 $ 15.935 1,122,468 4.367 $ 15.151 |
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 4,188 August 2023 March 2014 7,844 $ 39.860 7,844 March 2024 May 2014 5,991 $ 22.010 5,690 May 2024 November 2014 7,032 $ 21.660 5,428 November 2024 May 2015 1,312 $ 19.510 730 May 2025 February 2016 2,250 $ 16.870 1,050 February 2026 30,117 26,430 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Weighted- Unvested balance - January 1, 2018 2,018,121 $ 27.32 Granted 1,061,150 $ 51.95 Vested (408,615 ) $ 24.91 Forfeited (19,900 ) $ 32.66 Unvested balance – March 31, 2018 2,650,756 $ 37.51 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended 2018 2017 (unaudited) (in thousands) Cost of revenues $ 362 $ 227 Research and development 2,105 1,130 Sales and marketing 3,101 2,059 General and administrative 1,359 988 Total $ 6,927 $ 4,404 |
Note 5 - Geographic Informati17
Note 5 - Geographic Information and Major Customer and Product Data (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended 2018 2017 (unaudited) (as adjusted) (in thousands) Revenues based on customer’s location: North America $ 31,620 $ 25,437 EMEA (*) 20,347 12,695 Rest of World 1,561 1,461 Total revenues $ 53,528 $ 39,593 |
Long-lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 7,096 $ 7,072 Israel 3,166 2,944 France 1,357 1,426 Other 561 454 $ 12,180 $ 11,896 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Operations Commenced Date | Jan. 1, 2005 | ||
Subsidiary or Equity Method Investee, Number | 8 | ||
Entity Incorporation, Date of Incorporation | Nov. 24, 2004 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 53,528 | $ 39,593 | |
Deferred Revenue, Current | 68,481 | $ 73,493 | |
Deferred Revenue, Noncurrent | 6,247 | 6,608 | |
Contract with Customer, Liability, Revenue Recognized | 27,952 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 | ||
Short-term Investments [Member] | US Treasury Securities [Member] | Maximum [Member] | |||
Short-term Investment, Maturity Period | 1 year | ||
Foreign Exchange Contract [Member] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 48 | 265 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | 0 | 0 | |
Accounting Standards Update 2014-09 [Member] | As of December 31, 2017 [Member] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 13,064 | ||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ (787) | (1,974) | |
Deferred Sales Commission | 13,486 | ||
Deferred Revenue, Current | (398) | ||
Deferred Revenue, Noncurrent | (426) | ||
Deferred Tax Liabilities, Net, Noncurrent | $ 1,246 |
Note 1 - General - Recast Finan
Note 1 - General - Recast Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
License revenues | $ 53,528 | $ 39,593 | |
Cost of revenues | 6,442 | 4,693 | |
Gross profit | 47,086 | 34,900 | |
Research and development | 15,542 | 10,409 | |
Sales and marketing | 39,972 | 30,914 | |
General and administrative | 7,069 | 5,509 | |
Total operating expenses | 62,583 | 46,832 | |
Operating loss | (15,497) | (11,932) | |
Financial income, net | 978 | 469 | |
Loss before income taxes | (14,519) | (11,463) | |
Income taxes | (527) | (200) | |
Net loss | (15,046) | (11,663) | |
Prepaid expenses and other current assets | 18,933 | $ 14,346 | |
Other assets | 7,674 | 7,243 | |
Deferred Revenue, Current | 68,481 | 73,493 | |
Deferred Revenue, Noncurrent | 6,247 | 6,608 | |
Other liabilities | 8,045 | 7,807 | |
Accumulated deficit | (124,437) | (109,390) | |
Amortization of deferred commissions | 3,325 | 3,027 | |
Deferred commissions | (2,434) | (2,906) | |
Deferred revenues | (5,373) | (2,417) | |
Other long term liabilities | 237 | (541) | |
Net cash provided by operating activities | 17,444 | 8,297 | |
Previously Reported [Member] | |||
License revenues | 40,380 | ||
Cost of revenues | 4,672 | ||
Gross profit | 35,708 | ||
Research and development | 10,409 | ||
Sales and marketing | 30,811 | ||
General and administrative | 5,513 | ||
Total operating expenses | 46,733 | ||
Operating loss | (11,025) | ||
Financial income, net | 469 | ||
Loss before income taxes | (10,556) | ||
Income taxes | (323) | ||
Net loss | (10,879) | ||
Prepaid expenses and other current assets | 7,130 | ||
Other assets | 973 | ||
Deferred Revenue, Current | 73,891 | ||
Deferred Revenue, Noncurrent | 7,034 | ||
Other liabilities | 6,561 | ||
Accumulated deficit | (122,454) | ||
Amortization of deferred commissions | |||
Deferred commissions | |||
Deferred revenues | (3,203) | ||
Other long term liabilities | (418) | ||
Net cash provided by operating activities | 8,297 | ||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | |||
License revenues | (787) | (1,974) | |
Cost of revenues | 21 | ||
Gross profit | (808) | ||
Research and development | |||
Sales and marketing | 103 | ||
General and administrative | (4) | ||
Total operating expenses | 99 | ||
Operating loss | (907) | ||
Financial income, net | |||
Loss before income taxes | (907) | ||
Income taxes | 123 | ||
Net loss | (784) | ||
Prepaid expenses and other current assets | 7,216 | ||
Other assets | 6,270 | ||
Deferred Revenue, Current | (398) | ||
Deferred Revenue, Noncurrent | (426) | ||
Other liabilities | 1,246 | ||
Accumulated deficit | $ 13,064 | ||
Amortization of deferred commissions | 3,027 | ||
Deferred commissions | (2,906) | ||
Deferred revenues | 786 | ||
Other long term liabilities | (123) | ||
Net cash provided by operating activities | |||
License [Member] | |||
License revenues | 25,074 | 18,092 | |
License [Member] | Previously Reported [Member] | |||
License revenues | 19,155 | ||
License [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | |||
License revenues | (1,063) | ||
Maintenance [Member] | |||
License revenues | $ 28,454 | 21,501 | |
Maintenance [Member] | Previously Reported [Member] | |||
License revenues | 21,225 | ||
Maintenance [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | |||
License revenues | $ 276 |
Note 1 - General - Derivative I
Note 1 - General - Derivative Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Notional amount | $ 44,348 | $ 1,746 |
Derivative liabilities, fair value | $ (2,029) | |
Derivative assets, fair value | $ 163 |
Note 1 - General - Cash, Cash E
Note 1 - General - Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Member] | ||
Amortized cost | $ 70,778 | $ 56,689 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 70,778 | 56,689 |
Short-term investments | ||
Amortized cost | 70,778 | 56,689 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 70,778 | 56,689 |
Cash and Cash Equivalents [Member] | Cash [Member] | ||
Amortized cost | 61,749 | 49,819 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 61,749 | 49,819 |
Short-term investments | ||
Amortized cost | 61,749 | 49,819 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 61,749 | 49,819 |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Amortized cost | 9,029 | 6,870 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 9,029 | 6,870 |
Short-term investments | ||
Amortized cost | 9,029 | 6,870 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 9,029 | 6,870 |
Cash and Cash Equivalents [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Amortized cost | 37,751 | 39,758 |
Gross unrealized gains | ||
Gross unrealized losses | (34) | (27) |
Fair value | 37,717 | 39,731 |
Short-term investments | ||
Amortized cost | 37,751 | 39,758 |
Gross unrealized gains | ||
Gross unrealized losses | (34) | (27) |
Fair value | 37,717 | 39,731 |
Short-term Investments [Member] | ||
Amortized cost | 82,926 | 79,895 |
Gross unrealized gains | ||
Gross unrealized losses | (34) | (27) |
Fair value | 82,892 | 79,868 |
Short-term investments | ||
Amortized cost | 82,926 | 79,895 |
Gross unrealized gains | ||
Gross unrealized losses | (34) | (27) |
Fair value | 82,892 | 79,868 |
Short-term Investments [Member] | Term Bank Deposits [Member] | ||
Amortized cost | 45,175 | 40,137 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | 45,175 | 40,137 |
Short-term investments | ||
Amortized cost | 45,175 | 40,137 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Fair value | $ 45,175 | $ 40,137 |
Note 1 - General - Cash and Cas
Note 1 - General - Cash and Cash Equivalents, and Long Term Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Cash and cash equivalents | $ 70,778 | $ 56,689 | $ 51,070 |
Long term restricted cash included in other assets | 546 | 517 | |
Cash, cash equivalents and long term restricted cash shown in the consolidated statement of cash flows | $ 71,324 | $ 51,587 |
Note 2 - Fair Value Measureme23
Note 2 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Total financial assets (liabilities) | $ 86,738 | |
Foreign Exchange Forward [Member] | ||
Derivative assets | ||
Derivative liabilities | ||
Money Market Funds [Member] | ||
Cash equivalents | 6,870 | |
US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | 39,731 | |
Term Bank Deposits [Member] | ||
Cash equivalents | 40,137 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total financial assets (liabilities) | $ 91,921 | 163 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | ||
Derivative assets | 163 | |
Derivative liabilities | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 9,029 | |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | 37,717 | |
Fair Value, Inputs, Level 1 [Member] | Term Bank Deposits [Member] | ||
Cash equivalents | 45,175 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total financial assets (liabilities) | (2,029) | 86,901 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | ||
Derivative assets | 163 | |
Derivative liabilities | (2,029) | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 6,870 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | 39,731 | |
Fair Value, Inputs, Level 2 [Member] | Term Bank Deposits [Member] | ||
Cash equivalents | $ 40,137 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total financial assets (liabilities) | 89,892 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | ||
Derivative assets | ||
Derivative liabilities | (2,029) | |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 9,029 | |
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities Included in Cash and Cash Equivalents [Member] | ||
Cash equivalents | 37,717 | |
Fair Value, Inputs, Level 3 [Member] | Term Bank Deposits [Member] | ||
Cash equivalents | $ 45,175 |
Note 3 - Commitments and Cont24
Note 3 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2014 | Mar. 31, 2018 | Dec. 31, 2017 |
Operating Leases, Rent Expense, Total | $ 980 | $ 883 | |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 532 | ||
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 | 4.60% | ||
Long-term Line of Credit, Total | $ 0 | ||
Promissory Note [Member] | Minimum [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.10% |
Note 3 - Commitments and Cont25
Note 3 - Commitments and Contingent Liabilities - Aggregate Minimum Rental Commitments Under Non-cancelable Leases (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,018 | $ 4,733 |
2,019 | 5,455 |
2,020 | 4,669 |
2,021 | 5,025 |
2,022 | 5,064 |
Thereafter | 21,960 |
$ 46,906 |
Note 4 - Stockholders' Equity26
Note 4 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2018 | Jan. 01, 2017 | Jan. 01, 2016 | Jun. 30, 2015 | Nov. 14, 2013 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2013 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance, Annual Increase, Maximum | 1,125,846 | 1,072,870 | 1,042,766 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 7,824 | ||||||||
Restricted Stock Units and Stock Options [Member] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,932,450 | 4,339,384 | |||||||
Employee Stock Option [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,366 | $ 1,366 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 286 days | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 93,961 | $ 93,961 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 46 days | ||||||||
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 | 188,813 | 158,695 | 21,383 |
Note 4 - Stockholders' Equity -
Note 4 - Stockholders' Equity - Stock Options Activities (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Options outstanding, Balance (in shares) | shares | 1,456,285 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 16.172 | |
Options outstanding, aggregate intrinsic value | $ | $ 55,777 | $ 47,152 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 227 days | 4 years 330 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | ||
Granted, weighted average exercise price (in dollars per share) | $ / shares | ||
Exercised (in shares) | shares | (203,474) | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 17.596 | |
Forfeited (in shares) | shares | (1,234) | |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 22.07 | |
Options outstanding, Balance (in shares) | shares | 1,251,577 | 1,456,285 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 15.935 | $ 16.172 |
Options exercisable at the end of the year (in shares) | shares | 1,122,468 | |
Options exercisable at the end of the year, weighted average exercise price (in dollars per share) | $ / shares | $ 15.151 | |
Options exercisable at the end of the year, aggregate intrinsic value | $ | $ 50,903 | |
Options exercisable at the end of the year, weighted average remaining contractual life (Year) | 4 years 133 days |
Note 4 - Stockholders' Equity28
Note 4 - Stockholders' Equity - Options Outstanding Separated Into Range of Exercise Price (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Options outstanding (in shares) | shares | 1,251,577 |
Weighted average remaining contractual life (Year) | 4 years 227 days |
Weighted average exercise price (in dollars per share) | $ 15.935 |
Options exercisable (in shares) | shares | 1,122,468 |
Weighted average remaining contractual life, exercisable (Year) | 4 years 133 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 15.151 |
Range One [Member] | |
Lower range of exercise price (in dollars per share) | 1.039 |
Upper range of exercise price (in dollars per share) | $ 1.576 |
Options outstanding (in shares) | shares | 361,725 |
Weighted average remaining contractual life (Year) | 1 year 32 days |
Weighted average exercise price (in dollars per share) | $ 1.275 |
Options exercisable (in shares) | shares | 361,725 |
Weighted average remaining contractual life, exercisable (Year) | 1 year 32 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 1.275 |
Range Two [Member] | |
Lower range of exercise price (in dollars per share) | 6.23 |
Upper range of exercise price (in dollars per share) | $ 8.80 |
Options outstanding (in shares) | shares | 28,656 |
Weighted average remaining contractual life (Year) | 3 years 283 days |
Weighted average exercise price (in dollars per share) | $ 7.174 |
Options exercisable (in shares) | shares | 28,656 |
Weighted average remaining contractual life, exercisable (Year) | 3 years 283 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 7.174 |
Range Three [Member] | |
Lower range of exercise price (in dollars per share) | 12.47 |
Upper range of exercise price (in dollars per share) | $ 16.87 |
Options outstanding (in shares) | shares | 204,001 |
Weighted average remaining contractual life (Year) | 5 years 194 days |
Weighted average exercise price (in dollars per share) | $ 13.387 |
Options exercisable (in shares) | shares | 180,041 |
Weighted average remaining contractual life, exercisable (Year) | 5 years 80 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 12.923 |
Range Four [Member] | |
Lower range of exercise price (in dollars per share) | 19.51 |
Upper range of exercise price (in dollars per share) | $ 21.66 |
Options outstanding (in shares) | shares | 328,024 |
Weighted average remaining contractual life (Year) | 6 years 136 days |
Weighted average exercise price (in dollars per share) | $ 21.205 |
Options exercisable (in shares) | shares | 266,979 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 124 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 21.201 |
Range Five [Member] | |
Lower range of exercise price (in dollars per share) | 22.01 |
Upper range of exercise price (in dollars per share) | $ 24.23 |
Options outstanding (in shares) | shares | 148,740 |
Weighted average remaining contractual life (Year) | 6 years 17 days |
Weighted average exercise price (in dollars per share) | $ 22.297 |
Options exercisable (in shares) | shares | 138,475 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 15 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 22.318 |
Range Six [Member] | |
Options outstanding (in shares) | shares | 92,028 |
Weighted average remaining contractual life (Year) | 6 years 328 days |
Weighted average exercise price (in dollars per share) | $ 29.88 |
Options exercisable (in shares) | shares | 58,189 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 328 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 29.88 |
Range Seven [Member] | |
Options outstanding (in shares) | shares | 88,403 |
Weighted average remaining contractual life (Year) | 5 years 356 days |
Weighted average exercise price (in dollars per share) | $ 39.86 |
Options exercisable (in shares) | shares | 88,403 |
Weighted average remaining contractual life, exercisable (Year) | 5 years 356 days |
Weighted average exercise price of options exercisable (in dollars per share) | $ 39.86 |
Note 4 - Stockholders' Equity29
Note 4 - Stockholders' Equity - Outstanding Options Granted to Consultants for Sales and Pre-marketing Services (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Options exercisable at the end of the year (in shares) | 1,122,468 |
Consultants [Member] | |
Options for shares of common stock (in shares) | 30,117 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Options exercisable at the end of the year (in shares) | 26,430 |
Exercisable through | |
February 2013 [Member] | Consultants [Member] | |
Options for shares of common stock (in shares) | 1,500 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 12.47 |
Options exercisable at the end of the year (in shares) | 1,500 |
Exercisable through | February 2,023 |
August 2013 [Member] | Consultants [Member] | |
Options for shares of common stock (in shares) | 4,188 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 21.14 |
Options exercisable at the end of the year (in shares) | 4,188 |
Exercisable through | August 2,023 |
March 2014 [Member] | Consultants [Member] | |
Options for shares of common stock (in shares) | 7,844 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 39.86 |
Options exercisable at the end of the year (in shares) | 7,844 |
Exercisable through | March 2,024 |
May 2014 [Member] | Consultants [Member] | |
Options for shares of common stock (in shares) | 5,991 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 22.01 |
Options exercisable at the end of the year (in shares) | 5,690 |
Exercisable through | May 2,024 |
November 2014 [Member] | Consultants [Member] | |
Options for shares of common stock (in shares) | 7,032 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 21.66 |
Options exercisable at the end of the year (in shares) | 5,428 |
Exercisable through | November 2,024 |
May 2015 [Member] | Consultants [Member] | |
Options for shares of common stock (in shares) | 1,312 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 19.51 |
Options exercisable at the end of the year (in shares) | 730 |
Exercisable through | May 2,025 |
February 2016 [Member] | Consultants [Member] | |
Options for shares of common stock (in shares) | 2,250 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 16.87 |
Options exercisable at the end of the year (in shares) | 1,050 |
Exercisable through | February 2,026 |
Note 4 - Stockholders' Equity30
Note 4 - Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Balance, restricted stock units (in shares) | shares | 2,018,121 |
Balance, weighted average grant date fair value on restricted stock units (in dollars per share) | $ / shares | $ 27.32 |
Granted, restricted stock units (in shares) | shares | 1,061,150 |
Granted, weighted average grant date fair value on restricted stock units (in dollars per share) | $ / shares | $ 51.95 |
Vested, restricted stock units (in shares) | shares | (408,615) |
Vested, weighted average grant date fair value on restricted stock units (in dollars per share) | $ / shares | $ 24.91 |
Forfeited, restricted stock units (in shares) | shares | (19,900) |
Forfeited, weighted average grant date fair value on restricted stock units (in dollars per share) | $ / shares | $ 32.66 |
Balance, restricted stock units (in shares) | shares | 2,650,756 |
Balance, weighted average grant date fair value on restricted stock units (in dollars per share) | $ / shares | $ 37.51 |
Note 4 - Stockholders' Equity31
Note 4 - Stockholders' Equity - Non-cash Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock-based compensation | $ 6,927 | $ 4,404 |
Cost of Sales [Member] | ||
Stock-based compensation | 362 | 227 |
Research and Development Expense [Member] | ||
Stock-based compensation | 2,105 | 1,130 |
Selling and Marketing Expense [Member] | ||
Stock-based compensation | 3,101 | 2,059 |
General and Administrative Expense [Member] | ||
Stock-based compensation | $ 1,359 | $ 988 |
Note 5 - Geographic Informati32
Note 5 - Geographic Information and Major Customer and Product Data (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Number of Reportable Segments | 1 | |
Revenues, Total | $ 53,528 | $ 39,593 |
UNITED KINGDOM | ||
Revenues, Total | 5,694 | $ 4,077 |
FRANCE | ||
Revenues, Total | $ 6,754 |
Note 5 - Geographic Informati33
Note 5 - Geographic Information and Major Customer and Product Data - Revenues Within Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
North America | $ 53,528 | $ 39,593 | |
UNITED STATES | |||
North America | 31,620 | 25,437 | |
EMEA [Member] | |||
North America | [1] | 20,347 | 12,695 |
Rest of World [Member] | |||
North America | $ 1,561 | $ 1,461 | |
[1] | Sales to customers in the UK accounted for $5,694 and $4,389 of the Company's revenues for the three months ended March 31, 2018 and 2017, respectively. Sales to customers in France accounted for $6,754 of the Company's revenues for the three months ended March 31, 2018. Sales to customers in France did not exceed 10% for the three months ended March 31, 2017. |
Note 5 - Geographic Informati34
Note 5 - Geographic Information and Major Customer and Product Data - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Long-lived assets | $ 12,180 | $ 11,896 |
UNITED STATES | ||
Long-lived assets | 7,096 | 7,072 |
ISRAEL | ||
Long-lived assets | 3,166 | 2,944 |
FRANCE | ||
Long-lived assets | 1,357 | 1,426 |
Other [Member] | ||
Long-lived assets | $ 561 | $ 454 |