SolarEdge (SEDG) 10-Q 8 Feb 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Jan. 31, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	SolarEdge Technologies Inc
Entity Central Index Key	1,419,612
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		40,220,183

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 106,150	$ 144,750
Restricted cash	3,417	$ 3,639
Marketable Securities	27,137
Trade receivables, net	46,685	$ 35,428
Prepaid expenses and other accounts receivable	24,233	32,645
Inventories	87,400	73,950
Total current assets	295,022	290,412
PROPERTY AND EQUIPMENT, NET	21,428	$ 14,717
LONG-TERM ASSETS:
Long-term marketable securities	25,290
Long-term prepaid expenses and lease deposits	510	$ 529
Deferred tax assets, net	6,565
Intangible assets, net	758
Total long-term assets	33,123	$ 529
Total assets	349,573	305,658
CURRENT LIABILITIES:
Trade payables	61,977	80,684
Employees and payroll accruals	12,864	6,814
Warranty obligations	11,862	9,431
Deferred revenues	1,983	1,676
Accrued expenses and other accounts payable	7,169	6,987
Total current liabilities	95,855	105,592
LONG-TERM LIABILITIES
Warranty obligations	29,032	22,448
Deferred revenues	11,427	8,289
Lease incentive obligation	2,320	2,385
Total long-term liabilities	$ 42,779	$ 33,122
COMMITMENTS AND CONTINGENT LIABILITIES
Share capital
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of December 31, 2015 (unaudited) and June 30, 2015; issued and outstanding: 40,092,668 and 39,297,539 shares as of December 31, 2015 (unaudited) and June 30, 2015, respectively.	$ 4	$ 4
Additional paid-in capital	292,681	287,152
Accumulated other comprehensive loss	(293)	(222)
Accumulated deficit	(81,453)	(119,990)
Total stockholders' equity	210,939	166,944
Total liabilities and stockholders' equity	$ 349,573	$ 305,658

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Jun. 30, 2015
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	125,000,000	125,000,000
Common stock, issued shares	40,092,668	39,297,539
Common stock, outstanding shares	40,092,668	39,297,539

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenues	$ 124,832	$ 73,290	$ 239,886	$ 140,259
Cost of revenues	86,250	57,509	167,777	110,448
Gross profit	38,582	15,781	72,109	29,811
Operating expenses:
Research and development, net	8,299	4,768	15,290	9,827
Sales and marketing	8,833	5,658	17,077	11,119
General and administrative	2,188	1,121	5,606	2,280
Total operating expenses	19,320	11,547	37,973	23,226
Operating income	19,262	4,234	34,136	6,585
Financial income (expenses), net	(959)	(458)	(1,031)	58
Income before taxes on income	18,303	3,776	33,105	6,643
Taxes on income (tax benefit)	(5,802)	401	(5,432)	748
Net income	$ 24,105	$ 3,375	$ 38,537	$ 5,895
Net basic earnings per share of common stock	$ 0.61		$ 0.98
Net diluted earnings per share of common stock	$ 0.55		$ 0.87
Weighted average number of shares used in computing net basic earnings per share of common stock	39,511,967	2,815,694	39,406,797	2,814,188
Weighted average number of shares used in computing net diluted earnings per share of common stock	44,007,348	2,815,694	44,231,660	2,814,188

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 24,105	$ 3,375	$ 38,537	$ 5,895
Available-for-sale securities:
Changes in unrealized losses, net of tax benefit	(81)		(81)
Net change	(81)		(81)
Cash flow hedges:
Changes in unrealized gains, net of tax expense	40		77
Reclassification adjustments for gains, net of tax expense included in net income	(3)		(2)
Net change	37		75
Foreign currency translation adjustments, net	(24)	$ 25	(65)	$ (100)
Other comprehensive income (loss)	(68)	25	(71)	(100)
Comprehensive income	$ 24,037	$ 3,400	$ 38,466	$ 5,795

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows provided by operating activities:
Net income	$ 38,537	$ 5,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,629	$ 1,103
Amortization of intangible assets	42
Amortization of premiums on available-for-sale marketable securities	35
Stock-based compensation related to employees and non-employees consultants stock options	4,057	$ 780
Realized gains on cash flow hedges	$ (2)
Financial income, net related to term loan		$ (656)
Remeasurement of warrants to purchase preferred and common stock		265
Changes in assets and liabilities:
Inventories	$ (13,452)	(22,128)
Prepaid expenses and other accounts receivable	6,504	(10,671)
Trade receivables, net	(11,268)	$ (5,919)
Deferred tax assets, net	(6,527)
Trade payables	(18,701)	$ 33,429
Employees and payroll accruals	6,073	361
Warranty obligations	9,015	6,116
Deferred revenues	3,446	1,694
Accrued expenses and other accounts payable	(273)	$ (860)
Lease incentive obligation	(65)
Net cash provided by operating activities	19,050	$ 9,409
Cash flows used in investing activities:
Investment in available-for-sale marketable securities	(52,860)
Purchase of property and equipment	(5,636)	$ (3,133)
Purchase of intangible assets	(800)
Decrease (increase) in restricted cash	222	$ (1,807)
Decrease (increase) in short and long-term lease deposits	37	(31)
Net cash used in investing activities	$ (59,037)	(4,971)
Cash flows from financing activities:
Proceeds from short-term bank loans		6,000
Repayments of short-term loan		(19,326)
Repayments of term loan		(1,578)
Proceeds from issuance of Series E Convertible Preferred stock		24,837
Issuance costs		(292)
Proceeds from exercise of employee stock options	$ 1,472	16
Net cash provided by financing activities	1,472	9,657
Increase (decrease) in cash and cash equivalents	(38,515)	14,095
Cash and cash equivalents at the beginning of the period	144,750	9,754
Erosion due to exchange rate differences	(85)	(75)
Cash and cash equivalents at the end of the period	$ 106,150	23,774
Supplemental disclosure of non-cash financing activities:
Deferred issuance costs related to IPO		1,542
Issuance expenses not paid in cash		$ 125
Purchase of property and equipment not paid in cash	$ 475

GENERAL

GENERAL	6 Months Ended
	Dec. 31, 2015
GENERAL [Abstract]
GENERAL	NOTE 1:- GENERAL a. SolarEdge Technologies Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company's products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current (DC) from the PV module to alternating current (AC) and (iii) a related cloud based monitoring platform, that collects and processes information from the power optimizers and inverters of a solar PV system to enable customers and system owners, as applicable, to monitor and manage the solar PV systems. The Company operates its business itself and through its wholly-owned subsidiaries: SolarEdge Technologies Ltd. in Israel; SolarEdge Technologies GmbH in Germany; SolarEdge Technologies (China) Co., Ltd in China; SolarEdge Technologies (Australia) PTY Ltd. in Australia; SolarEdge Technologies (Canada) Ltd. in Canada; SolarEdge Technologies (Holland) B.V. in the Netherlands; SolarEdge Technologies (UK) Ltd in United Kingdom; SolarEdge Technologies (Japan) Co., Ltd. in Japan, SolarEdge Technologies (France) SARL in France and SolarEdge Technologies Italy S.R.L. in Italy (collectively, the “subsidiaries”). Except for SolarEdge Technologies Ltd in Israel, which carries out the research and development, management of manufacturing, global sales and support and management activities, the other subsidiaries are engaged solely in selling, marketing and support activities. The Company was incorporated in Delaware in August 2006 and began commercial sale of its products in January 2010. b. Recent accounting pronouncements: Inventory: In July 2015, the Financial Accounting Standars Board (“FASB”) Deferred Taxes: c. The significant accounting policies applied in the Company's audited annual consolidated financial statements as of June 30, 2015 are applied consistently in these financial statements. d. Basis of Presentation: The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the Securities and Exchange Commission (the “SEC”). Pursuant to those rules and regulations, the Company has condensed or omitted certain information and footnote disclosure it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). e. The Company depends on two Two 76 79 f. Marketable Securities: Marketable securities consist of corporate bonds. The Company determines the appropriate classification of marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. In accordance with FASB ASC No. 320 “Investments- Debt and Equity Securities”, the Company classifies marketable securities as available-for-sale. Available-for-sale securities are stated at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss), a separate component of stockholders' equity, net of taxes. Realized gains and losses on sales of marketable securities, as determined on a specific identification basis, are included in financial income (expenses), net. The amortized cost of marketable securities is adjusted for amortization of premium and accretion of discount to maturity, both of which, together with interest, are included in financial income (expenses), net. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument's underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. g. Derivative financial instruments: The Company accounts for derivatives and hedging based on ASC 815 (“Derivatives and Hedging”). ASC 815 requires the Company to recognize all derivatives on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. 13,008 90 2 3 Fair Value of Derivative Instruments Balance Sheet Location As of December 31, 2015 (unaudited) As of June 30, 2015 Derivative Assets Foreign exchange forward contracts Other accounts receivable and prepaid expenses (*) 90 859 Total 90 859 (*) Estimated to be reclassified into earnings during 2016. The effect of derivative instruments in cash flow hedging transactions on income and other comprehensive income (“OCI”) for the three Gains on Derivatives Recognized in OCI Gains on Derivatives Recognized in OCI for the three months ended for the six months ended December 31, , December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Foreign exchange forward contracts 40 - 77 - Gains Reclassfied from OCI into Income Gains Reclassified from OCI into Income for the three months ended for the six months ended ,December 31 December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Foreign exchange forward contracts 3 - 2 - h. On March 9, 2015, the Company and Beacon Power LLC, a Delaware limited liability company (“Beacon”) entered into a patent purchase agreement under which the Company agreed to purchase all rights in the patents. In July 2015, the Company completed the purchase of the patents for $ 800 The patents are stated at cost, net of accumulated amortization. Amortization is calculated by the straight-line method over 10 Amortization expenses for the three and the six months ended December 31, 2015 (unaudited) were $ 21 42 _ i. Accumulated other comprehensive loss: The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the three months ended December 31, 2015 (unaudited): Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on foreign currency translation Total Beginning balance $ - $ 38 $ (263 ) $ (225 ) Other comprehensive income (loss) before reclassifications (81 ) 40 (24 ) (65 ) Losses (gains) reclassified from accumulated other comprehensive income (loss) - (3 ) - (3 ) Net current period other comprehensive income (loss) (81 ) 37 (24 ) (68 ) Ending balance $ (81 ) $ 75 $ (287 ) $ (293 ) The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the six months ended December 31, 2015 (unaudited): Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on foreign currency translation Total Beginning balance $ - $ - $ (222 ) $ (222 ) Other comprehensive income (loss) before reclassifications (81 ) 77 (65 ) (69 ) Losses (gains) reclassified from accumulated other comprehensive income (loss) - (2 ) - (2 ) Net current period other comprehensive income (loss) (81 ) 75 (65 ) (71 ) Ending balance $ (81 ) $ 75 $ (287 ) $ (293 )

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Dec. 31, 2015
MARKETABLE SECURITIES [Abstract]
MARKETABLE SECURITIES	NOTE 2:- MARKETABLE SECURITIES The following is a summary of available-for-sale marketable securities at December 31, 2015 (unaudited): Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 52,559 $ - $ (132 ) $ 52,427 As of June 30, 2015, the Company had no investments in marketable securities. The amortized cost of available-for-sale marketable securities at December 31, 2015, by contractual maturities, is shown below: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Due in one year or less $ 27,182 $ - $ (45 ) $ 27,137 Due after one year to two years $ 25,377 $ - $ (87 ) $ 25,290 $ 52,559 $ - $ (132 ) $ 52,427 As of December 31, 2015, management believes the impairments are not other than temporary and therefore the impairment losses were recorded in accumulated other comprehensive income (loss). The Company has no As of December 31, 2015 (unaudited) and June 30, 2015, there were 50 0 The total fair value of marketable securities with outstanding unrealized losses as of December 31, 2015 (unaudited) amounted to $ 52,427 132

INVENTORIES

INVENTORIES	6 Months Ended
	Dec. 31, 2015
INVENTORIES [Abstract]
INVENTORIES	NOTE 3:- INVENTORIES December 31, 2015 June 30, 2015 (unaudited) Raw materials $ 13,211 $ 14,405 Finished goods 74,189 59,545 $ 87,400 $ 73,950

WARRANTY OBLIGATIONS

WARRANTY OBLIGATIONS	6 Months Ended
	Dec. 31, 2015
WARRANTY OBLIGATIONS [Abstract]
WARRANTY OBLIGATIONS	NOTE 4:- WARRANTY OBLIGATIONS Changes in the Company's product warranty liability for the six months ended December 31, 2015 and 2014 were as follows: Six months ended December 31, 2015 2014 (unaudited) Balance, at beginning of period $ 31,879 $ 18,181 Additions and adjustments to cost of revenues 13,248 8,469 Usage and current warranty expenses (4,233 ) (2,353 ) Balance, at end of period 40,894 24,297 Less current portion (11,862 ) (6,652 ) Long term portion $ 29,032 $ 17,645

REVOLVING CREDIT LINE

REVOLVING CREDIT LINE	6 Months Ended
	Dec. 31, 2015
REVOLVING CREDIT LINE [Abstract]
REVOLVING CREDIT LINE	NOTE 5:- REVOLVING CREDIT LINE In June 2011 , the Company entered into an agreement for a revolving line of credit from a bank lender (the "Bank Lender"). On Fe bruary 17, 2015, the Company amended and restated the agreement with the Bank Lender for its revolving line of credit, which permits aggregate borrowings of up to $ 40 80 Bank Lender's prime rate 0.5 2.0 December 31, 2016 6,750

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 6:- FAIR VALUE MEASUREMENTS The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. There have been no transfers between fair value measurements levels during the six months ended December 31, 2015. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: Level 1- Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2- Include other inputs that are directly or indirectly observable in the marketplace. Level 3- Unobservable inputs which are supported by little or no market activity. The following table sets forth the Company's assets that were measured at fair value as of December 31, 2015 (unaudited) by level within the fair value hierarchy: Balance as of December 31, Fair value measurements Description 2015 (unaudited) Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 32,193 $ 32,193 - - Derivative instruments asset $ 90 - $ 90 - Short-term marketable securities: Corporate bonds $ 27,137 - $ 27,137 - Long-term marketable securities: Corporate bonds $ 25,290 - $ 25,290 - The following table sets forth the Company's assets that were measured at fair value as of June 30, 2015 by level within the fair value hierarchy: Balance as of Fair value measurements Description June 30, 2015 Level 1 Level 2 Level 3 Derivative instruments asset $ 859 - $ 859 - In addition to the assets described above, the Company's financial instruments also include cash and cash equivalents, restricted and short-term deposits, trade receivables, other accounts receivable, trade payables, accrued expenses and other payables. The fair value of these financial instruments was not materially different from their carrying values on December 31, 2015 due to the short-term maturity of these instruments.

LEASE INCENTIVE OBLIGATION

LEASE INCENTIVE OBLIGATION	6 Months Ended
	Dec. 31, 2015
LEASE INCENTIVE OBLIGATION [Abstract]
LEASE INCENTIVE OBLIGATION	NOTE 7:- LEASE INCENTIVE OBLIGATION Th e Company has an operating lease agreement for a building in Herziliya, Israel. In connection with this lease, the Company and its third party lessor (the "Lessor"), agreed that the Lessor would reimburse approximately $ 2,937 As of December 31, 2015 (unaudited), the Company received in cash $ 2,896 2,320

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 8:- COMMITMENTS AND CONTINGENT LIABILITIES a. Lease commitments: ten Year ended June 30, (unaudited) 2016 1,137 2017 2,129 2018 2,048 2019 1,914 2020 and thereafter 8,363 15,591 Rent expenses for the six months ended December 31, 2015 (unaudited) and 2014 (unaudited) were approximately $ 1,067 596 b. Guarantees: As of December 31, 2015 (unaudited), contingent liabilities exist regarding guarantees in the amount of $ 609 51 82 c. Royalty and Governmental commitments: As of December 31, 2015 (unaudited), the aggregate contingent liability to the Binational Industrial Research and Development Foundation (BIRD F) amounted to approximately $ 1,124 752 d. Contractual purchase obligations: The Company has contractual obligations to purchase certain goods and raw materials. These contractual purchase obligations relate to certain inventories held by contract manufacturers and purchase orders initiated by the contract manufacturers and suppliers, which cannot be canceled without penalty. The Company utilizes third parties to manufacture its products. In addition, it acquires raw materials or other goods and services, including product components, by issuing to suppliers authorizations to purchase based on its projected demand and manufacturing needs. As of December 31, 2015 (unaudited), the Company had non-cancelable purchase obligations totaling approximately $ 73,941 1,754 e. Legal claims: From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter.

STOCK CAPITAL

STOCK CAPITAL	6 Months Ended
	Dec. 31, 2015
STOCK CAPITAL [Abstract]
STOCK CAPITAL	NOTE 9:- STOCK CAPITAL a. On March 23, 2015, the Company's board of directors and the requisite holders of the Company's capital stock consented to a 1-for- 3 b. Common Stock: Authorized Issued and outstanding Number of shares December 31, 2015 June 30, 2015 December 31, 2015 June 30, 2015 (unaudited) (unaudited) Stock of $ 0.0001 Common stock 125,000,000 125,000,000 40,092,668 39,297,539 c. Stock Incentive plans: The Company's 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. On March 31, 2015, upon consumation of the Company's Initial Public Offering (“IPO”), the 2007 Plan was terminated and no further awards will be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 1,822,484 5 5 10,000,000 705,082 d. Options granted to employees and members of the board of directors: A summary of the activity in the options granted to employees and members of the board of directors for the six months ended December 31, 2015 (unaudited) and related information follows: Weighted average Weighted remaining Number average contractual Aggregate of exercise term intrinsic Options/RSUs price in years value Outstanding as of July 1, 2015 6,034,782 $ 3.14 7.06 $ 200,438 Granted 228,800 $ 25.09 Exercised (763,089 ) $ 1.90 Forfeited or expired (26,008 ) $ 4.09 Outstanding as of December 31, 2015 5,474,485 $ 4.22 6.89 $ 131,099 Vested and expected to vest as of December 31, 2015 5,261,969 $ 4.14 6.84 $ 126,443 Exercisable as of December 31, 2015 3,312,883 $ 2.60 5.68 $ 84,719 The aggregate intrinsic value represents the total intrinsic value (the difference between the fair value of the Company's common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period. The total intrinsic value of options exercised during the six months ended on December 31, 2015 (unaudited) was $ 15,787 25.09 The options outstanding as of December 31, 2015 (unaudited) have been separated into exercise price ranges as follows: Weighted Options Weighted Outstanding average exercisable average Range of as of remaining as of remaining exercise December 31, contractual December 31, contractual price 2015 life in years 2015 life in years $ 0.50 1.50 924,105 3.12 924,105 3.12 $ 1.68 2.46 1,698,582 5.75 1,590,206 5.71 $ 3.03 3.96 600,938 8.01 283,031 7.92 $ 5.01 1,988,732 8.92 501,241 8.90 $ 9.36 33,328 9.08 - - $ 25.09 228,800 9.64 14,300 9.64 5,474,485 6.89 3,312,883 5.68 e. A summary of the activity in the RSUs granted to employees and members of the board of directors for the six months ended December 31, 2015 (unaudited), is as follows: No. of Options Weighted average grant date fair value Unvested as of June 30, 2015 67,440 25.09 Granted 807,656 24.45 Vested (24,311 ) 25.09 Forfeited (18,828 ) 24.44 Unvested as of December 31, 2015 831,957 24.25 F - 22 f. Options and RSUs issued to non-employee consultants: The Company has granted options and RSUs to purchase shares of common stock to non-employee consultants as of December 31, 2015 (unaudited) as follows: Outstanding Exercisable as of as of Issuance December 31, Exercise December 31, Exercisable date 2015 price 2015 through July 31, 2008 33,333 0.87 33,333 July 31, 2018 January 26, 2012 33,333 2.46 33,333 January 26, 2022 October 24, 2012 6,666 2.46 5,416 October 24, 2022 January 23, 2013 3,333 3.03 2,569 January 23, 2023 January 27, 2014 4,698 3.51 1,935 January 27, 2024 May 1, 2014 6,000 3.51 2,792 May 1, 2024 September 17, 2014 10,830 3.96 4,114 September 17, 2024 October 29, 2014 6,668 5.01 1,556 October 29, 2024 August 19, 2015 28,167 0.00 - November 8, 2015 4,167 0.00 - 137,195 85,048 In connection with the grant of options and RSUs to non employee consultants, the Company recorded stock compensation expenses in the three months ended December 31, 2015 (unaudited) and 2014 (unaudited) in the amounts $ 254 79 373 102 g. Stock-based compensation expense for employees and consultants: The Company recognized stock-based compensation expenses related to options and RSUs granted to employees and non-employees in the consolidated statement of operations for the three and six months ended on December 31, 2015 (unaudited) and 2014 (unaudited), as follows: Three months ended Six months ended December 31, 2015 2014 2015 2014 Cost of revenues $ 209 $ 76 $ 389 $ 113 Research and development 518 156 913 266 Selling and marketing 749 152 1,365 254 General and administrative 750 76 1,391 147 Total stock-based compensation expense $ 2,226 $ 460 $ 4,058 $ 780 As of December 31, 2015 (unaudited), there was a total unrecognized compensation expense of $ 29,675

INCOME TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 10:- INCOME TAXES a. Taxes on income (tax benefit) are comprised as follows: Three months ended December 31, Six months ended December 31, 2015 2014 2015 2014 Unaudited Unaudited Current year taxes $ 941 $ 401 $ 1,311 $ 748 Previous year taxes (216 ) - (216 ) - Deferred tax income (6,527 ) - (6,527 ) - Taxes on income (tax benefit) $ (5,802 ) $ 401 $ (5,432 ) $ 748 b. Deferred income taxes: Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets are as follows: December 31, June 30, 2015 2015 (Unaudited) Assets in respect of: Carryforward tax losses $ 399 $ 23,033 Research and Development carryforward expenses- temporary differences 4,346 5,173 Stock-based compensation 463 - Other reserves 1,357 1,346 6,565 29,552 Valuation allowance (1) - (29,552 ) Net deferred tax assets $ 6,565 $ - (1) ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluated the net deferred tax assets for each separate tax entity. As of June 30, 2015, the Company concluded that it is not more likely than not that the net deferred tax assets will be realized and a full valuation allowance has been recorded against these assets. The Company's estimate of future book-taxable income considers available evidence, both positive and negative, about its operating businesses and investments, including an aggregation of individual projections for each significant operating business and investment, estimated apportionment factors for state and local taxing jurisdictions and includes all future years that the Company estimated it would have available net operating loss carryforwards. During the second fiscal quarter of 2016, the Company determined that the positive evidence outweighs the negative evidence for deferred tax assets and concluded that these deferred tax assets are realizable on a "more likely than not" basis. This determination was mainly due to expected future results of positive operations and earnings history.

BASIC AND DILUTED NET EARNINGS

BASIC AND DILUTED NET EARNINGS PER SHARE	6 Months Ended
	Dec. 31, 2015
BASIC AND DILUTED NET EARNINGS PER SHARE [Abstract]
BASIC AND DILUTED NET EARNINGS PER SHARE	NOTE 11:- BASIC AND DILUTED NET EARNINGS PER SHARE Basic net earnings per share is computed by dividing the net earnings by the weighted-average number of shares of common stock outstanding during the period. 19,418 29,015,225 two 100 Three months ended December 31, Six months ended December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Numerator: Net income 24,105 3,375 38,537 5,895 Dividends accumulated for the period - (3,375 ) - (5,895 ) Net income available to holders of common stock 24,105 - 38,537 - Denominator: Shares used in computing net earnings per share of common stock, basic 39,511,967 2,815,694 39,406,797 2,814,188 Numerator: Net income 24,105 3,375 38,537 5,895 Dividends accumulated for the period - (3,375 ) - (5,895 ) Net income available to holders of common stock 24,105 - 38,537 - Denominator: Shares used in computing net earnings per share of common stock, diluted 44,007,348 2,815,694 44,231,660 2,814,188

CONCENTRATION OF CREDIT RISK AN

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	6 Months Ended
	Dec. 31, 2015
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS [Abstract]
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	NOTE 12:- CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS a. b. For the three month period ended December 31, 2015 (unaudited), the Company had three major customers that accounted for approxim ately 36.9 f its consolidated revenues. 25.3 24.6 39.5 30.0

GENERAL (Tables)

GENERAL (Tables)	6 Months Ended
	Dec. 31, 2015
GENERAL [Abstract]
Schedule of Fair Value of Derivative Instruments	Fair Value of Derivative Instruments Balance Sheet Location As of December 31, 2015 (unaudited) As of June 30, 2015 Derivative Assets Foreign exchange forward contracts Other accounts receivable and prepaid expenses (*) 90 859 Total 90 859
Schedule of Derivative Instruments Gains Recognized in OCI	Gains on Derivatives Recognized in OCI Gains on Derivatives Recognized in OCI for the three months ended for the six months ended December 31, , December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Foreign exchange forward contracts 40 - 77 -
Schedule of Derivative Gains (Losses) Reclassified From OCI Into Income	Gains Reclassfied from OCI into Income Gains Reclassified from OCI into Income for the three months ended for the six months ended ,December 31 December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Foreign exchange forward contracts 3 - 2 -
Changes in Accumulated Balance of Other Comprehensive Loss	Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on foreign currency translation Total Beginning balance $ - $ 38 $ (263 ) $ (225 ) Other comprehensive income (loss) before reclassifications (81 ) 40 (24 ) (65 ) Losses (gains) reclassified from accumulated other comprehensive income (loss) - (3 ) - (3 ) Net current period other comprehensive income (loss) (81 ) 37 (24 ) (68 ) Ending balance $ (81 ) $ 75 $ (287 ) $ (293 ) Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on foreign currency translation Total Beginning balance $ - $ - $ (222 ) $ (222 ) Other comprehensive income (loss) before reclassifications (81 ) 77 (65 ) (69 ) Losses (gains) reclassified from accumulated other comprehensive income (loss) - (2 ) - (2 ) Net current period other comprehensive income (loss) (81 ) 75 (65 ) (71 ) Ending balance $ (81 ) $ 75 $ (287 ) $ (293 )

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Dec. 31, 2015
MARKETABLE SECURITIES [Abstract]
Summary of Available-For-Sale Marketable Securities	Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 52,559 $ - $ (132 ) $ 52,427 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Due in one year or less $ 27,182 $ - $ (45 ) $ 27,137 Due after one year to two years $ 25,377 $ - $ (87 ) $ 25,290 $ 52,559 $ - $ (132 ) $ 52,427

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Dec. 31, 2015
INVENTORIES [Abstract]
Schedule of inventories	December 31, 2015 June 30, 2015 (unaudited) Raw materials $ 13,211 $ 14,405 Finished goods 74,189 59,545 $ 87,400 $ 73,950

WARRANTY OBLIGATIONS (Tables)

WARRANTY OBLIGATIONS (Tables)	6 Months Ended
	Dec. 31, 2015
WARRANTY OBLIGATIONS [Abstract]
Schedule of warranty obligations	Six months ended December 31, 2015 2014 (unaudited) Balance, at beginning of period $ 31,879 $ 18,181 Additions and adjustments to cost of revenues 13,248 8,469 Usage and current warranty expenses (4,233 ) (2,353 ) Balance, at end of period 40,894 24,297 Less current portion (11,862 ) (6,652 ) Long term portion $ 29,032 $ 17,645

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS [Abstract]
Schedule of assets and liabilities measured at fair value by level	Balance as of December 31, Fair value measurements Description 2015 (unaudited) Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 32,193 $ 32,193 - - Derivative instruments asset $ 90 - $ 90 - Short-term marketable securities: Corporate bonds $ 27,137 - $ 27,137 - Long-term marketable securities: Corporate bonds $ 25,290 - $ 25,290 - Balance as of Fair value measurements Description June 30, 2015 Level 1 Level 2 Level 3 Derivative instruments asset $ 859 - $ 859 -

COMMITMENTS AND CONTINGENT LI24

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	6 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]
Schedule of future minimum lease commitments	Year ended June 30, (unaudited) 2016 1,137 2017 2,129 2018 2,048 2019 1,914 2020 and thereafter 8,363 15,591

STOCK CAPITAL (Tables)

STOCK CAPITAL (Tables)	6 Months Ended
	Dec. 31, 2015
STOCK CAPITAL [Abstract]
Schedule of composition of common stock capital	Authorized Issued and outstanding Number of shares December 31, 2015 June 30, 2015 December 31, 2015 June 30, 2015 (unaudited) (unaudited) Stock of $ 0.0001 Common stock 125,000,000 125,000,000 40,092,668 39,297,539
STOCK CAPITAL
Summary of the activity in the share options	Outstanding Exercisable as of as of Issuance December 31, Exercise December 31, Exercisable date 2015 price 2015 through July 31, 2008 33,333 0.87 33,333 July 31, 2018 January 26, 2012 33,333 2.46 33,333 January 26, 2022 October 24, 2012 6,666 2.46 5,416 October 24, 2022 January 23, 2013 3,333 3.03 2,569 January 23, 2023 January 27, 2014 4,698 3.51 1,935 January 27, 2024 May 1, 2014 6,000 3.51 2,792 May 1, 2024 September 17, 2014 10,830 3.96 4,114 September 17, 2024 October 29, 2014 6,668 5.01 1,556 October 29, 2024 August 19, 2015 28,167 0.00 - November 8, 2015 4,167 0.00 - 137,195 85,048
Schedule of recognized stock-based compensation expenses	Three months ended Six months ended December 31, 2015 2014 2015 2014 Cost of revenues $ 209 $ 76 $ 389 $ 113 Research and development 518 156 913 266 Selling and marketing 749 152 1,365 254 General and administrative 750 76 1,391 147 Total stock-based compensation expense $ 2,226 $ 460 $ 4,058 $ 780
Option [Member]
STOCK CAPITAL
Schedule of exercise price range of options	Weighted Options Weighted Outstanding average exercisable average Range of as of remaining as of remaining exercise December 31, contractual December 31, contractual price 2015 life in years 2015 life in years $ 0.50 1.50 924,105 3.12 924,105 3.12 $ 1.68 2.46 1,698,582 5.75 1,590,206 5.71 $ 3.03 3.96 600,938 8.01 283,031 7.92 $ 5.01 1,988,732 8.92 501,241 8.90 $ 9.36 33,328 9.08 - - $ 25.09 228,800 9.64 14,300 9.64 5,474,485 6.89 3,312,883 5.68
Restricted Stock Units (RSUs) [Member]
STOCK CAPITAL
Summary of the activity in the share options	No. of Options Weighted average grant date fair value Unvested as of June 30, 2015 67,440 25.09 Granted 807,656 24.45 Vested (24,311 ) 25.09 Forfeited (18,828 ) 24.44 Unvested as of December 31, 2015 831,957 24.25

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Dec. 31, 2015
INCOME TAXES [Abstract]
Schedule of taxes on income	Three months ended December 31, Six months ended December 31, 2015 2014 2015 2014 Unaudited Unaudited Current year taxes $ 941 $ 401 $ 1,311 $ 748 Previous year taxes (216 ) - (216 ) - Deferred tax income (6,527 ) - (6,527 ) - Taxes on income (tax benefit) $ (5,802 ) $ 401 $ (5,432 ) $ 748
Schedule of deferred tax liabilities and assets	December 31, June 30, 2015 2015 (Unaudited) Assets in respect of: Carryforward tax losses $ 399 $ 23,033 Research and Development carryforward expenses- temporary differences 4,346 5,173 Stock-based compensation 463 - Other reserves 1,357 1,346 6,565 29,552 Valuation allowance (1) - (29,552 ) Net deferred tax assets $ 6,565 $ -

BASIC AND DILUTED NET EARNING27

BASIC AND DILUTED NET EARNINGS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2015
BASIC AND DILUTED NET EARNINGS PER SHARE [Abstract]
Schedule of computation of basic and diluted net earnings (loss) per share	Three months ended December 31, Six months ended December 31, 2015 2014 2015 2014 (unaudited) (unaudited) Numerator: Net income 24,105 3,375 38,537 5,895 Dividends accumulated for the period - (3,375 ) - (5,895 ) Net income available to holders of common stock 24,105 - 38,537 - Denominator: Shares used in computing net earnings per share of common stock, basic 39,511,967 2,815,694 39,406,797 2,814,188 Numerator: Net income 24,105 3,375 38,537 5,895 Dividends accumulated for the period - (3,375 ) - (5,895 ) Net income available to holders of common stock 24,105 - 38,537 - Denominator: Shares used in computing net earnings per share of common stock, diluted 44,007,348 2,815,694 44,231,660 2,814,188

GENERAL (Details)

GENERAL (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
		Jul. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)
General [Line Items]
Number of contract manufacturers | item					2
Number of vendors | item					2
Derivative financial instruments
Notional amount of derivative contract			$ 13,008		$ 13,008
Fair value of derivative assets current			90		90
Net derivative assets			90		90		$ 859
Prepaid expenses and other accounts receivable			24,233		24,233		32,645
Loss from hedging transactions recorded in general and administrative expenses			2		3
Foreign exchange forward contracts	[1]		90		90		$ 859
Changes in unrealized gains, net of tax expense			40		77
Reclassification adjustments for losses included in net income			3		2
Consideration paid for patents		$ 800			$ 800
Useful lives of patents					10 years
Amortization expenses			$ 21		$ 42
Trade payables [Member]
General [Line Items]
Concentration risk (as a percent)					76.00%		79.00%
[1]	Estimated to be reclassified into earnings during 2016.

GENERAL (Changes in Accumulated

GENERAL (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Beginning balance	$ (225)		$ (222)
Other comprehensive income (loss) before reclassifications	(65)		(69)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	(3)		(2)
Net current period other comprehensive income (loss)	(68)	$ 25	(71)	$ (100)
Ending balance	$ (293)		$ (293)
Unrealized gains (losses) on available-for-sale marketable securities [Member]
Beginning balance
Other comprehensive income (loss) before reclassifications	$ (81)		$ (81)
Losses (gains) reclassified from accumulated other comprehensive income (loss)
Net current period other comprehensive income (loss)	$ (81)		$ (81)
Ending balance	(81)		$ (81)
Unrealized gains (losses) on cash flow hedges [Member]
Beginning balance	38
Other comprehensive income (loss) before reclassifications	40		$ 77
Losses (gains) reclassified from accumulated other comprehensive income (loss)	(3)		(2)
Net current period other comprehensive income (loss)	37		75
Ending balance	75		75
Unrealized gains (losses) on foreign currency translation [Member]
Beginning balance	(263)		(222)
Other comprehensive income (loss) before reclassifications	$ (24)		$ (65)
Losses (gains) reclassified from accumulated other comprehensive income (loss)
Net current period other comprehensive income (loss)	$ (24)		$ (65)
Ending balance	$ (287)		$ (287)

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) $ in Thousands	Dec. 31, 2015USD ($)	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, amortized cost	$ 27,182
Due in one year or less, gross unrealized gains
Due in one year or less, gross unrealized losses	$ (45)
Due in one year or less, fair value	27,137
Due after one year to two years, amortized cost	$ 25,377
Due after one year to two years, gross unrealized gains
Due after one year to two years, gross unrealized losses	$ (87)
Due after one year to two years, fair value	25,290
Amortized cost	$ 52,559
Gross unrealized gains
Gross unrealized losses	$ (132)
Fair value	$ 52,427
Number of loss positions	50	0
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 52,559
Gross unrealized gains
Gross unrealized losses	$ (132)
Fair value	$ 52,427

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
INVENTORIES [Abstract]
Raw materials	$ 13,211	$ 14,405
Finished goods	74,189	59,545
Inventories	$ 87,400	$ 73,950

WARRANTY OBLIGATIONS (Details)

WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Changes in the Company's product warranty liability
Balance, at beginning of period	$ 31,879	$ 18,181
Additions and adjustments to cost of revenues	13,248	8,469
Usage and current warranty expenses	(4,233)	(2,353)
Balance, at end of period	40,894	24,297
Less current portion	(11,862)	(6,652)	$ (9,431)
Long term portion	$ 29,032	$ 17,645	$ 22,448

REVOLVING CREDIT LINE (Details)

REVOLVING CREDIT LINE (Details) - Revolving Credit Line [Member] - USD ($) $ in Thousands	Feb. 17, 2015	Dec. 31, 2015
REVOLVING CREDIT LINE [Line Items]
Aggregate borrowings	$ 40,000
Maximum specified percentage of eligible trade receivables considered for determining maximum borrowing capacity	80.00%
Description of variable rate basis		Bank Lender's prime rate
Termination date	Dec. 31, 2016
Amount of liquidity need to maintain	$ 6,750
Minimum [Member]
REVOLVING CREDIT LINE [Line Items]
Applicable margin (as a percent)	0.50%
Maximum [Member]
REVOLVING CREDIT LINE [Line Items]
Applicable margin (as a percent)	2.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Money Market Mutual Funds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	$ 32,193
Derivative Instruments Asset [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	90	$ 859
Short-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	27,137
Long-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	25,290
Level 1 [Member] | Money Market Mutual Funds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	$ 32,193
Level 1 [Member] | Derivative Instruments Asset [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets
Level 1 [Member] | Short-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets
Level 1 [Member] | Long-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets
Level 2 [Member] | Money Market Mutual Funds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets
Level 2 [Member] | Derivative Instruments Asset [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	$ 90	$ 859
Level 2 [Member] | Short-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	27,137
Level 2 [Member] | Long-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets	$ 25,290
Level 3 [Member] | Money Market Mutual Funds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets
Level 3 [Member] | Derivative Instruments Asset [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets
Level 3 [Member] | Short-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets
Level 3 [Member] | Long-term marketable corporate bonds [Member]
FAIR VALUE MEASUREMENTS [Line Items]
Fair value of assets

LEASE INCENTIVE OBLIGATION (Det

LEASE INCENTIVE OBLIGATION (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
LEASE INCENTIVE OBLIGATION [Abstract]
Operating lease receivable	$ 2,937
Received in cash from the Lessor	2,896
Lease incentive obligation	$ 2,320	$ 2,385

COMMITMENTS AND CONTINGENT LI36

COMMITMENTS AND CONTINGENT LIABILITIES (Schedule of Future Minimum Lease Commitments) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Future minimum lease commitments
2,016	$ 1,137
2,017	2,129
2,018	2,048
2,019	1,914
2020 and thereafter	8,363
Future minimum lease commitments amount	$ 15,591

COMMITMENTS AND CONTINGENT LI37

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Lease commitments, Guarantees, Royalty commitments, Governmental commitments, Contractual purchase obligations) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Lease commitments
Contract term	10 years
Rent expenses	$ 1,067	$ 596
Royalty commitments
Aggregate contingent liability to the BIRD-F amount	1,124
Governmental commitments
Governmental commitments amount	752
Contractual purchase obligations
Non-cancelable purchase obligations	73,941
Provision for contractual inventory purchase obligations	1,754
Office rent lease agreements [Member]
Guarantees [line Items]
Guarantees amount	609
Customs transactions [Member]
Guarantees [line Items]
Guarantees amount	51
Credit card limits [Member]
Guarantees [line Items]
Guarantees amount	$ 82

STOCK CAPITAL (Common Stock) (D

STOCK CAPITAL (Common Stock) (Details)	6 Months Ended
	Dec. 31, 2015$ / sharesshares	Jun. 30, 2015$ / sharesshares
STOCK CAPITAL [Abstract]
Reverse stock split ratio	0.33
Common stock capital
Par value | $ / shares	$ 0.0001	$ 0.0001
Authorized	125,000,000	125,000,000
Common stock, issued shares	40,092,668	39,297,539
Common stock, outstanding shares	40,092,668	39,297,539

STOCK CAPITAL (Stock option pla

STOCK CAPITAL (Stock option plans) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2015
Stock option plans
Intrinsic value of options exercised		$ 15,787
Unrecognized compensation expense		$ 29,675	$ 29,675
2007 Plan, Transferred to 2015 Plan [Member]
Stock option plans
Number of options are available for future grant under the plan		379,358	379,358
2015 Plan [Member]
Stock option plans
Number of options reserved for issuance under the plan		1,822,484	1,822,484
Percentage of common shares increase automatically in each year			5.00%
Maximum [Member] | 2015 Plan [Member]
Stock option plans
Percentage of common shares increase automatically in each year	5.00%
Option [Member] | Maximum [Member]
Stock option plans
Number of options are available for future grant under the plan		10,000,000	10,000,000
Employee Stock Purchase Plan [Member] | 2015 Plan [Member]
Stock option plans
Number of options are available for future grant under the plan		705,082	705,082
Options and RSUs [Member] | Employees and members of the board of directors [Member]
Stock option plans
Weighted average grant date fair values options granted to employees and executive directors		$ 25.09

STOCK CAPITAL (Summary of the a

STOCK CAPITAL (Summary of the activity in the share options) (Details) - Option [Member] - Employees and members of the board of directors [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Number of options
Outstanding as of July 1, 2015	6,034,782
Granted	228,800
Exercised	(763,089)
Forfeited or expired	(26,008)
Outstanding as of December 31, 2015	5,474,485	6,034,782
Weighted average exercise price
Outstanding as of July 1, 2015	$ 3.14
Granted	25.09
Exercised	1.90
Forfeited or expired	4.09
Outstanding as of December 31, 2015	$ 4.22	$ 3.14
Weighted average remaining contractual term in years
Outstanding	6 years 10 months 20 days	7 years 22 days
Aggregate intrinsic Value
Outstanding as of July 1, 2015	$ 200,438
Outstanding as of December 31, 2015	$ 131,099	$ 200,438
Vested and expected to vest at the end of the period
Number of options	5,261,969
Weighted average exercise price	$ 4.14
Weighted average remaining contractual term in years	6 years 10 months 2 days
Aggregate intrinsic Value	$ 126,443
Exercisable as of December 31, 2015
Number of options	3,312,883
Weighted average exercise price	$ 2.60
Weighted average remaining contractual term in years	5 years 8 months 5 days
Aggregate intrinsic Value	$ 84,719

STOCK CAPITAL (Schedule of exer

STOCK CAPITAL (Schedule of exercise price ranges) (Details) - Employees and members of the board of directors [Member]	6 Months Ended
	Dec. 31, 2015$ / sharesshares
Range of exercise price [Line Items]
Outstanding	5,474,485
Weighted average remaining contractual Life in years	6 years 10 months 20 days
Exercisable	3,312,883
Weighted average remaining contractual Life in years	5 years 8 months 5 days
$0.50 - $1.50 [Member]
Range of exercise price [Line Items]
Range of exercise price, lower | $ / shares	$ 0.50
Range of exercise price, upper | $ / shares	$ 1.50
Outstanding	924,105
Weighted average remaining contractual Life in years	3 years 1 month 13 days
Exercisable	924,105
Weighted average remaining contractual Life in years	3 years 1 month 13 days
$1.68 - $2.46 [Member]
Range of exercise price [Line Items]
Range of exercise price, lower | $ / shares	$ 1.68
Range of exercise price, upper | $ / shares	$ 2.46
Outstanding	1,698,582
Weighted average remaining contractual Life in years	5 years 9 months
Exercisable	1,590,206
Weighted average remaining contractual Life in years	5 years 8 months 16 days
$3.03 - $3.96 [Member]
Range of exercise price [Line Items]
Range of exercise price, lower | $ / shares	$ 3.03
Range of exercise price, upper | $ / shares	$ 3.96
Outstanding	600,938
Weighted average remaining contractual Life in years	8 years 4 days
Exercisable	283,031
Weighted average remaining contractual Life in years	7 years 11 months 1 day
$5.01 [Member]
Range of exercise price [Line Items]
Range of exercise price | $ / shares	$ 5.01
Outstanding	1,988,732
Weighted average remaining contractual Life in years	8 years 11 months 1 day
Exercisable	501,241
Weighted average remaining contractual Life in years	8 years 10 months 24 days
$9.36 [Member]
Range of exercise price [Line Items]
Range of exercise price | $ / shares	$ 9.36
Outstanding	33,328
Weighted average remaining contractual Life in years	9 years 29 days
Exercisable
Weighted average remaining contractual Life in years
$25.09 [Member]
Range of exercise price [Line Items]
Range of exercise price | $ / shares	$ 25.09
Outstanding	228,800
Weighted average remaining contractual Life in years	9 years 7 months 20 days
Exercisable	14,300
Weighted average remaining contractual Life in years

STOCK CAPITAL (Summary of the42

STOCK CAPITAL (Summary of the activity in the RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - Employees and members of the board of directors [Member]	6 Months Ended
	Dec. 31, 2015$ / sharesshares
No. of Options
Unvested as of June 30, 2015 | shares	67,440
Granted | shares	807,656
Vested | shares	(24,311)
Forfeited | shares	(18,828)
Unvested as of December 31, 2015 | shares	831,957
Weighted average grant date fair value
Unvested as of June 30, 2015 | $ / shares	$ 25.09
Granted | $ / shares	24.45
Vested | $ / shares	25.09
Forfeited | $ / shares	24.44
Unvested as of December 31, 2015 | $ / shares	$ 24.25

STOCK CAPITAL (Options and RSUs

STOCK CAPITAL (Options and RSUs issued to non-employee consultants) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stock option plans
Stock compensation expenses	$ 2,226	$ 460	$ 4,058	$ 780
Non-employee consultants
Stock option plans
Stock compensation expenses	$ 254	$ 79	$ 373	$ 102
Options and RSUs [Member] | Non-employee consultants
Stock option plans
Outstanding at the end of the period	137,195		137,195
Exercisable at the end of the period	85,048		85,048
Options and RSUs [Member] | Non-employee consultants | July 31, 2008 [Member]
Stock option plans
Outstanding at the end of the period	33,333		33,333
Exercise price	$ 0.87		$ 0.87
Exercisable at the end of the period	33,333		33,333
Options and RSUs [Member] | Non-employee consultants | January 26, 2012 [Member]
Stock option plans
Outstanding at the end of the period	33,333		33,333
Exercise price	$ 2.46		$ 2.46
Exercisable at the end of the period	33,333		33,333
Options and RSUs [Member] | Non-employee consultants | October 24, 2012 [Member]
Stock option plans
Outstanding at the end of the period	6,666		6,666
Exercise price	$ 2.46		$ 2.46
Exercisable at the end of the period	5,416		5,416
Options and RSUs [Member] | Non-employee consultants | January 23, 2013 [Member]
Stock option plans
Outstanding at the end of the period	3,333		3,333
Exercise price	$ 3.03		$ 3.03
Exercisable at the end of the period	2,569		2,569
Options and RSUs [Member] | Non-employee consultants | January 27, 2014 [Member]
Stock option plans
Outstanding at the end of the period	4,698		4,698
Exercise price	$ 3.51		$ 3.51
Exercisable at the end of the period	1,935		1,935
Options and RSUs [Member] | Non-employee consultants | May 1, 2014 [Member]
Stock option plans
Outstanding at the end of the period	6,000		6,000
Exercise price	$ 3.51		$ 3.51
Exercisable at the end of the period	2,792		2,792
Options and RSUs [Member] | Non-employee consultants | September 17, 2014 [Member]
Stock option plans
Outstanding at the end of the period	10,830		10,830
Exercise price	$ 3.96		$ 3.96
Exercisable at the end of the period	4,114		4,114
Options and RSUs [Member] | Non-employee consultants | October 29, 2014 [Member]
Stock option plans
Outstanding at the end of the period	6,668		6,668
Exercise price	$ 5.01		$ 5.01
Exercisable at the end of the period	1,556		1,556
Options and RSUs [Member] | Non-employee consultants | August 19, 2015 [Member]
Stock option plans
Outstanding at the end of the period	28,167		28,167
Exercise price	$ 0		$ 0
Exercisable at the end of the period
Options and RSUs [Member] | Non-employee consultants | November 8, 2015 [Member]
Stock option plans
Outstanding at the end of the period	4,167		4,167
Exercise price	$ 0		$ 0
Exercisable at the end of the period

STOCK CAPITAL (Schedule of stoc

STOCK CAPITAL (Schedule of stock-based compensation expense for employees and consultants) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stock-based compensation expenses
Total stock-based compensation expense	$ 2,226	$ 460	$ 4,058	$ 780
Cost of revenues [Member]
Stock-based compensation expenses
Total stock-based compensation expense	209	76	389	113
Research and development [Member]
Stock-based compensation expenses
Total stock-based compensation expense	518	156	913	266
Selling and marketing [Member]
Stock-based compensation expenses
Total stock-based compensation expense	749	152	1,365	254
General and administrative [Member]
Stock-based compensation expenses
Total stock-based compensation expense	$ 750	$ 76	$ 1,391	$ 147

INCOME TAXES (Schedule of Taxes

INCOME TAXES (Schedule of Taxes on Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
INCOME TAXES [Abstract]
Current year taxes	$ 941	$ 401	$ 1,311	$ 748
Previous year taxes	(216)		(216)
Deferred tax income	(6,527)		(6,527)
Taxes on income (tax benefit)	$ (5,802)	$ 401	$ (5,432)	$ 748

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Jun. 30, 2015
Assets in respect of:
Carryforward tax losses		$ 399	$ 23,033
Research and Development carryforward expenses- temporary differences		4,346	$ 5,173
Stock-based compensation		463
Other reserves		1,357	$ 1,346
Deferred tax assets, gross		$ 6,565	29,552
Valuation allowance	[1]		$ (29,552)
Net deferred tax assets		$ 6,565
[1]	(1) ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluated the net deferred tax assets for each separate tax entity. As of June 30, 2015, the Company concluded that it is not more likely than not that the net deferred tax assets will be realized and a full valuation allowance has been recorded against these assets. The Company's estimate of future book-taxable income considers available evidence, both positive and negative, about its operating businesses and investments, including an aggregation of individual projections for each significant operating business and investment, estimated apportionment factors for state and local taxing jurisdictions and includes all future years that the Company estimated it would have available net operating loss carryforwards. During the second fiscal quarter of 2016, the Company determined that the positive evidence outweighs the negative evidence for deferred tax assets and concluded that these deferred tax assets are realizable on a "more likely than not" basis. This determination was mainly due to expected future results of positive operations and earnings history.

BASIC AND DILUTED NET EARNING47

BASIC AND DILUTED NET EARNINGS PER SHARE (Narrative) (Details) - shares	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
BASIC AND DILUTED NET EARNINGS PER SHARE [Abstract]
Total weighted average number of shares related to the outstanding stock options, convertible preferred stock and warrants to purchase convertible preferred stock and common stock, excluded from the calculation of diluted net earnings (loss) per share due to their anti-dilutive effect	19,418	29,015,225

BASIC AND DILUTED NET EARNING48

BASIC AND DILUTED NET EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income	$ 24,105	$ 3,375	$ 38,537	$ 5,895
Dividends accumulated for the period		$ (3,375)		$ (5,895)
Net income available to holders of common stock	$ 24,105		$ 38,537
Denominator:
Shares used in computing net earnings (loss) per share of common stock, basic (in shares)	39,511,967	2,815,694	39,406,797	2,814,188
Numerator:
Net income	$ 24,105	$ 3,375	$ 38,537	$ 5,895
Dividends accumulated for the period		$ (3,375)		$ (5,895)
Net income available to holders of common stock	$ 24,105		$ 38,537
Denominator:
Shares used in computing net earnings per share of common stock, diluted	44,007,348	2,815,694	44,231,660	2,814,188

CONCENTRATION OF CREDIT RISK 49

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Jun. 30, 2015
Revenues [Member] | Major customer [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)			24.60%
Revenues [Member] | Customer one [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)	36.90%	25.30%
Revenues [Member] | Customer two [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)	36.90%	25.30%
Revenues [Member] | Customer three [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)	36.90%
Accounts receivable [Member] | Major customer [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)			30.00%
Accounts receivable [Member] | Customer one [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)		39.50%
Accounts receivable [Member] | Customer two [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)		39.50%
Accounts receivable [Member] | Customer three [Member]
Concentration Risk [Line Items]
Concentration risk (as a percent)		39.50%