Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SolarEdge Technologies Inc | |
Entity Central Index Key | 1,419,612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,554,048 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 119,933 | $ 104,683 |
Restricted cash | 991 | 897 |
Marketable Securities | 81,800 | 74,465 |
Trade receivables, net | 79,268 | 71,041 |
Prepaid expenses and other accounts receivable | 26,561 | 21,347 |
Inventories | 60,913 | 67,363 |
Total current assets | 369,466 | 339,796 |
LONG-TERM ASSETS: | ||
Marketable securities | 44,893 | 44,262 |
Property, equipment and intangible assets, net | 37,933 | 37,381 |
Prepaid expenses and lease deposits | 594 | 489 |
Deferred tax assets, net | 4,084 | 2,815 |
Total long term assets | 87,504 | 84,947 |
Total assets | 456,970 | 424,743 |
CURRENT LIABILITIES: | ||
Trade payables, net | 43,740 | 34,001 |
Employees and payroll accruals | 11,767 | 13,018 |
Warranty obligations | 12,895 | 13,616 |
Deferred revenues | 1,025 | 1,202 |
Accrued expenses and other accounts payable | 9,189 | 8,648 |
Total current liabilities | 78,616 | 70,485 |
LONG-TERM LIABILITIES | ||
Warranty obligations | 48,230 | 44,759 |
Deferred revenues | 20,902 | 18,660 |
Lease incentive obligation | 1,987 | 2,061 |
Total long-term liabilities | 71,119 | 65,480 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
STOCKHOLDERS` EQUITY: | ||
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2017 (unaudited) and December 31, 2016; issued and outstanding: 41,532,545 and 41,259,391 shares as of March 31, 2017 (unaudited) and December 31, 2016, respectively. | 4 | 4 |
Additional paid-in capital | 311,081 | 307,098 |
Accumulated other comprehensive loss | (25) | (324) |
Accumulated deficit | (3,825) | (18,000) |
Total stockholders' equity | 307,235 | 288,778 |
Total liabilities and stockholders' equity | $ 456,970 | $ 424,743 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 125,000,000 | 125,000,000 |
Common stock, issued shares | 41,532,545 | 41,259,391 |
Common stock, outstanding shares | 41,532,545 | 41,259,391 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenues | $ 115,054 | $ 125,205 |
Cost of revenues | 76,378 | 84,471 |
Gross profit | 38,676 | 40,734 |
Operating expenses: | ||
Research and development, net | 11,458 | 8,709 |
Sales and marketing | 10,775 | 8,826 |
General and administrative | 4,439 | 3,460 |
Total operating expenses | 26,672 | 20,995 |
Operating income | 12,004 | 19,739 |
Financial income, net | 1,410 | 2,029 |
Income before taxes on income | 13,414 | 21,768 |
Tax benefit (taxes on income) | 761 | (969) |
Net income | $ 14,175 | $ 20,799 |
Net basic earnings per share of common stock | $ 0.34 | $ 0.52 |
Net diluted earnings per share of common stock | $ 0.32 | $ 0.47 |
Weighted average number of shares used in computing net basic earnings per share of common stock | 41,348,225 | 40,362,093 |
Weighted average number of shares used in computing net diluted earnings per share of common stock | 43,837,505 | 44,577,901 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,175 | $ 20,799 |
Available-for-sale securities: | ||
Changes in unrealized gains, net of tax benefit | 28 | 87 |
Reclassification adjustments for losses included in net income | 1 | |
Net change | 28 | 88 |
Cash flow hedges: | ||
Changes in unrealized gains, net of tax expense | 909 | 668 |
Reclassification adjustments for gains and losses, net of tax expense included in net income | (395) | (33) |
Net change | 514 | 635 |
Foreign currency translation adjustments, net | (243) | (13) |
Total other comprehensive income | 299 | 710 |
Comprehensive income | $ 14,474 | $ 21,509 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows provided by operating activities: | ||
Net income | $ 14,175 | $ 20,799 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of property, equipment and intangible assets | 1,520 | 993 |
Amortization of premiums on available-for-sale marketable securities | 383 | 174 |
Stock-based compensation | 3,612 | 2,632 |
Deferred tax assets, net | (1,333) | (100) |
Realized losses on Cash Flow Hedges | 2 | |
Changes in assets and liabilities: | ||
Inventories | 6,453 | 2,006 |
Prepaid expenses and other accounts receivable | (4,583) | 6,682 |
Trade receivables, net | (8,070) | (9,413) |
Trade payables | 9,734 | (16,853) |
Employees and payroll accruals | (1,272) | (556) |
Warranty obligations | 2,750 | 5,765 |
Deferred revenues | 2,060 | 2,496 |
Accrued expenses and other accounts payable | 311 | 770 |
Lease incentive obligation | (74) | (55) |
Net cash provided by operating activities | 25,666 | 15,342 |
Cash flows used in investing activities: | ||
Purchase of property and equipment | (1,872) | (5,909) |
Decrease (increase) in restricted cash | (94) | 2,473 |
Increase in short and long-term lease deposits | (66) | (14) |
Investment in available-for-sale marketable securities | (24,070) | (36,023) |
Maturities of available-for-sale marketable securities | 15,665 | 1,000 |
Net cash used in investing activities | (10,437) | (38,473) |
Cash flows from financing activities: | ||
Proceeds from issuance of shares upon exercise of options | 371 | 1,167 |
Net cash provided by financing activities | 371 | 1,167 |
Increase (decrease) in cash and cash equivalents | 15,600 | (21,964) |
Cash and cash equivalents at the beginning of the period | 104,683 | 106,150 |
Effect of exchange rate differences on cash and cash equivalents | (350) | (116) |
Cash and cash equivalents at the end of the period | $ 119,933 | $ 84,070 |
GENERAL
GENERAL | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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 and its subsidiaries sells its products worldwide directly to large solar installers and engineering, procurement and construction firms (“EPCs”), as well as through large distributors and electrical equipment wholesalers to smaller solar installers. b. Recent accounting pronouncements: In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). The new standard applies only to inventory for which cost is determined by methods other than last-in, first-out and the retail inventory method, which includes inventory that is measured using first-in, first-out or average cost. Inventory within the scope of ASU 2015-11 is required to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We adopted ASU 2015-11 during the first quarter of 2017, which did not have a material impact on our results of operations, cash flows or financial position. c. The significant accounting policies applied in the Company’s audited 2016 consolidated financial statements and notes thereto included in the Company’s Transition Report on Form 10-KT for transition period from July 1, 2016 to December 31, 2016 (the “2016 Form 10-KT”) are applied consistently in these financial statements. d. Basis of Presentation: The accompanying unaudited condensed 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 condensed e. The Company depends on two contract manufacturers and several limited or single source component suppliers. Currently, the Company has entered into an agreement with a third manufacturer and is in the process of transitioning manufacturing from one manufacturer to another . During Company rely These vendors collectively account for 66.4% and 61% of the Company’s total trade payables as of March 31, 2017 (unaudited) and December 31, 2016, respectively. The Company has the right to offset its payables to one of its contract manufacturers against vendor non-trade receivables. As of March 31, 2017 (unaudited), a total of $2,037 of these receivables met the criteria for net recognition and were offset against the corresponding accounts payable balances for this contract manufacturer in the accompanying condensed Consolidated Balance Sheets. f. Derivative financial instruments: To protect against the increase in value of forecasted foreign currency cash flows resulting from salary and lease payments of its Israeli facilities denominated in the Israeli currency, the New Israeli Shekels (“NIS”), during the three months ended March 31, 2017, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll and lease payments denominated in NIS for a period of one to six months with hedging contracts. Accordingly, when the dollar strengthens against the foreign currencies, the decline in present value of future foreign currency expenses is offset by losses in the fair value of the hedging contracts. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by gains in the fair value of the hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges. As of March 31, 2017 (unaudited), the Company entered into forward contracts to sell U.S. dollars for NIS in the amount of $9,391. These hedging contracts do not contain any credit-risk-related contingency features. See Note 4 for information on the fair value of these hedging contracts. The fair value of the Company’s outstanding derivative instruments is as follows: Three months ended March 31, Year ended December 31, 2017 2016 (unaudited) Derivative assets: Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts 579 19 Total $ 579 $ 19 The Company recorded the fair value of derivative assets and liabilities, net in “prepaid expenses and other accounts receivable” on the Company’s condensed consolidated balance sheets. The net increase in unrealized gains (losses) recognized in “accumulated other comprehensive income (loss)” on derivatives, net of tax effect, is as follows: Three months ended March 31, 2017 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts 909 668 The net gains reclassified from “accumulated other comprehensive income (loss)” into income (loss), are as follows: Three months ended March 31, 2017 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts 395 33 The Company recorded in the financial expenses, a net loss of $81 during the three months ended March 31, 2016 (unaudited), related to derivatives not qualified as hedging instruments. No such expenses were recorded in the three months ended March 31, 2017 (unaudited). g. Accumulated other comprehensive income: The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes, for the three months ended March 31, 2017 (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 $ (136 ) $ 19 $ (207 ) $ (324 ) Other comprehensive income (loss) before reclassifications 28 909 (243 ) 694 Losses (gains) reclassified from accumulated other comprehensive income (loss) - (395 ) - (395 ) Net current period other comprehensive income (loss) 28 514 (243 ) 299 Ending balance $ (108 ) $ 533 $ (450 ) $ (25 ) The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the three months ended March 31, 2016 (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 $ (81 ) $ 75 $ (287 ) $ (293 ) Other comprehensive income (loss) before reclassifications 87 668 (13 ) 742 Losses (gains) reclassified from accumulated other comprehensive income (loss) 1 (33 ) - (32 ) Net current period other comprehensive income (loss) 88 635 (13 ) 710 Ending balance $ 7 $ 710 $ (300 ) $ 417 The Details about Accumulated Other Comprehensive Amount Reclassified from Income (Loss) Affected Line Item in the Statements of Operations Three months ended March 31, 2017 Unrealized gains on cash flow hedges, net 58 Cost of revenues 207 Research and development 59 Sales and marketing 71 General and administrative 395 Total, before income taxes - Income tax expense (benefit) 395 Total, net of income taxes For the three months period, ended March 31, 2016 (unaudited), $33 was reclassified from accumulated other comprehensive income. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 2:- INVENTORIES March 31, 2017 December 31, 2016 (unaudited) Raw materials $ 13,632 $ 10,053 Finished goods 47,281 57,310 $ 60,913 $ 67,363 |
WARRANTY OBLIGATIONS
WARRANTY OBLIGATIONS | 3 Months Ended |
Mar. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY OBLIGATIONS | NOTE 3:- WARRANTY OBLIGATIONS Changes in the Company’s product warranty liability for the three months ended March 31, 2017 and 2016 were as follows: Three months ended March 31, 2017 2016 (unaudited) Balance, at beginning of period $ 58,375 $ 40,894 Additions and adjustments to cost of revenues 5,498 8,002 Usage and current warranty expenses (2,748 ) (2,237 ) Balance, at end of period 61,125 46,659 Less current portion (12,895 ) (13,510 ) Long term portion $ 48,230 $ 33,149 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4:- FAIR VALUE MEASUREMENTS The Company applies ASC 820 (“Fair Value Measurements and Disclosures”), with respect to fair value measurements of all financial assets and liabilities. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tiered fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 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 fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth the Company’s assets that were measured at fair value as of March 31, 2017 (unaudited) by level within the fair value hierarchy: Balance as of Fair value measurements Description March 31, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 8,747 $ 8,747 - - Derivative instruments asset $ 579 - $ 579 - Short-term marketable securities: Corporate bonds $ 76,042 - $ 76,042 - Governmental bonds $ 5,758 - $ 5,758 - Long-term marketable securities: Corporate bonds $ 40,901 - $ 40,901 - Governmental bonds $ 3,992 - $ 3,992 - The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2016 by level within the fair value hierarchy: Balance as of Fair value measurements Description December 31, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 6,510 $ 6,510 - - Derivative instruments asset $ 19 - $ 19 - Short-term marketable securities: Corporate bonds $ 71,719 - $ 71,719 - Governmental bonds $ 2,746 - $ 2,746 - Long-term marketable securities: Corporate bonds $ 39,279 - $ 39,279 - Governmental bonds $ 4,983 - $ 4,983 - 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 March 31, 2017 due to the short-term maturity of these instruments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 5:- COMMITMENTS AND CONTINGENT LIABILITIES a. Guarantees: As of March 31, 2017 (unaudited), contingent liabilities exist regarding guarantees in the amount of $831, $55 and $176 in respect of office rent lease agreements, customs transactions and credit card limits, respectively. b. Royalty and Governmental commitments: As of March 31, 2017 (unaudited), the aggregate contingent liability to the Binational Industrial Research and Development Foundation (BIRD‑F) amounted to approximately $1,158 which amount would be payable by the Company if it ever did generate revenues from such project. The Company’s Israeli subsidiary receives research and development grants from the Office of the Chief Scientist (the OCS). In consideration for the research and development grants received from the OCS, the Company has undertaken to pay royalties as a percentage of revenues from products developed from research and development projects financed. If the Company will not generate sales of products developed with funds provided by the OCS, the Company is not obligated to pay royalties or repay the grants. Royalties are payable at the rate of 4% to 4.5% from the time of commencement of sales of all of these products until the cumulative amount of the royalties paid equals 100% of the dollar-linked amounts of the grants received, plus interest at LIBOR rate. As of March 31, 2017 (unaudited), the aggregate contingent liability to the OCS amounted to $477. c. Contractual purchase obligations: The Company has contractual obligations to purchase goods and raw materials. These contractual purchase obligations relate to 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 March 31, 2017 (unaudited), the Company had non-cancelable purchase obligations totaling approximately $77,542 out of which the Company already recorded a provision for loss in the amount of $1,207. d. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK CAPITAL | NOTE 6:- STOCK CAPITAL a. Common Stock: Authorized Issued and outstanding Number of shares March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 (unaudited) (unaudited) Stock of $0.0001 par value: Common stock 125,000,000 125,000,000 41,532,545 41,259,391 b. 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, once the Company completed its Initial Public Offering (“IPO”), the 2007 Plan has been terminated and no further awards will be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grant were transferred to the Company’s 2015 Global Incentive Plan (the “2015 Plan”) and are reserved for future issuances under the 2015 plan. The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, RSUs and other share-based awards to directors, employees, officers and consultants of the Company and its Subsidiaries. As of March 31, 2017 (unaudited), a total of 5,890,087 (unaudited) shares of common stock were reserved for issuance under the 2015 Plan (the “Share Reserve”). The Share Reserve will automatically increase on January 1st of each year during the term of the 2015 Plan commencing on January 1st of the year following the year in which the 2015 Plan becomes effective in an amount equal to five percent (5%) of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year; provided, however, that our board of directors may provide that there will not be a January 1st increase in the Share Reserve in a given year or that the increase will be less than five percent (5%) of the shares of capital stock outstanding on the preceding December 31st . The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is ten million (10,000,000). As of March 31, 2017 (unaudited), an aggregate of 2,686,604 shares of common stock are still available for future grant under the 2015 Plan. c. Options granted to employees A summary of the activity in the share options granted to employees and members of the board of directors for the three months ended March 31, 2017 (unaudited) and related information follows: Weighted average Number Weighted remaining of average contractual Aggregate Options / exercise term intrinsic RSUs price in years Value Outstanding as of December 31, 2016 4,864,469 5.05 6.24 39,585 Granted 445,680 14.64 Exercised (118,698 ) 2.91 Forfeited or expired (5,364 ) 4.50 Outstanding as of March 31, 2017 5,186,087 5.93 6.35 52,626 Vested and expected to vest as of March 31, 2017 5,056,663 5.83 6.31 51,749 Exercisable as of March 31, 2017 3,450,219 3.73 5.31 41,823 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 three months ended on March 31, 2017 (unaudited) was $1,419. The weighted average grant date fair values of options granted to employees and executive directors during the three months ended March 31, 2017 (unaudited) was $7.94. d. A summary of the activity in the RSUs granted to employees and members of the board of directors for the three months ended (unaudited) is as follows: No. of RSUs Weighted average fair value Unvested as of December 31, 2016 1,515,018 19.74 Granted 471,973 14.61 Vested (144,372 ) 21.74 Forfeited (39,219 ) 18.21 Unvested as of 1,803,400 18.34 e. Options and RSUs issued to non-employee consultants: The Company has granted options and RSUs to purchase common shares to non-employee consultants as of March 31, 2017 (unaudited) Outstanding Exercisable as of as of Issuance March 31, Exercise March 31, Exercisable Date 2017 price 2017 Through July 31, 2008 33,333 0.87 33,333 July 31, 2018 October 24, 2012 3,000 2.46 3,000 October 24, 2022 January 23, 2013 3,333 3.03 3,333 January 23, 2023 January 27, 2014 2,748 3.51 1,443 January 27, 2024 May 1, 2014 3,250 3.51 1,917 May 1, 2024 September 17, 2014 9,615 3.96 6,284 September 17, 2024 October 29, 2014 3,668 5.01 222 October 29, 2024 August 19, 2015 15,940 0.00 - November 8, 2015 2,230 0.00 - April 18, 2016 1,875 0.00 - July 11, 2016 2,001 0.00 - September 21, 2016 4,000 15.34 500 September 21, 2026 September 21, 2016 6,125 0.00 - March 15, 2017 8,000 0.00 - March 15, 2017 8,000 13.70 - March 15, 2027 March 27, 2017 4,000 0.00 - 111,118 50,032 The Company had accounted for its options and RSUs granted to non-employee consultants under the fair value method of ASC 505-50. In connection with the grant of stock options and RSUs to non‑employee consultants, the Company recorded stock compensation expenses in the three months ended March 31, 2017 (unaudited) (unaudited) f. Employee Stock Purchase Plan (“ESPP”): The Company adopted an Employee Stock Purchase Plan (the “ESPP”) effective upon the consummation of the IPO. As of March 31, 2017 (unaudited), a total of 1,301,154 shares were reserved for issuance under this plan. The number of shares of common stock reserved for issuance under the ESPP will increase automatically on January 1st of each year, for ten years, by the lesser of 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or 487,643 shares. However, the Company’s board of directors may reduce the amount of the increase in any particular year at their discretion, including a reduction to zero. The ESPP is implemented through an offering every six months. According to the ESPP, eligible employees may use up to 10% of their salaries to purchase common stock shares up to an aggregate limit of $10 per participant for every six months plan. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the subscription date of each offering period or on the purchase date As of March 31, 2017 (unaudited), 83,319 common stock shares had been purchased under the ESPP. As of March 31, 2017 (unaudited), 1,217,835 common stock shares were available for future issuance under the ESPP. In accordance with ASC No. 718, the ESPP is compensatory and as such results in recognition of compensation cost. g. Stock-based compensation expense for employees and consultants: The Company recognized stock-based compensation expenses related to stock options and RSUs granted to employees and non-employees and ESPP in the condensed consolidated statement of operations for the three months ended on March 31, 2017 (unaudited) and 2016 (unaudited), as follows: Three months ended March 31, 2017 Three months ended March 31, 2016 Cost of revenues $ 493 $ 246 Research and development 1,205 724 Selling and marketing 1,030 842 General and administrative 884 819 Total stock-based compensation expense $ 3,612 $ 2,631 As of March 31, 2017 (unaudited), |
BASIC AND DILUTED NET EARNINGS
BASIC AND DILUTED NET EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET EARNINGS PER SHARE | NOTE 7:- 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. The total weighted average number of shares related to the outstanding stock options, excluded from the calculation of diluted net earnings per share due to their anti-dilutive effect was 590,115 and 0 for the three months ended March 31, 2017 (unaudited) and 2016 (unaudited), respectively. The following table presents the computation of basic and diluted net earnings per share for the periods presented (in thousands, except per share data): Three months ended March 31, 2017 2016 (unaudited) Numerator: Net income 14,175 20,799 Denominator: Shares used in computing net earnings per share of common stock, basic 41,348,225 40,362,093 Effect of stock-based awards 2,489,280 4,215,808 Shares used in computing net earnings per share of common stock, diluted 43,837,505 44,577,901 Basic net income per share $ 0.34 $ 0.52 Diluted net income per share $ 0.32 $ 0.47 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes | |
INCOME TAXES | NOTE 8:- INCOME TAXES a. Taxes on income (tax benefit) are comprised as follows: Three months ended March 31, 2017 2016 Unaudited Current year taxes $ 1,069 $ 1,069 Deferred tax income and others (1,830 ) (100 ) Taxes on income (tax benefit) $ (761 ) $ 969 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: March 31, December 31, 2017 2016 (Unaudited) Assets in respect of: Research and Development carryforward expenses- temporary differences $ 1,792 $ 908 Stock based compensation 1,279 1,039 Other reserves 1,013 868 Net deferred tax assets $ 4,084 $ 2,815 During fiscal year 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. c. Uncertain tax positions: The Company recognized a total liability for uncertain tax positions in the amount of $264 as of March 31, 2017. |
CONCENTRATION OF CREDIT RISK AN
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS | 3 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS | NOTE 9:- CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS a. For the three month period ended March 31, 2017 (unaudited) and 2016 (unaudited), the Company had one and two major customers that accounted for 12.74% and 26.71% of its condensed consolidated revenues, respectively. b. As of March 31, 2017 (unaudited), one customer accounted for approximately 16.57% of the Company’s net accounts receivable and as of December 31, 2016, three major customers accounted for approximately 20.15% of the Company’s net accounts receivable. |
GENERAL (Tables)
GENERAL (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Three months ended March 31, Year ended December 31, 2017 2016 (unaudited) Derivative assets: Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts 579 19 Total $ 579 $ 19 |
Schedule of Unrealized Gains (Losses) on Derivatives | Three months ended March 31, 2017 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts 909 668 |
Schedule of Derivative Gains (Losses) Reclassified From OCI Into Income | Three months ended March 31, 2017 2016 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts 395 33 |
Schedule of Changes in AOCI | The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes, for the three months ended March 31, 2017 (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 $ (136 ) $ 19 $ (207 ) $ (324 ) Other comprehensive income (loss) before reclassifications 28 909 (243 ) 694 Losses (gains) reclassified from accumulated other comprehensive income (loss) - (395 ) - (395 ) Net current period other comprehensive income (loss) 28 514 (243 ) 299 Ending balance $ (108 ) $ 533 $ (450 ) $ (25 ) The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the three months ended March 31, 2016 (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 $ (81 ) $ 75 $ (287 ) $ (293 ) Other comprehensive income (loss) before reclassifications 87 668 (13 ) 742 Losses (gains) reclassified from accumulated other comprehensive income (loss) 1 (33 ) - (32 ) Net current period other comprehensive income (loss) 88 635 (13 ) 710 Ending balance $ 7 $ 710 $ (300 ) $ 417 |
Schedule of Reclassifications out of AOCI | Details about Accumulated Other Comprehensive Amount Reclassified from Income (Loss) Affected Line Item in the Statements of Operations Three months ended March 31, 2017 Unrealized gains on cash flow hedges, net 58 Cost of revenues 207 Research and development 59 Sales and marketing 71 General and administrative 395 Total, before income taxes - Income tax expense (benefit) 395 Total, net of income taxes |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, 2017 December 31, 2016 (unaudited) Raw materials $ 13,632 $ 10,053 Finished goods 47,281 57,310 $ 60,913 $ 67,363 |
WARRANTY OBLIGATIONS (Tables)
WARRANTY OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Obligations | Three months ended March 31, 2017 2016 (unaudited) Balance, at beginning of period $ 58,375 $ 40,894 Additions and adjustments to cost of revenues 5,498 8,002 Usage and current warranty expenses (2,748 ) (2,237 ) Balance, at end of period 61,125 46,659 Less current portion (12,895 ) (13,510 ) Long term portion $ 48,230 $ 33,149 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table sets forth the Company’s assets that were measured at fair value as of March 31, 2017 (unaudited) by level within the fair value hierarchy: Balance as of Fair value measurements Description March 31, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 8,747 $ 8,747 - - Derivative instruments asset $ 579 - $ 579 - Short-term marketable securities: Corporate bonds $ 76,042 - $ 76,042 - Governmental bonds $ 5,758 - $ 5,758 - Long-term marketable securities: Corporate bonds $ 40,901 - $ 40,901 - Governmental bonds $ 3,992 - $ 3,992 - The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2016 by level within the fair value hierarchy: Balance as of Fair value measurements Description December 31, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 6,510 $ 6,510 - - Derivative instruments asset $ 19 - $ 19 - Short-term marketable securities: Corporate bonds $ 71,719 - $ 71,719 - Governmental bonds $ 2,746 - $ 2,746 - Long-term marketable securities: Corporate bonds $ 39,279 - $ 39,279 - Governmental bonds $ 4,983 - $ 4,983 - |
STOCK CAPITAL (Tables)
STOCK CAPITAL (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Composition of Common Stock Capital | Authorized Issued and outstanding Number of shares March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 (unaudited) (unaudited) Stock of $0.0001 par value: Common stock 125,000,000 125,000,000 41,532,545 41,259,391 |
Schedule of Stock Option Activity | Weighted average Number Weighted remaining of average contractual Aggregate Options / exercise term intrinsic RSUs price in years Value Outstanding as of December 31, 2016 4,864,469 5.05 6.24 39,585 Granted 445,680 14.64 Exercised (118,698 ) 2.91 Forfeited or expired (5,364 ) 4.50 Outstanding as of March 31, 2017 5,186,087 5.93 6.35 52,626 Vested and expected to vest as of March 31, 2017 5,056,663 5.83 6.31 51,749 Exercisable as of March 31, 2017 3,450,219 3.73 5.31 41,823 |
Schedule of RSU Activity | No. of RSUs Weighted average fair value Unvested as of December 31, 2016 1,515,018 19.74 Granted 471,973 14.61 Vested (144,372 ) 21.74 Forfeited (39,219 ) 18.21 Unvested as of 1,803,400 18.34 |
Schedule of Options and RSUs Granted to Non-Employee Consultants | Outstanding Exercisable as of as of Issuance March 31, Exercise March 31, Exercisable Date 2017 price 2017 Through July 31, 2008 33,333 0.87 33,333 July 31, 2018 October 24, 2012 3,000 2.46 3,000 October 24, 2022 January 23, 2013 3,333 3.03 3,333 January 23, 2023 January 27, 2014 2,748 3.51 1,443 January 27, 2024 May 1, 2014 3,250 3.51 1,917 May 1, 2024 September 17, 2014 9,615 3.96 6,284 September 17, 2024 October 29, 2014 3,668 5.01 222 October 29, 2024 August 19, 2015 15,940 0.00 - November 8, 2015 2,230 0.00 - April 18, 2016 1,875 0.00 - July 11, 2016 2,001 0.00 - September 21, 2016 4,000 15.34 500 September 21, 2026 September 21, 2016 6,125 0.00 - March 15, 2017 8,000 0.00 - March 15, 2017 8,000 13.70 - March 15, 2027 March 27, 2017 4,000 0.00 - 111,118 50,032 |
Schedule of Recognized Stock-Based Compensation Expense | Three months ended March 31, 2017 Three months ended March 31, 2016 Cost of revenues $ 493 $ 246 Research and development 1,205 724 Selling and marketing 1,030 842 General and administrative 884 819 Total stock-based compensation expense $ 3,612 $ 2,631 |
BASIC AND DILUTED NET EARNING21
BASIC AND DILUTED NET EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share | Three months ended March 31, 2017 2016 (unaudited) Numerator: Net income 14,175 20,799 Denominator: Shares used in computing net earnings per share of common stock, basic 41,348,225 40,362,093 Effect of stock-based awards 2,489,280 4,215,808 Shares used in computing net earnings per share of common stock, diluted 43,837,505 44,577,901 Basic net income per share $ 0.34 $ 0.52 Diluted net income per share $ 0.32 $ 0.47 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes Tables | |
Schedule of Taxes on Income | Three months ended March 31, 2017 2016 Unaudited Current year taxes $ 1,069 $ 1,069 Deferred tax income and others (1,830 ) (100 ) Taxes on income (tax benefit) $ (761 ) $ 969 |
Schedule of Deferred Tax Assets and Liabilities | March 31, December 31, 2017 2016 (Unaudited) Assets in respect of: Research and Development carryforward expenses- temporary differences $ 1,792 $ 908 Stock based compensation 1,279 1,039 Other reserves 1,013 868 Net deferred tax assets $ 4,084 $ 2,815 |
GENERAL (Narrative) (Details)
GENERAL (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Accounts receivable pledged to offset accounts payable | $ 2,037 | ||
Not Designated as Hedging Instrument [Member] | |||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Net gain (loss) on derivatives | $ 81 | ||
Foreign exchange forward contracts [Member] | Derivatives designated as cash flow hedging instruments [Member] | |||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Derivative asset, notional amount | $ 9,391 | ||
Accounts Payable [Member] | |||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Concentration risk (as a percent) | 66.40% | 61.00% |
GENERAL (Schedule of Fair Value
GENERAL (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative assets | $ 579 | $ 19 |
Foreign exchange forward contracts [Member] | Derivatives designated as cash flow hedging instruments [Member] | ||
Derivative assets | $ 579 | $ 19 |
GENERAL (Schedule of Unrealized
GENERAL (Schedule of Unrealized Gains (Losses) on Derivatives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign exchange forward contracts [Member] | Derivatives designated as cash flow hedging instruments [Member] | ||
Unrealized gain (loss) on derivatives | $ 909 | $ 668 |
GENERAL (Schedule of Derivative
GENERAL (Schedule of Derivative Gains (Losses) Reclassified From OCI Into Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign exchange forward contracts [Member] | Derivatives designated as cash flow hedging instruments [Member] | ||
Net gain (loss) reclassified from accumulated other comprehensive income (loss) | $ 395 | $ 33 |
GENERAL (Schedule of Changes in
GENERAL (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning balance | $ (324) | $ (293) |
Other comprehensive income (loss) before reclassifications | 694 | 742 |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (395) | (32) |
Net current period other comprehensive income (loss) | 299 | 710 |
Ending balance | (25) | 417 |
Unrealized gains (losses) on foreign currency translation [Member] | ||
Beginning balance | (207) | (287) |
Other comprehensive income (loss) before reclassifications | (243) | (13) |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | (243) | (13) |
Ending balance | (450) | (300) |
Unrealized gains (losses) on available-for-sale marketable securities [Member] | ||
Beginning balance | (136) | (81) |
Other comprehensive income (loss) before reclassifications | 28 | 87 |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | 1 | |
Net current period other comprehensive income (loss) | 28 | 88 |
Ending balance | (108) | 7 |
Unrealized gains (losses) on cash flow hedges [Member] | ||
Beginning balance | 19 | 75 |
Other comprehensive income (loss) before reclassifications | 909 | 668 |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (395) | (33) |
Net current period other comprehensive income (loss) | 514 | 635 |
Ending balance | $ 533 | $ 710 |
GENERAL (Schedule of Reclassifi
GENERAL (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cost of revenues | $ 76,378 | $ 84,471 |
Research and development | 11,458 | 8,709 |
Sales and marketing | 10,775 | 8,826 |
General and administrative | 4,439 | 3,460 |
Total, before income taxes | 13,414 | 21,768 |
Income tax expense (benefit) | (761) | 969 |
Total, net of income taxes | 14,175 | 20,799 |
Total amount reclassified from accumulated other comprehensive income | $ 33 | |
Unrealized gains on cash flow hedges, net [Member] | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||
Cost of revenues | 58 | |
Research and development | 207 | |
Sales and marketing | 59 | |
General and administrative | 71 | |
Total, before income taxes | 395 | |
Income tax expense (benefit) | ||
Total, net of income taxes | $ 395 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,632 | $ 10,053 |
Finished goods | 47,281 | 57,310 |
Inventories | $ 60,913 | $ 67,363 |
WARRANTY OBLIGATIONS (Details)
WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Changes in the Company's product warranty liability | |||
Balance, at beginning of period | $ 58,375 | $ 40,894 | |
Additions and adjustments to cost of revenues | 5,498 | 8,002 | |
Usage and current warranty expenses | (2,748) | (2,237) | |
Balance, at end of period | 61,125 | 46,659 | |
Less current portion | (12,895) | (13,510) | $ (13,616) |
Long term portion | $ 48,230 | $ 33,149 | $ 44,759 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 40,901 | $ 39,279 |
Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 3,992 | 4,983 |
Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 5,758 | 2,746 |
Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 76,042 | 71,719 |
Derivative instruments asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 579 | 19 |
Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 8,747 | 6,510 |
Level 2 [Member] | Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 40,901 | 39,279 |
Level 2 [Member] | Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 3,992 | 4,983 |
Level 2 [Member] | Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 5,758 | 2,746 |
Level 2 [Member] | Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 76,042 | 71,719 |
Level 2 [Member] | Derivative instruments asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 579 | 19 |
Level 2 [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Derivative instruments asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 8,747 | 6,510 |
Level 3 [Member] | Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Derivative instruments asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets |
COMMITMENTS AND CONTINGENT LI32
COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Royalties, threshold percentage of dollar linked amounts | 100.00% |
Non-cancelable purchase obligations | $ 77,542 |
Provision for contractual inventory purchase obligations | $ 1,207 |
Maximum [Member] | |
Royalty percentage | 4.50% |
Minimum [Member] | |
Royalty percentage | 4.00% |
Office Rent Lease Agreements [Member] | |
Guarantees amount | $ 831 |
Customs Transactions [Member] | |
Guarantees amount | 55 |
Credit Card Limits [Member] | |
Guarantees amount | 176 |
BIRD-F [Member] | |
Aggregate contingent liability | 1,158 |
OCS [Member] | |
Aggregate contingent liability | $ 477 |
STOCK CAPITAL (Narrative) (Deta
STOCK CAPITAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 3,612 | $ 2,632 |
Unrecognized compensation expense | $ 42,557 | |
2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options reserved for issuance under the plan | 5,890,087 | |
Number of options available for future grant under the plan | 2,686,604 | |
2015 Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Annual increase percentage | 5.00% | |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options reserved for issuance under the plan | 1,301,154 | |
Number of options available for future grant under the plan | 1,217,835 | |
Maximum number of excess shares authorized | 487,643 | |
Number of Common stock purchased | 83,319 | |
Maximum percentage of salary | 10.00% | |
Maximum amount authorized per person | $ 10 | |
Maximum percentage of common stock | 85.00% | |
ESPP [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Annual increase percentage | 1.00% | |
2007 Plan, Transferred to 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options available for future grant under the plan | 379,358 | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ 1,419 | |
Weighted average grant date fair value of options granted | $ 7.94 | |
Stock-based compensation | $ 127 | $ 91 |
Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options available for future grant under the plan | 10,000,000 |
STOCK CAPITAL (Schedule of Comp
STOCK CAPITAL (Schedule of Composition of Common Stock Capital) (Details) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Common stock capital | ||
Par value | $ 0.0001 | $ 0.0001 |
Authorized | 125,000,000 | 125,000,000 |
Common stock, issued shares | 41,532,545 | 41,259,391 |
Common stock, outstanding shares | 41,532,545 | 41,259,391 |
STOCK CAPITAL (Schedule of Stoc
STOCK CAPITAL (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units (RSUs) [Member] | Employees and Members of Board of Directors [Member] | ||
Number of Options / RSUs | ||
Granted | 471,973 | |
Option [Member] | Employees and Members of Board of Directors [Member] | ||
Number of Options / RSUs | ||
Outstanding as of December 31, 2016 | 4,864,469 | |
Granted | 445,680 | |
Exercised | (118,698) | |
Forfeited or expired | (5,364) | |
Outstanding as of March 31, 2017 | 5,186,087 | 4,864,469 |
Vested and expected to vest as of March 31, 2017 | 5,056,663 | |
Exercisable as of March 31, 2017 | 3,450,219 | |
Weighted average exercise price | ||
Outstanding as of December 31, 2016 | $ 5.05 | |
Granted | 14.64 | |
Exercised | 2.91 | |
Forfeited or expired | 4.50 | |
Outstanding as of March 31, 2017 | 5.93 | $ 5.05 |
Vested and expected to vest as of March 31, 2017 | 5.83 | |
Exercisable as of March 31, 2017 | $ 3.73 | |
Weighted average remaining contractual term in years | ||
Outstanding | 6 years 4 months 6 days | 6 years 2 months 27 days |
Vested and expected to vest as of March 31, 2017 | 6 years 3 months 22 days | |
Exercisable as of March 31, 2017 | 5 years 3 months 22 days | |
Aggregate intrinsic Value | ||
Outstanding as of December 31, 2016 | $ 39,585 | |
Outstanding as of March 31, 2017 | 52,626 | $ 39,585 |
Vested and expected to vest as of March 31, 2017 | 51,749 | |
Exercisable as of March 31, 2017 | $ 41,823 | |
Options And RSUs [Member] | Nonemployee Consultants [Member] | ||
Number of Options / RSUs | ||
Outstanding as of March 31, 2017 | 111,118 | |
Exercisable as of March 31, 2017 | 50,032 |
STOCK CAPITAL (Schedule of RSU
STOCK CAPITAL (Schedule of RSU Activity) (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | Employees and Members of Board of Directors [Member] | |
No. of RSUs | |
Unvested as of December 31, 2016 | shares | 1,515,018 |
Granted | shares | 471,973 |
Vested | shares | (144,372) |
Forfeited | shares | (39,219) |
Unvested as of March 31, 2017 | shares | 1,803,400 |
Weighted average grant date fair value | |
Unvested as of December 31, 2016 | $ / shares | $ 19.74 |
Granted | $ / shares | 14.61 |
Vested | $ / shares | 21.74 |
Forfeited | $ / shares | 18.21 |
Unvested as of March 31, 2017 | $ / shares | 18.34 |
Options [Member] | |
Weighted average grant date fair value | |
Granted | $ / shares | $ 7.94 |
Option [Member] | Employees and Members of Board of Directors [Member] | |
No. of RSUs | |
Granted | shares | 445,680 |
STOCK CAPITAL (Schedule of Opti
STOCK CAPITAL (Schedule of Options and RSUs Granted to Non-Employee Consultants) (Details) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Options And RSUs [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 111,118 | |
Exercisable at the end of the period | 50,032 | |
Options And RSUs [Member] | August 19, 2015 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 15,940 | |
Exercise price | $ 0 | |
Exercisable at the end of the period | ||
Options And RSUs [Member] | July 31, 2008 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 33,333 | |
Exercise price | $ 0.87 | |
Exercisable at the end of the period | 33,333 | |
Options And RSUs [Member] | October 24, 2012 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 3,000 | |
Exercise price | $ 2.46 | |
Exercisable at the end of the period | 3,000 | |
Options And RSUs [Member] | January 23, 2013 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 3,333 | |
Exercise price | $ 3.03 | |
Exercisable at the end of the period | 3,333 | |
Options And RSUs [Member] | January 27, 2014 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 2,748 | |
Exercise price | $ 3.51 | |
Exercisable at the end of the period | 1,443 | |
Options And RSUs [Member] | May 1, 2014 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 3,250 | |
Exercise price | $ 3.51 | |
Exercisable at the end of the period | 1,917 | |
Options And RSUs [Member] | September 17, 2014 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 9,615 | |
Exercise price | $ 3.96 | |
Exercisable at the end of the period | 6,284 | |
Options And RSUs [Member] | October 29, 2014 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 3,668 | |
Exercise price | $ 5.01 | |
Exercisable at the end of the period | 222 | |
Options And RSUs [Member] | March 27, 2017 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 4,000 | |
Exercise price | $ 0 | |
Options And RSUs [Member] | November 8, 2015 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 2,230 | |
Exercise price | $ 0 | |
Exercisable at the end of the period | ||
Options And RSUs [Member] | April 18, 2016 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 1,875 | |
Exercise price | $ 0 | |
Exercisable at the end of the period | ||
Options And RSUs [Member] | July 11, 2016 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 2,001 | |
Exercise price | $ 0 | |
Exercisable at the end of the period | ||
Options And RSUs [Member] | September 21, 2016 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 4,000 | |
Exercise price | $ 15.34 | |
Exercisable at the end of the period | 500 | |
Options And RSUs [Member] | Award Date Five [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 6,125 | |
Exercise price | $ 0 | |
Exercisable at the end of the period | ||
Options And RSUs [Member] | March 15, 2017 [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 8,000 | |
Exercise price | $ 0 | |
Options And RSUs [Member] | Award Date Ten [Member] | Nonemployee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 8,000 | |
Exercise price | $ 13.7 | |
Option [Member] | Employees and Members of Board of Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at the end of the period | 5,186,087 | 4,864,469 |
Exercise price | $ 5.93 | $ 5.05 |
Exercisable at the end of the period | 3,450,219 |
STOCK CAPITAL (Schedule of Reco
STOCK CAPITAL (Schedule of Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 3,612 | $ 2,631 |
Selling and marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,030 | 842 |
Cost of revenues [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 493 | 246 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,205 | 724 |
General and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 884 | $ 819 |
BASIC AND DILUTED NET EARNING39
BASIC AND DILUTED NET EARNINGS PER SHARE (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities | 590,115 | 0 |
BASIC AND DILUTED NET EARNING40
BASIC AND DILUTED NET EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net income | $ 14,175 | $ 20,799 |
Denominator: | ||
Shares used in computing net earnings per share of common stock, basic | 41,348,225 | 40,362,093 |
Effect of stock-based awards | 2,489,280 | 4,215,808 |
Shares used in computing net earnings per share of common stock, diluted | 43,837,505 | 44,577,901 |
Basic net income per share | $ 0.34 | $ 0.52 |
Diluted net income per share | $ 0.32 | $ 0.47 |
INCOME TAXES (Schedule of Taxes
INCOME TAXES (Schedule of Taxes on Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Taxes Schedule Of Taxes On Income Details | ||
Current year taxes | $ 1,069 | $ 1,069 |
Deferred tax expense (income) | (1,830) | (100) |
Taxes on income (tax benefit) | $ (761) | $ 969 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets in respect of: | ||
Research and Development carryforward expenses - temporary differences | $ 1,792 | $ 908 |
Stock based compensation | 1,279 | 1,039 |
Other reserves | 1,013 | 868 |
Net deferred tax assets | $ 4,084 | $ 2,815 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Income Taxes Narrative Details | |
Liability for uncertain tax positions | $ 264 |
CONCENTRATION OF CREDIT RISK 44
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Accounts Payable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 66.40% | 61.00% | |
Revenues [Member] | Two Major Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12.74% | 26.71% | |
Accounts Receivable [Member] | One Major Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 16.57% | ||
Accounts Receivable [Member] | Three Major Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 20.15% |