Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 11, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SolarEdge Technologies Inc | ||
Entity Central Index Key | 1,419,612 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,891,212 | ||
Entity Public Float | $ 763,891,780 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 163,163 | $ 104,683 | $ 74,032 |
Restricted cash | 1,516 | 897 | 928 |
Marketable securities | 77,264 | 74,465 | 59,163 |
Trade receivables, net | 109,528 | 71,041 | 72,737 |
Prepaid expenses and other accounts receivable | 42,223 | 21,347 | 21,340 |
Inventories | 82,992 | 67,363 | 81,550 |
Total current assets | 476,686 | 339,796 | 309,750 |
LONG-TERM ASSETS: | |||
Marketable securities | 103,120 | 44,262 | 52,446 |
Property, equipment and intangible assets, net | 52,297 | 37,381 | 28,547 |
Prepaid expenses and lease deposits | 862 | 489 | 399 |
Deferred tax assets, net | 8,340 | 2,815 | 6,296 |
Total long term assets | 164,619 | 84,947 | 87,688 |
Total assets | 641,305 | 424,743 | 397,438 |
CURRENT LIABILITIES: | |||
Trade payables, net | 69,488 | 34,001 | 48,481 |
Employees and payroll accruals | 22,544 | 13,018 | 10,092 |
Warranty obligations | 14,785 | 13,616 | 14,114 |
Deferred revenues | 2,559 | 1,202 | 3,859 |
Accrued expenses and other accounts payables | 20,378 | 8,648 | 10,725 |
Total current liabilities | 129,754 | 70,485 | 87,271 |
LONG-TERM LIABILITIES: | |||
Warranty obligations | 64,026 | 44,759 | 37,078 |
Deferred revenues | 31,453 | 18,660 | 14,684 |
Lease incentive obligation | 1,765 | 2,061 | 2,297 |
Non-current tax liabilities | 16,840 | ||
Total long-term liabilities | 114,084 | 65,480 | 54,059 |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
Share capital | |||
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of December 31, 2017, 2016, and June 30, 2016; issued and outstanding: 43,812,601, 41,259,391, 40,889,922 shares as of December 31, 2017, 2016 and June 30, 2016, respectively. | 4 | 4 | 4 |
Additional paid-in capital | 331,902 | 307,098 | 299,214 |
Accumulated other comprehensive income (loss) | (611) | (324) | 271 |
Retained earnings (Accumulated deficit) | 66,172 | (18,000) | (43,381) |
Total stockholders' equity | 397,467 | 288,778 | 256,108 |
Total liabilities and stockholders' equity | $ 641,305 | $ 424,743 | $ 397,438 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 125,000,000 | 125,000,000 | 125,000,000 |
Common stock, issued shares | 43,812,601 | 41,259,391 | 40,889,922 |
Common stock, outstanding shares | 43,812,601 | 41,259,391 | 40,889,922 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 239,997 | $ 607,045 | $ 489,843 | $ 325,078 |
Cost of revenues | 159,097 | 392,279 | 337,887 | 243,295 |
Gross profit | 80,900 | 214,766 | 151,956 | 81,783 |
Operating expenses: | ||||
Research and development, net | 20,279 | 54,966 | 33,231 | 22,018 |
Sales and marketing | 20,444 | 50,032 | 34,833 | 24,973 |
General and administrative | 6,790 | 18,682 | 12,133 | 6,535 |
Total operating expenses | 47,513 | 123,680 | 80,197 | 53,526 |
Operating income | 33,387 | 91,086 | 71,759 | 28,257 |
Other expenses | 104 | |||
Financial income (expenses), net | (2,789) | 9,158 | 471 | (5,077) |
Income before taxes on income | 30,598 | 100,244 | 72,230 | 23,076 |
Taxes on income (tax benefit) | 5,217 | 16,072 | (4,379) | 1,955 |
Net income | $ 25,381 | $ 84,172 | $ 76,609 | $ 21,121 |
Net basic earnings per share of common stock | $ 0.62 | $ 1.99 | $ 1.92 | $ 0.30 |
Net diluted earnings per share of common stock | $ 0.58 | $ 1.85 | $ 1.73 | $ 0.27 |
Weighted average number of shares used in computing net basic earnings per share of common stock | 41,026,926 | 42,209,238 | 39,987,935 | 11,902,911 |
Weighted average number of shares used in computing net diluted earnings per share of common stock | 43,839,342 | 45,425,307 | 44,376,075 | 15,269,448 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income | ||||
Net income | $ 25,381 | $ 84,172 | $ 76,609 | $ 21,121 |
Available-for-sale securities: | ||||
Changes in unrealized gains, net of tax benefit | (193) | (297) | 56 | |
Reclassification adjustments for losses included in net income | 1 | |||
Net change | (193) | (297) | 57 | |
Cash flow hedges: | ||||
Changes in unrealized gains, net of tax expense | 93 | 975 | 412 | |
Reclassification adjustments for gains, net of tax expense included in net income | (317) | (994) | (169) | |
Net change | (224) | (19) | 243 | |
Foreign currency translation adjustments, net | (178) | 29 | 193 | (161) |
Total other comprehensive income (loss) | (595) | (287) | 493 | (161) |
Comprehensive income | $ 24,786 | $ 83,885 | $ 77,102 | $ 20,960 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Convertible Preferred Stock [Member] | Common Stock [Member] | Additional paid in capital [Member] | Accumulated other comprehensive Income (loss) [Member] | Retained earnings (Accumulated Deficit) [Member] | Total | |
Balance at Jun. 30, 2014 | $ 116,203 | [1] | $ 5,878 | $ (61) | $ (141,111) | $ (135,294) | |
Balance (in shares) at Jun. 30, 2014 | 75,422,773 | 2,809,950 | |||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards | [1] | 84 | 84 | ||||
Issuance of Common Stock upon exercise of employee and non-employee stock options, shares | 34,898 | ||||||
Issuance of Series E Convertible Preferred stock, net of issuance expenses in the amount of $288 | $ 24,712 | ||||||
Issuance of Series E Convertible Preferred stock, net of issuance expenses in the amount of $288, shares | 9,321,019 | ||||||
Equity based compensation expenses to employees and non-employee consultants | 2,956 | 2,956 | |||||
Conversion of convertible preferred stock into ordinary shares | $ (140,915) | $ 3 | 140,912 | 140,915 | |||
Conversion of convertible preferred stock into ordinary shares, shares | (84,743,792) | 28,247,923 | |||||
Issuance of common stock in initial public offering, net of issuance expenses in an amount of $13,692 | $ 1 | 131,207 | 131,208 | ||||
Issuance of common stock in initial public offering, net of issuance expenses in an amount of $13,692, shares | 8,050,000 | ||||||
Exercise of warrants into common stock | [1] | 6,115 | $ 6,115 | ||||
Exercise of warrants into common stock, shares | 154,768 | 154,768 | |||||
Other comprehensive income loss adjustments | (161) | $ (161) | |||||
Net income | 21,121 | 21,121 | |||||
Balance at Jun. 30, 2015 | $ 4 | 287,152 | (222) | (119,990) | 166,944 | ||
Balance (in shares) at Jun. 30, 2015 | 39,297,539 | ||||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards | [1] | 2,973 | 2,973 | ||||
Issuance of Common Stock upon exercise of employee and non-employee stock options, shares | 1,592,383 | ||||||
Equity based compensation expenses to employees and non-employee consultants | 9,089 | 9,089 | |||||
Other comprehensive income loss adjustments | 493 | 493 | |||||
Net income | 76,609 | 76,609 | |||||
Balance at Jun. 30, 2016 | $ 4 | 299,214 | 271 | (43,381) | 256,108 | ||
Balance (in shares) at Jun. 30, 2016 | 40,889,922 | ||||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards | [1] | 349 | 349 | ||||
Issuance of Common Stock upon exercise of employee and non-employee stock options, shares | 286,150 | ||||||
Issuance of Common stock under employee stock purchase plan | [1] | 935 | 935 | ||||
Issuance of Common stock under employee stock purchase plan, share | 83,319 | ||||||
Equity based compensation expenses to employees and non-employee consultants | 6,600 | 6,600 | |||||
Other comprehensive income loss adjustments | (595) | (595) | |||||
Net income | 25,381 | 25,381 | |||||
Balance at Dec. 31, 2016 | $ 4 | 307,098 | (324) | (18,000) | 288,778 | ||
Balance (in shares) at Dec. 31, 2016 | 41,259,391 | ||||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards | [1] | 4,854 | 4,854 | ||||
Issuance of Common Stock upon exercise of employee and non-employee stock options, shares | 2,368,152 | ||||||
Issuance of Common stock under employee stock purchase plan | [1] | 2,386 | 2,386 | ||||
Issuance of Common stock under employee stock purchase plan, share | 185,058 | ||||||
Equity based compensation expenses to employees and non-employee consultants | 17,564 | 17,564 | |||||
Other comprehensive income loss adjustments | (287) | (287) | |||||
Net income | 84,172 | 84,172 | |||||
Balance at Dec. 31, 2017 | $ 4 | $ 331,902 | $ (611) | $ 66,172 | $ 397,467 | ||
Balance (in shares) at Dec. 31, 2017 | 43,812,601 | ||||||
[1] | Represents an amount less than $1. |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Issuance of common stock in initial public offering, issuance expenses | $ 13,692 |
Series E Convertible Preferred Stock [Member] | |
Issuance of Convertible Preferred stock, issuance expenses | $ 288 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows provided by operating activities: | ||||
Net income | $ 25,381 | $ 84,172 | $ 76,609 | $ 21,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization of property, equipment and intangible assets | 2,759 | 7,155 | 3,847 | 2,253 |
Amortization of premium and accretion of discount on available-for-sale marketable securities | 681 | 2,061 | 532 | |
Stock-based compensation | 6,600 | 17,564 | 9,089 | 2,956 |
Financial income, net related to term loan | (992) | |||
Remeasurement of warrants to purchase convertible preferred stock | 5,350 | |||
Capital loss from disposal of property | 104 | |||
Changes in assets and liabilities: | ||||
Inventories | 14,022 | (15,690) | (7,356) | (48,507) |
Prepaid expenses and other accounts receivable | (367) | (21,937) | 10,542 | (19,563) |
Trade receivables, net | 1,555 | (38,139) | (37,271) | (16,333) |
Deferred tax assets, net | 3,652 | (5,455) | (6,380) | |
Trade payables | (14,464) | 35,455 | (32,200) | 41,111 |
Employees and payroll accruals | 2,996 | 9,394 | 3,278 | 1,668 |
Warranty obligations | 7,183 | 20,436 | 19,313 | 13,698 |
Deferred revenues | 1,335 | 14,106 | 8,578 | 3,989 |
Accrued expenses, other accounts payable and non-current tax liabilities | (1,999) | 27,839 | 3,934 | 2,530 |
Lease incentive obligation | (236) | (296) | (88) | 2,669 |
Net cash provided by operating activities | 49,098 | 136,665 | 52,427 | 12,054 |
Cash flows from investing activities: | ||||
Purchase of property and equipment | (11,025) | (21,382) | (15,690) | (11,765) |
Purchase of intangible assets | (600) | (800) | ||
Decrease (increase) in restricted cash | 31 | (619) | 2,711 | (2,038) |
Decrease (increase) in long-term lease deposit | (77) | 103 | (134) | |
Investment in available-for-sale marketable securities | (40,858) | (143,675) | (118,511) | |
Maturities of available-for-sale marketable securities | 32,782 | 80,269 | 6,350 | |
Net cash used in investing activities | (19,747) | (85,407) | (125,837) | (13,937) |
Cash flows from financing activities: | ||||
Proceeds from short term bank loan | 23,000 | |||
Repayment of short term bank loan | (36,326) | |||
Repayments of term loan | (5,919) | |||
Proceeds from issuance of Series E Convertible Preferred stock, net | 24,712 | |||
Proceeds from initial public offering, net | 131,402 | |||
Issuance costs related to initial public offering | (194) | |||
Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards | 1,284 | 7,240 | 2,973 | 84 |
Net cash provided by financing activities | 1,284 | 7,240 | 2,779 | 136,953 |
Increase (decrease) in cash and cash equivalents | 30,635 | 58,498 | (70,631) | 135,070 |
Cash and cash equivalents at the beginning of the period | 74,032 | 104,683 | 144,750 | 9,754 |
Effect of exchange rate differences on cash and cash equivalents | 16 | (18) | (87) | (74) |
Cash and cash equivalents at the end of the period | 104,683 | 163,163 | 74,032 | 144,750 |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Net change in accrued expenses and other accounts payable related to property and equipment additions | 598 | 1,187 | ||
Deferred issuance costs related to initial public offering | 194 | |||
Cashless exercise of warrants to purchase common stock | 6,115 | |||
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 896 | |||
Cash paid for income taxes | $ 1,103 | $ 3,100 | $ 1,178 | $ 4,040 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 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 sell their products worldwide through large distributors and electrical equipment wholesalers to smaller solar installers, as well as directly to large solar installers and engineering, procurement and construction firms (“EPCs”). b. Basis of presentation: Effective December 31, 2016, the Company changed its fiscal year end from June 30 to December 31. This change was made in order to align the Company’s fiscal year end with other companies within the industry. As a result of this change, the consolidated financial statements include presentation of the six month transition period from July 1, 2016 through December 31, 2016. The Company refers to the period beginning July 1, 2015 and ending June 30, 2016 as “fiscal 2016” and the period beginning July 1, 2014 and ending June 30, 2015 as “fiscal 2015”. c. Initial Public Offering: On March 31, 2015, the Company closed its initial public offering (“IPO”) whereby 8,050,000 shares of common stock were sold by the Company to the public (inclusive of 1,050,000 shares of common stock pursuant to the full exercise of an overallotment option granted to the underwriters). The aggregate net proceeds received by the Company from the offering were approximately $131,208, net of underwriting discounts and commissions and offering expenses. Upon the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock automatically converted into 28,247,923 shares of common stock, and outstanding warrants to purchase convertible preferred stock automatically converted into warrants to purchase 187,671 shares of common stock (See Note 10). d. For the year ended December 31, 2017 and the six months ended December 31, 2016, the Company had one major customer (customer with attributable revenues that represents more than 10% of total revenues) that accounted for approximately 14.8% and 11.2% of the Company’s consolidated revenues, respectively (see Note 20), and for the years ended June 30, 2016 and 2015, the Company had three and one major customers that accounted for approximately 32.5% and 24.6% of the Company’s consolidated revenues, respectively (see Note 20). e. The Company depends on three contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields, and costs. These contract manufacturers collectively accounted for 51.6%, 61% and 69% of the Company’s total trade payables as of December 31, 2017, 2016 and June 30, 2016, respectively. The Company has the right to offset its payables to one of its contract manufacturers against vendor non-trade receivables. As of December 31, 2017, a total of $3,180 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 Consolidated Balance Sheets. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements are prepared according to United States generally accepted accounting principles (“U.S. GAAP”). a. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances including profits from intercompany sales not yet realized outside the Company have been eliminated upon consolidation. b. Use of estimates: The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates its assumptions on an ongoing basis, including those related to warranty obligation, inventory valuation, contingencies, share-based compensation cost, marketable securities, deferred tax assets and liabilities, intangible assets and estimates used in applying the revenue recognition policy. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. c. Financial statements in U.S. dollars: The functional currency of the Company and its subsidiaries (with the exception of Germany, Australia, and Japan) is the U.S. dollar, as the U.S. dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Currently, the operations of these subsidiaries and the Company are primarily conducted in Israel, and a significant portion of its expenses are paid in U.S. dollars. Financing activities, including loans and cash investments are primarily made in U.S. dollars. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are translated into U.S. dollars in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 830 (“Foreign Currency Matters”). All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the statements of operations as financial income or expenses, as appropriate. The financial statements of other Company’s subsidiaries whose functional currency is other than the U.S. dollar have been translated into U.S dollars. Assets and liabilities have been translated using the exchange rates in effect on the balance sheet date. Statements of operations amounts have been translated using the average exchange rate for the relevant periods. The resulting translation adjustments are reported as a component of stockholders’ equity in accumulated other comprehensive income. Accumulated other comprehensive loss related to foreign currency translation adjustments, net amounted to $178, $207, and $29 as of December 31, 2017 and 2016, and June 30, 2016, respectively. d. Basic and Diluted Net 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. Diluted net earnings per share is computed by giving effect to all potential shares of common stock, including stock options and convertible preferred stock, to the extent dilutive, all in accordance with ASC No. 260, "Earnings Per Share." The total weighted average number of shares related to the outstanding stock options, convertible preferred stock and warrants to purchase convertible preferred stock, excluded from the calculation of diluted net earnings per share due to their anti-dilutive effect was 197,516, year ended December 31, 2017, the Basic and diluted earnings per share is presented in conformity with the two-class method for participating securities for the periods prior to their conversion. Under this method, the earnings per share for each class of shares are calculated assuming 100% of the Company’s earnings are distributed as dividends to each class of shares based on their contractual rights. The following table presents the computation of basic and diluted net earnings per share for the periods presented (in thousands, except share and per share data): Year ended Six months Ended Year ended June 30, December 31, 2017 December 31, 2016 2016 2015 Net basic earnings (loss) per share of common stock: Numerator: Net income $ 84,172 $ 25,381 $ 76,609 $ 21,121 Dividends accumulated for the period - - - (17,550 ) Net income available to shareholders of common stock 84,172 25,381 76,609 3,571 Denominator: Shares used in computing net earnings per share of common stock, basic 42,209,238 41,026,926 39,987,935 11,902,911 Net diluted earnings per share of common stock: Numerator: Net income 84,172 25,381 76,609 21,121 Dividends accumulated for the period - - - (16,971 ) Net income available to shareholders of common stock 84,172 25,381 76,609 4,150 Denominator: Shares used in computing net earnings per share of common stock, basic 42,209,238 41,026,926 39,987,935 11,902,911 Effect of stock-based awards 3,216,069 2,812,416 4,388,140 3,366,537 Shares used in computing net earnings per share of common stock, diluted 45,425,307 43,839,342 44,376,075 15,269,448 Basic net income per share $ 1.99 $ 0.62 $ 1.92 $ 0.30 Diluted net income per share $ 1.85 $ 0.58 $ 1.73 $ 0.27 e. Cash and cash equivalents: Cash equivalents are short-term, highly liquid investments that are readily convertible to cash, with original maturities of three months or less at the date acquired. f. Marketable Securities: Marketable securities consist of corporate and governmental 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. The Company recognizes an impairment charge when a decline in the fair value of its investments in debt securities below the cost basis of such securities is judged to be other-than-temporary. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period, and the Company’s intent to sell, including whether it is more likely than not that the Company will be required to sell the investment before recovery of cost basis. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before it recovers in value, the Company must estimate the net present value of cash flows expected to be collected. If the amortized cost exceeds the net present value of cash flows, such excess is considered a credit loss and an other-than-temporary impairment has occurred. For securities that are deemed other-than-temporarily impaired (“OTTI”), the amount of impairment is recognized in the statement of operations and is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income (loss). The Company did not recognize OTTI on its marketable securities during the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015. g. Restricted cash: Restricted cash is primarily invested in short-term bank deposits, which are primarily used to guarantee a letter of credit which has been issued to one of the Company’s major vendors, to the Company’s landlords for its office leases, and as security for the Company’s credit cards. h. Inventories: Inventories are stated at the lower of cost or market value. Inventory reserves are provided to cover risks arising from slow-moving items or technological obsolescence. The Company periodically evaluates the quantities on hand relative to historical, current, and projected sales volume. Based on this evaluation, an impairment charge is recorded when required to write-down inventory to its market value. Cost of finished goods and raw materials is determined using the moving average cost method. i. Property, equipment, and intangible assets: Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Machinery & equipment in progress is the construction or development of property and equipment that have not yet been placed in service for the Company's intended use. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following rates: % Computers and peripheral equipment 15 – 33 (mainly 33) Office furniture and equipment 7 Machinery & equipment 7 – 20 (mainly 10) Laboratory equipment 15 – 25 (mainly 15) Vehicles 15 Leasehold improvements over the shorter of the lease term or useful economic life Intangible assets: Intangible assets are stated at cost, net of accumulated amortization. Amortization is calculated by the straight-line method over the estimated useful lives of the assets (see Note 7). j. Impairment of long-lived assets: The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360 (“Property, Plants and Equipment”), whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to the future undiscounted cash flows expected to be generated by the assets (or asset group). If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. For the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015, no impairment losses have been identified. k. Severance pay: Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The employees of the Company’s Israeli subsidiary have elected to be included under section 14 of the Severance Pay Law, 1963, under which these employees are entitled only to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary. These payments cause the Company to be released from any future obligation under the Israeli Severance Pay Law to make severance payments in respect of those employees; therefore, related assets and liabilities are not presented in the balance sheet. For the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015, the Company recorded $2,995, $1,131, $1,761, and $1,273 in severance expenses, respectively. l. Revenue recognition: The Company and its subsidiaries generate their revenues mainly from the sale of power optimizers, inverters, and cloud-based monitoring services to distributors, installers and PV module manufacturers. Revenues from product sales and related services are recognized in accordance with ASC 605 (“Revenue Recognition”) when persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, collectability is reasonably assured, and no significant obligations remain. Persuasive evidence of an arrangement exists Delivery has occurred The fee is fixed or determinable Additionally, payments that are due within the normal course of the Company’s credit terms, which are currently no more than three months from the delivery date, are deemed to be fixed and determinable. Fees and arrangements with payment terms extending beyond customary payment terms are considered not to be fixed or determinable, in which case revenues are deferred and recognized when payments become due, provided that all other revenue recognition criteria have been met. Collectability is reasonably assured Provisions for rebates, sales incentives, and discounts to customers are accounted for as reductions in revenue in the same period the related sales are recorded. The Company increases a credit limit only after it has established a successful collection history with the Customer. The Company recognizes revenue under a particular arrangement as Customer payments are actually received if it determines at any time that collectability is not reasonably assured under that arrangement based upon its credit review process, the Customer’s payment history, or information that comes to light about a Customer’s financial position. No material revenues were recognized by the Company under that arrangement. Revenues related to cloud-based monitoring and communication services are recognized ratably on a straight-line basis over the estimated service period. For multiple-element arrangements, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the Company uses a hierarchy to determine the selling price to be used for allocating revenue to deliverables: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of selling price (“TPE”), and (iii) best estimate of the selling price (“ESP”). VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company’s best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. The Company has allocated revenue between its deliverables based on their relative selling prices. Because the Company has neither VSOE nor TPE for its deliverables, the allocation of revenue has been based on the Company’s ESPs. Amounts allocated to the delivered elements are recognized at the time of sale provided the other conditions for revenue recognition have been met. The Company’s process for determining its ESP considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs for its products include prices charged by the Company for similar offerings, the Company’s historical pricing practices and product-specific business objectives. Deferred revenues consist of deferred cloud-based monitoring services, communication services and advance payments received from Customers for the Company’s products, and warranty extensions services, and are classified as short-term and long-term deferred revenues based on the period in which revenues are expected to be recognized. m. Cost of revenues: Cost of revenues sold includes the following: product costs consisting of purchases from contract manufacturers and other suppliers, indirect manufacturing costs, shipping and handling costs, support, warranty expenses and changes in warranty provision, provision for losses related to slow moving and dead inventory, personnel and logistics costs, and royalty expense payments to the Israel Innovation Authority (“IIA”) (see Note 2p). n. Shipping and handling costs: Shipping and handling costs, which amounted to $29,693, $8,131, $21,922, and $26,931 for the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015, respectively, are included in cost of revenues in the consolidated statements of operations. Shipping and handling costs include all costs associated with the distribution of finished products from the Company’s point of selling directly to its Customers. o. Warranty obligations: The Company’s products include a 10-year limited warranty for StorEdge products, a minimum 12-year limited warranty for inverters, and a 25-year limited warranty for power optimizers. In certain cases, the Company provides extended warranties for inverters that bring the warranty period up to 25 years. The Company maintains reserves to cover the expected costs that could result from these warranties. The warranty liability is generally in the form of product replacement and associated costs. Warranty reserves are based on the Company’s best estimate of such costs and are included in cost of revenues. The reserve for the related warranty expenses is based on various factors including assumptions about the frequency of warranty claims on product failures, derived from results of accelerated lab testing, field monitoring, analysis of the history of product field failures, and the Company’s reliability estimates. The Company has established a reliability measurement system based on the units’ estimated mean time between failure, or MTBF, a metric that equates to a steady-state failure rate per year for each product generation. The MTBF predicts the expected failure rate of each product within the Company's products installed base during the expected product warranted lifetime. The Company performs accelerated life cycle testing, which simulates the service life of the product in a short period of time. The accelerated life cycle tests incorporate test methodologies derived from standard tests used by solar module vendors to evaluate the period over which solar modules wear out. Corresponding replacement costs are updated periodically to reflect changes in the Company’s actual and estimated production costs for its products, rate of usage of refurbished units as a replacement of faulty units, and other costs related to logistic and subcontractors services associated with the replacement. In addition, through the collection of actual field failure statistics, the Company has identified several additional failure causes that are not included in the MTBF calculations. Such causes, which mostly consist of design errors, workmanship errors caused during the manufacturing process and, to a lesser extent, replacement of non-faulty units by installers, are generating additional replacement costs to the replacement costs projected under the MTBF model. The Company identified each of those causes, its failure pattern and the relative ratio compared to the pattern of malfunctions identified under the MTBF and accrued additional provisions for the occurrence of such malfunctioning. For the major causes of failures, the Company evaluates the continuation of these occurrences and the appearance of potential additional malfunctioning cases beyond the MTBF pattern and accrues additional expenses accordingly. Warranty obligations are classified as short-term and long-term obligations based on the period in which the warranty is expected to be claimed. p. Government grants: Government grants received by the Company’s Israeli subsidiary relating to categories of operating expenditures are credited to the consolidated statements of operations during the period in which the expenditure to which they relate is charged. Royalty-bearing grants from the IIA The Company recorded grants in the amount of $763 for the year ended June 30, 2015, which was deducted from research and development expenses. No grants were recorded for the year ended December 31, 2017, the six months ended December 31, 2016, and for the year ended June 30, 2016. q. Research and development costs: Research and development costs, net of grants received, are charged to the consolidated statement of operations as incurred. r. Concentrations of credit risks: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, trade receivables, other accounts receivable, and marketable securities. Cash and cash equivalents are mainly invested in major banks in the U.S., Israel, Australia, Japan, and Germany. Management believes that the financial institutions that hold the Company’s investments are financially sound and, accordingly, minimal credit risk exists with respect to these investments. The Company’s marketable securities consist of corporate and governmental bonds. The Company's marketable securities include investments in highly-rated corporate debentures (mainly of U.S., UK, France, Canada, and other countries) and governmental bonds. The financial institutions that hold the Company's marketable securities are major financial institutions located in the United States. Management believes that the Company's marketable securities portfolio is a diverse portfolio of highly-rated securities and the Company's investment policy limits the amount the Company may invest in each issuer, and accordingly, management believes that minimal credit risk exists from geographic or credit concentration with respect to these securities. As of December 31, 2017, December 31, 2016, and June 30, 2016, the amortized cost of the Company’s marketable securities was $180,974, $118,950, and $111,514, respectively, and their stated market value was $180,384, $118,727, and $111,609, respectively, representing a net unrealized loss of $590, $223, and a net unrealized gain of $95, respectively. The trade receivables of the Company are derived from sales to Customers located primarily in North America, Europe, and Australia. The Company generally does not require collateral, however, in certain circumstances, the Company may require letters of credit, other collateral, or additional guarantees. An allowance for doubtful accounts is determined with respect to specific debts that are doubtful of collection. The Company accrued $128, $226, and $235 as allowance for doubtful accounts as of December 31, 2017 and 2016 and June 30, 2016, respectively. In addition, an accrual for rebates is allocated to specific debts. The Company accrued $17,428, $9,089, and $4,294 for rebates as of December 31, 2017 and 2016 and June 30, 2016, respectively. As of December 31, 2017 and 2016 and June 30, 2016, the Company had two, one, and two major customers (customers with a balance that represents more than 10% of total trade receivables), respectively, which accounted in the aggregate for approximately 35.2%, 20.2%, and 34.4%, respectively, of the Company’s consolidated trade receivables. The Company and its subsidiaries have no off-balance sheet concentration of credit risk except for certain derivative instruments as mentioned below. s. Fair value of financial instruments: The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: The carrying value of cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other accounts receivable, trade payables, employee and payroll accruals and accrued expenses, and other accounts payable approximate their fair values due to the short-term maturities of such instruments. Assets measured at fair value on a recurring basis as of December 31, 2017, December 31, 2016, and June 30, 2016 are comprised of money market funds, foreign currency derivative contracts and marketable securities. (see Note 4) 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. t. Warrants to Purchase Convertible Preferred Stock: The Company accounts for freestanding warrants to purchase shares of its convertible preferred stock as a liability on the balance sheets at fair value. The warrants to purchase convertible preferred stock are recorded as a liability because of a provision calling for minimum proceeds upon or after an “Exit Event”, as described in Note 10. The fair value of warrants to purchase convertible preferred stock on the issuance date and on subsequent reporting dates was determined using a hybrid method utilizing the assumptions noted below. The fair value of the underlying preferred stock price was determined by the board of directors considering, among others, third party valuations. The valuation of the Company was performed using the hybrid method, a hybrid between the probability-weighted estimated return method (“PWERM”) and Option Pricing Method (“OPM”) estimating the probability-weighted value across multiple scenarios but using the OPM to estimate the allocation of value within one or more of those scenarios. The OPM was used to allocate the Company’s equity value between the preferred stock, common stock and warrants in a scenario of other liquidation events. The expected terms of the warrants were based on the remaining contractual expiration period. The expected share price volatility for the shares was determined by examining the historical volatilities of a group of the Company’s industry peers as there was insufficient trading history of the Company’s shares. The risk-free interest rate was calculated using the average of the published interest rates for U.S. Treasury zero-coupon issues with maturities that approximate the expected term. The dividend yield assumption was zero, as there is no history of dividend payments and the Company does not expect to pay any dividends in the foreseeable future. The following assumptions were used to estimate the value of the warrants to purchase convertible preferred stock: June 30, 2014 Expected volatility 45.0 % Risk-free rate 0.09 % Dividend yield 0 % Expected term (in years) 1.21 The warrants to purchase convertible preferred stock were subject to re-measurement to fair value at each balance sheet date and any change in fair value was recognized as a component of financial expenses, net, on the statements of operations. The change in the fair value of warrants to purchase convertible preferred stock is summarized below: Balance at beginning of period Issuance of Exercise of Change in fair value Balance at June 30, 2015 $ 765 $ - $ (6,115 ) $ 5,350 $ - (*) Upon the closing of the IPO, all outstanding warrants to purchase convertible preferred stock automatically converted into warrants to purchase 187,671 shares of common stock (See Note 1c). On June 18, 2015, the warrants were redeemed in a cashless exercise into 154,768 common shares. Immediately before the cashless exercise, the warrants were remeasured to fair value based on their intrinsic value which amounted to $6,115 (see Note 10). u. Accounting for stock-based compensation: The Company accounts for stock-based compensation in accordance with ASC 718 (“Compensation-Stock Compensation”). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an Option-Pricing Model (“OPM”). The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statements of operations. The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures (pursuant to the adoption of ASU 2016-09, the Company made a policy election to estimate the number of awards that are expected to vest). The Company selected the Black-Scholes-Merton option pricing model as the most appropriate fair value method for its stock-option awards and Employee Stock Purchase Plan. The option-pricing model requires a number of assumptions, of which the most significant are the fair market value of the underlying common stock, expected stock price volatility, and the expected option term. Expected volatility for stock-option awards was calculated based upon certain peer companies that the Company considered to be comparable. Expected volatility for Employee Stock Purchase Plan was calculated based upon the Company’s stock prices. The expected option term represents the period of time that options granted are expected to be outstanding. The expected option term is determined based on the simplified method in accordance with SAB No. 110, as adequate historical experience is not available to provide a reasonable estimate. The simplified method will continue to apply until enough historical experience is available to provide a reasonable estimate of the expected term. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has not declared or paid any dividends on its common stock and does not expect to pay any dividends in the foreseeable future. The fair value for options granted to employees and executive directors and Employee Stock Purchase Plan in the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015 is estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following assumptions: Year ended December 31, 2017 Six months ended December 31, 2016 Year Ended June 30, 2016 2015 Employee Stock Options Risk-free interest 2.14% - 2.17 % 1.28% - 1.34 % 1.39% - 1.97 % 1.39% - 2.06 % Dividend yields 0 % 0 % 0 % 0 % Volatility 58.08% - 58.10 % 55.33% - 55.34 % 55.45%-56.03 % 46.5%-55.1 % Expected option term in years 6.06 6.06 5.50-6.11 5.50-6.27 Estimated forfeiture rate 0 % 0 % 10.3 % 12.5%-18.7 % Employee Stock Purchase Plan Risk-free interest 0.6% - 1.07 % 0.60 % 0.40 % - Dividend yields 0 % 0 % 0 % - Volatility 45.6% - 48.08 % 48.08 % 62.84 % - Expected term 6 months 6 months 6 months - The following table set forth the parameters used in computation of the options compensation Year ended December 31, 2017 Six months ended December 31, 2016 Year ended June 30, 2016 2015 Risk-free interest 2.12% - 2.42 % 1.16% - 2.45 % 1.15%-2.21 % 1.59%-2.58 % Dividend yields 0 % 0 % 0 % 0 % Volatility 61.21% - 62.62 % 55.33% - 58.57 % 55.37%-55.75 % 45.5%-56.2 % Contractual life in years 6-10 6 - 10 6.4-10 7.4-10 The Company recognizes compensation expenses for the value of its restricted stock unit (“RSU”) awards, based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. The fair value of each RSU is the market value as determined by the closing price of the common stock on the day of grant. w. Income taxes: The Company and its subsidiaries account for income taxes in accordance with ASC 740, “Income Taxes.” ASC 740 prescribes the use of the liability method, whereby deferred tax asset and liability account balanc |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2017 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3:- MARKETABLE SECURITIES The following is a summary of available-for-sale marketable securities at December 31, 2017: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available for-sale – matures within one year: Corporate bonds $ 68,392 $ 1 $ (121 ) $ 68,272 Governmental bonds 9,019 - (27 ) 8,992 77,411 1 (148 ) 77,264 Available for-sale – matures after one year: Corporate bonds 95,540 - (380 ) 95,160 Governmental bonds 8,023 - (63 ) 7,960 103,563 - (443 ) 103,120 Total $ 180,974 $ 1 $ (591 ) $ 180,384 The following is a summary of available-for-sale marketable securities at December 31, 2016: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available for-sale – matures within one year: Corporate bonds $ 71,753 $ 20 $ (54 ) $ 71,719 Governmental bonds 2,758 - (12 ) 2,746 74,511 20 (66 ) 74,465 Available for-sale – matures after one year: Corporate bonds 39,435 3 (159 ) 39,279 Governmental bonds 5,004 - (21 ) 4,983 44,439 3 (180 ) 44,262 Total $ 118,950 $ 23 $ (246 ) $ 118,727 The following is a summary of available-for-sale marketable securities at June 30, 2016: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available for-sale – matures within one year: Corporate bonds $ 57,119 $ 50 $ (11 ) $ 57,158 Governmental bonds 2,005 - - 2,005 59,124 50 (11 ) 59,163 Available for-sale – matures after one year: Corporate bonds 46,375 86 (31 ) 46,430 Governmental bonds 6,015 7 (6 ) 6,016 52,390 93 (37 ) 52,446 Total $ 111,514 $ 143 $ (48 ) $ 111,609 The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2017, December 31, 2016, and June 30, 2016 based on the investments maturity date: Less than 12 months 12 months or greater Fair value Gross unrealized losses Fair value Gross unrealized losses As of December 31, 2017 $ 72,269 $ (148 ) $ 103,116 $ (443 ) As of December 31, 2016 $ 51,124 $ (66 ) $ 39,373 $ (180 ) As of June 30, 2016 $ 22,895 $ (11 ) $ 20,070 $ (37 ) As of December 31, 2017 and 2016 and June 30, 2016, management believes the unrealized losses are not other than temporary and therefore such unrealized losses were recorded in accumulated other comprehensive income (loss). The Company has no intent to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to the recovery of the entire amortized cost basis. Proceeds from maturity of available-for-sale marketable securities during the year ended December 31, 2017, the six months ended December 31, 2016, and the year ended June 30, 2016 were $80,269, $32,782 and $6,350, respectively. The Company had no proceeds from sales of available-for-sale marketable securities during the year ended December 31, 2017, the six months ended December 31, 2016, and the year ended June 30, 2016, therefore no realized gains or losses from the sale of available-for sale marketable securities were recognized. The Company determines realized gains or losses on the sale of available-for-sale marketable securities based on a specific identification method. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements | |
FAIR VALUE MEASUREMENTS | NOTE 4:- FAIR VALUE MEASUREMENTS In accordance with ASC 820, the Company measures its cash equivalents, foreign currency derivative contracts, and marketable securities, at fair value using the market approach valuation technique. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments. The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2017 by level within the fair value hierarchy: Balance as of Fair value measurements Description December 31, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 6,163 $ 6,163 - - Derivative instruments liability $ (180 ) - $ (180 ) - Short-term marketable securities: Corporate bonds $ 68,272 - $ 68,272 - Governmental bonds $ 8,992 - $ 8,992 - Long-term marketable securities: Corporate bonds $ 95,160 - $ 95,160 - Governmental bonds $ 7,960 - $ 7,960 - 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 - The following table sets forth the Company’s assets that were measured at fair value as of June 30, 2016 by level within the fair value hierarchy: Balance as of Fair value measurements Description June 30, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 13,373 $ 13,373 - - Derivative instruments asset $ 481 - $ 481 - Short-term marketable securities: Corporate bonds $ 57,158 - $ 57,158 - Governmental bonds $ 2,005 - $ 2,005 - Long-term marketable securities: Corporate bonds $ 46,430 - $ 46,430 - Governmental bonds $ 6,016 - $ 6,016 - |
PREPAID EXPENSES AND OTHER ACCO
PREPAID EXPENSES AND OTHER ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER ACCOUNTS RECEIVABLE | NOTE 5:- PREPAID EXPENSES AND OTHER ACCOUNTS RECEIVABLE December 31, June 30, 2017 2016 2016 Vendor non-trade receivables $ 33,719 $ 15,209 $ 15,375 Government authorities 3,421 2,585 2,727 Prepaid expenses and other 5,083 3,534 2,756 Foreign currency derivative contracts - 19 482 $ 42,223 $ 21,347 $ 21,340 (*) Vendor non-trade receivables related to contract manufacturers from the sale of components to manufacturing vendors who manufacture products for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in revenues (see also Note 14e). |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 6:- INVENTORIES December 31, June 30, 2017 2016 2016 Raw materials $ 25,887 $ 10,053 $ 9,805 Finished goods 57,105 57,310 71,745 $ 82,992 $ 67,363 $ 81,550 The Company recorded inventory write-downs of $1,352, $113, $2,539, and $992 for the year ended December 31, 2017, the six months ended December 31, 2016, and for the years ended June 30, 2016 and 2015, respectively. |
PROPERTY AND EQUIPMENT AND INTA
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS, NET | NOTE 7:- PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS, NET a. Property and equipment: As of As of 2017 2016 2016 Cost: Computers and peripheral equipment $ 9,872 $ 6,053 $ 5,190 Office furniture and equipment 1,785 1,505 1,289 Laboratory and testing equipment 13,732 9,589 8,590 Machinery and equipment 38,422 26,285 18,433 Leasehold improvements 7,536 5,898 5,450 Vehicles 39 13 13 71,386 49,343 38,965 Less - accumulated depreciation 20,204 13,221 11,134 Depreciated cost $ 51,182 $ 36,122 $ 27,831 Property in progress under construction and development with a cost basis of $8,783, $10,698, and $5,519 was included in Machinery and equipment as of December 31, 2017 and 2016 and June 30, 2016, respectively. Depreciation expenses for the year ended December 31, 2017, the six months ended December 31, 2016, and for the years ended June 30, 2016 and 2015 were $7,011, $2,702, $3,763, and $2,253, respectively. b. Intangible assets: On March 9, 2015, the Company and Beacon Power LLC, a Delaware limited liability company (“Beacon”) entered into a patent purchase agreement pursuant to which the Company agreed to purchase all rights in the patents. In July 2015, the Company completed the purchase of the patents for $800. In October 2016, the Company and Accurate Solar Power, LLC, a limited liability corporation, entered into a patent purchase agreement, under which the Company agreed to purchase certain patents, provisional patent applications, and pending patent applications. The Company completed the purchase in return for total consideration of $600. Intangible assets include an acquired patents with an original cost of $1,400 as of December 31, 2017 and December 31, 2016, and $800 as of June 30, 2016. Accumulated amortization amounted to $285, $141, and $84 as of December 31, 2017, 2016 and June 30, 2016, respectively. The patents are amortized over a 10 year period. Amortization expenses for the year ended December 31, 2017, for the six months ended December 31, 2016, and for the year ended June 30, 2016 were $144, $57, and $84, respectively. |
ACCRUED EXPENSES AND OTHER ACCO
ACCRUED EXPENSES AND OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER ACCOUNTS PAYABLE | NOTE 8:- ACCRUED EXPENSES AND OTHER ACCOUNTS PAYABLE As of December 31, As of June 30, 2017 2016 2016 Accrued expenses $ 14,863 $ 4,209 $ 5,615 Government authorities 1,905 1,568 1,406 Loss provision related to contractual inventory purchase obligations * 1,627 2,009 2,834 Other 1,983 862 870 $ 20,378 $ 8,648 $ 10,725 * See also Note 14e. |
WARRANTY OBLIGATIONS
WARRANTY OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY OBLIGATIONS | NOTE 9:- WARRANTY OBLIGATIONS Changes in the Company’s product warranty liability for the year ended December 31, 2017, the six months ended December 31, 2016, and the year ended June 30, 2016 were as follows: December 31, June 30, 2017 2016 2016 Balance, at beginning of year $ 58,375 $ 51,192 $ 31,879 Additions and adjustments to cost of revenues 34,650 13,749 28,848 Usage and current warranty expenses (14,214 ) (6,566 ) (9,535 ) Balance, at end of year 78,811 58,375 51,192 Less current portion (14,785 ) (13,616 ) (14,114 ) Long term portion $ 64,026 $ 44,759 $ 37,078 |
TERM LOAN AND WARRANTS TO PURCH
TERM LOAN AND WARRANTS TO PURCHASE CONVERTIBLE PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instruments [Abstract] | |
TERM LOAN AND WARRANTS TO PURCHASE CONVERTIBLE PREFERRED STOCK | NOTE 10:- TERM LOAN AND WARRANTS TO PURCHASE CONVERTIBLE PREFERRED STOCK On December 28, 2012, (the “Agreement Date”), the Company entered into a loan facility agreement (the “Loan Agreement”) with a lender (the “Lender”), pursuant to which the Lender agreed to loan the Company up to $10,000. On the Agreement Date, the Company received a total of $10,000, less a $100 loan transaction fee paid to the Lender (the “Loan”). The Loan is for a period of 42 months and bears annual interest of 11.90%, which is to be paid monthly. The principal of the loan is to be paid in 33 monthly payments, beginning in September 2013, except for the last loan payment which was paid in advance on the Agreement Date. Repayment of the Loan and payment of all other amounts owed to the Lender is paid in Euro. In connection with the Loan Agreement, the Company granted the Lender 563,014 warrants to purchase Series D-1 convertible preferred stock at an exercise price of $2.309 (the “Warrants”). The Warrants were exercisable in whole or in part prior to earliest of (i) the tenth anniversary of the Agreement Date, or (ii) 12 months after a qualified initial public offering, or (iii) immediately prior to the consumption of a merger or sale of all or substantially all of the Company’s assets (“M&A Transaction”, and together with a qualified initial public offering, an “Exit Event”). Upon the closing of the IPO, all outstanding warrants to purchase convertible preferred stock automatically converted into warrants to purchase 187,671 shares of common stock (See Note 1c). In January 2015, the Company fully settled the amount borrowed from the Lender under the Term Loan. On June 18, 2015, the Lender elected to exercise its cashless exercise rights under which the Company issued 154,768 shares of common stock. The fair value of the Warrants liability as of the exercise date in the amount of $6,115 was reclassified to stockholders’ equity (deficiency). |
REVOLVING CREDIT LINE
REVOLVING CREDIT LINE | 12 Months Ended |
Dec. 31, 2017 | |
Line of Credit Facility [Abstract] | |
REVOLVING CREDIT LINE | NOTE 11:- 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"), which, as amended to date, permits aggregate borrowings of up to $20,000 in an amount not to exceed 80% of the eligible trade receivables plus 65% of inventories in transit to customers and bears interest, payable monthly, at the Bank Lender’s prime rate plus a margin of 0.75% to 2.75%. On February 17, 2015, the Company amended and restated the agreement with the Bank Lender for a revolving line of credit, which permits aggregate borrowings of up to $40,000 in an amount not to exceed 80% of the eligible accounts receivable and bears interest, payable monthly, at the Bank Lender’s prime rate plus a margin of 0.5% to 2.0%. As of December 31, 2016, the revolving line of credit was terminated and the Company had no outstanding borrowings related to this revolving line of credit. As of June 30, 2016 and 2015, the Company met all its Bank Lender covenants. As of December 31, 2016, June 30, 2016 and 2015, the Company had no outstanding borrowings related to this revolving line of credit. The revolving line of credit terminated on December 31, 2016. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 12:- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income, net of taxes, for the year ended December 31, 2017: 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 (297 ) 975 29 707 Gains - (994 ) - (994 ) Net current period other comprehensive income (loss) (297 ) (19 ) 29 (287 ) Ending balance $ (433 ) $ - $ (178 ) $ (611 ) The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the six months ended December 31, 2016: 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 $ 57 $ 243 $ (29 ) $ 271 Other comprehensive income (loss) before reclassifications (193 ) 93 (178 ) (278 ) G - (317 ) - (317 ) Net current period other comprehensive loss (193 ) (224 ) (178 ) (595 ) Ending balance $ (136 ) $ 19 $ (207 ) $ (324 ) The following table summarizes the changes in accumulated balances of other comprehensive income, net of taxes, for the year ended June 30, 2016: 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 56 412 193 661 Losses (gains) reclassified from accumulated other comprehensive income (loss) 1 (169 ) - (168 ) Net current period other comprehensive income 57 243 193 493 Ending balance $ 57 $ 243 $ (29 ) $ 271 The Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Operations Year ended December 31, 2017 Unrealized gains on cash flow hedges $ 166 Cost of revenues 570 Research and development 151 Sales and marketing 153 General and administrative 1,040 Total, before income taxes 46 Income tax expense $ 994 Total, net of income taxes Unrealized gains on available-for-sale marketable securities $ - Financial income, net - Income tax expense $ - Total, net of income taxes $ 994 Total, net of income taxes Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Operations Six months ended December 31, 2016 Unrealized gains on cash flow hedges $ 47 Cost of revenues 227 Research and development 58 Sales and marketing 46 General and administrative 378 Total, before income taxes 61 Income tax expense $ 317 Total, net of income taxes Unrealized gains on available-for-sale marketable securities $ - Financial income, net - Income tax expense $ - Total, net of income taxes $ 317 Total, net of income taxes Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Operations Year ended June 30, 2016 Unrealized gains on cash flow hedges $ 30 Cost of revenues 115 Research and development 33 Sales and marketing 24 General and administrative 202 Total, before income taxes 33 Income tax expense $ 169 Total, net of income taxes Unrealized losses on available-for-sale marketable securities $ (1 ) Financial income, net - Income tax expense $ (1 ) Total, net of income taxes $ 168 Total, net of income taxes No amounts were reclassified from accumulated other comprehensive income for the year ended June 30, 2015. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments | |
DERIVATIVE INSTRUMENTS | NOTE 13:- DERIVATIVE INSTRUMENTS The fair value of the Company’s outstanding derivative instruments is as follows: As of December 31, As of June 30, 2017 2016 2016 Derivative assets: Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ 221 $ - $ 214 Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts - 19 290 Total $ 221 $ 19 $ 504 Derivative liabilities Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ (285 ) $ - $ (23 ) Foreign exchange forward contracts (116 ) - - Total $ (401 ) $ - $ (23 ) The increase (decrease) in unrealized gains (losses) recognized in “accumulated other comprehensive income (loss)” on derivatives, net of tax effect, is as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ 975 $ 93 $ 412 $ - Total $ 975 $ 93 $ 412 $ - The net (gains) losses reclassified from “accumulated other comprehensive income (loss)” into income (loss), are as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ 994 $ (317 ) $ (169 ) $ - Total $ 994 $ (317 ) $ (169 ) $ - The Company recorded in the financial income (expenses), a net gain (loss) of $1,334, $(87), $(136), and $1,721 during the year ended December 2017, the six months ended December 31, 2016, and years ended June 30, 2016 and 2015, respectively, related to derivatives not qualified as hedging instruments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 14:- COMMITMENTS AND CONTINGENT LIABILITIES a. Lease commitments: The Company and its subsidiaries lease their operating facilities under non-cancelable operating lease agreements, which expire over the next ten years, with the last ending in September 2027. On July 10, 2017 the Company entered into a ten years lease agreement, intended for the establishment of a manufacturing facility and includes three extension period options. The Company accounts for this lease as an operating lease according to ASC 840 (“Leases”). The future minimum lease commitments of the Company and its subsidiaries under various non-cancelable operating lease agreements in respect of premises, that are in effect as of December 31, 2017, are as follows: 2018 4,520 2019 3,801 2020 3,094 2021 2,512 2022 2,472 2023 and thereafter 6,934 $ 23,333 Rent expenses for the year ended December 31, 2017, the six months ended December 31, 2016, and for the years ended June 30, 2016 and 2015 b. Guarantees: As of December 31, 2017, contingent liabilities exist regarding guarantees in the amount of $1,191, $58, and $184 in respect of office rent lease agreements, customs transactions and credit card limits, respectively. c. Governmental commitments: The Company has received royalty-bearing grants sponsored by the Israeli government for the support of research and development activities. Through June 30, 2015, the Company had obtained grants from the IIA IIA As of December 31, 2016, the aggregate contingent liability to the IIA IIA As of December 31, 2017, the Company redeemed its entire obligation to the IIA Royalty expenses relating to the IIA As of June 30, 2016 and 2015, there have been no sales or revenues on which royalties are payables. The Israeli Research and Development Law provides that know-how developed under an approved research and development program may not be transferred to third parties without the approval of the IIA The IIA IIA IIA IIA IIA IIA e. 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, 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, 2017, the Company had non-cancelable purchase obligations totaling approximately $196,222, out of which the Company already recorded a provision for loss in the amount of $1,627 (see also Note 8). As of December 31, 2017, the Company had contractual obligations for capital expenditures totaling approximately $23,263. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s manufacturing. f. 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. |
LEASE INCENTIVE OBLIGATION
LEASE INCENTIVE OBLIGATION | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
LEASE INCENTIVE OBLIGATION | NOTE 15:- LEASE INCENTIVE OBLIGATION The Company has an operating lease agreement for building in Herzliya, Israel. In connection with this lease, the Company and its third party lessor (the "Lessor") agreed that the Lessor would pay approximately $2,938 for certain leasehold improvements on behalf of the Company. As of December 31, 2017, the Company received in cash the entire amount of $2,938 from the Lessor in connection with such leasehold improvements. These leasehold improvements are accounted for as a lease incentive obligation, which is recorded under long-term liabilities, net of the current portion recorded in accrued expenses and other accounts payable under current liabilities. The lease incentive obligation is being amortized over the life of the lease and as a reduction to rent expense. As of December 31, 2017, the net amortized amount of lease incentive obligation is $2,049, out of which $1,765 was recorded under long-term liabilities. |
CONVERTIBLE PREFERRED STOCK
CONVERTIBLE PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
CONVERTIBLE PREFERRED STOCK | NOTE 16:- CONVERTIBLE PREFERRED STOCK a. Composition of convertible preferred stock of the Company: Authorized Issued and outstanding Number of shares December 31, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 Stock of $0.0001 par value: Preferred stock 95,000,000 95,000,000 95,000,000 - - - The Company issued Series A through E Preferred stock between the years 2006 and 2015. The Company classified the convertible preferred stock outside of stockholders’ equity (deficiency) as required by ASC 480-10-S99-3A and ASR 268, since the shares possessed deemed liquidation features that could trigger a distribution of cash or assets not solely within the Company’s control. b. Prior to the consummation of the Company’s IPO on March 31, 2015, the Company had the following convertible preferred stock outstanding, all of which was converted into common stock following with the IPO on March 31, 2015 (see Note 1c) which resulted in classification of convertible preferred stock temporary equity in the amount of $140,915 into stockholders’ equity (deficiency): Shares outstanding Number of shares of Common Stock issued upon conversion Series A Preferred stock 15,558,830 5,186,276 Series B Preferred stock 18,760,196 6,253,398 Series C Preferred stock 15,984,655 5,328,217 Series D Preferred stock 16,024,251 5,341,416 Series D-1 Preferred stock 2,165,441 721,813 Series D-2 Preferred stock 2,598,528 866,175 Series D-3 Preferred stock 4,330,872 1,443,623 Series E Preferred stock 9,321,019 3,107,005 84,743,792 28,247,923 |
STOCK CAPITAL
STOCK CAPITAL | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK CAPITAL | NOTE 17:- STOCK CAPITAL a. Composition of common stock capital of the Company: Authorized Issued and outstanding Number of shares December 31, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 Stock of $0.0001 par value: Common stock 125,000,000 125,000,000 125,000,000 43,812,601 41,259,391 40,889,922 b. Common stock rights: Common stock confers upon its holders the right to receive notice of, and to participate in, all general meetings of the Company, where each share of common stock shall have one vote for all purposes; to share equally, on a per share basis, in bonuses, profits, or distributions out of fund legally available therefor; and to participate in the distribution of the surplus assets of the Company in the event of liquidation of the Company. c. As a result of the reverse stock split, (i) every 3 shares of authorized, issued, and outstanding common stock was decreased to one share of authorized, issued, and outstanding common stock, (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased on a 1-for-3 basis, and (iii) all share prices and exercise prices were proportionately increased. All of the share numbers, share prices, and exercise prices have been adjusted within these consolidated financial statements, on a retroactive basis, to reflect this 1-for-3 reverse stock split. d. Stock option plans: The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. The 2007 Plan terminated upon the Company’s IPO on March 31, 2015 and no further awards may 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 December 31, 2017, a total of 5,890,087 shares of common stock were reserved for issuance pursuant to stock awards 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 5% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year; provided, however, that the Company’s board of directors may determine 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 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 10,000,000. As of December 31, 2017, an aggregate of 2,003,126 options are still available for future grant under the 2015 Plan. A summary of the activity in the share options granted to employees and members of the board of directors for the year ended December 31, 2017 and related information follows: Weighted average Weighted remaining Number average contractual Aggregate of exercise term intrinsic options 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 (1,758,288 ) 2.70 Forfeited or expired (27,551 ) 10.06 Outstanding as of December 31, 2017 3,524,310 7.40 6.35 106,251 Vested and expected to vest as of December 31, 2017 3,442,470 7.32 6.34 104,050 Exercisable as of December 31, 2017 2,406,369 5.58 5.64 76,931 The aggregate intrinsic value in the tables above 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 year ended December 31, 2017, the six months ended December 31, 2016, and the year ended June 30, 2016 was $44,625, $1,790, and $30,670, respectively. The weighted average grant date fair values of options granted to employees and executive directors during the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015 were $7.94, $8.86, $13.27, and $4.24, respectively. The options outstanding as of December 31, 2017, have been separated into exercise price ranges as follows: Options Weighted Options Weighted outstanding average exercisable average Range of as of remaining as of remaining exercise December 31, contractual December 31, contractual price 2017 Life in years 2017 Life in years $ 0.87 - $1.50 202,281 1.44 202,281 1.44 $ 1.68 - $2.46 660,264 3.68 660,264 3.68 $ 3.03 - $5.01 1,778,547 6.81 1,263,352 6.79 $ 9.36 15,267 7.08 8,949 7.08 $ 13.70 – $14.85 438,430 9.12 78,309 9.02 $ 15.34 – $17.14 193,571 8.61 60,314 8.49 $ 20.81 - $25.09 235,950 7.57 132,900 7.49 3,524,310 6.35 2,406,369 5.64 A summary of the activity in the RSUs granted to employees and members of the board of directors for the year ended December 31, 2017, is as follows: No. of RSUs Weighted average fair value Unvested as of January 1, 2017 1,515,018 19.74 Granted 1,252,815 27.30 Vested (547,104 ) 20.07 Forfeited (132,737 ) 18.65 Unvested as of December 31, 2017 2,087,992 24.33 Options and RSUs issued to non-employee consultants: The Company has granted options to purchase common shares and RSU’s to non-employee consultants as of December 31, 2017 as follows: Options & RSU’s outstanding Exercisable as of as of Issuance December 31, Exercise December 31, Exercisable Date 2017 price 2017 Through October 24, 2012 2,000 2.46 2,000 October 24, 2022 January 27, 2014 1,144 3.51 713 January 27, 2024 May 1, 2014 2,000 3.51 1,875 May 1, 2024 September 17, 2014 6,498 3.96 5,509 September 17, 2024 October 29, 2014 2,668 5.01 224 October 29, 2024 August 19, 2015 10,439 0.00 - November 8, 2015 1,449 0.00 - April 18, 2016 1,250 0.00 - July 11, 2016 1,501 0.00 - September 21, 2016 4,000 15.34 250 September 21, 2026 September 21, 2016 3,813 0.00 - March 15, 2017 7,000 0.00 - March 15, 2017 7,500 13.70 500 March 15, 2027 March 27, 2017 4,000 0.00 - November 20, 2017 6,000 0.00 - December 26, 2017 2,667 0.00 667 63,929 11,738 The Company accounts for its options granted to non-employee consultants under the fair value method of ASC 505-50 (“Equity-Based Payments to Non-Employees”). In connection with the grant of stock options to non-employee consultants, the Company recorded stock compensation expenses in the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, e. Employee Stock Purchase Plan (“ESPP”): The Company adopted an Employee Stock Purchase Plan (the “ESPP”) effective upon the consummation of the IPO. As of December 31, 2017, 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 December 31, 2017, 268,377 common stock shares had been purchased under the ESPP. As of December 31, 2017, 1,032,777 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. f. Stock-based compensation expense for employees and non-employee consultants: The Company recognized stock-based compensation expenses related to stock options and RSUs granted to employees and non-employee consultants and ESPP in the consolidated statement of operations for the year ended December 31, 2017, the six months ended December 31, 2016, and for the years ended June 30, 2016 and 2015, as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Cost of revenues $ 2,250 $ 871 $ 945 $ 442 Research and development, net 5,703 2,061 2,364 635 Selling and marketing 5,387 1,852 2,915 809 General and administrative 4,224 1,816 2,820 1,070 Total stock-based compensation expense $ 17,564 $ 6,600 $ 9,044 $ 2,956 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 18:- INCOME TAXES a. Tax rates in U.S: The Company is subject to U.S. federal tax at the rate of 34%. On December 22, 2017, the TCJA was signed into law making significant changes to U.S. income tax law. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. The Company has calculated its best estimate of the impact of the TCJA in its year end income tax provision in accordance with its understanding of the TCJA and guidance available as of the date of this filing and as a result has recorded $19.2 million as an additional income tax expense in the fourth quarter of 2017, the period in which the legislation was enacted. The provisional amount related to the remeasurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future was $0.5 million. Additional work is necessary to reflect the actual rate at which those deferred tax assets and liabilities expected to reverse. The provisional amount related to the one-time transition tax on the mandatory deemed repatriation of foreign earnings was $18.7 million based on cumulative foreign earnings of $145 million. Additional work is necessary to do a more detailed analysis of historical foreign earnings as well as potential correlative adjustments. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. Additionally, the Tax Act requires certain Global Intangible Low Taxed Income (“GILTI”) earned by controlled foreign corporations (“CFCs”) to be included in the gross income of the CFCs’ U.S. shareholder. GAAP allows the Company to either: (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”); or (ii) factor such amounts into its measurement of deferred taxes (the “deferred method”). b. The Company’s German subsidiary is subject to German tax at the rate of 33%. c. Corporate tax in Israel: Taxable income of Israeli companies is subject to corporate tax at the rate of 26.5% in the year s The Israeli subsidiary is also eligible for tax benefits as further described in note 18k. In December 2016, the Israeli Parliament approved the Economic Efficiency Law 2016 d. Carryforward tax losses: As of December 31, 2017, the Company has no federal or state carryforward tax losses. As of December 31, 2017, the Israeli and German subsidiaries have no net carryforward tax losses. e. 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. The Company’s Israeli subsidiary’s tax-exempt profit from Benefited Enterprises is permanently reinvested, as the Company’s management and the Board of Directors has determined that the Company does not currently intend to distribute dividends. Therefore, deferred taxes have not been provided for such tax-exempt income. The Company intends to continue to reinvest these profits and does not currently foresee a need to distribute dividends out of such tax-exempt income. Significant components of the Company’s deferred tax liabilities and assets are as follows: December 31, June 30, 2017 2016 2016 Assets in respect of: Carryforward tax losses $ - $ - $ 4,186 Research and Development carryforward expenses- temporary differences 5,380 908 743 Stock based compensation 1,622 1,039 562 Other reserves 1,338 868 805 Deferred tax assets, net $ 8,340 $ 2,815 $ 6,296 The Company remeasured these non-current assets and liabilities at the applicable tax rate of 21% in accordance with the TCJA. The remeasurement resulted in a total decrease in these assets of $0.5 million. f. Uncertain tax positions: As of December 31, 2017 and 2016, the Company’s Israeli subsidiary recognized a total liability for uncertain tax positions in the amount of $0.6 and $0.3 million, respectively. g. Income before taxes is comprised as follows: Year Ended December 31, 2017 Six months ended December 31, 2016 Year ended June 30, 2016 2015 Domestic $ 7,461 $ 3,165 $ 3,758 $ 2,830 Foreign 92,783 27,433 68,472 20,246 $ 100,244 $ 30,598 $ 72,230 $ 23,076 h. Taxes on income (tax benefit) are comprised as follows: Year ended December 31, 2017 Six months ended December 31, 2016 Year ended June 30, 2016 2015 Domestic taxes: Current 19, 889 1,047 1,737 1,655 Deferred (42 ) 507 (1,380 ) - Foreign taxes: Current 1,639 518 263 300 Deferred (5,414 ) 3,145 (4,999 ) - $ 16,072 $ 5,217 $ (4,379 ) $ 1,955 i. Reconciliation of theoretical tax expense to actual tax expense: The differences between the statutory tax rate of the Company and the effective tax rate are primarily accounted for by the non-recognition of tax benefits from accumulated net carryforward tax losses among the Company and various subsidiaries due to uncertainty of the realization of such tax benefits. A reconciliation between the theoretical tax expense, assuming all income is taxed at the statutory tax rate applicable to income of the Company, and the actual tax expense (benefit) as reported in the consolidated statements of operations is as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Income before taxes, as reported in the consolidated statements of operations $ 100,244 $ 30,598 $ 72,230 $ 23,076 Statutory tax rate 34 % 34 % 34 % 35 % Theoretical tax benefits on the above amount at the US statutory tax rate 34,083 10,403 24,558 8,077 Income tax at rate other than the U.S. statutory tax rate (34,734 ) (5,396 ) (30,229 ) (9,305 ) Tax Cuts and Jobs Act of 2017 18,735 - - - Non-deductible expenses (1,545 ) 164 1,514 3,003 Other individually immaterial income tax items (467 ) 46 (222 ) 180 Actual tax expense (tax benefit) $ 16,072 $ 5,217 $ (4,379 ) $ 1,955 j. Tax assessments: As of December 31, 2017, the Company and certain of its subsidiaries filed U.S. federal and various state and foreign income tax returns. The statute of limitations relating to the consolidated U.S. federal income tax return is closed for all tax years up to and including 2014. The statute of limitations related to tax returns of the Company’s Israeli subsidiary is closed for all tax years up to and including 2012. The statute of limitations related to tax returns of the Company’s German subsidiary is closed for all tax years up to and including 2014. With respect to the Company’s Chinese, Australian, Canadian, Dutch, Japanese, UK, French, Italian, Bulgarian, Turkish, Belgian, Indian, Swedish, and Romanian subsidiaries, the statute of limitations related to its tax returns is open for all tax years since incorporation. The Company believes that it has adequately provided for reasonably foreseeable outcomes related to tax audits and settlements. The final tax outcome of any Company tax audits could be different from that which is reflected in the Company’s income tax provisions and accruals. Such differences could have a material effect on the Company’s income tax provision and net income (loss) in the period in which such determination is made. k. Tax benefits for Israeli companies under the Law for the Encouragement of Capital Investments, 1959 (the “Investment Law”): The Israeli subsidiary elected tax year 2012 as a "Year of Election" for “Beneficiary Enterprise” status under the Investment Law. According to the Investment Law, the Israeli subsidiary elected to participate in the alternative benefits program which provides certain benefits, including tax exemptions and reduced tax rates. Income not eligible for Beneficiary Enterprise benefits is taxed at a regular corporate tax rate (which depend on, inter alia, the geographic location in Israel). Upon meeting the requirements under the Investment Law, If dividends are distributed out of tax-exempt profits, the Israeli subsidiary will then become liable for tax, with respect of the gross amount of the dividend at the rate applicable to its profits from the Beneficiary Enterprise in the year in which the income was earned, as if it had not chosen the alternative track of benefits. The dividend recipient is subject to withholding tax at the rate of 15% applicable to dividends from Beneficiary enterprises, or such lower rate as may be provided in an applicable tax treaty. If the dividend is distributed during the tax benefits period or within twelve years thereafter. This limitation does not apply to a foreign investors' company. The Israeli subsidiary currently has no plans to distribute dividends and intends to retain future earnings to finance the development of its business. Through December 31, 2017, the Israeli subsidiary had generated income under the provision of the Investment Law. As of December 31, 2017, approximately $151 Amendment to the Law for the Encouragement of Capital Investments, 1959 (Amendment 71): On August 5, 2013, the Israeli Parliament issued the Law for Changing National Priorities (Legislative Amendments for Achieving Budget Targets for 2013 and 2014), 2013 which consists of Amendment 71 to the Law for the Encouragement of Capital Investments ("the Amendment"). According to the Amendment, the tax rate on preferred income from a preferred enterprise in 2014 and thereafter will be 16% (in development area A (as defined therein and which details specific areas in development in Israel) will be 9%). The Amendment also prescribes that any dividends distributed to individuals or foreign residents from the preferred enterprise's earnings as above will be subject to tax at a rate of 20%. Amendment to the Law for the Encouragement of Capital Investments, 1959 (Amendment 73): In December 2016, the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), 2016 which includes Amendment 73 to the Law for the Encouragement of Capital Investments ("the 2017 Amendment") was published. According to the 2017 Amendment, a preferred enterprise located in development area A will be subject to a tax rate of 7.5% instead of 9% effective from January 1, 2017 and thereafter (the tax rate applicable to preferred enterprises located in other areas remains at 16%). The 2017 Amendment also prescribes special tax tracks for technological enterprises, which are subject to rules that were issued by the Ministry of Finance. The new tax tracks under the 2017 Amendment are as follows: According to the 2017 Amendment, preferred technological enterprise is an enterprise for which total consolidated revenues of its parent company and all subsidiaries are less than NIS 10 billion. A technological preferred enterprise, as defined in the Investment Law, which is located in the center of Israel will be subject to tax at a rate of 12% on profits deriving from intellectual property (in development area A - a tax rate of 7.5%). Special preferred technological enterprise is an enterprise for which total consolidated revenues of its parent company and all subsidiaries exceed NIS 10 billion. Such enterprise will be subject to tax at a rate of 6% on profits deriving from intellectual property, regardless of the enterprise's geographical location. Any dividends distributed deriving from income from the preferred technological enterprises or special preferred technological enterprise will be subject to tax at a rate of 20%. The 2017 Amendment further provides that, in certain circumstances, a dividend distributed to a foreign corporate shareholder, would be subject to tax at a rate of 4% (if the amount of foreign investors exceeds 90%). The Israeli subsidiary is entitle to the above mentioned preferred technological enterprise benefits and will be subject to tax at a rate of 12% on profits deriving from intellectual property or 7.5% in development area A, under the 2017 Amendment. Tax Benefits for Research and Development: Israeli tax law (section 20a to the Israeli Tax Ordinance) allows, under certain conditions, a tax deduction for research and development expenses, including capital expenses, for the year in which they are paid. Such expenses must relate to scientific research in industry, agriculture, transportation, or energy, and must be approved by the relevant Israeli government ministry, determined by the field of research. Furthermore, the research and development must be for the promotion of the company’s business and carried out by or on behalf of the company seeking such tax deduction. However, the amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific research and development projects. As for expenses incurred in scientific research that is not approved by the relevant Israeli government ministry, they will be deductible over a three-year period starting from the tax year in which they are paid. |
FINANCIAL EXPENSES (INCOME), NE
FINANCIAL EXPENSES (INCOME), NET | 12 Months Ended |
Dec. 31, 2017 | |
Nonoperating Income (Expense) [Abstract] | |
FINANCIAL EXPENSES (INCOME), NET | NOTE 19:- FINANCIAL EXPENSES (INCOME), NET Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Remeasurement of warrants to purchase convertible preferred stock $ - $ - $ - $ 5,350 Interest on term loan - - - 579 Other financial expenses related to term loan - - - 373 Expenses (income) related to hedging transaction 1,334 87 136 (1,721 ) Interest on short- term loan - - - 316 Interest on marketable securities (4,398 ) (1,504 ) (1,112 ) - Amortization of marketable securities premium and accretion of discount, net 2,017 685 532 - Exchange rate loss (income), net, bank charges and other finance expenses (8,111 ) 3,521 (27 ) 180 $ (9,158 ) $ 2,789 $ (471 ) $ 5,077 |
GEOGRAPHIC INFORMATION AND MAJO
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA | NOTE 20:- GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA Summary information about geographic areas: ASC 280 (“Segment Reporting”) establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment, and derives revenues from selling its products (see Note 1a for a brief description of the Company’s business). The following is a summary of revenues within geographic areas: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Revenues based on Customers’ location: United States $ 348,949 $ 160,321 $ 334,260 $ 238,340 Netherlands 70,067 23,099 36,377 21,349 Europe (*) 128,295 37,500 74,830 44,104 Rest of the World 59,734 19,077 44,376 21,285 Total revenues $ 607,045 $ 239,997 $ 489,843 $ 325,078 (*) Except for Netherlands Major customer data as a percentage of total revenues: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Customer A 14.8 % 11.2 % 11.6 % 4.9 % Customer B 8.1 % 8.4 % 10.1 % 5.4 % Customer C 3.0 % 8.7 % 10.9 % 24.6 % The following is a summary of revenues by product family : Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Inverters $ 290,632 $ 112,585 $ 223,756 $ 156,984 Optimizers 286,856 115,229 244,852 158,513 Others 29,557 12,183 21,235 9,581 Total revenues $ 607,045 $ 239,997 $ 489,843 $ 325,078 Long-lived assets by geographic region: As of December 31, As of June 30, 2017 2016 2016 Israel $ 43,273 $ 35,055 $ 26,751 U.S. 567 515 518 Europe 1,219 466 508 China 5,985 36 31 Other 138 50 23 Total long-lived assets* $ 51,182 $ 36,122 $ 27,831 * Long-lived assets are comprised of property and equipment, net (marketable securities, prepaid expenses, and lease deposits, intangible assets and deferred tax assets are not included). |
SIGNIFICANT ACCOUNTING POLICI29
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of consolidation | a. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances including profits from intercompany sales not yet realized outside the Company have been eliminated upon consolidation. |
Use of estimates | b. Use of estimates: The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates its assumptions on an ongoing basis, including those related to warranty obligation, inventory valuation, contingencies, share-based compensation cost, marketable securities, deferred tax assets and liabilities, intangible assets and estimates used in applying the revenue recognition policy. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Financial statements in U.S. dollars | c. Financial statements in U.S. dollars: The functional currency of the Company and its subsidiaries (with the exception of Germany, Australia, and Japan) is the U.S. dollar, as the U.S. dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Currently, the operations of these subsidiaries and the Company are primarily conducted in Israel, and a significant portion of its expenses are paid in U.S. dollars. Financing activities, including loans and cash investments are primarily made in U.S. dollars. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are translated into U.S. dollars in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 830 (“Foreign Currency Matters”). All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the statements of operations as financial income or expenses, as appropriate. The financial statements of other Company’s subsidiaries whose functional currency is other than the U.S. dollar have been translated into U.S dollars. Assets and liabilities have been translated using the exchange rates in effect on the balance sheet date. Statements of operations amounts have been translated using the average exchange rate for the relevant periods. The resulting translation adjustments are reported as a component of stockholders’ equity in accumulated other comprehensive income. Accumulated other comprehensive loss related to foreign currency translation adjustments, net amounted to $178, $207, and $29 as of December 31, 2017 and 2016, and June 30, 2016, respectively. |
Basic and Diluted Net Earnings Per Share | d. Basic and Diluted Net 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. Diluted net earnings per share is computed by giving effect to all potential shares of common stock, including stock options and convertible preferred stock, to the extent dilutive, all in accordance with ASC No. 260, "Earnings Per Share." The total weighted average number of shares related to the outstanding stock options, convertible preferred stock and warrants to purchase convertible preferred stock, excluded from the calculation of diluted net earnings per share due to their anti-dilutive effect was 197,516, year ended December 31, 2017, the Basic and diluted earnings per share is presented in conformity with the two-class method for participating securities for the periods prior to their conversion. Under this method, the earnings per share for each class of shares are calculated assuming 100% of the Company’s earnings are distributed as dividends to each class of shares based on their contractual rights. The following table presents the computation of basic and diluted net earnings per share for the periods presented (in thousands, except share and per share data): Year ended Six months Ended Year ended June 30, December 31, 2017 December 31, 2016 2016 2015 Net basic earnings (loss) per share of common stock: Numerator: Net income $ 84,172 $ 25,381 $ 76,609 $ 21,121 Dividends accumulated for the period - - - (17,550 ) Net income available to shareholders of common stock 84,172 25,381 76,609 3,571 Denominator: Shares used in computing net earnings per share of common stock, basic 42,209,238 41,026,926 39,987,935 11,902,911 Net diluted earnings per share of common stock: Numerator: Net income 84,172 25,381 76,609 21,121 Dividends accumulated for the period - - - (16,971 ) Net income available to shareholders of common stock 84,172 25,381 76,609 4,150 Denominator: Shares used in computing net earnings per share of common stock, basic 42,209,238 41,026,926 39,987,935 11,902,911 Effect of stock-based awards 3,216,069 2,812,416 4,388,140 3,366,537 Shares used in computing net earnings per share of common stock, diluted 45,425,307 43,839,342 44,376,075 15,269,448 Basic net income per share $ 1.99 $ 0.62 $ 1.92 $ 0.30 Diluted net income per share $ 1.85 $ 0.58 $ 1.73 $ 0.27 |
Cash and cash equivalents | e. Cash and cash equivalents: Cash equivalents are short-term, highly liquid investments that are readily convertible to cash, with original maturities of three months or less at the date acquired. |
Marketable Securities | f. Marketable Securities: Marketable securities consist of corporate and governmental 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. The Company recognizes an impairment charge when a decline in the fair value of its investments in debt securities below the cost basis of such securities is judged to be other-than-temporary. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period, and the Company’s intent to sell, including whether it is more likely than not that the Company will be required to sell the investment before recovery of cost basis. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before it recovers in value, the Company must estimate the net present value of cash flows expected to be collected. If the amortized cost exceeds the net present value of cash flows, such excess is considered a credit loss and an other-than-temporary impairment has occurred. For securities that are deemed other-than-temporarily impaired (“OTTI”), the amount of impairment is recognized in the statement of operations and is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income (loss). The Company did not recognize OTTI on its marketable securities during the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015. |
Restricted cash | g. Restricted cash: Restricted cash is primarily invested in short-term bank deposits, which are primarily used to guarantee a letter of credit which has been issued to one of the Company’s major vendors, to the Company’s landlords for its office leases, and as security for the Company’s credit cards. |
Inventories | h. Inventories: Inventories are stated at the lower of cost or market value. Inventory reserves are provided to cover risks arising from slow-moving items or technological obsolescence. The Company periodically evaluates the quantities on hand relative to historical, current, and projected sales volume. Based on this evaluation, an impairment charge is recorded when required to write-down inventory to its market value. Cost of finished goods and raw materials is determined using the moving average cost method. |
Property, equipment and intangible assets | i. Property, equipment, and intangible assets: Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Machinery & equipment in progress is the construction or development of property and equipment that have not yet been placed in service for the Company's intended use. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following rates: % Computers and peripheral equipment 15 – 33 (mainly 33) Office furniture and equipment 7 Machinery & equipment 7 – 20 (mainly 10) Laboratory equipment 15 – 25 (mainly 15) Vehicles 15 Leasehold improvements over the shorter of the lease term or useful economic life Intangible assets: Intangible assets are stated at cost, net of accumulated amortization. Amortization is calculated by the straight-line method over the estimated useful lives of the assets (see Note 7). |
Impairment of long-lived assets | j. Impairment of long-lived assets: The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360 (“Property, Plants and Equipment”), whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to the future undiscounted cash flows expected to be generated by the assets (or asset group). If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. For the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015, no impairment losses have been identified. |
Severance pay | k. Severance pay: Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The employees of the Company’s Israeli subsidiary have elected to be included under section 14 of the Severance Pay Law, 1963, under which these employees are entitled only to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary. These payments cause the Company to be released from any future obligation under the Israeli Severance Pay Law to make severance payments in respect of those employees; therefore, related assets and liabilities are not presented in the balance sheet. For the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015, the Company recorded $2,995, $1,131, $1,761, and $1,273 in severance expenses, respectively. |
Revenue recognition | l. Revenue recognition: The Company and its subsidiaries generate their revenues mainly from the sale of power optimizers, inverters, and cloud-based monitoring services to distributors, installers and PV module manufacturers. Revenues from product sales and related services are recognized in accordance with ASC 605 (“Revenue Recognition”) when persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, collectability is reasonably assured, and no significant obligations remain. Persuasive evidence of an arrangement exists Delivery has occurred The fee is fixed or determinable Additionally, payments that are due within the normal course of the Company’s credit terms, which are currently no more than three months from the delivery date, are deemed to be fixed and determinable. Fees and arrangements with payment terms extending beyond customary payment terms are considered not to be fixed or determinable, in which case revenues are deferred and recognized when payments become due, provided that all other revenue recognition criteria have been met. Collectability is reasonably assured Provisions for rebates, sales incentives, and discounts to customers are accounted for as reductions in revenue in the same period the related sales are recorded. The Company increases a credit limit only after it has established a successful collection history with the Customer. The Company recognizes revenue under a particular arrangement as Customer payments are actually received if it determines at any time that collectability is not reasonably assured under that arrangement based upon its credit review process, the Customer’s payment history, or information that comes to light about a Customer’s financial position. No material revenues were recognized by the Company under that arrangement. Revenues related to cloud-based monitoring and communication services are recognized ratably on a straight-line basis over the estimated service period. For multiple-element arrangements, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the Company uses a hierarchy to determine the selling price to be used for allocating revenue to deliverables: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of selling price (“TPE”), and (iii) best estimate of the selling price (“ESP”). VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company’s best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. The Company has allocated revenue between its deliverables based on their relative selling prices. Because the Company has neither VSOE nor TPE for its deliverables, the allocation of revenue has been based on the Company’s ESPs. Amounts allocated to the delivered elements are recognized at the time of sale provided the other conditions for revenue recognition have been met. The Company’s process for determining its ESP considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs for its products include prices charged by the Company for similar offerings, the Company’s historical pricing practices and product-specific business objectives. Deferred revenues consist of deferred cloud-based monitoring services, communication services and advance payments received from Customers for the Company’s products, and warranty extensions services, and are classified as short-term and long-term deferred revenues based on the period in which revenues are expected to be recognized. |
Cost of revenues | m. Cost of revenues: Cost of revenues sold includes the following: product costs consisting of purchases from contract manufacturers and other suppliers, indirect manufacturing costs, shipping and handling costs, support, warranty expenses and changes in warranty provision, provision for losses related to slow moving and dead inventory, personnel and logistics costs, and royalty expense payments to the Israel Innovation Authority (“IIA”) (see Note 2p). |
Shipping and handling costs | n. Shipping and handling costs: Shipping and handling costs, which amounted to $29,693, $8,131, $21,922, and $26,931 for the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015, respectively, are included in cost of revenues in the consolidated statements of operations. Shipping and handling costs include all costs associated with the distribution of finished products from the Company’s point of selling directly to its Customers. |
Warranty obligations | o. Warranty obligations: The Company’s products include a 10-year limited warranty for StorEdge products, a minimum 12-year limited warranty for inverters, and a 25-year limited warranty for power optimizers. In certain cases, the Company provides extended warranties for inverters that bring the warranty period up to 25 years. The Company maintains reserves to cover the expected costs that could result from these warranties. The warranty liability is generally in the form of product replacement and associated costs. Warranty reserves are based on the Company’s best estimate of such costs and are included in cost of revenues. The reserve for the related warranty expenses is based on various factors including assumptions about the frequency of warranty claims on product failures, derived from results of accelerated lab testing, field monitoring, analysis of the history of product field failures, and the Company’s reliability estimates. The Company has established a reliability measurement system based on the units’ estimated mean time between failure, or MTBF, a metric that equates to a steady-state failure rate per year for each product generation. The MTBF predicts the expected failure rate of each product within the Company's products installed base during the expected product warranted lifetime. The Company performs accelerated life cycle testing, which simulates the service life of the product in a short period of time. The accelerated life cycle tests incorporate test methodologies derived from standard tests used by solar module vendors to evaluate the period over which solar modules wear out. Corresponding replacement costs are updated periodically to reflect changes in the Company’s actual and estimated production costs for its products, rate of usage of refurbished units as a replacement of faulty units, and other costs related to logistic and subcontractors services associated with the replacement. In addition, through the collection of actual field failure statistics, the Company has identified several additional failure causes that are not included in the MTBF calculations. Such causes, which mostly consist of design errors, workmanship errors caused during the manufacturing process and, to a lesser extent, replacement of non-faulty units by installers, are generating additional replacement costs to the replacement costs projected under the MTBF model. The Company identified each of those causes, its failure pattern and the relative ratio compared to the pattern of malfunctions identified under the MTBF and accrued additional provisions for the occurrence of such malfunctioning. For the major causes of failures, the Company evaluates the continuation of these occurrences and the appearance of potential additional malfunctioning cases beyond the MTBF pattern and accrues additional expenses accordingly. Warranty obligations are classified as short-term and long-term obligations based on the period in which the warranty is expected to be claimed. |
Government grants | p. Government grants: Government grants received by the Company’s Israeli subsidiary relating to categories of operating expenditures are credited to the consolidated statements of operations during the period in which the expenditure to which they relate is charged. Royalty-bearing grants from the IIA The Company recorded grants in the amount of $763 for the year ended June 30, 2015, which was deducted from research and development expenses. No grants were recorded for the year ended December 31, 2017, the six months ended December 31, 2016, and for the year ended June 30, 2016. |
Research and development costs | q. Research and development costs: Research and development costs, net of grants received, are charged to the consolidated statement of operations as incurred. |
Concentrations of credit risks | r. Concentrations of credit risks: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, trade receivables, other accounts receivable, and marketable securities. Cash and cash equivalents are mainly invested in major banks in the U.S., Israel, Australia, Japan, and Germany. Management believes that the financial institutions that hold the Company’s investments are financially sound and, accordingly, minimal credit risk exists with respect to these investments. The Company’s marketable securities consist of corporate and governmental bonds. The Company's marketable securities include investments in highly-rated corporate debentures (mainly of U.S., UK, France, Canada, and other countries) and governmental bonds. The financial institutions that hold the Company's marketable securities are major financial institutions located in the United States. Management believes that the Company's marketable securities portfolio is a diverse portfolio of highly-rated securities and the Company's investment policy limits the amount the Company may invest in each issuer, and accordingly, management believes that minimal credit risk exists from geographic or credit concentration with respect to these securities. As of December 31, 2017, December 31, 2016, and June 30, 2016, the amortized cost of the Company’s marketable securities was $180,974, $118,950, and $111,514, respectively, and their stated market value was $180,384, $118,727, and $111,609, respectively, representing a net unrealized loss of $590, $223, and a net unrealized gain of $95, respectively. The trade receivables of the Company are derived from sales to Customers located primarily in North America, Europe, and Australia. The Company generally does not require collateral, however, in certain circumstances, the Company may require letters of credit, other collateral, or additional guarantees. An allowance for doubtful accounts is determined with respect to specific debts that are doubtful of collection. The Company accrued $128, $226, and $235 as allowance for doubtful accounts as of December 31, 2017 and 2016 and June 30, 2016, respectively. In addition, an accrual for rebates is allocated to specific debts. The Company accrued $17,428, $9,089, and $4,294 for rebates as of December 31, 2017 and 2016 and June 30, 2016, respectively. As of December 31, 2017 and 2016 and June 30, 2016, the Company had two, one, and two major customers (customers with a balance that represents more than 10% of total trade receivables), respectively, which accounted in the aggregate for approximately 35.2%, 20.2%, and 34.4%, respectively, of the Company’s consolidated trade receivables. The Company and its subsidiaries have no off-balance sheet concentration of credit risk except for certain derivative instruments as mentioned below. |
Fair value of financial instruments | s. Fair value of financial instruments: The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: The carrying value of cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other accounts receivable, trade payables, employee and payroll accruals and accrued expenses, and other accounts payable approximate their fair values due to the short-term maturities of such instruments. Assets measured at fair value on a recurring basis as of December 31, 2017, December 31, 2016, and June 30, 2016 are comprised of money market funds, foreign currency derivative contracts and marketable securities. (see Note 4) 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. |
Warrants to Purchase Convertible Preferred Stock | t. Warrants to Purchase Convertible Preferred Stock: The Company accounts for freestanding warrants to purchase shares of its convertible preferred stock as a liability on the balance sheets at fair value. The warrants to purchase convertible preferred stock are recorded as a liability because of a provision calling for minimum proceeds upon or after an “Exit Event”, as described in Note 10. The fair value of warrants to purchase convertible preferred stock on the issuance date and on subsequent reporting dates was determined using a hybrid method utilizing the assumptions noted below. The fair value of the underlying preferred stock price was determined by the board of directors considering, among others, third party valuations. The valuation of the Company was performed using the hybrid method, a hybrid between the probability-weighted estimated return method (“PWERM”) and Option Pricing Method (“OPM”) estimating the probability-weighted value across multiple scenarios but using the OPM to estimate the allocation of value within one or more of those scenarios. The OPM was used to allocate the Company’s equity value between the preferred stock, common stock and warrants in a scenario of other liquidation events. The expected terms of the warrants were based on the remaining contractual expiration period. The expected share price volatility for the shares was determined by examining the historical volatilities of a group of the Company’s industry peers as there was insufficient trading history of the Company’s shares. The risk-free interest rate was calculated using the average of the published interest rates for U.S. Treasury zero-coupon issues with maturities that approximate the expected term. The dividend yield assumption was zero, as there is no history of dividend payments and the Company does not expect to pay any dividends in the foreseeable future. The following assumptions were used to estimate the value of the warrants to purchase convertible preferred stock: June 30, 2014 Expected volatility 45.0 % Risk-free rate 0.09 % Dividend yield 0 % Expected term (in years) 1.21 The warrants to purchase convertible preferred stock were subject to re-measurement to fair value at each balance sheet date and any change in fair value was recognized as a component of financial expenses, net, on the statements of operations. The change in the fair value of warrants to purchase convertible preferred stock is summarized below: Balance at beginning of period Issuance of Exercise of Change in fair value Balance at June 30, 2015 $ 765 $ - $ (6,115 ) $ 5,350 $ - (*) Upon the closing of the IPO, all outstanding warrants to purchase convertible preferred stock automatically converted into warrants to purchase 187,671 shares of common stock (See Note 1c). On June 18, 2015, the warrants were redeemed in a cashless exercise into 154,768 common shares. Immediately before the cashless exercise, the warrants were remeasured to fair value based on their intrinsic value which amounted to $6,115 (see Note 10). |
Accounting for stock-based compensation | u. Accounting for stock-based compensation: The Company accounts for stock-based compensation in accordance with ASC 718 (“Compensation-Stock Compensation”). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an Option-Pricing Model (“OPM”). The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statements of operations. The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures (pursuant to the adoption of ASU 2016-09, the Company made a policy election to estimate the number of awards that are expected to vest). The Company selected the Black-Scholes-Merton option pricing model as the most appropriate fair value method for its stock-option awards and Employee Stock Purchase Plan. The option-pricing model requires a number of assumptions, of which the most significant are the fair market value of the underlying common stock, expected stock price volatility, and the expected option term. Expected volatility for stock-option awards was calculated based upon certain peer companies that the Company considered to be comparable. Expected volatility for Employee Stock Purchase Plan was calculated based upon the Company’s stock prices. The expected option term represents the period of time that options granted are expected to be outstanding. The expected option term is determined based on the simplified method in accordance with SAB No. 110, as adequate historical experience is not available to provide a reasonable estimate. The simplified method will continue to apply until enough historical experience is available to provide a reasonable estimate of the expected term. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has not declared or paid any dividends on its common stock and does not expect to pay any dividends in the foreseeable future. The fair value for options granted to employees and executive directors and Employee Stock Purchase Plan in the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015 is estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following assumptions: Year ended December 31, 2017 Six months ended December 31, 2016 Year Ended June 30, 2016 2015 Employee Stock Options Risk-free interest 2.14% - 2.17 % 1.28% - 1.34 % 1.39% - 1.97 % 1.39% - 2.06 % Dividend yields 0 % 0 % 0 % 0 % Volatility 58.08% - 58.10 % 55.33% - 55.34 % 55.45%-56.03 % 46.5%-55.1 % Expected option term in years 6.06 6.06 5.50-6.11 5.50-6.27 Estimated forfeiture rate 0 % 0 % 10.3 % 12.5%-18.7 % Employee Stock Purchase Plan Risk-free interest 0.6% - 1.07 % 0.60 % 0.40 % - Dividend yields 0 % 0 % 0 % - Volatility 45.6% - 48.08 % 48.08 % 62.84 % - Expected term 6 months 6 months 6 months - The following table set forth the parameters used in computation of the options compensation Year ended December 31, 2017 Six months ended December 31, 2016 Year ended June 30, 2016 2015 Risk-free interest 2.12% - 2.42 % 1.16% - 2.45 % 1.15%-2.21 % 1.59%-2.58 % Dividend yields 0 % 0 % 0 % 0 % Volatility 61.21% - 62.62 % 55.33% - 58.57 % 55.37%-55.75 % 45.5%-56.2 % Contractual life in years 6-10 6 - 10 6.4-10 7.4-10 The Company recognizes compensation expenses for the value of its restricted stock unit (“RSU”) awards, based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. The fair value of each RSU is the market value as determined by the closing price of the common stock on the day of grant. |
Income taxes | w. Income taxes: The Company and its subsidiaries account for income taxes in accordance with ASC 740, “Income Taxes.” ASC 740 prescribes the use of the liability method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. The Company accounts for uncertain tax positions in accordance with ASC 740. ASC 740-10 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative probability) likely to be realized upon ultimate settlement. The Company record reserves for uncertain tax positions to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. |
Derivative financial instruments | x. 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. 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 Shekel (“NIS”), 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 twelve months with hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges. In accordance with ASC 815, for derivative instruments that are designated and qualify as a cash flow hedge (i.e. hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any gain or loss on a derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item is recognized in current earnings during the period of change. In addition to the above-mentioned cash flow hedges transactions, the Company also entered into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the U.S. dollar. These derivative instruments are not designated as cash flow hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of operations, as financial income (expenses). As of December 31, 2017, the Company entered into forward contracts and put and call options to sell Euros for U.S. dollars in the amount of €54 million. As of December 31, 2017, the Company had no derivative instruments that are designated as cash flow hedges. As of December 31, 2016, the Company entered into forward contracts to sell U.S. dollars for NIS in the amount of $5,098. 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. As of December 31, 2016, the Company had no derivative instruments that are not designated as cash flow hedges. As of June 30, 2016, the Company entered into forward contracts and put and call options to sell U.S. dollars for NIS and Euros for U.S. dollars in the amount of $17,693 and €30 million, respectively. These hedging contracts do not contain any credit-risk-related contingency features. The fair value of derivative assets and derivative liabilities as of December 31, 2017 was $221 and $401, respectively, which was recorded at net amount in accrued expenses and other accounts payable The fair value of derivative assets as of December 31, 2016 was $19, which was recorded in other accounts receivable and prepaid expenses in the consolidated balance sheets (see Note 13). The fair value of derivative assets and derivative liabilities as of June 30, 2016 was $504 and $23, respectively, which was recorded at net amount in other accounts receivable and prepaid expenses in the consolidated balance sheets. The Company recorded changes in the fair value (i.e., gains or losses) of the derivatives in the accompanying consolidated statements of cash flows as changes in operating activities. |
Comprehensive income | y. Comprehensive income: The Company reports comprehensive income in accordance with ASC 220 (“Comprehensive Income”). ASC 220 establishes standards for the reporting and presentation of comprehensive income and its components in a full set of general purpose financial statements. Total comprehensive income and the components of accumulated other comprehensive income are presented in the consolidated statements of stockholders’ equity. Accumulated other comprehensive income consists of foreign currency translation effects, unrealized gains and losses on available-for-sale marketable securities and hedging contracts. |
New accounting pronouncements not yet effective: | z. New accounting pronouncements not yet effective: In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flow arising from contracts with customers. The guidance permits two methods of modification: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method.). The Company will adopt the new standard, effective January 1, 2018, using the modified retrospective method applied to those contracts which were not substantially completed as of January 1, 2018. The cumulative adjustment will decrease the Company’s retained earnings by $3,875 while increasing the Company’s deferred revenues by the same amount. The most significant impact of the standard on the Company’s financial statements relates to advance payments received for performance obligations that extend for a period greater than one year. Applying the new standard, such performance obligations related to warranty extension services, cloud-based monitoring, and other communication services are those that include a financial component. Upon adoption, the financing component will result in interest expenses which will be included in the Company’s consolidated statement of operations to reflect the financial portion cost of the long-term deferred revenue that is related to such services. In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), whereby lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. A modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements must be applied. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Companies may not apply a full retrospective transition approach. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. Early application is permitted. The Company is evaluating the potential impact of this pronouncement. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. ASU 2016-13 also applies to employee benefit plan accounting, with an effective date of the first quarter of fiscal 2022. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements, footnote disclosures, and employee benefit plans’ accounting. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides guidance with the intent of reducing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with early adoption permitted, including adoption in an interim period. The Company will adopt the new standard effective January 1, 2018, and does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory (ASU 2016-16), which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. The Company will adopt the new standard effective January 1, 2018 and does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company will adopt the new standard effective January 1, 2018, and does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, "Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting." ASU 2017-09 was issued to provide clarity and reduce both 1) diversity in practice and 2) cost and complexity when applying the guidance in Topic 718 to a change in the terms or conditions of a share-based payment award. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. The amendments in ASU 2017-09 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. The Company will adopt the new standard effective January 1, 2018 and adoption of this standard is not expected to have a material impact on the consolidated financial statements. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income ("GILTI") provisions of the Tax Cuts and Jobs Act (the "TCJA"). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or to treat any taxes on GILTI inclusions as period cost are both acceptable methods subject to an accounting policy election. Due to the complexity of this new tax rule, the Company continues to evaluate this provision of the TCJA and whether such taxes are recorded as a current-period expense when incurred or whether such amount should be factored into a company’s measurement of its deferred taxes. As a result, the Company has year |
Recently issued and adopted pronouncements | aa. Recently issued and adopted 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 or the retail inventory method, such as inventory 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. The Company 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. |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of assumptions used to estimate fair value of stock options and warrants | The following assumptions were used to estimate the value of the warrants to purchase convertible preferred stock: June 30, 2014 Expected volatility 45.0 % Risk-free rate 0.09 % Dividend yield 0 % Expected term (in years) 1.21 |
Schedule of computation of basic and diluted net earnings (loss) per share | The following table presents the computation of basic and diluted net earnings per share for the periods presented (in thousands, except share and per share data): Year ended Six months Ended Year ended June 30, December 31, 2017 December 31, 2016 2016 2015 Net basic earnings (loss) per share of common stock: Numerator: Net income $ 84,172 $ 25,381 $ 76,609 $ 21,121 Dividends accumulated for the period - - - (17,550 ) Net income available to shareholders of common stock 84,172 25,381 76,609 3,571 Denominator: Shares used in computing net earnings per share of common stock, basic 42,209,238 41,026,926 39,987,935 11,902,911 Net diluted earnings per share of common stock: Numerator: Net income 84,172 25,381 76,609 21,121 Dividends accumulated for the period - - - (16,971 ) Net income available to shareholders of common stock 84,172 25,381 76,609 4,150 Denominator: Shares used in computing net earnings per share of common stock, basic 42,209,238 41,026,926 39,987,935 11,902,911 Effect of stock-based awards 3,216,069 2,812,416 4,388,140 3,366,537 Shares used in computing net earnings per share of common stock, diluted 45,425,307 43,839,342 44,376,075 15,269,448 Basic net income per share $ 1.99 $ 0.62 $ 1.92 $ 0.30 Diluted net income per share $ 1.85 $ 0.58 $ 1.73 $ 0.27 |
Schedule of estimated useful lives of property and equipment | Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following rates: % Computers and peripheral equipment 15 – 33 (mainly 33) Office furniture and equipment 7 Machinery & equipment 7 – 20 (mainly 10) Laboratory equipment 15 – 25 (mainly 15) Vehicles 15 Leasehold improvements over the shorter of the lease term or useful economic life |
Summary of change in fair value of warrants to purchase convertible preferred stock | The change in the fair value of warrants to purchase convertible preferred stock is summarized below: Balance at beginning of period Issuance of Exercise of Change in fair value Balance at June 30, 2015 $ 765 $ - $ (6,115 ) $ 5,350 $ - (*) Upon the closing of the IPO, all outstanding warrants to purchase convertible preferred stock automatically converted into warrants to purchase 187,671 shares of common stock (See Note 1c). |
Employee Stock Option [Member] | Employees and Members of Board of Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of assumptions used to estimate fair value of stock options and warrants | The fair value for options granted to employees and executive directors and Employee Stock Purchase Plan in the year ended December 31, 2017, the six months ended December 31, 2016, and the years ended June 30, 2016 and 2015 is estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following assumptions: Year ended December 31, 2017 Six months ended December 31, 2016 Year Ended June 30, 2016 2015 Employee Stock Options Risk-free interest 2.14% - 2.17 % 1.28% - 1.34 % 1.39% - 1.97 % 1.39% - 2.06 % Dividend yields 0 % 0 % 0 % 0 % Volatility 58.08% - 58.10 % 55.33% - 55.34 % 55.45%-56.03 % 46.5%-55.1 % Expected option term in years 6.06 6.06 5.50-6.11 5.50-6.27 Estimated forfeiture rate 0 % 0 % 10.3 % 12.5%-18.7 % Employee Stock Purchase Plan Risk-free interest 0.6% - 1.07 % 0.60 % 0.40 % - Dividend yields 0 % 0 % 0 % - Volatility 45.6% - 48.08 % 48.08 % 62.84 % - Expected term 6 months 6 months 6 months - |
Employee Stock Option [Member] | Nonemployee Consultants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of assumptions used to estimate fair value of stock options and warrants | The following table set forth the parameters used in computation of the options compensation Year ended December 31, 2017 Six months ended December 31, 2016 Year ended June 30, 2016 2015 Risk-free interest 2.12% - 2.42 % 1.16% - 2.45 % 1.15%-2.21 % 1.59%-2.58 % Dividend yields 0 % 0 % 0 % 0 % Volatility 61.21% - 62.62 % 55.33% - 58.57 % 55.37%-55.75 % 45.5%-56.2 % Contractual life in years 6-10 6 - 10 6.4-10 7.4-10 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Marketable Securities Tables | |
Schedule of Available-For-Sale Marketable Securities | The following is a summary of available-for-sale marketable securities at December 31, 2017: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available for-sale – matures within one year: Corporate bonds $ 68,392 $ 1 $ (121 ) $ 68,272 Governmental bonds 9,019 - (27 ) 8,992 77,411 1 (148 ) 77,264 Available for-sale – matures after one year: Corporate bonds 95,540 - (380 ) 95,160 Governmental bonds 8,023 - (63 ) 7,960 103,563 - (443 ) 103,120 Total $ 180,974 $ 1 $ (591 ) $ 180,384 The following is a summary of available-for-sale marketable securities at December 31, 2016: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available for-sale – matures within one year: Corporate bonds $ 71,753 $ 20 $ (54 ) $ 71,719 Governmental bonds 2,758 - (12 ) 2,746 74,511 20 (66 ) 74,465 Available for-sale – matures after one year: Corporate bonds 39,435 3 (159 ) 39,279 Governmental bonds 5,004 - (21 ) 4,983 44,439 3 (180 ) 44,262 Total $ 118,950 $ 23 $ (246 ) $ 118,727 The following is a summary of available-for-sale marketable securities at June 30, 2016: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available for-sale – matures within one year: Corporate bonds $ 57,119 $ 50 $ (11 ) $ 57,158 Governmental bonds 2,005 - - 2,005 59,124 50 (11 ) 59,163 Available for-sale – matures after one year: Corporate bonds 46,375 86 (31 ) 46,430 Governmental bonds 6,015 7 (6 ) 6,016 52,390 93 (37 ) 52,446 Total $ 111,514 $ 143 $ (48 ) $ 111,609 |
Schedule of Amortized Cost of Available-For-Sale Marketable Securities | The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2017, December 31, 2016, and June 30, 2016 based on the investments maturity date: Less than 12 months 12 months or greater Fair value Gross unrealized losses Fair value Gross unrealized losses As of December 31, 2017 $ 72,269 $ (148 ) $ 103,116 $ (443 ) As of December 31, 2016 $ 51,124 $ (66 ) $ 39,373 $ (180 ) As of June 30, 2016 $ 22,895 $ (11 ) $ 20,070 $ (37 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements Tables | |
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 December 31, 2017 by level within the fair value hierarchy: Balance as of Fair value measurements Description December 31, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 6,163 $ 6,163 - - Derivative instruments liability $ (180 ) - $ (180 ) - Short-term marketable securities: Corporate bonds $ 68,272 - $ 68,272 - Governmental bonds $ 8,992 - $ 8,992 - Long-term marketable securities: Corporate bonds $ 95,160 - $ 95,160 - Governmental bonds $ 7,960 - $ 7,960 - 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 - The following table sets forth the Company’s assets that were measured at fair value as of June 30, 2016 by level within the fair value hierarchy: Balance as of Fair value measurements Description June 30, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market mutual funds $ 13,373 $ 13,373 - - Derivative instruments asset $ 481 - $ 481 - Short-term marketable securities: Corporate bonds $ 57,158 - $ 57,158 - Governmental bonds $ 2,005 - $ 2,005 - Long-term marketable securities: Corporate bonds $ 46,430 - $ 46,430 - Governmental bonds $ 6,016 - $ 6,016 - |
PREPAID EXPENSES AND OTHER AC33
PREPAID EXPENSES AND OTHER ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of prepaid expenses and other accounts receivable | December 31, June 30, 2017 2016 2016 Vendor non-trade receivables $ 33,719 $ 15,209 $ 15,375 Government authorities 3,421 2,585 2,727 Prepaid expenses and other 5,083 3,534 2,756 Foreign currency derivative contracts - 19 482 $ 42,223 $ 21,347 $ 21,340 (*) Vendor non-trade receivables related to contract manufacturers from the sale of components to manufacturing vendors who manufacture products for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in revenues (see also Note 14e). |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | December 31, June 30, 2017 2016 2016 Raw materials $ 25,887 $ 10,053 $ 9,805 Finished goods 57,105 57,310 71,745 $ 82,992 $ 67,363 $ 81,550 |
PROPERTY AND EQUIPMENT AND IN35
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | a. Property and equipment: As of As of 2017 2016 2016 Cost: Computers and peripheral equipment $ 9,872 $ 6,053 $ 5,190 Office furniture and equipment 1,785 1,505 1,289 Laboratory and testing equipment 13,732 9,589 8,590 Machinery and equipment 38,422 26,285 18,433 Leasehold improvements 7,536 5,898 5,450 Vehicles 39 13 13 71,386 49,343 38,965 Less - accumulated depreciation 20,204 13,221 11,134 Depreciated cost $ 51,182 $ 36,122 $ 27,831 |
ACCRUED EXPENSES AND OTHER AC36
ACCRUED EXPENSES AND OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other accounts payable | As of December 31, As of June 30, 2017 2016 2016 Accrued expenses $ 14,863 $ 4,209 $ 5,615 Government authorities 1,905 1,568 1,406 Loss provision related to contractual inventory purchase obligations * 1,627 2,009 2,834 Other 1,983 862 870 $ 20,378 $ 8,648 $ 10,725 * See also Note 14e. |
WARRANTY OBLIGATIONS (Tables)
WARRANTY OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of warranty obligations | Changes in the Company’s product warranty liability for the year ended December 31, 2017, the six months ended December 31, 2016, and the year ended June 30, 2016 were as follows: December 31, June 30, 2017 2016 2016 Balance, at beginning of year $ 58,375 $ 51,192 $ 31,879 Additions and adjustments to cost of revenues 34,650 13,749 28,848 Usage and current warranty expenses (14,214 ) (6,566 ) (9,535 ) Balance, at end of year 78,811 58,375 51,192 Less current portion (14,785 ) (13,616 ) (14,114 ) Long term portion $ 64,026 $ 44,759 $ 37,078 |
ACCUMULATED OTHER COMPREHENSI38
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss Tables | |
Schedule of Changes in AOCI | The following table summarizes the changes in accumulated balances of other comprehensive income, net of taxes, for the year ended December 31, 2017: 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 (297 ) 975 29 707 Gains - (994 ) - (994 ) Net current period other comprehensive income (loss) (297 ) (19 ) 29 (287 ) Ending balance $ (433 ) $ - $ (178 ) $ (611 ) The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the six months ended December 31, 2016: 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 $ 57 $ 243 $ (29 ) $ 271 Other comprehensive income (loss) before reclassifications (193 ) 93 (178 ) (278 ) G - (317 ) - (317 ) Net current period other comprehensive loss (193 ) (224 ) (178 ) (595 ) Ending balance $ (136 ) $ 19 $ (207 ) $ (324 ) The following table summarizes the changes in accumulated balances of other comprehensive income, net of taxes, for the year ended June 30, 2016: 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 56 412 193 661 Losses (gains) reclassified from accumulated other comprehensive income (loss) 1 (169 ) - (168 ) Net current period other comprehensive income 57 243 193 493 Ending balance $ 57 $ 243 $ (29 ) $ 271 |
Schedule of Reclassifications out of AOCI | The Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Operations Year ended December 31, 2017 Unrealized gains on cash flow hedges $ 166 Cost of revenues 570 Research and development 151 Sales and marketing 153 General and administrative 1,040 Total, before income taxes 46 Income tax expense $ 994 Total, net of income taxes Unrealized gains on available-for-sale marketable securities $ - Financial income, net - Income tax expense $ - Total, net of income taxes $ 994 Total, net of income taxes Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Operations Six months ended December 31, 2016 Unrealized gains on cash flow hedges $ 47 Cost of revenues 227 Research and development 58 Sales and marketing 46 General and administrative 378 Total, before income taxes 61 Income tax expense $ 317 Total, net of income taxes Unrealized gains on available-for-sale marketable securities $ - Financial income, net - Income tax expense $ - Total, net of income taxes $ 317 Total, net of income taxes Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Operations Year ended June 30, 2016 Unrealized gains on cash flow hedges $ 30 Cost of revenues 115 Research and development 33 Sales and marketing 24 General and administrative 202 Total, before income taxes 33 Income tax expense $ 169 Total, net of income taxes Unrealized losses on available-for-sale marketable securities $ (1 ) Financial income, net - Income tax expense $ (1 ) Total, net of income taxes $ 168 Total, net of income taxes |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments Tables | |
Schedule of Derivative Instruments | The fair value of the Company’s outstanding derivative instruments is as follows: As of December 31, As of June 30, 2017 2016 2016 Derivative assets: Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ 221 $ - $ 214 Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts - 19 290 Total $ 221 $ 19 $ 504 Derivative liabilities Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ (285 ) $ - $ (23 ) Foreign exchange forward contracts (116 ) - - Total $ (401 ) $ - $ (23 ) |
Schedule of Change in Unrealized Gains (Losses) | The increase (decrease) in unrealized gains (losses) recognized in “accumulated other comprehensive income (loss)” on derivatives, net of tax effect, is as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ 975 $ 93 $ 412 $ - Total $ 975 $ 93 $ 412 $ - |
Schedule of Net Gains (Losses) Reclassified | The net (gains) losses reclassified from “accumulated other comprehensive income (loss)” into income (loss), are as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ 994 $ (317 ) $ (169 ) $ - Total $ 994 $ (317 ) $ (169 ) $ - |
COMMITMENTS AND CONTINGENT LI40
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease commitments | The future minimum lease commitments of the Company and its subsidiaries under various non-cancelable operating lease agreements in respect of premises, that are in effect as of December 31, 2017, are as follows: 2018 4,520 2019 3,801 2020 3,094 2021 2,512 2022 2,472 2023 and thereafter 6,934 $ 23,333 |
CONVERTIBLE PREFERRED STOCK (Ta
CONVERTIBLE PREFERRED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of composition of convertible preferred stock | a. Composition of convertible preferred stock of the Company: Authorized Issued and outstanding Number of shares December 31, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 Stock of $0.0001 par value: Preferred stock 95,000,000 95,000,000 95,000,000 - - - |
Schedule of convertible preferred stock outstanding prior to consummation of IPO | Prior to the consummation of the Company’s IPO on March 31, 2015, the Company had the following convertible preferred stock outstanding, all of which was converted into common stock following with the IPO on March 31, 2015 (see Note 1c) which resulted in classification of convertible preferred stock temporary equity in the amount of $140,915 into stockholders’ equity (deficiency): Shares outstanding Number of shares of Common Stock issued upon conversion Series A Preferred stock 15,558,830 5,186,276 Series B Preferred stock 18,760,196 6,253,398 Series C Preferred stock 15,984,655 5,328,217 Series D Preferred stock 16,024,251 5,341,416 Series D-1 Preferred stock 2,165,441 721,813 Series D-2 Preferred stock 2,598,528 866,175 Series D-3 Preferred stock 4,330,872 1,443,623 Series E Preferred stock 9,321,019 3,107,005 84,743,792 28,247,923 |
STOCK CAPITAL (Tables)
STOCK CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of exercise price range of options | The options outstanding as of December 31, 2017, have been separated into exercise price ranges as follows: Options Weighted Options Weighted outstanding average exercisable average Range of as of remaining as of remaining exercise December 31, contractual December 31, contractual price 2017 Life in years 2017 Life in years $ 0.87 - $1.50 202,281 1.44 202,281 1.44 $ 1.68 - $2.46 660,264 3.68 660,264 3.68 $ 3.03 - $5.01 1,778,547 6.81 1,263,352 6.79 $ 9.36 15,267 7.08 8,949 7.08 $ 13.70 – $14.85 438,430 9.12 78,309 9.02 $ 15.34 – $17.14 193,571 8.61 60,314 8.49 $ 20.81 - $25.09 235,950 7.57 132,900 7.49 3,524,310 6.35 2,406,369 5.64 |
Schedule of recognized stock-based compensation expenses | The Company recognized stock-based compensation expenses related to stock options and RSUs granted to employees and non-employee consultants and ESPP in the consolidated statement of operations for the year ended December 31, 2017, the six months ended December 31, 2016, and for the years ended June 30, 2016 and 2015, as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Cost of revenues $ 2,250 $ 871 $ 945 $ 442 Research and development, net 5,703 2,061 2,364 635 Selling and marketing 5,387 1,852 2,915 809 General and administrative 4,224 1,816 2,820 1,070 Total stock-based compensation expense $ 17,564 $ 6,600 $ 9,044 $ 2,956 |
Schedule of composition of common stock capital | Composition of common stock capital of the Company: Authorized Issued and outstanding Number of shares December 31, June 30, December 31, June 30, 2017 2016 2016 2017 2016 2016 Stock of $0.0001 par value: Common stock 125,000,000 125,000,000 125,000,000 43,812,601 41,259,391 40,889,922 |
Schedule of RSU Activity | A summary of the activity in the RSUs granted to employees and members of the board of directors for the year ended December 31, 2017, is as follows: No. of RSUs Weighted average fair value Unvested as of January 1, 2017 1,515,018 19.74 Granted 1,252,815 27.30 Vested (547,104 ) 20.07 Forfeited (132,737 ) 18.65 Unvested as of December 31, 2017 2,087,992 24.33 |
Employee Stock Option [Member] | Employees and Members of Board of Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of the activity in the share options granted to employees and members of the board of directors | A summary of the activity in the share options granted to employees and members of the board of directors for the year ended December 31, 2017 and related information follows: Weighted average Weighted remaining Number average contractual Aggregate of exercise term intrinsic options 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 (1,758,288 ) 2.70 Forfeited or expired (27,551 ) 10.06 Outstanding as of December 31, 2017 3,524,310 7.40 6.35 106,251 Vested and expected to vest as of December 31, 2017 3,442,470 7.32 6.34 104,050 Exercisable as of December 31, 2017 2,406,369 5.58 5.64 76,931 |
Employee Stock Option [Member] | Nonemployee Consultants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of exercise price range of options | The Company has granted options to purchase common shares and RSU’s to non-employee consultants as of December 31, 2017 as follows: Options & RSU’s outstanding Exercisable as of as of Issuance December 31, Exercise December 31, Exercisable Date 2017 price 2017 Through October 24, 2012 2,000 2.46 2,000 October 24, 2022 January 27, 2014 1,144 3.51 713 January 27, 2024 May 1, 2014 2,000 3.51 1,875 May 1, 2024 September 17, 2014 6,498 3.96 5,509 September 17, 2024 October 29, 2014 2,668 5.01 224 October 29, 2024 August 19, 2015 10,439 0.00 - November 8, 2015 1,449 0.00 - April 18, 2016 1,250 0.00 - July 11, 2016 1,501 0.00 - September 21, 2016 4,000 15.34 250 September 21, 2026 September 21, 2016 3,813 0.00 - March 15, 2017 7,000 0.00 - March 15, 2017 7,500 13.70 500 March 15, 2027 March 27, 2017 4,000 0.00 - November 20, 2017 6,000 0.00 - December 26, 2017 2,667 0.00 667 63,929 11,738 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax liabilities and assets | Significant components of the Company’s deferred tax liabilities and assets are as follows: December 31, June 30, 2017 2016 2016 Assets in respect of: Carryforward tax losses $ - $ - $ 4,186 Research and Development carryforward expenses- temporary differences 5,380 908 743 Stock based compensation 1,622 1,039 562 Other reserves 1,338 868 805 Deferred tax assets, net $ 8,340 $ 2,815 $ 6,296 |
Schedule of income (loss) before taxes | g. Income before taxes is comprised as follows: Year Ended December 31, 2017 Six months ended December 31, 2016 Year ended June 30, 2016 2015 Domestic $ 7,461 $ 3,165 $ 3,758 $ 2,830 Foreign 92,783 27,433 68,472 20,246 $ 100,244 $ 30,598 $ 72,230 $ 23,076 |
Schedule of taxes on income | h. Taxes on income (tax benefit) are comprised as follows: Year ended December 31, 2017 Six months ended December 31, 2016 Year ended June 30, 2016 2015 Domestic taxes: Current 19,889 1,047 1,737 1,655 Deferred (42 ) 507 (1,380 ) - Foreign taxes: Current 1,639 518 263 300 Deferred (5,414 ) 3,145 (4,999 ) - $ 16,072 $ 5,217 $ (4,379 ) $ 1,955 |
Schedule of reconciliation between the theoretical tax expense and the actual tax expense (benefit) | A reconciliation between the theoretical tax expense, assuming all income is taxed at the statutory tax rate applicable to income of the Company, and the actual tax expense (benefit) as reported in the consolidated statements of operations is as follows: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Income before taxes, as reported in the consolidated statements of operations $ 100,244 $ 30,598 $ 72,230 $ 23,076 Statutory tax rate 34 % 34 % 34 % 35 % Theoretical tax benefits on the above amount at the US statutory tax rate 34,083 10,403 24,558 8,077 Income tax at rate other than the U.S. statutory tax rate (34,734 ) (5,396 ) (30,229 ) (9,305 ) Tax Cuts and Jobs Act of 2017 18,735 - - - Non-deductible expenses (1,545 ) 164 1,514 3,003 Other individually immaterial income tax items (467 ) 46 (222 ) 180 Actual tax expense (tax benefit) $ 16,072 $ 5,217 $ (4,379 ) $ 1,955 |
FINANCIAL EXPENSES (INCOME), 44
FINANCIAL EXPENSES (INCOME), NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of financial expenses (income), net | Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Remeasurement of warrants to purchase convertible preferred stock $ - $ - $ - $ 5,350 Interest on term loan - - - 579 Other financial expenses related to term loan - - - 373 Expenses (income) related to hedging transaction 1,334 87 136 (1,721 ) Interest on short- term loan - - - 316 Interest on marketable securities (4,398 ) (1,504 ) (1,112 ) - Amortization of marketable securities premium and accretion of discount, net 2,017 685 532 - Exchange rate loss (income), net, bank charges and other finance expenses (8,111 ) 3,521 (27 ) 180 $ (9,158 ) $ 2,789 $ (471 ) $ 5,077 |
GEOGRAPHIC INFORMATION AND MA45
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of revenues within geographic areas | The following is a summary of revenues within geographic areas: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Revenues based on Customers’ location: United States $ 348,949 $ 160,321 $ 334,260 $ 238,340 Netherlands 70,067 23,099 36,377 21,349 Europe (*) 128,295 37,500 74,830 44,104 Rest of the World 59,734 19,077 44,376 21,285 Total revenues $ 607,045 $ 239,997 $ 489,843 $ 325,078 (*) Except for Netherlands |
Schedule of major customers data as percentage of total revenues | Major customer data as a percentage of total revenues: Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Customer A 14.8 % 11.2 % 11.6 % 4.9 % Customer B 8.1 % 8.4 % 10.1 % 5.4 % Customer C 3.0 % 8.7 % 10.9 % 24.6 % |
Summary of revenues by product family | The following is a summary of revenues by product family : Year ended December 31, Six months ended December 31, Year ended June 30, 2017 2016 2016 2015 Inverters $ 290,632 $ 112,585 $ 223,756 $ 156,984 Optimizers 286,856 115,229 244,852 158,513 Others 29,557 12,183 21,235 9,581 Total revenues $ 607,045 $ 239,997 $ 489,843 $ 325,078 |
Schedule of long-lived assets by geographic region | Long-lived assets by geographic region: As of December 31, As of June 30, 2017 2016 2016 Israel $ 43,273 $ 35,055 $ 26,751 U.S. 567 515 518 Europe 1,219 466 508 China 5,985 36 31 Other 138 50 23 Total long-lived assets* $ 51,182 $ 36,122 $ 27,831 * Long-lived assets are comprised of property and equipment, net (marketable securities, prepaid expenses, and lease deposits, intangible assets and deferred tax assets are not included). |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 18, 2015 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Number of shares of common stock sold to the public | 8,050,000 | |||||
Number of shares of common stock sold pursuant to the full exercise of an overallotment option granted to the underwriters | 1,050,000 | |||||
Aggregate net proceeds received from offerings | $ 131,208 | |||||
Convertible preferred stock converted into number of shares of common stock | 28,247,923 | |||||
Warrants to purchase number of shares of common stock | 187,671 | 187,671 | ||||
Amount of trade receivables offset against accounts payable | $ 3,180 | |||||
Lender Concentration Risk [Member] | Accounts Payable [Member] | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Percentage of customer revenue | 61.00% | 51.60% | 69.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Percentage of customer revenue | 11.20% | 14.80% | 32.50% | 24.60% |
SIGNIFICANT ACCOUNTING POLICI47
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) € in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016USD ($)shares | Dec. 31, 2017USD ($)shares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Dec. 31, 2017EUR (€) | Jun. 30, 2016EUR (€) | |
Financial statements in U.S. dollars | ||||||
Accumulated other comprehensive income (loss) related to foreign currency translation adjustments, net | $ 207 | $ 178 | $ 29 | |||
Basic and Diluted Net Earnings Per Share | ||||||
Total weighted average number of shares related to the outstanding stock options, convertible preferred stock and warrants to purchase convertible preferred stock, excluded from the calculation of diluted net earnings (loss) per share due to their anti-dilutive effect | shares | 374,156 | 197,516 | 16,208 | 20,565,747 | ||
Severance pay | ||||||
Severance expenses | $ 1,131 | $ 2,995 | $ 1,761 | $ 1,273 | ||
Shipping and handling costs | ||||||
Shipping and handling costs | 8,131 | $ 29,693 | 21,922 | 26,931 | ||
Warranty obligations | ||||||
Minimum term of warranty obligations for inverters | 12 years | |||||
Minimum term of warranty obligations for power optimizers | 25 years | |||||
Maximum extended product warranty period | 25 years | |||||
Government grants | ||||||
Government grants received | $ 763 | |||||
Derivative financial instruments | ||||||
Derivative instruments | 5,098 | 17,693 | ||||
Derivative assets | 19 | 221 | 504 | |||
Derivative liability | $ 401 | $ 23 | ||||
Percentage of transaction value | 90.00% | |||||
Accumulated effect retained earnings amount | $ 3,875 | |||||
Euro Member Countries, Euro [Member] | ||||||
Derivative financial instruments | ||||||
Derivative instruments | € | € 54,000 | € 30,000 |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES (Net Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator: | ||||
Net income | $ 25,381 | $ 84,172 | $ 76,609 | $ 21,121 |
Dividends accumulated for the period | (17,550) | |||
Net income available to shareholders of common stock | $ 25,381 | $ 84,172 | $ 76,609 | $ 3,571 |
Denominator: | ||||
Shares used in computing net earnings per share of common stock, basic (shares) | 41,026,926 | 42,209,238 | 39,987,935 | 11,902,911 |
Numerator: | ||||
Net income | $ 25,381 | $ 84,172 | $ 76,609 | $ 21,121 |
Dividends accumulated for the period | (16,971) | |||
Net income available to shareholders of common stock | $ 25,381 | $ 84,172 | $ 76,609 | $ 4,150 |
Denominator: | ||||
Shares used in computing net earnings per share of common stock, basic | 41,026,926 | 42,209,238 | 39,987,935 | 11,902,911 |
Effect of stock-based awards | 2,812,416 | 3,216,069 | 4,388,140 | 3,366,537 |
Shares used in computing net earnings per share of common stock, diluted | 43,839,342 | 45,425,307 | 44,376,075 | 15,269,448 |
Basic net income per share | $ 0.62 | $ 1.99 | $ 1.92 | $ 0.30 |
Diluted net income per share | $ 0.58 | $ 1.85 | $ 1.73 | $ 0.27 |
SIGNIFICANT ACCOUNTING POLICI49
SIGNIFICANT ACCOUNTING POLICIES (Estimated Useful Lives of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Computers and peripheral equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 33.00% |
Computers and peripheral equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 15.00% |
Computers and peripheral equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 33.00% |
Office furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 7.00% |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 10.00% |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 7.00% |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 20.00% |
Laboratory Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 15.00% |
Laboratory Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 15.00% |
Laboratory Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 25.00% |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation rate | 15.00% |
SIGNIFICANT ACCOUNTING POLICI50
SIGNIFICANT ACCOUNTING POLICIES (Concentrations of Credit risks) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | |
Concentration Risk [Line Items] | |||
Accrued allowance for doubtful accounts | $ 226 | $ 128 | $ 235 |
Rebate accrual | 9,089 | 17,428 | 4,294 |
Amortized cost | 118,950 | 180,974 | 111,514 |
Fair value | 118,727 | 180,384 | 111,609 |
Net unrealized loss | $ 223 | $ 590 | $ 95 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of customer revenue | 20.20% | 35.20% | 34.40% |
SIGNIFICANT ACCOUNTING POLICI51
SIGNIFICANT ACCOUNTING POLICIES (Estimate Fair Value of Stock Options and Warrants) (Details) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Warrant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 0.09% | ||||
Dividend yields | 0.00% | ||||
Volatility | 45.00% | ||||
Expected option term in years | 1 year 2 months 16 days | ||||
Employee Stock Option [Member] | Employee and Executive Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividend yields | 0.00% | 0.00% | 0.00% | 0.00% | |
Expected option term in years | 6 years 22 days | 6 years 22 days | |||
Estimated forfeiture rate | 0.00% | 0.00% | 10.30% | ||
Employee Stock Option [Member] | Employee and Executive Director [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 1.28% | 2.14% | 1.39% | 1.39% | |
Volatility | 55.33% | 58.08% | 55.45% | 46.50% | |
Expected option term in years | 5 years 6 months | 5 years 6 months | |||
Estimated forfeiture rate | 12.50% | ||||
Employee Stock Option [Member] | Employee and Executive Director [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 1.34% | 2.17% | 1.97% | 2.06% | |
Volatility | 55.34% | 58.10% | 56.03% | 55.10% | |
Expected option term in years | 6 years 1 month 10 days | 6 years 3 months 7 days | |||
Estimated forfeiture rate | 18.70% | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividend yields | 0.00% | 0.00% | 0.00% | 0.00% | |
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 1.16% | 2.12% | 1.15% | 1.59% | |
Volatility | 55.33% | 61.21% | 55.37% | 45.50% | |
Expected option term in years | 6 years | 6 years | 6 years 4 months 24 days | 7 years 4 months 24 days | |
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 2.45% | 2.42% | 2.21% | 2.58% | |
Volatility | 58.57% | 62.62% | 55.75% | 56.20% | |
Expected option term in years | 10 years | 10 years | 10 years | 10 years | |
Employee Stock Purchase Plan [Member] | Employee and Executive Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 0.60% | 0.40% | |||
Dividend yields | 0.00% | 0.00% | 0.00% | ||
Volatility | 48.08% | 62.84% | |||
Expected option term in years | 6 months | 6 months | 6 months | 0 years | |
Employee Stock Purchase Plan [Member] | Employee and Executive Director [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 0.60% | ||||
Volatility | 45.60% | ||||
Employee Stock Purchase Plan [Member] | Employee and Executive Director [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest | 1.07% | ||||
Volatility | 48.08% |
SIGNIFICANT ACCOUNTING POLICI52
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Change in Fair Value of Warrants) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 18, 2015 | Mar. 31, 2015 | ||
Change in fair value of warrants to purchase convertible preferred stock | |||||||
Balance at beginning of period | $ 765 | ||||||
Issuance of warrants to purchase preferred stock | |||||||
Exercise of warrants to purchase common stock | [1] | (6,115) | |||||
Change in fair value | 5,350 | ||||||
Balance at end of period | |||||||
Warrants to purchase number of shares of common stock | 187,671 | 187,671 | |||||
Cashless warrants exercised into common shares | 154,768 | ||||||
Intrinsic value | $ 6,115 | ||||||
[1] | Upon the closing of the IPO, all outstanding warrants to purchase convertible preferred stock automatically converted into warrants to purchase 187,671 shares of common stock (See Note 1c). |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Available for-sale - matures within one year, amortized cost | $ 77,411 | $ 74,511 | $ 59,124 |
Available for-sale - matures within one year, gross unrealized gains | 1 | 20 | 50 |
Available for-sale - matures within one year, gross unrealized losses | (148) | (66) | (11) |
Available for-sale - matures within one year, fair value | 77,264 | 74,465 | 59,163 |
Available for-sale - matures after one year, amortized cost | 103,563 | 44,439 | 52,390 |
Available for-sale - matures after one year, gross unrealized gains | 3 | 93 | |
Available for-sale - matures after one year, gross unrealized losses | (443) | (180) | (37) |
Available for-sale - matures after one year, fair value | 103,120 | 44,262 | 52,446 |
Amortized cost | 180,974 | 118,950 | 111,514 |
Gross unrealized gains | 1 | 23 | 143 |
Gross unrealized losses | (591) | (246) | (48) |
Fair value | 180,384 | 118,727 | 111,609 |
Corporate bonds [Member] | |||
Available for-sale - matures within one year, amortized cost | 68,392 | 71,753 | 57,119 |
Available for-sale - matures within one year, gross unrealized gains | 1 | 20 | 50 |
Available for-sale - matures within one year, gross unrealized losses | (121) | (54) | (11) |
Available for-sale - matures within one year, fair value | 68,272 | 71,719 | 57,158 |
Available for-sale - matures after one year, amortized cost | 95,540 | 39,435 | 46,375 |
Available for-sale - matures after one year, gross unrealized gains | 3 | 86 | |
Available for-sale - matures after one year, gross unrealized losses | (380) | (159) | (31) |
Available for-sale - matures after one year, fair value | 95,160 | 39,279 | 46,430 |
Governmental bonds [Member] | |||
Available for-sale - matures within one year, amortized cost | 9,019 | 2,758 | 2,005 |
Available for-sale - matures within one year, gross unrealized gains | |||
Available for-sale - matures within one year, gross unrealized losses | (27) | (12) | |
Available for-sale - matures within one year, fair value | 8,992 | 2,746 | 2,005 |
Available for-sale - matures after one year, amortized cost | 8,023 | 5,004 | 6,015 |
Available for-sale - matures after one year, gross unrealized gains | 7 | ||
Available for-sale - matures after one year, gross unrealized losses | (63) | (21) | (6) |
Available for-sale - matures after one year, fair value | $ 7,960 | $ 4,983 | $ 6,016 |
MARKETABLE SECURITIES (Schedu54
MARKETABLE SECURITIES (Schedule of Contractual Maturities) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Marketable Securities Schedule Of Contractual Maturities Details | ||||
Less than 12 months, Fair Value | $ 51,124 | $ 72,269 | $ 22,895 | |
Less than 12 months, Gross unrealized losses | (66) | (148) | (11) | |
12 months or greater, Fair Value | 39,373 | 103,116 | 20,070 | |
12 months or greater, Gross unrealized losses | (180) | (443) | (37) | |
Maturities of available-for-sale marketable securities | $ 32,782 | $ 80,269 | $ 6,350 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Money Market Funds [Member] | |||
Fair value of assets | $ 6,163 | $ 6,510 | $ 13,373 |
Derivative Financial Instruments, Assets [Member] | |||
Fair value of assets | (180) | 19 | 481 |
Short-term corporate bonds [Member] | |||
Fair value of assets | 68,272 | 71,719 | 57,158 |
Short-term governmental bonds [Member] | |||
Fair value of assets | 8,992 | 2,746 | 2,005 |
Long-term corporate bonds [Member] | |||
Fair value of assets | 95,160 | 39,279 | 46,430 |
Long-term governmental bonds [Member] | |||
Fair value of assets | 7,960 | 4,983 | 6,016 |
Level 1 [Member] | Money Market Funds [Member] | |||
Fair value of assets | 6,163 | 6,510 | 13,373 |
Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Fair value of assets | |||
Level 1 [Member] | Short-term corporate bonds [Member] | |||
Fair value of assets | |||
Level 1 [Member] | Short-term governmental bonds [Member] | |||
Fair value of assets | |||
Level 1 [Member] | Long-term corporate bonds [Member] | |||
Fair value of assets | |||
Level 1 [Member] | Long-term governmental bonds [Member] | |||
Fair value of assets | |||
Level 2 [Member] | Money Market Funds [Member] | |||
Fair value of assets | |||
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Fair value of assets | (180) | 19 | 481 |
Level 2 [Member] | Short-term corporate bonds [Member] | |||
Fair value of assets | 68,272 | 71,719 | 57,158 |
Level 2 [Member] | Short-term governmental bonds [Member] | |||
Fair value of assets | 8,992 | 2,746 | 2,005 |
Level 2 [Member] | Long-term corporate bonds [Member] | |||
Fair value of assets | 95,160 | 39,279 | 46,430 |
Level 2 [Member] | Long-term governmental bonds [Member] | |||
Fair value of assets | 7,960 | 4,983 | 6,016 |
Level 3 [Member] | Money Market Funds [Member] | |||
Fair value of assets | |||
Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Fair value of assets | |||
Level 3 [Member] | Short-term corporate bonds [Member] | |||
Fair value of assets | |||
Level 3 [Member] | Short-term governmental bonds [Member] | |||
Fair value of assets | |||
Level 3 [Member] | Long-term corporate bonds [Member] | |||
Fair value of assets | |||
Level 3 [Member] | Long-term governmental bonds [Member] | |||
Fair value of assets |
PREPAID EXPENSES AND OTHER AC56
PREPAID EXPENSES AND OTHER ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Vendor non-trade receivables | [1] | $ 33,719 | $ 15,209 | $ 15,375 |
Government authorities | 3,421 | 2,585 | 2,727 | |
Prepaid expenses and other | 5,083 | 3,534 | 2,756 | |
Foreign currency derivative contracts | 19 | 482 | ||
Prepaid expenses and other accounts receivable | $ 42,223 | $ 21,347 | $ 21,340 | |
[1] | Vendor non-trade receivables related to contract manufacturers derive from the sale of components to manufacturing vendors who manufacture products for the Company. The Company purchases these components directly from suppliers. The Company does not reflect the sale of these components in revenues (see also Note 14e). |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | ||||
Raw materials | $ 10,053 | $ 25,887 | $ 9,805 | |
Finished goods | 57,310 | 57,105 | 71,745 | |
Inventories | 67,363 | 82,992 | 81,550 | |
Write-down amount of inventory | $ 113 | $ 1,352 | $ 2,539 | $ 992 |
PROPERTY AND EQUIPMENT AND IN58
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Property, Plant and Equipment [Line Items] | |||||
Cost | $ 49,343 | $ 71,386 | $ 38,965 | ||
Less - accumulated depreciation | 13,221 | 20,204 | 11,134 | ||
Depreciated cost | [1] | 36,122 | 51,182 | 27,831 | |
Depreciation expenses | 2,702 | 7,011 | 3,763 | $ 2,253 | |
Purchase of intangible assets | 600 | 800 | |||
Patent [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Original amount | 1,400 | 1,400 | 800 | ||
Accumulated amortization | 141 | $ 285 | 84 | ||
Intangible asset, useful life | 10 years | ||||
Amortization of intangible assets | 57 | $ 144 | 84 | ||
Computers and peripheral equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 6,053 | 9,872 | 5,190 | ||
Office furniture and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 1,505 | 1,785 | 1,289 | ||
Laboratory and testing equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 9,589 | 13,732 | 8,590 | ||
Machinery and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 26,285 | 38,422 | 18,433 | ||
Property in progress under construction and development Cost | 10,698 | 8,783 | 5,519 | ||
Leasehold improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 5,898 | 7,536 | 5,450 | ||
Vehicles [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | $ 13 | $ 39 | $ 13 | ||
[1] | Long-lived assets are comprised of property and equipment, net (marketable securities, prepaid expenses and lease deposits, intangible assets and deferred tax assets are not included). |
ACCRUED EXPENSES AND OTHER AC59
ACCRUED EXPENSES AND OTHER ACCOUNTS PAYABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Payables and Accruals [Abstract] | ||||
Accrued expenses | $ 14,863 | $ 4,209 | $ 5,615 | |
Government authorities | 1,905 | 1,568 | 1,406 | |
Loss provision related to contractual inventory purchase obligations | [1] | 1,627 | 2,009 | 2,834 |
Other | 1,983 | 862 | 870 | |
Accrued expenses and other accounts payable | $ 20,378 | $ 8,648 | $ 10,725 | |
[1] | See also Note 14e. |
WARRANTY OBLIGATIONS (Details)
WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | |
Changes in the Company's product warranty liability | |||
Balance, at beginning of year | $ 51,192 | $ 58,375 | $ 31,879 |
Additions and adjustments to cost of revenues | 13,749 | 34,650 | 28,848 |
Usage and current warranty expenses | (6,566) | (14,214) | (9,535) |
Balance, at end of year | 58,375 | 78,811 | 51,192 |
Less current portion | (13,616) | (14,785) | (14,114) |
Long term portion | $ 44,759 | $ 64,026 | $ 37,078 |
TERM LOAN AND WARRANTS TO PUR61
TERM LOAN AND WARRANTS TO PURCHASE CONVERTIBLE PREFERRED STOCK (Details) $ / shares in Units, $ in Thousands | Dec. 28, 2012USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)shares | Jun. 18, 2015shares | Mar. 31, 2015shares |
Debt Instrument [Line Items] | |||||||
Warrants granted to lender | shares | 187,671 | 187,671 | |||||
Cashless warrants exercised into common shares | shares | 154,768 | ||||||
Cashless exercise of warrants to purchase common stock | $ 6,115 | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan amount | $ 10,000 | ||||||
Proceeds from loans | 10,000 | ||||||
Loan transaction fee paid | $ 100 | ||||||
Debt instrument maturity period | 42 months | ||||||
Interest rate (as a percent) | 11.90% | ||||||
Number of monthly payments in which principal of loan to be paid | 33 | ||||||
Term Loan [Member] | Series D1 Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Warrants granted to lender | shares | 563,014 | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 2.309 | ||||||
Period after a qualified initial public offering considered while deciding warrants exercisability | 12 months |
REVOLVING CREDIT LINE (Details)
REVOLVING CREDIT LINE (Details) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 17, 2015 | Jun. 30, 2011 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||||
Aggregate borrowings | $ 40,000 | $ 20,000 | ||
Maximum specified percentage of eligible trade receivables considered for determining maximum borrowing capacity | 80.00% | 80.00% | ||
Maximum specified percentage of inventories in transit considered for determining maximum borrowing capacity | 65.00% | |||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin (as a percent) | 2.00% | 2.75% | ||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin (as a percent) | 0.50% | 0.75% |
ACCUMULATED OTHER COMPREHENSI63
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Beginning balance | $ 271 | $ (324) | $ (222) | |
Other comprehensive income (loss) before reclassifications | (278) | 707 | 661 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (317) | (994) | (168) | |
Net current period other comprehensive income (loss) | (595) | (287) | 493 | $ (161) |
Ending balance | (324) | (611) | 271 | (222) |
Available-for-sale Securities [Member] | ||||
Beginning balance | 57 | (136) | ||
Other comprehensive income (loss) before reclassifications | (193) | (297) | 56 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | 1 | |||
Net current period other comprehensive income (loss) | (193) | (297) | 57 | |
Ending balance | (136) | (433) | 57 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Beginning balance | 243 | 19 | ||
Other comprehensive income (loss) before reclassifications | 93 | 975 | 412 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (317) | (994) | (169) | |
Net current period other comprehensive income (loss) | (224) | (19) | 243 | |
Ending balance | 19 | 243 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Beginning balance | (29) | (207) | (222) | |
Other comprehensive income (loss) before reclassifications | (178) | 29 | 193 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||||
Net current period other comprehensive income (loss) | (178) | 29 | 193 | |
Ending balance | $ (207) | $ (178) | $ (29) | $ (222) |
ACCUMULATED OTHER COMPREHENSI64
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cost of revenues | $ 159,097 | $ 392,279 | $ 337,887 | $ 243,295 |
Research and development | 20,279 | 54,966 | 33,231 | 22,018 |
Sales and marketing | 20,444 | 50,032 | 34,833 | 24,973 |
General and administrative | 6,790 | 18,682 | 12,133 | 6,535 |
Total, before income taxes | 30,598 | 100,244 | 72,230 | 23,076 |
Income tax expense | 5,217 | 16,072 | (4,379) | 1,955 |
Net income (loss) | 25,381 | 84,172 | 76,609 | 21,121 |
Financial income (expenses), net | (2,789) | 9,158 | 471 | $ (5,077) |
Total, net of income taxes | (317) | (994) | (168) | |
Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Cost of revenues | 47 | 166 | 30 | |
Research and development | 227 | 570 | 115 | |
Sales and marketing | 58 | 151 | 33 | |
General and administrative | 46 | 153 | 24 | |
Total, before income taxes | 378 | 1,040 | 202 | |
Income tax expense | 61 | 46 | 33 | |
Net income (loss) | 317 | 994 | 169 | |
Available-for-sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Financial income (expenses), net | (1) | |||
Income tax expense | ||||
Total, net of income taxes | (1) | |||
Total, net of income taxes | $ 317 | $ 994 | $ 168 |
DERIVATIVE INSTRUMENTS (Schedul
DERIVATIVE INSTRUMENTS (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Derivative assets | $ 221 | $ 19 | $ 504 |
Derivative liabilities | (401) | (23) | |
Option Contract [Member] | |||
Derivative assets | 221 | 214 | |
Derivative liabilities | (285) | (23) | |
Forward Contract [Member] | |||
Derivative assets | 19 | 290 | |
Derivative liabilities | $ (116) |
DERIVATIVE INSTRUMENTS (Sched66
DERIVATIVE INSTRUMENTS (Schedule of Change in Unrealized Gains (Losses)) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments Schedule Of Change In Unrealized Gains Losses Details | ||||
Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts | $ 93 | $ 975 | $ 412 | |
Total | $ 93 | $ 975 | $ 412 |
DERIVATIVE INSTRUMENTS (Sched67
DERIVATIVE INSTRUMENTS (Schedule of Net Gains (Losses) Reclassified) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments Schedule Of Net Gains Losses Reclassified Details | ||||
Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts | $ (317) | $ 994 | $ (169) | |
Total | (317) | 994 | (169) | |
Expenses (income) related to hedging transaction | $ 87 | $ (1,334) | $ 136 | $ (1,721) |
COMMITMENTS AND CONTINGENT LI68
COMMITMENTS AND CONTINGENT LIABILITIES (Schedule of Future Minimum Lease Commitments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future minimum lease commitments | |
2,018 | $ 4,520 |
2,019 | 3,801 |
2,020 | 3,094 |
2,021 | 2,512 |
2,022 | 2,472 |
2023 and thereafter | 6,934 |
Future minimum lease commitments amount | $ 23,333 |
COMMITMENTS AND CONTINGENT LI69
COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Lease Commitments) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Lease commitments | ||||
Contract term | 10 years | |||
Rent expenses | $ 1,199 | $ 3,449 | $ 2,238 | $ 1,714 |
COMMITMENTS AND CONTINGENT LI70
COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Guarantees) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Office Rent Lease Agreements [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | $ 1,191 |
Customs Transactions [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | 58 |
Credit Card Limits [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | $ 184 |
COMMITMENTS AND CONTINGENT LI71
COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Contractual Obligations) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | ||
Governmental commitments | ||||
Royalties payment percentage to IIA for first three years | 4.00% | |||
Royalties percentage of 4% for number of years | 3 years | |||
Royalties payment percentage to IIA for thereafter years | 4.50% | |||
Maximum royalties percentage of grants received | 100.00% | |||
Governmental commitments amount | $ 1,022 | |||
Research and development grants received from IIA | 990 | |||
Accumulated interest | 32 | |||
Royal expense realted to IIA grants | 260 | $ 748 | ||
Contractual purchase obligations | ||||
Non-cancelable purchase obligations | 196,222 | |||
Provision for contractual inventory purchase obligations | [1] | $ 2,009 | 1,627 | $ 2,834 |
Capital expenditures | $ 23,263 | |||
[1] | See also Note 14e. |
LEASE INCENTIVE OBLIGATION (Det
LEASE INCENTIVE OBLIGATION (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Received in cash from the Lessor | $ 2,938 |
Operating lease receivable | 2,049 |
Operating lease receivable, noncurrent | $ 1,765 |
CONVERTIBLE PREFERRED STOCK (De
CONVERTIBLE PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 30, 2015 | |
Temporary Equity [Line Items] | |||||
Classification of convertible preferred stock temporary equity into stockholders' equity (deficiency) | $ 140,915 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 15,558,830 | ||||
Number of Shares of Common Stock issued upon conversion | 5,186,276 | ||||
Series B Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 18,760,196 | ||||
Number of Shares of Common Stock issued upon conversion | 6,253,398 | ||||
Series C Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 15,984,655 | ||||
Number of Shares of Common Stock issued upon conversion | 5,328,217 | ||||
Series D Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 16,024,251 | ||||
Number of Shares of Common Stock issued upon conversion | 5,341,416 | ||||
Series D1 Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 2,165,441 | ||||
Number of Shares of Common Stock issued upon conversion | 721,813 | ||||
Series D2 Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 2,598,528 | ||||
Number of Shares of Common Stock issued upon conversion | 866,175 | ||||
Series D3 Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 4,330,872 | ||||
Number of Shares of Common Stock issued upon conversion | 1,443,623 | ||||
Series E Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Outstanding, Number of shares | 9,321,019 | ||||
Number of Shares of Common Stock issued upon conversion | 3,107,005 | ||||
Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Authorized, Number of shares | 95,000,000 | 95,000,000 | 95,000,000 | ||
Issued, Number of shares | |||||
Outstanding, Number of shares | 84,743,792 | ||||
Number of Shares of Common Stock issued upon conversion | 28,247,923 | ||||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
STOCK CAPITAL (Common Stock) (D
STOCK CAPITAL (Common Stock) (Details) | 12 Months Ended | ||
Dec. 31, 2017item$ / sharesshares | Dec. 31, 2016$ / sharesshares | Jun. 30, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Reverse stock split ratio | 3 | ||
Common stock capital | |||
Par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Authorized | 125,000,000 | 125,000,000 | 125,000,000 |
Common stock, issued shares | 43,812,601 | 41,259,391 | 40,889,922 |
Common stock, outstanding shares | 43,812,601 | 41,259,391 | 40,889,922 |
Number of votes per share | item | 1 |
STOCK CAPITAL (Stock option pla
STOCK CAPITAL (Stock option plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan | 10,000,000 | |||
Unrecognized compensation expense | $ 56,867 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options available for future grant under the plan | 379,358 | |||
Employee Stock Option [Member] | Employees and Members of Board of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | $ 1,790 | $ 44,625 | $ 30,670 | |
Weighted average grant date fair values options granted to employees and executive directors | $ 8.86 | $ 7.94 | $ 13.27 | $ 4.24 |
Employee Stock Option [Member] | 2015 Global Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan | 5,890,087 | |||
Number of options available for future grant under the plan | 2,003,126 | |||
Percentage of common shares increase automatically each year | 5.00% | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan | 1,301,154 | |||
Number of options available for future grant under the plan | 1,032,777 | |||
Number of Common stock purchased | 268,377 | |||
Period of plan increase automatically number of shares | 487,643 | |||
Percentage of common shares increase automatically each year | 1.00% | |||
Maximum percentage of salary | 10.00% | |||
Aggregate limit per participant | $ 10 | |||
Purchase price of common stock, percent | 85.00% |
STOCK CAPITAL (Summary of the a
STOCK CAPITAL (Summary of the activity in the share options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2015 | |
Aggregate intrinsic Value | |||
Outstanding at the beginning of the period | |||
Outstanding at the end of the period | $ 6,115 | ||
Employee Stock Option [Member] | Employees and Members of Board of Directors [Member] | |||
Number of options | |||
Outstanding at the beginning of the period | 4,864,469 | ||
Granted | 445,680 | ||
Exercised | (1,758,288) | ||
Forfeited or expired | (27,551) | ||
Outstanding at the end of the period | 4,864,469 | 3,524,310 | |
Weighted average exercise price | |||
Outstanding at the beginning of the period | $ 5.05 | ||
Granted | 14.64 | ||
Exercised | 2.70 | ||
Forfeited or expired | 10.06 | ||
Outstanding at the end of the period | $ 5.05 | $ 7.40 | |
Weighted average remaining contractual term in years | |||
Outstanding | 6 years 2 months 27 days | 6 years 4 months 6 days | |
Aggregate intrinsic Value | |||
Outstanding at the beginning of the period | $ 39,585 | ||
Outstanding at the end of the period | $ 39,585 | $ 106,251 | |
Vested and expected to vest at the end of the period | |||
Number of options | 3,442,470 | ||
Weighted average exercise price | $ 7.32 | ||
Weighted average remaining contractual term in years | 6 years 4 months 2 days | ||
Aggregate intrinsic Value | $ 104,050 | ||
Exercisable at the end of the period | |||
Number of options | 2,406,369 | ||
Weighted average exercise price | $ 5.58 | ||
Weighted average remaining contractual term in years | 5 years 7 months 21 days | ||
Aggregate intrinsic Value | $ 76,931 |
STOCK CAPITAL (Schedule of exer
STOCK CAPITAL (Schedule of exercise price ranges) (Details) - Employees and Members of Board of Directors [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding | 3,524,310 |
Weighted average remaining contractual Life in years | 6 years 4 months 6 days |
Options exercisable | 2,406,369 |
Weighted average remaining contractual Life in years | 5 years 7 months 21 days |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 0.87 |
Range of exercise price, upper | $ / shares | $ 1.50 |
Options outstanding | 202,281 |
Weighted average remaining contractual Life in years | 1 year 5 months 9 days |
Options exercisable | 202,281 |
Weighted average remaining contractual Life in years | 1 year 5 months 9 days |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 1.68 |
Range of exercise price, upper | $ / shares | $ 2.46 |
Options outstanding | 660,264 |
Weighted average remaining contractual Life in years | 3 years 8 months 5 days |
Options exercisable | 660,264 |
Weighted average remaining contractual Life in years | 3 years 8 months 5 days |
Exercise Price Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 3.03 |
Range of exercise price, upper | $ / shares | $ 5.01 |
Options outstanding | 1,778,547 |
Weighted average remaining contractual Life in years | 6 years 9 months 22 days |
Options exercisable | 1,263,352 |
Weighted average remaining contractual Life in years | 6 years 9 months 14 days |
Exercise Price Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 9.36 |
Options outstanding | 15,267 |
Weighted average remaining contractual Life in years | 7 years 29 days |
Options exercisable | 8,949 |
Weighted average remaining contractual Life in years | 7 years 29 days |
Exercise Price Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 13.70 |
Range of exercise price, upper | $ / shares | $ 14.85 |
Options outstanding | 438,430 |
Weighted average remaining contractual Life in years | 9 years 1 month 13 days |
Options exercisable | 78,309 |
Weighted average remaining contractual Life in years | 9 years 7 days |
Exercise Price Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 15.34 |
Range of exercise price, upper | $ / shares | $ 17.14 |
Options outstanding | 193,571 |
Weighted average remaining contractual Life in years | 8 years 7 months 10 days |
Options exercisable | 60,314 |
Weighted average remaining contractual Life in years | 8 years 5 months 27 days |
Exercise Price Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 20.81 |
Range of exercise price, upper | $ / shares | $ 25.09 |
Options outstanding | 235,950 |
Weighted average remaining contractual Life in years | 7 years 6 months 25 days |
Options exercisable | 132,900 |
Weighted average remaining contractual Life in years | 7 years 5 months 27 days |
STOCK CAPITAL (Schedule of RSU
STOCK CAPITAL (Schedule of RSU Activity) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Stock Capital Schedule Of Rsu Activity Details | |
Unvested at beginning of period | shares | 1,515,018 |
Granted | shares | 1,252,815 |
Vested | shares | (547,104) |
Forfeited | shares | (132,737) |
Unvested at end of period | shares | 2,087,992 |
Unvested at beginning of period, grant date fair value | $ / shares | $ 19.74 |
Granted | $ / shares | 27.30 |
Vested | $ / shares | 20.07 |
Forfeited | $ / shares | 18.65 |
Unvested at end of period, grant date fair value | $ / shares | $ 24.33 |
STOCK CAPITAL (Options issued t
STOCK CAPITAL (Options issued to non-employee consultants) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expenses | $ 6,600 | $ 17,564 | $ 9,044 | $ 2,956 |
Employee Stock Option [Member] | Nonemployee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 63,929 | |||
Exercisable at the end of the period | 11,738 | |||
Stock compensation expenses | $ 66 | $ 986 | $ 524 | $ 563 |
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 2,000 | |||
Exercise price | $ 2.46 | |||
Exercisable at the end of the period | 2,000 | |||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 1,144 | |||
Exercise price | $ 3.51 | |||
Exercisable at the end of the period | 713 | |||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 2,000 | |||
Exercise price | $ 3.51 | |||
Exercisable at the end of the period | 1,875 | |||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 6,498 | |||
Exercise price | $ 3.96 | |||
Exercisable at the end of the period | 5,509 | |||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 2,668 | |||
Exercise price | $ 5.01 | |||
Exercisable at the end of the period | 224 | |||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Six [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 10,439 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Seven [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 1,449 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Eight [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 1,250 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Nine [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 1,501 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Ten [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 4,000 | |||
Exercise price | $ 15.34 | |||
Exercisable at the end of the period | 250 | |||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Eleven [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 3,813 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Twelve [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 7,000 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Thirteen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 7,500 | |||
Exercise price | $ 13.70 | |||
Exercisable at the end of the period | 500 | |||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Fourteen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 4,000 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Fifteen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 6,000 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | ||||
Employee Stock Option [Member] | Nonemployee Consultants [Member] | Award Date Sixteen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding at the end of the period | 2,667 | |||
Exercise price | $ 0 | |||
Exercisable at the end of the period | 667 |
STOCK CAPITAL (Schedule of stoc
STOCK CAPITAL (Schedule of stock-based compensation expense for employees and non-employee consultants) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 6,600 | $ 17,564 | $ 9,044 | $ 2,956 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 871 | 2,250 | 945 | 442 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 2,061 | 5,703 | 2,364 | 635 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1,852 | 5,387 | 2,915 | 809 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 1,816 | $ 4,224 | $ 2,820 | $ 1,070 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Line Items] | ||||||||
Corporate tax rate (as a percent) | 34.00% | 34.00% | 34.00% | 35.00% | ||||
Additional income tax expense | $ 19,200,000 | |||||||
Expected to reverse amount in future for income tax | $ 500,000 | |||||||
One-time transition tax for foreign earnings | 18,700,000 | |||||||
One-time transition tax for cumulative foreign earnings | $ 145,000,000 | |||||||
Decrease in deferred tax assets | $ 500,000 | |||||||
Unrecognized tax benefits | $ 600,000 | $ 300,000 | $ 600,000 | |||||
ISRAEL | Subsidiaries [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Corporate tax rate (as a percent) | 24.00% | 25.00% | 26.50% | 26.50% | ||||
Tax exempt profits | $ 151,000,000 | |||||||
ISRAEL | Subsidiaries [Member] | Subsequent Event [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Corporate tax rate (as a percent) | 23.00% | |||||||
GERMANY | Subsidiaries [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Corporate tax rate (as a percent) | 33.00% |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Assets in respect of: | |||
Carryforward tax losses | $ 4,186 | ||
Research and Development carryforward expenses- temporary differences | 5,380 | 908 | 743 |
Stock based compensation | 1,622 | 1,039 | 562 |
Other reserves | 1,338 | 868 | 805 |
Deferred tax assets, net | $ 8,340 | $ 2,815 | $ 6,296 |
INCOME TAXES (Schedule of Incom
INCOME TAXES (Schedule of Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Domestic | $ 3,165 | $ 7,461 | $ 3,758 | $ 2,830 |
Foreign | 27,433 | 92,783 | 68,472 | 20,246 |
Income (loss) before taxes on income | $ 30,598 | $ 100,244 | $ 72,230 | $ 23,076 |
INCOME TAXES (Schedule of Taxes
INCOME TAXES (Schedule of Taxes on Income) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Domestic taxes: | ||||
Current | $ 1,047 | $ 19,889 | $ 1,737 | $ 1,655 |
Deferred | 507 | (42) | (1,380) | |
Foreign taxes: | ||||
Current | 518 | 1,639 | 263 | 300 |
Deferred | 3,145 | (5,414) | (4,999) | |
Actual tax expense (tax benefit) | $ 5,217 | $ 16,072 | $ (4,379) | $ 1,955 |
INCOME TAXES (Schedule of recon
INCOME TAXES (Schedule of reconciliation between the theoretical tax expense and the actual tax expense (benefit)) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income before taxes, as reported in the consolidated statements of operations | $ 30,598 | $ 100,244 | $ 72,230 | $ 23,076 |
Statutory tax rate | 34.00% | 34.00% | 34.00% | 35.00% |
Theoretical tax benefits on the above amount at the US statutory tax rate | $ 10,403 | $ 34,083 | $ 24,558 | $ 8,077 |
Income tax at rate other than the U.S. statutory tax rate | (5,396) | (34,734) | (30,229) | (9,305) |
Tax Cuts and Jobs Act of 2017 | 18,735 | |||
Non-deductible expenses | 164 | (1,545) | 1,514 | 3,003 |
Other individually immaterial income tax items | 46 | (467) | (222) | 180 |
Actual tax expense (tax benefit) | $ 5,217 | $ 16,072 | $ (4,379) | $ 1,955 |
FINANCIAL EXPENSES (INCOME), 86
FINANCIAL EXPENSES (INCOME), NET (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Nonoperating Income (Expense) [Abstract] | ||||
Remeasurement of warrants to purchase convertible preferred stock | $ 5,350 | |||
Interest on term loan | 579 | |||
Other financial expenses related to term loan | 373 | |||
Expenses (income) related to hedging transaction | 87 | 1,334 | 136 | (1,721) |
Interest on short-term loan | 316 | |||
Interest on marketable securities | (1,504) | (4,398) | (1,112) | |
Amortization of marketable securities premium and accretion of discount, net | 685 | 2,017 | 532 | |
Exchange rate loss (income), net, bank charges and other finance expenses | 3,521 | (8,111) | (27) | 180 |
Financial expenses (income), net | $ 2,789 | $ (9,158) | $ (471) | $ 5,077 |
GEOGRAPHIC INFORMATION AND MA87
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Summary of Revenues Within Geographic Areas) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)item | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Number of reportable segments | item | 1 | ||||
Total revenues | $ 239,997 | $ 607,045 | $ 489,843 | $ 325,078 | |
UNITED STATES | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | 160,321 | 348,949 | 334,260 | 238,340 | |
NETHERLANDS | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | 23,099 | 70,067 | 36,377 | 21,349 | |
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | [1] | 37,500 | 128,295 | 74,830 | 44,104 |
Others [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | $ 19,077 | $ 59,734 | $ 44,376 | $ 21,285 | |
[1] | Except for Germany |
GEOGRAPHIC INFORMATION AND MA88
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Schedule of Major Customers Data As a Percentage of Total Revenues) (Details) - Sales Revenue, Goods, Net [Member] - Customer Concentration Risk [Member] | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of customer revenue | 11.20% | 14.80% | 11.60% | 4.90% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of customer revenue | 8.40% | 8.10% | 10.10% | 5.40% |
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of customer revenue | 8.70% | 3.00% | 10.90% | 24.60% |
GEOGRAPHIC INFORMATION AND MA89
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Summary of Revenues by Product Family) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 239,997 | $ 607,045 | $ 489,843 | $ 325,078 |
Inverters [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 112,585 | 290,632 | 223,756 | 156,984 |
Optimizers [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 115,229 | 286,856 | 244,852 | 158,513 |
Other Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 12,183 | $ 29,557 | $ 21,235 | $ 9,581 |
GEOGRAPHIC INFORMATION AND MA90
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Schedule of Long-Lived Assets by Geographic Region) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | [1] | $ 51,182 | $ 36,122 | $ 27,831 |
ISRAEL | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | 43,273 | 35,055 | 26,751 | |
UNITED STATES | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | 567 | 515 | 518 | |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | 1,219 | 466 | 508 | |
China [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | 5,985 | 36 | 31 | |
Others [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | $ 138 | $ 50 | $ 23 | |
[1] | Long-lived assets are comprised of property and equipment, net (marketable securities, prepaid expenses and lease deposits, intangible assets and deferred tax assets are not included). |