Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SolarEdge Technologies Inc | |
Entity Central Index Key | 1,419,612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,010,758 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 229,219 | $ 163,163 |
Restricted cash | 1,766 | 1,516 |
Marketable securities | 81,229 | 77,264 |
Trade receivables, net | 127,479 | 109,528 |
Prepaid expenses and other accounts receivable | 33,156 | 42,223 |
Inventories | 98,363 | 82,992 |
Total current assets | 571,212 | 476,686 |
LONG-TERM ASSETS: | ||
Marketable securities | 88,554 | 103,120 |
Property, equipment and intangible assets, net | 61,161 | 52,297 |
Prepaid expenses and lease deposits | 787 | 862 |
Deferred tax assets, net | 9,847 | 8,340 |
Total long term assets | 160,349 | 164,619 |
Total assets | 731,561 | 641,305 |
CURRENT LIABILITIES: | ||
Trade payables, net | 83,091 | 69,488 |
Employees and payroll accruals | 29,733 | 22,544 |
Warranty obligations | 16,605 | 14,785 |
Deferred revenues | 3,010 | 2,559 |
Accrued expenses and other accounts payable | 26,170 | 20,378 |
Total current liabilities | 158,609 | 129,754 |
LONG-TERM LIABILITIES: | ||
Warranty obligations | 71,590 | 64,026 |
Deferred revenues | 41,866 | 31,453 |
Lease incentive obligation | 1,690 | 1,765 |
Non-current tax liabilities | 17,595 | 16,840 |
Total long-term liabilities | 132,741 | 114,084 |
STOCKHOLDERS' EQUITY: | ||
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2018 (unaudited) and December 31, 2017; issued and outstanding: 44,897,108 and 43,812,601 shares as of March 31, 2018(unaudited) and December 31, 2017, respectively | 4 | 4 |
Additional paid-in capital | 343,356 | 331,902 |
Accumulated other comprehensive loss | (1,135) | (611) |
Retained earnings | 97,986 | 66,172 |
Total stockholders' equity | 440,211 | 397,467 |
Total liabilities and stockholders' equity | $ 731,561 | $ 641,305 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 125,000,000 | 125,000,000 |
Common stock, issued shares | 44,897,108 | 43,812,601 |
Common stock, outstanding shares | 44,897,108 | 43,812,601 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 209,871 | $ 115,054 |
Cost of revenues | 130,274 | 76,378 |
Gross profit | 79,597 | 38,676 |
Operating expenses: | ||
Research and development | 17,875 | 11,458 |
Sales and marketing | 16,205 | 10,775 |
General and administrative | 4,689 | 4,439 |
Total operating expenses | 38,769 | 26,672 |
Operating income | 40,828 | 12,004 |
Financial income, net | 584 | 1,410 |
Other expenses | 64 | |
Income before taxes on income | 41,348 | 13,414 |
Taxes on income (tax benefit) | 5,662 | (761) |
Net income | $ 35,686 | $ 14,175 |
Net basic earnings per share of common stock | $ 0.81 | $ 0.34 |
Net diluted earnings per share of common stock | $ 0.75 | $ 0.32 |
Weighted average number of shares used in computing net basic earnings per share of common stock | 44,231,679 | 41,348,225 |
Weighted average number of shares used in computing net diluted earnings per share of common stock | 47,673,522 | 43,837,505 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 35,686 | $ 14,175 |
Other comprehensive income (loss): | ||
Changes in unrealized gains (losses), net of tax expense (benefit) | (510) | 28 |
Net change | (510) | 28 |
Cash flow hedges: | ||
Changes in unrealized gains, net of tax expense | 909 | |
Reclassification adjustments for gains and losses, net of tax expense included in net income | (395) | |
Net change | 514 | |
Foreign currency translation adjustments, net | (14) | (243) |
Total other comprehensive income (loss) | (524) | 299 |
Comprehensive income | $ 35,162 | $ 14,474 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows provided by operating activities: | ||
Net income | $ 35,686 | $ 14,175 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property, equipment and intangible assets | 2,430 | 1,520 |
Amortization of premiums on available-for-sale marketable securities | 778 | 383 |
Stock-based compensation | 6,849 | 3,612 |
Deferred tax assets, net | (1,321) | (1,333) |
Loss on disposals of fixed assets | 64 | |
Changes in assets and liabilities: | ||
Inventories | (15,348) | 6,453 |
Prepaid expenses and other accounts receivable | 9,210 | (4,583) |
Trade receivables, net | (17,935) | (8,070) |
Trade payables, net | 13,595 | 9,734 |
Employees and payroll accruals | 7,153 | (1,272) |
Warranty obligations | 9,384 | 2,750 |
Deferred revenues | 6,981 | 2,060 |
Accrued expenses and other accounts payable | 6,527 | 311 |
Lease incentive obligation | (74) | (74) |
Net cash provided by operating activities | 63,979 | 25,666 |
Cash flows used in investing activities: | ||
Purchase of property and equipment | (11,325) | (1,872) |
Increase in short and long-term lease deposits | (66) | |
Investment in available-for-sale marketable securities | (25,436) | (24,070) |
Maturities of available-for-sale marketable securities | 34,500 | 15,665 |
Net cash used in investing activities | (2,261) | (10,343) |
Cash flows from financing activities: | ||
Proceeds from issuance of shares upon exercise of options | 4,605 | 371 |
Net cash provided by financing activities | 4,605 | 371 |
Net increase in cash, cash equivalents and restricted cash | 66,323 | 15,694 |
Cash, cash equivalents and restricted cash at the beginning of the period | 164,679 | 105,580 |
Effect of exchange rate differences on cash, cash equivalents and restricted cash | (17) | (350) |
Cash, cash equivalents and restricted cash at the end of the period | $ 230,985 | $ 120,924 |
GENERAL
GENERAL | 3 Months Ended |
Mar. 31, 2018 | |
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. New accounting pronouncements not yet effective 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. c. Recently issued and adopted pronouncements: In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts 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. The Company adopted ASU 2016-15 during the first quarter of 2018. The adoption of this new guidance had no impact on the Company’s condensed consolidated balance sheets, statements of income and cash flows. 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 adopted ASU 2016-16 during the first quarter of 2018. The adoption of this new guidance had no impact on the Company’s condensed consolidated balance sheets, statements of income and cash flows. 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 adopted ASU 2016-18 during the first quarter of 2018. The adoption of this new guidance had no material impact on the Company’s condensed consolidated balance sheets, statements of income and cash flows. 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 Company adopted ASU 2017-09 during the first quarter of 2018. The adoption of this new guidance had no impact on the Company’s condensed consolidated balance sheets, statements of income and cash flows. Revenue Recognition: The Company adopted Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606), effective on January 1, 2018. As a result of this adoption, the Company revised its accounting policy for revenue recognition as detailed below. 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. The Company applies the provisions of ASC 606, Revenue from Contracts with Customers, and all related appropriate guidance. The Company recognizes revenue under the core principle that transfer of control to the Company’s customers should be depicted in an amount reflecting the consideration the Company expects to receive in revenue. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. (1) Identify the contract with a customer A contract is an agreement between two or more parties that creates enforceable rights and obligations. In evaluating the contract, the Company analyzes the customer’s intent and ability to pay the amount of promised consideration (credit risk) and considers the probability of collecting substantially all of the consideration. Deferred revenues or allowance for doubtful debt is recorded based on the Company’s analysis. The Company determines whether collectability is reasonably assured on a customer-by-customer basis pursuant to its credit review policy. The Company typically sells to customers with whom it has a long-term business relationship and a history of successful collection. For a new customer, or when an existing customer substantially expands its commitments, the Company evaluates the customer’s financial position, the number of years the customer has been in business, the history of collection with the customer, and the Customer’s ability to pay, and typically assigns a credit limit based on that review. (2) Identify the performance obligations in the contract At a contract’s inception, the Company assesses the goods or services promised in a contract with a customer and identifies the performance obligations. The main performance obligations are the provisions of the following: · Power optimizers · Inverters · Storage solution · Cloud based monitoring services · Extended warranty services · Communication services (3) Determine the transaction price The transaction price is the amount of consideration to which the Company is entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Generally, the Company does not provide price protection, stock rotation, and/or right of return. The Company determines the transaction price for all satisfied and unsatisfied performance obligations identified in the contract from contract inception to the beginning of the earliest period presented. Rebates or discounts on goods or services are accounted for as variable consideration. The rebate or discount program is applied retrospectively for future purchases. 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. When a contract provides the customer with payment terms of more than a year, the Company considers whether those terms create variability in the transaction price and whether a significant financing component exists. The performance obligations that extend for a period greater than one year are those that include a financial component: (i) warranty extension services, (ii) cloud-based monitoring, and (iii) other communication services. (4) Allocate the transaction price to the performance obligations in the contract The Company performs an allocation of the transaction price to each separate performance obligation, in proportion to their relative standalone selling prices. (5) Recognize revenue when a performance obligation is satisfied Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control either transfers over time or at a point in time, which affects when revenue is recorded. Revenues from sales of products are recognized when control is transferred (based on the agreed International Commercial terms, or “INCOTERMS”). Revenues related to warranty extension services, cloud-based monitoring, and communication services are recognized over time on a straight-line basis. Deferred revenues consist of deferred cloud-based monitoring services, communication services, advance payments received from customers for the Company’s products, and warranty extension services, and are classified as short-term and long-term deferred revenues based on the period in which revenues are expected to be recognized. 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 are those that include a financing component, specifically: (i) warranty extension services, (ii) cloud-based monitoring, and (iii) other communication services. The Company recognizes financing component expenses in its condensed consolidated statement of income in relation to advance payments for performance obligations that extend for a period greater than one year. These financing component expenses are reflected in the Company’s deferred revenues balance. The effect of the changes made to the consolidated January 1, 2018 balance sheets following the adoption of ASC 606, Revenue - Revenue from Contracts with Customers were as follows: Balance as of December 31, 2017 Adjustments due following adoption of ASC 606 Balance as of January 1, 2018 Deferred Revenues – Current term 2,559 (89 ) 2,470 Deferred Revenues - Long term 31,453 3,961 35,414 Retained earnings 66,172 (3,872 ) 62,300 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the Company’s condensed consolidated statements of income, cash flows, and balance sheets were as follows: March 31, 2018 (Unaudited) As Reported Balances before adoption of ASC 606 Effect of change Statements of operations Finance Income 584 1,096 (512 ) Net income 35,686 36,198 (512 ) Cash flows Net income 35,686 36,198 (512 ) Changes in assets and liabilities: Deferred revenues 6,981 6,469 512 Balance Sheets Deferred Revenues - Current 3,010 3,205 (195 ) Deferred Revenues - Long term 41,866 37,287 4,579 Retained earnings 97,986 101,858 (3,872 ) d. Basis of Presentation: The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the Securities and Exchange Commission (the “SEC”). Pursuant to those rules and regulations, the Company has condensed or omitted certain information and disclosures in footnotes that it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present its condensed The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2017, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 20, 2018, have been applied consistently in these unaudited interim condensed consolidated financial statements, except for the adoption of ASC 606, Revenue - Revenue from Contracts with Customers (see Note 1c). 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 vendors collectively accounted for 60.8% and 51.6% of the Company’s total trade payables as of March 31, 2018 (unaudited) and December 31, 2017, respectively. The Company has the right to offset its payables to one of its contract manufacturers against vendor non-trade receivables. As of March 31, 2018 (unaudited), a total of $1,658 of these receivables met the criteria for net recognition and were offset against the corresponding accounts payable balances for this contract manufacturer in the accompanying condensed Consolidated Balance Sheets. f. Derivative financial instruments: To protect against the increase in value of forecasted foreign currency cash flows resulting from salary and lease payments of its Israeli facilities denominated in the Israeli currency, the New Israeli Shekels (“NIS”), 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. Accordingly, when the dollar strengthens against the foreign currencies, the decline in present value of future foreign currency expenses is offset by losses in the fair value of the hedging contracts. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by gains in the fair value of the hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges. 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 March 31, 2018 (unaudited), the Company entered into forward contracts and put and call options to sell Euros for U.S. dollars in the amount of €46.5 million. 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 March 31, 2018 (unaudited), the Company had no derivative instruments that were designated as cash flow hedges. The fair value of the Company’s outstanding derivative instruments is as follows: Balance as of March 31, Balance as of December 31, 2018 2017 (unaudited) Derivative assets: Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ 111 $ 221 Total $ 111 $ 221 Derivative liabilities: Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ (566 ) $ (285 ) Foreign exchange forward contracts (488 ) (116 ) Total $ (1,054 ) $ (401 ) The Company recorded the fair value of derivative assets and liabilities, net in “accrued expenses and other accounts payable” on the Company’s condensed consolidated balance sheets. The net increase in unrealized gains (losses) recognized in “accumulated other comprehensive loss” on derivatives, net of tax effect, is as follows: Three months ended March 31, 2018 2017 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ - $ 909 The net gains reclassified from “accumulated other comprehensive income (loss)” into income (loss), are as follows: Three months ended March 31, 2018 2017 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ - $ 395 The Company recorded in the financial income, net, a net loss of $1,417 during the three months ended March 31, 2018 (unaudited), related to derivatives not qualified as hedging instruments. No such expenses were recorded in the three months ended March 31, 2017 (unaudited). g. Accumulated other comprehensive income: The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the three months ended March 31, 2018 (unaudited): Net unrealized losses on available-for-sale marketable securities Net unrealized losses on foreign currency translation Total Beginning balance $ (433 ) $ (178 ) $ (611 ) Net other comprehensive loss before reclassifications (510 ) (14 ) (524 ) Net current period other comprehensive loss (510 ) (14 ) (524 ) Ending balance $ (943 ) $ (192 ) $ (1,135 ) For the three months period, ended March 31, 2018 (unaudited), there were no amounts reclassified from accumulated other comprehensive income. The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the three months ended March 31, 2017 (unaudited): Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on foreign currency translation Total Beginning balance $ (136 ) $ 19 $ (207 ) $ (324 ) Other comprehensive income (loss) before reclassifications 28 909 (243 ) 694 Losses (gains) reclassified from accumulated other comprehensive loss - (395 ) - (395 ) Net current period other comprehensive income (loss) 28 514 (243 ) 299 Ending balance $ (108 ) $ 533 $ (450 ) $ (25 ) The Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Income Three months ended March 31, 2017 (unaudited) Unrealized gains on cash flow hedges, net 58 Cost of revenues 207 Research and development 59 Sales and marketing 71 General and administrative 395 Total, before income taxes - Income tax expense 395 Total, net of income taxes |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 2:- INVENTORIES March 31, 2018 December 31, 2017 (unaudited) Raw materials $ 32,345 $ 25,887 Finished goods 66,018 57,105 $ 98,363 $ 82,992 |
WARRANTY OBLIGATIONS
WARRANTY OBLIGATIONS | 3 Months Ended |
Mar. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY OBLIGATIONS | NOTE 3:- WARRANTY OBLIGATIONS Changes in the Company’s product warranty liability for the three months ended March 31, 2018 (unaudited) and 2017 (unaudited) were as follows: Three months ended March 31, 2018 2017 (unaudited) Balance, at beginning of period $ 78,811 $ 58,375 Additions and adjustments to cost of revenues 13,159 5,498 Usage and current warranty expenses (3,775 ) (2,748 ) Balance, at end of period 88,195 61,125 Less current portion (16,605 ) (12,895 ) Long term portion $ 71,590 $ 48,230 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4:- FAIR VALUE MEASUREMENTS The Company applies ASC 820 (“Fair Value Measurements and Disclosures”), with respect to fair value measurements of all financial assets and liabilities. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tiered fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1- Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2- Include other inputs that are directly or indirectly observable in the marketplace. Level 3- Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth the Company’s assets that were measured at fair value as of March 31, 2018 (unaudited) by level within the fair value hierarchy: Balance as of Fair value measurements Description March 31, 2018 Level 1 Level 2 Level 3 (unaudited) Cash equivalents: Money market mutual funds $ 17,273 $ 17,273 - - Derivative instruments liability, net $ (943 ) - $ (943 ) - Short-term marketable securities: Corporate bonds $ 75,241 - $ 75,241 - Governmental bonds $ 5,988 - $ 5,988 - Long-term marketable securities: Corporate bonds $ 80,628 - $ 80,628 - Governmental bonds $ 7,926 - $ 7,926 - 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, net $ (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 - In addition to the assets described above, the Company’s financial instruments also include cash and cash equivalents, restricted and short-term deposits, trade receivables, other accounts receivable, trade payables, accrued expenses and other payables. The fair value of these financial instruments was not materially different from their carrying values on March 31, 2018 due to the short-term maturity of these instruments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 5:- COMMITMENTS AND CONTINGENT LIABILITIES a. Guarantees: As of March 31, 2018 (unaudited), contingent liabilities exist regarding guarantees in the amounts of $1,443, $57, and $182 related to office rent lease agreements, customs transactions, and credit card limits, respectively. b. Contractual purchase obligations: The Company has contractual obligations to purchase goods and raw materials. These contractual purchase obligations relate to inventories held by contract manufacturers and purchase orders initiated by the contract manufacturers and suppliers, which cannot be canceled without penalty. The Company utilizes third parties to manufacture its products. In addition, it acquires raw materials or other goods and services, including product components, by issuing to suppliers authorizations to purchase based on its projected demand and manufacturing needs. As of March 31, 2018 (unaudited), the Company had non-cancelable purchase obligations totaling approximately $230,308 out of which the Company already recorded a provision for loss in the amount of $2,078. As of March 31, 2018, the Company had contractual obligations for capital expenditures totaling approximately $34,208. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s manufacturing . c. Legal claims: From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. |
STOCK CAPITAL
STOCK CAPITAL | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK CAPITAL | NOTE 6:- STOCK CAPITAL a. Common Stock: Authorized Issued and outstanding Number of shares March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (unaudited) (unaudited) Stock of $0.0001 par value: Common stock 125,000,000 125,000,000 44,897,108 43,812,601 b. Stock Incentive plans: The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. On March 31, 2015, once the Company completed its Initial Public Offering (“IPO”), the 2007 Plan was terminated and no further awards will be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grant were transferred to the Company’s 2015 Global Incentive Plan (the “2015 Plan”) and are reserved for future issuances under the 2015 plan. The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, RSUs and other share-based awards to directors, employees, officers, and consultants of the Company and its Subsidiaries. As of March 31, 2018 (unaudited), a total of 8,080,717 shares of common stock were reserved for issuance under the 2015 Plan (the “Share Reserve”). The Share Reserve will automatically increase on January 1st of each year during the term of the 2015 Plan commencing on January 1st of the year following the year in which the 2015 Plan becomes effective in an amount equal to five percent (5%) of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year; provided, however, that our board of directors may 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 five percent (5%) of the shares of capital stock outstanding on the preceding December 31st . The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is ten million (10,000,000). As of March 31, 2018 (unaudited), an aggregate of 3,540,859 shares of common stock are still available for future grant under the 2015 Plan. c. Options granted to employees A summary of the activity in the share options granted to employees and members of the board of directors for the three months ended March 31, 2018 (unaudited) 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, 2017 3,524,310 7.40 6.35 106,251 Granted 180,983 38.05 Exercised (901,398 ) 5.07 Forfeited or expired (3,914 ) 4.37 Outstanding as of March 31, 2018 2,799,981 10.14 6.64 118,890 Vested and expected to vest as of March 31, 2018 2,722,545 10.02 6.61 115,926 Exercisable as of March 31, 2018 1,692,153 6.19 5.70 78,527 The aggregate intrinsic value represents the total intrinsic value (the difference between the fair value of the Company’s common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period. The total intrinsic value of options exercised during the three months ended on March 31, 2018 (unaudited) was $38,557. The weighted average grant date fair values of options granted to employees and executive directors during the three months ended March 31, 2018 (unaudited) was $20.83. d. A summary of the activity in the RSUs granted to employees and members of the board of directors for the three months ended (unaudited) is as follows: Number of RSUs Weighted average fair value Unvested as of December 31, 2017 2,087,992 24.33 Granted 516,561 47.79 Vested (172,584 ) 21.55 Forfeited (49,383 ) 16.89 Unvested as of 2,382,586 29.65 e. Options and RSUs issued to non-employee consultants: The Company has granted options and RSUs to purchase common shares to non-employee consultants as of March 31, 2018 (unaudited) Outstanding Exercisable as of as of Issuance March 31, Exercise March 31, Exercisable Date 2018 price 2018 Through October 24, 2012 2,000 2.46 2,000 October 24, 2022 January 27, 2014 305 3.51 27 January 27, 2024 May 1, 2014 1,205 3.51 1,205 May 1, 2024 September 17, 2014 4,005 3.96 3,484 September 17, 2024 October 29, 2014 2,279 5.01 167 October 29, 2024 August 19, 2015 8,710 0.00 - November 8, 2015 1,189 0.00 - April 18, 2016 1,042 0.00 - July 11, 2016 1,334 0.00 - September 21, 2016 2,500 15.34 - September 21, 2026 September 21, 2016 4,375 0.00 - March 15, 2017 6,500 0.00 - March 15, 2017 6,500 13.70 - March 15, 2027 March 27, 2017 4,000 0.00 - November 20, 2017 5,626 0.00 - January 2, 2018 6,570 0.00 - 58,140 6,883 The Company had accounted for its options and RSUs 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 and RSUs to non‑employee consultants, the Company recorded stock compensation expenses in the three months ended March 31, 2018 (unaudited) (unaudited) f. Employee Stock Purchase Plan (“ESPP”): The Company adopted an Employee Stock Purchase Plan (the “ESPP”) effective upon the consummation of the IPO. As of March 31, 2018 (unaudited) 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 month plan. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the subscription date of each offering period or on the purchase date. As of March 31, 2018 (unaudited) As of March 31, 2018 (unaudited) In accordance with ASC No. 718, the ESPP is compensatory and as such results in recognition of compensation cost. g. Stock-based compensation expense for employees and 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 condensed consolidated statement of income for the three months ended March 31, 2018 (unaudited) and 2017 (unaudited), as follows: Three months ended March 31, 2018 Three months ended March 31, 2017 Cost of revenues $ 924 $ 493 Research and development 2,382 1,205 Selling and marketing 2,204 1,030 General and administrative 1,339 884 Total stock-based compensation expense $ 6,849 $ 3,612 As of March 31, 2018 (unaudited), |
BASIC AND DILUTED NET EARNINGS
BASIC AND DILUTED NET EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET EARNINGS PER SHARE | NOTE 7:- BASIC AND DILUTED NET EARNINGS PER SHARE Basic net earnings per share is computed by dividing the net earnings by the weighted-average number of shares of common stock outstanding during the period. The total weighted average number of shares related to the outstanding stock options, excluded from the calculation of diluted net earnings per share due to their anti-dilutive effect was 590,115 for the three months ended March 31, 2017 (unaudited). No shares were excluded from the calculation of diluted net earnings per share due to their anti-dilutive effect for the three months ended March 31, 2018 (unaudited). The following table presents the computation of basic and diluted net earnings per share for the periods presented (in thousands, except per share data): Three months ended March 31, 2018 2017 (unaudited) Numerator: Net income 35,686 14,175 Denominator: Shares used in computing net earnings per share of common stock, basic 44,231,679 41,348,225 Effect of stock-based awards 3,441,843 2,489,280 Shares used in computing net earnings per share of common stock, diluted 47,673,522 43,837,505 Basic net income per share $ 0.81 $ 0.34 Diluted net income per share $ 0.75 $ 0.32 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes | |
INCOME TAXES | NOTE 8:- INCOME TAXES a. Taxes on income (tax benefit) are comprised as follows: Three months ended March 31, 2018 2017 Unaudited Current period taxes $ 7,001 $ 1,069 Deferred tax income, net and others (1,339 ) (1,830 ) Taxes on income (tax benefit) $ 5,662 $ (761 ) b. Deferred income taxes: Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows: March 31, December 31, 2018 2017 (Unaudited) Assets in respect of: Research and Development carryforward expenses - temporary differences $ 6,289 $ 5,380 Stock based compensation 1,640 1,622 Other reserves 1,918 1,338 Net deferred tax assets $ 9,847 $ 8,340 c. Uncertain tax positions: As of March 31, 2018, the Company recognized a total liability for uncertain tax positions in the amount of $686. d. On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was signed into law making significant changes to U.S. income tax law. These 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 (the “E&P”) as of December 31, 2017. During the fourth quarter of 2017, the Company 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 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. 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. An additional provisional charge of $0.8 million was recorded in the first quarter of 2018 as a result of IRS guidance issued in January. Additionally, the TCJA 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”). Effective the first quarter of 2018, the Company elected to treat any potential GILTI inclusions as a period cost, as we are not projecting any material impact from GILTI inclusions and any deferred taxes related to any inclusion would be immaterial. The Company has calculated its best estimate of the impact of the GILTI 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 $1.6 million as an additional income tax expense in the first quarter of 2018, the period in which the legislation was effective. The final impact of the U.S. tax reform may differ, possibly materially, due to factors such as changes in interpretations and assumptions that the Company has made in its assessment, conclusion of the effects of the GILTI provisions, further refinement of the Company’s calculations, and additional guidance that may be issued by the U.S. government. As these various factors are finalized, any change will be recorded as an adjustment to the provision for, or benefit from, income taxes in the period in which the amounts are determined, not to exceed 12 months from the date of enactment of the TCJA. The Company has not completed its assessment and the tax charge remains provisional as of March 31, 2018. |
CONCENTRATION OF CREDIT RISK AN
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS | NOTE 9:- CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS a. For the three month period ended March 31, 2018 (unaudited) and 2017 (unaudited), the Company had one major customer that accounted for 20.4% and 12.7% of its condensed consolidated revenues, respectively. b. As of March 31, 2018 (unaudited) and as of December 31, 2017, two customers accounted for approximately 32.3% and 35.2%, respectively, of the Company’s net accounts receivables. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10:- SUBSEQUENT EVENTS On May 9, 2018, the Company signed an agreement for the purchase of substantially all of the assets and activities of Gamatronic Electronic Industries Ltd for the aggregate amount of approximately 41 million NIS, including work in process and finished goods inventory. In addition, upon closing, it is expected that the majority of the employees from the business being acquired will become employees of the Company. The Company expects to close the transaction by the end of the second quarter of 2018. |
GENERAL (Tables)
GENERAL (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenue from Contracts with Customers | The effect of the changes made to the consolidated January 1, 2018 balance sheets following the adoption of ASC 606, Revenue - Revenue from Contracts with Customers were as follows: Balance as of December 31, 2017 Adjustments due following adoption of ASC 606 Balance as of January 1, 2018 Deferred Revenues – Current term 2,559 (89 ) 2,470 Deferred Revenues - Long term 31,453 3,961 35,414 Retained earnings 66,172 (3,872 ) 62,300 |
Schedule of Impact of Adoption of Financial Statements | In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the Company’s condensed consolidated statements of income, cash flows, and balance sheets were as follows: March 31, 2018 (Unaudited) As Reported Balances before adoption of ASC 606 Effect of change Statements of operations Finance Income 584 1,096 (512 ) Net income 35,686 36,198 (512 ) Cash flows Net income 35,686 36,198 (512 ) Changes in assets and liabilities: Deferred revenues 6,981 6,469 512 Balance Sheets Deferred Revenues - Current 3,010 3,205 (195 ) Deferred Revenues - Long term 41,866 37,287 4,579 Retained earnings 97,986 101,858 (3,872 ) |
Schedule of Fair Value of Derivative Instruments | The fair value of the Company’s outstanding derivative instruments is as follows: Balance as of March 31, Balance as of December 31, 2018 2017 (unaudited) Derivative assets: Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ 111 $ 221 Total $ 111 $ 221 Derivative liabilities: Derivatives not designated as cash flow hedging instruments: Foreign exchange option contracts $ (566 ) $ (285 ) Foreign exchange forward contracts (488 ) (116 ) Total $ (1,054 ) $ (401 ) |
Schedule of Unrealized Gains (Losses) on Derivatives | The net increase in unrealized gains (losses) recognized in “accumulated other comprehensive loss” on derivatives, net of tax effect, is as follows: Three months ended March 31, 2018 2017 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ - $ 909 |
Schedule of Derivative Gains (Losses) Reclassified From OCI Into Income | The net gains reclassified from “accumulated other comprehensive income (loss)” into income (loss), are as follows: Three months ended March 31, 2018 2017 (unaudited) Derivatives designated as cash flow hedging instruments: Foreign exchange forward contracts $ - $ 395 |
Schedule of Changes in AOCI | The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the three months ended March 31, 2018 (unaudited): Net unrealized losses on available-for-sale marketable securities Net unrealized losses on foreign currency translation Total Beginning balance $ (433 ) $ (178 ) $ (611 ) Net other comprehensive loss before reclassifications (510 ) (14 ) (524 ) Net current period other comprehensive loss (510 ) (14 ) (524 ) Ending balance $ (943 ) $ (192 ) $ (1,135 ) The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the three months ended March 31, 2017 (unaudited): Unrealized gains (losses) on available-for-sale marketable securities Unrealized gains (losses) on cash flow hedges Unrealized gains (losses) on foreign currency translation Total Beginning balance $ (136 ) $ 19 $ (207 ) $ (324 ) Other comprehensive income (loss) before reclassifications 28 909 (243 ) 694 Losses (gains) reclassified from accumulated other comprehensive loss - (395 ) - (395 ) Net current period other comprehensive income (loss) 28 514 (243 ) 299 Ending balance $ (108 ) $ 533 $ (450 ) $ (25 ) |
Schedule of Reclassifications out of AOCI | The Details about Accumulated Other Comprehensive Amount Reclassified from Affected Line Item in the Statements of Income Three months ended March 31, 2017 (unaudited) Unrealized gains on cash flow hedges, net 58 Cost of revenues 207 Research and development 59 Sales and marketing 71 General and administrative 395 Total, before income taxes - Income tax expense 395 Total, net of income taxes |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, 2018 December 31, 2017 (unaudited) Raw materials $ 32,345 $ 25,887 Finished goods 66,018 57,105 $ 98,363 $ 82,992 |
WARRANTY OBLIGATIONS (Tables)
WARRANTY OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Obligations | Changes in the Company’s product warranty liability for the three months ended March 31, 2018 (unaudited) and 2017 (unaudited) were as follows: Three months ended March 31, 2018 2017 (unaudited) Balance, at beginning of period $ 78,811 $ 58,375 Additions and adjustments to cost of revenues 13,159 5,498 Usage and current warranty expenses (3,775 ) (2,748 ) Balance, at end of period 88,195 61,125 Less current portion (16,605 ) (12,895 ) Long term portion $ 71,590 $ 48,230 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table sets forth the Company’s assets that were measured at fair value as of March 31, 2018 (unaudited) by level within the fair value hierarchy: Balance as of Fair value measurements Description March 31, 2018 Level 1 Level 2 Level 3 (unaudited) Cash equivalents: Money market mutual funds $ 17,273 $ 17,273 - - Derivative instruments liability, net $ (943 ) - $ (943 ) - Short-term marketable securities: Corporate bonds $ 75,241 - $ 75,241 - Governmental bonds $ 5,988 - $ 5,988 - Long-term marketable securities: Corporate bonds $ 80,628 - $ 80,628 - Governmental bonds $ 7,926 - $ 7,926 - 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, net $ (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 - |
STOCK CAPITAL (Tables)
STOCK CAPITAL (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Composition of Common Stock Capital | Authorized Issued and outstanding Number of shares March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (unaudited) (unaudited) Stock of $0.0001 par value: Common stock 125,000,000 125,000,000 44,897,108 43,812,601 |
Schedule of Stock Option Activity | A summary of the activity in the share options granted to employees and members of the board of directors for the three months ended March 31, 2018 (unaudited) 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, 2017 3,524,310 7.40 6.35 106,251 Granted 180,983 38.05 Exercised (901,398 ) 5.07 Forfeited or expired (3,914 ) 4.37 Outstanding as of March 31, 2018 2,799,981 10.14 6.64 118,890 Vested and expected to vest as of March 31, 2018 2,722,545 10.02 6.61 115,926 Exercisable as of March 31, 2018 1,692,153 6.19 5.70 78,527 |
Schedule of RSU Activity | A summary of the activity in the RSUs granted to employees and members of the board of directors for the three months ended (unaudited) is as follows: Number of RSUs Weighted average fair value Unvested as of December 31, 2017 2,087,992 24.33 Granted 516,561 47.79 Vested (172,584 ) 21.55 Forfeited (49,383 ) 16.89 Unvested as of 2,382,586 29.65 |
Schedule of Options and RSUs Granted to Non-Employee Consultants | The Company has granted options and RSUs to purchase common shares to non-employee consultants as of March 31, 2018 (unaudited) Outstanding Exercisable as of as of Issuance March 31, Exercise March 31, Exercisable Date 2018 price 2018 Through October 24, 2012 2,000 2.46 2,000 October 24, 2022 January 27, 2014 305 3.51 27 January 27, 2024 May 1, 2014 1,205 3.51 1,205 May 1, 2024 September 17, 2014 4,005 3.96 3,484 September 17, 2024 October 29, 2014 2,279 5.01 167 October 29, 2024 August 19, 2015 8,710 0.00 - November 8, 2015 1,189 0.00 - April 18, 2016 1,042 0.00 - July 11, 2016 1,334 0.00 - September 21, 2016 2,500 15.34 - September 21, 2026 September 21, 2016 4,375 0.00 - March 15, 2017 6,500 0.00 - March 15, 2017 6,500 13.70 - March 15, 2027 March 27, 2017 4,000 0.00 - November 20, 2017 5,626 0.00 - January 2, 2018 6,570 0.00 - 58,140 6,883 |
Schedule of Recognized Stock-Based Compensation Expense | The Company recognized stock-based compensation expenses related to stock options and RSUs granted to employees and non-employee consultants and ESPP in the condensed consolidated statement of income for the three months ended March 31, 2018 (unaudited) and 2017 (unaudited), as follows: Three months ended March 31, 2018 Three months ended March 31, 2017 Cost of revenues $ 924 $ 493 Research and development 2,382 1,205 Selling and marketing 2,204 1,030 General and administrative 1,339 884 Total stock-based compensation expense $ 6,849 $ 3,612 |
BASIC AND DILUTED NET EARNING22
BASIC AND DILUTED NET EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
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 per share data): Three months ended March 31, 2018 2017 (unaudited) Numerator: Net income 35,686 14,175 Denominator: Shares used in computing net earnings per share of common stock, basic 44,231,679 41,348,225 Effect of stock-based awards 3,441,843 2,489,280 Shares used in computing net earnings per share of common stock, diluted 47,673,522 43,837,505 Basic net income per share $ 0.81 $ 0.34 Diluted net income per share $ 0.75 $ 0.32 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes Tables | |
Schedule of Taxes on Income | Taxes on income (tax benefit) are comprised as follows: Three months ended March 31, 2018 2017 Unaudited Current period taxes $ 7,001 $ 1,069 Deferred tax income, net and others (1,339 ) (1,830 ) Taxes on income (tax benefit) $ 5,662 $ (761 ) |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets are as follows: March 31, December 31, 2018 2017 (Unaudited) Assets in respect of: Research and Development carryforward expenses - temporary differences $ 6,289 $ 5,380 Stock based compensation 1,640 1,622 Other reserves 1,918 1,338 Net deferred tax assets $ 9,847 $ 8,340 |
GENERAL (Narrative) (Details)
GENERAL (Narrative) (Details) € in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016 | Mar. 31, 2018EUR (€) | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Accounts receivable pledged to offset accounts payable | $ | $ 1,658 | |||
Not Designated as Hedging Instrument [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Net gain (loss) on derivatives | $ | $ 1,417 | |||
Derivatives not designated as cash flow hedging instruments [Member] | Foreign exchange forward contracts [Member] | Put Option [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Derivative asset, notional amount | € | € 46,500 | |||
Derivatives not designated as cash flow hedging instruments [Member] | Foreign exchange forward contracts [Member] | Call Option [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Derivative asset, notional amount | € | € 46,500 | |||
Accounts Payable [Member] | ||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||
Concentration risk (as a percent) | 60.80% | 51.60% |
GENERAL (Schedule of Revenue fr
GENERAL (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 02, 2018 | Dec. 31, 2017 |
Deferred Revenues - Current term | $ 3,010 | $ 2,559 | |
Deferred Revenues - Long term | 41,866 | 31,453 | |
Retained earnings | $ 97,986 | 66,172 | |
Adjustments due following adoption of ASC 606 [Member] | |||
Deferred Revenues - Current term | (89) | ||
Deferred Revenues - Long term | 3,961 | ||
Retained earnings | $ (3,872) | ||
After Adjustment [Member] | |||
Deferred Revenues - Current term | $ 2,470 | ||
Deferred Revenues - Long term | 35,414 | ||
Retained earnings | $ 62,300 |
GENERAL (Schedule of Impact of
GENERAL (Schedule of Impact of Adoption of Financial Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Statements of operations | |||
Finance Income | $ 584 | $ 1,410 | |
Net income | 35,686 | 14,175 | |
Cash flows | |||
Net income | 35,686 | 14,175 | |
Changes in assets and liabilities: | |||
Deferred revenues | 6,981 | $ 2,060 | |
Balance Sheets | |||
Deferred Revenues - Current | 3,010 | ||
Deferred Revenues - Long term | 41,866 | $ 31,453 | |
Retained earnings | 97,986 | $ 66,172 | |
Balances without adoption of ASC 606 [Member] | |||
Statements of operations | |||
Finance Income | 1,096 | ||
Net income | 36,198 | ||
Cash flows | |||
Net income | 36,198 | ||
Changes in assets and liabilities: | |||
Deferred revenues | 6,469 | ||
Balance Sheets | |||
Deferred Revenues - Current | 3,205 | ||
Deferred Revenues - Long term | 37,287 | ||
Retained earnings | 101,858 | ||
Effect of change [Member] | |||
Statements of operations | |||
Finance Income | (512) | ||
Net income | (512) | ||
Cash flows | |||
Net income | (512) | ||
Changes in assets and liabilities: | |||
Deferred revenues | 512 | ||
Balance Sheets | |||
Deferred Revenues - Current | (195) | ||
Deferred Revenues - Long term | 4,579 | ||
Retained earnings | $ (3,872) |
GENERAL (Schedule of Fair Value
GENERAL (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative assets: | ||
Derivative assets | $ 111 | $ 221 |
Derivative liabilities: | ||
Derivetive instrument fair value | (1,054) | (401) |
Derivatives not designated as cash flow hedging instruments [Member] | Foreign exchange option contracts [Member] | ||
Derivative assets: | ||
Derivative assets | 111 | 221 |
Derivative liabilities: | ||
Derivative liabilities | (566) | (285) |
Derivatives not designated as cash flow hedging instruments [Member] | Foreign exchange forward contracts [Member] | ||
Derivative assets: | ||
Derivative assets | ||
Derivative liabilities: | ||
Derivative liabilities | $ (488) | $ (116) |
GENERAL (Schedule of Unrealized
GENERAL (Schedule of Unrealized Gains (Losses) on Derivatives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivatives not designated as cash flow hedging instruments [Member] | Foreign exchange forward contracts [Member] | ||
Unrealized gain (loss) on derivatives | $ 909 |
GENERAL (Schedule of Derivative
GENERAL (Schedule of Derivative Gains (Losses) Reclassified From OCI Into Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Foreign exchange forward contracts [Member] | Derivatives not designated as cash flow hedging instruments [Member] | ||
Net gain (loss) reclassified from accumulated other comprehensive income (loss) | $ 395 |
GENERAL (Schedule of Changes in
GENERAL (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Beginning balance | $ (611) | $ (324) |
Net other comprehensive loss before reclassifications | (524) | 694 |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (395) | |
Net current period other comprehensive income (loss) | (524) | 299 |
Ending balance | (1,135) | (25) |
Net unrealized losses on available-for-sale marketable securities [Member] | ||
Beginning balance | (433) | (136) |
Net other comprehensive loss before reclassifications | (510) | 28 |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | (510) | 28 |
Ending balance | (943) | (108) |
Unrealized gains (losses) on cash flow hedges [Member] | ||
Beginning balance | 19 | |
Net other comprehensive loss before reclassifications | 909 | |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (395) | |
Net current period other comprehensive income (loss) | 514 | |
Ending balance | 533 | |
Net unrealized losses on foreign currency translation [Member] | ||
Beginning balance | (178) | (207) |
Net other comprehensive loss before reclassifications | (14) | (243) |
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||
Net current period other comprehensive income (loss) | (14) | (243) |
Ending balance | $ (192) | $ (450) |
GENERAL (Schedule of Reclassifi
GENERAL (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financial income | $ 584 | $ 1,410 |
Cost of revenues | 130,274 | 76,378 |
Research and development, net | 17,875 | 11,458 |
Sales and marketing | 16,205 | 10,775 |
General and administrative | 4,689 | 4,439 |
Total, before income taxes | 41,348 | 13,414 |
Income tax expense | 5,662 | (761) |
Total, net of income taxes | $ 35,686 | 14,175 |
Unrealized gains on cash flow hedges, net [Member] | Amount Reclassified from Accumulated Other Comprehensive Loss [Member] | ||
Cost of revenues | 58 | |
Research and development, net | 207 | |
Sales and marketing | 59 | |
General and administrative | 71 | |
Total, before income taxes | 395 | |
Income tax expense | ||
Total, net of income taxes | $ 395 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 32,345 | $ 25,887 |
Finished goods | 66,018 | 57,105 |
Inventories | $ 98,363 | $ 82,992 |
WARRANTY OBLIGATIONS (Details)
WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in the Company's product warranty liability | ||
Balance, at beginning of period | $ 78,811 | $ 58,375 |
Additions and adjustments to cost of revenues | 13,159 | 5,498 |
Usage and current warranty expenses | (3,775) | (2,748) |
Balance, at end of period | 88,195 | 61,125 |
Less current portion | (16,605) | (12,895) |
Long term portion | $ 71,590 | $ 48,230 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 17,273 | $ 6,163 |
Derivative instruments liability, net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | (943) | (180) |
Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 75,241 | 68,272 |
Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 5,988 | 8,992 |
Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 80,628 | 95,160 |
Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 7,926 | 7,960 |
Level 1 [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 17,273 | 6,163 |
Level 1 [Member] | Derivative instruments liability, net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | ||
Level 1 [Member] | Derivative instruments liability, net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | ||
Level 1 [Member] | Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 1 [Member] | Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 2 [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 2 [Member] | Derivative instruments liability, net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | (180) | |
Level 2 [Member] | Derivative instruments liability, net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | (943) | |
Level 2 [Member] | Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 75,241 | 68,272 |
Level 2 [Member] | Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 5,988 | 8,992 |
Level 2 [Member] | Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 80,628 | 95,160 |
Level 2 [Member] | Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 7,926 | 7,960 |
Level 3 [Member] | Money market mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Derivative instruments liability, net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | ||
Level 3 [Member] | Derivative instruments liability, net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | ||
Level 3 [Member] | Short-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Short-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Long-term marketable securities Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | ||
Level 3 [Member] | Long-term marketable securities Governmental bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets |
COMMITMENTS AND CONTINGENT LI35
COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Non-cancelable purchase obligations | $ 230,308 |
Provision for contractual inventory purchase obligations | 2,078 |
Contractual obligations for capital expenditures | 34,208 |
Office Rent Lease Agreements [Member] | |
Guarantees amount | 1,443 |
Customs Transactions [Member] | |
Guarantees amount | 57 |
Credit Card Limits [Member] | |
Guarantees amount | $ 182 |
STOCK CAPITAL (Narrative) (Deta
STOCK CAPITAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 6,849 | $ 3,612 |
Unrecognized compensation expense | $ 78,186 | |
2007 Plan, Transferred to 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options available for future grant under the plan | 379,358 | |
2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options reserved for issuance under the plan | 8,080,717 | |
Number of options available for future grant under the plan | 3,540,859 | |
2015 Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Annual increase percentage | 5.00% | |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options reserved for issuance under the plan | 1,739,280 | |
Number of options available for future grant under the plan | 1,470,903 | |
Maximum number of excess shares authorized | 487,643 | |
Number of Common stock purchased | 268,377 | |
Maximum percentage of salary | 10.00% | |
Maximum amount authorized per person | $ 10 | |
Maximum percentage of common stock | 85.00% | |
ESPP [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Annual increase percentage | 1.00% | |
Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options available for future grant under the plan | 10,000,000 | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ 38,557 | |
Weighted average grant date fair value of options granted | $ 20.83 | |
Stock-based compensation | $ 529 | $ 127 |
STOCK CAPITAL (Schedule of Comp
STOCK CAPITAL (Schedule of Composition of Common Stock Capital) (Details) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Common stock capital | ||
Par value | $ 0.0001 | $ 0.0001 |
Authorized | 125,000,000 | 125,000,000 |
Common stock, issued shares | 44,897,108 | 43,812,601 |
Common stock, outstanding shares | 44,897,108 | 43,812,601 |
STOCK CAPITAL (Schedule of Stoc
STOCK CAPITAL (Schedule of Stock Option Activity) (Details) - Option [Member] - Employees and Members of Board of Directors [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Number of Options | |
Outstanding as of December 31, 2017 | shares | 3,524,310 |
Granted | shares | 180,983 |
Exercised | shares | (901,398) |
Forfeited or expired | shares | (3,914) |
Outstanding as of March 31, 2018 | shares | 2,799,981 |
Vested and expected to vest as of March 31, 2018 | shares | 2,722,545 |
Exercisable as of March 31, 2018 | shares | 1,692,153 |
Weighted average exercise price | |
Outstanding as of December 31, 2017 | $ / shares | $ 7.40 |
Granted | $ / shares | 38.05 |
Exercised | $ / shares | 5.07 |
Forfeited or expired | $ / shares | 4.37 |
Outstanding as of March 31, 2018 | $ / shares | 10.14 |
Vested and expected to vest as of March 31, 2018 | $ / shares | 10.02 |
Exercisable as of March 31, 2018 | $ / shares | $ 6.19 |
Weighted average remaining contractual term in years | |
Outstanding as of December 31, 2017 | 6 years 4 months 6 days |
Ountstanding as of March 31, 2018 | 6 years 7 months 21 days |
Vested and expected to vest as of March 31, 2018 | 6 years 7 months 10 days |
Exercisable as of March 31, 2018 | 5 years 8 months 12 days |
Aggregate intrinsic Value | |
Outstanding as of December 31, 2017 | $ | $ 106,251 |
Outstanding as of March 31, 2018 | $ | 118,890 |
Vested and expected to vest as of March 31, 2018 | $ | 115,926 |
Exercisable as of March 31, 2018 | $ | $ 78,527 |
STOCK CAPITAL (Schedule of RSU
STOCK CAPITAL (Schedule of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] - Employees and Members of Board of Directors [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of RSUs | |
Unvested as of December 31, 2017 | shares | 2,087,992 |
Granted | shares | 516,561 |
Vested | shares | (172,584) |
Forfeited | shares | (49,383) |
Unvested as of March 31, 2018 | shares | 2,382,586 |
Weighted average grant date fair value | |
Unvested as of December 31, 2017 | $ / shares | $ 24.33 |
Granted | $ / shares | 47.79 |
Vested | $ / shares | 21.55 |
Forfeited | $ / shares | 16.89 |
Unvested as of March 31, 2018 | $ / shares | $ 29.65 |
STOCK CAPITAL (Schedule of Opti
STOCK CAPITAL (Schedule of Options and RSUs Granted to Non-Employee Consultants) (Details) - Options And RSUs [Member] - Nonemployee Consultants [Member] | Mar. 31, 2018$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 58,140 |
Exercisable at the end of the period | 6,883 |
October 24, 2012 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 2,000 |
Exercise price | $ / shares | $ 2.46 |
Exercisable at the end of the period | 2,000 |
January 27, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 305 |
Exercise price | $ / shares | $ 3.51 |
Exercisable at the end of the period | 27 |
May 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 1,205 |
Exercise price | $ / shares | $ 3.51 |
Exercisable at the end of the period | 1,205 |
September 17, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 4,005 |
Exercise price | $ / shares | $ 3.96 |
Exercisable at the end of the period | 3,484 |
October 29, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 2,279 |
Exercise price | $ / shares | $ 5.01 |
Exercisable at the end of the period | 167 |
August 19, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 8,710 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
November 8, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 1,189 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
April 18, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 1,042 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
July 11, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 1,334 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
September 21, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 2,500 |
Exercise price | $ / shares | $ 15.34 |
Exercisable at the end of the period | |
September 21, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 4,375 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
March 15, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 6,500 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
March 15, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 6,500 |
Exercise price | $ / shares | $ 13.70 |
Exercisable at the end of the period | |
March 27, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 4,000 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
November 20, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 5,626 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period | |
January 2, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 6,570 |
Exercise price | $ / shares | $ 0 |
Exercisable at the end of the period |
STOCK CAPITAL (Schedule of Reco
STOCK CAPITAL (Schedule of Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 6,849 | $ 3,612 |
Cost of revenues [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 924 | 493 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 2,382 | 1,205 |
Selling and marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 2,204 | 1,030 |
General and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 1,339 | $ 884 |
BASIC AND DILUTED NET EARNING42
BASIC AND DILUTED NET EARNINGS PER SHARE (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017shares | |
Earnings Per Share [Abstract] | |
Anti-dilutive securities | 590,115 |
BASIC AND DILUTED NET EARNING43
BASIC AND DILUTED NET EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income | $ 35,686 | $ 14,175 |
Denominator: | ||
Shares used in computing net earnings per share of common stock, basic | 44,231,679 | 41,348,225 |
Effect of stock-based awards | 3,441,843 | 2,489,280 |
Shares used in computing net earnings per share of common stock, diluted | 47,673,522 | 43,837,505 |
Basic net income per share | $ 0.81 | $ 0.34 |
Diluted net income per share | $ 0.75 | $ 0.32 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Additional income tax expense | $ 1,600 | $ 19,200 |
Additional provisional charge | 800 | |
Expected to reverse amount in future for income tax | 500 | |
One-time transition tax for foreign earnings | 18,700 | |
One-time transition tax for cumulative foreign earnings | $ 145,000 | |
Unrecognized tax benefits | $ 686 |
INCOME TAXES (Schedule of Taxes
INCOME TAXES (Schedule of Taxes on Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Taxes Schedule Of Taxes On Income Details | ||
Current period taxes | $ 7,001 | $ 1,069 |
Deferred tax income, net and others | (1,339) | (1,830) |
Taxes on income (tax benefit) | $ 5,662 | $ (761) |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets in respect of: | ||
Research and Development carryforward expenses - temporary differences | $ 6,289 | $ 5,380 |
Stock based compensation | 1,640 | 1,622 |
Other reserves | 1,918 | 1,338 |
Net deferred tax assets | $ 9,847 | $ 8,340 |
CONCENTRATION OF CREDIT RISK 47
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues [Member] | Two Major Customers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 20.40% | 12.70% |
Revenues [Member] | One Major Customers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 20.40% | 12.74% |
Accounts Receivable [Member] | Two Major Customers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 32.30% | 35.20% |