CyberArk Software (CYBR) 20-F 10 Mar 16 2015 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2015shares
Document And Entity Information [Abstract]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	CYBR
Entity Registrant Name	CyberArk Software Ltd.
Entity Central Index Key	1,598,110
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	33,289,839

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 234,539	$ 124,184
Short-term bank deposits	3,713	52,997
Trade receivables	20,410	19,263
Prepaid expenses and other current assets	3,293	2,078
Total current assets	261,955	198,522
LONG-TERM ASSETS:
Property and equipment, net	3,584	$ 2,148
Intangible assets, net	18,558
Goodwill	35,145
Severance pay fund	3,230	$ 3,060
Prepaid expenses and other long-term assets	1,954	1,021
Deferred tax asset	9,998	5,801
Total long-term assets	72,469	12,030
TOTAL ASSETS	334,424	210,552
CURRENT LIABILITIES:
Trade payables	2,530	1,835
Employees and payroll accruals	15,860	10,322
Deferred revenues	37,104	22,594
Accrued expenses and other current liabilities	9,366	6,942
Total current liabilities	64,860	41,693
LONG-TERM LIABILITIES:
Deferred revenues	17,285	9,566
Other long-term liabilities	188	184
Accrued severance pay	4,667	$ 4,101
Deferred tax liabilities	754
Total long-term liabilities	22,894	$ 13,851
TOTAL LIABILITIES	$ 87,754	$ 55,544
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.01 par value - Authorized: 250,000,000 shares at December 31, 2014 and 2015; Issued and outstanding: 30,501,352 shares and 33,289,839 shares at December 31, 2014 and 2015, respectively;	$ 86	$ 79
Additional paid-in capital	200,107	134,486
Accumulated other comprehensive loss	(93)	(333)
Retained earnings	46,570	20,776
Total shareholders' equity	246,670	155,008
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 334,424	$ 210,552

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS [Abstract]
Ordinary shares, par value	₪ 0.01	₪ 0.01
Ordinary shares, authorized	250,000,000	250,000,000
Ordinary shares, issued	33,289,839	30,501,352
Ordinary shares, outstanding	33,289,839	30,501,352

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
License	$ 100,113	$ 61,320	$ 38,907
Maintenance and professional services	60,699	41,679	27,250
Revenues	160,812	102,999	66,157
Cost of revenues:
License	5,088	2,654	1,216
Maintenance and professional services	17,572	12,053	7,860
Cost of revenues	22,660	14,707	9,076
Gross profit	138,152	88,292	57,081
Operating expenses:
Research and development	21,734	14,400	10,404
Sales and marketing	66,206	44,943	32,840
General and administrative	16,990	8,495	4,758
Total operating expenses	104,930	67,838	48,002
Operating income	33,222	20,454	9,079
Financial expenses, net	(1,479)	(5,988)	(1,124)
Income before taxes on income	31,743	14,466	7,955
Taxes on income	(5,949)	(4,512)	(1,320)
Net income	$ 25,794	$ 9,954	$ 6,635
Basic net income per ordinary share	$ 0.80	$ 0.46	$ 0.25
Diluted net income per ordinary share	$ 0.73	$ 0.34	$ 0.14
Other comprehensive income (loss)
Unrealized gain (loss) on foreign currency cash flow hedges	$ 240	$ (488)	$ 155
Other comprehensive income (loss) for the period	240	(488)	155
Total comprehensive income	$ 26,034	$ 9,466	$ 6,790

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Ordinary Shares	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained Earnings
Balance at Dec. 31, 2012	$ 38,494	$ 41	$ 16	$ 34,250		$ 4,187
Balance, shares at Dec. 31, 2012		15,958,290	6,707,680
Exercise of options and vested RSU's granted to employees	159		$ 1	$ 158
Exercise of options and vested RSU's granted to employees, shares			311,672
Other comprehensive income (loss)	155				$ 155
Share-based compensation expenses related to options and RSU's granted to employees and non-employees	403			$ 403
Net income	6,635					$ 6,635
Balance at Dec. 31, 2013	45,846	$ 41	$ 17	$ 34,811	$ 155	$ 10,822
Balance, shares at Dec. 31, 2013		15,958,290	7,019,352
Exercise of options and vested RSU's granted to employees	190		$ 1	$ 189
Exercise of options and vested RSU's granted to employees, shares			255,562
Other comprehensive income (loss)	(488)				$ (488)
Share-based compensation expenses related to options and RSU's granted to employees and non-employees	1,573			$ 1,573
Exercise of warrants for preferred shares	$ 7,195	$ 1		7,194
Exercise of warrants for preferred shares, shares		493,360
Conversion of preferred shares		$ (42)	$ 44	(2)
Conversion of preferred shares, shares		(16,451,650)	17,062,438
Issuance of ordinary shares upon public offering, net	$ 88,468		$ 17	88,451
Issuance of ordinary shares upon public offering, net, shares			6,164,000
Tax benefit related to share-based compensation and issuance expenses	2,270			$ 2,270
Net income	9,954					$ 9,954
Balance at Dec. 31, 2014	155,008		$ 79	$ 134,486	$ (333)	$ 20,776
Balance, shares at Dec. 31, 2014			30,501,352
Exercise of options and vested RSU's granted to employees	$ 1,824		$ 5	$ 1,819
Exercise of options and vested RSU's granted to employees, shares	1,855,773		1,888,487
Other comprehensive income (loss)	$ 240				$ 240
Share-based compensation expenses related to options and RSU's granted to employees and non-employees	7,049			$ 7,049
Issuance of ordinary shares upon public offering, net	52,575		$ 2	52,573
Issuance of ordinary shares upon public offering, net, shares			900,000
Tax benefit related to share-based compensation and issuance expenses	4,180			$ 4,180
Net income	25,794					$ 25,794
Balance at Dec. 31, 2015	$ 246,670		$ 86	$ 200,107	$ (93)	$ 46,570
Balance, shares at Dec. 31, 2015			33,289,839

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 25,794	$ 9,954	$ 6,635
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,254	746	475
Share based compensation expenses	7,049	1,573	$ 403
Tax benefit related to share-based compensation	(3,808)	(645)
Deferred income taxes, net	(4,093)	45	$ (769)
Increase in trade receivables	(187)	(6,535)	(3,257)
Increase in prepaid expenses and other current and long-term assets	(1,183)	(159)	(920)
Increase (decrease) in trade payables	$ 322	(145)	651
Changes in fair value of warrants to purchase preferred shares		4,309	1,446
Increase in short term and long term deferred revenues	$ 21,254	7,682	9,410
Increase in employees and payroll accruals	5,011	3,501	2,651
Increase in accrued expenses and other current and long-term liabilities	6,353	2,827	3,191
Increase in accrued severance pay, net	394	42	243
Net cash provided by operating activities	59,160	23,195	20,159
Cash flows from investing activities:
Proceeds from short and long term deposits	49,329	2,533	8,735
Investment in short and long term deposits	(619)	(52,570)	(8,809)
Purchase of property and equipment	(2,066)	$ (1,408)	$ (752)
Payments for business acquisitions, net of cash acquired (Schedule A)	(53,656)
Net cash used in investing activities	(7,012)	$ (51,445)	$ (826)
Cash flows from financing activities:
Issuance of shares, net	52,575	88,468
Tax benefit related to share-based compensation	3,808	645
Proceeds from exercise of options and warrants	1,824	942	$ 159
Net cash provided by financing activities	58,207	90,055	159
Increase in cash and cash equivalents	110,355	61,805	19,492
Cash and cash equivalents at the end of the period	234,539	124,184	62,379
Cash and cash equivalents at the beginning of the period	124,184	62,379	42,887
Non-cash activities:
Purchase of property and equipment in credit	388	304	90
Supplemental disclosure of cash flow activities:
Cash paid during the year for taxes	$ 4,760	$ 981	$ 287

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Schedule A - payments for business acquired) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Goodwill	$ 35,145
Viewfinity
Business Acquisition [Line Items]
Working capital, net (excluding cash and cash equivalents)	497
Property and equipment, net	124
Other long-term assets	62
Goodwill	20,765
Other intangible assets	9,990
Deferred revenues	(931)
Total	30,507
Cybertinel
Business Acquisition [Line Items]
Working capital, net (excluding cash and cash equivalents)	(245)
Property and equipment, net	340
Other long-term assets	34
Goodwill	13,201
Other intangible assets	7,760
Deferred tax	(1,009)
Deferred revenues	(44)
Total	20,037
Agata
Business Acquisition [Line Items]
Goodwill	1,179
Other intangible assets	1,933
Total	$ 3,112

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2015
GENERAL [Abstract]
GENERAL	NOTE 1: GENERAL a. CyberArk Software Ltd. (together with its subsidiaries, the “Company”) is an Israeli company that develops, markets and sells software-based security solutions. The Company's solutions enable organizations to safeguard and monitor their privileged accounts, which are those accounts within an organization that have access to the organization's high value assets and are located across its IT infrastructure. The Company's software provides customers with the ability to protect, detect, monitor and control access to privileged accounts in order to break the lifecycle of a targeted cyber attack before it can cause damage to an organization. b. In September 2014, the Company completed its initial public offering ("IPO") in which the Company issued and sold 6,164,000 16.00 88,468 6,904 3,846 c. In March 2015, the Company completed a public offering in which certain shareholders sold 4,600,000 51.00 d. In June 2015, the Company completed an additional public offering in which the Company issued and sold 900,000 61.00 52,575 2,196 129 4,000,000 e. In August 2015, the Company acquired all of the share capital of Cybertinel Ltd. (“Cybertinel”) for total consideration of $ 20,515 30,500 3,112 677 f. Unaudited pro forma result of operating The following table presents our unaudited pro forma revenue, net income and basic and diluted net income (loss) for periods presented assuming the acquisitions of Cybertinel, Viewfinity and Agata occurred on January 1, 2014. The pro forma information is not necessarily indicative of the results of operations, which actually would have occurred has the acquisitions been consummated on those dates, nor does it purport to represent the results of operations for future periods: December 31, 2014 2015 Pro forma revenue $ 108,517 $ 165,924 Pro forma net income $ 76 $ 18,725 Basic net income (loss) per ordinary share $ (0.28 ) $ 0.58 Diluted net income (loss) per ordinary share $ (0.28 ) $ 0.53

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ( " U.S. GAAP " ) . a. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, income taxes, deferred taxes and liabilities, share-based compensation cost, value of intangible assets and goodwill as well as in 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 period s . Actual results could differ from those estimates . b. Principles of consolidation: The consolidated financial statements include the accounts of CyberArk Software Ltd. and its wholly-owned subsidiaries. Intercompany transactions and balances, have been eliminated upon consolidation . c . Financial statements in U.S. dollars: A majority of t he Company ' s revenues are generated in U.S. dollars. In addition, the equity investment s were in U.S. dollars and substantial portion of the Company costs are incurred in U.S. dollars and New Israel Shekels ("NIS"). The Company ' s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operate s . Thus, the functional and reporting currency of the Company is the U.S. dollar. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are re - measured into U.S. dollars in accordance with Statement of the Accounting Standard Codification ( " ACS " ) No. 830 " Foreign Currency Matters " ( " ASC No. 830 " ). All transaction gains and losses of the re - measured monetary balance sheet items are reflected in the statement of comprehensive income as financial income or expenses, as appropriate. The functional currency of the Company's foreign subsidiaries is the U.S. dollar as these subsidiaries ' revenues, intercompany transaction s , budget s and financing are d en ominated in U.S. dollar s. d . Cash and cash equivalents: Cash equivalents are short-term highly liquid deposits that are readily convertible to cash with original maturities of three months or less , at the date acquired . e . Short-term bank deposits : Short-term bank deposits are deposits with maturities of up to one year. As of December 31, 201 4 and 201 5 the Company ' s bank deposits were denominated in U.S. dollars , Euro s and NIS and bore interest at weighted average deposits rate s of 0. 6 % , and 0.4 % , respectively. Short-term bank deposits are presented at their cost, including accrued interest. A portion of t hese deposits is used as security for the rental of premises and as a security for the Company ' s hedging activit ies . f . Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: % Computers and related equipment 25 33 Office furniture and equipment 7 20 Leasehold improvements Over the shorter of the related lease period or the life of the asset g . L ong-lived assets: The long-lived assets of the Company are reviewed for impairment in accordance with ASC No. 360, " Property, Plant and Equipment " ( " ASC No. 360 " ), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. 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 the fair value of the assets. During the years ended December 31, 2013 , 2014 and 2015 , no impairment losses have been identified. h. Business Combination : i . Goodwill and certain other purchased intangible assets have been recorded in the Company's financial statements as a result of acquisitions. Goodwill represents excess of the costs over the net tangible and intangible assets acquired of businesses acquired Under ASC topic 350, "Intangible—Goodwill and other", ("ASC 350") according to which goodwill is not amortized. In addition, the costs of intangible assets that were purchased from others for use in research and development activities were recorded as assets to the extent that they have alternative future use. ASC 350 requires goodwill to be tested for impairment at least annually and, in certain circumstances, between annual tests. The Company operates as one reporting unit. Therefore, goodwill is tested for impairment by comparing the fair value of the reporting unit with its carrying value. The Company elects to perform an annual impairment test of goodwill as of October 1 of each year, or more frequently if impairment indicators are present. Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful li ves of the respe ctive assets which range from one to 13 . Acquired customer relationship and backlog are amortized over their estimated useful li ves in proportion to the economic benefits realized. Other intangible assets consist primarily of technology are amortized over their estimated useful lives on a straight-line basis. During the year ended December 31, 2015, no impairment losses were recognized. j . Derivative instruments : ASC No. 815, "Derivative and Hedging", requires companies to recognize all of their derivative instruments as either assets or liabilities in the statement of financial position at fair value. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. 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. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. To hedge against the risk of overall changes in cash flows resulting from foreign currency salary payments during the year, the Company has instituted a foreign currency cash flow hedging program. The Company hedges portions of its forecasted expenses denominated in NIS. These forward and option contracts are designated as cash flow hedges, as defined by ASC 815, and are all effective, as their critical terms match underlying transactions being hedged. As of December 31, 2014 and 2015, the amount recorded in accumulated other comprehensive loss from the Company's currency forward and option transactions was $ 333 63 93 18 At December 31, 2015, the notional amounts of foreign exchange forward and options contracts into which the Company entered were $ 13,432 16 399 130 In addition to the derivatives that are designated as hedges as discussed above, the Company enters into certain foreign exchange forward transactions to economically hedge certain account receivables in Euros. 4,903 139 20 13 In the years ended December 31, 2013, 2014 and 2015, the Company recorded net financial income (loss), net from hedging transactions in the amount of $ (1 35 260 k . Severance pay: The Israel i Severance Pay Law, 1963 ( " Severance Pay Law " ), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one month salary for each year of employment, or a portion thereof. Part of the Company ' s liability for severance pay is covered by the provisions of Section 14 of the Severance Pay Law ( " Section 14 " ). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33 continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company ' s balance sheet. For the Company ' s employees in Israel who are not subject to S ection 14, the Company calculated the liability for severance pay pursuant to the Severance Pay Law based on the most recent salary of these employees multiplied by the number of years of employment as of the balance sheet date. The Company ' s liability for these employees is fully provided for via monthly deposits with severance pay funds, insurance policies and an accrual. The value of these deposits is recorded as an asset on the Company ' s balance sheet . Severance expense for the year s ended December 31, 201 3 , 201 4 and 201 5 , amounted to $ 1,057 , $ 1,187 and $ 1,794 , respectively . l . U.S. e mployee s defined contribution plan: The U.S. subsidiary has a 401(K) defined contribution plan covering certain full time employees in the U.S. All eligible employees may elect to contribute up to an annual maximum, of lesser of 60 their annual compensation to the plan through salary deferrals, subject to Internal Revenue Service limits but not greater than $ 18 per year (for certain employees over 50 years of age the maximum contribution is $ 24 per year). The U.S. subsidiary matches amount equal to 100 3 50 2 9.8 a year. During the years ended December 31, 201 3 , 201 4 and 201 5 the U.S. subsidiary recorded expenses for matching contributions in amounts of $ 372 , $ 544 and $ 907 , respectively . m . Revenue recognition: The Company generate s revenues from licensing the rights to use its software products and from maintenance and professional services. The Company sells its products through its direct sales force and indirectly through resellers . The Company accounts for its software licensing sales in accordance with ASC 985-605, " Software Revenue Recognition " . ASC 985-605 generally requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on the relative fair value of the elements when Vendor Specific Objective Evidence ( " VSOE " ) of fair value exists for all elements and to be allocated to the different elements in the arrangement under the " residual method " when VSOE of fair value exists for all undelivered elements and no VSOE exists for the delivered elements . M aintenance and professional services are sold separately and therefore the selling price (VSOE) is based on stand-alone transactions . Under the residual method, at the outset of the arrangement with the customer, the Company defers revenue for the fair value of its undelivered elements and recognizes revenue for the remainder of the arrangement fee attributable to the elements initially delivered in the arrangement (software element ) when all other criteria in ASC 985-605 have been met. Any discount in the arrangement is allocated to the delivered element. Software license revenues are recognized when persuasive evidence of an arrangement exists, the software license has been delivered, there are no uncertainties surrounding product acceptance, there are no significant future performance obligations, the license fees are fixed or determinable and collection of the license fee is considered probable. Fees for arrangements with payment terms extending beyond customary payment terms are considered not to be fixed or determinable, in which case revenue is deferred and recognized when payments become due from the customer provided that all other revenue recognition criteria have been met . Revenues from maintenance and support contracts are recognized ratably, on a straight-line basis over the term of the related contract and revenues from professional services consist mostly of time and material services and accordingly, are recognized as the services are performed . Professional service is not consider ed to be essential to the functionality of the software . The Company generally do es not grant a right of return to its customers. The Company ' s software license, maintenance and professional services sold through distributors are non-exchangeable, non-refundable, non-returnable and without any rights of price protection. Accordingly, the Company considers distributors as end-users . In transactions where a customer ' s contractual terms include a provision for customer acceptance, revenues are recognized when such acceptance has been obtained or when the acceptance provision has lapsed . Deferred revenue includes unearned amounts received under maintenance and support contracts, professional services and amounts received from customers for licenses but not recognized as revenues due to the fact that these transactions did not meet the revenue recognition criteria , as of the balance sheet date . n . Research and development costs: Research and development costs are charged to the statements of comprehensive income as incurred. ASC 985-20, " Software-Costs of Software to Be Sold, Leased, or Marketed " , requires capitalization of certain software development costs subsequent to the establishment of technological feasibility . Based on the Company ' s product development process, technological feasibility is established upon completion of a working model. Costs incurred by the Company between completion of the working models and the point at which the products are ready for general release, have been insignificant. Therefore, all research and development costs are expensed as incurred . o . Marketing expenses: Marketing expenses consist primarily of marketing campaigns and tradeshows . Marketing expenses are charged to the statement of comprehensive income , as incurred. Marketing expenses for the years ended December 31, 201 3 , 201 4 and 20 1 5 , amounted to $ 5,155 , $ 5,896 and $ 7,498 , respectively. p . S hare-based compensation: The Company accounts for share-based compensation in accordance with ASC 718, " Compensation - Stock Compensation " ( " ASC No. 718 " ) . ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. 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 comprehensive income . 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 No. 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. The Company has selected the Black-Scholes-Merton option-pricing model as the most appropriate fair value method for its option awards. The option-pricing model requires a number of assumptions, of which the most significant are the expected share price, volatility and the expected option term . The fair value of o rdinary share underlying the options has historically been determined by management and approved by the Company ' s board of directors. Because there has been no public market for the Company ' s o rdinary share s , management has determined fair value of an o rdinary share at the time of grant of the option by considering a number of objective and subjective factors including financing investment rounds , operating and financial performance, the lack of liquidity of share capital and general and industry specific economic outlook, amongst other factors. The Company's management determined the fair value of ordinary shares based on valuations performed using the Option Pricing Method ("OPM") for the year ended December 31, 2013 and for the period from January 1, 2014 and up to September 24, 2014. Since September 24, 2014 , the ordinary shares have been publicly traded. q . Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, " Income Taxes " . This codification prescribes the use of the asset and 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 for carry-forward tax losses. Deferred taxes are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that some portion or all of the deferred tax asset will not be realized . In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"), which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The updated standard is effective 3,788 The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, " Income Taxes " . Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Accordingly, the Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in tax expense. r . Basic and diluted net income per share: The Company applies the two class method as required by ASC No. 260-10, " Earnings Per Share " ( " ASC No. 260-10 " ) . ASC 260-10 requires the income per share for each class of shares ( o rdinary and p referred shares) to be calculated assuming 100% of the Company ' s earnings are distributed as dividends to each class of shares based on their contractual rights. No dividends were declared or paid during the reported periods. Basic and diluted net income per share is computed based on the weighted-average number of shares of o rdinary shares outstanding during each year. Diluted income per share is computed based on the weighted average number of o rdinary shares outstanding during the period, plus dilutive potential shares considered outstanding during the period, in accordance with ASC 260-10. The total weighted average number of shares related to outstanding options , RSU's, warrants and preferred shares that have been excluded from the calculations of diluted net earnings per share was 17,062,890 , 437,176 and 484,726 for the years ended December 31, 2013 , 2014 and 20 15 , respectively . s . Comprehensive income (loss) : The Company accounts for comprehensive income (loss) in accordance with Accounting Standards Codification No. 220, " Comprehensive Income " ( " ASC No. 220 " ). This statement establishes standards for the reporting and display of comprehensive income (loss) and its components in a full set of general purpose financial statements. Comprehensive income (loss) generally represents all changes in shareholders ' equity during the period except those resulting from investments by, or distributions to shareholders. t . Concentration of credit risks: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents , short-term bank deposits and trade receivables . The majority of the Company ' s cash and cash equivalents and short-term bank deposits are invested with major bank in Israel and the United States. Such investments in the United States may be in excess of insured limits and are not insured in other jurisdictions. Generally, these investments may be redeemed upon demand and, therefore, bear minimal risk . The trade receivables of the Company are mainly derived from sales to customers located primarily in the United States, Europe and Asia. The Company performs ongoing credit evaluations of its customers and to date has not experienced any significant losses. u . Fair value of financial instruments: The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange . The following methods and assumptions were used by the Company in estimating the fair value of their financial instruments: The carrying values of cash and cash equivalents, short-term bank deposits, trade receivables, prepaid expenses and other current assets, trade payables , employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. The Company applies ASC No. 820, " Fair Value Measurements and Disclosures " ( " ASC No. 820 " ), with respect to fair value measurements of all financial assets and liabilities. The fair value of foreign currency contracts (used for hedging purposes) is estimated by obtaining current quotes from banks and third party valuations . 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-tier 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 . In accordance with ASC 820, the Company measures its foreign currency derivative contracts, at fair value using the market approach valuation technique. Foreign currency derivative contracts as detailed in note 2.j are classified within Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments. Warrants to purchase preferred shares as detailed in note 2.v are classified within Level 3 value hierarchy, which is determined using a valuation model completed by a third party valuation firm. v . Warrants to purchase preferred shares : The Company accounted for freestanding warrants to purchase shares of its preferred shares as a liability on its consolidated balance sheet at fair value. The warrants to purchase preferred shares were recorded as a liability as the underlying preferred shares were contingently redeemable (upon a deemed liquidation event) and, therefore, could have obligated the Company to transfer assets in the future. The warrants 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 expense, net, on the consolidated statements of comprehensive income. During the years ended December 31, 2013 and 2014, the Company recorded financial expenses from change in the warrants' fair value in the amount of $ 1,446 4,309 Upon the IPO, the warrants were exercised for Series B3 preferred shares which were later converted into ordinary shares. See also note 8.c.2. The Company re-measured the warrants as of the conversion date using the intrinsic value based on the IPO price. The following assumptions were used to estimate the value of the Series B3 preferred shares warrants as of December 31, 2013: Year ended December 31, 2013 Expected volatility 45 Expected dividends 0 Expected term (in years) 2 Risk free rate 0.31 w . In February 2016, the FASB issued an Accounting Standards Update (“ASU”) 2016-02. ASU 2016-02 changes the current lease accounting standard by requiring the recognition of lease assets and lease liabilities for all leases, including those currently classified as operating leases. This new guidance is to be applied under a modified retrospective application to the earliest reporting period presented for reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact of this new guidance on its financial statements. In May 2014, the FASB issued an accounting standard update on revenue from contracts with customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. On April 1, 2015 the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting for annual reporting periods.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2015
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 : PREPAID EXPENSE S AND OTHER CURRENT ASSETS December 31, 2014 2015 Government authorities $ 18 $ 694 Hedging transaction assets - 155 Prepaid expenses 1,793 2,154 Other current assets 267 290 $ 2,078 $ 3,293

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
PROPERTY AND EQUIPMENT [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 : PROPERTY AND EQUIPMENT The c omposition of property and equipment is as follows: December 31, 2014 2015 Cost: Computers and related equipment $ 2,293 $ 3,712 Leasehold improvements 557 1,092 Office furniture and equipment 687 1,095 3,537 5,899 Less accumulated depreciation 1,389 2,315 Depreciated cost $ 2,148 $ 3,584 Depreciation expense amounted to $ 475 , $ 746 and $ 1,129 for the years ended December 31, 201 3 , 201 4 and 201 5 , respectively .

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2015
INTANGIBLE ASSETS, NET [Abstract]
INTANGIBLE ASSETS, NET	NOTE 5: INTANGIBLE ASSETS , NET The composition of intangible assets is as follows: December 31, 2015 Original amount: Technology $ 14,073 Customer relationship 5,120 Other 490 19,683 Accumulated amortization: Technology 1,053 Customer relationship 2 Other 70 1,125 Intangible assets, net $ 18,558 Amortization expense amounted to $ 1,125 for the year ended December 31 , 2015 . The estimated future amortization expense of intangible assets as of December 31, 2015 is as follows: 2016 $ 4,586 2017 4,320 2018 4,047 2019 3,077 2020 1,404 Thereafter 1,124 $ 18,558

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2015
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 6: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES December 31, 2014 2015 Government authorities $ 5,015 $ 7,131 Accrued expenses 1,186 1,730 Uncertain tax position 322 362 Hedging transaction liabilities 419 143 $ 6,942 $ 9,366

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 7: COMMITMENTS AND CONTINGENT LIABILITIES a. Lease commitments: The Company rent its facilities under various operating lease agreements, which expire through 2022 . In addition, the Company leases certain motor vehicles under certain car operating lease agreement which expire through 201 8. The minimum rental payments under operating leases as of December 31, 2015, are as follows: Rental of premises Lease of 2016 $ 2,856 $ 334 2017 2,431 160 2018 2,724 25 2019 2,722 - 2020 2,733 - Thereafter 860 - $ 14,326 $ 519 Total rent expenses for the years ended December 31, 2013, 2014 and 2015 were approximately $ 1,303 $ 2,309 2 , 653 , respectively. Total motor vehicle lease expenses for the years ended December 31, 2013, 2014 and 2015 were approximately $ 386 $ 369 435 , respectively. b. Pledges and Bank guarantees: The Company pledged a bank deposit in the amount of $ 1,571 mainly in respect of an office lease agreement and hedging transactions, this amount is presented as part of short-term bank deposits and other long-term assets. The Company obtained a bank guarantee in the amount of $ 916 , in connection with an office lease agreement . c. Legal contingencies : The Company is not currently a party, as plaintiff or defendant, to any legal proceedings that, individually or in the aggregate are expected by the Company to have a material effect on its consolidated financial statements. 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 .

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	NOTE 8 : SHAREHOLDERS ' EQUITY a. Composition of shares capital of the Company : December 31, 2014 December 31, 2015 Authorized Issued and outstanding Authorized Issued and outstanding Number of shares Ordinary shares of NIS 0.01 250,000,000 30,501,352 250,000,000 33,289,839 b. Public Offering : In September 201 4 , the Company completed an IPO in which the Company issued and sold 5, 360 , 000 o rdinary s hares at a public offering price of $ 16. 0 0 per share . As part of the IPO , the underwriters received an option to purchase 804 ,000 o rdinary s hares of the C ompany at the price of $ 16. 0 0 for a period of one month following the IPO date. The total value of the unde rwriters options based on the Black-Scholes-Merton option pricing model amounted to $ 592 which was included in the additional paid-in capital balance and as IPO offering expenses. During September 201 4 , the underwriters fully exercised their option . The total net proceeds received from the IPO were $ 88 , 468 after deducting underwriting discounts of $ 6 , 904 and other offering expenses of $ 3, 846 . In June 2015, the C ompany completed an additional public offering in which the C ompany issued and sold 900,000 61.00 The total net proceeds received were $ 52 , 575 after deducting underwriting discounts of $ 2,196 and ot her offering expenses o f $ 12 9 . c . 1. Ordinary shares : The o rdinary shares of the Company confer upon the holders the right to receive notices of and to participate and vote in general meetings of the Company , rights to receive dividends and rights to participate in distribution of assets upon liquidation after all the preferred shares received their preference amount in full as detailed below . 2. Preferred shares : Following the Company's IPO, as described in note 8 .b, all of the Company's p referred shares were automatically convert ed into ordinary shares based on the conversion ratios set forth in the Company ' s Articles of Association , which are as follows : Conversion Ratio Series A preferred Shares 1.094 Series A1 preferred Shares 1.485 Series B preferred Shares 1 Series B1 preferred Shares(*) 1 Series B2 preferred Shares 1 Series B3 preferred Shares 1 (*) with respect only to the Series B1 preferred shares, serial numbers 226,503 to 257,565 (inclusive), the Conversion Price was 1.543 1.001451717. d . Share - based compensation : Under the Company ' s 2001 equity incentive plan, as amended March 5, 2003 , and its 2011 and 2014 equity incentive plans (collectively, the "Plans") , options and restricted share units ("RSUs") may be granted to employees, officers, non-employees consultants and directors of the Company. Under the Plans, as of December 31, 2015, an aggregate of 367,055 shares were still available for future grant. Each option granted under the Plans expires no later than 10 four unless the Board of Directors or the Board's Compensation Committee determines otherwise. Any option which is forfeited or cancelled before expiration becomes available for future grants. The total share -based compensation expense related to all of the Company ' s equity-based awards, recognized for the years ended December 31, 201 3 20 1 and 201 was comprised as follows : Year ended December 31, 2013 2014 2015 Cost of revenues $ 39 $ 137 $ 499 Research and development 73 172 1,507 Sales and marketing 126 347 2,214 General and administrative 165 917 2,829 Total share-based compensation expense $ 403 $ 1,573 $ 7,049 The total unrecognized compensation cost amounted to $ 33, 559 as of December 31 , 2015, and is expected to be recognized over a weighted average period of 2.99 years. In August 2013, the Company donated 15,000 with an exercise price of $ 2.2 1 to " Tmura " , a non-profit organization. The Company recorded compensation expenses related to these warrants in the amount of $ 19 . In March 2015, the warrants were exercised for ordinary shares . e. Options granted to employees: A summary of the activity in options granted to employees for the year ended December 31, 201 5 is as follows: Amount of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance as of December 31, 2014 4,564,764 $ 2.57 5.96 $ 169,410 Granted 702,566 $ 55.73 Exercised (1,855,773 ) $ 0.98 Forfeited (52,682 ) $ 21.82 Balance as of December 31, 2015 3,358,875 $ 14.27 6.54 $ 111,093 Exercisable as of December 31, 2015 2,156,965 $ 3.12 5.28 $ 91,108 Vested and expected to vest as of December 31, 2015 3,324,648 $ 14.05 6.52 $ 110,492 The computation of expected volatility is based on actual historical share price volatility of comparable companies. The expected option term represents the period of time that options granted are expected to be outstanding. For stock-option awards which were at the money when granted (plain vanilla stock-options), it 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. For stock-option awards which were in the money when granted, a binomial model was used to determine the expected term as an input to the Black-Scholes-Merton option pricing model. The Company has historically not paid dividends and has no foreseeable plans to pay dividends and, therefore, uses an expected dividend yield of zero The following table set forth the parameters used in computation of the options compensation to employees for the years ended December 31, 201 3 201 and 201 Year ended December 31, 2013 2014 2015 Expected volatility 45 % 45 % 45 % Expected dividends 0 0 0 Expected term (in years) 6.11 5.81 6.11 5.78 6.12 Risk free rate 1.15 2.64 1.55 2.02 1.37 1.68 A summary of options data for the years ended December 31, 201 3 , 201 4 and 201 5 , is as follows: Year ended December 31, 2013 2014 2015 Weighted-average grant date fair value of options granted $ 2.03 $ 6.95 $ 24.56 Total intrinsic value of the options exercised $ 1,858 $ 9,943 $ 110,191 Total fair value of options vested $ 340 $ 925 $ 2,054 The aggregate intrinsic value is calculated as the difference between the per-share exercise price and the deemed fair value of an o rdinary share for each share subject to an option multiplied by the number of shares subject to options at the date of exer cise . The fair value of the Company ' s o rdinary share s was $ 45.14 per share as of December 31, 201 5 . The following tables summarize information about the Company's outstanding and exercisable options granted to employees as of December 31, 201 5 : Exercise price Options outstanding as of December 31, 2 015 Weighted average remaining contractual term Options exercisable as of December 31, 2015 Weighted average remaining contractual term (years) (years) $ 0.20 108,555 5.53 108,555 5.53 $ 0.41 683,146 2.12 683,146 2.12 $ 1.06 179,776 5.55 179,776 5.55 $ 1.46 782,832 6.39 714,733 6.39 $ 1.78 161,818 7.04 94,017 7.06 $ 2.21 70,890 7.42 33,577 7.42 $ 6.47 323,916 7.97 154,076 7.97 $ 8.84 50,000 8.09 37,500 8.09 $ 9.93 59,063 8.32 22,077 8.32 $ 14.00 224,000 8.70 93,338 8.70 $ 42.33 22,100 9.95 - - $ 44.37 26,913 8.88 9,680 8.88 $ 47.40 186,400 9.70 - - $ 49.42 12,331 9.80 - - $ 55.30 28,022 9.70 - - $ 58.55 229,255 9.53 - - $ 58.86 22,000 9.14 3,000 9.14 $ 59.14 45,188 9.62 - - $ 63.37 125,270 9.45 23,490 9.45 $ 64.93 17,400 9.33 - - 3,358,875 6.54 2,156,965 5.28 f . A summary of RSU activity for the year ended December 31 , 201 5 , is as follows : Amount of RSU's Weighted average grant date fair value Unvested as of December 31, 2014 27,960 $ 44.37 Granted 399,006 $ 54.14 Vested (18,426) $ 56.14 Forfeited (11,630) $ 51.65 Unvested as of December 31, 2015 396,910 $ 53.44

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 9 : INCOME TAXES CyberArk Software Ltd. subsidiaries are separately taxed under the domestic tax laws of the jurisdiction of incorporation of each entity. a. Corporate t ax in Israel : In July 2009, the Israeli Parliament, known as the Knesset , passed the Law for Economic Efficiency (Amended Legislation for Implementing the Economic Plan for 2009 and 2010), 2009, which prescribed, among others, a gradual reduction in the rates of the Israeli corporate tax and real capital gains tax starting 2011. The tax rate in effect for 201 1 was 2 4 % . T he Law for Change in the Tax Burden (Legislative Amendments) (Taxes), 5772-2011, (the " Tax Burden Law 2011 " ), was published by the Government of Israel. The Tax Burden Law 2011 cancelled the scheduled progressive reduction of the corporate tax rate that was approved in 2009 and instead set the corporate tax rate at 25% from 2012 and thereafter . On July 30, 2013, the Knesset approved the second and third readings of the Economic Plan for 2013-2014 ( " Amended Budget Law " ) which consists, among others, of fiscal changes whose main aim is to enhance long-term collection of taxes. These changes include, among others, raising the Israeli corporate tax rate from 25% to 26.5%, cancelling the lowering of the tax rates applicable to preferred enterprises ( 9 Commencing January 1, 2016, the Israeli regular tax rate was reduced from 26.5% to 25% . b. Income before taxes on income is comprised as follows: Year ended December 31, 2013 2014 2015 Domestic $ 6,304 $ 13,194 $ 28,285 Foreign 1,651 1,272 3,458 $ 7,955 $ 14,466 $ 31,743 c . Deferred income taxes: Deferred taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts recorded for tax purposes. Significant components of the Company ' s deferred tax assets and liabilities are as follows : Year ended December 31, 2014 2015 Deferred tax assets: Net operating loss carry-forwards $ 50 $ 5,584 Capital losses carry-forwards 52 52 Research and development expenses 2,116 2,945 Deferred revenues 1,824 3,760 Issuance expenses 1,083 790 Share-based compensation 97 549 Other 807 1,590 Deferred tax assets before valuation allowance 6,029 15,270 Valuation allowance 52 52 Deferred tax asset $ 5,977 $ 15,218 Deferred tax liabilities: Intangible assets $ - $ 5,761 Property and equipment depreciation and other 176 213 Deferred tax liabilities $ 176 $ 5,974 The Company has provided valuation allowances in respect of certain deferred tax assets resulting from capital loss carry-forwards due to uncertainty concerning realization of these deferred tax assets. d . Income taxes are comprised as follows: Year ended December 31, 2013 2014 2015 Current $ 2,089 $ 4,467 $ 10,042 Deferred (769) 45 (4,093) $ 1,320 $ 4,512 $ 5,949 Year ended December 31, 2013 2014 2015 Domestic $ 1,096 $ 2,485 $ 5,208 Foreign 224 2,027 741 $ 1,320 $ 4,512 $ 5,949 e . A reconciliation of the Company ' s theoretical income tax expense to actual income tax expense as follows: Year ended December 31, 2013 2014 2015 Income before income taxes $ 7,955 $ 14,466 $ 31,743 Statutory tax rate 25 % 26.5 % 26.5 % Theoretical income tax expense 1,989 3,833 8,412 Utilization of tax losses and deferred taxes for which valuation allowance was provided, net 4 (143 ) (771 ) Deferred taxes on losses for which valuation allowance was provided, net (91 ) 834 (1,713 ) Non-deductible expenses 251 1,165 2,295 Increase in other uncertain tax positions—net 175 19 8 Tax adjustment in respect of different tax rate (979 ) (838 ) (2,303 ) Other (29 ) (358 ) 21 Income tax expense $ 1,320 $ 4,512 $ 5,949 f . Net operating loss carry-forwards As of December 31, 201 5 , the Company had net operating and capital tax losses totaling approximately $ 15,250 and $ 197 , respectively, out of which approximately $ 3,142 and $ 197 of losses , respectively , w ere attributed to Israel and can be carried forward indefinitely and $ 12,108 were attributed to the U.S. subsidiary and can be carried forward for up to 20 years . Utilization of some of U.S. net operating losses are subject to annual limitation due to the “ change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization . In addition the U.S. subsidiary had tax benefit related to share-based compensation in the amount of $ 15,814 . g . Tax benefits under the Law for the Encouragement of C apital Investments, 1959 : The Company has been granted " Approved Enterprise " Status, under the above Law. The Company has elected the alternative benefits program, waiver of grants in return for tax exemptions. Pursuant thereto, the income of the Company derived from the " Approved Enterprise " program is tax-exempt for two years and will enjoy a reduced tax rate of 10%-25% for up to a total of eight years (subject to an adjustment based upon the foreign investors ' ownership of the Company). The period of tax benefits detailed above is subject to limits of 12 years from the year of commencement of production, or 14 years from granting of approval, whichever is earlier. The tax-exempt income attributable to the " Approved Enterprise " can be distributed to shareholders, without subjecting the Company to taxes, only upon the complete liquidation of the Company. If these retained tax-exempt profits are distributed, they would be taxed at the corporate tax rate applicable to such profits as if the Company had not elected the alternative tax benefits program (currently between 10% to 25% for an " Approved Enterprise " ). E ntitlement to the above benefits is conditional upon the Company fulfilling the conditions stipulated by the above law, regulations published thereunder and the letters of approval for the specific investments in " approved enterprises " . In the event of failure to comply with these conditions, the benefits may be canceled and the Company may be required to refund the amount of the benefits, in whole or in part, including interest and CPI linkage. Income not eligible for " approved enterprise " benefits mentioned above is taxed at the regular rate. On April 1, 2005, an amendment to the Investment Law came into effect ( " the Amendment " ) and has significantly changed the provisions of the Investment Law. The Amendment limits the scope of enterprises which may be approved by the Investment Center by setting criteria for the approval of a facility as an Approved Enterprise, such as provisions generally requiring that at least 25% of the Approved Enterprise ' s income will be derived from export. Additionally, the Amendment enacted major changes in the manner in which tax benefits are awarded under the Investment Law so that companies no longer require Investment Center approval in order to qualify for tax benefits . H owever, the Investment Law provides that terms and benefits included in any letter of approval already granted will remain subject to the provisions of the law as they were on the date of such approval. Therefore, the Company ' s existing Approved Enterprise will generally not be subject to the provisions of the Amendment. Such an enterprise i s a " Beneficiary Enterprise " , rather than the previous terminology of Approved Enterprise . T he period of tax benefits for a new Beneficiary Enterprise commences in the " Year of Commencement " . This year is the later of: (1) the year in which taxable income is first generated by the company , or (2) the Year of Election. The Company has elected the status of a Beneficiary Enterprise for the year ended in 2006 and 2008 . As of December 31, 201 5 , approximately $ 13 , 034 was derived from tax exempt profits earned by the Company ' s " Approved Enterprises " and " Beneficiary Enterprise " . The Company and its Board of Directors ha ve determined that such tax-exempt income will not be distributed as dividends and intends to reinvest the amount of its tax exempt income earned by the Company. Accordingly, no provision for deferred income taxes has been provided on income attributable to the Company ' s " Approved Enterprises " and " Beneficiary Enterprise " as such income is essentially permanently reinvested. If the Company ' s retained tax-exempt income is distributed, the income would be taxed at the applicable corporate tax rate as if it had not elected the alternative tax benefits under the Investment Law and an income tax liability of up to $ 3, 200 would have been incurred as of December 31, 201 5 . On December 29, 2010, the Knesset approved an additional amendment to the Law for the Encouragement of Capital Investments, 1959. According to the amendment, a reduced uniform corporate tax rate for exporting industrial enterprises (over 25%) was established. The reduced tax rate will not be program dependent and will apply to the industrial enterprise ' s entire income. The tax rates for industrial enterprises have been reduced gradually over a period of five years as follows: - In 2011-2012, the reduced tax rate for development area A will be 10% and for the rest of the country - 15%. In 2013 - 2014, the reduced tax rate for development area A will be 7% and for the rest of the country - 12.5%. Starting 2015 and thereafter, the reduced tax rate for development area A will be 6% and for the rest of the country - 12%. See also note 9 .a to additional amendment to the Law related to tax rate. O n March 2013, the Company notified the Israeli Tax Authorities that it had transferred from Beneficiary Enterprise status to Preferred Enterprise status . h . Tax benefits under the Law for the Encouragement of Industry (Taxation), 1969 : Management believes that the Company currently qualifies as an " industrial company " under the above law and as such, is entitled to certain tax benefits including accelerated depreciation, deduction of public offering expenses in three equal annual installments and amortization of other intangible property rights for tax purposes . i . Tax assessments: CyberArk Software Ltd. tax years until December 31, 2011 are subject to statutes of limitation as of December 31, 2015 (The tax year ended in December 31, 2011 is subject to the Tax Authorities to extend for another year). In addition, the Company is currently under examination by the Israeli Tax Authorities for up to and including the 2014 tax year. The U.K. subsidiary's tax years until December 31, 2011 are subject to statutes of limitation as of December 31, 2015. The U.S. subsidiary's tax years ended December 31, 2002, 2004, 2005, 2006, 2008, 2009 and 2011 through 2015 are still open, as the statutes of limitation have not yet expired. Viewfinity's tax years since inception are still open, as the statutes of limitation have not yet expired. . j . Uncertain tax positions: A reconciliation of the opening and closing amount s of total unrecognized tax benefits is as follows: Year ended December 31, 2014 2015 Opening balance $ 272 $ 322 Increase (decrease) related to prior year tax positions (5 ) 4 Increase related to current year tax positions 55 36 Closing balance $ 322 $ 362 As of December 31, 2015, the entire amount of the unrecognized tax benefits could affect the Company's income tax provision and tax expenses.

FINANCIAL INCOME (EXPENSES), NE

FINANCIAL INCOME (EXPENSES), NET	12 Months Ended
	Dec. 31, 2015
FINANCIAL INCOME (EXPENSES), NET [Abstract]
FINANCIAL INCOME (EXPENSES), NET	NOTE 10 : FINANCIAL INCOME ( EXPENSES ) , NET Year ended December 31, 2013 2014 2015 Bank charges $ (62 ) $ (63 ) $ (86 ) Changes in fair value of warrants to purchase preferred shares (1,446 ) (4,309 ) - Exchange rate gain (loss), net 307 (1,817 ) (1,723 ) Total expenses (1,201 ) (6,189 ) (1,809 ) Interest income 77 201 330 Total financial expenses, net $ (1,124 ) $ (5,988 ) $ (1,479 )

BASIC AND DILUTED NET INCOME PE

BASIC AND DILUTED NET INCOME PER SHARE	12 Months Ended
	Dec. 31, 2015
BASIC AND DILUTED NET INCOME PER SHARE [Abstract]
BASIC AND DILUTED NET INCOME PER SHARE	NOTE 11 : BASIC AND DILUTED NET INCOME PER SHARE Year ended December 31, 2013 2014 2015 Numerator: Net income $ 6,635 $ 9,954 $ 25,794 Dividends accumulated for the period (4,879) (3,815) - Net income available to shareholders of ordinary shares $ 1,756 $ 6,139 $ 25,794 Denominator: Shares used in computing net income per ordinary shares, basic 6,900,433 13,335,059 32,124,772 Year ended December 31, 2013 2014 2015 Numerator: Net income $ 6,635 $ 9,954 $ 25,794 Dividends accumulated for the period (4,879) - - Net income available to shareholders of ordinary shares $ 1,756 $ 9,954 $ 25,794 Denominator: Shares used in computing net income per ordinary shares, diluted 10,765,914 29,704,730 35,322,716

SEGMENTS, CUSTOMERS AND GEOGRAP

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION	12 Months Ended
	Dec. 31, 2015
SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION [Abstract]
SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION	NOTE 12: SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION a. The Company applies ASC topic 280, "Segment Reporting" ("ASC No. 280"). The Company operates in one reportable segment. Total revenues are attributed to geographic areas based on the location of the end customer. b. The following tables present total revenues for the years ended December 31, 2013, 2014 and 2015 and long-lived assets as of December 31, 2014 and 2015: Revenues: Year ended December 31, 2013 2014 2015 United States $ 32,041 $ 60,761 $ 92,034 Israel 3,383 4,234 5,203 United Kingdom 6,862 12,220 16,746 EMEA (*) 15,551 16,744 28,695 Other 8,320 9,040 18,134 $ 66,157 $ 102,999 $ 160,812 long-lived assets: December 31, 2014 2015 United States $ 606 $ 929 Israel 1,336 2,418 United Kingdom 143 155 EMEA (*) 15 22 Other 48 60 $ 2,148 $ 3,584 *) Europe, the Middle East and Africa excluding United Kingdom and Israel

SIGNIFICANT ACCOUNTING POLICI20

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Use of estimates	a. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, income taxes, deferred taxes and liabilities, share-based compensation cost, value of intangible assets and goodwill as well as in 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 period s . Actual results could differ from those estimates .
Principles of consolidation	b. Principles of consolidation: The consolidated financial statements include the accounts of CyberArk Software Ltd. and its wholly-owned subsidiaries. Intercompany transactions and balances, have been eliminated upon consolidation .
Financial statements in U.S. dollars	c . Financial statements in U.S. dollars: A majority of t he Company ' s revenues are generated in U.S. dollars. In addition, the equity investment s were in U.S. dollars and substantial portion of the Company costs are incurred in U.S. dollars and New Israel Shekels ("NIS"). The Company ' s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operate s . Thus, the functional and reporting currency of the Company is the U.S. dollar. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are re - measured into U.S. dollars in accordance with Statement of the Accounting Standard Codification ( " ACS " ) No. 830 " Foreign Currency Matters " ( " ASC No. 830 " ). All transaction gains and losses of the re - measured monetary balance sheet items are reflected in the statement of comprehensive income as financial income or expenses, as appropriate. The functional currency of the Company's foreign subsidiaries is the U.S. dollar as these subsidiaries ' revenues, intercompany transaction s , budget s and financing are d en ominated in U.S. dollar s.
Cash and cash equivalents	d . Cash and cash equivalents: Cash equivalents are short-term highly liquid deposits that are readily convertible to cash with original maturities of three months or less , at the date acquired .
Short-term bank deposits	e . Short-term bank deposits : Short-term bank deposits are deposits with maturities of up to one year. As of December 31, 201 4 and 201 5 the Company ' s bank deposits were denominated in U.S. dollars , Euro s and NIS and bore interest at weighted average deposits rate s of 0. 6 % , and 0.4 % , respectively. Short-term bank deposits are presented at their cost, including accrued interest. A portion of t hese deposits is used as security for the rental of premises and as a security for the Company ' s hedging activit ies .
Property and equipment	f . Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: % Computers and related equipment 25 33 Office furniture and equipment 7 20 Leasehold improvements Over the shorter of the related lease period or the life of the asset
Long-lived assets	g . L ong-lived assets: The long-lived assets of the Company are reviewed for impairment in accordance with ASC No. 360, " Property, Plant and Equipment " ( " ASC No. 360 " ), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. 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 the fair value of the assets. During the years ended December 31, 2013 , 2014 and 2015 , no impairment losses have been identified.
Business Combination	h. Business Combination :
Goodwill and other intangible assets	i . Goodwill and certain other purchased intangible assets have been recorded in the Company's financial statements as a result of acquisitions. Goodwill represents excess of the costs over the net tangible and intangible assets acquired of businesses acquired Under ASC topic 350, "Intangible—Goodwill and other", ("ASC 350") according to which goodwill is not amortized. In addition, the costs of intangible assets that were purchased from others for use in research and development activities were recorded as assets to the extent that they have alternative future use. ASC 350 requires goodwill to be tested for impairment at least annually and, in certain circumstances, between annual tests. The Company operates as one reporting unit. Therefore, goodwill is tested for impairment by comparing the fair value of the reporting unit with its carrying value. The Company elects to perform an annual impairment test of goodwill as of October 1 of each year, or more frequently if impairment indicators are present. Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful li ves of the respe ctive assets which range from one to 13 . Acquired customer relationship and backlog are amortized over their estimated useful li ves in proportion to the economic benefits realized. Other intangible assets consist primarily of technology are amortized over their estimated useful lives on a straight-line basis. During the year ended December 31, 2015, no impairment losses were recognized.
Derivative instruments	j . Derivative instruments : ASC No. 815, "Derivative and Hedging", requires companies to recognize all of their derivative instruments as either assets or liabilities in the statement of financial position at fair value. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. 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. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. To hedge against the risk of overall changes in cash flows resulting from foreign currency salary payments during the year, the Company has instituted a foreign currency cash flow hedging program. The Company hedges portions of its forecasted expenses denominated in NIS. These forward and option contracts are designated as cash flow hedges, as defined by ASC 815, and are all effective, as their critical terms match underlying transactions being hedged. As of December 31, 2014 and 2015, the amount recorded in accumulated other comprehensive loss from the Company's currency forward and option transactions was $ 333 63 93 18 At December 31, 2015, the notional amounts of foreign exchange forward and options contracts into which the Company entered were $ 13,432 16 399 130 In addition to the derivatives that are designated as hedges as discussed above, the Company enters into certain foreign exchange forward transactions to economically hedge certain account receivables in Euros. 4,903 139 20 13 In the years ended December 31, 2013, 2014 and 2015, the Company recorded net financial income (loss), net from hedging transactions in the amount of $ (1 35 260
Severance pay	k . Severance pay: The Israel i Severance Pay Law, 1963 ( " Severance Pay Law " ), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one month salary for each year of employment, or a portion thereof. Part of the Company ' s liability for severance pay is covered by the provisions of Section 14 of the Severance Pay Law ( " Section 14 " ). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33 continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company ' s balance sheet. For the Company ' s employees in Israel who are not subject to S ection 14, the Company calculated the liability for severance pay pursuant to the Severance Pay Law based on the most recent salary of these employees multiplied by the number of years of employment as of the balance sheet date. The Company ' s liability for these employees is fully provided for via monthly deposits with severance pay funds, insurance policies and an accrual. The value of these deposits is recorded as an asset on the Company ' s balance sheet . Severance expense for the year s ended December 31, 201 3 , 201 4 and 201 5 , amounted to $ 1,057 , $ 1,187 and $ 1,794 , respectively .
U.S. employees defined contribution plan	l . U.S. e mployee s defined contribution plan: The U.S. subsidiary has a 401(K) defined contribution plan covering certain full time employees in the U.S. All eligible employees may elect to contribute up to an annual maximum, of lesser of 60 their annual compensation to the plan through salary deferrals, subject to Internal Revenue Service limits but not greater than $ 18 per year (for certain employees over 50 years of age the maximum contribution is $ 24 per year). The U.S. subsidiary matches amount equal to 100 3 50 2 9.8 a year. During the years ended December 31, 201 3 , 201 4 and 201 5 the U.S. subsidiary recorded expenses for matching contributions in amounts of $ 372 , $ 544 and $ 907 , respectively .
Revenue recognition	m . Revenue recognition: The Company generate s revenues from licensing the rights to use its software products and from maintenance and professional services. The Company sells its products through its direct sales force and indirectly through resellers . The Company accounts for its software licensing sales in accordance with ASC 985-605, " Software Revenue Recognition " . ASC 985-605 generally requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on the relative fair value of the elements when Vendor Specific Objective Evidence ( " VSOE " ) of fair value exists for all elements and to be allocated to the different elements in the arrangement under the " residual method " when VSOE of fair value exists for all undelivered elements and no VSOE exists for the delivered elements . M aintenance and professional services are sold separately and therefore the selling price (VSOE) is based on stand-alone transactions . Under the residual method, at the outset of the arrangement with the customer, the Company defers revenue for the fair value of its undelivered elements and recognizes revenue for the remainder of the arrangement fee attributable to the elements initially delivered in the arrangement (software element ) when all other criteria in ASC 985-605 have been met. Any discount in the arrangement is allocated to the delivered element. Software license revenues are recognized when persuasive evidence of an arrangement exists, the software license has been delivered, there are no uncertainties surrounding product acceptance, there are no significant future performance obligations, the license fees are fixed or determinable and collection of the license fee is considered probable. Fees for arrangements with payment terms extending beyond customary payment terms are considered not to be fixed or determinable, in which case revenue is deferred and recognized when payments become due from the customer provided that all other revenue recognition criteria have been met . Revenues from maintenance and support contracts are recognized ratably, on a straight-line basis over the term of the related contract and revenues from professional services consist mostly of time and material services and accordingly, are recognized as the services are performed . Professional service is not consider ed to be essential to the functionality of the software . The Company generally do es not grant a right of return to its customers. The Company ' s software license, maintenance and professional services sold through distributors are non-exchangeable, non-refundable, non-returnable and without any rights of price protection. Accordingly, the Company considers distributors as end-users . In transactions where a customer ' s contractual terms include a provision for customer acceptance, revenues are recognized when such acceptance has been obtained or when the acceptance provision has lapsed . Deferred revenue includes unearned amounts received under maintenance and support contracts, professional services and amounts received from customers for licenses but not recognized as revenues due to the fact that these transactions did not meet the revenue recognition criteria , as of the balance sheet date .
Research and development costs	n . Research and development costs: Research and development costs are charged to the statements of comprehensive income as incurred. ASC 985-20, " Software-Costs of Software to Be Sold, Leased, or Marketed " , requires capitalization of certain software development costs subsequent to the establishment of technological feasibility . Based on the Company ' s product development process, technological feasibility is established upon completion of a working model. Costs incurred by the Company between completion of the working models and the point at which the products are ready for general release, have been insignificant. Therefore, all research and development costs are expensed as incurred .
Marketing expenses	o . Marketing expenses: Marketing expenses consist primarily of marketing campaigns and tradeshows . Marketing expenses are charged to the statement of comprehensive income , as incurred. Marketing expenses for the years ended December 31, 201 3 , 201 4 and 20 1 5 , amounted to $ 5,155 , $ 5,896 and $ 7,498 , respectively.
Share-based compensation	p . S hare-based compensation: The Company accounts for share-based compensation in accordance with ASC 718, " Compensation - Stock Compensation " ( " ASC No. 718 " ) . ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. 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 comprehensive income . 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 No. 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. The Company has selected the Black-Scholes-Merton option-pricing model as the most appropriate fair value method for its option awards. The option-pricing model requires a number of assumptions, of which the most significant are the expected share price, volatility and the expected option term . The fair value of o rdinary share underlying the options has historically been determined by management and approved by the Company ' s board of directors. Because there has been no public market for the Company ' s o rdinary share s , management has determined fair value of an o rdinary share at the time of grant of the option by considering a number of objective and subjective factors including financing investment rounds , operating and financial performance, the lack of liquidity of share capital and general and industry specific economic outlook, amongst other factors. The Company's management determined the fair value of ordinary shares based on valuations performed using the Option Pricing Method ("OPM") for the year ended December 31, 2013 and for the period from January 1, 2014 and up to September 24, 2014. Since September 24, 2014 , the ordinary shares have been publicly traded.
Income taxes	q . Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, " Income Taxes " . This codification prescribes the use of the asset and 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 for carry-forward tax losses. Deferred taxes are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that some portion or all of the deferred tax asset will not be realized . In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"), which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The updated standard is effective 3,788 The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, " Income Taxes " . Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Accordingly, the Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in tax expense.
Basic and diluted net income per share	r . Basic and diluted net income per share: The Company applies the two class method as required by ASC No. 260-10, " Earnings Per Share " ( " ASC No. 260-10 " ) . ASC 260-10 requires the income per share for each class of shares ( o rdinary and p referred shares) to be calculated assuming 100% of the Company ' s earnings are distributed as dividends to each class of shares based on their contractual rights. No dividends were declared or paid during the reported periods. Basic and diluted net income per share is computed based on the weighted-average number of shares of o rdinary shares outstanding during each year. Diluted income per share is computed based on the weighted average number of o rdinary shares outstanding during the period, plus dilutive potential shares considered outstanding during the period, in accordance with ASC 260-10. The total weighted average number of shares related to outstanding options , RSU's, warrants and preferred shares that have been excluded from the calculations of diluted net earnings per share was 17,062,890 , 437,176 and 484,726 for the years ended December 31, 2013 , 2014 and 20 15 , respectively .
Comprehensive income (loss)	s . Comprehensive income (loss) : The Company accounts for comprehensive income (loss) in accordance with Accounting Standards Codification No. 220, " Comprehensive Income " ( " ASC No. 220 " ). This statement establishes standards for the reporting and display of comprehensive income (loss) and its components in a full set of general purpose financial statements. Comprehensive income (loss) generally represents all changes in shareholders ' equity during the period except those resulting from investments by, or distributions to shareholders.
Concentration of credit risks	t . Concentration of credit risks: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents , short-term bank deposits and trade receivables . The majority of the Company ' s cash and cash equivalents and short-term bank deposits are invested with major bank in Israel and the United States. Such investments in the United States may be in excess of insured limits and are not insured in other jurisdictions. Generally, these investments may be redeemed upon demand and, therefore, bear minimal risk . The trade receivables of the Company are mainly derived from sales to customers located primarily in the United States, Europe and Asia. The Company performs ongoing credit evaluations of its customers and to date has not experienced any significant losses.
Fair value of financial instruments	u . Fair value of financial instruments: The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange . The following methods and assumptions were used by the Company in estimating the fair value of their financial instruments: The carrying values of cash and cash equivalents, short-term bank deposits, trade receivables, prepaid expenses and other current assets, trade payables , employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. The Company applies ASC No. 820, " Fair Value Measurements and Disclosures " ( " ASC No. 820 " ), with respect to fair value measurements of all financial assets and liabilities. The fair value of foreign currency contracts (used for hedging purposes) is estimated by obtaining current quotes from banks and third party valuations . 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-tier 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 . In accordance with ASC 820, the Company measures its foreign currency derivative contracts, at fair value using the market approach valuation technique. Foreign currency derivative contracts as detailed in note 2.j are classified within Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments. Warrants to purchase preferred shares as detailed in note 2.v are classified within Level 3 value hierarchy, which is determined using a valuation model completed by a third party valuation firm.
Warrants to purchase preferred shares	v . Warrants to purchase preferred shares : The Company accounted for freestanding warrants to purchase shares of its preferred shares as a liability on its consolidated balance sheet at fair value. The warrants to purchase preferred shares were recorded as a liability as the underlying preferred shares were contingently redeemable (upon a deemed liquidation event) and, therefore, could have obligated the Company to transfer assets in the future. The warrants 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 expense, net, on the consolidated statements of comprehensive income. During the years ended December 31, 2013 and 2014, the Company recorded financial expenses from change in the warrants' fair value in the amount of $ 1,446 4,309 Upon the IPO, the warrants were exercised for Series B3 preferred shares which were later converted into ordinary shares. See also note 8.c.2. The Company re-measured the warrants as of the conversion date using the intrinsic value based on the IPO price. The following assumptions were used to estimate the value of the Series B3 preferred shares warrants as of December 31, 2013: Year ended December 31, 2013 Expected volatility 45 Expected dividends 0 Expected term (in years) 2 Risk free rate 0.31
The impact of recently issued accounting standards still not effective for the Company as of December 31, 2015	w . In February 2016, the FASB issued an Accounting Standards Update (“ASU”) 2016-02. ASU 2016-02 changes the current lease accounting standard by requiring the recognition of lease assets and lease liabilities for all leases, including those currently classified as operating leases. This new guidance is to be applied under a modified retrospective application to the earliest reporting period presented for reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact of this new guidance on its financial statements. In May 2014, the FASB issued an accounting standard update on revenue from contracts with customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. On April 1, 2015 the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting for annual reporting periods.

GENERAL (Tables)

GENERAL (Tables)	12 Months Ended
	Dec. 31, 2015
GENERAL [Abstract]
Schedule of Pro Forma Results	December 31, 2014 2015 Pro forma revenue $ 108,517 $ 165,924 Pro forma net income $ 76 $ 18,725 Basic net income (loss) per ordinary share $ (0.28 ) $ 0.58 Diluted net income (loss) per ordinary share $ (0.28 ) $ 0.53

SIGNIFICANT ACCOUNTING POLICI22

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule of Depreciation Rates	% Computers and related equipment 25 33 Office furniture and equipment 7 20 Leasehold improvements Over the shorter of the related lease period or the life of the asset
Schedule of Fair Value Assumptions	Year ended December 31, 2013 Expected volatility 45 Expected dividends 0 Expected term (in years) 2 Risk free rate 0.31

PREPAID EXPENSES AND OTHER CU23

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]
Schedule of Prepaid Expenses And Other Current Assets	December 31, 2014 2015 Government authorities $ 18 $ 694 Hedging transaction assets - 155 Prepaid expenses 1,793 2,154 Other current assets 267 290 $ 2,078 $ 3,293

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
PROPERTY AND EQUIPMENT [Abstract]
Schedule of Property And Equipment	December 31, 2014 2015 Cost: Computers and related equipment $ 2,293 $ 3,712 Leasehold improvements 557 1,092 Office furniture and equipment 687 1,095 3,537 5,899 Less accumulated depreciation 1,389 2,315 Depreciated cost $ 2,148 $ 3,584

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2015
INTANGIBLE ASSETS, NET [Abstract]
Schedule of Intangible Assets	December 31, 2015 Original amount: Technology $ 14,073 Customer relationship 5,120 Other 490 19,683 Accumulated amortization: Technology 1,053 Customer relationship 2 Other 70 1,125 Intangible assets, net $ 18,558
Schedule of Future Amortization Expense	2016 $ 4,586 2017 4,320 2018 4,047 2019 3,077 2020 1,404 Thereafter 1,124 $ 18,558

ACCRUED EXPENSES AND OTHER CU26

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]
Schedule of Accrued Expenses And Other Current Liabilities	December 31, 2014 2015 Government authorities $ 5,015 $ 7,131 Accrued expenses 1,186 1,730 Uncertain tax position 322 362 Hedging transaction liabilities 419 143 $ 6,942 $ 9,366

COMMITMENTS AND CONTINGENT LI27

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]
Schedule of Minimum Rental Payments	Rental of premises Lease of 2016 $ 2,856 $ 334 2017 2,431 160 2018 2,724 25 2019 2,722 - 2020 2,733 - Thereafter 860 - $ 14,326 $ 519

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
SHAREHOLDERS' EQUITY [Abstract]
Schedule of Shares Capital	December 31, 2014 December 31, 2015 Authorized Issued and outstanding Authorized Issued and outstanding Number of shares Ordinary shares of NIS 0.01 250,000,000 30,501,352 250,000,000 33,289,839
Schedule of Conversion Ratio	Conversion Ratio Series A preferred Shares 1.094 Series A1 preferred Shares 1.485 Series B preferred Shares 1 Series B1 preferred Shares(*) 1 Series B2 preferred Shares 1 Series B3 preferred Shares 1 (*) with respect only to the Series B1 preferred shares, serial numbers 226,503 to 257,565 (inclusive), the Conversion Price was 1.543 1.001451717.
Schedule of Share Based Compensation Expense	Year ended December 31, 2013 2014 2015 Cost of revenues $ 39 $ 137 $ 499 Research and development 73 172 1,507 Sales and marketing 126 347 2,214 General and administrative 165 917 2,829 Total share-based compensation expense $ 403 $ 1,573 $ 7,049
Schedule of Stock Option Activity	Amount of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance as of December 31, 2014 4,564,764 $ 2.57 5.96 $ 169,410 Granted 702,566 $ 55.73 Exercised (1,855,773 ) $ 0.98 Forfeited (52,682 ) $ 21.82 Balance as of December 31, 2015 3,358,875 $ 14.27 6.54 $ 111,093 Exercisable as of December 31, 2015 2,156,965 $ 3.12 5.28 $ 91,108 Vested and expected to vest as of December 31, 2015 3,324,648 $ 14.05 6.52 $ 110,492
Schedule of Fair Value Assumptions	Year ended December 31, 2013 2014 2015 Expected volatility 45 % 45 % 45 % Expected dividends 0 0 0 Expected term (in years) 6.11 5.81 6.11 5.78 6.12 Risk free rate 1.15 2.64 1.55 2.02 1.37 1.68
Schedule of Options Data	Year ended December 31, 2013 2014 2015 Weighted-average grant date fair value of options granted $ 2.03 $ 6.95 $ 24.56 Total intrinsic value of the options exercised $ 1,858 $ 9,943 $ 110,191 Total fair value of options vested $ 340 $ 925 $ 2,054
Schedule of Outstanding and Exercisable Options	Exercise price Options outstanding as of December 31, 2 015 Weighted average remaining contractual term Options exercisable as of December 31, 2015 Weighted average remaining contractual term (years) (years) $ 0.20 108,555 5.53 108,555 5.53 $ 0.41 683,146 2.12 683,146 2.12 $ 1.06 179,776 5.55 179,776 5.55 $ 1.46 782,832 6.39 714,733 6.39 $ 1.78 161,818 7.04 94,017 7.06 $ 2.21 70,890 7.42 33,577 7.42 $ 6.47 323,916 7.97 154,076 7.97 $ 8.84 50,000 8.09 37,500 8.09 $ 9.93 59,063 8.32 22,077 8.32 $ 14.00 224,000 8.70 93,338 8.70 $ 42.33 22,100 9.95 - - $ 44.37 26,913 8.88 9,680 8.88 $ 47.40 186,400 9.70 - - $ 49.42 12,331 9.80 - - $ 55.30 28,022 9.70 - - $ 58.55 229,255 9.53 - - $ 58.86 22,000 9.14 3,000 9.14 $ 59.14 45,188 9.62 - - $ 63.37 125,270 9.45 23,490 9.45 $ 64.93 17,400 9.33 - - 3,358,875 6.54 2,156,965 5.28
Schedule of RSU Activity	Amount of RSU's Weighted average grant date fair value Unvested as of December 31, 2014 27,960 $ 44.37 Granted 399,006 $ 54.14 Vested (18,426) $ 56.14 Forfeited (11,630) $ 51.65 Unvested as of December 31, 2015 396,910 $ 53.44

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
INCOME TAXES [Abstract]
Schedule of Income Before Income Taxes	Year ended December 31, 2013 2014 2015 Domestic $ 6,304 $ 13,194 $ 28,285 Foreign 1,651 1,272 3,458 $ 7,955 $ 14,466 $ 31,743
Schedule of Deferred Tax Assets and Liabilities	Year ended December 31, 2014 2015 Deferred tax assets: Net operating loss carry-forwards $ 50 $ 5,584 Capital losses carry-forwards 52 52 Research and development expenses 2,116 2,945 Deferred revenues 1,824 3,760 Issuance expenses 1,083 790 Share-based compensation 97 549 Other 807 1,590 Deferred tax assets before valuation allowance 6,029 15,270 Valuation allowance 52 52 Deferred tax asset $ 5,977 $ 15,218 Deferred tax liabilities: Intangible assets $ - $ 5,761 Property and equipment depreciation and other 176 213 Deferred tax liabilities $ 176 $ 5,974
Schedule of Income Taxes	Year ended December 31, 2013 2014 2015 Current $ 2,089 $ 4,467 $ 10,042 Deferred (769) 45 (4,093) $ 1,320 $ 4,512 $ 5,949 Year ended December 31, 2013 2014 2015 Domestic $ 1,096 $ 2,485 $ 5,208 Foreign 224 2,027 741 $ 1,320 $ 4,512 $ 5,949
Schedule of Reconciliation of Income Taxes	Year ended December 31, 2013 2014 2015 Income before income taxes $ 7,955 $ 14,466 $ 31,743 Statutory tax rate 25 % 26.5 % 26.5 % Theoretical income tax expense 1,989 3,833 8,412 Utilization of tax losses and deferred taxes for which valuation allowance was provided, net 4 (143 ) (771 ) Deferred taxes on losses for which valuation allowance was provided, net (91 ) 834 (1,713 ) Non-deductible expenses 251 1,165 2,295 Increase in other uncertain tax positions—net 175 19 8 Tax adjustment in respect of different tax rate (979 ) (838 ) (2,303 ) Other (29 ) (358 ) 21 Income tax expense $ 1,320 $ 4,512 $ 5,949
Schedule of Unrecognized Tax Benefits	Year ended December 31, 2014 2015 Opening balance $ 272 $ 322 Increase (decrease) related to prior year tax positions (5 ) 4 Increase related to current year tax positions 55 36 Closing balance $ 322 $ 362

FINANCIAL INCOME (EXPENSES), 30

FINANCIAL INCOME (EXPENSES), NET (Tables)	12 Months Ended
	Dec. 31, 2015
FINANCIAL INCOME (EXPENSES), NET [Abstract]
Schedule of Financial Income (Expenses)	Year ended December 31, 2013 2014 2015 Bank charges $ (62 ) $ (63 ) $ (86 ) Changes in fair value of warrants to purchase preferred shares (1,446 ) (4,309 ) - Exchange rate gain (loss), net 307 (1,817 ) (1,723 ) Total expenses (1,201 ) (6,189 ) (1,809 ) Interest income 77 201 330 Total financial expenses, net $ (1,124 ) $ (5,988 ) $ (1,479 )

BASIC AND DILUTED NET INCOME 31

BASIC AND DILUTED NET INCOME PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
BASIC AND DILUTED NET INCOME PER SHARE [Abstract]
Schedule of Basic and Diluted Income per Share	Year ended December 31, 2013 2014 2015 Numerator: Net income $ 6,635 $ 9,954 $ 25,794 Dividends accumulated for the period (4,879) (3,815) - Net income available to shareholders of ordinary shares $ 1,756 $ 6,139 $ 25,794 Denominator: Shares used in computing net income per ordinary shares, basic 6,900,433 13,335,059 32,124,772 Year ended December 31, 2013 2014 2015 Numerator: Net income $ 6,635 $ 9,954 $ 25,794 Dividends accumulated for the period (4,879) - - Net income available to shareholders of ordinary shares $ 1,756 $ 9,954 $ 25,794 Denominator: Shares used in computing net income per ordinary shares, diluted 10,765,914 29,704,730 35,322,716

SEGMENTS, CUSTOMERS AND GEOGR32

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION [Abstract]
Schedule of Revenue by Geographic Location	Year ended December 31, 2013 2014 2015 United States $ 32,041 $ 60,761 $ 92,034 Israel 3,383 4,234 5,203 United Kingdom 6,862 12,220 16,746 EMEA (*) 15,551 16,744 28,695 Other 8,320 9,040 18,134 $ 66,157 $ 102,999 $ 160,812
Schedule of Long-Lived Assets by Geographic Location	December 31, 2014 2015 United States $ 606 $ 929 Israel 1,336 2,418 United Kingdom 143 155 EMEA (*) 15 22 Other 48 60 $ 2,148 $ 3,584

GENERAL (Narrative) (Details)

GENERAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						12 Months Ended
	Oct. 31, 2015	Sep. 30, 2015	Aug. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
General [Line Items]
Ordinary shares issued for service				4,000,000	4,600,000
Public offering price					$ 51
Total net proceeds received from offering							$ 52,575	$ 88,468
Acquisition costs							$ 677
Cybertinel
General [Line Items]
Total consideration			$ 20,515
Viewfinity
General [Line Items]
Total consideration	$ 30,500
Agata
General [Line Items]
Total consideration		$ 3,112
IPO
General [Line Items]
Ordinary shares issued for service						6,164,000
Public offering price						$ 16
Total net proceeds received from offering						$ 88,468
Underwriting discounts and commissions						6,904
Other offering expense						$ 3,846
Secondary Offering [Member]
General [Line Items]
Ordinary shares issued for service				900,000
Public offering price				$ 61
Total net proceeds received from offering				$ 52,575
Underwriting discounts and commissions				2,196
Other offering expense				$ 129
Over-Allotment Option
General [Line Items]
Ordinary shares issued for service						804,000
Public offering price						$ 16

GENERAL (Schedule of Pro Forma

GENERAL (Schedule of Pro Forma Results) (Details) - Cybertinel View Finity And Agata [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Pro forma revenue	$ 165,924	$ 108,517
Pro forma net income	$ 18,725	$ 76
Basic net income (loss) per ordinary share	$ 0.58	$ (0.28)
Diluted net income (loss) per ordinary share	$ 0.53	$ (0.28)

SIGNIFICANT ACCOUNTING POLICI35

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]
Weighted average interest rates, bank deposit	0.40%	0.60%
Financial expenses, net	$ (1,479,000)	$ (5,988,000)	$ (1,124,000)
Employees entitled severance monthly deposit, as a percentage of salary	8.33%
Severance expense	$ 1,794,000	1,187,000	1,057,000
Marketing expenses	$ 7,498,000	5,896,000	$ 5,155,000
Deferred tax assets, reclassification		$ 3,788,000
Antidilutive securities excluded from computation of earnings per share, amount		484,726	437,176	17,062,890
Changes in fair value of warrants to purchase preferred shares		$ 4,309,000	$ 1,446,000
Minimum
Significant Accounting Policies [Line Items]
Intangible assets, useful life	1 year
Maximum
Significant Accounting Policies [Line Items]
Intangible assets, useful life	13 years
Foreign Exchange Forward and Option
Significant Accounting Policies [Line Items]
Accumulated other comprehensive loss from currency forward and option transactions	$ 93,000	333,000
Accumulated other comprehensive loss from currency forward and option transactions, tax	18,000	63,000
Notional amounts	13,432,000
Foreign Exchange Forward and Option | Derivative Assets
Significant Accounting Policies [Line Items]
Fair value of derivative asset	16,000
Foreign Exchange Forward and Option | Derivative Liabilities
Significant Accounting Policies [Line Items]
Fair value of derivative liability	130,000	399,000
Foreign Exchange Forward
Significant Accounting Policies [Line Items]
Notional amounts	4,903,000
Financial expenses, net	260,000	35,000	(1,000)
Foreign Exchange Forward | Derivative Assets
Significant Accounting Policies [Line Items]
Fair value of derivative asset	139,000
Foreign Exchange Forward | Derivative Liabilities
Significant Accounting Policies [Line Items]
Fair value of derivative liability	$ 13,000	20,000
United States
Significant Accounting Policies [Line Items]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	60.00%
Maximum annual contribution per employee	$ 18,000
Matching contribution expense	907,000	$ 544,000	$ 372,000
United States | Maximum
Significant Accounting Policies [Line Items]
Maximum employer's annual contribution per employee	9,800
United States | Certain employees over 50 years of age
Significant Accounting Policies [Line Items]
Maximum annual contribution per employee	$ 24,000
United States | First 3% of Employee Contribution
Significant Accounting Policies [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
United States | Next 2% of Employee Contribution
Significant Accounting Policies [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%

SIGNIFICANT ACCOUNTING POLICI36

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates) (Details)	12 Months Ended
	Dec. 31, 2015
Computers and Related Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment annual depreciation rate	25.00%
Computers and Related Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment annual depreciation rate	33.00%
Office Furniture And Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment annual depreciation rate	7.00%
Office Furniture And Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment annual depreciation rate	20.00%

SIGNIFICANT ACCOUNTING POLICI37

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Fair Value Assumptions) (Details)	12 Months Ended
	Dec. 31, 2013
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Expected volatility	45.00%
Expected dividends	0.00%
Expected term (in years)	2 years
Risk free rate	0.31%

PREPAID EXPENSES AND OTHER CU38

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]
Government authorities	$ 694	$ 18
Hedging transaction assets	155
Prepaid expenses	2,154	$ 1,793
Other current assets	290	267
Prepaid expenses and other current assets	$ 3,293	$ 2,078

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 5,899	$ 3,537
Less accumulated depreciation	2,315	1,389
Depreciated cost	3,584	2,148
Computers and Related Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,712	2,293
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,092	557
Office Furniture And Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,095	$ 687

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
PROPERTY AND EQUIPMENT [Abstract]
Depreciation expense	$ 1,129	$ 746	$ 475

INTANGIBLE ASSETS, NET (Schedul

INTANGIBLE ASSETS, NET (Schedule of Intangible Assets) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Original amount	$ 19,683
Accumulated amortization	1,125
Intangible assets, net	18,558
Technology
Finite-Lived Intangible Assets [Line Items]
Original amount	14,073
Accumulated amortization	1,053
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Original amount	5,120
Accumulated amortization	2
Other
Finite-Lived Intangible Assets [Line Items]
Original amount	490
Accumulated amortization	$ 70

INTANGIBLE ASSETS, NET (Narrati

INTANGIBLE ASSETS, NET (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
INTANGIBLE ASSETS, NET [Abstract]
Amortization expense	$ 1,125

INTANGIBLE ASSETS, NET (Sched43

INTANGIBLE ASSETS, NET (Schedule of Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2015USD ($)
INTANGIBLE ASSETS, NET [Abstract]
2,016	$ 4,586
2,017	4,320
2,018	4,047
2,019	3,077
2,020	1,404
Thereafter	1,124
Intangible assets, net	$ 18,558

ACCRUED EXPENSES AND OTHER CU44

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]
Government authorities	$ 7,131	$ 5,015
Accrued expenses	1,730	1,186
Uncertain tax position	362	322
Hedging transaction liabilities	143	419
Accrued expenses and other current liabilities	$ 9,366	$ 6,942

COMMITMENTS AND CONTINGENT LI45

COMMITMENTS AND CONTINGENT LIABILITIES (Schedule of Minimum Rental Payments) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Rental of Premises
Property Subject to or Available for Operating Lease [Line Items]
2,016	$ 2,856
2,017	2,431
2,018	2,724
2,019	2,722
2,020	2,733
Thereafter	860
Total	14,326
Lease of Motor Vehicles
Property Subject to or Available for Operating Lease [Line Items]
2,016	334
2,017	160
2,018	$ 25
2,019
2,020
Thereafter
Total	$ 519

COMMITMENTS AND CONTINGENT LI46

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leased Assets [Line Items]
Rent expenses	$ 2,653	$ 2,309	$ 1,303
Pledged bank deposit for office lease agreement and hedging transaction	1,571
Bank guarantee, office lease agreement	916
Lease of Motor Vehicles
Operating Leased Assets [Line Items]
Rent expenses	$ 435	$ 369	$ 386

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of Shares Capital) (Details) - ₪ / shares	Dec. 31, 2015	Dec. 31, 2014
SHAREHOLDERS' EQUITY [Abstract]
Ordinary Shares Authorized	250,000,000	250,000,000
Ordinary shares, issued	33,289,839	30,501,352
Ordinary shares, outstanding	33,289,839	30,501,352
Ordinary shares, par value	₪ 0.01	₪ 0.01

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Aug. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Ordinary shares issued for service		4,000,000	4,600,000
Public offering price			$ 51
Total net proceeds received from offering					$ 52,575	$ 88,468
Share based compensation number of shares available for grant					367,055
Share based compensation expiration period					10 years
Share based compensation vesting period					4 years
Unrecognized share based compensation expense					$ 33,559
Unrecognized share based compensation expense recognition period					2 years 11 months 26 days
Warrants donated	15,000
Warrants exercise price	$ 2.21
Share based compensation expenses	$ 19				$ 7,049	$ 1,573	$ 403
Expected dividend yield					0.00%	0.00%	0.00%
Fair value of shares per share					$ 45.14
IPO
Class of Stock [Line Items]
Ordinary shares issued for service				6,164,000
Public offering price				$ 16
Total net proceeds received from offering				$ 88,468
Underwriting discounts and commissions				6,904
Other offering expense				$ 3,846
IPO | Excluding Underwriter Option
Class of Stock [Line Items]
Ordinary shares issued for service				5,360,000
Secondary Offering
Class of Stock [Line Items]
Ordinary shares issued for service		900,000
Public offering price		$ 61
Total net proceeds received from offering		$ 52,575
Underwriting discounts and commissions		2,196
Other offering expense		$ 129
Over-Allotment Option
Class of Stock [Line Items]
Ordinary shares issued for service				804,000
Public offering price				$ 16
Offering expense included in additional paid-in capital balance				$ 592

SHAREHOLDERS' EQUITY (Schedul49

SHAREHOLDERS' EQUITY (Schedule of Conversion Ratio) (Details)	12 Months Ended
	Dec. 31, 2015
Series A Preferred Stock
Class of Stock [Line Items]
Preferred Shares, Conversion Ratio	1.094
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred Shares, Conversion Ratio	1.485
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Shares, Conversion Ratio	1
Series B1 Preferred Stock
Class of Stock [Line Items]
Preferred Shares, Conversion Ratio	1	[1]
Series B2 Preferred Stock
Class of Stock [Line Items]
Preferred Shares, Conversion Ratio	1
Series B3 Preferred Stock
Class of Stock [Line Items]
Preferred Shares, Conversion Ratio	1
[1]	with respect only to the Series B1 preferred shares, serial numbers 226,503 to 257,565 (inclusive), the Conversion Price was 1.543, which results in a Conversion Ratio of 1.001451717.

SHAREHOLDERS' EQUITY (Schedul50

SHAREHOLDERS' EQUITY (Schedule of Conversion Ratio) (Parenthetical) (Details) - Series B1 Preferred Stock	12 Months Ended
	Dec. 31, 2015$ / shares
Class of Stock [Line Items]
Preferred Shares, Conversion Ratio	1	[1]
Serial numbers 226,503 to 257,565 (inclusive)
Class of Stock [Line Items]
Preferred Shares, Conversion price	$ 1.543
[1]	with respect only to the Series B1 preferred shares, serial numbers 226,503 to 257,565 (inclusive), the Conversion Price was 1.543, which results in a Conversion Ratio of 1.001451717.

SHAREHOLDERS' EQUITY (Schedul51

SHAREHOLDERS' EQUITY (Schedule of Share Based Compensation Expense) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 19	$ 7,049	$ 1,573	$ 403
Cost of Revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		499	137	39
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		1,507	172	73
Selling and Marketing Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		2,214	347	126
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 2,829	$ 917	$ 165

SHAREHOLDERS' EQUITY (Schedul52

SHAREHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Amount of options
Beginning balance	4,564,764
Granted	702,566
Exercised	(1,855,773)
Forfeited	(52,682)
Ending balance	3,358,875	4,564,764
Exercisable as of December 31, 2015	2,156,965
Vested and expected to vest as of December 31, 2015	3,324,648
Weighted average exercise price
Beginning balance	$ 2.57
Granted	55.73
Exercised	0.98
Forfeited	21.82
Ending balance	14.27	$ 2.57
Exercisable as of December 31, 2015	3.12
Vested and expected to vest as of December 31, 2015	$ 14.05
Weighted average remaining contractual term (in years)
Options outstanding	6 years 6 months 14 days	5 years 11 months 16 days
Exercisable as of December 31, 2015	5 years 3 months 11 days
Vested and expected to vest as of December 31, 2015	6 years 6 months 7 days
Aggregate intrinsic value
Options outstanding	$ 111,093	$ 169,410
Exercisable as of December 31, 2015	91,108
Vested and expected to vest as of December 31, 2015	$ 110,492

SHAREHOLDERS' EQUITY (Schedul53

SHAREHOLDERS' EQUITY (Schedule of Fair Value Assumptions) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	45.00%	45.00%	45.00%
Expected dividends	0.00%	0.00%	0.00%
Expected term (in years)			6 years 1 month 10 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 9 months 11 days	5 years 9 months 22 days
Risk free rate	1.37%	1.55%	1.15%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 13 days	6 years 1 month 10 days
Risk free rate	1.68%	2.02%	2.64%

SHAREHOLDERS' EQUITY (Schedul54

SHAREHOLDERS' EQUITY (Schedule of Options Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SHAREHOLDERS' EQUITY [Abstract]
Weighted-average grant date fair value of options granted	$ 24.56	$ 6.95	$ 2.03
Total intrinsic value of the options exercised	$ 110,191	$ 9,943	$ 1,858
Total fair value of options vested	$ 2,054	$ 925	$ 340

SHAREHOLDERS' EQUITY (Schedul55

SHAREHOLDERS' EQUITY (Schedule of Outstanding and Exercisable Options) (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	3,358,875
Weighted average remaining contractual term (years)	6 years 6 months 14 days
Options exercisable	2,156,965
Weighted average remaining contractual term (years)	5 years 3 months 11 days
$ 0.20
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 0.20
Options outstanding	108,555
Weighted average remaining contractual term (years)	5 years 6 months 11 days
Options exercisable	108,555
Weighted average remaining contractual term (years)	5 years 6 months 11 days
$ 0.41
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 0.41
Options outstanding	683,146
Weighted average remaining contractual term (years)	2 years 1 month 13 days
Options exercisable	683,146
Weighted average remaining contractual term (years)	2 years 1 month 13 days
$ 1.06
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 1.06
Options outstanding	179,776
Weighted average remaining contractual term (years)	5 years 6 months 18 days
Options exercisable	179,776
Weighted average remaining contractual term (years)	5 years 6 months 18 days
$ 1.46
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 1.46
Options outstanding	782,832
Weighted average remaining contractual term (years)	6 years 4 months 20 days
Options exercisable	714,733
Weighted average remaining contractual term (years)	6 years 4 months 20 days
$ 1.78
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 1.78
Options outstanding	161,818
Weighted average remaining contractual term (years)	7 years 14 days
Options exercisable	94,017
Weighted average remaining contractual term (years)	7 years 22 days
$ 2.21
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 2.21
Options outstanding	70,890
Weighted average remaining contractual term (years)	7 years 5 months 1 day
Options exercisable	33,577
Weighted average remaining contractual term (years)	7 years 5 months 1 day
$ 6.47
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 6.47
Options outstanding	323,916
Weighted average remaining contractual term (years)	7 years 11 months 19 days
Options exercisable	154,076
Weighted average remaining contractual term (years)	7 years 11 months 19 days
$ 8.84
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 8.84
Options outstanding	50,000
Weighted average remaining contractual term (years)	8 years 1 month 2 days
Options exercisable	37,500
Weighted average remaining contractual term (years)	8 years 1 month 2 days
$ 9.93
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 9.93
Options outstanding	59,063
Weighted average remaining contractual term (years)	8 years 3 months 25 days
Options exercisable	22,077
Weighted average remaining contractual term (years)	8 years 3 months 25 days
$ 14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 14
Options outstanding	224,000
Weighted average remaining contractual term (years)	8 years 8 months 12 days
Options exercisable	93,338
Weighted average remaining contractual term (years)	8 years 8 months 12 days
$ 42.33
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 42.33
Options outstanding	22,100
Weighted average remaining contractual term (years)	9 years 11 months 12 days
Options exercisable
$ 44.37
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 44.37
Options outstanding	26,913
Weighted average remaining contractual term (years)	8 years 10 months 17 days
Options exercisable	9,680
Weighted average remaining contractual term (years)	8 years 10 months 17 days
$ 47.40
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 47.40
Options outstanding	186,400
Weighted average remaining contractual term (years)	9 years 8 months 12 days
Options exercisable
$ 49.42
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 49.42
Options outstanding	12,331
Weighted average remaining contractual term (years)	9 years 9 months 18 days
Options exercisable
$ 55.30
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 55.30
Options outstanding	28,022
Weighted average remaining contractual term (years)	9 years 8 months 12 days
Options exercisable
$ 58.55
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 58.55
Options outstanding	229,255
Weighted average remaining contractual term (years)	9 years 6 months 11 days
Options exercisable
$ 58.86
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 58.86
Options outstanding	22,000
Weighted average remaining contractual term (years)	9 years 1 month 20 days
Options exercisable	3,000
Weighted average remaining contractual term (years)	9 years 1 month 20 days
$ 59.14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 59.14
Options outstanding	45,188
Weighted average remaining contractual term (years)	9 years 7 months 13 days
Options exercisable
$ 63.37
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 63.37
Options outstanding	125,270
Weighted average remaining contractual term (years)	9 years 5 months 12 days
Options exercisable	23,490
Weighted average remaining contractual term (years)	9 years 5 months 12 days
$ 64.93
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares	$ 64.93
Options outstanding	17,400
Weighted average remaining contractual term (years)	9 years 3 months 29 days
Options exercisable

SHAREHOLDERS' EQUITY (Schedul56

SHAREHOLDERS' EQUITY (Schedule of RSU Activity) (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Unvested Amount of options
Unvested at beginning of period, shares | shares	27,960
Granted, shares | shares	399,006
Vested, shares | shares	(18,426)
Forfeited, shares | shares	(11,630)
Unvested at ending of period, shares | shares	396,910
Unvested weighted average grant date fair value
Unvested at beginning of period, weighted average grant date fair value | $ / shares	$ 44.37
Unvested weighted average grant date fair value, Granted | $ / shares	54.14
Unvested weighted average grant date fair value, Vested | $ / shares	56.14
Unvested weighted average grant date fair value, Forfeited | $ / shares	51.65
Unvested at ending of period, weighted average grant date fair value | $ / shares	$ 53.44

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Operating loss carry-forwards	$ 15,250
Capital tax losses	197
Tax benefit related to share-based compensation and issuance expenses	4,180	$ 2,270
Tax exempt profits	13,034
Income tax liability that would have been incurred if the Company's retained tax-exempt income is distributed	3,200
Israel
Operating Loss Carryforwards [Line Items]
Operating loss carry-forwards	3,142
Capital tax losses	197
U.S.
Operating Loss Carryforwards [Line Items]
Operating loss carry-forwards	$ 12,108
Operating loss carry-forwards, expiration term	20 years
Tax benefit related to share-based compensation and issuance expenses	$ 15,814

INCOME TAXES (Schedule of Incom

INCOME TAXES (Schedule of Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
INCOME TAXES [Abstract]
Domestic	$ 28,285	$ 13,194	$ 6,304
Foreign	3,458	1,272	1,651
Income before taxes on income	$ 31,743	$ 14,466	$ 7,955

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Net operating loss carry-forwards	$ 5,584	$ 50
Capital losses carry-forwards	52	52
Research and development expenses	2,945	2,116
Deferred revenues	3,760	1,824
Issuance expenses	790	1,083
Share-based compensation	549	97
Other	1,590	807
Deferred tax assets before valuation allowance	15,270	6,029
Valuation allowance	52	52
Deferred tax asset	15,218	$ 5,977
Deferred tax liabilities:
Intangible assets	5,761
Property and equipment depreciation and other	213	$ 176
Deferred tax liabilities	$ 5,974	$ 176

INCOME TAXES (Schedule of Inc60

INCOME TAXES (Schedule of Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
INCOME TAXES [Abstract]
Current	$ 10,042	$ 4,467	$ 2,089
Deferred	(4,093)	45	(769)
Domestic	5,208	2,485	1,096
Foreign	741	2,027	224
Taxes on income	$ 5,949	$ 4,512	$ 1,320

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Income before income taxes	$ 31,743	$ 14,466	$ 7,955
Statutory tax rate	26.50%	26.50%	25.00%
Theoretical income tax expense	$ 8,412	$ 3,833	$ 1,989
Utilization of tax losses and deferred taxes for which valuation allowance was provided, net	(771)	(143)	4
Deferred taxes on losses for which valuation allowance was provided, net	(1,713)	834	(91)
Non-deductible expenses	2,295	1,165	251
Increase in other uncertain tax positions-net	8	19	175
Tax adjustment in respect of different tax rate	(2,303)	(838)	(979)
Other	21	(358)	(29)
Income tax expense (benefit)	$ 5,949	$ 4,512	$ 1,320

INCOME TAXES (Schedule of Unrec

INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
INCOME TAXES [Abstract]
Opening balance	$ 322	$ 272
Increase (decrease) related to prior year tax positions	4	(5)
Increase related to current year tax positions	36	55
Closing balance	$ 362	$ 322

FINANCIAL INCOME (EXPENSES), 63

FINANCIAL INCOME (EXPENSES), NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
FINANCIAL INCOME (EXPENSES), NET [Abstract]
Bank charges	$ (86)	$ (63)	$ (62)
Changes in fair value of warrants to purchase preferred shares		(4,309)	(1,446)
Exchange rate gain (loss), net	$ (1,723)	(1,817)	307
Total expenses	(1,809)	(6,189)	(1,201)
Interest income	330	201	77
Total financial expenses, net	$ (1,479)	$ (5,988)	$ (1,124)

BASIC AND DILUTED NET INCOME 64

BASIC AND DILUTED NET INCOME PER SHARE (Schedule of Basic Income per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 25,794	$ 9,954	$ 6,635
Dividends accumulated for the period		(3,815)	(4,879)
Net income available to shareholders of ordinary shares	$ 25,794	$ 6,139	$ 1,756
Denominator:
Shares used in computing net income per ordinary shares, basic	32,124,772	13,335,059	6,900,433

BASIC AND DILUTED NET INCOME 65

BASIC AND DILUTED NET INCOME PER SHARE (Schedule of Diluted Income per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 25,794	$ 9,954	$ 6,635
Dividends accumulated for the period			(4,879)
Net income available to shareholders of ordinary shares	$ 25,794	$ 9,954	$ 1,756
Denominator:
Shares used in computing net income per ordinary shares, diluted	35,322,716	29,704,730	10,765,914

SEGMENTS, CUSTOMERS AND GEOGR66

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenue		$ 160,812	$ 102,999	$ 66,157
United States
Segment Reporting Information [Line Items]
Revenue		92,034	60,761	32,041
Israel
Segment Reporting Information [Line Items]
Revenue		5,203	4,234	3,383
United Kingdom
Segment Reporting Information [Line Items]
Revenue		16,746	12,220	6,862
EMEA
Segment Reporting Information [Line Items]
Revenue	[1]	28,695	16,744	15,551
Other
Segment Reporting Information [Line Items]
Revenue		$ 18,134	$ 9,040	$ 8,320
[1]	Europe, the Middle East and Africa excluding United Kingdom and Israel

SEGMENTS, CUSTOMERS AND GEOGR67

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION (Schedule of Long-Lived Assets by Geographic Location) (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Long lived assets		$ 3,584	$ 2,148
United States
Segment Reporting Information [Line Items]
Long lived assets		929	606
Israel
Segment Reporting Information [Line Items]
Long lived assets		2,418	1,336
United Kingdom
Segment Reporting Information [Line Items]
Long lived assets		155	143
EMEA
Segment Reporting Information [Line Items]
Long lived assets	[1]	22	15
Other
Segment Reporting Information [Line Items]
Long lived assets		$ 60	$ 48
[1]	Europe, the Middle East and Africa excluding United Kingdom and Israel