GENERAL (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Revenue from Contracts with Customers |
The effect of the changes made to the consolidated January 1, 2018 balance sheets following the adoption of ASC 606, Revenue - Revenue from Contracts with Customers were as follows:
| |
|
Balance as of December 31, 2017
|
|
|
Adjustments due following adoption of ASC 606
|
|
|
Balance as of January 1, 2018
|
|
| |
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Deferred Revenues - Current term
|
|
$
|
2,559
|
|
|
$
|
(89
|
)
|
|
$
|
2,470
|
|
|
Deferred Revenues - Long term
|
|
|
31,453
|
|
|
|
3,961
|
|
|
|
35,414
|
|
|
Retained earnings
|
|
$
|
66,172
|
|
|
$
|
(3,872
|
)
|
|
$
|
62,300
|
|
|
| Schedule of Impact of Adoption of Financial Statements |
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the Company’s condensed consolidated statements of income, cash flows, and balance sheets were as follows:
| |
|
Three months ended June 30, 2018 (Unaudited)
|
|
| |
|
As Reported
|
|
|
Balances before adoption of ASC 606
|
|
|
Effect of change
|
|
| |
|
|
|
|
|
|
|
|
|
|
Statements of operations
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
227,118
|
|
|
$
|
227,067
|
|
|
$
|
51
|
|
|
Financial income (expenses), net
|
|
|
(2,480
|
)
|
|
|
(1,913
|
)
|
|
|
(567
|
)
|
|
Net income
|
|
|
34,568
|
|
|
|
35,084
|
|
|
|
(516
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
34,568
|
|
|
|
35,084
|
|
|
|
(516
|
)
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenues
|
|
|
6,139
|
|
|
|
5,623
|
|
|
|
516
|
|
| |
|
Six months ended June 30, 2018 (Unaudited)
|
|
| |
|
As Reported
|
|
|
Balances before adoption of ASC 606
|
|
|
Effect of change
|
|
|
Statements of operations
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
436,989
|
|
|
$
|
|
|
|
$
|
51
|
|
|
Financial income (expenses), net
|
|
|
(1,896
|
)
|
|
|
(817
|
)
|
|
|
(1,079
|
)
|
|
Net income
|
|
|
70,254
|
|
|
|
71,282
|
|
|
|
(1,028
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
70,254
|
|
|
|
71,282
|
|
|
|
(1,028
|
)
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenues
|
|
|
13,120
|
|
|
|
12,092
|
|
|
|
1,028
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Revenues - Current
|
|
|
(3,407
|
)
|
|
|
(3,413
|
)
|
|
|
6
|
|
|
Deferred Revenues - Long term
|
|
|
(47,595
|
)
|
|
|
(42,689
|
)
|
|
|
(4,906
|
)
|
|
Retained earnings
|
|
$
|
(132,554
|
)
|
|
$
|
(136,426
|
)
|
|
$
|
3,872
|
|
|
| Schedule of Fair Value of Derivative Instruments |
The fair value of the Company’s outstanding derivative instruments is as follows:
| |
|
Balance as of June 30,
|
|
|
Balance as of December 31,
|
|
| |
|
2018
|
|
|
2017
|
|
| |
|
(unaudited)
|
|
|
|
|
|
Derivative assets:
|
|
|
|
|
|
|
|
Derivatives not designated as cash flow hedging instruments:
|
|
|
|
|
|
|
|
Foreign exchange option contracts
|
|
$
|
340
|
|
|
$
|
221
|
|
|
Foreign exchange forward contracts
|
|
|
312
|
|
|
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
652
|
|
|
$
|
221
|
|
| |
|
|
|
|
|
|
|
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as cash flow hedging instruments:
|
|
|
|
|
|
|
|
|
|
Foreign exchange option contracts
|
|
$
|
(24
|
)
|
|
$
|
(285
|
)
|
|
Foreign exchange forward contracts
|
|
|
-
|
|
|
|
(116
|
)
|
| |
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(24
|
)
|
|
$
|
(401
|
)
|
|
| Schedule of Unrealized Gains (Losses) on Derivatives |
The net increase in unrealized gains recognized in “accumulated other comprehensive loss” on derivatives, net of tax effect, is as follows:
| |
|
Three months ended
|
|
|
Six months ended
|
|
| |
|
June 30,
|
|
|
June 30,
|
|
| |
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives designated as cash flow hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange forward contracts
|
|
|
-
|
|
|
$
|
66
|
|
|
|
-
|
|
|
$
|
975
|
|
|
| Schedule of Derivative Gains (Losses) Reclassified From OCI Into Income |
The net gains reclassified from “accumulated other comprehensive loss” into income, are as follows:
| |
|
Three months ended
|
|
|
Six months ended
|
|
| |
|
June 30,
|
|
|
June 30,
|
|
| |
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
| |
|
(unaudited)
|
|
|
(unaudited)
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives designated as cash flow hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange forward contracts
|
|
|
-
|
|
|
$
|
(599
|
)
|
|
|
-
|
|
|
$
|
(994
|
)
|
|
| Schedule of Changes in AOCI |
The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes, for the three months ended June 30, 2018 (unaudited):
| |
|
Unrealized gains (losses) on available-for-sale marketable securities
|
|
|
Unrealized gains (losses) on foreign currency translation
|
|
|
Total
|
|
| |
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
(943
|
)
|
|
$
|
(192
|
)
|
|
$
|
(1,135
|
)
|
|
Net other comprehensive income (loss) before reclassifications
|
|
|
(6
|
)
|
|
|
3
|
|
|
|
(3
|
)
|
|
Net current period other comprehensive income (loss)
|
|
|
(6
|
)
|
|
|
3
|
|
|
|
(3
|
)
|
|
Ending balance
|
|
$
|
(949
|
)
|
|
$
|
(189
|
)
|
|
$
|
(1,138
|
)
|
The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes, for the six months ended June 30, 2018 (unaudited):
| |
|
Unrealized losses on available-for-sale marketable securities
|
|
|
Unrealized losses on foreign currency translation
|
|
|
Total
|
|
| |
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
(433
|
)
|
|
$
|
(178
|
)
|
|
$
|
(611
|
)
|
|
Net other comprehensive loss before reclassifications
|
|
|
(516
|
)
|
|
|
(11
|
)
|
|
|
(527
|
)
|
|
Net current period other comprehensive loss
|
|
|
(516
|
)
|
|
|
(11
|
)
|
|
|
(527
|
)
|
|
Ending balance
|
|
$
|
(949
|
)
|
|
$
|
(189
|
)
|
|
$
|
(1,138
|
)
|
The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes, for the three months ended June 30, 2017 (unaudited):
| |
|
Unrealized gains (losses) on available-for-sale marketable securities
|
|
|
Unrealized gains (losses) on cash flow hedges
|
|
|
Unrealized gains (losses) on foreign currency translation
|
|
|
Total
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
(108
|
)
|
|
$
|
533
|
|
|
$
|
(450
|
)
|
|
$
|
(25
|
)
|
|
Net other comprehensive income before reclassifications
|
|
|
5
|
|
|
|
66
|
|
|
|
186
|
|
|
|
257
|
|
|
Net gains reclassified from accumulated other comprehensive loss
|
|
|
-
|
|
|
|
(599
|
)
|
|
|
-
|
|
|
|
(599
|
)
|
|
Net current period other comprehensive income (loss)
|
|
|
5
|
|
|
|
(533
|
)
|
|
|
186
|
|
|
|
(342
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$
|
(103
|
)
|
|
$
|
-
|
|
|
$
|
(264
|
)
|
|
$
|
(367
|
)
|
The following
table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes, for the six months
ended June 30, 2017 (unaudited):
| |
|
Unrealized gains (losses) on available-for-sale marketable securities
|
|
|
Unrealized gains (losses) on cash flow hedges
|
|
|
Unrealized gains (losses) on foreign currency translation
|
|
|
Total
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
(136
|
)
|
|
$
|
19
|
|
|
$
|
(207
|
)
|
|
$
|
324
|
|
|
Net other comprehensive income (loss) before reclassifications
|
|
|
33
|
|
|
|
975
|
|
|
|
(57
|
)
|
|
|
951
|
|
|
Net gains reclassified from accumulated other comprehensive income (loss)
|
|
|
-
|
|
|
|
(994
|
)
|
|
|
-
|
|
|
|
(994
|
)
|
|
Net current period other comprehensive income (loss)
|
|
|
33
|
|
|
|
(19
|
)
|
|
|
(57
|
)
|
|
|
(43
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$
|
(103
|
)
|
|
$
|
-
|
|
|
$
|
(264
|
)
|
|
$
|
(367
|
)
|
|
| Schedule of Reclassifications out of AOCI |
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) (unaudited):
|
Details about Accumulated
Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Statements of Income
|
| |
|
Three months ended
June 30,
|
|
|
| |
|
2018
|
|
|
2017
|
|
|
| |
|
|
|
|
|
|
|
|
Unrealized gains on cash flow hedges, net
|
|
$
|
-
|
|
|
$
|
108
|
|
Cost of revenues
|
| |
|
|
-
|
|
|
|
363
|
|
Research and development
|
| |
|
|
-
|
|
|
|
92
|
|
Sales and marketing
|
| |
|
|
-
|
|
|
|
82
|
|
General and administrative
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
-
|
|
|
|
645
|
|
Total, before income taxes
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
-
|
|
|
|
(46
|
)
|
Income tax expense (benefit)
|
| |
|
|
|
|
|
|
|
|
|
| |
|
$
|
-
|
|
|
$
|
599
|
|
Total, net of income taxes
|
The following table provides details about reclassifications out of accumulated other comprehensive income (loss) (unaudited):
|
Details about Accumulated
Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Statements of Income
|
| |
|
Six months ended
June 30,
|
|
|
| |
|
2018
|
|
|
2017
|
|
|
| |
|
|
|
|
|
|
|
|
Unrealized gains on cash flow hedges, net
|
|
$
|
-
|
|
|
$
|
166
|
|
Cost of revenues
|
| |
|
|
-
|
|
|
|
570
|
|
Research and development
|
| |
|
|
-
|
|
|
|
151
|
|
Sales and marketing
|
| |
|
|
-
|
|
|
|
153
|
|
General and administrative
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
-
|
|
|
|
1,040
|
|
Total, before income taxes
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
-
|
|
|
|
(46
|
)
|
Income tax expense (benefit)
|
| |
|
|
|
|
|
|
|
|
|
| |
|
$
|
-
|
|
|
$
|
994
|
|
Total, net of income taxes
|
|