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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Tables)
12 Months Ended
Dec. 31, 2013
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:  
Schedule of selected line items from the Condensed Consolidated Financial Statements illustrating the effect of corrections and the correction of other immaterial errors

 

 

 

 

Year Ended December 31, 2013

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands, except per share data)

 

Statement of operations:

 

 

 

 

 

 

 

Total revenues

 

$

390,859

 

$

(423

)

$

390,436

 

Cost of revenues

 

135,239

 

$

(957

)

134,282

 

Gross profit

 

255,620

 

534

 

256,154

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

168,721

 

661

 

169,382

 

Sales and marketing

 

70,318

 

226

 

70,544

 

General and administrative

 

36,918

 

128

 

37,046

 

Total operating expenses

 

275,957

 

1,015

 

276,972

 

Loss from operations

 

(20,337

)

(481

)

(20,818

)

Loss before taxes on income

 

(19,109

)

(481

)

(19,590

)

Net loss

 

(22,861

)

(481

)

(23,342

)

Net loss per share — basic

 

(0.53

)

(0.01

)

(0.54

)

Net loss per share — diluted

 

(0.53

)

(0.01

)

(0.54

)

 

 

 

Year Ended December 31, 2012

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands, except per share data)

 

Statement of operations:

 

 

 

 

 

 

 

Total revenues

 

$

500,799

 

$

(524

)

$

500,275

 

Cost of revenues

 

$

157,936

 

$

(200

)

157,736

 

Gross profit

 

342,863

 

(324

)

342,539

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

138,946

 

(636

)

138,310

 

Sales and marketing

 

61,068

 

(174

)

60,894

 

General and administrative

 

24,541

 

(85

)

24,456

 

Total operating expenses

 

224,555

 

(895

)

223,660

 

Income from operations

 

118,308

 

571

 

118,879

 

Income before taxes on income

 

119,567

 

571

 

120,138

 

Net income

 

111,380

 

571

 

111,951

 

Net income per share — basic

 

2.70

 

0.01

 

2.71

 

Net income per share — diluted

 

2.54

 

0.01

 

2.55

 

 

 

 

Year Ended December 31, 2011

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands, except per share data)

Statement of operations:

 

 

 

 

 

 

 

Cost of revenues

 

$

92,015

 

$

(27

)

$

91,988

 

Gross profit

 

167,236

 

27

 

167,263

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

92,508

 

(225

)

92,283

 

Sales and marketing

 

40,366

 

(72

)

40,294

 

General and administrative

 

21,769

 

(33

)

21,736

 

Total operating expenses

 

154,643

 

(330

)

154,313

 

Income from operations

 

12,593

 

357

 

12,950

 

Income before taxes on income

 

13,352

 

357

 

13,709

 

Net income

 

9,977

 

357

 

10,334

 

Net income per share — basic

 

0.28

 

0.01

 

0.29

 

Net income per share — diluted

 

0.26

 

0.01

 

0.27

 

 

 

 

December 31, 2013

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Balance sheet:

 

 

 

 

 

 

 

Accounts receivable, net

 

$

70,566

 

$

(1,086

)

$

69,480

 

Inventories

 

35,963

 

507

 

36,470

 

Total current assets

 

450,802

 

(579

)

450,223

 

Property and equipment, net

 

70,815

 

1,100

 

71,915

 

Intangible assets, net

 

54,362

 

(113

)

54,249

 

Goodwill

 

199,558

 

(362

)

199,196

 

Total assets

 

806,780

 

46

 

806,826

 

Accrued liabilities

 

52,588

 

(1,577

)

51,011

 

Deferred revenue, current

 

15,849

 

(139

)

15,710

 

Capital lease liabilities, current

 

1,245

 

132

 

1,377

 

Total current liabilities

 

99,646

 

(1,584

)

98,062

 

Other long-term liabilities

 

17,091

 

799

 

17,890

 

Total liabilities

 

140,800

 

(785

)

140,015

 

Retained earnings

 

113,610

 

831

 

114,441

 

Total shareholders’ equity

 

665,980

 

831

 

666,811

 

Total liabilities and shareholders’ equity

 

806,780

 

46

 

806,826

 

 

 

 

December 31, 2012

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Balance sheet:

 

 

 

 

 

 

 

Accounts receivable, net

 

$

58,516

 

$

(1,716

)

$

56,800

 

Total current assets

 

540,326

 

(1,716

)

538,610

 

Total assets

 

771,046

 

(1,716

)

769,330

 

Accrued liabilities

 

57,879

 

(2,183

)

55,696

 

Deferred revenue, current

 

12,018

 

(1,192

)

10,826

 

Total current liabilities

 

108,581

 

(3,375

)

105,206

 

Other long-term liabilities

 

11,635

 

347

 

11,982

 

Total liabilities

 

143,238

 

(3,028

)

140,210

 

Retained earnings

 

136,471

 

1,312

 

137,783

 

Total shareholders’ equity

 

627,808

 

1,312

 

629,120

 

Total liabilities and shareholders’ equity

 

771,046

 

(1,716

)

769,330

 

 

 

 

Year Ended December 31, 2013

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Statement of comprehensive loss:

 

 

 

 

 

 

 

Net loss

 

$

(22,861

)

$

(481

)

$

(23,342

)

Total comprehensive loss, net of tax

 

(24,265

)

(481

)

(24,746

)

 

 

 

Year Ended December 31, 2012

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Statement of comprehensive income:

 

 

 

 

 

 

 

Net income

 

$

111,380

 

$

571

 

$

111,951

 

Total comprehensive income, net of tax

 

115,338

 

571

 

115,909

 

 

 

 

Year Ended December 31, 2011

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Statement of comprehensive income:

 

 

 

 

 

 

 

Net income

 

$

9,977

 

$

357

 

$

10,334

 

Total comprehensive income, net of tax

 

7,859

 

357

 

8,216

 

 

 

 

Year Ended December 31, 2013

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Cash flow statement:

 

 

 

 

 

 

 

Net loss

 

$

(22,861

)

$

(481

)

$

(23,342

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

35,886

 

(240

)

35,646

 

Accounts receivable

 

(8,870

)

(630

)

(9,500

)

Inventories

 

9,264

 

208

 

9,472

 

Accrued liabilities and other liabilities

 

1,599

 

1,011

 

2,610

 

Net cash provided by operating activities

 

52,002

 

(132

)

51,870

 

 

 

 

 

 

 

 

 

Principal payments on capital lease obligations

 

(1,243

)

132

 

(1,111

)

Cash flows from financing activities

 

16,056

 

132

 

16,188

 

 

 

 

 

 

 

 

 

Unpaid property and equipment

 

2,226

 

1,100

 

3,326

 

 

 

 

Year Ended December 31, 2012

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Cash flow statement:

 

 

 

 

 

 

 

Net income

 

$

111,380

 

$

571

 

$

111,951

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Accounts receivable

 

(10,301

)

1,716

 

(8,585

)

Accrued liabilities and other liabilities

 

51,259

 

(2,287

)

48,972

 

 

 

 

Year Ended December 31, 2011

 

 

 

As reported

 

Adjustments

 

As revised

 

 

 

(in thousands)

 

Cash flow statement:

 

 

 

 

 

 

 

Net income

 

$

9,977

 

$

357

 

$

10,334

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Accrued liabilities and other liabilities

 

18,645

 

(357

)

18,288

 

Schedule of revenues and accounts receivable from customers

The following table summarizes the revenues from customers (including original equipment manufacturers) in excess of 10% of the total revenues:

 

 

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

IBM

 

17

%

19

%

17

%

Hewlett-Packard

 

13

%

20

%

19

%

 

The following table summarizes accounts receivable balances in excess of 10% of total accounts receivable:

 

 

 

December 31,
 2013

 

December 31,
 2012

 

IBM

 

11

%

22

%

Hewlett Packard

 

12

%

*

 

 

* Less than 10%

Schedule of changes in the entity's liability for product warranty

 

 

 

 

December 31,

 

 

 

2013

 

2012

 

 

 

(In thousands)

 

Balance, beginning of the period

 

$

4,318

 

$

1,097

 

New warranties issued during the period

 

8,584

 

5,290

 

Reversal of warranty reserves

 

 

(535

)

Settlements during the period

 

(9,269

)

(1,534

)

Balance, end of the period

 

$

3,633

 

$

4,318

 

Less: long term portion of product warranty liability

 

(424

)

(348

)

Current portion of product warranty liability

 

$

3,209

 

$

3,970

Schedule of computation of basic and diluted net income per share

 

 

 

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

 

(In thousands, except per share data)

 

Net income (loss)

 

$

(23,342

)

$

111,951

 

$

10,334

 

Basic and diluted shares:

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding used to compute basic net income (loss) per share

 

43,421

 

41,308

 

36,263

 

Dilutive effect of employee share option and purchase plan

 

 

2,593

 

2,299

 

Shares used to compute diluted net income (loss) per share

 

43,421

 

43,901

 

38,562

 

Net income (loss) per share — basic

 

$

(0.54

)

$

2.71

 

$

0.29

 

Net income (loss) per share — diluted

 

$

(0.54

)

$

2.55

 

$

0.27