x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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20-5338862
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer
Identification No.)
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1 HaMada Street
Herziliya Pituach 4673335, Israel
(Address of principal executive offices, zip code)
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972 (9) 957-6620
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(Registrant’s telephone number, including area code)
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer x
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(Do not check if a smaller reporting company)
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Smaller Reporting Company o
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3
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3
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F-8 | ||
4
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14
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15
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15
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15
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15
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16
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16
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17
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Page
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F- 2 - F - 3
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F - 4
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F - 5
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F - 6 - F - 7
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F - 8 - F - 28
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March 31,
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June 30,
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|||||||
2016
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2015
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|||||||
Unaudited
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||||||||
ASSETS
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||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
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$ | 84,070 | $ | 144,750 | ||||
Restricted cash
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944 | 3,639 | ||||||
Marketable Securities
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44,059 | - | ||||||
Trade receivables, net
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56,145 | 35,428 | ||||||
Prepaid expenses and other accounts receivable
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18,613 | 32,645 | ||||||
Inventories
|
85,514 | 73,950 | ||||||
Total current assets
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289,345 | 290,412 | ||||||
PROPERTY AND EQUIPMENT, NET
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26,213 | 14,717 | ||||||
LONG-TERM ASSETS:
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||||||||
Long-term marketable securities
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43,151 | - | ||||||
Long-term prepaid expenses and lease deposits
|
440 | 529 | ||||||
Deferred tax assets, net
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6,486 | - | ||||||
Intangible assets, net
|
737 | - | ||||||
50,814 | 529 | |||||||
Total assets
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$ | 366,372 | $ | 305,658 | ||||
March 31,
|
June 30,
|
|||||||
2016
|
2015
|
|||||||
Unaudited
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
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$ | 45,138 | $ | 80,684 | ||||
Employees and payroll accruals
|
12,358 | 6,814 | ||||||
Warranty obligations
|
13,510 | 9,431 | ||||||
Deferred revenues
|
2,642 | 1,676 | ||||||
Accrued expenses and other accounts payable
|
7,797 | 6,987 | ||||||
Total current liabilities
|
81,445 | 105,592 | ||||||
LONG-TERM LIABILITIES
|
||||||||
Warranty obligations
|
33,149 | 22,448 | ||||||
Deferred revenues
|
13,266 | 8,289 | ||||||
Lease incentive obligation
|
2,265 | 2,385 | ||||||
Total long-term liabilities
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48,680 | 33,122 | ||||||
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Share capital
|
||||||||
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2016 (unaudited) and June 30, 2015; issued and outstanding: 40,684,496 and 39,297,539 shares as of March 31, 2016 (unaudited) and June 30, 2015, respectively.
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4 | 4 | ||||||
Additional paid-in capital
|
296,480 | 287,152 | ||||||
Accumulated other comprehensive income (loss)
|
417 | (222 | ) | |||||
Accumulated deficit
|
(60,654 | ) | (119,990 | ) | ||||
Total stockholders’ equity
|
236,247 | 166,944 | ||||||
Total liabilities and stockholders’ equity
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$ | 366,372 | $ | 305,658 |
Three months ended
March 31,
|
Nine months ended
March 31,
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|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Unaudited
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Unaudited
|
|||||||||||||||
Revenues
|
$ | 125,205 | $ | 86,399 | $ | 365,091 | $ | 226,658 | ||||||||
Cost of revenues
|
84,471 | 62,698 | 252,248 | 173,146 | ||||||||||||
Gross profit
|
40,734 | 23,701 | 112,843 | 53,512 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
8,709 | 5,490 | 23,999 | 15,317 | ||||||||||||
Sales and marketing
|
8,826 | 6,422 | 25,903 | 17,541 | ||||||||||||
General and administrative
|
3,460 | 1,990 | 9,066 | 4,270 | ||||||||||||
Total operating expenses
|
20,995 | 13,902 | 58,968 | 37,128 | ||||||||||||
Operating income
|
19,739 | 9,799 | 53,875 | 16,384 | ||||||||||||
Financial income (expenses), net
|
2,029 | (3,436 | ) | 998 | (3,378 | ) | ||||||||||
Income before taxes on income
|
21,768 | 6,363 | 54,873 | 13,006 | ||||||||||||
Taxes on income (tax benefit)
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969 | 398 | (4,463 | ) | 1,146 | |||||||||||
Net income
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$ | 20,799 | $ | 5,965 | $ | 59,336 | $ | 11,860 | ||||||||
Net basic earnings per share of common stock
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$ | 0.52 | $ | 0.01 | $ | 1.49 | $ | 0.02 | ||||||||
Net diluted earnings per share of common stock
|
$ | 0.47 | $ | 0.01 | $ | 1.34 | $ | 0.01 | ||||||||
Weighted average number of shares used in computing net basic earnings per share of common stock
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40,362,093 | 2,822,893 | 39,725,227 | 2,817,090 | ||||||||||||
Weighted average number of shares used in computing net diluted earnings per share of common stock
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44,577,901 | 7,099,046 | 44,347,071 | 5,534,903 |
Three months ended
March 31,
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Nine months ended
March 31,
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|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Unaudited
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Unaudited
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|||||||||||||||
Net income
|
$ | 20,799 | $ | 5,965 | $ | 59,336 | $ | 11,860 | ||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
Changes in unrealized losses, net of tax benefit
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87 | - | 6 | - | ||||||||||||
Reclassification adjustments for losses included in net income
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1 | - | 1 | - | ||||||||||||
Net change
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88 | - | 7 | - | ||||||||||||
Cash flow hedges:
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||||||||||||||||
Changes in unrealized gains, net of tax expense
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668 | - | 745 | - | ||||||||||||
Reclassification adjustments for gains, net of tax expense included in net income
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(33 | ) | - | (35 | ) | - | ||||||||||
Net change
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635 | - | 710 | - | ||||||||||||
Foreign currency translation adjustments, net
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(13 | ) | (102 | ) | (78 | ) | (202 | ) | ||||||||
Other comprehensive income (loss)
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710 | (102 | ) | 639 | (202 | ) | ||||||||||
Comprehensive income
|
$ | 21,509 | $ | 5,863 | $ | 59,975 | $ | 11,658 | ||||||||
Nine months ended
March 31,
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||||||||
2016
|
2015
|
|||||||
Unaudited
|
||||||||
Cash flows provided by (used in) operating activities:
|
||||||||
Net income
|
$ | 59,336 | $ | 11,860 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
2,601 | 1,647 | ||||||
Amortization of intangible assets
|
63 | - | ||||||
Amortization of premiums on available-for-sale marketable securities
|
209 | - | ||||||
Stock-based compensation related to employees and non-employees consultants stock options
|
6,689 | 1,750 | ||||||
Financial income, net related to term loan
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- | (992 | ) | |||||
Remeasurement of warrants to purchase preferred and common stock
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- | 2,065 | ||||||
Changes in assets and liabilities:
|
||||||||
Inventories
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(11,446 | ) | (39,071 | ) | ||||
Prepaid expenses and other accounts receivable
|
13,186 | (12,198 | ) | |||||
Trade receivables, net
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(20,681 | ) | (25,993 | ) | ||||
Deferred tax assets, net
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(6,627 | ) | - | |||||
Trade payables
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(35,554 | ) | 39,604 | |||||
Employees and payroll accruals
|
5,517 | 883 | ||||||
Warranty obligations
|
14,780 | 9,718 | ||||||
Deferred revenues
|
5,942 | 2,116 | ||||||
Accrued expenses and other accounts payable
|
497 | 2,733 | ||||||
Lease incentive obligation
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(120 | ) | 2,243 | |||||
Net cash provided by (used in) operating activities
|
34,392 | (3,635 | ) | |||||
Cash flows used in investing activities:
|
||||||||
Purchase of property and equipment
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(11,545 | ) | (8,254 | ) | ||||
Purchase of intangible assets
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(800 | ) | - | |||||
Decrease (increase) in restricted cash
|
2,695 | (1,973 | ) | |||||
Decrease (increase) in short and long-term lease deposits
|
23 | (24 | ) | |||||
Purchases of available-for-sale marketable securities
|
(88,883 | ) | - | |||||
Maturities of available-for-sale marketable securities
|
1,000 | - | ||||||
Net cash used in investing activities
|
(97,510 | ) | (10,251 | ) |
Nine months ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Unaudited
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from short-term bank loans
|
- | 23,000 | ||||||
Repayments of short term loan
|
- | (36,326 | ) | |||||
Repayments of term loan
|
- | (5,919 | ) | |||||
Proceeds from issuance of stock
|
- | 24,712 | ||||||
Proceeds from IPO, net
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- | 133,944 | ||||||
Proceeds from exercise of employees and non-employees consultants stock options
|
2,639 | 46 | ||||||
Net cash provided by financing activities
|
2,639 | 139,457 | ||||||
Increase (decrease) in cash and cash equivalents
|
(60,479 | ) | 125,571 | |||||
Cash and cash equivalents at the beginning of the period
|
144,750 | 9,754 | ||||||
Erosion due to exchange rate differences
|
(201 | ) | (121 | ) | ||||
Cash and cash equivalents at the end of the period
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$ | 84,070 | $ | 135,204 | ||||
Supplemental disclosure of non-cash financing activities:
|
||||||||
Issuance expenses not paid in cash
|
- | $ | 2,489 |
NOTE 1:-
|
GENERAL
|
a.
|
SolarEdge Technologies, Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company’s products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current (DC) from the PV module to alternating current (AC) and (iii) a related cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters of a solar PV system to enable customers and system owners, as applicable, to monitor and manage the solar PV systems. The Company operates its business itself and through its wholly-owned subsidiaries: SolarEdge Technologies Ltd. in Israel; SolarEdge Technologies GmbH in Germany; SolarEdge Technologies (China) Co., Ltd in China; SolarEdge Technologies (Australia) PTY Ltd. in Australia; SolarEdge Technologies (Canada) Ltd. in Canada; SolarEdge Technologies (Holland) B.V. in the Netherlands; SolarEdge Technologies (UK) Ltd in United Kingdom; SolarEdge Technologies (Japan) Co., Ltd. in Japan, SolarEdge Technologies (France) SARL in France, SolarEdge Technologies Italy S.R.L. in Italy and SolarEdge Technologies (Bulgaria) Ltd. in Bulgaria (collectively, the “subsidiaries”). Except for SolarEdge Technologies Ltd in Israel, which carries out the research and development, management of manufacturing, global sales and support and management activities, the other subsidiaries are engaged solely in selling, marketing and support activities. The Company was incorporated in Delaware in August 2006 and began commercial sale of its products in January 2010.
|
b.
|
Recent accounting pronouncements:
Inventory:
In July 2015, the Financial Accounting Standards Board (“FASB”) issued “ASU 2015-11, Inventory (Topic 330), simplifying the Measurement of Inventory”, which changes the measurement principles for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.” ASU 2015-11 eliminates the guidance that required entities to consider replacement cost or net realizable value less an approximately normal profit margin in the subsequent measurement of inventory when cost is determined on a first-in, first-out or average cost basis. The provisions of ASU 2015-11 are effective for public entities with fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact of ASU 2015-11 on its consolidated financial position, consolidated results of operations, and consolidated cash flows
|
NOTE 1:-
|
GENERAL (Cont.)
|
|
Deferred Taxes:
In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes, which will require that the presentation of deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The Company has adopted this guidance effective December 31, 2015. The adoption only impacted the presentation in its consolidated financial statements and related disclosure. No prior periods were retroactively adjusted.
|
|
c.
|
The significant accounting policies applied in the Company’s audited annual consolidated financial statements as of June 30, 2015 are applied consistently in these financial statements.
|
|
d.
|
Basis of Presentation:
The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the Securities and Exchange Commission (the “SEC”). Pursuant to those rules and regulations, the Company has condensed or omitted certain information and footnote disclosure it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present its consolidated financial position, results of operations and cash flows. The Company’s interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the 2015 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended June 30, 2015 filed with the SEC on August 20, 2015 (the “2015 Form 10-K”). There have been no changes in the significant accounting policies from those that were disclosed in the audited consolidated financial statements for the fiscal year ended June 30, 2015 included in the 2015 Form 10-K.
|
|
e.
|
The Company depends on two contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields and costs.
Two vendors collectively account for 72% (unaudited) and 79% of the Company’s total trade payables as of March 31, 2016 (unaudited) and June 30, 2015, respectively.
|
NOTE 1:-
|
GENERAL (Cont.)
|
|
f.
|
Marketable Securities:
Marketable securities consist of corporate and governmental bonds. The Company determines the appropriate classification of marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. In accordance with FASB ASC No. 320 “Investments- Debt and Equity Securities”, the Company classifies marketable securities as available-for-sale. Available-for-sale securities are stated at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, net of taxes. Realized gains and losses on sales of marketable securities, as determined on a specific identification basis, are included in financial income (expenses), net. The amortized cost of marketable securities is adjusted for amortization of premium and accretion of discount to maturity, both of which, together with interest, are included in financial income (expenses), net. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term.
The Company recognizes an impairment charge when a decline in the fair value of its investments in debt securities below the cost basis of such securities is judged to be other-than-temporary. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period and the Company’s intent to sell, including whether it is more likely than not that the Company will be required to sell the investment before recovery of cost basis. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before it recovers in value, the Company must estimate the net present value of cash flows expected to be collected. If the amortized cost exceeds the net present value of cash flows, such excess is considered a credit loss and an other-than-temporary impairment has occurred. For securities that are deemed other-than-temporarily impaired (“OTTI”), the amount of impairment is recognized in the statement of operations and is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income (loss). The Company did not recognize OTTI on its marketable securities during the nine months ended on March 31, 2016.
|
|
g.
|
Derivative financial instruments:
The Company accounts for derivatives and hedging based on ASC 815 (“Derivatives and Hedging”). ASC 815 requires the Company to recognize all derivatives on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship.
|
NOTE 1:-
|
GENERAL (Cont.)
|
NOTE 1:-
|
GENERAL (Cont.)
|
Fair Value of Derivative Instruments
|
|||||||||
Balance Sheet Location
|
As of March 31, 2016 (unaudited)
|
As of June 30, 2015
|
|||||||
Derivative Assets
|
|||||||||
Foreign exchange
forward contracts
and put and call options
|
Prepaid expenses and other accounts receivable (*)
|
849 | 859 | ||||||
Total
|
849 | 859 |
NOTE 1:-
|
GENERAL (Cont.)
|
Gains on Derivatives Recognized in OCI
|
Gains on Derivatives Recognized in OCI
|
|||||||||||
for the three months ended
|
for the nine months ended
|
|||||||||||
March 31,
|
March 31,
|
|||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||
(unaudited)
|
(unaudited)
|
|||||||||||
Foreign exchange
forward contracts
and put and call
options
|
668
|
-
|
745
|
-
|
Gains Reclassified from OCI into Income
|
Gains Reclassified from OCI into Income
|
|||||||||||
for the three months ended
|
for the nine months ended
|
|||||||||||
March 31,
|
March 31,
|
|||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||
(unaudited)
|
(unaudited)
|
|||||||||||
Foreign exchange
forward contracts
and put and call
options
|
33
|
-
|
35
|
-
|
h.
|
Intangible assets:
|
NOTE 1:-
|
GENERAL (Cont.)
|
|
i.
|
Accumulated other comprehensive income (loss):
|
|
The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes, for the three months ended March 31, 2016 (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
|
(81 | ) | 75 | (287 | ) | (293 | ) | |||||||||
Other comprehensive income (loss) before reclassifications
|
87 | 668 | (13 | ) | 742 | |||||||||||
Losses (gains) reclassified from accumulated other comprehensive income (loss)
|
1 | (33 | ) | - | (32 | ) | ||||||||||
Net current period other comprehensive income (loss)
|
88 | 635 | (13 | ) | 710 | |||||||||||
Ending balance
|
7 | 710 | (300 | ) | 417 |
|
The following table summarizes the changes in accumulated balances of other comprehensive loss, net of taxes, for the nine months ended March 31, 2016 (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
|
- | - | (222 | ) | (222 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications
|
6 | 745 | (78 | ) | 673 | |||||||||||
Losses (gains) reclassified from accumulated other comprehensive income (loss)
|
1 | (35 | ) | - | (34 | ) | ||||||||||
Net current period other comprehensive income (loss)
|
7 | 710 | (78 | ) | 639 | |||||||||||
Ending balance
|
7 | 710 | (300 | ) | 417 |
NOTE 2:-
|
MARKETABLE SECURITIES
|
Amortized
cost
|
Gross unrealized
gains
|
Gross unrealized
losses
|
Fair
value
|
|||||||||||||
Corporate bonds
|
$ | 82,183 | $ | 55 | $ | 36 | $ | 82,202 | ||||||||
Governmental bonds
|
$ | 5,015 | $ | 3 | $ | 10 | $ | 5,008 | ||||||||
$ | 87,198 | $ | 58 | $ | 46 | $ | 87,210 |
Amortized cost
|
Gross unrealized gains
|
Gross unrealized losses
|
Fair value
|
|||||||||||||
Due in one year or less
|
$ | 44,050 | $ | 21 | $ | 12 | $ | 44,059 | ||||||||
Due after one year to two years
|
$ | 43,148 | $ | 37 | $ | 34 | $ | 43,151 | ||||||||
$ | 87,198 | $ | 58 | $ | 46 | $ | 87,210 |
NOTE 3:-
|
INVENTORIES
|
March 31,
2016
|
June 30,
2015
|
|||||||
(unaudited)
|
||||||||
Raw materials
|
$ | 10,639 | $ | 14,405 | ||||
Finished goods
|
74,875 | 59,545 | ||||||
$ | 85,514 | $ | 73,950 |
NOTE 4:-
|
WARRANTY OBLIGATIONS
|
Nine months ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
(unaudited)
|
||||||||
Balance, at beginning of period
|
$ | 31,879 | $ | 18,181 | ||||
Additions and adjustments to cost of revenues
|
21,250 | 13,456 | ||||||
Usage and current warranty expenses
|
(6,470 | ) | (3,738 | ) | ||||
Balance, at end of period
|
46,659 | 27,899 | ||||||
Less current portion
|
13,510 | 7,661 | ||||||
Long term portion
|
$ | 33,149 | $ | 20,238 |
NOTE 5:-
|
REVOLVING CREDIT LINE
|
NOTE 5:-
|
REVOLVING CREDIT LINE (Cont.)
|
NOTE 6:-
|
FAIR VALUE MEASUREMENTS
|
|
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.
|
NOTE 6:-
|
FAIR VALUE MEASUREMENTS (Cont.)
|
Balance as of
|
Fair value measurements
|
|||||||||||||||
Description
|
March 31,
2016 (unaudited)
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Cash equivalents:
|
||||||||||||||||
Money market mutual funds
|
$ | 17,520 | $ | 17,520 | - | - | ||||||||||
Derivative instruments asset
|
$ | 849 | - | $ | 849 | - | ||||||||||
Short-term marketable securities:
|
||||||||||||||||
Corporate bonds
|
$ | 43,055 | - | $ | 43,055 | - | ||||||||||
Governmental bonds
|
$ | 1,004 | - | $ | 1,004 | - | ||||||||||
Long-term marketable securities:
|
||||||||||||||||
Corporate bonds
|
$ | 39,147 | - | $ | 39,147 | - | ||||||||||
Governmental bonds
|
$ | 4,004 | - | $ | 4,004 | - |
Balance as of
|
Fair value measurements
|
|||||||||||||||
Description
|
June 30,
2015
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Derivative instruments asset
|
$ | 859 | - | $ | 859 | - | ||||||||||
NOTE 7:-
|
LEASE INCENTIVE OBLIGATION
|
NOTE 8:-
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
a.
|
Lease commitments:
|
Year ended June 30,
|
(unaudited)
|
|||
2016
|
598 | |||
2017
|
2,252 | |||
2018
|
2,148 | |||
2019
|
2,003 | |||
2020 and thereafter
|
8,707 | |||
15,708 |
NOTE 8:-
|
COMMITMENTS AND CONTINGENT LIABILITIES (Cont.)
|
b.
|
Guarantees:
|
c.
|
Royalty and Governmental commitments:
|
d.
|
Contractual purchase obligations:
|
e.
|
Legal claims:
|
NOTE 9:-
|
STOCK CAPITAL
|
a.
|
On March 23, 2015, the Company's board of directors and the requisite holders of the Company's capital stock consented to a 1-for-3 reverse stock split of the Company's common stock. As a result of the reverse stock split, (i) every 3 shares of authorized, issued and outstanding common stock was decreased to one share of authorized, issued and outstanding common stock, (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased on a 1-for-3 basis, (iii) all share prices and exercise prices were proportionately increased. All of the share numbers, share prices, and exercise prices have been adjusted within these consolidated financial statements, on a retroactive basis, to reflect this 1-for-3 reverse stock split.
|
NOTE 9:-
|
STOCK CAPITAL (Cont.)
|
b.
|
Common Stock:
|
Authorized
|
Issued and outstanding
|
|||||||||||
Number of shares
|
||||||||||||
March 31, 2016
|
June 30,
2015
|
March 31, 2016
|
June 30,
2015
|
|||||||||
(unaudited)
|
(unaudited)
|
|||||||||||
Stock of $0.0001 par value:
|
||||||||||||
Common stock
|
125,000,000
|
125,000,000
|
40,684,496
|
39,297,539
|
c.
|
Stock Incentive plans:
|
NOTE 9:-
|
STOCK CAPITAL (Cont.)
|
d.
|
Options granted to employees and members of the board of directors:
|
Weighted
|
||||||||||||||||
average
|
||||||||||||||||
|
Weighted
|
remaining
|
||||||||||||||
Number
|
average
|
contractual
|
Aggregate
|
|||||||||||||
of
|
exercise
|
term
|
intrinsic
|
|||||||||||||
Options |
price
|
in years
|
value
|
|||||||||||||
Outstanding as of July 1, 2015
|
6,034,782 | 3.14 | 7.06 | 200,438 | ||||||||||||
Granted
|
228,800 | 25.09 | ||||||||||||||
Exercised
|
(1,230,923 | ) | 2.05 | |||||||||||||
Forfeited or expired
|
(46,971 | ) | 3.86 | |||||||||||||
Outstanding as of March 31, 2016
|
4,985,688 | 4.41 | 6.75 | 103,375 | ||||||||||||
Vested and expected to vest as of March 31, 2016
|
4,798,492 | 4.33 | 6.73 | 99,877 | ||||||||||||
Exercisable as of March 31, 2016
|
3,099,118 | 2.88 | 5.65 | 68,974 |
NOTE 9:-
|
STOCK CAPITAL (Cont.)
|
Weighted
|
Options
|
Weighted
|
|||||||||||||||
Outstanding
|
average
|
exercisable
|
average
|
||||||||||||||
Range of
|
as of
|
remaining
|
as of
|
remaining
|
|||||||||||||
exercise
|
March 31,
|
contractual
|
March 31,
|
contractual
|
|||||||||||||
price
|
2016
|
life in years
|
2016
|
life in years
|
|||||||||||||
$0.87 - $1.50 | 770,940 | 2.89 | 770,940 | 2.89 | |||||||||||||
$1.68 - $2.46 | 1,465,040 | 5.49 | 1,408,292 | 5.46 | |||||||||||||
$3.03 - $3.96 | 542,018 | 7.53 | 279,270 | 7.24 | |||||||||||||
$5.01 | 1,945,562 | 8.66 | 602,296 | 8.66 | |||||||||||||
$9.36 | 33,328 | 8.84 | 9,720 | 8.84 | |||||||||||||
$25.09 | 228,800 | 9.39 | 28,600 | 9.39 | |||||||||||||
4,985,688 | 6.75 | 3,099,118 | 5.65 |
e.
|
A summary of the activity in the RSUs granted to employees and members of the board of directors for the nine months ended March 31, 2016 (unaudited), is as follows:
|
No. of
Options
|
Weighted average
grant date
fair value
|
|||||||
Unvested as of July 1, 2015
|
67,440 | 25.09 | ||||||
Granted
|
807,656 | 24.45 | ||||||
Vested
|
(112,591 | ) | 24.57 | |||||
Forfeited
|
(40,965 | ) | 24.07 | |||||
Unvested as of March 31, 2016
|
721,540 | 24.38 |
NOTE 9:-
|
STOCK CAPITAL (Cont.)
|
f.
|
Options and RSUs issued to non-employee consultants:
|
Outstanding
|
Exercisable
|
||||||||||||
as of
|
as of
|
||||||||||||
Issuance
|
March 31,
|
Exercise
|
March 31,
|
Exercisable
|
|||||||||
date
|
2016
|
price
|
2016
|
through
|
|||||||||
July 31, 2008
|
33,333 | 0.87 | 33,333 |
July 31, 2018
|
|||||||||
October 24, 2012
|
5,166 | 2.46 | 4,333 |
October 24, 2022
|
|||||||||
January 23, 2013
|
3,333 | 3.03 | 2,778 |
January 23, 2023
|
|||||||||
January 27, 2014
|
4,698 | 3.51 | 2,226 |
January 27, 2024
|
|||||||||
May 1, 2014
|
6,000 | 3.51 | 3,167 |
May 1, 2024
|
|||||||||
September 17, 2014
|
10,830 | 3.96 | 4,790 |
September 17, 2024
|
|||||||||
October 29, 2014
|
5,788 | 5.01 | 1,010 |
October 29, 2024
|
|||||||||
August 19, 2015
|
28,167 | 0.00 | - | ||||||||||
November 8, 2015
|
4,167 | 0.00 | - | ||||||||||
101,482 | 51,637 |
NOTE 9:-
|
STOCK CAPITAL (Cont.)
|
g.
|
Stock-based compensation expense for employees and consultants:
|
Three months ended
March 31,
|
Nine months ended
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Cost of revenues
|
$ | 246 | $ | 140 | $ | 635 | $ | 254 | ||||||||
Research and development
|
724 | 183 | 1,637 | 449 | ||||||||||||
Selling and marketing
|
842 | 292 | 2,207 | 545 | ||||||||||||
General and administrative
|
819 | 355 | 2,210 | 502 | ||||||||||||
Total stock-based compensation expense
|
$ | 2,631 | $ | 970 | $ | 6,689 | $ | 1,750 |
NOTE 10:-
|
INCOME TAXES
|
a.
|
Taxes on income (tax benefit) are comprised as follows:
|
Three months ended
March 31,
|
Nine months ended
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||
Current year taxes
|
$ | 1,069 | $ | 398 | $ | 2,380 | $ | 1,146 | ||||||||
Previous year taxes
|
- | - | (216 | ) | - | |||||||||||
Deferred tax expense (income)
|
(100 | ) | - | (6,627 | ) | - | ||||||||||
Taxes on income (tax benefit)
|
$ | 969 | $ | 398 | $ | (4,463 | ) | $ | 1,146 |
NOTE 10:-
|
INCOME TAXES (Cont.)
|
b.
|
Deferred income taxes:
|
March 31,
|
June 30,
|
|||||||
2016
|
2015
|
|||||||
(Unaudited)
|
||||||||
Assets in respect of:
|
||||||||
Carryforward tax losses
|
$ | - | $ | 23,033 | ||||
Research and Development carryforward expenses- temporary differences
|
4,488 | 5,173 | ||||||
Stock-based compensation
|
548 | - | ||||||
Other reserves
|
1,450 | 1,346 | ||||||
6,486 | 29,552 | |||||||
Valuation allowance (1)
|
- | (29,552 | ) | |||||
Net deferred tax assets
|
$ | 6,486 | $ | - |
(1)
|
ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluated the net deferred tax assets for each separate tax entity. As of June 30, 2015, the Company concluded that it is not more likely than not that the net deferred tax assets will be realized and a full valuation allowance has been recorded against these assets. The Company's estimate of future book-taxable income considers available evidence, both positive and negative, about its operating businesses and investments, including an aggregation of individual projections for each significant operating business and investment, estimated apportionment factors for state and local taxing jurisdictions and includes all future years that the Company estimated it would have available net operating loss carryforwards.
|
NOTE 11:-
|
BASIC AND DILUTED NET EARNINGS PER SHARE
|
NOTE 11:-
|
BASIC AND DILUTED NET EARNINGS PER SHARE (Cont.)
|
Three months ended
March 31,
|
Nine months ended
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Numerator:
|
||||||||||||||||
Net income
|
20,799 | 5,965 | 59,336 | 11,860 | ||||||||||||
Dividends accumulated for the period
|
- | (5,923 | ) | - | (11,817 | ) | ||||||||||
Net income available to holders of common stock
|
20,799 | 42 | 59,336 | 43 | ||||||||||||
Denominator:
|
||||||||||||||||
Shares used in computing net earnings per share of common stock, basic
|
40,362,093 | 2,822,893 | 39,725,227 | 2,817,090 | ||||||||||||
Numerator:
|
||||||||||||||||
Net income
|
20,799 | 5,965 | 59,336 | 11,860 | ||||||||||||
Dividends accumulated for the period
|
- | (5,872 | ) | - | (11,782 | ) | ||||||||||
Net income available to holders of common stock
|
20,799 | 93 | 59,336 | 78 | ||||||||||||
Denominator:
|
||||||||||||||||
Shares used in computing net earnings per share of common stock, diluted
|
44,577,901 | 7,099,046 | 44,347,071 | 5,534,903 |
NOTE 12:-
|
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS
|
a.
|
For the three month period ended March 31, 2016 (unaudited), the Company had two major customers that accounted for approximately 26.7% of its consolidated revenues.
|
b.
|
As of March 31, 2016 (unaudited), three customers accounted for 38.5% of the Company’s net accounts receivable and as of June 30, 2015, one customer accounted for 30.0% of the Company’s net accounts receivable.
|
|
·
|
our history of losses and limited period of profitability, which may not continue in the future;
|
|
·
|
our limited operating history, which makes it difficult to predict future results;
|
|
·
|
future demand for solar energy solutions;
|
|
·
|
changes to net metering policies or the reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar electricity applications;
|
|
·
|
federal, state and local regulations governing the electric utility industry with respect to solar energy;
|
|
·
|
the retail price of electricity derived from the utility grid or alternative energy sources;
|
|
·
|
interest rates and supply of capital in the global financial markets in general and in the solar market specifically;
|
|
·
|
competition, including introductions of power optimizer, inverter and solar PV system monitoring products by our competitors;
|
|
·
|
developments in alternative technologies or improvements in distributed solar energy generation;
|
|
·
|
historic cyclicality of industry and periodic downturns;
|
|
·
|
defects or performance problems in our products;
|
|
·
|
our ability to forecast demand for our products accurately and to match production with demand;
|
|
·
|
our dependence on ocean transportation to deliver our products in a cost effective manner;
|
|
·
|
our dependence upon a small number of outside contract manufacturers;
|
|
·
|
capacity constraints, delivery schedules, manufacturing yields and costs of our contract manufacturers and availability of components;
|
|
·
|
delays, disruptions and quality control problems in manufacturing;
|
|
·
|
shortages, delays, price changes or cessation of operations or production affecting our suppliers of key components;
|
|
·
|
business practices and regulatory compliance of our raw material suppliers;
|
|
·
|
performance of distributors and large installers in selling our products;
|
|
·
|
our customer’s financial stability, creditworthiness and debt leverage ratio;
|
|
·
|
our ability to retain key personnel and attract additional qualified personnel;
|
|
·
|
our ability to maintain our brand and to protect and defend our intellectual property;
|
|
·
|
our ability to retain, and events affecting, our major customers;
|
|
·
|
our ability to manage effectively the growth of our organization and expansion into new markets;
|
|
·
|
our ability to successfully introduce new products and services;
|
|
·
|
our ability to raise additional capital on favorable terms or at all;
|
|
·
|
fluctuations in currency exchange rates;
|
|
·
|
unrest, terrorism or armed conflict in Israel;
|
|
·
|
general economic conditions in our domestic and international markets; and
|
|
·
|
the other factors set forth under “Item 1A. Risk Factors” in “Part II-OTHER INFORMATION” section of this report.
|
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Inverters shipped
|
52,333 | 38,630 | 165,608 | 106,206 | ||||||||||||
Power optimizers shipped
|
1,417,469 | 945,586 | 4,251,153 | 2,395,166 | ||||||||||||
Megawatts shipped (1)
|
416 | 248 | 1,188 | 637 |
(1)
|
Calculated based on the aggregate nameplate capacity of inverters shipped during the applicable period. Nameplate capacity is the maximum rated power output capacity of an inverter as specified by the manufacturer.
|
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Revenues
|
$ | 125,205 | $ | 86,399 | $ | 365,091 | $ | 226,658 | ||||||||
Cost of revenues
|
84,471 | 62,698 | 252,248 | 173,146 | ||||||||||||
Gross profit
|
40,734 | 23,701 | 112,843 | 53,512 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
8,709 | 5,490 | 23,999 | 15,317 | ||||||||||||
Sales and marketing
|
8,826 | 6,422 | 25,903 | 17,541 | ||||||||||||
General and administrative
|
3,460 | 1,990 | 9,066 | 4,270 | ||||||||||||
Total operating expenses
|
20,995 | 13,902 | 58,968 | 37,128 | ||||||||||||
Operating income
|
19,739 | 9,799 | 53,875 | 16,384 | ||||||||||||
Financial income (expenses), net
|
2,029 | (3,436 | ) | 998 | (3,378 | ) | ||||||||||
Income before taxes on income
|
21,768 | 6,363 | 54,873 | 13,006 | ||||||||||||
Taxes on income (tax benefit)
|
969 | 398 | (4,463 | ) | 1,146 | |||||||||||
Net income
|
$ | 20,799 | $ | 5,965 | $ | 59,336 | $ | 11,860 |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Revenues
|
$ | 125,205 | $ | 86,399 | $ | 38,806 | 44.9 | % |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Cost of revenues
|
$ | 84,471 | $ | 62,698 | $ | 21,773 | 34.7 | % | ||||||||
Gross profit
|
$ | 40,734 | $ | 23,701 | $ | 17,033 | 71.9 | % |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Research and development, net
|
$ | 8,709 | $ | 5,490 | $ | 3,219 | 58.6 | % |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Sales and marketing
|
$ | 8,826 | $ | 6,422 | $ | 2,404 | 37.4 | % |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
General and administrative
|
$ | 3,460 | $ | 1,990 | $ | 1,470 | 73.9 | % |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Financial income (expenses), net
|
$ | 2,029 | $ | (3,436 | ) | $ | 5,465 | N/A |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Taxes on income
|
$ | 969 | $ | 398 | $ | 571 | 143.5 | % |
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net income
|
$ | 20,799 | $ | 5,965 | $ | 14,834 | 248.7 | % |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Revenues
|
$ | 365,091 | $ | 226,658 | $ | 138,433 | 61.1 | % |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Cost of revenues
|
$ | 252,248 | $ | 173,146 | $ | 79,102 | 45.7 | % | ||||||||
Gross profit
|
$ | 112,843 | $ | 53,512 | $ | 59,331 | 110.9 | % |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Research and development, net
|
$ | 23,999 | $ | 15,317 | $ | 8,682 | 56.7 | % |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Sales and marketing
|
$ | 25,903 | $ | 17,541 | $ | 8,362 | 47.7 | % |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
General and administrative
|
$ | 9,066 | $ | 4,270 | $ | 4,796 | 112.3 | % |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Financial expenses (income)
|
$ | (998 | ) | $ | 3,378 | $ | (4,376 | ) | N/A |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Taxes on income (tax benefit)
|
$ | (4,463 | ) | $ | 1,146 | $ | (5,609 | ) | N/A |
Nine Months
Ended
March 31,
|
Nine Months
Ended
March 31,
2015 to 2016
|
|||||||||||||||
2016
|
2015
|
Change
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net income
|
$ | 59,336 | $ | 11,860 | $ | 47,476 | 400.3 | % |
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net cash provided by (used in) operating activities
|
15,342 | $ | (13,044 | ) | $ | 34,392 | $ | (3,635 | ) | |||||||
Net cash used in investing activities
|
(38,473 | ) | (5,280 | ) | (97,510 | ) | (10,251 | ) | ||||||||
Net cash provided by financing activities
|
1,167 | 129,800 | 2,639 | 139,457 | ||||||||||||
Increase (decrease) in cash and cash equivalents
|
$ | (21,964 | ) | $ | 111,476 | $ | (60,479 | ) | $ | 125,571 |
Exhibit
No.
|
Description
|
Incorporation by Reference
(where a report is indicated below, that
document has been previously filed with
the SEC and the applicable exhibit is
incorporated by reference thereto)
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a).
|
Filed with this report.
|
31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a).
|
Filed with this report.
|
32.1
|
Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed with this report
|
32.2
|
Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed with this report.
|
101.INS
|
XBRL Instance Document
|
Filed with this report.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Filed with this report.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Filed with this report.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Filed with this report.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
Filed with this report.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed with this report.
|
Date: May 10, 2016
|
SOLAREDGE TECHNOLOGIES, INC.
/s/ Guy Sella
Guy Sella
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer)
|
Date: May 10, 2016
|
/s/ Ronen Faier
Ronen Faier
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
/s/ Guy Sella
|
|
Guy Sella
|
|
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer)
|
/s/ Ronen Faier
|
|
Ronen Faier
|
|
Chief Financial Officer
(Principal Financial Officer)
|
/s/Guy Sella
|
|
Guy Sella
|
|
Chief Executive Officer and Chairman of the Board
|
/s/ RONEN FAIER
|
|
Ronen Faier
|
|
Chief Financial Officer
|
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 01, 2016 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | SolarEdge Technologies Inc | |
Entity Central Index Key | 0001419612 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,730,849 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2016 |
Jun. 30, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 125,000,000 | 125,000,000 |
Common stock, issued shares | 40,684,496 | 39,297,539 |
Common stock, outstanding shares | 40,684,496 | 39,297,539 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Statement [Abstract] | ||||
Revenues | $ 125,205 | $ 86,399 | $ 365,091 | $ 226,658 |
Cost of revenues | 84,471 | 62,698 | 252,248 | 173,146 |
Gross profit | 40,734 | 23,701 | 112,843 | 53,512 |
Operating expenses: | ||||
Research and development, net | 8,709 | 5,490 | 23,999 | 15,317 |
Sales and marketing | 8,826 | 6,422 | 25,903 | 17,541 |
General and administrative | 3,460 | 1,990 | 9,066 | 4,270 |
Total operating expenses | 20,995 | 13,902 | 58,968 | 37,128 |
Operating income | 19,739 | 9,799 | 53,875 | 16,384 |
Financial income (expenses), net | 2,029 | (3,436) | 998 | (3,378) |
Income before taxes on income | 21,768 | 6,363 | 54,873 | 13,006 |
Taxes on income (tax benefit) | 969 | 398 | (4,463) | 1,146 |
Net income | $ 20,799 | $ 5,965 | $ 59,336 | $ 11,860 |
Net basic earnings per share of common stock | $ 0.52 | $ 0.01 | $ 1.49 | $ 0.02 |
Net diluted earnings per share of common stock | $ 0.47 | $ 0.01 | $ 1.34 | $ 0.01 |
Weighted average number of shares used in computing net basic earnings per share of common stock | 40,362,093 | 2,822,893 | 39,725,227 | 2,817,090 |
Weighted average number of shares used in computing net diluted earnings per share of common stock | 44,577,901 | 7,099,046 | 44,347,071 | 5,534,903 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 20,799 | $ 5,965 | $ 59,336 | $ 11,860 |
Available-for-sale securities: | ||||
Changes in unrealized losses, net of tax benefit | 87 | 6 | ||
Reclassification adjustments for losses included in net income | 1 | 1 | ||
Net change | 88 | 7 | ||
Cash flow hedges: | ||||
Changes in unrealized gains, net of tax expense | 668 | 745 | ||
Reclassification adjustments for gains, net of tax expense included in net income | (33) | (35) | ||
Net change | 635 | 710 | ||
Foreign currency translation adjustments, net | (13) | $ (102) | (78) | $ (202) |
Other comprehensive income (loss) | 710 | (102) | 639 | (202) |
Comprehensive income | $ 21,509 | $ 5,863 | $ 59,975 | $ 11,658 |
GENERAL |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GENERAL |
To protect against the increase in value of forecasted foreign currency cash flows resulting from salary and lease payments of its Israeli facilities denominated in the Israeli currency, the New Israeli Shekel (NIS), during the three and nine months ended March 31, 2016, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll and lease payments denominated in NIS for a period of one to twelve months with hedging contracts. Accordingly, when the dollar strengthens against the foreign currencies, the decline in present value of future foreign currency expenses is offset by losses in the fair value of the hedging contracts. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by gains in the fair value of the hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges of these expenses.
In accordance with ASC 815, for derivative instruments that are designated and qualify as a cash flow hedge (i.e. hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any gain or loss on a derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item is recognized in current earnings during the period of change.
In addition to the above mentioned cash flow hedges transactions, the Company also entered into derivative instrument arrangements to hedge the Companys exposure to currencies other than the U.S. dollar. These derivative instruments are not designated as cash flows hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of operations, as financial income (expenses).
As of March 31, 2016, the Company entered into forward contracts and put and call options to sell U.S. dollars and Euros in the amount of $19,547 and 2,500,000, respectively. These hedging contracts do not contain any credit-risk-related contingency features. See Note 6 for information on the fair value of these hedging contracts.
The fair value of derivative assets and derivative liabilities as of March 31, 2016 was $854 and $5, respectively which was recorded in other accounts receivable and prepaid expenses in the consolidated balance sheets.
The amount recorded as gain in the cost of revenues expenses under the consolidated statements of operations for the three and the nine months ended March 31, 2016 (unaudited) resulted from the above referenced hedging transactions was $8.
The amount recorded as gain in the research and development, net expenses under the consolidated statements of operations for the three and the nine months ended March 31, 2016 (unaudited) resulted from the above referenced hedging transactions was $18.
The amount recorded as gain in the sales and marketing expenses under the consolidated statements of operations for the three and the nine months ended March 31, 2016 (unaudited) resulted from the above referenced hedging transactions was $11.
The amount recorded as gain in the general and administrative expenses under the consolidated statements of operations for the three and the nine months ended March 31, 2016 (unaudited) resulted from the above referenced hedging transactions was $3 and $6, respectively.
The fair value of the outstanding derivative instruments as of March 31, 2016 (unaudited) and June 30, 2015 is summarized below:
(*) Estimated to be reclassified into earnings until December 31, 2016.
The effect of derivative instruments in cash flow hedging transactions on income and other comprehensive income (OCI) for the three and the nine months ended March 31, 2016 and 2015 is summarized below:
On March 9, 2015, the Company and Beacon Power LLC, a Delaware limited liability company (Beacon) entered into a patent purchase agreement under which the Company agreed to purchase all rights in the patents. In July 2015, the Company completed the purchase of the patents for $800.
The patents are stated at cost, net of accumulated amortization. Amortization is calculated by the straight-line method over 10 years, which represents the estimated useful lives of the patents.
Amortization expenses for the three and the nine months ended March 31, 2016 (unaudited) were $21 and $63, respectively.
|
MARKETABLE SECURITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES |
As of June 30, 2015, the Company had no investments in marketable securities.
The amortized cost of available-for-sale marketable securities at March 31, 2016, by contractual maturities, is shown below:
As of March 31, 2016, management believes the impairments are not other than temporary and therefore the impairment losses were recorded in accumulated other comprehensive income (loss). The Company has no intent to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to the recovery of the entire amortized cost basis.
As of March 31, 2016 (unaudited), there was 32 securities in a loss position.
The total fair value of marketable securities with outstanding unrealized losses as of March 31, 2016 (unaudited) amounted to $40,147, while the unrealized losses for these marketable securities amounted to $46. |
INVENTORIES |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES |
|
WARRANTY OBLIGATIONS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WARRANTY OBLIGATIONS |
Changes in the Companys product warranty liability for the nine months ended March 31, 2016 and 2015 were as follows:
|
REVOLVING CREDIT LINE |
9 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Line of Credit Facility [Abstract] | |||
REVOLVING CREDIT LINE |
In June 2011, the Company entered into an agreement for a revolving line of credit from a bank lender (the "Bank Lender").
On February 17, 2015, the Company amended and restated the agreement with the Bank Lender for its revolving line of credit, which permits aggregate borrowings of up to $40 million in an amount not to exceed 80% of the eligible accounts receivable and bears interest, payable monthly, at the Bank Lenders prime rate plus a margin of 0.5% to 2.0%. The Companys revolving line of credit will terminate, and outstanding borrowings will be payable, on December 31, 2016.
In connection with the revolving line of credit, the Company granted the Bank Lender security interests in substantially all of the Companys assets, including a first-priority security interest in the Companys trade receivables, cash and cash equivalents. Financial covenants contained in the amended and restated agreement require the Company to maintain EBITDA and liquidity at specified levels.
The Company is required to maintain liquidity (defined as unrestricted and unencumbered cash, plus availability in the amended and restated agreement) of $6,750.
The amended and restated agreement also contains covenants that restrict the Companys ability to dispose of assets, engage in business combinations (or permit a subsidiary to engage in business combinations), grant liens, borrow money, or pay dividends.
As of March 31, 2016 (unaudited) and June 30, 2015, the Company was in compliance with all applicable covenants in the amended and restated agreement.
As of March 31, 2016 (unaudited), the Company had no outstanding borrowings pursuant to this revolving line of credit. |
FAIR VALUE MEASUREMENTS |
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS |
The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. There have been no transfers between fair value measurements levels during the nine months ended March 31, 2016.
The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:
The following table sets forth the Companys assets that were measured at fair value as of March 31, 2016 (unaudited) by level within the fair value hierarchy:
The following table sets forth the Companys assets that were measured at fair value as of June 30, 2015 by level within the fair value hierarchy:
In addition to the assets described above, the Companys financial instruments also include cash and cash equivalents, restricted and short-term deposits, trade receivables, other accounts receivable, trade payables, accrued expenses and other payables. The fair value of these financial instruments was not materially different from their carrying values on Mach 31, 2016 due to the short-term maturity of these instruments. |
LEASE INCENTIVE OBLIGATION |
9 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Leases [Abstract] | |||
LEASE INCENTIVE OBLIGATION |
The Company has an operating lease agreement for a building in Herziliya, Israel. In connection with this lease, the Company and its third party lessor (the "Lessor"), agreed that the Lessor would reimburse approximately $2,938 for certain leasehold improvements made by the Company.
As of March 31, 2016 (unaudited), the Company received in cash $2,917 from the Lessor in connection with such leasehold improvements. These leasehold improvements are accounted for as a lease incentive obligation, which is recorded under long-term liabilities, net of the current portion recorded in accrued expenses and other accounts payable under current liabilities. The lease incentive obligation is being amortized over the life of the lease and as a reduction to rent expense. As of March 31, 2016, the net amortized amount of lease incentive obligation recorded under long-term liabilities is $2,265. |
COMMITMENTS AND CONTINGENT LIABILITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES |
The Company and its subsidiaries lease their operating facilities under non-cancelable operating lease agreements, which expire over the next nine years, with the last ending in December 2024.
The future minimum lease commitments of the Company and its subsidiaries under various non-cancelable operating lease agreements in respect of premises that are in effect as of March 31, 2016 (unaudited), are as follows:
Rent expenses for the nine months ended March 31, 2016 (unaudited) and 2015 (unaudited) were approximately $1,653 and $1,222, respectively.
As of March 31, 2016 (unaudited), contingent liabilities exist regarding guarantees in the amount of $631, $53 and $85 in respect of office rent lease agreements, customs transactions and credit card limits, respectively.
As of March 31, 2016 (unaudited), the aggregate contingent liability to the Binational Industrial Research and Development Foundation (BIRD-F) amounted to approximately $1,132 which would be payable by the Company if it ever did generate revenues from such project.
As of March 31, 2016 (unaudited), the aggregate contingent liability to the Office of the Chief Scientist (the OCS) amounted to $782.
The Company has contractual obligations to purchase certain goods and raw materials. These contractual purchase obligations relate to certain inventories held by contract manufacturers and purchase orders initiated by the contract manufacturers and suppliers, which cannot be canceled without penalty. The Company utilizes third parties to manufacture its products. In addition, it acquires raw materials or other goods and services, including product components, by issuing to suppliers authorizations to purchase based on its projected demand and manufacturing needs. As of March 31, 2016 (unaudited), the Company had non-cancelable purchase obligations totaling approximately $84,275, of which the Company already recorded a provision for loss in the amount of $1,860.
From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. |
STOCK CAPITAL |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK CAPITAL |
The Companys 2007 Global Incentive Plan (the 2007 Plan) was adopted by the board of directors on August 30, 2007. On March 31, 2015, upon consummation of the Companys Initial Public Offering (IPO), the 2007 Plan was terminated and no further awards will be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grant were transferred to the Companys 2015 Global Incentive Plan (the 2015 Plan) and are reserved for future issuances under the 2015 Plan.
The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, RSUs and other share-based awards to directors, employees, officers and consultants of the Company and its subsidiaries. The Share Reserve will automatically increase on January 1st of each year during the term of the 2015 Plan commencing on January 1st of the year following the year in which the 2015 Plan becomes effective in an amount equal to five percent (5%) of the total number of shares of common stock outstanding on December 31st of the preceding calendar year; provided, however, that our board of directors may provide that there will not be a January 1st increase in the Share Reserve in a given year or that the increase will be less than five percent (5%) of the shares of common stock outstanding on the preceding December 31st.
The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is ten million (10,000,000).
As of March 31, 2016 (unaudited), a total of 3,827,117 (unaudited) shares of common stock were reserved for issuance under the 2015 Plan (the Share Reserve).
As of March 31, 2016 (unaudited), an aggregate of 2,731,852 shares of common stock are available for future grant under the 2015 Plan.
A summary of the activity in the options granted to employees and members of the board of directors for the nine months ended March 31, 2016 (unaudited) and related information follows:
The aggregate intrinsic value represents the total intrinsic value (the difference between the fair value of the Companys common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period. The total intrinsic value of options exercised during the nine months ended on March 31, 2016 (unaudited) was $27,602.
The weighted average grant date fair values of options granted to employees and executive directors during the nine months ended March 31, 2016 (unaudited) was $25.09.
The options outstanding as of March 31, 2016 (unaudited) have been separated into exercise price ranges as follows:
The Company has granted options and RSUs to non-employee consultants as of March 31, 2016 (unaudited) as follows:
The Company had accounted for its options and RSUs granted to non-employee consultants under the fair value method of ASC 505-50. In connection with the grant of options and RSUs to non-employee consultants, the Company recorded stock compensation expenses in the three months ended March 31, 2016 (unaudited) and 2015 (unaudited) in the amounts $91, and $228, respectively, and stock compensation expenses in the nine months ended March 31, 2016 and 2015 in the amounts $464 and $331, respectively
The Company recognized stock-based compensation expenses related to options and RSUs granted to employees and non-employees in the consolidated statement of operations for the three and six months ended on March 31, 2016 (unaudited) and 2015 (unaudited), as follows:
As of March 31, 2016 (unaudited), there was a total unrecognized compensation expense of $26,384 related to non-vested equity-based compensation arrangements granted under the Companys plans. These expenses are expected to be recognized during the period from April 1, 2016 through February 29, 2020. |
INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES |
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
Significant components of the Companys deferred tax liabilities and assets are as follows:
During the second fiscal quarter of 2016, the Company determined that the positive evidence outweighs the negative evidence for deferred tax assets and concluded that these deferred tax assets are realizable on a "more likely than not" basis. This determination was mainly due to expected future results of positive operations and earnings history. |
BASIC AND DILUTED NET EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIC AND DILUTED NET EARNINGS PER SHARE |
Basic net earnings per share is computed by dividing the net earnings by the weighted-average number of shares of common stock outstanding during the period.
The total weighted average number of shares of common stock related to the outstanding stock options, convertible preferred stock and warrants to purchase convertible preferred stock and common stock, excluded from the calculation of diluted net earnings per share due to their anti-dilutive effect, was 0 and 28,351,707 for the three months ended March 31, 2016 (unaudited) and 2015 (unaudited), respectively and 12,945 and 27,378,784 for the nine months ended March 31, 2016 (unaudited) and 2015 (unaudited), respectively
Basic and diluted earnings per share is presented in conformity with the two-class method for participating securities for the periods prior to their conversion. Under this method, the earnings per share for each class of shares are calculated assuming 100% of the Company's earnings are distributed as dividends to each class of shares based on their contractual rights.
The following table presents the computation of basic and diluted net earnings per share for the periods presented:
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CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS |
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Mar. 31, 2016 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS |
For the nine month period ended March 31, 2016 (unaudited), the Company had three major customers that accounted for approximately 34.9% of its consolidated revenues.
For the year ended June 30, 2015, the Company had one major customer that accounted for 24.6% of its consolidated revenues.
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GENERAL (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments |
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Schedule of Derivative Instruments Gains Recognized in OCI |
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Schedule of Derivative Gains (Losses) Reclassified From OCI Into Income |
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MARKETABLE SECURITIES (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Available-For-Sale Marketable Securities |
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Summary of amortized cost of available-for-sale marketable securities |
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INVENTORIES (Tables) |
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories |
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WARRANTY OBLIGATIONS (Tables) |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of warranty obligations |
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FAIR VALUE MEASUREMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value by level |
The following table sets forth the Companys assets that were measured at fair value as of June 30, 2015 by level within the fair value hierarchy:
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COMMITMENTS AND CONTINGENT LIABILITIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum lease commitments |
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STOCK CAPITAL (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of composition of common stock capital |
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STOCK CAPITAL (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recognized stock-based compensation expenses |
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Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the activity in the share options |
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Schedule of exercise price range of options |
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Option [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the activity in the share options |
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Schedule of exercise price range of options |
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INCOME TAXES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of taxes on income |
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Schedule of deferred tax liabilities and assets |
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BASIC AND DILUTED NET EARNINGS PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of basic and diluted net earnings (loss) per share |
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GENERAL (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Beginning balance | $ (293) | $ (222) | ||
Other comprehensive income (loss) before reclassifications | 742 | 673 | ||
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (32) | (34) | ||
Net current period other comprehensive income (loss) | 710 | $ (102) | 639 | $ (202) |
Ending balance | 417 | $ 417 | ||
Unrealized gains (losses) on available-for-sale marketable securities [Member] | ||||
Beginning balance | (81) | |||
Other comprehensive income (loss) before reclassifications | 87 | $ 6 | ||
Losses (gains) reclassified from accumulated other comprehensive income (loss) | 1 | 1 | ||
Net current period other comprehensive income (loss) | 88 | 7 | ||
Ending balance | 7 | $ 7 | ||
Unrealized gains (losses) on cash flow hedges [Member] | ||||
Beginning balance | 75 | |||
Other comprehensive income (loss) before reclassifications | 668 | $ 745 | ||
Losses (gains) reclassified from accumulated other comprehensive income (loss) | (33) | (35) | ||
Net current period other comprehensive income (loss) | 635 | 710 | ||
Ending balance | 710 | 710 | ||
Unrealized gains (losses) on foreign currency translation [Member] | ||||
Beginning balance | (287) | (222) | ||
Other comprehensive income (loss) before reclassifications | $ (13) | $ (78) | ||
Losses (gains) reclassified from accumulated other comprehensive income (loss) | ||||
Net current period other comprehensive income (loss) | $ (13) | $ (78) | ||
Ending balance | $ (300) | $ (300) |
MARKETABLE SECURITIES (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
item
|
---|---|
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less, amortized cost | $ 44,050 |
Due in one year or less, gross unrealized gains | 21 |
Due in one year or less, gross unrealized losses | 12 |
Due in one year or less, fair value | 44,059 |
Due after one year to two years, amortized cost | 43,148 |
Due after one year to two years, gross unrealized gains | 37 |
Due after one year to two years, gross unrealized losses | 34 |
Due after one year to two years, fair value | 43,151 |
Amortized cost | 87,198 |
Gross unrealized gains | 58 |
Gross unrealized losses | 46 |
Fair value | $ 87,210 |
Number of loss positions | item | 32 |
Corporate Debt Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized cost | $ 82,183 |
Gross unrealized gains | 55 |
Gross unrealized losses | 36 |
Fair value | 82,202 |
Governmental bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized cost | 5,015 |
Gross unrealized gains | 3 |
Gross unrealized losses | 10 |
Fair value | $ 5,008 |
INVENTORIES (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 10,639 | $ 14,405 |
Finished goods | 74,875 | 59,545 |
Inventories | $ 85,514 | $ 73,950 |
WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Jun. 30, 2015 |
|
Changes in the Company's product warranty liability | |||
Balance, at beginning of period | $ 31,879 | $ 18,181 | |
Additions and adjustments to cost of revenues | 21,250 | 13,456 | |
Usage and current warranty expenses | (6,470) | (3,738) | |
Balance, at end of period | 46,659 | 27,899 | |
Less current portion | 13,510 | 7,661 | $ 9,431 |
Long term portion | $ 33,149 | $ 20,238 | $ 22,448 |
REVOLVING CREDIT LINE (Details) - Revolving Credit Line [Member] - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Feb. 17, 2015 |
Mar. 31, 2016 |
|
Line of Credit Facility [Line Items] | ||
Aggregate borrowings | $ 40,000 | |
Maximum specified percentage of eligible trade receivables considered for determining maximum borrowing capacity | 80.00% | |
Description of variable rate basis | Bank Lender's prime rate
|
|
Termination date | Dec. 31, 2016 | |
Amount of liquidity need to maintain | $ 6,750 | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Applicable margin (as a percent) | 0.50% | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Applicable margin (as a percent) | 2.00% |
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
---|---|---|
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 17,520 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 17,520 | |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 849 | $ 859 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 849 | $ 859 |
Short Term Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 43,055 | |
Short Term Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 43,055 | |
Short Term Governmental Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1,004 | |
Short Term Governmental Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1,004 | |
Long Term Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 39,147 | |
Long Term Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 39,147 | |
Long Term Governmental Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 4,004 | |
Long Term Governmental Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 4,004 |
LEASE INCENTIVE OBLIGATION (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
---|---|---|
Leases [Abstract] | ||
Operating lease receivable | $ 2,938 | |
Received in cash from the Lessor | 2,917 | |
Lease incentive obligation | $ 2,265 | $ 2,385 |
COMMITMENTS AND CONTINGENT LIABILITIES (Schedule of Future Minimum Lease Commitments) (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Future minimum lease commitments | |
2016 | $ 598 |
2017 | 2,252 |
2018 | 2,148 |
2019 | 2,003 |
2020 and thereafter | 8,707 |
Future minimum lease commitments amount | $ 15,708 |
COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Lease commitments) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Lease commitments | ||
Contract term | 10 years | |
Rent expenses | $ 1,653 | $ 1,222 |
COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Guarantees) (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Office Rent Lease Agreements [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | $ 631 |
Customs Transactions [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | 53 |
Credit Card Limits [Member] | |
Guarantor Obligations [Line Items] | |
Guarantees amount | $ 85 |
COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Royalty, Governmental, and Contractual purchase obligations) (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Royalty commitments | |
Aggregate contingent liability to the BIRD-F amount | $ 1,132 |
Governmental commitments | |
Governmental commitments amount | 782 |
Contractual purchase obligations | |
Non-cancelable purchase obligations | 84,275 |
Provision for contractual inventory purchase obligations | $ 1,860 |
STOCK CAPITAL (Common Stock) (Details) |
9 Months Ended | |
---|---|---|
Mar. 31, 2016
$ / shares
shares
|
Jun. 30, 2015
$ / shares
shares
|
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Reverse stock split ratio | 0.33 | |
Common stock capital | ||
Par value | $ / shares | $ 0.0001 | $ 0.0001 |
Authorized | 125,000,000 | 125,000,000 |
Common stock, issued shares | 40,684,496 | 39,297,539 |
Common stock, outstanding shares | 40,684,496 | 39,297,539 |
STOCK CAPITAL (Stock option plans) (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Dec. 31, 2014 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ 27,602 | |
Unrecognized compensation expense | $ 26,384 | |
2007 Plan, Transferred to 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options are available for future grant under the plan | 379,358 | |
2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options reserved for issuance under the plan | 3,827,117 | |
Percentage of common shares increase automatically in each year | 5.00% | |
2015 Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of common shares increase automatically in each year | 5.00% | |
Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options are available for future grant under the plan | 10,000,000 | |
Employee Stock Purchase Plan [Member] | 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options are available for future grant under the plan | 2,731,852 | |
Options And RSUs [Member] | Employees and Members of Board of Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair values options granted to employees and executive directors | $ 25.09 | |
Restricted Stock Units (RSUs) [Member] | Employees and Members of Board of Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair values options granted to employees and executive directors | $ 24.45 |
STOCK CAPITAL (Summary of activity in the share options) (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Jun. 30, 2015 |
|
Aggregate intrinsic Value | ||
Exercised | $ 27,602 | |
Option [Member] | Employees and Members of Board of Directors [Member] | ||
Number of options | ||
Outstanding as of July 1, 2015 | 6,034,782 | |
Granted | 228,800 | |
Exercised | (1,230,923) | |
Forfeited or expired | 46,971 | |
Outstanding as of March 31, 2016 | 4,985,688 | 6,034,782 |
Weighted average exercise price | ||
Outstanding as of July 1, 2015 | $ 3.14 | |
Granted | 25.09 | |
Exercised | 2.05 | |
Forfeited or expired | 3.86 | |
Outstanding as of March 31, 2016 | $ 4.41 | $ 3.14 |
Weighted average remaining contractual term in years | ||
Outstanding | 6 years 9 months | 7 years 22 days |
Aggregate intrinsic Value | ||
Outstanding as of July 1, 2015 | $ 200,438 | |
Outstanding as of March 31, 2016 | $ 103,375 | $ 200,438 |
Vested and expected to vest at the end of the period | ||
Number of options | 4,798,492 | |
Weighted average exercise price | $ 4.33 | |
Weighted average remaining contractual term in years | 6 years 8 months 23 days | |
Aggregate intrinsic Value | $ 99,877 | |
Exercisable as of March 31, 2016 | ||
Weighted average exercise price | $ 2.88 | |
Weighted average remaining contractual term in years | 5 years 7 months 24 days | |
Aggregate intrinsic Value | $ 68,974 |
STOCK CAPITAL (Schedule of exercise price ranges) (Details) - Employees and Members of Board of Directors [Member] |
9 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
shares
| |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding | 4,985,688 |
Weighted average remaining contractual Life in years | 6 years 9 months |
Exercisable | 3,099,118 |
Weighted average remaining contractual Life in years | 5 years 7 months 24 days |
$0.50 - $1.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 0.87 |
Range of exercise price, upper | $ / shares | $ 1.50 |
Outstanding | 770,940 |
Weighted average remaining contractual Life in years | 2 years 10 months 21 days |
Exercisable | 770,940 |
Weighted average remaining contractual Life in years | 2 years 10 months 21 days |
$1.68 - $2.46 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 1.68 |
Range of exercise price, upper | $ / shares | $ 2.46 |
Outstanding | 1,465,040 |
Weighted average remaining contractual Life in years | 5 years 5 months 27 days |
Exercisable | 1,408,292 |
Weighted average remaining contractual Life in years | 5 years 5 months 16 days |
$3.03 - $3.96 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower | $ / shares | $ 3.03 |
Range of exercise price, upper | $ / shares | $ 3.96 |
Outstanding | 542,018 |
Weighted average remaining contractual Life in years | 7 years 6 months 11 days |
Exercisable | 279,270 |
Weighted average remaining contractual Life in years | 7 years 2 months 27 days |
$5.01 - $5.04 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price | $ / shares | $ 5.01 |
Outstanding | 1,945,562 |
Weighted average remaining contractual Life in years | 8 years 7 months 28 days |
Exercisable | 602,296 |
Weighted average remaining contractual Life in years | 8 years 7 months 28 days |
$9.36 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price | $ / shares | $ 9.36 |
Outstanding | 33,328 |
Weighted average remaining contractual Life in years | 8 years 10 months 2 days |
Exercisable | 9,720 |
Weighted average remaining contractual Life in years | 8 years 10 months 2 days |
$25.09 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price | $ / shares | $ 25.09 |
Outstanding | 228,800 |
Weighted average remaining contractual Life in years | 9 years 4 months 21 days |
Exercisable | 28,600 |
Weighted average remaining contractual Life in years | 9 years 4 months 21 days |
STOCK CAPITAL (Summary of the activity in the RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - Employees and Members of Board of Directors [Member] |
9 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
shares
| |
No. of Options | |
Unvested as of July 1, 2015 | shares | 67,440 |
Granted | shares | 807,656 |
Vested | shares | (112,591) |
Forfeited | shares | (40,965) |
Unvested as of March 31, 2016 | shares | 721,540 |
Weighted average grant date fair value | |
Unvested as of July 1, 2015 | $ / shares | $ 25.09 |
Granted | $ / shares | 24.45 |
Vested | $ / shares | 24.57 |
Forfeited | $ / shares | 24.07 |
Unvested as of March 31, 2016 | $ / shares | $ 24.38 |
STOCK CAPITAL (Options and RSUs issued to non-employee consultants) (Details) - Options And RSUs [Member] - Nonemployee Consultants [Member] |
Mar. 31, 2016
$ / shares
shares
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 101,482 |
Exercisable at the end of the period | 51,637 |
July 31, 2008 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 33,333 |
Exercise price | $ / shares | $ 0.87 |
Exercisable at the end of the period | 33,333 |
October 24, 2012 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 5,166 |
Exercise price | $ / shares | $ 2.46 |
Exercisable at the end of the period | 4,333 |
January 23, 2013 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 3,333 |
Exercise price | $ / shares | $ 3.03 |
Exercisable at the end of the period | 2,778 |
January 27, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 4,698 |
Exercise price | $ / shares | $ 3.51 |
Exercisable at the end of the period | 2,226 |
May 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 6,000 |
Exercise price | $ / shares | $ 3.51 |
Exercisable at the end of the period | 3,167 |
September 17, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 10,830 |
Exercise price | $ / shares | $ 3.96 |
Exercisable at the end of the period | 4,790 |
October 29, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 5,788 |
Exercise price | $ / shares | $ 5.01 |
Exercisable at the end of the period | 1,010 |
August 19, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 28,167 |
Exercise price | $ / shares | $ 0.00 |
Exercisable at the end of the period | |
November 8, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the end of the period | 4,167 |
Exercise price | $ / shares | $ 0.00 |
Exercisable at the end of the period |
STOCK CAPITAL (Schedule of stock-based compensation expense for employees and consultants) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 2,631 | $ 970 | $ 6,689 | $ 1,750 |
Nonemployee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 91 | 228 | 464 | 331 |
Cost of revenues [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 246 | 140 | 635 | 254 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 724 | 183 | 1,637 | 449 |
Selling and marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 842 | 292 | 2,207 | 545 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 819 | $ 355 | $ 2,210 | $ 502 |
INCOME TAXES (Schedule of Taxes on Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Current year taxes | $ 1,069 | $ 398 | $ 2,380 | $ 1,146 |
Previous year taxes | (216) | |||
Deferred tax expense (income) | $ (100) | (6,627) | ||
Taxes on income (tax benefit) | $ 969 | $ 398 | $ (4,463) | $ 1,146 |
INCOME TAXES (Schedule of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
---|---|---|
Assets in respect of: | ||
Carryforward tax losses | $ 23,033 | |
Research and Development carryforward expenses- temporary differences | $ 4,488 | $ 5,173 |
Stock-based compensation | 548 | |
Other reserves | 1,450 | $ 1,346 |
Deferred tax assets, gross | $ 6,486 | 29,552 |
Valuation allowance | $ (29,552) | |
Net deferred tax assets | $ 6,486 |
BASIC AND DILUTED NET EARNINGS PER SHARE (Narrative) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share [Abstract] | ||||
Total weighted average number of shares related to the outstanding stock options, convertible preferred stock and warrants to purchase convertible preferred stock and common stock, excluded from the calculation of diluted net earnings (loss) per share due to their anti-dilutive effect | 0 | 28,351,707 | 12,945 | 27,378,784 |
BASIC AND DILUTED NET EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Numerator: | ||||
Net income | $ 20,799 | $ 5,965 | $ 59,336 | $ 11,860 |
Dividends accumulated for the period | (5,923) | (11,817) | ||
Net income available to holders of common stock | $ 20,799 | $ 42 | $ 59,336 | $ 43 |
Denominator: | ||||
Shares used in computing net earnings (loss) per share of common stock, basic (in shares) | 40,362,093 | 2,822,893 | 39,725,227 | 2,817,090 |
Numerator: | ||||
Net income | $ 20,799 | $ 5,965 | $ 59,336 | $ 11,860 |
Dividends accumulated for the period | (5,872) | (11,782) | ||
Net income available to holders of common stock | $ 20,799 | $ 93 | $ 59,336 | $ 78 |
Denominator: | ||||
Shares used in computing net earnings per share of common stock, diluted | 44,577,901 | 7,099,046 | 44,347,071 | 5,534,903 |
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
|
Revenues [Member] | Customer One [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 26.70% | 34.90% | |
Revenues [Member] | Customer Two [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 26.70% | 34.90% | |
Revenues [Member] | Customer Three [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 26.70% | ||
Revenues [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 24.60% | ||
Accounts Receivable [Member] | Customer One [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 38.50% | ||
Accounts Receivable [Member] | Customer Two [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 38.50% | ||
Accounts Receivable [Member] | Customer Three [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 38.50% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 30.00% |
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