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If it does result in a more likely than not indication of impairment, the two-step impairment test is performed. Alternatively, ASC 350 permits an entity to bypass the qualitative assessment for any reporting unit and proceed directly to performing the first step of the goodwill impairment test. The Company operates in one reporting segment, and this segment comprises its only reporting unit. Therefore, goodwill is tested for impairment by comparing the fair value of the reporting unit with its carrying value. 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If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. As of December 31, 2016, 2017 and 2018, no impairment losses have been recognized.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="zc39cc5f9cc2f433da64c6edf60480339" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">l.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Equity investments in privately-held companies:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company has equity investments in privately-held companies. These investments are recorded at cost, less impairments, adjusted by observable price changes. The investments are included in other long-term assets on the accompanying balance sheets. The Company monitors the investments and if facts and circumstances indicate an investment may be impaired, then it conducts an impairment test of its investment. To determine if the investment is recoverable, it reviews the privately-held company's revenue and earnings trends relative to pre-defined milestones and overall business prospects, the general market conditions in its industry and other factors related to its ability to remain in business, such as liquidity and receipt of additional funding.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="z3f8a0d13ace943899e1745314b50c86d" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">m.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Derivatives instruments:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">ASC No. 815, "Derivative and Hedging" ("ASC No. 815"), requires companies to recognize all of their derivative instruments as either assets or liabilities in the statement of balance sheets at fair value.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.6pt"><u>Derivative instruments designated as hedging instruments:</u></div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.6pt">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 loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. 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The net fair value of derivative instruments balance as of December 31, 2018 totaled $ (341), and is presented on a gross basis as prepaid expenses and other current assets in the amount of $ 599 and as accrued expenses and other current liabilities in the amount of $ 940.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">In the years ended December 31, 2016, 2017 and 2018, the Company recorded as operating income (expenses) net from hedging transactions in the amount of&#160;$831, $5,417 and $ (1,687) respectively.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">To hedge against the risk of overall changes in cash flows resulting from foreign currency salary payments, rent and other overhead vendors during the year, the Company has instituted a foreign currency cash flow hedging program. 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Salary bearing grants from the Ministry of Economy and Industry of Israel for funding certain approved positions are recognized at the time when the Company is entitled to such grants, on the basis of the related costs incurred, and included as a deduction from salary expenses.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company recorded grants in the amounts of $ 1,030 and $ 1,172 for the years ended December 31, 2017 and 2018 respectively. 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The company may be subject to penalties if certain criteria under the grants are not met.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="text-align: justify; line-height: 1.25"> <table id="z1fe618a3d28b4cb7bdd444a2afb7a6cd" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">bb.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Recently issued accounting standards, not yet adopted by the Company:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">In August 2018, the FASB issued ASU No.&#160;2018-15,&#160;Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.&#160;This ASU clarifies the accounting treatment for implementation costs for cloud computing arrangements (hosting arrangements) that are service contracts. 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The Company elected this new transition method when it adopted&#160;ASU 2016-02&#160;on January 1, 2019.</div> <div style="text-align: justify; font: 10pt/1.25 Times New Roman , Times, serif; margin-left: 28.35pt; text-indent: 28.35pt">&#160;</div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">In February 2016, the FASB issued ASU No. 2016-02,&#160;Leases (Topic 842).&#160;The standard requires lessees to recognize almost all leases on the balance sheet as a right-of-use asset and a lease liability and requires leases to be classified as either an operating or a finance type lease. The standard excludes leases of intangible assets or inventory. The standard became effective for the Company beginning January 1, 2019. The Company has estimated the opening balances of the right-of-use assets and lease liabilities upon adopting the standard as of January&#160;1,&#160;2019&#160;to be approximately&#160;$51 million. The Company is still in the process of finalizing the calculation. In addition, a material portion of the Company's leases are denominated in currencies other than the U.S. Dollar, mainly in NIS. As a result, the associated lease liabilities will be remeasured using the current exchange rate in the future reporting periods, which may result in material foreign exchange gains or losses. 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The Company does not expect that the adoption of this standard will have a material impact on its consolidated financial statements and related disclosures.</div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="zcd18328f0b8a44859d7a89f7d039d031" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">a.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Use of estimates:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, income taxes, deferred taxes and liabilities, goodwill valuation, share-based compensation cost, as well as in estimates used in applying the revenue recognition policy. The Company's management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates<font style="font: 10pt Times New Roman, Times, serif">.</font></div></div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="za7e9fc7168894e1baf99e2fd97aee902" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">b.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Principles of consolidation:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances, have been eliminated upon consolidation.</div></div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="za0c2d8fac9b7457fa7191b5127df7249" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">c.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Financial statements in U.S. dollars:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">A majority of the Company's revenues are generated in U.S. dollars. In addition, the equity investments are in U.S. dollars and substantial portion of the Company costs are incurred in U.S dollars. The Company's management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S dollar.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification ("ASC") No. 830 "Foreign Currency Matters" ("ASC No. 830"). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statement of comprehensive loss as financial income or expenses, as appropriate.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The functional currency of the U.S. Subsidiary is the U.S. dollar.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The functional currency of the Lithuanian Subsidiary, Luxembourgian Subsidiary and Brazilian Subsidiary is the U.S. dollar as these subsidiaries' revenues, intercompany transaction, budget and financing are denominated in U.S. dollars.</div></div> <div style="text-align: justify; line-height: 1.25"><table id="zf1c5f6310ecc4aa09cf054f3f1ce6e83" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">d.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Cash and cash equivalents:</div> </td> </tr> </table> </div> <div style="text-align: justify; margin-left: 85.05pt; line-height: 1.25"><font style="font: 10pt Times New Roman, Times, serif">Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less, at the date acquired.<font style="font: 10pt Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="z32953b71ece5423986fcf52d6d8953de" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">f.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Restricted deposits:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt; text-indent: 0pt">Restricted deposits are deposits with maturities of up to one year and are used as security for the rental of premises, for the Company's credit cards, and as a security for the Company's hedging activities. As of December&#160;31, 2017 and 2018 the Company's bank deposits were in U.S. dollars and New Israel Shekels (NIS) and bore interest at weighted average interest rates of 0.05% and 0.06%, respectively. Restricted deposits are presented at their cost, including accrued interest.</div></div> <div style="text-align: justify; line-height: 1.25"><table id="zf1c5f6310ecc4aa09cf054f3f1ce6e83" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">e.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Short-term deposits:</div> </td> </tr> </table> </div> <div style="text-align: justify; margin-left: 85.05pt; line-height: 1.25"><font style="font: 10pt Times New Roman, Times, serif">Short-term deposits are deposits with maturities over three months and of up to one year. As of December&#160;31, 2017 and 2018, the Company's bank deposits were denominated in U.S. dollars and New Israel Shekels (NIS) and bore interest at weighted average interest rates of 2.08% and 2.84%, respectively. Short-term deposits are presented at their cost, including accrued interest.<font style="font: 10pt Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="z0cfe68c0ee7d42bc838eb3d36798f15f" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">g.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Marketable securities:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt; text-indent: -28.35pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company&#8217;s marketable securities consist of U.S. federal deposit insured corporation, Treasury bonds, certificate of deposits and corporate bonds. The Company accounts for investments in debt securities in accordance with ASC 320, "Investments - Debt and Equity Securities". Management determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determinations at each balance sheet date.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt; text-indent: 0pt">Marketable securities are classified as available for sale at the time of purchase. Available-for-sale securities are carried at fair value based on quoted market prices,with the unrealized gains and losses,&#160; reported in accumulated other comprehensive income (loss) in shareholders&#8217; equity. Realized gains and losses on sale of investments are included in financial income, net and are derived using the specific identification method for determining the cost of securities sold. Interest on these securities, as well as amortization or accretion of premiums or discounts, are included in financial income, net.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt; text-indent: 0pt">The Company's securities are reviewed for impairment in accordance with ASC 320-10-35. Impairments are considered other than temporary if they are related to deterioration in credit risk. <font style="font: 10pt Times New Roman, Times, serif">The Company regularly reviews its investment portfolio and charges unrealized losses against net income when a decline in fair value is determined to be other-than-temporary. The Company reviews several factors to determine whether a loss is other-than-temporary. </font><font style="font: 10pt Times New Roman, Times, serif; background-color: #ffffff">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.</font></div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Based on the above<font style="font: 10pt Times New Roman, Times, serif; background-color: #ffffff"> factors, the Company concluded that unrealized losses on its available-for-sale securities, for the year ended December 31, 2018 were not other than temporary.</font></div></div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><div><table id="z1dfc5cbca55a4ee1aa979af88a43c0f7" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 28.35pt">h.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Property and equipment, net:<font style="font: 10pt Times New Roman, Times, serif"><br /> </font></div> </td> </tr> </table> </div> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 84.45pt">Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates:</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <table id="z97af56ee12bd49d1b836cfb1aab28309" cellspacing="0" cellpadding="0" align="right" border="0" style="font: 10pt Times New Roman, Times, serif; width: 89%"> <tr> <td style="vertical-align: top; width: 65.54%">&#160;</td> <td style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 34.46%"> <div style="font: bold 10pt/1.25 Times New Roman, Times, serif; text-align: center; margin-left: 2.85pt">%</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 65.54%">&#160;</td> <td style="vertical-align: bottom; width: 34.46%">&#160;</td> </tr> <tr> <td style="vertical-align: bottom; width: 65.54%; background-color: #cceeff"> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: left; margin-left: 2.85pt">Computers, peripheral equipment and electronic equipment</div> </td> <td style="vertical-align: bottom; width: 34.46%; background-color: #cceeff"> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: center">15 &#8211; 33 (mainly 33)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 65.54%; background-color: #ffffff"> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: left; margin-left: 2.85pt">Office furniture and equipment</div> </td> <td style="vertical-align: bottom; width: 34.46%; background-color: #ffffff"> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: center; margin-left: 2.85pt">6 &#8211; 14 (mainly 6)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 65.54%; background-color: #cceeff"> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: left; margin-left: 2.85pt">Leasehold improvements</div> </td> <td style="vertical-align: bottom; width: 34.46%; background-color: #cceeff"> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: center; margin-left: 2.85pt">Over the shorter of the </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: center; margin-left: 2.85pt">related lease period or the </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: center; margin-left: 2.85pt">life of the asset</div></td></tr></table></div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="z752b8892f4514c4782871e3f98e345dc" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">i.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Impairment of Long-lived assets and intangible assets subject to amortization:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The long-lived assets of the Company and its subsidiaries are reviewed for impairment in accordance with ASC No. 360, "Property, Plant and Equipment" ("ASC No. 360"), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the years ended December 31, 2016, 2017 and 2018, no impairment losses have been identified.</div></div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="z0edea26158f14c52a6fdd6914347895f" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">j.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Business combinations:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"> <div style="text-align: justify; line-height: 1.25">&#160;</div> <div style="text-align: justify; line-height: 1.25"> <table id="z641a3ca8e9c34d27bd7f512ae756a009" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 56.7pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt"></td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif; text-align: justify">The Company accounted for business combination in accordance with ASC 805, "Business&#160;Combinations". ASC 805 requires recognition of assets acquired, liabilities assumed, and&#160;any non-controlling interest at the acquisition date, measured at their fair values as of that date. Any excess of the fair value of net assets acquired over purchase price is allocated to goodwill and any subsequent changes in estimated contingencies are to be recorded in earnings. In addition, changes in valuation allowance related to acquired deferred tax assets and in acquired income tax position are to be recognized in earnings.</div> </td> </tr> </table> </div> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt; text-indent: 0pt">Acquisition related costs are expensed to the statement of income in the period incurred. See note 4 for additional information.</div></div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="zf4a3e81ad87849c19f4d607945e2f78f" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">k.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Goodwill and intangible assets:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Goodwill and certain other purchased intangible assets have been recorded in the Company's financial statements as a result of acquisitions. Goodwill represents excess of the costs over the net tangible and intangible assets acquired of businesses acquired Under ASC topic 350, "Intangible - Goodwill and other", ("ASC No. 350") goodwill is not amortized, but rather is subject to impairment test. In addition, the costs of intangible assets that were purchased from others for use in research and development activities were recorded as assets to the extent that they have alternative future use.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">ASC 350 allows an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. If the qualitative assessment does not result in a more likely than not indication of impairment, no further impairment testing is required. If it does result in a more likely than not indication of impairment, the two-step impairment test is performed. Alternatively, ASC 350 permits an entity to bypass the qualitative assessment for any reporting unit and proceed directly to performing the first step of the goodwill impairment test. The Company operates in one reporting segment, and this segment comprises its only reporting unit. Therefore, goodwill is tested for impairment by comparing the fair value of the reporting unit with its carrying value. The Company elects to perform an annual impairment test of goodwill as of October 1 of each year, or more frequently if impairment indicators are present.</div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">Intangible assets that are considered to have definite useful life are amortized using the straight-line basis over their estimated useful lives, which weighted average amortization period of 13 years. The carrying amount of these assets is reviewed whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of the asset to the future undiscounted cash flows the asset is expected to generate. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. As of December 31, 2016, 2017 and 2018, no impairment losses have been recognized.</div></div> <div style="line-height: 1.25"><div style="text-align: justify; line-height: 1.25"><table id="zc39cc5f9cc2f433da64c6edf60480339" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"><tr><td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 27.75pt">l.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Equity investments in privately-held companies:</div> </td> </tr> </table> </div> <div style="line-height: 1.25"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">The Company has equity investments in privately-held companies. These investments are recorded at cost, less impairments, adjusted by observable price changes. The investments are included in other long-term assets on the accompanying balance sheets. The Company monitors the investments and if facts and circumstances indicate an investment may be impaired, then it conducts an impairment test of its investment. 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