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Therefore, all research and development costs are expensed as incurred.</div> <div style="font: 10pt/1.25 Times New Roman, Times, serif; text-align: justify; margin-left: 85.05pt">&#160;</div> <div style="text-align: justify; line-height: 1.25"> <table id="za39fddce314d475db62202c0135f7285" 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">p.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Internal use software:</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 costs to obtain or develop for internal use software with respect to the Company&#8217;s Enterprise Resource Planning (&#8220;ERP&#8221;) system, are capitalized based on qualifying criteria, which includes a determination of whether such costs are incurred during the application stage. Such costs are amortized over the software&#8217;s estimated life. Costs incurred to develop software applications consist of (a)&#160;certain external direct costs of materials and services incurred in developing or obtaining internal-use computer software, and (b)&#160;payroll and payroll-related costs for employees who are directly associated with, and who devote time to, the project.</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="z9c00e6b2bfc34b8eb3480dc99ade6a17" 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">q.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Marketing expenses:</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">Marketing expenses consist primarily of marketing campaigns and tradeshows. Marketing expenses are charged to the statement of comprehensive income, as incurred. 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ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statements of comprehensive income.</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 recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards.</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 selected the Black-Scholes-Merton option-pricing model as the most appropriate fair value method for its option awards. The fair value of restricted stock units (&#8220;RSU&#8221;) and performance stock units (&#8220;PSU&#8221;) is based on the closing market value of the underlying shares at the date of grant.</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 option-pricing model requires a number of assumptions, of which the most significant are the expected share price volatility and the expected option term.</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="zab70bc77e75a463e89877404483c61b3" 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">s.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Income taxes:</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 accounts for income taxes in accordance with ASC No. 740-10, &#8220;Income Taxes&#8221; (&#8220;ASC No. 740-10&#8221;). ASC No. 740-10 prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that some portion or all of the deferred tax asset will not be realized.</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 established reserves for uncertain tax positions based on the evaluation of whether or not the Company's uncertain tax position is &#8220;more likely than not&#8221; to be sustained upon examination. The Company records interest and penalties pertaining to its uncertain tax positions in the financial statements as income tax expense.</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="z8ca86f7124bf4cfeaf75e1a6ca118a86" 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">t.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Basic and diluted net income per share:</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">Basic net income per ordinary share is computed by dividing net income for each reporting period by the weighted-average number of ordinary shares outstanding during each year. Diluted income per ordinary share is computed by dividing net income for each reporting period by the weighted average number of ordinary shares outstanding during the period, plus dilutive potential ordinary shares considered outstanding during the period, in accordance with ASC 260-10 &#8220;Earnings Per Share&#8221;.</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 total weighted average number of shares related to outstanding options, RSU's and PSU&#8217;s that have been excluded from the calculation of diluted net earnings per share was 484,726, 1,381,114 and 1,880,018 for the years ended December&#160;31, 2015, 2016 and 2017, respectively.</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="z34e9fbd9cd454e1d93bd91fd7dd5b354" 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">u.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Comprehensive income (loss):</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 accounts for comprehensive income (loss) in accordance with Accounting Standards Codification No. 220, <font style="font: 10pt Times New Roman, Times, serif">&#8220;</font>Comprehensive Income<font style="font: 10pt Times New Roman, Times, serif">&#8221;</font> (<font style="font: 10pt Times New Roman, Times, serif">&#8220;</font>ASC No. 220<font style="font: 10pt Times New Roman, Times, serif">&#8221;</font>). 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The derivative instruments hedge a portion of the Company's non-dollar currency exposure.</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="z9d4d1cd58f4d4fe4b3a0a70b8a1d7da6" 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">w.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Fair value of financial 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">The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange.</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 following methods and assumptions were used by the Company in estimating the fair value of their financial instruments:</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 carrying values of cash and cash equivalents, short-term bank deposits, trade receivables, prepaid expenses and other current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate their fair values due to the short-term maturities of these instruments.</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 applies ASC No. 820, <font style="font: 10pt Times New Roman, Times, serif">&#8220;</font>Fair Value Measurements and Disclosures<font style="font: 10pt Times New Roman, Times, serif">&#8221;</font> (<font style="font: 10pt Times New Roman, Times, serif">&#8220;</font>ASC No. 820<font style="font: 10pt Times New Roman, Times, serif">&#8221;</font>), with respect to fair value measurements of all financial assets and liabilities.</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 fair value of foreign currency contracts (used for hedging purposes) is estimated by obtaining current quotes from banks and third party valuations.</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">Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a<font style="font: 10pt Times New Roman, Times, serif">&#160;</font>liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:</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="z49010ab922624eb29e950537052ad59c" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 85.05pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 56.7pt">Level&#160;1 -</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.</div> </td> </tr> </table> </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="z0018e1184ad84eecb63c6ba2dd3710b1" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 85.05pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 56.7pt">Level&#160;2 -</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.</div> </td> </tr> </table> </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="z0b8252671c3e4e99971fd446623cf2c6" class="DSPFListTable" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; width: 100%"> <tr> <td style="width: 85.05pt"></td> <td style="font: 10pt Times New Roman, Times, serif; vertical-align: top; width: 56.7pt">Level&#160;3 -</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Inputs are unobservable inputs based on the Company's own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.</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 fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.</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 accordance with ASC 820, the Company measures its foreign currency derivative instruments, at fair value using the market approach valuation technique. Foreign currency derivative contracts as detailed in note 2.k are classified within Level&#160;2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments.</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="zf743217aaba84d6da5652c99b2081945" 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">x.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Legal contingencies:</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">From time to time, the Company becomes involved in legal proceedings or is subject to claims arising in its ordinary course of business. Such matters are generally subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues for contingencies when the loss is probable and it can reasonably estimate the amount of any such loss. Except as set forth in Note 8c, the Company is currently not a party to any material legal or administrative proceedings and, is not aware of any material pending or threatened material legal or administrative proceedings against the Company.</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="z0b0659ceda4642df85b0232b7950647e" 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">y.</td> <td style="vertical-align: top; text-align: justify; width: auto"> <div style="font: 10pt Times New Roman, Times, serif">Recently adopted accounting pronouncements:</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: 84.75pt">In March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-09 Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. 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