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ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019. 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The computation of the suboptimal exercise multiple based on empirical studies, the early exercise factor of public companies is approximately 100% for employees and 150% for managers. 0.0833 8636000 3651000 1354000 1590000 2088000 3000 45000 283000 526000 612000 The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. 21000 216000 97000 762152 1498503 69000 11443000 741000 2700000 2237000 2470000 1234000 493000 16526000 5485000 5190000 295000 21798000 68917000 56514000 12403000 38324000 74402000 2000 52000 41000 11000 5000 7000 52000 -28000 -79000 -82000 -65000 -17000 107000 82000 38224000 74372000 38224000 38224000 74372000 74372000 3000 3000 45000 45000 38227000 38227000 74417000 74417000 1070000 1070000 334000 334000 1070000 1070000 334000 334000 -900000 164000 All investments with an unrealized loss as of December 31, 2017 are with continuous unrealized losses for less than 12 months. 900000 0.15 12322000 15756000 11800000 19099000 705000 34000 17207000 1935000 1332000 8962000 4978000 22233000 2616000 1497000 11098000 7022000 7960000 11003000 1560000 2447000 3505000 166000 297000 298000 4445000 2614000 265000 1566000 4445000 2614000 265000 1566000 P5Y P4Y P8Y1M20D 1060000 261000 33000 766000 2369000 1404000 99000 866000 1065000 432000 136000 143000 300000 2076000 222000 519000 1309000 993000 867000 1741000 1680000 693000 470000 1400000 900000 503000 1276000 626000 2504000 2494000 2465000 2195000 6982000 16640000 1443000 1664000 2963000 2025-12-31 3000000 These lines of credit are unsecured and available subject to the Company's maintenance of a 30% ratio of total tangible shareholders' equity to total tangible assets and that the total credit use will be less than 70% of the Company and its subsidiaries' receivables. Interest rates across these credit lines varied from 0.2% to 2.3% as of December 31, 2017. 16475000 625000 625000 625000 2 398000 625000 2769004 2733166 2733166 2360647 88759 2360647 94570 663983 5811 202152 887913 4.74 7.01 7.01 10.76 10.76 17.13 3.46 11.18 7.45 P7Y9M11D P9Y3M4D P5Y3M8D P8Y1M6D P8Y0M18D P7Y0M15D 18580000 16054000 16054000 13588000 13588000 167000 5281000 7822000 10588000 7726000 9.97 10.10 0.36 0.92 2360647 145000 616783 479811 41734 21299 473688 66000 516332 9.47 10.04 14.19 0.73 1.60 2.14 11.86 17.74 P8Y8M5D P8Y1M24D P8Y2M1D P0Y11M19D P6Y0M4D P6Y5M23D P8Y9M18D P9Y7M21D 887913 46875 238193 202921 41734 21299 319266 17625 9.47 10.03 13.91 0.73 1.6 2.15 11.84 P8Y5M1D P7Y11M12D P7Y8M23D P0Y11M19D P6Y0M4D P6Y5M16D P8Y9M3D 2383000 219000 87000 281000 537000 1259000 2993000 311000 171000 217000 654000 1640000 4411000 419000 210000 775000 920000 2087000 8165000 8625000 12628741 Company closed its initial public offering ("IPO") whereby 8,165,000 ordinary shares were sold by the Company to the public (inclusive of 1,065,000 ordinary shares pursuant to the full exercise of an overallotment option granted to the underwriters). Company closed a follow on and secondary offering where by 8,625,000 ordinary shares were sold in the transaction to the public of which 2,300,000 were issued by the Company and 6,325,000 were sold by the selling shareholders (inclusive of 1,125,000 ordinary shares pursuant to the full exercise of an overallotment option granted to the underwriters). 11177000 P3Y0M0D 0.01 Generally vest in portions as follows: 50% of total options are exercisable two years after the date determined for each optionee, a further 25% three years after the date determined for each optionee and a 25% four years after the date determined for each optionee. 25% of total options are exercisable one year after the date determined for each optionee and a further 6.25% at the end of each subsequent three-month period for 3 years. Under the Equity Incentive Plans and starting 2017, the Company grants Restricted Stock Units ("RSUs"). The RSU's generally vest over a period of four years of employment. Options and RSU that have vested are exercisable for up to 10 years from the grant date of the options or RSU to each employee. P10Y 1875006 7.11 5.64 9.24 17.77 5.53 2932176 13.03 150000000 P5Y The warrants are subject to vesting as a function of payments for purchased products and services of up to $150 million over a five years period beginning on May 1, 2016, with the shares vesting incrementally each time Amazon makes a payment totaling $5 million to the Company. -2030000 -2895000 24633369 30562255 33574147 1825215 1170277 26458584 31732532 33574147 273000 133000 97000 43000 811000 104000 436000 271000 -72000 -6000 -66000 -428000 -34000 -394000 201000 127000 31000 43000 383000 70000 42000 271000 2015000 3764000 2131000 2307000 4146000 6071000 102000 4000 3605000 5503000 439000 564000 3204000 -507000 -3328000 2230000 1983000 1697000 766000 829000 509000 -57000 -181000 -125000 -113000 -70000 -594000 822000 718000 978000 -113000 -70000 -594000 879000 899000 1103000 -57000 -181000 -125000 1074000 1004000 616000 70000 594000 206000 1440000 369000 -392000 101000 114000 111000 184000 140000 143000 546000 318000 1899000 606000 716000 996000 240000 -27000 -1685000 -1190000 -1760000 -375000 -113000 -70000 -594000 5000 11000 8000 0.19 0.04 -0.05 0.17 0.04 -0.05 0.265 0.25 0.24 The Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), which reduces the corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018. The duration of tax benefits is subject to a limitation of the earlier of 12 years from commencement of production, or 14 years from the approval date. The Israeli Companies began to utilize such tax benefits in 2010. 74896000 18724000 A Preferred Company is entitled to a reduced corporate flat tax rate of 16% with respect to its preferred income, unless the Preferred Enterprise is located in a certain development zone, in which case the rate will be 9%. Income derived by a Preferred Company from a "Special Preferred Enterprise" (as such term is defined in the Investment Law) would be entitled, during a benefits period of 10 years, to further reduced tax rates of 8%, or to 5% if the Special Preferred Enterprise is located in a certain development zone. 0.20 0.20 4900000 50763000 26000 0 54000 96000 60000 0.075 0.09 0.35 0.21 491000 355000 9247000 341000 268000 253000 8385000 11230000 378000 232000 278000 10342000 0.18 0.15 0.21 0.16 0.18 0.13 The customers that represented 10% or more of the Company's total revenues. 1 156000 203000 69000 18000 196000 260000 1052000 1930000 434000 1451000 1999000 -160000 -277000 -244000 -495000 -674000 -757000 -113000 -454000 -546000 -768000 -1405000 -1547000 120000 0.05 250000 30000 15000 21000 Under the agreement the Company agreed to pay Fortissimo a one-time payment of $750. 32000 58000 248000 In October 2017, the Company amended its contract with Priority, increasing it from 55 general licenses to 250 named licenses including web. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term (including the extension option held by the Company and intended to be exercised) and the expected life of the improvement. $900 is included within other payables and accrued expenses on the balance sheet as the set milestone was met as of December 31, 2017. Including amounts of $705 and $34 for the years ended December 31, 2016 and 2017, respectively, with respect to inventory delivered to customers for which revenue was not yet recognized. Basic earnings per share amounts of the benefit resulting from the "Beneficiary Enterprise" status Until 2016 results for tax purposes were measured under, Measurement of results for tax purposes under the Income Tax (Inflationary Adjustments) Law, 1985, in terms of earnings in NIS. As explained in Note 2b, the financial statements are measured in U.S. dollars. The difference between the annual changes in the NIS/dollar exchange rate causes a difference between taxable income and the income before taxes shown in the financial statements. In accordance with ASC 740-10-25-3(F), the Company has not provided deferred income taxes in respect of the difference between the functional currency and the tax bases of assets and liabilities. Starting 2016 the results of the Israeli companies for tax purposes are measured in U.S dollars. Less than 10%