EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2016 |
| Stockholders' Equity Note [Abstract] |
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| Schedule of summary of equity activity |
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Ordinary Shares
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Class A Ordinary Shares
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Class B Ordinary Shares
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Class C Ordinary Shares
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Class D Ordinary Shares
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Class E Ordinary Shares
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Class F1 Ordinary Shares
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Class F2 Ordinary Shares
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Ordinary Shares (with liquidation preference)
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Number of shares – issued and outstanding
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Balance, as of January 1, 2014
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32,070,835 |
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6,703,520 |
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3,390,490 |
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32,164,955 |
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11,749,700 |
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14,326,650 |
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41,547,280 |
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60,559,715 |
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Exercise of options – prior to IPO
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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1,463,051 |
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Conversion upon IPO closing
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203,976,196 |
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(32,070,835) |
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(6,703,520) |
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(3,390,490) |
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(32,164,955) |
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(11,749,700) |
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(14,326,650) |
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(41,547,280) |
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(62,022,766) |
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IPO
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8,325,000 |
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— |
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— |
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— |
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— |
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— |
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Exercise of options – commencing IPO
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2,252,865 |
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— |
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— |
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— |
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— |
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— |
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Balance, as of December 31, 2014
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214,554,061 |
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— |
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— |
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— |
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— |
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— |
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Exercise of options and vesting of RSUs
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4,293,369 |
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— |
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— |
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— |
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— |
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Balance, as of December 31, 2015
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218,847,430 |
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— |
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— |
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— |
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Exercise of options and vesting of RSUs
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2,890,584 |
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— |
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— |
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— |
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Balance, as of December 31, 2016
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221,738,014 |
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| Schedule of information regarding outstanding and exercisable options |
| | Exercise price | | | Outstanding | | | Exercisable | | | | (US $) | | | Number | | | Weighted average remaining contractual life (in years) | | | Number | | | Weighted average remaining contractual life (in years) | | | | 0.096 – 2.991 | | | | | 119,655 | | | | | | 3.35 | | | | | | 84,655 | | | | | | 3.48 | | | | | 3.7 | | | | | 5,882,283 | | | | | | 2.84 | | | | | | 5,734,118 | | | | | | 2.85 | | | | | 6.98 | | | | | 13,146,059 | | | | | | 4.06 | | | | | | 12,227,784 | | | | | | 4.03 | | | | | 25 – 46.88 | | | | | 5,384,240 | | | | | | 6.35 | | | | | | 238,356 | | | | | | 5.06 | | | | | 55.63 – 59.33 | | | | | 4,410,700 | | | | | | 5.68 | | | | | | 1,470,350 | | | | | | 5.68 | | | | | | | | | | 28,942,937 | | | | | | 4.48 | | | | | | 19,755,263 | | | | | | 3.82 | | | | |
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| Schedule of options granted to employees, directors and service providers |
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Number
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Weighted average exercise price
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Aggregated intrinsic value(1)
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$
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U.S. dollars in thousands
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Options outstanding at beginning of year
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27,188,687 |
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14.85 |
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| Changes during the year: |
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Granted(2)
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4,576,500 |
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45.91 |
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Exercised
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(2,746,100) |
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2.88 |
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Forfeited
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(76,150) |
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18.90 |
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Options outstanding at end of year
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28,942,937 |
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20.82 |
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623,550 |
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Options exercisable at year-end
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19,755,263 |
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10.05 |
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583,398 |
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(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $38.12 of the Company’s ordinary share on December 31, 2016. This represents the potential pre-tax amount receivable by the option holders had all option holders exercised their options as of such date.
(2) On August 15, 2016 the Company granted the Company’s founders, who are also shareholders, 4,000,000 options, exercisable into the same amount of the Company’s ordinary shares, at an exercise price of $46.88 per share, which are subject to graded vesting over four years.
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| Schedule of RSUs activity |
| | | | Number | | | Weighted average grant date fair value ($) | | Outstanding at beginning of year | | | | | 281,181 | | | | | | 41.0 | | | | Changes during the year: | | | | Granted | | | | | 205,962 | | | | | | 38.96 | | | Vested | | | | | (144,484) | | | | | | 40.33 | | | Forfeited | | | | | (16,372) | | | | | | 41.07 | | | Outstanding at end of year | | | | | 326,287 | | | | | | 40.01 | | | | |
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| Schedule of assumptions used for the estimation of the fair value of options granted using the Black-Scholes option pricing model |
| | | | Year ended December 31, | | | | | | 2016 | | | 2015 | | | 2014 | | Risk-free interest rate | | | 0.93% – 1.57% | | | 0.75% – 2.01% | | | 0.7% – 2.17% | | Expected option term | | | 3.28 – 6.67 years | | | 2.16 – 6.95 years | | | 3.82 – 7.27 years | | Expected price volatility | | | 40% – 44% | | | 35% – 53% | | | 36% – 55% | | Dividend yield | | | 0% | | | 0% | | | 0% | | Weighted average fair value at the date of grant | | | $17.09 | | | $16.05 | | | $7.28 | |
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| Schedule of share-based compensation expenses |
| | | | Year ended December 31, | | | | | | 2016 | | | 2015 | | | 2014 | | | | | | U.S. dollars in thousands | | Cost of revenues | | | | | 46 | | | | | | 26 | | | | | | 27 | | | Research and development, net | | | | | 12,216 | | | | | | 8,016 | | | | | | 6,130 | | | Sales and marketing | | | | | 706 | | | | | | 1,277 | | | | | | 5,201 | | | General and administrative | | | | | 52,634 | | | | | | 35,650 | | | | | | 65,495 | | | Total stock-based compensation | | | | | 65,602 | | | | | | 44,969 | | | | | | 76,853 | | | | |
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| Schedule of computation of basic and diluted net earnings (losses) per share |
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Year ended December 31,
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2016
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2015
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2014
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U.S. dollars in thousands, except per share data
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Numerator for basic and diluted net earnings (losses) per share:
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Net income (loss) applicable to ordinary shares
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108,370 |
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68,450 |
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(30,084) |
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| Weighted average shares outstanding: |
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Denominator for basic net earnings per share
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220,124 |
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217,362 |
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107,942 |
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| Effect of dilutive securities: |
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Employee and Non-Employee stock options and unvested RSUs
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17,894 |
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20,495 |
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Denominator for diluted net earnings per share
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238,018 |
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237,857 |
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107,942 |
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Basic net earnings (losses) per share
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0.49 |
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0.31 |
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(0.28) |
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Diluted net earnings (losses) per share
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0.46 |
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0.29 |
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(0.28) |
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