SolarEdge Announces Fourth Quarter 2023 and Full Year 2023 Financial Results
- Total revenues for full year 2023 were $3.0 billion, down 4% from the prior year.
- Revenues from the solar segment were $2.8 billion for the full year, down 4% from the prior year.
- GAAP gross margin for full year 2023 was 23.6%, compared to 27.2% in the prior year.
- Non-GAAP gross margin for full year 2023 was 26.7%, compared to 28.2% in the prior year.
- GAAP operating income for full year 2023 was $40.2 million, down 75% from the prior year.
- Non-GAAP operating income for full year 2023 was $290.0 million, down 34% from the prior year.
- GAAP net income for full year 2023 was $34.3 million, down 63% from the prior year.
- Non-GAAP net income for full year 2023 was $248.4 million, down 29% from the prior year.
- Revenues for Q4 2023 were down significantly from the prior quarter and the same quarter last year.
- Negative GAAP gross margin of 17.9% in Q4 2023.
- Non-GAAP gross margin of 3.3% in Q4 2023.
- GAAP operating loss of $237.6 million in Q4 2023.
- Non-GAAP operating loss of $107.8 million in Q4 2023.
- GAAP net loss of $162.4 million in Q4 2023.
- Non-GAAP net loss of $52.5 million in Q4 2023.
Insights
The reported financial results for SolarEdge Technologies indicate a significant downturn in the fourth quarter of 2023, with a 56% decline in revenues compared to the previous quarter and a 65% decline year-over-year. The GAAP gross margin turning negative at 17.9% is a stark contrast to the positive margins reported in the same quarter of the previous year. This deterioration in margins suggests substantial cost pressures or inventory write-downs that have eroded profitability.
Furthermore, the GAAP net loss of $162.4 million and the non-GAAP net loss of $52.5 million highlight the challenges the company faced, such as higher interest rates and lower power prices impacting the renewable energy sector. The cash burn of $139.9 million in operating activities in Q4 2023 compared to positive cash flows in the same quarter last year raises concerns about the company's liquidity and cash management strategies in the short term.
However, the company's full-year performance shows resilience with $3.0 billion in revenues, although slightly down from the previous year. The GAAP and non-GAAP operating incomes for the full year, despite being lower than the previous year, indicate that the company was able to maintain profitability on an annual basis. Investors should closely monitor the company's operational and cost reduction measures, as well as how the anticipated IRA manufacturing tax credit might impact future margins.
The renewable energy sector, particularly solar energy, is highly sensitive to market conditions such as interest rates and government policies. SolarEdge's report of slowed shipments due to inventory buildup reflects a broader market trend where demand fluctuates based on economic conditions. This slowdown is indicative of a maturing market where growth rates may be stabilizing after years of rapid expansion.
The company's outlook for Q1 2024, with revenues projected to be significantly lower than Q4 2023, suggests a cautious approach to the near-term market conditions. The expected negative to low single-digit non-GAAP gross margin, including the impact of the IRA manufacturing tax credit, points to ongoing margin pressures. Stakeholders should consider the long-term growth prospects of the solar energy industry, driven by global renewable energy targets and technological advancements, against the backdrop of current market volatility.
SolarEdge's performance must be contextualized within the renewable energy industry's transition phase, where companies are adjusting to new market dynamics, such as tariff changes, subsidies and tax incentives. The mention of the IRA (Inflation Reduction Act) manufacturing tax credit as a component of future gross margins underscores the importance of government incentives in the renewable energy sector.
The company's strategic focus on expanding its product portfolio and implementing operational and cost reduction measures could be vital for weathering the current downturn and positioning for the next growth cycle. The emphasis on technological innovation and diversification within the renewable energy sector is crucial for long-term sustainability. With the global push towards clean energy, SolarEdge's efforts to adapt and innovate could potentially strengthen its market position once the sector rebounds from the current challenges.
Fourth Quarter 2023 Highlights
-
Revenues of
$316.0 million -
Revenues from solar segment of
$282.4 million -
GAAP gross margin of negative
17.9% -
Non-GAAP gross margin1 of
3.3% -
Gross margin from solar segment of
4.0% -
GAAP operating loss of
$237.6 million -
Non-GAAP operating loss1 of
$107.8 million -
GAAP net loss of
$162.4 million -
Non-GAAP net loss1 of
$52.5 million -
GAAP net loss per share (“EPS”) of
$2.85 -
Non-GAAP net loss per share1 of
$0.92 - 901 Megawatts (AC) of inverters shipped
- 133 MWh of batteries shipped
Full Year 2023 Highlights
-
Revenues of
$3.0 billion -
Revenues from solar segment of
$2.8 billion -
GAAP gross margin of
23.6% -
Non-GAAP gross margin1 of
26.7% -
Gross margin from solar segment of
29.2% -
GAAP operating income of
$40.2 million -
Non-GAAP operating income1 of
$290.0 million -
GAAP net income of
$34.3 million -
Non-GAAP net income1 of
$248.4 million -
GAAP net diluted earnings per share (“EPS”) of
$0.60 -
Non-GAAP net diluted earnings per share1 of
$4.12 - 12.6 Gigawatts (AC) of inverters shipped
- 744 MWh of batteries shipped
1 Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
“Despite the challenges we faced in the second half of 2023, we concluded the year with
Fourth Quarter 2023 Summary
The Company reported revenues of
Revenues from the solar segment were
GAAP gross margin was negative
Non-GAAP gross margin1 was
Gross margin from the solar segment was
GAAP operating expenses were
Non-GAAP operating expenses1 were
GAAP operating loss was
Non-GAAP operating loss1 was
GAAP net loss was
Non-GAAP net loss1 was
GAAP net loss per share was
Non-GAAP net loss per share1 was
Cash used in operating activities was
As of December 31, 2023, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled
Full Year 2023 Summary
Total revenues of
Revenues from the solar segment were
GAAP gross margin was
Non-GAAP gross margin1 was
Gross margin from the solar segment was
GAAP operating income was
Non-GAAP operating income1 was
GAAP net income was
Non-GAAP net income1 was
GAAP net diluted EPS was
Non-GAAP net diluted EPS1 was
Cash used in operating activities was
1 Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
Outlook for the First Quarter 2024
The Company also provides guidance for the first quarter ending March 31, 2024 as follows:
-
Revenues to be within the range of
$175 million $215 million -
Non-GAAP gross margin* expected to be within the range of negative
3% to positive1% , including approximately 850 basis points of net IRA manufacturing tax credit -
Non-GAAP operating expenses* to be within the range of
$122 million $130 million -
Revenues from the solar segment to be within the range of
$160 million $200 million -
Gross margin from the solar segment expected to be within the range of
1% to5% including approximately 900 basis points of net IRA manufacturing tax credit
*Non-GAAP gross margin and Non-GAAP operating expenses are non-GAAP financial measures, and these forward-looking measures have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating expenses are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.
Conference Call
The Company will host a conference call to discuss its results for the fourth quarter ended December 31, 2023 and full year ended December 31, 2023 at 4:30 p.m. ET on Tuesday, February 20, 2024. The call will be available, live, to interested parties by dialing 800-579-2543. For international callers, please dial +1 785-424-1789. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com
A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com
Use of Non-GAAP Financial Measures
To provide investors and others with additional information regarding SolarEdge’s results, SolarEdge has disclosed in this earnings release the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP gross margin, non-GAAP net income (loss), non-GAAP operating expenses, and non-GAAP net diluted earnings (loss) per share. SolarEdge has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure below. These non-GAAP financial measures differ from GAAP in that they exclude stock-based compensation, amortization and impairment of acquired intangible assets, restructuring and impairment charges, acquisition, disposition and other items, certain litigation and other contingencies, amortization of debt issuance cost, non-cash interest expense and non-cash revenue recognized from significant financing component, certain foreign currency exchange rates, gains and losses on investments, income and losses from equity method investments and discrete items that impacted our GAAP tax rate. Our non-GAAP financial measures also reflect the application of our non-GAAP tax rate.
SolarEdge’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, to calculate bonus payments and to evaluate SolarEdge’s financial performance, the performance of its individual functional groups and the ability of operations to generate cash. Management believes these non-GAAP financial measures reflect SolarEdge’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in SolarEdge’s business, as they exclude charges and gains that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating SolarEdge’s operating results and future prospects from the same perspective as management and in comparing financial results across accounting periods.
The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense that affect SolarEdge’s operations. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP and should not be considered measures of SolarEdge’s liquidity. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review SolarEdge’s financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; cancellations and pushouts of existing backlog; installation rates; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.
Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, future demand for renewable energy including solar energy solutions; our ability to forecast demand for our products accurately and to match production to such demand as well as our customers’ ability to forecast demand based on inventory levels; macroeconomic conditions in our domestic and international markets, as well as inflation concerns, rising interest rates, and recessionary concerns; changes, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications; changes in the
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
|
|
|
||||||||||
Revenues |
|
$ |
316,044 |
|
|
$ |
890,702 |
|
|
$ |
2,976,528 |
|
|
$ |
3,110,279 |
|
Cost of revenues |
|
|
372,469 |
|
|
|
629,655 |
|
|
|
2,272,705 |
|
|
|
2,265,631 |
|
Gross profit (loss) |
|
|
(56,425 |
) |
|
|
261,047 |
|
|
|
703,823 |
|
|
|
844,648 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
75,001 |
|
|
|
78,959 |
|
|
|
321,482 |
|
|
|
289,814 |
|
Sales and marketing |
|
|
38,779 |
|
|
|
42,663 |
|
|
|
164,318 |
|
|
|
159,680 |
|
General and administrative |
|
|
34,628 |
|
|
|
30,013 |
|
|
|
146,504 |
|
|
|
112,496 |
|
Goodwill impairment |
|
|
— |
|
|
|
90,104 |
|
|
|
— |
|
|
|
90,104 |
|
Other operating expenses, net |
|
|
32,748 |
|
|
|
24,471 |
|
|
|
31,314 |
|
|
|
26,434 |
|
Total operating expenses |
|
|
181,156 |
|
|
|
266,210 |
|
|
|
663,618 |
|
|
|
678,528 |
|
Operating income (loss) |
|
|
(237,581 |
) |
|
|
(5,163 |
) |
|
|
40,205 |
|
|
|
166,120 |
|
Financial income, net |
|
|
22,055 |
|
|
|
55,812 |
|
|
|
41,212 |
|
|
|
3,750 |
|
Other income (loss) |
|
|
291 |
|
|
|
475 |
|
|
|
(318 |
) |
|
|
7,285 |
|
Income (loss) before income taxes |
|
|
(215,235 |
) |
|
|
51,124 |
|
|
|
81,099 |
|
|
|
177,155 |
|
Income tax benefit (expenses) |
|
|
53,202 |
|
|
|
(30,295 |
) |
|
|
(46,420 |
) |
|
|
(83,376 |
) |
Net loss from equity method investments |
|
|
(350 |
) |
|
|
— |
|
|
|
(350 |
) |
|
|
— |
|
Net income (loss) |
|
$ |
(162,383 |
) |
|
$ |
20,829 |
|
|
$ |
34,329 |
|
|
$ |
93,779 |
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) |
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|
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|
December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
||||
CURRENT ASSETS: |
|
|
|
||||
Cash and cash equivalents |
$ |
338,468 |
|
|
$ |
783,112 |
|
Marketable securities |
|
521,570 |
|
|
|
241,117 |
|
Trade receivables, net of allowances of |
|
622,425 |
|
|
|
905,146 |
|
Inventories, net |
|
1,443,449 |
|
|
|
729,201 |
|
Prepaid expenses and other current assets |
|
378,394 |
|
|
|
241,082 |
|
Total current assets |
|
3,304,306 |
|
|
|
2,899,658 |
|
LONG-TERM ASSETS: |
|
|
|
||||
Marketable securities |
|
407,825 |
|
|
|
645,491 |
|
Deferred tax assets, net |
|
80,912 |
|
|
|
44,153 |
|
Property, plant and equipment, net |
|
614,579 |
|
|
|
543,969 |
|
Operating lease right-of-use assets, net |
|
64,167 |
|
|
|
62,754 |
|
Intangible assets, net |
|
35,345 |
|
|
|
19,929 |
|
Goodwill |
|
42,996 |
|
|
|
31,189 |
|
Other long-term assets |
|
37,601 |
|
|
|
18,806 |
|
Total long-term assets |
|
1,283,425 |
|
|
|
1,366,291 |
|
Total assets |
|
4,587,731 |
|
|
|
4,265,949 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
||||
Trade payables, net |
$ |
386,471 |
|
|
$ |
459,831 |
|
Employees and payroll accruals |
|
76,966 |
|
|
|
85,158 |
|
Warranty obligations |
|
183,047 |
|
|
|
103,975 |
|
Deferred revenues and customers advances |
|
40,836 |
|
|
|
26,641 |
|
Accrued expenses and other current liabilities |
|
205,911 |
|
|
|
214,112 |
|
Total current liabilities |
|
893,231 |
|
|
|
889,717 |
|
LONG-TERM LIABILITIES: |
|
|
|
||||
Convertible senior notes, net |
|
627,381 |
|
|
|
624,451 |
|
Warranty obligations |
|
335,197 |
|
|
|
281,082 |
|
Deferred revenues |
|
214,607 |
|
|
|
186,936 |
|
Finance lease liabilities |
|
41,892 |
|
|
|
45,385 |
|
Operating lease liabilities |
|
45,070 |
|
|
|
46,256 |
|
Other long-term liabilities |
|
18,444 |
|
|
|
15,756 |
|
Total long-term liabilities |
|
1,282,591 |
|
|
|
1,199,866 |
|
COMMITMENTS AND CONTINGENT LIABILITIES |
|
|
|
||||
STOCKHOLDERS’ EQUITY: |
|
|
|
||||
Common stock of |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
1,680,622 |
|
|
|
1,505,632 |
|
Accumulated other comprehensive loss |
|
(46,885 |
) |
|
|
(73,109 |
) |
Retained earnings |
|
778,166 |
|
|
|
743,837 |
|
Total stockholders’ equity |
|
2,411,909 |
|
|
|
2,176,366 |
|
Total liabilities and stockholders’ equity |
$ |
4,587,731 |
|
|
$ |
4,265,949 |
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except per share data) |
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|
|
|
||||||
|
|
Year ended December 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
34,329 |
|
|
$ |
93,779 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
57,196 |
|
|
|
49,676 |
|
Loss (gain) from exchange rate fluctuations |
|
|
(26,878 |
) |
|
|
9,527 |
|
Stock-based compensation expenses |
|
|
149,945 |
|
|
|
145,539 |
|
Impairment of goodwill and long-lived assets |
|
|
30,790 |
|
|
|
119,141 |
|
Deferred income taxes, net |
|
|
(43,071 |
) |
|
|
(11,055 |
) |
Other items |
|
|
8,164 |
|
|
|
4,382 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Inventories, net |
|
|
(690,854 |
) |
|
|
(341,085 |
) |
Prepaid expenses and other assets |
|
|
(91,523 |
) |
|
|
(64,991 |
) |
Trade receivables, net |
|
|
296,429 |
|
|
|
(457,610 |
) |
Trade payables, net |
|
|
(67,795 |
) |
|
|
194,524 |
|
Employees and payroll accruals |
|
|
21,419 |
|
|
|
26,238 |
|
Warranty obligations |
|
|
133,090 |
|
|
|
120,169 |
|
Deferred revenues and customers advances |
|
|
39,632 |
|
|
|
44,376 |
|
Accrued expenses and other liabilities, net |
|
|
(30,986 |
) |
|
|
98,674 |
|
Net cash provided by (used in) operating activities |
|
|
(180,113 |
) |
|
|
31,284 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Investment in available-for-sale marketable securities |
|
|
(296,396 |
) |
|
|
(507,171 |
) |
Proceeds from sales and maturities of available-for-sale marketable securities |
|
|
280,189 |
|
|
|
231,210 |
|
Purchase of property, plant and equipment |
|
|
(170,523 |
) |
|
|
(169,341 |
) |
Disbursements for loans receivables |
|
|
(58,000 |
) |
|
|
— |
|
Business combinations, net of cash acquired |
|
|
(16,653 |
) |
|
|
— |
|
Purchase of intangible assets |
|
|
(10,600 |
) |
|
|
— |
|
Investment in privately-held companies |
|
|
(8,000 |
) |
|
|
— |
|
Proceeds from governmental grant |
|
|
6,794 |
|
|
|
4,479 |
|
Proceeds from sale of a privately-held company |
|
|
1,313 |
|
|
|
24,362 |
|
Other investing activities |
|
|
2,982 |
|
|
|
(583 |
) |
Net cash used in investing activities |
|
|
(268,894 |
) |
|
|
(417,044 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Tax withholding in connection with stock-based awards, net |
|
|
(9,259 |
) |
|
|
3,023 |
|
Payments of finance lease liability |
|
|
(2,794 |
) |
|
|
(2,834 |
) |
Proceeds from secondary public offering, net of issuance costs |
|
|
— |
|
|
|
650,526 |
|
Repayment of bank loans |
|
|
(129 |
) |
|
|
(138 |
) |
Other financing activities |
|
|
226 |
|
|
|
4,030 |
|
Net cash provided by (used in) financing activities |
|
|
(11,956 |
) |
|
|
654,607 |
|
Increase (decrease) in cash and cash equivalents |
|
|
(460,963 |
) |
|
|
268,847 |
|
Cash and cash equivalents at the beginning of the period |
|
|
783,112 |
|
|
|
530,089 |
|
Effect of exchange rate differences on cash and cash equivalents |
|
|
16,319 |
|
|
|
(15,824 |
) |
Cash and cash equivalents at the end of the period |
|
$ |
338,468 |
|
|
$ |
783,112 |
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP |
||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Gross profit (GAAP) |
$ |
(56,425 |
) |
|
$ |
142,817 |
|
|
$ |
317,305 |
|
|
$ |
300,126 |
|
|
$ |
261,047 |
|
|
$ |
703,823 |
|
|
$ |
844,648 |
|
|
$ |
629,318 |
|
Revenues from finance component |
|
(230 |
) |
|
|
(215 |
) |
|
|
(202 |
) |
|
|
(187 |
) |
|
|
(174 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
36,648 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36,648 |
|
|
|
4,314 |
|
|
|
— |
|
Stock-based compensation |
|
5,468 |
|
|
|
5,882 |
|
|
|
5,923 |
|
|
|
5,927 |
|
|
|
6,810 |
|
|
|
23,200 |
|
|
|
21,818 |
|
|
|
18,743 |
|
Amortization of stock-based compensation capitalized in inventories |
|
343 |
|
|
|
441 |
|
|
|
316 |
|
|
|
— |
|
|
|
— |
|
|
|
1,100 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired asset |
|
1,555 |
|
|
|
2,096 |
|
|
|
872 |
|
|
|
1,515 |
|
|
|
961 |
|
|
|
6,038 |
|
|
|
7,429 |
|
|
|
9,326 |
|
Restructuring charges |
|
23,154 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,154 |
|
|
|
— |
|
|
|
— |
|
Gross profit (Non-GAAP) |
$ |
10,513 |
|
|
$ |
151,021 |
|
|
$ |
324,214 |
|
|
$ |
307,381 |
|
|
$ |
268,644 |
|
|
$ |
793,129 |
|
|
$ |
877,595 |
|
|
$ |
656,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gross margin (GAAP) |
|
(17.9 |
) % |
|
|
19.7 |
% |
|
|
32.0 |
% |
|
|
31.8 |
% |
|
|
29.3 |
% |
|
|
23.6 |
% |
|
|
27.2 |
% |
|
|
32.0 |
% |
Revenues from finance component |
|
(0.1 |
) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
Discontinued operation |
|
11.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
|
|
0.1 |
|
|
|
— |
|
Stock-based compensation |
|
1.8 |
|
|
|
0.8 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
0.8 |
|
|
|
0.9 |
|
|
|
0.7 |
|
|
|
1.0 |
|
Amortization of stock-based compensation capitalized in inventories |
|
0.1 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
— |
|
|
|
— |
|
|
|
0.0 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired asset |
|
0.5 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.5 |
|
Restructuring charges |
|
7.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
— |
|
Gross margin (Non-GAAP) |
|
3.3 |
% |
|
|
20.8 |
% |
|
|
32.7 |
% |
|
|
32.6 |
% |
|
|
30.2 |
% |
|
|
26.7 |
% |
|
|
28.2 |
% |
|
|
33.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses (GAAP) |
$ |
181,156 |
|
|
$ |
159,543 |
|
|
$ |
166,947 |
|
|
$ |
155,972 |
|
|
$ |
266,210 |
|
|
$ |
663,618 |
|
|
$ |
678,528 |
|
|
$ |
422,179 |
|
Stock-based compensation - R&D |
|
(15,982 |
) |
|
|
(16,481 |
) |
|
|
(17,272 |
) |
|
|
(17,209 |
) |
|
|
(16,854 |
) |
|
|
(66,944 |
) |
|
|
(63,211 |
) |
|
|
(45,424 |
) |
Stock-based compensation - S&M |
|
(7,347 |
) |
|
|
(7,739 |
) |
|
|
(7,822 |
) |
|
|
(8,079 |
) |
|
|
(7,928 |
) |
|
|
(30,987 |
) |
|
|
(31,017 |
) |
|
|
(22,834 |
) |
Stock-based compensation - G&A |
|
(6,133 |
) |
|
|
(6,713 |
) |
|
|
(7,948 |
) |
|
|
(8,020 |
) |
|
|
(7,015 |
) |
|
|
(28,814 |
) |
|
|
(29,493 |
) |
|
|
(15,592 |
) |
Amortization and depreciation of acquired assets - R&D |
|
(58 |
) |
|
|
(329 |
) |
|
|
(289 |
) |
|
|
(313 |
) |
|
|
(301 |
) |
|
|
(989 |
) |
|
|
(1,206 |
) |
|
|
(530 |
) |
Amortization and depreciation of acquired assets - S&M |
|
(190 |
) |
|
|
(321 |
) |
|
|
(235 |
) |
|
|
(181 |
) |
|
|
(173 |
) |
|
|
(927 |
) |
|
|
(822 |
) |
|
|
(927 |
) |
Amortization and depreciation of acquired assets - G&A |
|
(2 |
) |
|
|
(4 |
) |
|
|
17 |
|
|
|
(26 |
) |
|
|
(4 |
) |
|
|
(15 |
) |
|
|
(21 |
) |
|
|
(29 |
) |
Discontinued operation |
|
(388 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(388 |
) |
|
|
— |
|
|
|
— |
|
Assets impairment |
|
(30,790 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(114,473 |
) |
|
|
(30,790 |
) |
|
|
(119,141 |
) |
|
|
(2,209 |
) |
Gain (loss) from assets sales and disposal |
|
(172 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,434 |
|
|
|
(102 |
) |
|
|
1,262 |
|
|
|
2,603 |
|
|
|
976 |
|
Certain litigation and other contingencies |
|
(1,786 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,786 |
) |
|
|
— |
|
|
|
— |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
(135 |
) |
|
|
— |
|
|
|
(350 |
) |
|
|
(135 |
) |
|
|
(350 |
) |
|
|
— |
|
Operating expenses (Non-GAAP) |
$ |
118,308 |
|
|
$ |
127,956 |
|
|
$ |
133,263 |
|
|
$ |
123,578 |
|
|
$ |
119,010 |
|
|
$ |
503,105 |
|
|
$ |
435,870 |
|
|
$ |
335,610 |
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP |
||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Operating income (loss) (GAAP) |
$ |
(237,581 |
) |
|
$ |
(16,726 |
) |
|
$ |
150,358 |
|
|
$ |
144,154 |
|
|
$ |
(5,163 |
) |
|
$ |
40,205 |
|
|
$ |
166,120 |
|
|
$ |
207,139 |
|
Revenues from finance component |
|
(230 |
) |
|
|
(215 |
) |
|
|
(202 |
) |
|
|
(187 |
) |
|
|
(174 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
37,036 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37,036 |
|
|
|
4,314 |
|
|
|
— |
|
Stock-based compensation |
|
34,930 |
|
|
|
36,815 |
|
|
|
38,965 |
|
|
|
39,235 |
|
|
|
38,607 |
|
|
|
149,945 |
|
|
|
145,539 |
|
|
|
102,593 |
|
Amortization of stock-based compensation capitalized in inventories |
|
343 |
|
|
|
441 |
|
|
|
316 |
|
|
|
— |
|
|
|
— |
|
|
|
1,100 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired assets |
|
1,805 |
|
|
|
2,750 |
|
|
|
1,379 |
|
|
|
2,035 |
|
|
|
1,439 |
|
|
|
7,969 |
|
|
|
9,478 |
|
|
|
10,812 |
|
Restructuring charges |
|
23,154 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,154 |
|
|
|
— |
|
|
|
— |
|
Assets impairment |
|
30,790 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114,473 |
|
|
|
30,790 |
|
|
|
119,141 |
|
|
|
2,209 |
|
Loss (gain) from assets sales and disposal |
|
172 |
|
|
|
— |
|
|
|
— |
|
|
|
(1,434 |
) |
|
|
102 |
|
|
|
(1,262 |
) |
|
|
(2,603 |
) |
|
|
(976 |
) |
Certain litigation and other contingencies |
|
1,786 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,786 |
|
|
|
— |
|
|
|
— |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
135 |
|
|
|
— |
|
|
|
350 |
|
|
|
135 |
|
|
|
350 |
|
|
|
— |
|
Operating income (Non-GAAP) |
$ |
(107,795 |
) |
|
$ |
23,065 |
|
|
$ |
190,951 |
|
|
$ |
183,803 |
|
|
$ |
149,634 |
|
|
$ |
290,024 |
|
|
$ |
441,725 |
|
|
$ |
321,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Financial income (expense), net (GAAP) |
$ |
22,055 |
|
|
$ |
(7,901 |
) |
|
$ |
3,384 |
|
|
$ |
23,674 |
|
|
$ |
55,812 |
|
|
$ |
41,212 |
|
|
$ |
3,750 |
|
|
$ |
(19,915 |
) |
Non cash interest expense |
|
3,422 |
|
|
|
3,284 |
|
|
|
3,105 |
|
|
|
2,892 |
|
|
|
2,685 |
|
|
|
12,703 |
|
|
|
9,954 |
|
|
|
8,674 |
|
Unrealized losses (gains) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
119 |
|
|
|
(541 |
) |
Currency fluctuation related to lease standard |
|
4,359 |
|
|
|
(2,788 |
) |
|
|
(2,107 |
) |
|
|
(2,519 |
) |
|
|
749 |
|
|
|
(3,055 |
) |
|
|
(11,187 |
) |
|
|
2,007 |
|
Financial income (expense), net (Non-GAAP) |
$ |
29,836 |
|
|
$ |
(7,405 |
) |
|
$ |
4,382 |
|
|
$ |
24,047 |
|
|
$ |
59,365 |
|
|
$ |
50,860 |
|
|
$ |
2,636 |
|
|
$ |
(9,775 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other income (loss) (GAAP) |
$ |
291 |
|
|
$ |
(484 |
) |
|
$ |
— |
|
|
$ |
(125 |
) |
|
$ |
475 |
|
|
$ |
(318 |
) |
|
$ |
7,285 |
|
|
$ |
— |
|
Loss (gain) from sale of investments |
|
(291 |
) |
|
|
484 |
|
|
|
— |
|
|
|
— |
|
|
|
(475 |
) |
|
|
193 |
|
|
|
(8,008 |
) |
|
|
— |
|
Other income (loss) (Non-GAAP) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(125 |
) |
|
$ |
— |
|
|
$ |
(125 |
) |
|
$ |
(723 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income tax benefit (expense) (GAAP) |
$ |
53,202 |
|
|
$ |
(36,065 |
) |
|
$ |
(34,232 |
) |
|
$ |
(29,325 |
) |
|
$ |
(30,295 |
) |
|
$ |
(46,420 |
) |
|
$ |
(83,376 |
) |
|
$ |
(18,054 |
) |
Uncertain tax positions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,007 |
) |
Income tax adjustment |
|
(27,699 |
) |
|
|
(10,561 |
) |
|
|
(3,735 |
) |
|
|
(3,901 |
) |
|
|
(7,186 |
) |
|
|
(45,896 |
) |
|
|
(9,067 |
) |
|
|
(11,639 |
) |
Income tax benefit (expense) (Non-GAAP) |
$ |
25,503 |
|
|
$ |
(46,626 |
) |
|
$ |
(37,967 |
) |
|
$ |
(33,226 |
) |
|
$ |
(37,481 |
) |
|
$ |
(92,316 |
) |
|
$ |
(92,443 |
) |
|
$ |
(38,700 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity method investments income (loss) (GAAP) |
$ |
(350 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(350 |
) |
|
$ |
— |
|
|
$ |
— |
|
Loss from equity method investments |
|
350 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
|
|
— |
|
Equity method investments income (loss) (Non-GAAP) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net income (loss) |
||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Net income (loss) (GAAP) |
$ |
(162,383 |
) |
|
$ |
(61,176 |
) |
|
$ |
119,510 |
|
|
$ |
138,378 |
|
|
$ |
20,829 |
|
|
$ |
34,329 |
|
|
$ |
93,779 |
|
|
$ |
169,170 |
|
Revenues from finance component |
|
(230 |
) |
|
|
(215 |
) |
|
|
(202 |
) |
|
|
(187 |
) |
|
|
(174 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
37,036 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37,036 |
|
|
|
4,314 |
|
|
|
— |
|
Stock-based compensation |
|
34,930 |
|
|
|
36,815 |
|
|
|
38,965 |
|
|
|
39,235 |
|
|
|
38,607 |
|
|
|
149,945 |
|
|
|
145,539 |
|
|
|
102,593 |
|
Amortization of stock-based compensation capitalized in inventories |
|
343 |
|
|
|
441 |
|
|
|
316 |
|
|
|
— |
|
|
|
— |
|
|
|
1,100 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired assets |
|
1,805 |
|
|
|
2,750 |
|
|
|
1,379 |
|
|
|
2,035 |
|
|
|
1,439 |
|
|
|
7,969 |
|
|
|
9,478 |
|
|
|
10,812 |
|
Restructuring charges |
|
23,154 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,154 |
|
|
|
— |
|
|
|
— |
|
Assets impairment |
|
30,790 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114,473 |
|
|
|
30,790 |
|
|
|
119,141 |
|
|
|
2,209 |
|
Loss (gain) from assets sales and disposal |
|
172 |
|
|
|
— |
|
|
|
— |
|
|
|
(1,434 |
) |
|
|
102 |
|
|
|
(1,262 |
) |
|
|
(2,603 |
) |
|
|
(976 |
) |
Certain litigation and other contingencies |
|
1,786 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,786 |
|
|
|
— |
|
|
|
— |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
135 |
|
|
|
— |
|
|
|
350 |
|
|
|
135 |
|
|
|
350 |
|
|
|
— |
|
Non cash interest expense |
|
3,422 |
|
|
|
3,284 |
|
|
|
3,105 |
|
|
|
2,892 |
|
|
|
2,685 |
|
|
|
12,703 |
|
|
|
9,954 |
|
|
|
8,674 |
|
Unrealized losses (gains) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
119 |
|
|
|
(541 |
) |
Currency fluctuation related to lease standard |
|
4,359 |
|
|
|
(2,788 |
) |
|
|
(2,107 |
) |
|
|
(2,519 |
) |
|
|
749 |
|
|
|
(3,055 |
) |
|
|
(11,187 |
) |
|
|
2,007 |
|
Loss (gain) from sale of investments |
|
(291 |
) |
|
|
484 |
|
|
|
— |
|
|
|
— |
|
|
|
(475 |
) |
|
|
193 |
|
|
|
(8,008 |
) |
|
|
— |
|
Uncertain tax positions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,007 |
) |
Income tax adjustment |
|
(27,699 |
) |
|
|
(10,561 |
) |
|
|
(3,735 |
) |
|
|
(3,901 |
) |
|
|
(7,186 |
) |
|
|
(45,896 |
) |
|
|
(9,067 |
) |
|
|
(11,639 |
) |
equity method adjustments |
|
350 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
|
|
— |
|
Net income (loss) (Non-GAAP) |
$ |
(52,456 |
) |
|
$ |
(30,966 |
) |
|
$ |
157,366 |
|
|
$ |
174,499 |
|
|
$ |
171,518 |
|
|
$ |
248,443 |
|
|
$ |
351,195 |
|
|
$ |
272,884 |
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net basic earnings (loss) |
||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||
Net basic earnings (loss) per share (GAAP) |
(2.85 |
) |
|
(1.08 |
) |
|
2.12 |
|
|
2.46 |
|
|
0.37 |
|
|
0.61 |
|
|
1.70 |
|
|
3.24 |
|
Revenues from finance component |
(0.01 |
) |
|
0.00 |
|
|
(0.01 |
) |
|
0.00 |
|
|
0.00 |
|
|
(0.02 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
Discontinued operation |
0.65 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.66 |
|
|
0.08 |
|
|
— |
|
Stock-based compensation |
0.62 |
|
|
0.65 |
|
|
0.70 |
|
|
0.70 |
|
|
0.69 |
|
|
2.65 |
|
|
2.64 |
|
|
1.97 |
|
Amortization of stock-based compensation capitalized in |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
— |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
— |
|
Amortization and depreciation of acquired assets |
0.04 |
|
|
0.05 |
|
|
0.03 |
|
|
0.03 |
|
|
0.02 |
|
|
0.14 |
|
|
0.17 |
|
|
0.21 |
|
Restructuring charges |
0.40 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.41 |
|
|
— |
|
|
— |
|
Assets impairment |
0.54 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.05 |
|
|
0.54 |
|
|
2.17 |
|
|
0.05 |
|
Loss (gain) from assets sales and disposal |
0.01 |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.03 |
) |
Certain litigation and other contingencies |
0.03 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.03 |
|
|
— |
|
|
— |
|
Acquisition costs |
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
Non cash interest expense |
0.06 |
|
|
0.06 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.23 |
|
|
0.18 |
|
|
0.16 |
|
Unrealized losses (gains) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
— |
|
|
(0.01 |
) |
|
(0.01 |
) |
Currency fluctuation related to lease standard |
0.07 |
|
|
(0.05 |
) |
|
(0.03 |
) |
|
(0.05 |
) |
|
0.02 |
|
|
(0.06 |
) |
|
(0.20 |
) |
|
0.04 |
|
Loss (gain) from sale of investments |
0.00 |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
0.01 |
|
|
(0.14 |
) |
|
— |
|
Uncertain tax positions |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.17 |
) |
Income tax adjustment |
(0.49 |
) |
|
(0.19 |
) |
|
(0.07 |
) |
|
(0.07 |
) |
|
(0.13 |
) |
|
(0.81 |
) |
|
(0.16 |
) |
|
(0.22 |
) |
equity method adjustments |
0.01 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
— |
|
Net basic earnings (loss) per share (Non-GAAP) |
(0.92 |
) |
|
(0.55 |
) |
|
2.79 |
|
|
3.10 |
|
|
3.06 |
|
|
4.39 |
|
|
6.38 |
|
|
5.23 |
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net diluted earnings (loss) |
||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||
Net diluted earnings (loss) per share (GAAP) |
(2.85 |
) |
|
(1.08 |
) |
|
2.03 |
|
|
2.35 |
|
|
0.36 |
|
|
0.60 |
|
|
1.65 |
|
|
3.06 |
|
Revenues from finance component |
(0.01 |
) |
|
0.00 |
|
|
(0.01 |
) |
|
(0.01 |
) |
|
0.00 |
|
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
Discontinued operation |
0.65 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.64 |
|
|
0.08 |
|
|
— |
|
Stock-based compensation |
0.62 |
|
|
0.65 |
|
|
0.62 |
|
|
0.62 |
|
|
0.64 |
|
|
2.57 |
|
|
2.43 |
|
|
1.77 |
|
Amortization of stock-based compensation capitalized in inventories |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
— |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
— |
|
Amortization and depreciation of acquired assets |
0.04 |
|
|
0.05 |
|
|
0.03 |
|
|
0.03 |
|
|
0.02 |
|
|
0.14 |
|
|
0.16 |
|
|
0.19 |
|
Restructuring charges |
0.40 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.40 |
|
|
— |
|
|
— |
|
Assets impairment |
0.54 |
|
|
— |
|
|
— |
|
|
— |
|
|
1.91 |
|
|
0.53 |
|
|
2.02 |
|
|
0.04 |
|
Loss (gain) from assets sales and disposal |
0.01 |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.02 |
) |
Certain litigation and other contingencies |
0.03 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.16 |
) |
|
— |
|
|
— |
|
Acquisition costs |
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
|
(0.02 |
) |
|
— |
|
Non cash interest expense |
0.06 |
|
|
0.06 |
|
|
0.04 |
|
|
0.04 |
|
|
0.03 |
|
|
0.21 |
|
|
0.13 |
|
|
0.12 |
|
Unrealized losses (gains) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
0.00 |
|
|
(0.01 |
) |
Currency fluctuation related to lease standard |
0.07 |
|
|
(0.05 |
) |
|
(0.03 |
) |
|
(0.04 |
) |
|
0.01 |
|
|
(0.05 |
) |
|
(0.19 |
) |
|
0.03 |
|
Loss (gain) from sale of investments |
0.00 |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
0.00 |
|
|
0.00 |
|
|
(0.13 |
) |
|
— |
|
Uncertain tax positions |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.16 |
) |
Income tax adjustment |
(0.49 |
) |
|
(0.19 |
) |
|
(0.06 |
) |
|
(0.07 |
) |
|
(0.12 |
) |
|
(0.76 |
) |
|
(0.15 |
) |
|
(0.20 |
) |
equity method adjustments |
0.01 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
— |
|
Net diluted earnings (loss) per share (Non-GAAP) |
(0.92 |
) |
|
(0.55 |
) |
|
2.62 |
|
|
2.90 |
|
|
2.86 |
|
|
4.12 |
|
|
5.95 |
|
|
4.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in computing net diluted earnings (loss) per share (GAAP) |
56,916,831 |
|
|
56,671,504 |
|
|
59,183,666 |
|
|
59,193,831 |
|
|
58,734,719 |
|
|
57,237,518 |
|
|
55,087,770 |
|
|
55,971,030 |
|
Stock-based compensation |
— |
|
|
— |
|
|
986,527 |
|
|
939,571 |
|
|
1,237,266 |
|
|
725,859 |
|
|
963,373 |
|
|
773,636 |
|
Notes due 2025 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,276,818 |
|
|
— |
|
|
— |
|
Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP) |
56,916,831 |
|
|
56,671,504 |
|
|
60,170,193 |
|
|
60,133,402 |
|
|
59,971,985 |
|
|
60,240,195 |
|
|
56,051,143 |
|
|
56,744,666 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220541990/en/
Investor Contacts
SolarEdge Technologies, Inc.
JB Lowe, Head of Investor Relations
investors@solaredge.com
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
investors@solaredge.com
Source: SolarEdge Technologies, Inc.
FAQ
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