SolarEdge Announces Second Quarter 2024 Financial Results
SolarEdge Technologies (SEDG) reported Q2 2024 financial results, showing revenues of $265.4 million, up 30% from Q1 but down 73% year-over-year. The solar segment contributed $241.2 million. GAAP gross margin was negative 4.1%, while non-GAAP gross margin was 0.2%, including 330 basis points of net IRA benefit. The company reported a GAAP net loss of $130.8 million or $2.31 per share. SolarEdge shipped 873 Megawatts (AC) of inverters and 128 MWh of batteries for PV applications. Despite challenges, CEO Zvi Lando expressed optimism about the 18% growth in sell-through of solar products by distributors. The company expects undershipping to continue in Q3 but anticipates a return to higher revenue levels in H1 2025.
SolarEdge Technologies (SEDG) ha riportato i risultati finanziari per il secondo trimestre del 2024, evidenziando entrate di 265,4 milioni di dollari, con un aumento del 30% rispetto al primo trimestre ma una diminuzione del 73% rispetto all’anno precedente. Il segmento solare ha contribuito con 241,2 milioni di dollari. Il margine lordo GAAP è stato negativo del 4,1%, mentre il margine lordo non GAAP è stato dello 0,2%, includendo 330 punti base di beneficio netto IRA. L'azienda ha registrato una perdita netta GAAP di 130,8 milioni di dollari, ovvero 2,31 dollari per azione. SolarEdge ha spedito 873 Megawatt (AC) di inverter e 128 MWh di batterie per applicazioni PV. Nonostante le sfide, il CEO Zvi Lando ha espresso ottimismo riguardo a una crescita del 18% nella vendita di prodotti solari da parte dei distributori. L'azienda prevede che il problema delle spedizioni insufficienti continuerà nel terzo trimestre, ma anticipa un ritorno a livelli di entrate più elevati nella prima metà del 2025.
SolarEdge Technologies (SEDG) reportó resultados financieros del segundo trimestre de 2024, mostrando ingresos de 265,4 millones de dólares, un aumento del 30% respecto al primer trimestre, pero una disminución del 73% interanual. El segmento solar contribuyó con 241,2 millones de dólares. El margen bruto GAAP fue negativo del 4,1%, mientras que el margen bruto non-GAAP fue del 0,2%, incluyendo 330 puntos base de beneficio neto del IRA. La compañía reportó una pérdida neta GAAP de 130,8 millones de dólares, o 2,31 dólares por acción. SolarEdge envió 873 Megavatios (AC) de inversores y 128 MWh de baterías para aplicaciones de energía solar. A pesar de los desafíos, el CEO Zvi Lando expresó optimismo sobre el crecimiento del 18% en la venta de productos solares por parte de los distribuidores. La empresa espera que la subenvío continúe en el tercer trimestre, pero anticipa un regreso a niveles de ingresos más altos en la primera mitad de 2025.
SolarEdge Technologies (SEDG)는 2024년 2분기 재무 결과를 보고하며 2억 6,540만 달러의 수익을 기록했다고 발표했습니다. 이는 1분기 대비 30% 증가했지만, 전년 대비 73% 감소한 수치입니다. 태양광 부문은 2억 4,120만 달러를 기여했습니다. GAAP 총 이익률은 -4.1% 이었고, 비GAAP 총 이익률은 0.2%로, IRA 순혜택이 330 베이시스 포인트 포함되었습니다. 회사는 GAAP 기준 순손실이 1억 3,080만 달러, 주당 2.31달러를 기록했다고 보고했습니다. SolarEdge는 태양광 애플리케이션을 위해 873 메가와트(AC)의 인버터와 128MWh의 배터리를 출하했습니다. 어려움에도 불구하고, CEO Zvi Lando는 유통업체의 태양광 제품 판매가 18% 성장했다는 점에 대해 긍정적인 의견을 밝혔습니다. 회사는 3분기에도 출하 부족 현상이 지속될 것으로 예상하지만, 2025년 상반기에는 더 높은 수익 수준으로 돌아갈 것으로 전망하고 있습니다.
SolarEdge Technologies (SEDG) a publié les résultats financiers du deuxième trimestre 2024, montrant des revenus de 265,4 millions de dollars, en hausse de 30 % par rapport au premier trimestre, mais en baisse de 73 % par rapport à l'année précédente. Le segment solaire a contribué à hauteur de 241,2 millions de dollars. La marge brute GAAP était de -4,1 %, tandis que la marge brute non-GAAP était de 0,2 %, incluant 330 points de base de bénéfice net IRA. La société a signalé une perte nette GAAP de 130,8 millions de dollars, soit 2,31 dollars par action. SolarEdge a expédié 873 Mégawatts (AC) d'onduleurs et 128 MWh de batteries pour des applications photovoltaïques. Malgré les défis, le PDG Zvi Lando a exprimé son optimisme concernant la croissance de 18 % des ventes de produits solaires par les distributeurs. L'entreprise s'attend à ce que les problèmes d'expédition persistent au troisième trimestre, mais prévoit un retour à des niveaux de revenus plus élevés au premier semestre 2025.
SolarEdge Technologies (SEDG) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, die Einnahmen von 265,4 Millionen US-Dollar zeigen, ein Anstieg von 30 % im Vergleich zum ersten Quartal, jedoch ein Rückgang von 73 % im Vergleich zum Vorjahr. Das Solarsegment trug 241,2 Millionen Dollar bei. Der GAAP-Bruttomargen lag bei -4,1 %, während der Non-GAAP-Bruttomarge 0,2 % betrug, einschließlich 330 Basispunkten Nettovorteil durch den IRA. Das Unternehmen berichtete von einem GAAP-Nettoverlust von 130,8 Millionen US-Dollar oder 2,31 US-Dollar pro Aktie. SolarEdge versendete 873 Megawatt (AC) von Wechselrichtern und 128 MWh von Batterien für PV-Anwendungen. Trotz der Herausforderungen äußerte CEO Zvi Lando Optimismus über das Wachstum von 18 % bei der Verkäufen von Solarprodukten durch Distributor. Das Unternehmen erwartet, dass die Unterlieferungen im dritten Quartal anhalten werden, rechnet jedoch mit einer Rückkehr zu höheren Einnahmen in der ersten Hälfte 2025.
- Revenues increased 30% sequentially to $265.4 million
- 18% growth in sell-through of solar products by distributor customers
- Non-GAAP gross margin improved to 0.2% from -6.5% in the previous quarter
- Solar segment gross margin improved to 1.3% from -3.5% in the previous quarter
- Revenues decreased 73% year-over-year
- GAAP net loss of $130.8 million
- GAAP gross margin remained negative at -4.1%
- Cash used in operating activities was $44.8 million
- Cash, cash equivalents, and marketable securities decreased to $165.3 million from $316.3 million in the previous quarter
Insights
SolarEdge's Q2 2024 results paint a challenging picture. Revenues of
While sequential revenue growth of
The Q3 guidance suggests continued difficulties, with revenues expected to remain flat and margins potentially staying negative. SolarEdge's path to recovery appears challenging, hinging on inventory normalization and market share gains in new growth segments.
SolarEdge's results reflect broader solar industry challenges. The
The company's strategy to undership in Q3 to address inventory overhang is prudent but will continue to pressure near-term results. The focus on new growth segments and market share gains is important for long-term recovery. The
Investors should monitor SolarEdge's progress in inventory reduction and new market penetration, as these factors will be key to the company's turnaround prospects in 2025.
Despite financial challenges, SolarEdge's technological position remains noteworthy. The shipment of 873 Megawatts (AC) of inverters and 128 MWh of batteries for PV applications demonstrates continued product demand. The company's focus on smart energy technology and diversification into battery storage aligns with industry trends towards integrated, intelligent energy solutions.
However, the sharp decline in shipments compared to previous quarters suggests significant market share loss or overall market contraction. SolarEdge must innovate to regain its competitive edge. The emphasis on addressing new growth segments could involve emerging technologies like AI-driven energy management or advanced grid services.
The company's ability to leverage IRA benefits for margin improvement indicates adaptability to policy environments, a important factor in the dynamic clean energy sector.
Second Quarter 2024 Highlights
-
Revenues of
$265.4 million -
Revenues from solar segment of
$241.2 million -
GAAP gross margin of negative
4.1% -
Non-GAAP gross margin1 of
0.2% , including 330 basis points of net IRA benefit -
Gross margin from solar segment of
1.3% -
GAAP operating loss of
$160.2 million -
Non-GAAP operating loss1 of
$114.3 million -
GAAP net loss of
$130.8 million -
Non-GAAP net loss1 of
$101.2 million -
GAAP net loss per share of
$2.31 -
Non-GAAP net loss per share1 of
$1.79 - 873 Megawatts (AC) of inverters shipped
- 128 MWh of batteries for PV applications shipped
“We are encouraged by our second quarter top line results which saw sequential revenue growth of
Second Quarter 2024 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 June 30, 2024, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled
In the second quarter of 2024, the company repurchased 247,468 shares of our common stock under our previously announced share repurchase program approved by the Board of Directors at an average price of
______________________________________________________________________
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 Third Quarter 2024
The Company also provides guidance for the third quarter ending September 30, 2024 as follows:
-
Revenues to be within the range of
$260 million $290 million -
Non-GAAP gross margin* expected to be within the range of negative
3% to positive1% , including approximately 560 basis points of net IRA manufacturing tax credit -
Non-GAAP operating expenses* to be within the range of
$111 million $116 million -
Revenues from the solar segment to be within the range of
$245 million $280 million -
Gross margin from the solar segment expected to be within the range of
0% to4% including approximately 590 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 second quarter ended June 30, 2024 at 4:30 p.m. ET on Wednesday, August 7, 2024. The call will be available, live, to interested parties by dialing 800-445-7795. For international callers, please dial +1 785-424-1699. 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, 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 operating expenses, non-GAAP gross margin, non-GAAP net income (loss), and non-GAAP net 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
Statements contained in this press release contains may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to our management. This press release contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, new products and services, 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. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.
Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this release. Important factors that could cause actual results to differ materially from our expectations 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
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
Unaudited |
|
Unaudited |
||||||||||||
Revenues |
|
$ |
265,405 |
|
|
$ |
991,290 |
|
|
$ |
469,804 |
|
|
$ |
1,935,179 |
|
Cost of revenues |
|
|
276,374 |
|
|
|
673,985 |
|
|
|
506,960 |
|
|
|
1,317,748 |
|
Gross profit (loss) |
|
|
(10,969 |
) |
|
|
317,305 |
|
|
|
(37,156 |
) |
|
|
617,431 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
69,276 |
|
|
|
86,526 |
|
|
|
144,627 |
|
|
|
166,399 |
|
Sales and marketing |
|
|
39,978 |
|
|
|
44,222 |
|
|
|
78,889 |
|
|
|
85,188 |
|
General and administrative |
|
|
39,008 |
|
|
|
36,199 |
|
|
|
69,873 |
|
|
|
72,766 |
|
Other operating expense (income), net |
|
|
951 |
|
|
|
— |
|
|
|
3,342 |
|
|
|
(1,434 |
) |
Total operating expenses |
|
|
149,213 |
|
|
|
166,947 |
|
|
|
296,731 |
|
|
|
322,919 |
|
Operating income (loss) |
|
|
(160,182 |
) |
|
|
150,358 |
|
|
|
(333,887 |
) |
|
|
294,512 |
|
Financial income (expense), net |
|
|
(865 |
) |
|
|
3,384 |
|
|
|
(7,929 |
) |
|
|
27,058 |
|
Other income (loss), net |
|
|
18,551 |
|
|
|
— |
|
|
|
18,551 |
|
|
|
(125 |
) |
Income (loss) before income taxes |
|
|
(142,496 |
) |
|
|
153,742 |
|
|
|
(323,265 |
) |
|
|
321,445 |
|
Tax benefits (income taxes) |
|
|
12,245 |
|
|
|
(34,232 |
) |
|
|
35,999 |
|
|
|
(63,557 |
) |
Net loss from equity method investments |
|
|
(567 |
) |
|
|
— |
|
|
|
(863 |
) |
|
|
— |
|
Net income (loss) |
|
$ |
(130,818 |
) |
|
$ |
119,510 |
|
|
$ |
(288,129 |
) |
|
$ |
257,888 |
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) |
||||||||
|
|
June 30, 2024 |
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
259,498 |
|
|
$ |
338,468 |
|
Marketable securities |
|
|
430,333 |
|
|
|
521,570 |
|
Trade receivables, net of allowances of |
|
|
295,590 |
|
|
|
622,425 |
|
Inventories, net |
|
|
1,505,101 |
|
|
|
1,443,449 |
|
Prepaid expenses and other current assets |
|
|
402,673 |
|
|
|
378,394 |
|
Total current assets |
|
|
2,893,195 |
|
|
|
3,304,306 |
|
LONG-TERM ASSETS: |
|
|
|
|
||||
Marketable securities |
|
|
120,260 |
|
|
|
407,825 |
|
Deferred tax assets, net |
|
|
131,748 |
|
|
|
80,912 |
|
Property, plant and equipment, net |
|
|
595,623 |
|
|
|
614,579 |
|
Operating lease right-of-use assets, net |
|
|
53,510 |
|
|
|
64,167 |
|
Intangible assets, net |
|
|
36,790 |
|
|
|
35,345 |
|
Goodwill |
|
|
52,042 |
|
|
|
42,996 |
|
Other long-term assets |
|
|
65,046 |
|
|
|
37,601 |
|
Total long-term assets |
|
|
1,055,019 |
|
|
|
1,283,425 |
|
Total assets |
|
|
3,948,214 |
|
|
|
4,587,731 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Trade payables, net |
|
|
134,421 |
|
|
|
386,471 |
|
Employees and payroll accruals |
|
|
67,810 |
|
|
|
76,966 |
|
Warranty obligations |
|
|
169,214 |
|
|
|
183,047 |
|
Deferred revenues and customers advances |
|
|
28,457 |
|
|
|
40,836 |
|
Accrued expenses and other current liabilities |
|
|
166,922 |
|
|
|
205,911 |
|
Total current liabilities |
|
|
566,824 |
|
|
|
893,231 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
||||
Convertible senior notes, net |
|
|
638,703 |
|
|
|
627,381 |
|
Warranty obligations |
|
|
321,618 |
|
|
|
335,197 |
|
Deferred revenues |
|
|
222,557 |
|
|
|
214,607 |
|
Finance lease liabilities |
|
|
39,244 |
|
|
|
41,892 |
|
Operating lease liabilities |
|
|
36,838 |
|
|
|
45,070 |
|
Other long-term liabilities |
|
|
16,241 |
|
|
|
18,444 |
|
Total long-term liabilities |
|
|
1,275,201 |
|
|
|
1,282,591 |
|
COMMITMENTS AND CONTINGENT LIABILITIES |
|
|
|
|
||||
STOCKHOLDERS’ EQUITY: |
|
|
|
|
||||
Common stock of |
|
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
1,744,411 |
|
|
|
1,680,622 |
|
Treasury stock, at cost; 753,364 shares held |
|
|
(50,315 |
) |
|
|
— |
|
Accumulated other comprehensive loss |
|
|
(77,950 |
) |
|
|
(46,885 |
) |
Retained earnings |
|
|
490,037 |
|
|
|
778,166 |
|
Total stockholders’ equity |
|
|
2,106,189 |
|
|
|
2,411,909 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,948,214 |
|
|
$ |
4,587,731 |
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except per share data) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
(288,129 |
) |
|
$ |
257,888 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
30,430 |
|
|
|
26,725 |
|
Stock-based compensation expenses |
|
|
76,177 |
|
|
|
78,200 |
|
Deferred income taxes, net |
|
|
(50,843 |
) |
|
|
(7,636 |
) |
Gain from repurchasing of convertible notes |
|
|
(15,455 |
) |
|
|
— |
|
Loss (gain) from exchange rate fluctuations |
|
|
10,499 |
|
|
|
(23,214 |
) |
Other items |
|
|
3,340 |
|
|
|
4,783 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Trade receivables, net |
|
|
317,574 |
|
|
|
(235,086 |
) |
Inventories, net |
|
|
(58,764 |
) |
|
|
(246,193 |
) |
Prepaid expenses and other assets |
|
|
2,486 |
|
|
|
(33,285 |
) |
Right-of-use assets |
|
|
11,392 |
|
|
|
8,004 |
|
Trade payables, net |
|
|
(245,612 |
) |
|
|
(22,304 |
) |
Warranty obligations |
|
|
(27,178 |
) |
|
|
103,524 |
|
Deferred revenues and customers advances |
|
|
(4,028 |
) |
|
|
17,222 |
|
Operating lease liabilities |
|
|
(11,042 |
) |
|
|
(7,928 |
) |
Accrued expenses and other liabilities, net |
|
|
(12,638 |
) |
|
|
(1,488 |
) |
Net cash used in operating activities |
|
|
(261,791 |
) |
|
|
(80,788 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Investment in available-for-sale marketable securities |
|
|
(155,334 |
) |
|
|
(124,138 |
) |
Proceeds from maturities of available-for-sale marketable securities |
|
|
480,727 |
|
|
|
84,006 |
|
Proceeds from sales of available-for-sale marketable securities |
|
|
51,918 |
|
|
|
2,807 |
|
Purchase of property, plant and equipment |
|
|
(48,535 |
) |
|
|
(84,075 |
) |
Business combinations, net of cash acquired |
|
|
(11,662 |
) |
|
|
(16,653 |
) |
Purchase of intangible assets |
|
|
(10,000 |
) |
|
|
(10,000 |
) |
Disbursements for loans receivables |
|
|
(37,500 |
) |
|
|
— |
|
Investment in privately-held companies |
|
|
(25,650 |
) |
|
|
(6,750 |
) |
Other investing activities |
|
|
(740 |
) |
|
|
10,349 |
|
Net cash provided by (used in) investing activities |
|
|
243,224 |
|
|
|
(144,454 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Repurchase of common stock |
|
|
(50,015 |
) |
|
|
— |
|
Partial repurchase of Notes 2025 |
|
|
(267,900 |
) |
|
|
— |
|
Proceeds from issuance of Notes 2029, net of issuance costs |
|
|
293,625 |
|
|
|
— |
|
Capped call transactions related to Notes 2029 |
|
|
(25,230 |
) |
|
|
— |
|
Tax withholding in connection with stock-based awards, net |
|
|
75 |
|
|
|
(8,811 |
) |
Other financing activities |
|
|
(1,239 |
) |
|
|
(1,330 |
) |
Net cash used in financing activities |
|
|
(50,684 |
) |
|
|
(10,141 |
) |
|
|
|
|
|
||||
Effect of exchange rate differences on cash and cash equivalents |
|
|
(9,719 |
) |
|
|
10,015 |
|
|
|
|
|
|
||||
Decrease in cash and cash equivalents |
|
|
(78,970 |
) |
|
|
(225,368 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
338,468 |
|
|
|
783,112 |
|
Cash and cash equivalents at the end of the period |
|
$ |
259,498 |
|
|
$ |
557,744 |
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Gross profit (loss) (GAAP) |
$ |
(10,969 |
) |
|
$ |
(26,187 |
) |
|
$ |
(56,425 |
) |
|
$ |
142,817 |
|
|
$ |
317,305 |
|
|
$ |
703,823 |
|
|
$ |
844,648 |
|
|
$ |
629,318 |
|
Revenues from finance component |
|
(246 |
) |
|
|
(234 |
) |
|
|
(230 |
) |
|
|
(215 |
) |
|
|
(202 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
(757 |
) |
|
|
(434 |
) |
|
|
36,648 |
|
|
---- |
|
---- |
|
|
36,648 |
|
|
|
4,314 |
|
|
---- |
||||||
Stock-based compensation |
|
6,218 |
|
|
|
5,968 |
|
|
|
5,468 |
|
|
|
5,882 |
|
|
|
5,923 |
|
|
|
23,200 |
|
|
|
21,818 |
|
|
|
18,743 |
|
Amortization of stock-based compensation capitalized in inventories |
|
362 |
|
|
|
197 |
|
|
|
343 |
|
|
|
441 |
|
|
|
316 |
|
|
|
1,100 |
|
|
---- |
|
---- |
||||
Amortization and depreciation of acquired asset |
|
1,343 |
|
|
|
1,551 |
|
|
|
1,555 |
|
|
|
2,096 |
|
|
|
872 |
|
|
|
6,038 |
|
|
|
7,429 |
|
|
|
9,326 |
|
Restructuring charges |
|
4,519 |
|
|
|
5,822 |
|
|
|
23,154 |
|
|
---- |
|
---- |
|
|
23,154 |
|
|
---- |
|
---- |
||||||||
Gross profit (loss) (Non-GAAP) |
$ |
470 |
|
|
$ |
(13,317 |
) |
|
$ |
10,513 |
|
|
$ |
151,021 |
|
|
$ |
324,214 |
|
|
$ |
793,129 |
|
|
$ |
877,595 |
|
|
$ |
656,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gross margin (loss) (GAAP) |
|
(4.1 |
)% |
|
|
(12.8 |
)% |
|
|
(17.9 |
)% |
|
|
19.7 |
% |
|
|
32.0 |
% |
|
|
23.6 |
% |
|
|
27.2 |
% |
|
|
32.0 |
% |
Revenues from finance component |
|
0.0 |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
Discontinued operation |
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
11.6 |
|
|
---- |
|
---- |
|
|
1.2 |
|
|
|
0.1 |
|
|
---- |
||||||
Stock-based compensation |
|
2.3 |
|
|
|
2.9 |
|
|
|
1.8 |
|
|
|
0.8 |
|
|
|
0.6 |
|
|
|
0.9 |
|
|
|
0.7 |
|
|
|
1.0 |
|
Amortization of stock-based compensation capitalized in inventories |
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
---- |
|
---- |
||||
Amortization and depreciation of acquired asset |
|
0.5 |
|
|
|
0.8 |
|
|
|
0.5 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.5 |
|
Restructuring charges |
|
1.7 |
|
|
|
2.8 |
|
|
|
7.3 |
|
|
---- |
|
---- |
|
|
0.8 |
|
|
---- |
|
---- |
||||||||
Gross margin (loss) (Non-GAAP) |
|
0.2 |
% |
|
|
(6.5 |
)% |
|
|
3.3 |
% |
|
|
20.8 |
% |
|
|
32.7 |
% |
|
|
26.7 |
% |
|
|
28.2 |
% |
|
|
33.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses (GAAP) |
$ |
149,213 |
|
|
$ |
147,518 |
|
|
$ |
181,156 |
|
|
$ |
159,543 |
|
|
$ |
166,947 |
|
|
$ |
663,618 |
|
|
$ |
678,528 |
|
|
$ |
422,179 |
|
Stock-based compensation - R&D |
|
(17,639 |
) |
|
|
(17,139 |
) |
|
|
(15,982 |
) |
|
|
(16,481 |
) |
|
|
(17,272 |
) |
|
|
(66,944 |
) |
|
|
(63,211 |
) |
|
|
(45,424 |
) |
Stock-based compensation - S&M |
|
(8,149 |
) |
|
|
(7,911 |
) |
|
|
(7,347 |
) |
|
|
(7,739 |
) |
|
|
(7,822 |
) |
|
|
(30,987 |
) |
|
|
(31,017 |
) |
|
|
(22,834 |
) |
Stock-based compensation - G&A |
|
(6,565 |
) |
|
|
(6,588 |
) |
|
|
(6,133 |
) |
|
|
(6,713 |
) |
|
|
(7,948 |
) |
|
|
(28,814 |
) |
|
|
(29,493 |
) |
|
|
(15,592 |
) |
Amortization and depreciation of acquired assets - R&D |
|
(271 |
) |
|
|
(270 |
) |
|
|
(58 |
) |
|
|
(329 |
) |
|
|
(289 |
) |
|
|
(989 |
) |
|
|
(1,206 |
) |
|
|
(530 |
) |
Amortization and depreciation of acquired assets - S&M |
|
(467 |
) |
|
|
(124 |
) |
|
|
(190 |
) |
|
|
(321 |
) |
|
|
(235 |
) |
|
|
(927 |
) |
|
|
(822 |
) |
|
|
(927 |
) |
Amortization and depreciation of acquired assets - G&A |
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
17 |
|
|
|
(15 |
) |
|
|
(21 |
) |
|
|
(29 |
) |
Discontinued operation |
---- |
|
|
47 |
|
|
|
(388 |
) |
|
---- |
|
---- |
|
|
(388 |
) |
|
---- |
|
---- |
||||||||||
Restructuring charges |
|
(366 |
) |
|
|
(3,943 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||
Assets impairment |
---- |
|
|
(1,732 |
) |
|
|
(30,790 |
) |
|
---- |
|
---- |
|
|
(30,790 |
) |
|
|
(119,141 |
) |
|
|
(2,209 |
) |
||||||
Gain (loss) from assets sales and disposal |
|
(951 |
) |
|
|
(1,058 |
) |
|
|
(172 |
) |
|
---- |
|
---- |
|
|
1,262 |
|
|
|
2,603 |
|
|
|
976 |
|
||||
Certain litigation and other contingencies |
---- |
|
|
399 |
|
|
|
(1,786 |
) |
|
---- |
|
---- |
|
|
(1,786 |
) |
|
---- |
|
---- |
||||||||||
Acquisition costs |
---- |
|
|
(9 |
) |
|
---- |
|
---- |
|
|
(135 |
) |
|
|
(135 |
) |
|
|
(350 |
) |
|
---- |
||||||||
Operating expenses (Non-GAAP) |
$ |
114,803 |
|
|
$ |
109,188 |
|
|
$ |
118,308 |
|
|
$ |
127,956 |
|
|
$ |
133,263 |
|
|
$ |
503,105 |
|
|
$ |
435,870 |
|
|
$ |
335,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Operating income (loss) (GAAP) |
$ |
(160,182 |
) |
|
$ |
(173,705 |
) |
|
$ |
(237,581 |
) |
|
$ |
(16,726 |
) |
|
$ |
150,358 |
|
|
$ |
40,205 |
|
|
$ |
166,120 |
|
|
$ |
207,139 |
|
Revenues from finance component |
|
(246 |
) |
|
|
(234 |
) |
|
|
(230 |
) |
|
|
(215 |
) |
|
|
(202 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
(757 |
) |
|
|
(481 |
) |
|
|
37,036 |
|
|
---- |
|
---- |
|
|
37,036 |
|
|
|
4,314 |
|
|
---- |
||||||
Stock-based compensation |
|
38,571 |
|
|
|
37,606 |
|
|
|
34,930 |
|
|
|
36,815 |
|
|
|
38,965 |
|
|
|
149,945 |
|
|
|
145,539 |
|
|
|
102,593 |
|
Amortization of stock-based compensation capitalized in inventories |
|
362 |
|
|
|
197 |
|
|
|
343 |
|
|
|
441 |
|
|
|
316 |
|
|
|
1,100 |
|
|
---- |
|
---- |
||||
Amortization and depreciation of acquired assets |
|
2,083 |
|
|
|
1,947 |
|
|
|
1,805 |
|
|
|
2,750 |
|
|
|
1,379 |
|
|
|
7,969 |
|
|
|
9,478 |
|
|
|
10,812 |
|
Restructuring charges |
|
4,885 |
|
|
|
9,765 |
|
|
|
23,154 |
|
|
---- |
|
---- |
|
|
23,154 |
|
|
---- |
|
---- |
||||||||
Assets impairment |
---- |
|
|
1,732 |
|
|
|
30,790 |
|
|
---- |
|
---- |
|
|
30,790 |
|
|
|
119,141 |
|
|
|
2,209 |
|
||||||
Loss (gain) from assets sales and disposal |
|
951 |
|
|
|
1,058 |
|
|
|
172 |
|
|
---- |
|
---- |
|
|
(1,262 |
) |
|
|
(2,603 |
) |
|
|
(976 |
) |
||||
Certain litigation and other contingencies |
---- |
|
|
(399 |
) |
|
|
1,786 |
|
|
---- |
|
---- |
|
|
1,786 |
|
|
---- |
|
---- |
||||||||||
Acquisition costs |
---- |
|
|
9 |
|
|
---- |
|
---- |
|
|
135 |
|
|
|
135 |
|
|
|
350 |
|
|
---- |
||||||||
Operating income (loss) (Non-GAAP) |
$ |
(114,333 |
) |
|
$ |
(122,505 |
) |
|
$ |
(107,795 |
) |
|
$ |
23,065 |
|
|
$ |
190,951 |
|
|
$ |
290,024 |
|
|
$ |
441,725 |
|
|
$ |
321,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Financial income (expense), net (GAAP) |
$ |
(865 |
) |
|
$ |
(7,064 |
) |
|
$ |
22,055 |
|
|
$ |
(7,901 |
) |
|
$ |
3,384 |
|
|
$ |
41,212 |
|
|
$ |
3,750 |
|
|
$ |
(19,915 |
) |
Non cash interest expense |
|
3,636 |
|
|
|
3,536 |
|
|
|
3,422 |
|
|
|
3,284 |
|
|
|
3,105 |
|
|
|
12,703 |
|
|
|
9,954 |
|
|
|
8,674 |
|
Unrealized losses (gains) |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
119 |
|
|
|
(541 |
) |
||||||||||||
Currency fluctuation related to lease standard |
|
(1,523 |
) |
|
|
(1,276 |
) |
|
|
4,359 |
|
|
|
(2,788 |
) |
|
|
(2,107 |
) |
|
|
(3,055 |
) |
|
|
(11,187 |
) |
|
|
2,007 |
|
Financial income (expense), net (Non-GAAP) |
$ |
1,248 |
|
|
$ |
(4,804 |
) |
|
$ |
29,836 |
|
|
$ |
(7,405 |
) |
|
$ |
4,382 |
|
|
$ |
50,860 |
|
|
$ |
2,636 |
|
|
$ |
(9,775 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other income (loss) (GAAP) |
$ |
18,551 |
|
|
---- |
|
$ |
291 |
|
|
$ |
(484 |
) |
|
---- |
|
$ |
(318 |
) |
|
$ |
7,285 |
|
|
---- |
||||||
Loss (gain) from sale of equity and debt investments |
|
(1,970 |
) |
|
---- |
|
|
(291 |
) |
|
|
484 |
|
|
---- |
|
|
193 |
|
|
|
(8,008 |
) |
|
---- |
||||||
Loss (gain) from business combination |
|
(1,125 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Gain from the repurchase of convertible notes |
$ |
(15,456 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Other loss (Non-GAAP) |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
$ |
(125 |
) |
|
$ |
(723 |
) |
|
---- |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Tax benefits (income taxes) (GAAP) |
$ |
12,245 |
|
|
$ |
23,754 |
|
|
$ |
53,202 |
|
|
$ |
(36,065 |
) |
|
$ |
(34,232 |
) |
|
$ |
(46,420 |
) |
|
$ |
(83,376 |
) |
|
$ |
(18,054 |
) |
Uncertain tax positions |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
(9,007 |
) |
||||||||||||||
Income tax adjustment |
|
(357 |
) |
|
|
(5,062 |
) |
|
|
(27,699 |
) |
|
|
(10,561 |
) |
|
|
(3,735 |
) |
|
|
(45,896 |
) |
|
|
(9,067 |
) |
|
|
(11,639 |
) |
Tax benefits (income taxes) (Non-GAAP) |
$ |
11,888 |
|
|
$ |
18,692 |
|
|
$ |
25,503 |
|
|
$ |
(46,626 |
) |
|
$ |
(37,967 |
) |
|
$ |
(92,316 |
) |
|
$ |
(92,443 |
) |
|
$ |
(38,700 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity method investments loss (GAAP) |
$ |
(567 |
) |
|
$ |
(296 |
) |
|
$ |
(350 |
) |
|
---- |
|
---- |
|
$ |
(350 |
) |
|
---- |
|
---- |
||||||||
Loss from equity method investments |
|
567 |
|
|
|
296 |
|
|
|
350 |
|
|
---- |
|
---- |
|
|
350 |
|
|
---- |
|
---- |
||||||||
Equity method investments loss (Non-GAAP) |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||||
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Net income (loss) (GAAP) |
$ |
(130,818 |
) |
|
$ |
(157,311 |
) |
|
$ |
(162,383 |
) |
|
$ |
(61,176 |
) |
|
$ |
119,510 |
|
|
$ |
34,329 |
|
|
$ |
93,779 |
|
|
$ |
169,170 |
|
Revenues from finance component |
|
(246 |
) |
|
|
(234 |
) |
|
|
(230 |
) |
|
|
(215 |
) |
|
|
(202 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
(757 |
) |
|
|
(481 |
) |
|
|
37,036 |
|
|
---- |
|
---- |
|
|
37,036 |
|
|
|
4,314 |
|
|
---- |
||||||
Stock-based compensation |
|
38,571 |
|
|
|
37,606 |
|
|
|
34,930 |
|
|
|
36,815 |
|
|
|
38,965 |
|
|
|
149,945 |
|
|
|
145,539 |
|
|
|
102,593 |
|
Amortization of stock-based compensation capitalized in inventories |
|
362 |
|
|
|
197 |
|
|
|
343 |
|
|
|
441 |
|
|
|
316 |
|
|
|
1,100 |
|
|
---- |
|
---- |
||||
Amortization and depreciation of acquired assets |
|
2,083 |
|
|
|
1,947 |
|
|
|
1,805 |
|
|
|
2,750 |
|
|
|
1,379 |
|
|
|
7,969 |
|
|
|
9,478 |
|
|
|
10,812 |
|
Restructuring charges |
|
4,885 |
|
|
|
9,765 |
|
|
|
23,154 |
|
|
---- |
|
---- |
|
|
23,154 |
|
|
---- |
|
---- |
||||||||
Assets impairment |
---- |
|
|
1,732 |
|
|
|
30,790 |
|
|
---- |
|
---- |
|
|
30,790 |
|
|
|
119,141 |
|
|
|
2,209 |
|
||||||
Loss (gain) from assets sales and disposal |
|
951 |
|
|
|
1,058 |
|
|
|
172 |
|
|
---- |
|
---- |
|
|
(1,262 |
) |
|
|
(2,603 |
) |
|
|
(976 |
) |
||||
Certain litigation and other contingencies |
---- |
|
|
(399 |
) |
|
|
1,786 |
|
|
---- |
|
---- |
|
|
1,786 |
|
|
---- |
|
---- |
||||||||||
Acquisition costs |
---- |
|
|
9 |
|
|
---- |
|
---- |
|
|
135 |
|
|
|
135 |
|
|
|
350 |
|
|
---- |
||||||||
Non cash interest expense |
|
3,636 |
|
|
|
3,536 |
|
|
|
3,422 |
|
|
|
3,284 |
|
|
|
3,105 |
|
|
|
12,703 |
|
|
|
9,954 |
|
|
|
8,674 |
|
Unrealized losses (gains) |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
119 |
|
|
|
(541 |
) |
||||||||||||
Currency fluctuation related to lease standard |
|
(1,523 |
) |
|
|
(1,276 |
) |
|
|
4,359 |
|
|
|
(2,788 |
) |
|
|
(2,107 |
) |
|
|
(3,055 |
) |
|
|
(11,187 |
) |
|
|
2,007 |
|
Loss (gain) from sale of equity and debt investments |
|
(1,970 |
) |
|
---- |
|
|
(291 |
) |
|
|
484 |
|
|
---- |
|
|
193 |
|
|
|
(8,008 |
) |
|
---- |
||||||
Loss (gain) from business combination |
|
(1,125 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Gain from the repurchase of convertible notes |
|
(15,456 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Uncertain tax positions |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
(9,007 |
) |
||||||||||||||
Income tax adjustment |
|
(357 |
) |
|
|
(5,062 |
) |
|
|
(27,699 |
) |
|
|
(10,561 |
) |
|
|
(3,735 |
) |
|
|
(45,896 |
) |
|
|
(9,067 |
) |
|
|
(11,639 |
) |
equity method adjustments |
|
567 |
|
|
|
296 |
|
|
|
350 |
|
|
---- |
|
---- |
|
|
350 |
|
|
---- |
|
---- |
||||||||
Net income (loss) (Non-GAAP) |
$ |
(101,197 |
) |
|
$ |
(108,617 |
) |
|
$ |
(52,456 |
) |
|
$ |
(30,966 |
) |
|
$ |
157,366 |
|
|
$ |
248,443 |
|
|
$ |
351,195 |
|
|
$ |
272,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Net basic earnings (loss) per share (GAAP) |
$ |
(2.31 |
) |
|
$ |
(2.75 |
) |
|
$ |
(2.85 |
) |
|
$ |
(1.08 |
) |
|
$ |
2.12 |
|
|
$ |
0.61 |
|
|
$ |
1.70 |
|
|
$ |
3.24 |
|
Revenues from finance component |
|
0.00 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Discontinued operation |
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
0.65 |
|
|
---- |
|
---- |
|
|
0.66 |
|
|
|
0.08 |
|
|
---- |
||||||
Stock-based compensation |
|
0.69 |
|
|
|
0.66 |
|
|
|
0.62 |
|
|
|
0.65 |
|
|
|
0.70 |
|
|
|
2.65 |
|
|
|
2.64 |
|
|
|
1.97 |
|
Amortization of stock-based compensation capitalized in inventories |
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.02 |
|
|
---- |
|
---- |
||||
Amortization and depreciation of acquired assets |
|
0.04 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.03 |
|
|
|
0.14 |
|
|
|
0.17 |
|
|
|
0.21 |
|
Restructuring charges |
|
0.08 |
|
|
|
0.17 |
|
|
|
0.40 |
|
|
---- |
|
---- |
|
|
0.41 |
|
|
---- |
|
---- |
||||||||
Assets impairment |
---- |
|
|
0.03 |
|
|
|
0.54 |
|
|
---- |
|
---- |
|
|
0.54 |
|
|
|
2.17 |
|
|
|
0.05 |
|
||||||
Loss (gain) from assets sales and disposal |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
---- |
|
---- |
|
|
(0.02 |
) |
|
|
(0.05 |
) |
|
|
(0.03 |
) |
||||
Certain litigation and other contingencies |
---- |
|
|
(0.01 |
) |
|
|
0.03 |
|
|
---- |
|
---- |
|
|
0.03 |
|
|
---- |
|
---- |
||||||||||
Acquisition costs |
---- |
|
|
0.00 |
|
|
---- |
|
---- |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
---- |
||||||||
Non cash interest expense |
|
0.07 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.23 |
|
|
|
0.18 |
|
|
|
0.16 |
|
Unrealized losses (gains) |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
0.00 |
|
|
|
(0.01 |
) |
||||||||||||
Currency fluctuation related to lease standard |
|
(0.03 |
) |
|
|
(0.02 |
) |
|
|
0.07 |
|
|
|
(0.05 |
) |
|
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
(0.21 |
) |
|
|
0.04 |
|
Loss (gain) from sale of equity and debt investments |
|
(0.04 |
) |
|
---- |
|
|
0.00 |
|
|
|
0.01 |
|
|
---- |
|
|
0.01 |
|
|
|
(0.14 |
) |
|
---- |
||||||
Loss (gain) from business combination |
|
(0.02 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Gain from the repurchase of convertible notes |
|
(0.27 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Uncertain tax positions |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
(0.17 |
) |
||||||||||||||
Income tax adjustment |
|
(0.01 |
) |
|
|
(0.09 |
) |
|
|
(0.49 |
) |
|
|
(0.19 |
) |
|
|
(0.07 |
) |
|
|
(0.81 |
) |
|
|
(0.16 |
) |
|
|
(0.22 |
) |
Equity method adjustments |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
---- |
|
---- |
|
|
0.00 |
|
|
---- |
|
---- |
||||||||
Net basic earnings (loss) per share (Non-GAAP) |
$ |
(1.79 |
) |
|
$ |
(1.90 |
) |
|
$ |
(0.92 |
) |
|
$ |
(0.55 |
) |
|
$ |
2.79 |
|
|
$ |
4.39 |
|
|
$ |
6.38 |
|
|
$ |
5.23 |
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
||||||||||||||||
Net diluted earnings (loss) per share (GAAP) |
$ |
(2.31 |
) |
|
$ |
(2.75 |
) |
|
$ |
(2.85 |
) |
|
$ |
(1.08 |
) |
|
$ |
2.03 |
|
|
$ |
0.60 |
|
|
$ |
1.65 |
|
|
$ |
3.06 |
|
Revenues from finance component |
|
0.00 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Discontinued operation |
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
0.65 |
|
|
---- |
|
---- |
|
|
0.64 |
|
|
|
0.08 |
|
|
---- |
||||||
Stock-based compensation |
|
0.69 |
|
|
|
0.66 |
|
|
|
0.62 |
|
|
|
0.65 |
|
|
|
0.62 |
|
|
|
2.57 |
|
|
|
2.43 |
|
|
|
1.77 |
|
Amortization of stock-based compensation capitalized in inventories |
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.02 |
|
|
---- |
|
---- |
||||
Amortization and depreciation of acquired assets |
|
0.04 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.03 |
|
|
|
0.14 |
|
|
|
0.16 |
|
|
|
0.19 |
|
Restructuring charges |
|
0.08 |
|
|
|
0.17 |
|
|
|
0.40 |
|
|
---- |
|
---- |
|
|
0.40 |
|
|
---- |
|
---- |
||||||||
Assets impairment |
---- |
|
|
0.03 |
|
|
|
0.54 |
|
|
---- |
|
---- |
|
|
0.53 |
|
|
|
2.02 |
|
|
|
0.04 |
|
||||||
Loss (gain) from assets sales and disposal |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
---- |
|
---- |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
(0.02 |
) |
||||
Certain litigation and other contingencies |
---- |
|
|
(0.01 |
) |
|
|
0.03 |
|
|
---- |
|
---- |
|
|
(0.16 |
) |
|
---- |
|
---- |
||||||||||
Acquisition costs |
---- |
|
|
0.00 |
|
|
---- |
|
---- |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
---- |
||||||||
Non cash interest expense |
|
0.07 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.04 |
|
|
|
0.21 |
|
|
|
0.13 |
|
|
|
0.12 |
|
Unrealized losses (gains) |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
0.00 |
|
|
|
(0.01 |
) |
||||||||||||
Currency fluctuation related to lease standard |
|
(0.03 |
) |
|
|
(0.02 |
) |
|
|
0.07 |
|
|
|
(0.05 |
) |
|
|
(0.03 |
) |
|
|
(0.05 |
) |
|
|
(0.19 |
) |
|
|
0.03 |
|
Loss (gain) from sale of equity and debt investments |
|
(0.04 |
) |
|
---- |
|
|
0.00 |
|
|
|
0.01 |
|
|
---- |
|
|
0.00 |
|
|
|
(0.13 |
) |
|
---- |
||||||
Loss (gain) from business combination |
|
(0.02 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Gain from the repurchase of convertible notes |
|
(0.27 |
) |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
||||||||||||||
Uncertain tax positions |
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
---- |
|
|
(0.16 |
) |
||||||||||||||
Income tax adjustment |
|
(0.01 |
) |
|
|
(0.09 |
) |
|
|
(0.49 |
) |
|
|
(0.19 |
) |
|
|
(0.06 |
) |
|
|
(0.76 |
) |
|
|
(0.15 |
) |
|
|
(0.20 |
) |
Equity method adjustments |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
---- |
|
---- |
|
|
0.00 |
|
|
---- |
|
---- |
||||||||
Net diluted earnings (loss) per share (Non-GAAP) |
$ |
(1.79 |
) |
|
$ |
(1.90 |
) |
|
$ |
(0.93 |
) |
|
$ |
(0.55 |
) |
|
$ |
2.62 |
|
|
$ |
4.12 |
|
|
$ |
5.95 |
|
|
$ |
4.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Number of shares used in computing net diluted earnings (loss) per share (GAAP) |
|
56,687,006 |
|
|
|
57,140,126 |
|
|
|
56,916,831 |
|
|
|
56,671,504 |
|
|
|
59,183,666 |
|
|
|
57,237,518 |
|
|
|
55,087,770 |
|
|
|
55,971,030 |
|
Stock-based compensation |
---- |
|
---- |
|
---- |
|
---- |
|
|
986,527 |
|
|
|
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) |
|
56,687,006 |
|
|
|
57,140,126 |
|
|
|
56,916,831 |
|
|
|
56,671,504 |
|
|
|
60,170,193 |
|
|
|
60,240,195 |
|
|
|
56,051,143 |
|
|
|
56,744,666 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807308630/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.
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