SolarEdge Announces Third Quarter 2024 Financial Results
SolarEdge Technologies announced its Q3 2024 financial results, reporting revenues of $260.9 million, a 2% decrease from the prior quarter and a 64% drop from the same quarter last year. Revenues from the solar segment were $247.5 million, up 3% from the previous quarter. The company reported a GAAP gross margin of negative 269.2% and a non-GAAP gross margin of negative 265.4%. GAAP operating loss was $1.09 billion, and non-GAAP operating loss was $808.1 million. GAAP net loss stood at $1.21 billion, with a net loss per share of $21.11. Non-GAAP net loss was $874.3 million, with a net loss per share of $15.31. The company undertook an asset valuation analysis, resulting in a write down and impairment of $1.03 billion. For Q4 2024, SolarEdge expects revenues between $180 million and $200 million, with non-GAAP gross margins ranging from negative 4% to 0%.
SolarEdge Technologies ha annunciato i risultati finanziari del terzo trimestre del 2024, riportando entrate di 260,9 milioni di dollari, con una diminuzione del 2% rispetto al trimestre precedente e un calo del 64% rispetto allo stesso trimestre dell'anno scorso. Le entrate dal segmento solare sono state di 247,5 milioni di dollari, in aumento del 3% rispetto al trimestre precedente. L'azienda ha riportato un margine lordo GAAP negativo del 269,2% e un margine lordo non GAAP negativo del 265,4%. La perdita operativa GAAP è stata di 1,09 miliardi di dollari, mentre la perdita operativa non GAAP è stata di 808,1 milioni di dollari. La perdita netta GAAP è stata di 1,21 miliardi di dollari, con una perdita netta per azione di 21,11 dollari. La perdita netta non GAAP è stata di 874,3 milioni di dollari, con una perdita netta per azione di 15,31 dollari. L'azienda ha effettuato un'analisi di valutazione degli attivi, con una svalutazione e una perdita di valore di 1,03 miliardi di dollari. Per il quarto trimestre del 2024, SolarEdge prevede entrate comprese tra 180 milioni e 200 milioni di dollari, con margini lordi non GAAP compresi tra il -4% e lo 0%.
SolarEdge Technologies anunció sus resultados financieros del tercer trimestre de 2024, reportando ingresos de 260,9 millones de dólares, una disminución del 2% con respecto al trimestre anterior y una caída del 64% en comparación con el mismo trimestre del año pasado. Los ingresos del segmento solar fueron de 247,5 millones de dólares, un aumento del 3% respecto al trimestre previo. La compañía reportó un margen bruto GAAP negativo del 269,2% y un margen bruto no GAAP negativo del 265,4%. La pérdida operativa GAAP fue de 1,09 mil millones de dólares, y la pérdida operativa no GAAP fue de 808,1 millones de dólares. La pérdida neta GAAP fue de 1,21 mil millones de dólares, con una pérdida neta por acción de 21,11 dólares. La pérdida neta no GAAP fue de 874,3 millones de dólares, con una pérdida neta por acción de 15,31 dólares. La compañía realizó un análisis de valoración de activos, resultando en una depreciación y deterioro de 1,03 mil millones de dólares. Para el cuarto trimestre de 2024, SolarEdge espera ingresos entre 180 millones y 200 millones de dólares, con márgenes brutos no GAAP que van del -4% al 0%.
SolarEdge Technologies는 2024년 3분기 재무 결과를 발표하며 2억 6,090만 달러의 수익을 보고했습니다. 이는 이전 분기 대비 2% 감소한 수치이며, 작년 같은 분기와 비교하면 64% 하락한 수치입니다. 태양광 부문에서의 수익은 2억 4,750만 달러로 이전 분기보다 3% 증가했습니다. 회사는 GAAP 총 마진이 -269.2%인 것과 비 GAAP 총 마진이 -265.4%라고 보고했습니다. GAAP 운영 손실은 10억 9천만 달러였고 비 GAAP 운영 손실은 8억 1천만 달러였습니다. GAAP 순손실은 12억 1천만 달러로 주당 순손실은 21.11 달러였습니다. 비 GAAP 순손실은 8억 7천만 달러로 주당 순손실은 15.31 달러였습니다. 회사는 자산 가치 평가 분석을 수행하여 10억 3천만 달러의 감액 및 손상액을 기록했습니다. 2024년 4분기, SolarEdge는 1억 8천만 달러에서 2억 달러 사이의 수익을 예상하고 있으며, 비 GAAP 총 마진은 -4%에서 0% 사이에 이를 것으로 보입니다.
SolarEdge Technologies a annoncé ses résultats financiers pour le troisième trimestre de 2024, rapportant des revenus de 260,9 millions de dollars, ce qui représente une diminution de 2% par rapport au trimestre précédent et une baisse de 64% par rapport au même trimestre l'année dernière. Les revenus du secteur solaire étaient de 247,5 millions de dollars, en hausse de 3% par rapport au trimestre précédent. L'entreprise a déclaré un marge brute GAAP négative de 269,2% et un marge brute non-GAAP négative de 265,4%. La perte d'exploitation GAAP était de 1,09 milliard de dollars, et la perte d'exploitation non-GAAP était de 808,1 millions de dollars. La perte nette GAAP s'élevait à 1,21 milliard de dollars, avec une perte nette par action de 21,11 dollars. La perte nette non-GAAP était de 874,3 millions de dollars, avec une perte nette par action de 15,31 dollars. L'entreprise a réalisé une analyse de l'évaluation des actifs, aboutissant à une dépréciation et une amortissement de 1,03 milliard de dollars. Pour le quatrième trimestre de 2024, SolarEdge prévoit des revenus compris entre 180 millions et 200 millions de dollars, avec des marges brutes non-GAAP comprises entre -4% et 0%.
SolarEdge Technologies hat seine Finanzergebnisse für das dritte Quartal 2024 bekannt gegeben und berichtet von Einnahmen in Höhe von 260,9 Millionen Dollar, was einem Rückgang von 2% im Vergleich zum vorherigen Quartal und einem Rückgang von 64% im Vergleich zum selben Quartal des Vorjahres entspricht. Die Einnahmen aus dem Solarsektor betrugen 247,5 Millionen Dollar, was einem Anstieg von 3% im Vergleich zum vorherigen Quartal entspricht. Das Unternehmen berichtete von einer negativen GAAP-Bruttomarge von 269,2% und einer negativen non-GAAP-Bruttomarge von 265,4%. Der GAAP-Betriebsverlust betrug 1,09 Milliarden Dollar, der non-GAAP-Betriebsverlust betrug 808,1 Millionen Dollar. Der GAAP-Nettoverlust betrug 1,21 Milliarden Dollar, mit einem Nettoverlust pro Aktie von 21,11 Dollar. Der non-GAAP-Nettoverlust betrug 874,3 Millionen Dollar, mit einem Nettoverlust pro Aktie von 15,31 Dollar. Das Unternehmen führte eine Analyse zur Bewertung von Vermögenswerten durch, die zu einer Wertminderung und -abschreibung von 1,03 Milliarden Dollar führte. Für das vierte Quartal 2024 erwartet SolarEdge Einnahmen zwischen 180 Millionen und 200 Millionen Dollar, mit non-GAAP-Bruttomargen, die von -4% bis 0% reichen.
- Revenues from the solar segment increased by 3% from the prior quarter.
- Total revenues decreased by 2% from the prior quarter and 64% from the same quarter last year.
- GAAP gross margin was negative 269.2%, a significant decline from the prior quarter's negative 4.1%.
- GAAP operating loss increased to $1.09 billion, up from $160.2 million in the prior quarter.
- GAAP net loss was $1.21 billion, compared to $130.8 million in the prior quarter.
- Cash, cash equivalents, and marketable securities decreased to $53.3 million from $165.3 million as of June 30, 2024.
- Impairment and write downs totaled $1.03 billion.
Insights
This is a deeply concerning earnings report showing severe deterioration in SolarEdge's financial health. The
The Q4 guidance projecting further revenue decline to
The solar segment's performance metrics reveal a company losing its competitive edge in a challenging market environment. The
The company's strategic pivot to focus on "financial stability, recapturing market share and refocusing on core solar and storage opportunities" acknowledges these challenges but may be too late given the severe financial deterioration. The outlook suggests continued weakness through Q4 2024, with solar segment revenues expected to decline further to
Third Quarter 2024 Highlights
-
Revenues of
$260.9 million -
Revenues from solar segment of
$247.5 million -
GAAP gross margin of negative
269.2% 1 -
Non-GAAP gross margin2 of negative
265.4% 1 -
Gross margin from solar segment of negative
245.8% 1 -
GAAP operating loss of negative
$1.09 billion -
Non-GAAP operating loss2 of
$808.1 million -
GAAP net loss of negative
$1.21 billion -
Non-GAAP net loss2 of negative
$874.3 million -
GAAP net loss per share of negative
$21.1 -
Non-GAAP net loss2 per share of
$15.3 -
Impairment and write downs of
$1.03 billion - 850 Megawatts (AC) of inverters shipped
- 189 MWh of batteries for PV applications shipped
“As SolarEdge weathers this difficult period in the Company’s history, we are diligently pursuing three main priorities: financial stability, recapturing market share and refocusing on our core solar and storage opportunities,” said Ronen Faier, Interim Chief Executive Officer of SolarEdge. “We are grateful for our passionate and dedicated workforce and proud of our leadership in technological innovation, all of which I am confident will put the Company back on a profitable growth trajectory.”
Third Quarter 2024 Summary
The Company reported revenues of
Revenues from the solar segment were
GAAP gross margin was negative
Non-GAAP gross margin2 was negative
Gross margin from the solar segment was negative
GAAP operating expenses were
Non-GAAP operating expenses2 were
GAAP operating loss was
Non-GAAP operating loss2 was
GAAP net loss was
Non-GAAP net loss2 was
GAAP net loss per share was
Non-GAAP net loss per share2 was
Cash used in operating activities was
As of September 30, 2024, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled
Impairment
During the third quarter, SolarEdge undertook an asset valuation analysis which resulted in a write down and impairment of various assets. In total, the write down and impairment amount was
______________________________________________________________________
1 |
|
Includes impairments and write offs |
2 |
|
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 Fourth Quarter 2024
The Company also provides guidance for the fourth quarter ending December 31, 2024 as follows:
-
Revenues to be within the range of
$180 million $200 million -
Non-GAAP gross margin* expected to be within the range of negative
4% to0% , including approximately 1,000 basis points of net IRA manufacturing tax credit; -
Non-GAAP operating expenses* to be within the range of
$103 million $108 million -
Revenues from the solar segment to be within the range of
$170 million $190 million -
Gross margin from the solar segment expected to be within the range of
0% to3% including approximately 1,050 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 third quarter ended September 30, 2024 at 4:30 p.m. ET on Wednesday, November 6, 2024. The call will be available, live, to interested parties by dialing 800-343-4136. For international callers, please dial +1 203-518-9843. 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; goodwill impairment; 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.
|
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
Unaudited |
|
Unaudited |
||||||||||||
Revenues |
|
$ |
260,903 |
|
|
$ |
725,305 |
|
|
$ |
730,707 |
|
|
$ |
2,660,484 |
|
Cost of revenues |
|
|
963,229 |
|
|
|
582,488 |
|
|
|
1,470,189 |
|
|
|
1,900,236 |
|
Gross profit (loss) |
|
|
(702,326 |
) |
|
|
142,817 |
|
|
|
(739,482 |
) |
|
|
760,248 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
70,372 |
|
|
|
80,082 |
|
|
|
214,999 |
|
|
|
246,481 |
|
Sales and marketing |
|
|
37,427 |
|
|
|
40,351 |
|
|
|
116,316 |
|
|
|
125,539 |
|
General and administrative |
|
|
41,212 |
|
|
|
39,110 |
|
|
|
111,085 |
|
|
|
111,876 |
|
Other operating expense (income), net |
|
|
233,929 |
|
|
|
— |
|
|
|
237,271 |
|
|
|
(1,434 |
) |
Total operating expenses |
|
|
382,940 |
|
|
|
159,543 |
|
|
|
679,671 |
|
|
|
482,462 |
|
Operating income (loss) |
|
|
(1,085,266 |
) |
|
|
(16,726 |
) |
|
|
(1,419,153 |
) |
|
|
277,786 |
|
Financial income (expense), net |
|
|
5,558 |
|
|
|
(7,901 |
) |
|
|
(2,371 |
) |
|
|
19,157 |
|
Other income (loss), net |
|
|
(3,928 |
) |
|
|
(484 |
) |
|
|
14,623 |
|
|
|
(609 |
) |
Income (loss) before income taxes |
|
|
(1,083,636 |
) |
|
|
(25,111 |
) |
|
|
(1,406,901 |
) |
|
|
296,334 |
|
Income taxes |
|
|
(121,108 |
) |
|
|
(36,065 |
) |
|
|
(85,109 |
) |
|
|
(99,622 |
) |
Net loss from equity method investments |
|
|
(577 |
) |
|
|
— |
|
|
|
(1,440 |
) |
|
|
— |
|
Net income (loss) |
|
$ |
(1,205,321 |
) |
|
$ |
(61,176 |
) |
|
$ |
(1,493,450 |
) |
|
$ |
196,712 |
|
SOLAREDGE TECHNOLOGIES INC.
|
||||||||
|
|
September 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
303,904 |
|
|
$ |
338,468 |
|
Marketable securities |
|
|
374,869 |
|
|
|
521,570 |
|
Trade receivables, net of allowances of |
|
|
239,408 |
|
|
|
622,425 |
|
Inventories, net |
|
|
798,383 |
|
|
|
1,443,449 |
|
Prepaid expenses and other current assets |
|
|
401,551 |
|
|
|
378,394 |
|
Total current assets |
|
|
2,118,115 |
|
|
|
3,304,306 |
|
LONG-TERM ASSETS: |
|
|
|
|
||||
Marketable securities |
|
|
56,041 |
|
|
|
407,825 |
|
Deferred tax assets, net |
|
|
— |
|
|
|
80,912 |
|
Property, plant and equipment, net |
|
|
423,905 |
|
|
|
614,579 |
|
Operating lease right-of-use assets, net |
|
|
43,088 |
|
|
|
64,167 |
|
Intangible assets, net |
|
|
11,169 |
|
|
|
35,345 |
|
Goodwill |
|
|
51,875 |
|
|
|
42,996 |
|
Other long-term assets |
|
|
112,201 |
|
|
|
37,601 |
|
Total long-term assets |
|
|
698,279 |
|
|
|
1,283,425 |
|
Total assets |
|
|
2,816,394 |
|
|
|
4,587,731 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Trade payables, net |
|
$ |
94,730 |
|
|
$ |
386,471 |
|
Employees and payroll accruals |
|
|
70,120 |
|
|
|
76,966 |
|
Warranty obligations |
|
|
163,561 |
|
|
|
183,047 |
|
Deferred revenues and customers advances |
|
|
27,367 |
|
|
|
40,836 |
|
Accrued expenses and other current liabilities |
|
|
202,134 |
|
|
|
205,911 |
|
Convertible senior notes, net |
|
|
345,900 |
|
|
|
— |
|
Total current liabilities |
|
|
903,812 |
|
|
|
893,231 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
||||
Convertible senior notes, net |
|
|
329,614 |
|
|
|
627,381 |
|
Warranty obligations |
|
|
315,343 |
|
|
|
335,197 |
|
Deferred revenues |
|
|
226,770 |
|
|
|
214,607 |
|
Finance lease liabilities |
|
|
39,197 |
|
|
|
41,892 |
|
Operating lease liabilities |
|
|
31,293 |
|
|
|
45,070 |
|
Other long-term liabilities |
|
|
13,999 |
|
|
|
18,444 |
|
Total long-term liabilities |
|
|
956,216 |
|
|
|
1,282,591 |
|
COMMITMENTS AND CONTINGENT LIABILITIES |
|
|
|
|
||||
STOCKHOLDERS’ EQUITY: |
|
|
|
|
||||
Common stock of |
|
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
1,779,212 |
|
|
|
1,680,622 |
|
Treasury stock, at cost; 753,364 shares held |
|
|
(50,315 |
) |
|
|
— |
|
Accumulated other comprehensive loss |
|
|
(57,253 |
) |
|
|
(46,885 |
) |
Retained earnings (Accumulated deficit) |
|
|
(715,284 |
) |
|
|
778,166 |
|
Total stockholders’ equity |
|
|
956,366 |
|
|
|
2,411,909 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,816,394 |
|
|
$ |
4,587,731 |
|
SOLAREDGE TECHNOLOGIES INC.
|
||||||||
|
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
(1,493,450 |
) |
|
$ |
196,712 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
47,215 |
|
|
|
42,019 |
|
Provision to write down inventories to net realizable value |
|
|
638,966 |
|
|
|
20,674 |
|
Loss on impairment and disposal of property, plant and equipment |
|
|
206,620 |
|
|
|
— |
|
Stock-based compensation expenses |
|
|
112,818 |
|
|
|
115,015 |
|
Impairment of goodwill and intangible assets |
|
|
24,725 |
|
|
|
— |
|
Deferred income taxes, net |
|
|
79,831 |
|
|
|
(18,199 |
) |
Gain from repurchasing of convertible notes |
|
|
(15,455 |
) |
|
|
— |
|
Loss (gain) from exchange rate fluctuations |
|
|
8,243 |
|
|
|
(8,170 |
) |
Other items |
|
|
10,299 |
|
|
|
6,915 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Trade receivables, net |
|
|
379,214 |
|
|
|
(40,011 |
) |
Inventories, net |
|
|
15,858 |
|
|
|
(458,475 |
) |
Prepaid expenses and other assets |
|
|
(38,223 |
) |
|
|
19,822 |
|
Operating lease right-of-use assets, net |
|
|
12,286 |
|
|
|
12,323 |
|
Trade payables, net |
|
|
(284,255 |
) |
|
|
(53,996 |
) |
Warranty obligations |
|
|
(39,294 |
) |
|
|
130,863 |
|
Deferred revenues and customers advances |
|
|
1,253 |
|
|
|
18,580 |
|
Operating lease liabilities |
|
|
(11,881 |
) |
|
|
(11,945 |
) |
Accrued expenses and other liabilities, net |
|
|
19,574 |
|
|
|
(12,330 |
) |
Net cash used in operating activities |
|
|
(325,656 |
) |
|
|
(40,203 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Investment in available-for-sale marketable securities |
|
|
(200,919 |
) |
|
|
(214,516 |
) |
Proceeds from maturities of available-for-sale marketable securities |
|
|
632,866 |
|
|
|
191,810 |
|
Proceeds from sales of available-for-sale marketable securities |
|
|
70,642 |
|
|
|
2,807 |
|
Purchase of property, plant and equipment |
|
|
(95,905 |
) |
|
|
(130,024 |
) |
Business combinations, net of cash acquired |
|
|
(10,417 |
) |
|
|
(16,653 |
) |
Purchase of intangible assets |
|
|
(10,000 |
) |
|
|
(10,600 |
) |
Disbursements for loans receivables |
|
|
(37,500 |
) |
|
|
(13,000 |
) |
Investment in privately-held companies |
|
|
(25,742 |
) |
|
|
(8,000 |
) |
Other investing activities |
|
|
(4,270 |
) |
|
|
9,989 |
|
Net cash provided by (used in) investing activities |
|
|
318,755 |
|
|
|
(188,187 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Repurchase of common stock |
|
|
(50,315 |
) |
|
|
— |
|
Partial repurchase of Notes 2025 |
|
|
(267,900 |
) |
|
|
— |
|
Proceeds from issuance of Notes 2029, net of issuance costs |
|
|
329,214 |
|
|
|
— |
|
Capped call transactions related to Notes 2029 |
|
|
(28,342 |
) |
|
|
— |
|
Tax withholding in connection with stock-based awards, net |
|
|
(592 |
) |
|
|
(9,267 |
) |
Other financing activities |
|
|
(1,938 |
) |
|
|
(2,038 |
) |
Net cash used in financing activities |
|
|
(19,873 |
) |
|
|
(11,305 |
) |
Effect of exchange rate differences on cash and cash equivalents |
|
|
(7,790 |
) |
|
|
7,705 |
|
Decrease in cash and cash equivalents |
|
|
(34,564 |
) |
|
|
(231,990 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
338,468 |
|
|
|
783,112 |
|
Cash and cash equivalents at the end of the period |
|
$ |
303,904 |
|
|
$ |
551,122 |
|
SOLAREDGE TECHNOLOGIES INC.
|
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||
Gross profit (loss) (GAAP) |
$ |
(702,326 |
) |
|
$ |
(10,969 |
) |
|
$ |
(26,187 |
) |
|
$ |
(56,425 |
) |
|
$ |
142,817 |
|
|
$ |
703,823 |
|
|
$ |
844,648 |
|
|
$ |
629,318 |
|
Revenues from finance component |
|
(250 |
) |
|
|
(246 |
) |
|
|
(234 |
) |
|
|
(230 |
) |
|
|
(215 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
(6 |
) |
|
|
(757 |
) |
|
|
(434 |
) |
|
|
36,648 |
|
|
|
— |
|
|
|
36,648 |
|
|
|
4,314 |
|
|
|
— |
|
Stock-based compensation |
|
6,039 |
|
|
|
6,218 |
|
|
|
5,968 |
|
|
|
5,468 |
|
|
|
5,882 |
|
|
|
23,200 |
|
|
|
21,818 |
|
|
|
18,743 |
|
Amortization of stock-based compensation capitalized in inventories |
|
1,484 |
|
|
|
362 |
|
|
|
197 |
|
|
|
343 |
|
|
|
441 |
|
|
|
1,100 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired asset |
|
2,034 |
|
|
|
1,343 |
|
|
|
1,551 |
|
|
|
1,555 |
|
|
|
2,096 |
|
|
|
6,038 |
|
|
|
7,429 |
|
|
|
9,326 |
|
Restructuring charges |
|
1,216 |
|
|
|
4,519 |
|
|
|
5,822 |
|
|
|
23,154 |
|
|
|
— |
|
|
|
23,154 |
|
|
|
— |
|
|
|
— |
|
Gross profit (loss) (Non-GAAP) |
$ |
(691,809 |
) |
|
$ |
470 |
|
|
$ |
(13,317 |
) |
|
$ |
10,513 |
|
|
$ |
151,021 |
|
|
$ |
793,129 |
|
|
$ |
877,595 |
|
|
$ |
656,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gross margin (loss) (GAAP) |
|
(269.2 |
)% |
|
|
(4.1 |
)% |
|
|
(12.8 |
)% |
|
|
(17.9 |
)% |
|
|
19.7 |
% |
|
|
23.6 |
% |
|
|
27.2 |
% |
|
|
32.0 |
% |
Revenues from finance component |
|
(0.1 |
) |
|
|
0.0 |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
Discontinued operation |
|
0.0 |
|
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
11.6 |
|
|
|
— |
|
|
|
1.2 |
|
|
|
0.1 |
|
|
|
— |
|
Stock-based compensation |
|
2.3 |
|
|
|
2.3 |
|
|
|
2.9 |
|
|
|
1.8 |
|
|
|
0.8 |
|
|
|
0.9 |
|
|
|
0.7 |
|
|
|
1.0 |
|
Amortization of stock-based compensation capitalized in inventories |
|
0.6 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired asset |
|
1.0 |
|
|
|
0.5 |
|
|
|
0.8 |
|
|
|
0.5 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.5 |
|
Restructuring charges |
|
0.0 |
|
|
|
1.7 |
|
|
|
2.8 |
|
|
|
7.3 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
— |
|
Gross margin (loss) (Non-GAAP) |
|
(265.4 |
)% |
|
|
0.2 |
% |
|
|
(6.5 |
)% |
|
|
3.3 |
% |
|
|
20.8 |
% |
|
|
26.7 |
% |
|
|
28.2 |
% |
|
|
33.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses (GAAP) |
$ |
382,940 |
|
|
$ |
149,213 |
|
|
$ |
147,518 |
|
|
$ |
181,156 |
|
|
$ |
159,543 |
|
|
$ |
663,618 |
|
|
$ |
678,528 |
|
|
$ |
422,179 |
|
Stock-based compensation - R&D |
|
(17,115 |
) |
|
|
(17,639 |
) |
|
|
(17,139 |
) |
|
|
(15,982 |
) |
|
|
(16,481 |
) |
|
|
(66,944 |
) |
|
|
(63,211 |
) |
|
|
(45,424 |
) |
Stock-based compensation - S&M |
|
(6,816 |
) |
|
|
(8,149 |
) |
|
|
(7,911 |
) |
|
|
(7,347 |
) |
|
|
(7,739 |
) |
|
|
(30,987 |
) |
|
|
(31,017 |
) |
|
|
(22,834 |
) |
Stock-based compensation - G&A |
|
(6,672 |
) |
|
|
(6,565 |
) |
|
|
(6,588 |
) |
|
|
(6,133 |
) |
|
|
(6,713 |
) |
|
|
(28,814 |
) |
|
|
(29,493 |
) |
|
|
(15,592 |
) |
Amortization and depreciation of acquired assets - R&D |
|
(270 |
) |
|
|
(271 |
) |
|
|
(270 |
) |
|
|
(58 |
) |
|
|
(329 |
) |
|
|
(989 |
) |
|
|
(1,206 |
) |
|
|
(530 |
) |
Amortization and depreciation of acquired assets - S&M |
|
(566 |
) |
|
|
(467 |
) |
|
|
(124 |
) |
|
|
(190 |
) |
|
|
(321 |
) |
|
|
(927 |
) |
|
|
(822 |
) |
|
|
(927 |
) |
Amortization and depreciation of acquired assets - G&A |
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(15 |
) |
|
|
(21 |
) |
|
|
(29 |
) |
Discontinued operation |
|
11 |
|
|
|
— |
|
|
|
47 |
|
|
|
(388 |
) |
|
|
— |
|
|
|
(388 |
) |
|
|
— |
|
|
|
— |
|
Restructuring charges |
|
(1,299 |
) |
|
|
(366 |
) |
|
|
(3,943 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Assets impairment and disposal by abandonment |
|
(232,102 |
) |
|
|
— |
|
|
|
(1,732 |
) |
|
|
(30,790 |
) |
|
|
— |
|
|
|
(30,790 |
) |
|
|
(119,141 |
) |
|
|
(2,209 |
) |
Gain (loss) from assets sales |
|
(1,827 |
) |
|
|
(951 |
) |
|
|
(1,058 |
) |
|
|
(172 |
) |
|
|
— |
|
|
|
1,262 |
|
|
|
2,603 |
|
|
|
976 |
|
Certain litigation and other contingencies |
|
— |
|
|
|
— |
|
|
|
399 |
|
|
|
(1,786 |
) |
|
|
— |
|
|
|
(1,786 |
) |
|
|
— |
|
|
|
— |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
|
|
(135 |
) |
|
|
(350 |
) |
|
|
— |
|
Operating expenses (Non-GAAP) |
$ |
116,282 |
|
|
$ |
114,803 |
|
|
$ |
109,188 |
|
|
$ |
118,308 |
|
|
$ |
127,956 |
|
|
$ |
503,105 |
|
|
$ |
435,870 |
|
|
$ |
335,610 |
|
SOLAREDGE TECHNOLOGIES INC.
|
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||
Operating income (loss) (GAAP) |
$ |
(1,085,266 |
) |
|
$ |
(160,182 |
) |
|
$ |
(173,705 |
) |
|
$ |
(237,581 |
) |
|
$ |
(16,726 |
) |
|
$ |
40,205 |
|
|
$ |
166,120 |
|
|
$ |
207,139 |
|
Revenues from finance component |
|
(250 |
) |
|
|
(246 |
) |
|
|
(234 |
) |
|
|
(230 |
) |
|
|
(215 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
(17 |
) |
|
|
(757 |
) |
|
|
(481 |
) |
|
|
37,036 |
|
|
|
— |
|
|
|
37,036 |
|
|
|
4,314 |
|
|
|
— |
|
Stock-based compensation |
|
36,642 |
|
|
|
38,571 |
|
|
|
37,606 |
|
|
|
34,930 |
|
|
|
36,815 |
|
|
|
149,945 |
|
|
|
145,539 |
|
|
|
102,593 |
|
Amortization of stock-based compensation capitalized in inventories |
|
1,484 |
|
|
|
362 |
|
|
|
197 |
|
|
|
343 |
|
|
|
441 |
|
|
|
1,100 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired assets |
|
2,872 |
|
|
|
2,083 |
|
|
|
1,947 |
|
|
|
1,805 |
|
|
|
2,750 |
|
|
|
7,969 |
|
|
|
9,478 |
|
|
|
10,812 |
|
Restructuring charges |
|
2,515 |
|
|
|
4,885 |
|
|
|
9,765 |
|
|
|
23,154 |
|
|
|
— |
|
|
|
23,154 |
|
|
|
— |
|
|
|
— |
|
Assets impairment and disposal by abandonment |
|
232,102 |
|
|
|
— |
|
|
|
1,732 |
|
|
|
30,790 |
|
|
|
— |
|
|
|
30,790 |
|
|
|
119,141 |
|
|
|
2,209 |
|
Loss (gain) from assets sales |
|
1,827 |
|
|
|
951 |
|
|
|
1,058 |
|
|
|
172 |
|
|
|
— |
|
|
|
(1,262 |
) |
|
|
(2,603 |
) |
|
|
(976 |
) |
Certain litigation and other contingencies |
|
— |
|
|
|
— |
|
|
|
(399 |
) |
|
|
1,786 |
|
|
|
— |
|
|
|
1,786 |
|
|
|
— |
|
|
|
— |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
135 |
|
|
|
350 |
|
|
|
— |
|
Operating income (loss) (Non-GAAP) |
$ |
(808,091 |
) |
|
$ |
(114,333 |
) |
|
$ |
(122,505 |
) |
|
$ |
(107,795 |
) |
|
$ |
23,065 |
|
|
$ |
290,024 |
|
|
$ |
441,725 |
|
|
$ |
321,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Financial income (expense), net (GAAP) |
$ |
5,558 |
|
|
$ |
(865 |
) |
|
$ |
(7,064 |
) |
|
$ |
22,055 |
|
|
$ |
(7,901 |
) |
|
$ |
41,212 |
|
|
$ |
3,750 |
|
|
$ |
(19,915 |
) |
Non cash interest expense |
|
3,785 |
|
|
|
3,636 |
|
|
|
3,536 |
|
|
|
3,422 |
|
|
|
3,284 |
|
|
|
12,703 |
|
|
|
9,954 |
|
|
|
8,674 |
|
Unrealized losses (gains) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
(541 |
) |
Currency fluctuation related to lease standard |
|
966 |
|
|
|
(1,523 |
) |
|
|
(1,276 |
) |
|
|
4,359 |
|
|
|
(2,788 |
) |
|
|
(3,055 |
) |
|
|
(11,187 |
) |
|
|
2,007 |
|
Financial income (expense), net (Non-GAAP) |
$ |
10,309 |
|
|
$ |
1,248 |
|
|
$ |
(4,804 |
) |
|
$ |
29,836 |
|
|
$ |
(7,405 |
) |
|
$ |
50,860 |
|
|
$ |
2,636 |
|
|
$ |
(9,775 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other income (loss) (GAAP) |
$ |
(3,928 |
) |
|
$ |
18,551 |
|
|
$ |
— |
|
|
$ |
291 |
|
|
$ |
(484 |
) |
|
$ |
(318 |
) |
|
$ |
7,285 |
|
|
$ |
— |
|
Loss (gain) from sale of equity and debt investments |
|
(1,072 |
) |
|
|
(1,970 |
) |
|
|
— |
|
|
|
(291 |
) |
|
|
484 |
|
|
|
193 |
|
|
|
(8,008 |
) |
|
|
— |
|
Loss (gain) from business combination |
|
— |
|
|
$ |
(1,125 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Gain from the repurchase of convertible notes |
$ |
— |
|
|
$ |
(15,456 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Loss from impairment of private held companies |
$ |
5,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Other loss (Non-GAAP) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(125 |
) |
|
$ |
(723 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Tax benefits (income taxes) (GAAP) |
$ |
(121,108 |
) |
|
$ |
12,245 |
|
|
$ |
23,754 |
|
|
$ |
53,202 |
|
|
$ |
(36,065 |
) |
|
$ |
(46,420 |
) |
|
$ |
(83,376 |
) |
|
$ |
(18,054 |
) |
Uncertain tax positions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,007 |
) |
Income tax adjustment |
|
44,602 |
|
|
|
(357 |
) |
|
|
(5,062 |
) |
|
|
(27,699 |
) |
|
|
(10,561 |
) |
|
|
(45,896 |
) |
|
|
(9,067 |
) |
|
|
(11,639 |
) |
Tax benefits (income taxes) (Non-GAAP) |
$ |
(76,506 |
) |
|
$ |
11,888 |
|
|
$ |
18,692 |
|
|
$ |
25,503 |
|
|
$ |
(46,626 |
) |
|
$ |
(92,316 |
) |
|
$ |
(92,443 |
) |
|
$ |
(38,700 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity method investments loss (GAAP) |
$ |
(577 |
) |
|
$ |
(567 |
) |
|
$ |
(296 |
) |
|
$ |
(350 |
) |
|
$ |
— |
|
|
$ |
(350 |
) |
|
$ |
— |
|
|
$ |
— |
|
Loss from equity method investments |
|
577 |
|
|
|
567 |
|
|
|
296 |
|
|
|
350 |
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
|
|
— |
|
Equity method investments loss (Non-GAAP) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
SOLAREDGE TECHNOLOGIES INC.
|
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||
Net income (loss) (GAAP) |
$ |
(1,205,321 |
) |
|
$ |
(130,818 |
) |
|
$ |
(157,311 |
) |
|
$ |
(162,383 |
) |
|
$ |
(61,176 |
) |
|
$ |
34,329 |
|
|
$ |
93,779 |
|
|
$ |
169,170 |
|
Revenues from finance component |
|
(250 |
) |
|
|
(246 |
) |
|
|
(234 |
) |
|
|
(230 |
) |
|
|
(215 |
) |
|
|
(834 |
) |
|
|
(614 |
) |
|
|
(418 |
) |
Discontinued operation |
|
(17 |
) |
|
|
(757 |
) |
|
|
(481 |
) |
|
|
37,036 |
|
|
|
— |
|
|
|
37,036 |
|
|
|
4,314 |
|
|
|
— |
|
Stock-based compensation |
|
36,642 |
|
|
|
38,571 |
|
|
|
37,606 |
|
|
|
34,930 |
|
|
|
36,815 |
|
|
|
149,945 |
|
|
|
145,539 |
|
|
|
102,593 |
|
Amortization of stock-based compensation capitalized in inventories |
|
1,484 |
|
|
|
362 |
|
|
|
197 |
|
|
|
343 |
|
|
|
441 |
|
|
|
1,100 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired assets |
|
2,872 |
|
|
|
2,083 |
|
|
|
1,947 |
|
|
|
1,805 |
|
|
|
2,750 |
|
|
|
7,969 |
|
|
|
9,478 |
|
|
|
10,812 |
|
Restructuring charges |
|
2,515 |
|
|
|
4,885 |
|
|
|
9,765 |
|
|
|
23,154 |
|
|
|
— |
|
|
|
23,154 |
|
|
|
— |
|
|
|
— |
|
Assets impairment and disposal by abandonment |
|
232,102 |
|
|
|
— |
|
|
|
1,732 |
|
|
|
30,790 |
|
|
|
— |
|
|
|
30,790 |
|
|
|
119,141 |
|
|
|
2,209 |
|
Loss (gain) from assets sales |
|
1,827 |
|
|
|
951 |
|
|
|
1,058 |
|
|
|
172 |
|
|
|
— |
|
|
|
(1,262 |
) |
|
|
(2,603 |
) |
|
|
(976 |
) |
Certain litigation and other contingencies |
|
— |
|
|
|
— |
|
|
|
(399 |
) |
|
|
1,786 |
|
|
|
— |
|
|
|
1,786 |
|
|
|
— |
|
|
|
— |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
135 |
|
|
|
350 |
|
|
|
— |
|
Non cash interest expense |
|
3,785 |
|
|
|
3,636 |
|
|
|
3,536 |
|
|
|
3,422 |
|
|
|
3,284 |
|
|
|
12,703 |
|
|
|
9,954 |
|
|
|
8,674 |
|
Unrealized losses (gains) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
(541 |
) |
Currency fluctuation related to lease standard |
|
966 |
|
|
|
(1,523 |
) |
|
|
(1,276 |
) |
|
|
4,359 |
|
|
|
(2,788 |
) |
|
|
(3,055 |
) |
|
|
(11,187 |
) |
|
|
2,007 |
|
Loss (gain) from sale of equity and debt investments |
|
(1,072 |
) |
|
|
(1,970 |
) |
|
|
— |
|
|
|
(291 |
) |
|
|
484 |
|
|
|
193 |
|
|
|
(8,008 |
) |
|
|
— |
|
Loss (gain) from business combination |
|
— |
|
|
|
(1,125 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain from the repurchase of convertible notes |
|
— |
|
|
|
(15,456 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss from impairment of private held companies |
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Uncertain tax positions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,007 |
) |
Income tax adjustment |
|
44,602 |
|
|
|
(357 |
) |
|
|
(5,062 |
) |
|
|
(27,699 |
) |
|
|
(10,561 |
) |
|
|
(45,896 |
) |
|
|
(9,067 |
) |
|
|
(11,639 |
) |
equity method adjustments |
|
577 |
|
|
|
567 |
|
|
|
296 |
|
|
|
350 |
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
|
|
— |
|
Net income (loss) (Non-GAAP) |
$ |
(874,288 |
) |
|
$ |
(101,197 |
) |
|
$ |
(108,617 |
) |
|
$ |
(52,456 |
) |
|
$ |
(30,966 |
) |
|
$ |
248,443 |
|
|
$ |
351,195 |
|
|
$ |
272,884 |
|
SOLAREDGE TECHNOLOGIES INC.
|
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||
Net basic earnings (loss) per share (GAAP) |
$ |
(21.13 |
) |
|
$ |
(2.31 |
) |
|
$ |
(2.75 |
) |
|
$ |
(2.85 |
) |
|
$ |
(1.08 |
) |
|
$ |
0.61 |
|
|
$ |
1.70 |
|
|
$ |
3.24 |
|
Revenues from finance component |
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Discontinued operation |
|
0.00 |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
0.65 |
|
|
|
— |
|
|
|
0.66 |
|
|
|
0.08 |
|
|
|
— |
|
Stock-based compensation |
|
0.64 |
|
|
|
0.69 |
|
|
|
0.66 |
|
|
|
0.62 |
|
|
|
0.65 |
|
|
|
2.65 |
|
|
|
2.64 |
|
|
|
1.97 |
|
Amortization of stock-based compensation capitalized in inventories |
|
0.03 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired assets |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.14 |
|
|
|
0.17 |
|
|
|
0.21 |
|
Restructuring charges |
|
0.04 |
|
|
|
0.08 |
|
|
|
0.17 |
|
|
|
0.40 |
|
|
|
— |
|
|
|
0.41 |
|
|
|
— |
|
|
|
— |
|
Assets impairment and disposal by abandonment |
|
4.07 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.54 |
|
|
|
— |
|
|
|
0.54 |
|
|
|
2.17 |
|
|
|
0.05 |
|
Loss (gain) from assets sales |
|
0.04 |
|
|
|
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 |
|
|
|
0.01 |
|
|
|
— |
|
Non cash interest expense |
|
0.06 |
|
|
|
0.07 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.23 |
|
|
|
0.18 |
|
|
|
0.16 |
|
Unrealized losses (gains) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.00 |
|
|
|
(0.01 |
) |
Currency fluctuation related to lease standard |
|
0.02 |
|
|
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
0.07 |
|
|
|
(0.05 |
) |
|
|
(0.06 |
) |
|
|
(0.21 |
) |
|
|
0.04 |
|
Loss (gain) from sale of equity and debt investments |
|
(0.02 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
(0.14 |
) |
|
|
— |
|
Loss (gain) from business combination |
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain from the repurchase of convertible notes |
|
— |
|
|
|
(0.27 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss from impairment of private held companies |
|
0.09 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Uncertain tax positions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.17 |
) |
Income tax adjustment |
|
0.78 |
|
|
|
(0.01 |
) |
|
|
(0.09 |
) |
|
|
(0.49 |
) |
|
|
(0.19 |
) |
|
|
(0.81 |
) |
|
|
(0.16 |
) |
|
|
(0.22 |
) |
Equity method adjustments |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
|
|
— |
|
Net basic earnings (loss) per share (Non-GAAP) |
$ |
(15.33 |
) |
|
$ |
(1.79 |
) |
|
$ |
(1.90 |
) |
|
$ |
(0.92 |
) |
|
$ |
(0.55 |
) |
|
$ |
4.39 |
|
|
$ |
6.38 |
|
|
$ |
5.23 |
|
SOLAREDGE TECHNOLOGIES INC.
|
|||||||||||||||||||||||||||||||
|
Three months ended |
|
Year ended |
||||||||||||||||||||||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||
Net diluted earnings (loss) per share (GAAP) |
$ |
(21.13 |
) |
|
$ |
(2.31 |
) |
|
$ |
(2.75 |
) |
|
$ |
(2.85 |
) |
|
$ |
(1.08 |
) |
|
$ |
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 |
|
0.00 |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
0.65 |
|
|
|
— |
|
|
|
0.64 |
|
|
|
0.08 |
|
|
|
— |
|
Stock-based compensation |
|
0.64 |
|
|
|
0.69 |
|
|
|
0.66 |
|
|
|
0.62 |
|
|
|
0.65 |
|
|
|
2.57 |
|
|
|
2.43 |
|
|
|
1.77 |
|
Amortization of stock-based compensation capitalized in inventories |
|
0.03 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
Amortization and depreciation of acquired assets |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.14 |
|
|
|
0.16 |
|
|
|
0.19 |
|
Restructuring charges |
|
0.04 |
|
|
|
0.08 |
|
|
|
0.17 |
|
|
|
0.40 |
|
|
|
— |
|
|
|
0.40 |
|
|
|
— |
|
|
|
— |
|
Assets impairment and disposal by abandonment |
|
4.07 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.54 |
|
|
|
— |
|
|
|
0.53 |
|
|
|
2.02 |
|
|
|
0.04 |
|
Loss (gain) from assets sales |
|
0.04 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
(0.02 |
) |
Certain litigation and other contingencies |
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
|
|
— |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
— |
|
Non cash interest expense |
|
0.06 |
|
|
|
0.07 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.12 |
|
Unrealized losses (gains) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.00 |
|
|
|
(0.01 |
) |
Currency fluctuation related to lease standard |
|
0.02 |
|
|
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
0.07 |
|
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(0.19 |
) |
|
|
0.03 |
|
Loss (gain) from sale of equity and debt investments |
|
(0.02 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
(0.13 |
) |
|
|
— |
|
Loss (gain) from business combination |
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain from the repurchase of convertible notes |
|
— |
|
|
|
(0.27 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss from impairment of private held companies |
|
0.09 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Uncertain tax positions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.16 |
) |
Income tax adjustment |
|
0.78 |
|
|
|
(0.01 |
) |
|
|
(0.09 |
) |
|
|
(0.49 |
) |
|
|
(0.19 |
) |
|
|
(0.76 |
) |
|
|
(0.15 |
) |
|
|
(0.20 |
) |
Equity method adjustments |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
|
|
— |
|
Net diluted earnings (loss) per share (Non-GAAP) |
$ |
(15.33 |
) |
|
$ |
(1.79 |
) |
|
$ |
(1.90 |
) |
|
$ |
(0.92 |
) |
|
$ |
(0.55 |
) |
|
$ |
4.12 |
|
|
$ |
5.95 |
|
|
$ |
4.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Number of shares used in computing net diluted earnings (loss) per share (GAAP) |
|
57,029,983 |
|
|
|
56,687,006 |
|
|
|
57,140,126 |
|
|
|
56,916,831 |
|
|
|
56,671,504 |
|
|
|
57,237,518 |
|
|
|
55,087,770 |
|
|
|
55,971,030 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
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) |
|
57,029,983 |
|
|
|
56,687,006 |
|
|
|
57,140,126 |
|
|
|
56,916,831 |
|
|
|
56,671,504 |
|
|
|
60,240,195 |
|
|
|
56,051,143 |
|
|
|
56,744,666 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106654246/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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