May 3, 2023

SolarEdge Announces First Quarter 2023 Financial Results

MILPITAS, Calif.--(BUSINESS WIRE)--May 3, 2023-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Highlights

  • Record revenues of $943.9 million
  • Record revenues from solar segment of $908.5 million
  • GAAP gross margin of 31.8%
  • Non-GAAP gross margin of 32.6%
  • Gross margin from solar segment of 35.0%
  • Record GAAP operating income of $144.2 million
  • Record non-GAAP operating income of $183.8 million
  • Record GAAP net income of $138.4 million
  • Record non-GAAP net income of $174.5 million
  • Record GAAP net diluted earnings per share (“EPS”) of $2.35
  • Record non-GAAP net diluted EPS of $2.90
  • 3.6 Gigawatts (AC) of inverters shipped
  • 221 MWh of batteries shipped

“We are pleased with our first quarter results reflecting our strong global presence and execution capabilities,” said Zvi Lando, Chief Executive Officer of SolarEdge. “Our diverse geographic and segmental footprint enables us to continue to grow revenues without being overly dependent on any single market or segment. As we see supply chain challenges gradually improving, we remain focused on execution and efficiencies to drive up margins and profitability.”

First Quarter 2023 Summary

The Company reported record revenues of $943.9 million, up 6% from $890.7 million in the prior quarter and up 44% from $655.1 million in the same quarter last year.

Revenues from the solar segment were a record $908.5 million, up 9% from $837.0 million in the prior quarter and up 49% from $608.0 million in the same quarter last year.

GAAP gross margin was 31.8%, up from 29.3% in the prior quarter and up from 27.3% in the same quarter last year.

Non-GAAP gross margin was 32.6%, up from 30.2% in the prior quarter and up from 28.4% in the same quarter last year.

Gross margin from the solar segment was 35%, up from 32.4% in the prior quarter and up from 30.2% in the same quarter last year.

GAAP operating expenses were $156.0 million, down 41% from $266.2 million in the prior quarter and up 22% from $128.1 million in the same quarter last year.

Non-GAAP operating expenses were $123.6 million, up 4% from $119.0 million in the prior quarter and up 25% from $98.9 million in the same quarter last year.

GAAP operating income was a record $144.2 million, up from an operating loss of $5.2 million in the prior quarter and up from operating income of $50.9 million in the same quarter last year.

Non-GAAP operating income was a record $183.8 million, up 23% from $149.6 million in the prior quarter and up 111% from $87.2 million in the same quarter last year.

GAAP net income was a record $138.4 million, up 564% from $20.8 million in the prior quarter and up 318% from $33.1 million in the same quarter last year.

Non-GAAP net income was a record $174.5 million, up 2% from $171.5 million in the prior quarter and up 154% from $68.8 million in the same quarter last year.

GAAP net diluted EPS was a record $2.35, up from $0.36 in the prior quarter and up from $0.60 in the same quarter last year.

Non-GAAP net diluted EPS was a record $2.90, up from $2.86 in the prior quarter and up from $1.20 in the same quarter last year.

Cash flow from operating activities was $7.9 million, down from $111.3 million in the prior quarter and up from $163.0 million used in operating activities in the same quarter last year.

As of March 31, 2023, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $1.01 billion, net of debt, compared to $1.04 billion on December 31, 2022.

Outlook for the Second Quarter 2023

The Company also provides guidance for the second quarter ending June 30, 2023 as follows:

  • Revenues to be within the range of $970 million to $1,010 million
  • Non-GAAP gross margin expected to be within the range of 32% to 35%
  • Non-GAAP operating profit to be within the range of $195 million to $215 million
  • Revenues from the solar segment to be within the range of $930 million to $980 million
  • Gross margin from the solar segment expected to be within the range of 34% to 37%

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Wednesday, May 3, 2023. The call will be available, live, to interested parties by dialing 800-895-3361. For international callers, please dial +1 785-424-1062. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 22, 2023 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of May 3, 2023. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

     

 

 

Three Months Ended
March 31,

 

 

2023

 

2022

 

 

Unaudited

Revenues

 

$

943,889

 

 

$

655,080

 

Cost of revenues

 

 

643,763

 

 

 

476,122

 

Gross profit

 

 

300,126

 

 

 

178,958

 

Operating expenses:

 

 

 

 

Research and development

 

 

79,873

 

 

 

66,349

 

Sales and marketing

 

 

40,966

 

 

 

35,316

 

General and administrative

 

 

36,567

 

 

 

26,429

 

Other operating income, net

 

 

(1,434

)

 

 

 

Total operating expenses

 

 

155,972

 

 

 

128,094

 

Operating income

 

 

144,154

 

 

 

50,864

 

Financial income (expense), net

 

 

23,674

 

 

 

(4,605

)

Other loss

 

 

(125

)

 

 

(844

)

Income before income taxes

 

 

167,703

 

 

 

45,415

 

Income taxes

 

 

29,325

 

 

 

12,292

 

Net income

 

$

138,378

 

 

$

33,123

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

         

 

 

March 31,
2023

 

December 31,
2022

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$

727,849

 

 

$

783,112

 

Marketable securities

 

 

410,820

 

 

 

241,117

 

Trade receivables, net of allowances of $4,422 and $3,202, respectively

 

 

969,543

 

 

 

905,146

 

Inventories, net

 

 

874,212

 

 

 

729,201

 

Prepaid expenses and other current assets

 

 

259,642

 

 

 

241,082

 

Total current assets

 

 

3,242,066

 

 

 

2,899,658

 

LONG-TERM ASSETS:

 

 

 

 

Marketable securities

 

 

509,127

 

 

 

645,491

 

Deferred tax assets, net

 

 

46,612

 

 

 

44,153

 

Property, plant and equipment, net

 

 

556,138

 

 

 

543,969

 

Operating lease right-of-use assets, net

 

 

69,710

 

 

 

62,754

 

Intangible assets, net

 

 

17,933

 

 

 

19,929

 

Goodwill

 

 

29,934

 

 

 

31,189

 

Other long-term assets

 

 

24,906

 

 

 

18,806

 

Total long-term assets

 

 

1,254,360

 

 

 

1,366,291

 

Total assets

 

$

4,496,426

 

 

$

4,265,949

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Trade payables, net

 

 

408,523

 

 

 

459,831

 

Employees and payroll accruals

 

 

90,853

 

 

 

85,158

 

Warranty obligations

 

 

129,278

 

 

 

103,975

 

Deferred revenues and customers advances

 

 

27,507

 

 

 

26,641

 

Accrued expenses and other current liabilities

 

 

243,881

 

 

 

214,112

 

Total current liabilities

 

 

900,042

 

 

 

889,717

 

LONG-TERM LIABILITIES:

 

 

 

 

Convertible senior notes, net

 

 

625,182

 

 

 

624,451

 

Warranty obligations

 

 

313,693

 

 

 

281,082

 

Deferred revenues

 

 

196,917

 

 

 

186,936

 

Finance lease liabilities

 

 

43,711

 

 

 

45,385

 

Operating lease liabilities

 

 

50,855

 

 

 

46,256

 

Other long-term liabilities

 

 

15,232

 

 

 

15,756

 

Total long-term liabilities

 

 

1,245,590

 

 

 

1,199,866

 

COMMITMENTS AND CONTINGENT LIABILITIES

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2023 and December 31, 2022; issued and outstanding: 56,343,164 and 56,133,404 shares as of March 31, 2023 and December 31, 2022, respectively

 

 

6

 

 

 

6

 

Additional paid-in capital

 

 

1,545,777

 

 

 

1,505,632

 

Accumulated other comprehensive loss

 

 

(77,204

)

 

 

(73,109

)

Retained earnings

 

 

882,215

 

 

 

743,837

 

Total stockholders’ equity

 

 

2,350,794

 

 

 

2,176,366

 

Total liabilities and stockholders’ equity

 

$

4,496,426

 

 

$

4,265,949

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share data)

     
 

 

Three Months Ended
March 31,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

Net income

 

$

138,378

 

 

$

33,123

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

 

13,464

 

 

 

11,660

 

Stock-based compensation expenses

 

 

39,235

 

 

 

34,107

 

Deferred income taxes, net

 

 

(3,930

)

 

 

(1,034

)

Loss (gain) from exchange rate fluctuations

 

 

(20,441

)

 

 

1,725

 

Other items

 

 

2,810

 

 

 

4,167

 

Changes in assets and liabilities:

 

 

 

 

Inventories, net

 

 

(141,521

)

 

 

(51,323

)

Prepaid expenses and other assets

 

 

(20,591

)

 

 

(17,163

)

Trade receivables, net

 

 

(55,002

)

 

 

(224,865

)

Trade payables, net

 

 

(50,410

)

 

 

(28,045

)

Employees and payroll accruals

 

 

10,227

 

 

 

9,246

 

Warranty obligations

 

 

57,864

 

 

 

27,629

 

Deferred revenues and customers advances

 

 

9,325

 

 

 

15,029

 

Accrued expenses and other liabilities, net

 

 

28,515

 

 

 

22,755

 

Net cash provided by (used in) operating activities

 

 

7,923

 

 

 

(162,989

)

Cash flows from investing activities:

 

 

 

 

Proceed from sales and maturities of available-for-sale marketable securities

 

 

11,597

 

 

 

53,096

 

Purchase of property, plant and equipment

 

 

(38,338

)

 

 

(43,210

)

Investment in available-for-sale marketable securities

 

 

(38,979

)

 

 

(26,712

)

Investment in a privately-held company

 

 

(5,500

)

 

 

 

Other investing activities

 

 

3,440

 

 

 

1,692

 

Net cash used in investing activities

 

 

(67,780

)

 

 

(15,134

)

Cash flows from financing activities:

 

 

 

 

Proceeds from secondary public offering, net of issuance costs

 

 

 

 

 

650,526

 

Proceeds from exercise of stock-based awards

 

 

75

 

 

 

1,478

 

Tax withholding in connection with stock-based awards, net

 

 

(4,541

)

 

 

822

 

Other financing activities

 

 

(756

)

 

 

(491

)

Net cash provided by (used in) financing activities

 

 

(5,222

)

 

 

652,335

 

Increase (decrease) in cash and cash equivalents

 

 

(65,079

)

 

 

474,212

 

Cash and cash equivalents at the beginning of the period

 

 

783,112

 

 

 

530,089

 

Effect of exchange rate differences on cash and cash equivalents

 

 

9,816

 

 

 

(1,529

)

Cash and cash equivalents at the end of the period

 

 

727,849

 

 

 

1,002,772

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

   

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

March 31,
2023

 

December 31,
2022

 

March 31,
2022

Gross profit (GAAP)

$

300,126

 

 

$

261,047

 

 

$

178,958

 

Revenues from finance component

 

(187

)

 

 

(174

)

 

 

(135

)

Stock-based compensation

 

5,927

 

 

 

6,810

 

 

 

5,062

 

Amortization and depreciation of acquired assets

 

1,515

 

 

 

961

 

 

 

2,219

 

Gross profit (Non-GAAP)

$

307,381

 

 

$

268,644

 

 

$

186,104

 

 

 

 

 

 

 

Gross margin (GAAP)

 

31.8

%

 

 

29.3

%

 

 

27.3

%

Revenues from finance component

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Stock-based compensation

 

0.6

%

 

 

0.8

%

 

 

0.8

%

Amortization and depreciation of acquired assets

 

0.2

%

 

 

0.1

%

 

 

0.3

%

Gross margin (Non-GAAP)

 

32.6

%

 

 

30.2

%

 

 

28.4

%

 

 

 

 

 

 

Operating expenses (GAAP)

$

155,972

 

 

$

266,210

 

 

$

128,094

 

Stock-based compensation - R&D

 

(17,209

)

 

 

(16,854

)

 

 

(14,985

)

Stock-based compensation - S&M

 

(8,079

)

 

 

(7,928

)

 

 

(6,701

)

Stock-based compensation - G&A

 

(8,020

)

 

 

(7,015

)

 

 

(7,359

)

Amortization and depreciation of acquired assets - R&D

 

(313

)

 

 

(301

)

 

 

(303

)

Amortization and depreciation of acquired assets - S&M

 

(181

)

 

 

(173

)

 

 

(236

)

Amortization and depreciation of acquired assets - G&A

 

(26

)

 

 

(4

)

 

 

(6

)

Assets impairment

 

 

 

 

(114,473

)

 

 

 

Gain (loss) from assets sales and disposal

 

(412

)

 

 

(93

)

 

 

410

 

Other items

 

1,846

 

 

 

(359

)

 

 

 

Operating expenses (Non-GAAP)

$

123,578

 

 

$

119,010

 

 

$

98,914

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

   

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

March 31,
2023

 

December 31,
2022

 

March 31,
2022

Operating income (loss) (GAAP)

$

144,154

 

 

$

(5,163

)

 

$

50,864

 

Revenues from finance component

 

(187

)

 

 

(174

)

 

 

(135

)

Stock-based compensation

 

39,235

 

 

 

38,607

 

 

 

34,107

 

Amortization and depreciation of acquired assets

 

2,035

 

 

 

1,439

 

 

 

2,764

 

Assets impairment

 

 

 

 

114,473

 

 

 

 

Loss (gain) from assets sales and disposal

 

412

 

 

 

93

 

 

 

(410

)

Other items

 

(1,846

)

 

 

359

 

 

 

 

Operating income (Non-GAAP)

$

183,803

 

 

$

149,634

 

 

$

87,190

 

 

 

 

 

 

 

Financial income (expense), net (GAAP)

$

23,674

 

 

$

56,101

 

 

$

(5,449

)

Notes due 2025

 

731

 

 

 

730

 

 

 

728

 

Non cash interest

 

2,161

 

 

 

1,955

 

 

 

1,609

 

Unrealized losses (gains)

 

 

 

 

(170

)

 

 

 

Currency fluctuation related to lease standard

 

(2,519

)

 

 

749

 

 

 

(1,792

)

Financial income (expense), net (Non-GAAP)

$

24,047

 

 

$

59,365

 

 

$

(4,904

)

 

 

 

 

 

 

Other income (loss) (GAAP)

$

(125

)

 

$

186

 

 

$

 

Gain from sale of investment in privately-held company

 

 

 

 

(186

)

 

 

 

Other income (loss) (Non-GAAP)

$

(125

)

 

$

 

 

$

 

 

 

 

 

 

 

Income tax benefit (expense) (GAAP)

$

(29,325

)

 

$

(30,295

)

 

$

(12,292

)

Income tax adjustment

 

(3,901

)

 

 

(7,186

)

 

 

(1,201

)

Income tax benefit (expense) (Non-GAAP)

$

(33,226

)

 

$

(37,481

)

 

$

(13,493

)

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

March 31,
2023

 

December 31,
2022

 

March 31,
2022

Net income (GAAP)

$

138,378

 

 

$

20,829

 

 

$

33,123

 

Revenues from finance component

 

(187

)

 

 

(174

)

 

 

(135

)

Stock-based compensation

 

39,235

 

 

 

38,607

 

 

 

34,107

 

Amortization and depreciation of acquired assets

 

2,035

 

 

 

1,439

 

 

 

2,764

 

Assets impairment

 

 

 

 

114,473

 

 

 

 

Loss (gain) from assets sales and disposal

 

412

 

 

 

93

 

 

 

(410

)

Other items

 

(1,846

)

 

 

359

 

 

 

 

Notes due 2025

 

731

 

 

 

730

 

 

 

728

 

Non cash interest

 

2,161

 

 

 

1,955

 

 

 

1,609

 

Unrealized losses (gains)

 

 

 

 

(170

)

 

 

 

Currency fluctuation related to lease standard

 

(2,519

)

 

 

749

 

 

 

(1,792

)

Gain from sale of investment in privately-held company

 

 

 

 

(186

)

 

 

 

Income tax adjustment

 

(3,901

)

 

 

(7,186

)

 

 

(1,201

)

Net income (Non-GAAP)

$

174,499

 

 

$

171,518

 

 

$

68,793

 

 

 

 

 

 

 

Net basic earnings per share (GAAP)

$

2.46

 

 

$

0.37

 

 

$

0.62

 

Revenues from finance component

 

0.00

 

 

 

0.00

 

 

 

0.00

 

Stock-based compensation

 

0.70

 

 

 

0.69

 

 

 

0.64

 

Amortization and depreciation of acquired assets

 

0.03

 

 

 

0.02

 

 

 

0.05

 

Assets impairment

 

 

 

 

2.05

 

 

 

 

Loss (gain) from assets sales and disposal

 

0.01

 

 

 

0.00

 

 

 

0.00

 

Other items

 

(0.03

)

 

 

0.01

 

 

 

 

Notes due 2025

 

0.01

 

 

 

0.01

 

 

 

0.01

 

Non cash interest

 

0.04

 

 

 

0.04

 

 

 

0.03

 

Unrealized losses (gains)

 

 

 

 

(0.01

)

 

 

 

Currency fluctuation related to lease standard

 

(0.05

)

 

 

0.02

 

 

 

(0.03

)

Gain from sale of investment in privately-held company

 

 

 

 

(0.01

)

 

 

 

Income tax adjustment

 

(0.07

)

 

 

(0.13

)

 

 

(0.03

)

Net basic earnings per share (Non-GAAP)

$

3.10

 

 

$

3.06

 

 

$

1.29

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

   

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

March 31,
2023

 

December 31,
2022

 

March 31,
2022

Net diluted earnings per share (GAAP)

$

2.35

 

 

$

0.36

 

 

$

0.60

 

Revenues from finance component

 

(0.01

)

 

 

0.00

 

 

 

0.00

 

Stock-based compensation

 

0.62

 

 

 

0.64

 

 

 

0.58

 

Amortization and depreciation of acquired assets

 

0.03

 

 

 

0.02

 

 

 

0.05

 

Assets impairment

 

 

 

 

1.91

 

 

 

 

Loss (gain) from assets sales and disposal

 

0.01

 

 

 

0.00

 

 

 

0.00

 

Other items

 

(0.03

)

 

 

0.01

 

 

 

(0.01

)

Notes due 2025

 

0.00

 

 

 

0.00

 

 

 

0.01

 

Non cash interest

 

0.04

 

 

 

0.03

 

 

 

0.02

 

Unrealized losses (gains)

 

 

 

 

0.00

 

 

 

 

Currency fluctuation related to lease standard

 

(0.04

)

 

 

0.01

 

 

 

(0.03

)

Gain from sale of investment in privately-held company

 

 

 

 

0.00

 

 

 

 

Income tax adjustment

 

(0.07

)

 

 

(0.12

)

 

 

(0.02

)

Net diluted earnings per share (Non-GAAP)

$

2.90

 

 

$

2.86

 

 

$

1.20

 

 

 

 

 

 

 

Number of shares used in computing net diluted earnings per share (GAAP)

 

59,193,831

 

 

 

58,734,719

 

 

 

56,315,193

 

Stock-based compensation

 

939,571

 

 

 

1,237,266

 

 

 

927,219

 

Number of shares used in computing net diluted earnings per share (Non-GAAP)

 

60,133,402

 

 

 

59,971,985

 

 

 

57,242,412

 

 

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.