Press Release Details

SolarEdge Announces Fourth Quarter and Full Year 2021 Financial Results

February 15, 2022 at 4:05 PM EST

MILPITAS, Calif.--(BUSINESS WIRE)--Feb. 15, 2022-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Highlights

  • Record revenues of $551.9 million
  • Record revenues from solar segment of $502.7 million
  • GAAP gross margin of 29.1%
  • Non-GAAP gross margin of 30.3%
  • Gross margin from solar segment of 32.8%
  • GAAP net income of $41.0 million
  • Non-GAAP net income of $62.8 million
  • GAAP net diluted earnings per share (“EPS”) of $0.74
  • Non-GAAP net diluted EPS of $1.10
  • 1.92 Gigawatts (AC) of inverters shipped

Full Year 2021 Highlights

  • Record revenues of $1.96 billion, up 34.6% year over year from 2020
  • Record revenues from solar segment of $1.79 billion
  • GAAP gross margin of 32.0%
  • Non-GAAP gross margin of 33.5%
  • Gross margin from solar segment of 36.4%
  • Record GAAP net income of $169.2 million
  • Record Non-GAAP net income of $272.9 million
  • Record GAAP net diluted earnings per share (“EPS”) of $3.06
  • Record Non-GAAP net diluted EPS of $4.81
  • 7.2 Gigawatts (AC) of inverters shipped

“We are ending 2021 with record revenues for the quarter and for the year,” said Zvi Lando, Chief Executive Officer of SolarEdge. “The global demand for solar energy across all segments and geographies is extremely strong and generating unprecedented demand for our products. In particular, we are excited about the strong momentum of the commercial market and the increasing rate of adoption of our innovative technology within this segment. Our focus is to ensure customers have the products they need to execute their projects and we are enabling this by ramping production in multiple sites and navigating supply chain and logistic challenges.”

Fourth Quarter 2021 Summary

The Company reported revenues of $551.9 million, up 5% from $526.4 million in the prior quarter and up 54% from $358.1 million in the same quarter last year.

Revenues from the solar segment were $502.7 million, up 5% from $476.8 million in the prior quarter and up 54% from $327.1 million in the same quarter last year.

GAAP gross margin was 29.1%, down from 32.8% in the prior quarter and down from 30.8% in the same quarter last year.

Non-GAAP gross margin was 30.3%, down from 34.0% in the prior quarter and down from 32.5% in the same quarter last year.

Gross margin from the solar segment was 32.8%, down from 36.6% in the prior quarter and down from 36.2% in the same quarter last year.

GAAP operating expenses were $119.5 million, up 13% from $106.1 million in the prior quarter and up 25% from $95.9 million in the same quarter last year.

Non-GAAP operating expenses were $94.1 million, up 12% from $83.8 million in the prior quarter and up 29% from $72.9 million in the same quarter last year.

GAAP operating income was $41.0 million, down 38% from $66.4 million in the prior quarter and up 184% from $14.4 million in the same quarter last year.

Non-GAAP operating income was $72.9 million, down 23% from $95.2 million in the prior quarter and up 68% from $43.5 million in the same quarter last year.

GAAP net income was $41.0 million, down 23% from $53.0 million in the prior quarter and up 132% from $17.7 million in the same quarter last year.

Non-GAAP net income was $62.8 million, down 24% from $82.1 million in the prior quarter and up 13% from $55.7 million in the same quarter last year.

GAAP net diluted EPS was $0.74, down from $0.96 in the prior quarter and up from $0.33 in the same quarter last year.

Non-GAAP net diluted EPS was $1.10, down from $1.45 in the prior quarter and up from $0.98 in the same quarter last year.

Cash flow from operating activities was $89.6 million, up from $61.8 million in the prior quarter and up from $27.2 million in the same quarter last year.

As of December 31, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $548.0 million, net of debt, compared to $524.1 million on September 30, 2021.

Full Year 2021 Summary

Total revenues of $1.96 billion, up 34.6% from $1.46 billion in the prior year.

GAAP gross margin was 32.0%, up from 31.6% in the prior year.

Non-GAAP gross margin was 33.5%, up from 33.0% in the prior year.

GAAP operating income was $207.1 million, up 45% from $142.6 million in the prior year.

Non-GAAP operating income was $321.4 million, up 47% from $218.8 million in the prior year.

GAAP net income was $169.2 million, up 21% from $140.3 million in the prior year.

Non-GAAP net income was $272.9 million, up 22% from $224.4 million in the prior year.

GAAP net diluted EPS was $3.06, up from $2.66 in the prior year.

Non-GAAP net diluted EPS was $4.81, up from $4.11 in the prior year.

Cash flow from operating activities of $214.1 million, down from $222.7 million in the prior year.

Outlook for the First Quarter 2022

The Company also provides guidance for the first quarter ending March 31, 2022 as follows:

  • Revenues to be within the range of $615 million to $645 million
  • Non-GAAP gross margin expected to be within the range of 28% to 30%
  • Revenues from solar segment to be within the range of $575 million to $595 million
  • Gross margin from solar segment expected to be within the range of 30% to 32%

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, February 15, 2022. The call will be available, live, to interested parties by dialing 888-300-0211. For international callers, please dial +1 773-377-9384. The Conference ID number is 5805953. 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, UPS, 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/A for the year ended December 31, 2020, filed on February 19, 2021 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 February 15, 2022. 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

December 31,

 

Year ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Unaudited

 

 

 

 

Revenues

 

$

551,915

 

 

$

358,107

 

 

$

1,963,865

 

 

$

1,459,271

 

Cost of revenues

 

 

391,424

 

 

 

247,782

 

 

 

1,334,547

 

 

 

997,912

 

Gross profit

 

 

160,491

 

 

 

110,325

 

 

 

629,318

 

 

 

461,359

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

64,326

 

 

 

47,513

 

 

 

219,633

 

 

 

163,123

 

Sales and marketing

 

 

33,248

 

 

 

28,872

 

 

 

119,000

 

 

 

95,985

 

General and administrative

 

 

21,879

 

 

 

18,042

 

 

 

82,196

 

 

 

63,119

 

Other operating expense (income), net

 

 

----

 

 

 

1,471

 

 

 

1,350

 

 

 

(3,429

)

Total operating expenses

 

 

119,453

 

 

 

95,898

 

 

 

422,179

 

 

 

318,798

 

Operating income

 

 

41,038

 

 

 

14,427

 

 

 

207,139

 

 

 

142,561

 

Financial income (expense), net

 

 

(6,324

)

 

 

10,380

 

 

 

(19,915

)

 

 

21,105

 

Income before income taxes

 

 

34,714

 

 

 

24,807

 

 

 

187,224

 

 

 

163,666

 

Income tax benefit (expense)

 

 

6,240

 

 

 

(7,152

)

 

 

(18,054

)

 

 

(23,344

)

Net income

 

$

40,954

 

 

$

17,655

 

 

$

169,170

 

 

$

140,322

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

December 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

530,089

 

$

827,146

Marketable securities

 

 

167,728

 

 

143,687

Trade receivables, net of allowances of $2,626 and $2,886, respectively

 

 

456,339

 

 

218,706

Inventories, net

 

 

380,143

 

 

331,696

Prepaid expenses and other current assets

 

 

176,992

 

 

198,106

Total current assets

 

 

1,711,291

 

 

1,719,341

LONG-TERM ASSETS:

 

 

 

 

 

 

Marketable securities

 

 

482,228

 

 

147,434

Deferred tax assets, net

 

 

27,572

 

 

11,676

Property, plant and equipment, net

 

 

410,379

 

 

303,408

Operating lease right-of-use assets, net

 

 

47,137

 

 

41,600

Intangible assets, net

 

 

58,861

 

 

67,818

Goodwill

 

 

129,629

 

 

140,479

Other long-term assets

 

 

24,963

 

 

5,353

Total long-term assets

 

 

1,180,769

 

 

717,768

Total assets

 

$

2,892,060

 

$

2,437,109

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

 

 

 

 

 

Trade payables, net

 

$

252,068

 

$

162,051

Employees and payroll accruals

 

 

74,465

 

 

63,738

Warranty obligations

 

 

71,480

 

 

62,614

Deferred revenues and customers advances

 

 

17,789

 

 

24,648

Accrued expenses and other current liabilities

 

 

109,379

 

 

123,048

Total current liabilities

 

 

525,181

 

 

436,099

LONG-TERM LIABILITIES:

 

 

 

 

 

Convertible senior notes, net

 

 

621,535

 

 

573,350

Warranty obligations

 

 

193,680

 

 

142,380

Deferred revenues

 

 

151,556

 

 

115,372

Finance lease liabilities

 

 

40,508

 

 

26,173

Operating lease liabilities

 

 

38,912

 

 

35,194

Other long-term liabilities

 

 

10,649

 

 

22,784

Total long-term liabilities

 

 

1,056,840

 

 

915,253

COMMITMENTS AND CONTINGENT LIABILITIES

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of December 31, 2021 and December 31, 2020; issued and outstanding: 52,815,395 and 51,560,936 shares as of December 31, 2021 and December 31, 2020, respectively

 

 

5

 

 

5

Additional paid-in capital

 

 

687,295

 

 

603,891

Accumulated other comprehensive income (loss)

 

 

(27,319

)

 

3,857

Retained earnings

 

 

650,058

 

 

478,004

Total stockholders’ equity

 

 

1,310,039

 

 

1,085,757

Total liabilities and stockholders’ equity

 

$

2,892,060

 

$

2,437,109

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share data)

Year ended

December 31,

2021

 

 

2020

 

Cash flows provided by operating activities:
Net income $

169,170

 

$

140,322

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment

29,359

 

22,355

 

Amortization of intangible assets

10,176

 

9,479

 

Amortization of debt discount and debt issuance costs

2,903

 

3,185

 

Amortization of premium and accretion of discount on available-for-sale marketable securities, net

9,462

 

1,168

 

Stock-based compensation expenses

102,593

 

67,309

 

Deferred income taxes, net

(12,045

)

(2,738

)

Exchange rate fluctuations and other items, net

20,697

 

3,860

 

Changes in assets and liabilities:
Inventories, net

(43,051

)

(149,661

)

Prepaid expenses and other assets

(39,444

)

(3,276

)

Trade receivables, net

(247,723

)

86,538

 

Trade payables, net

91,709

 

3,333

 

Employees and payroll accruals

26,519

 

18,315

 

Warranty obligations

60,524

 

32,274

 

Deferred revenues and customers advances

29,936

 

(21,438

)

Other liabilities, net

3,344

 

11,630

 

Net cash provided by operating activities

214,129

 

222,655

 

Cash flows from investing activities:
Investment in available-for-sale marketable securities

(579,377

)

(223,705

)

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

202,188

 

141,839

 

Investment in privately-held company

(16,643

)

----
Purchase of property, plant and equipment

(149,251

)

(126,790

)

Withdrawal from (investment in) bank deposits, net

60,096

 

(54,752

)

Withdrawal from restricted bank deposits

798

 

25,267

 

Other investing activities

(2,022

)

1,504

 

Net cash used in investing activities $

(484,211

)

$

(236,637

)

Cash flows from financing activities:
Repayment of bank loans $

(16,073

)

$

(15,595

)

Proceeds from exercise of stock-based awards and payment of withholding taxes

2,203

 

21,500

 

Proceeds from issuance of convertible senior notes, net

----

 

617,869

 

Proceeds from bank loans

----

 

16,944

 

Other financing activities

(1,308

)

(234

)

Net cash provided by (used in) financing activities

(15,178

)

640,484

 

Increase (decrease) in cash and cash equivalents

(285,260

)

626,502

 

Cash and cash equivalents at the beginning of the period

827,146

 

223,901

 

Effect of exchange rate differences on cash and cash equivalents

(11,797

)

(23,257

)

Cash and cash equivalents at the end of the period $

530,089

 

$

827,146

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)
 
Reconciliation of GAAP to Non-GAAP
Three months ended Year ended
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Gross profit (GAAP)

160,491

 

172,561

 

110,325

 

629,318

 

461,359

 

Revenues from finance component

(122

)

(111

)

----

(418

)

----

Stock-based compensation

4,373

 

4,289

 

3,720

 

18,743

 

11,082

 

Cost of product adjustment

----

----

----

----

313

 

Amortization and depreciation of acquired assets

2,272

 

2,341

 

2,374

 

9,326

 

9,484

 

Gross profit (Non-GAAP)

167,014

 

179,080

 

116,419

 

656,969

 

482,238

 

 
Gross margin (GAAP)

29.1

%

32.8

%

30.8

%

32.0

%

31.6

%

Revenues from finance component

0.0

%

0.0

%

----

0.0

%

----

Stock-based compensation

0.8

%

0.8

%

1.0

%

1.0

%

0.8

%

Cost of product adjustment

----

----

----

----

0.0

%

Amortization and depreciation of acquired assets

0.4

%

0.4

%

0.7

%

0.5

%

0.6

%

Gross margin (Non-GAAP)

30.3

%

34.0

%

32.5

%

33.5

%

33.0

%

 
Operating expenses (GAAP)

119,453

 

106,147

 

95,898

 

422,179

 

318,798

 

Stock-based compensation - R&D

(14,872

)

(11,949

)

(8,919

)

(45,424

)

(27,048

)

Stock-based compensation - S&M

(5,882

)

(5,737

)

(8,710

)

(22,834

)

(19,413

)

Stock-based compensation - G&A

(4,076

)

(4,210

)

(2,967

)

(15,592

)

(9,766

)

Amortization and depreciation of acquired assets - R&D

(302

)

(207

)

(14

)

(530

)

(91

)

Amortization and depreciation of acquired assets - S&M

(225

)

(229

)

(230

)

(927

)

(1,187

)

Amortization and depreciation of acquired assets - G&A

(6

)

(8

)

(8

)

(29

)

(33

)

Assets sale (disposal)

18

 

37

 

(649

)

117

 

(1,207

)

Other operating income (expenses)

----

----

(1,471

)

(1,350

)

3,429

 

Operating expenses (Non-GAAP)

94,108

 

83,844

 

72,930

 

335,610

 

263,482

 

 
Operating income (GAAP)

41,038

 

66,414

 

14,427

 

207,139

 

142,561

 

Revenues from finance component

(122

)

(111

)

----

(418

)

----

Cost of product adjustment

----

----

----

----

313

 

Stock-based compensation

29,203

 

26,185

 

24,316

 

102,593

 

67,309

 

Amortization and depreciation of acquired assets

2,805

 

2,785

 

2,626

 

10,812

 

10,795

 

Assets (sale) disposal

(18

)

(37

)

649

 

(117

)

1,207

 

Other operating (income) expenses

----

----

1,471

 

1,350

 

(3,429

)

Operating income (Non-GAAP)

72,906

 

95,236

 

43,489

 

321,359

 

218,756

 

 
Reconciliation of GAAP to non-GAAP
Three months ended Year ended

December 31, 2021

 

September 30, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Financial income (expense), net (GAAP)

(6,324

)

(5,751

)

10,380

 

(19,915

)

21,105

 

Notes due 2025

727

 

726

 

3,017

 

2,903

 

3,185

 

Non cash interest

1,527

 

1,469

 

1,305

 

5,771

 

4,887

 

Unrealized gains/losses

(541

)

----

----

(541

)

----

Currency fluctuation related to lease standard

2,422

 

574

 

2,172

 

2,007

 

2,274

 

Amortization and depreciation of acquired assets

----

----

----

----

982

 

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

(2,189

)

(2,982

)

16,874

 

(9,775

)

32,433

 

 
Income tax benefit (expense) (GAAP)

6,240

 

(7,615

)

(7,152

)

(18,054

)

(23,334

)

Uncertain tax positions

(9,007

)

----

----

(9,007

)

----

Deferred taxes

(5,181

)

(2,528

)

2,522

 

(11,639

)

(3,434

)

Income tax benefit (expense) (Non-GAAP)

(7,948

)

(10,143

)

(4,630

)

(38,700

)

(26,768

)

 
Net income (GAAP)

40,954

 

53,048

 

17,655

 

169,170

 

140,322

 

Revenues from finance component

(122

)

(111

)

----

(418

)

----

Cost of product adjustment

----

----

----

----

313

 

Stock-based compensation

29,203

 

26,185

 

24,316

 

102,593

 

67,309

 

Amortization and depreciation of acquired assets

2,805

 

2,785

 

2,626

 

10,812

 

11,777

 

Gain (loss) from assets sales and disposal

(18

)

(37

)

649

 

(117

)

1,207

 

Other operating (income) expenses

----

----

1,471

 

1,350

 

(3,429

)

Notes due 2025

727

 

726

 

3,017

 

2,903

 

3,185

 

Non cash interest

1,527

 

1,469

 

1,305

 

5,771

 

4,887

 

Unrealized gains (losses)

(541

)

----

----

(541

)

----

Currency fluctuation related to lease standard

2,422

 

574

 

2,172

 

2,007

 

2,274

 

Uncertain tax positions

(9,007

)

----

----

(9,007

)

----

Deferred taxes

(5,181

)

(2,528

)

2,522

 

(11,639

)

(3,434

)

Net income (Non-GAAP)

62,769

 

82,111

 

55,733

 

272,884

 

224,411

 

 
Reconciliation of GAAP to non-GAAP
Three months ended Year ended
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Net basic earnings per share (GAAP)

0.78

 

1.01

 

0.34

 

3.24

 

2.79

 

Revenues from finance component

0.00

 

0.00

 

----

(0.01

)

----

Cost of product adjustment

----

----

----

----

0.01

 

Stock-based compensation

0.55

 

0.50

 

0.48

 

1.97

 

1.34

 

Amortization and depreciation of acquired assets

0.05

 

0.05

 

0.05

 

0.21

 

0.24

 

Gain (loss) from assets sales and disposal

0.00

 

0.00

 

0.01

 

(0.01

)

0.02

 

Other operating (income) expenses

----

----

0.03

 

0.03

 

(0.07

)

Notes due 2025

0.02

 

0.02

 

0.06

 

0.05

 

0.06

 

Non cash interest

0.03

 

0.03

 

0.02

 

0.11

 

0.10

 

Unrealized gains (losses)

(0.01

)

----

----

(0.01

)

----

Currency fluctuation related to lease standard

0.04

 

0.01

 

0.05

 

0.04

 

0.05

 

Uncertain tax positions

(0.17

)

----

----

(0.17

)

----

Deferred taxes

(0.10

)

(0.05

)

0.05

 

(0.22

)

(0.07

)

Net basic earnings per share (Non-GAAP)

1.19

 

1.57

 

1.09

 

5.23

 

4.47

 

 
Net diluted earnings per share (GAAP)

0.74

 

0.96

 

0.33

 

3.06

 

2.66

 

Revenues from finance component

0.00

 

0.00

 

----

(0.01

)

----

Cost of product adjustment

----

----

----

----

----

Stock-based compensation

0.50

 

0.45

 

0.44

 

1.77

 

1.20

 

Amortization and depreciation of acquired assets

0.05

 

0.05

 

0.05

 

0.19

 

0.21

 

Gain (loss) from assets sales and disposal

0.00

 

0.00

 

0.01

 

0.00

 

0.03

 

Other operating (income) expenses

----

----

0.03

 

0.02

 

(0.07

)

Notes due 2025

0.00

 

0.00

 

0.02

 

0.02

 

0.02

 

Non cash interest

0.03

 

0.03

 

0.02

 

0.10

 

0.08

 

Unrealized gains (losses)

(0.01

)

----

----

(0.01

)

----

Currency fluctuation related to lease standard

0.04

 

0.01

 

0.04

 

0.03

 

0.05

 

Uncertain tax positions

(0.16

)

----

----

(0.16

)

----

Deferred taxes

(0.09

)

(0.05

)

0.04

 

(0.20

)

(0.07

)

Net diluted earnings per share (Non-GAAP)

1.10

 

1.45

 

0.98

 

4.81

 

4.11

 

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

56,011,040

 

55,929,000

 

53,496,384

 

55,971,030

 

52,795,475

 

Stock-based compensation

894,079

 

653,967

 

865,179

 

773,636

 

1,138,517

 

Notes due 2025

----

----

2,276,818

 

----

618,701

 

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

56,905,119

 

56,582,967

 

56,638,381

 

56,744,666

 

54,552,693

 

 

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
investors@solaredge.com

Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
investors@solaredge.com

Source: SolarEdge Technologies, Inc.