Press Release Details

SolarEdge Announces Second Quarter 2019 Financial Results

August 6, 2019 at 4:05 PM EDT

FREMONT, Calif.--(BUSINESS WIRE)--Aug. 6, 2019-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy, today announced its financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Highlights

  • Record revenues of $325.0 million
  • Record revenues from solar products of $306.7 million
  • GAAP gross margin of 34.1%
  • GAAP gross margin from sale of solar products of 36.4%
  • Non-GAAP gross margin from sale of solar products of 36.9%
  • GAAP net income of $33.1 million
  • Record Non-GAAP net income of $49.3 million
  • GAAP net diluted earnings per share (“EPS”) of $0.66
  • Record Non-GAAP net diluted EPS of $0.94
  • 1.3 Gigawatts (AC) of inverters shipped

“We are pleased to conclude a strong second quarter of record revenues, record non-GAAP net income and record non-GAAP net diluted EPS. We continue to generate strong cash flow while strengthening our position as the global leader in the inverter market,” said Guy Sella, founder, Chairman and CEO of SolarEdge. “Despite the effect of increased tariffs on certain Chinese made products, our non-GAAP solar business gross margin was strong, at approximately 37%, slightly higher than the same quarter last year. The integration of the acquired non-solar businesses is proceeding on schedule and we expect growth in each new line of business in the upcoming quarters. We see strong customer demand for our products worldwide and we are building the needed capacity both in China and outside of China to meet the needs of our customers.”

Second Quarter 2019 Summary

The Company reported record revenues of $325.0 million, up 20% from $271.9 million in the prior quarter and up 43% from $227.1 million in the same quarter last year.

Revenues related to the solar business were $306.7 million, up 21% from $253.1 million in the prior quarter and up 35% from $227.1 million in the same quarter last year.

GAAP gross margin was 34.1%, up from 31.7% in the prior quarter and down from 36.1% year over year. This quarter’s gross margins were negatively impacted by the increase in US tariffs on China made products.

Non-GAAP gross margin was 35.7%, up from 32.8% in the prior quarter and down from 36.5% year over year.

GAAP gross margin for the solar business was 36.4%, up from 33.8% in the prior quarter.

Non-GAAP gross margin for the solar business was 36.9%, up from 34.3% in the prior quarter.

GAAP operating expenses were $65.3 million, up 12% from $58.1 million in the prior quarter and up 58% from $41.3 million in the same quarter last year.

Non-GAAP operating expenses were $54.9 million, up 14% from $48.0 million in the prior quarter and up 56% from $35.1 million in the same quarter last year.

GAAP operating income was $45.4 million, up 62% from $28.0 million in the prior quarter and up 12% from $40.7 million in the same quarter last year.

Non-GAAP operating income was $61.0 million, up 48% from $41.2 million in the prior quarter and up 28% from $47.8 million in the same quarter last year.

GAAP net income was $33.1 million, up 74% from $19.0 million in the prior quarter and down 4% from $34.6 million in the same quarter last year.

Non-GAAP net income was $49.3 million, up 50% from $32.9 million in the prior quarter and up 21% from $40.6 million in the same quarter last year.

GAAP net diluted EPS was $0.66, up from $0.39 in the prior quarter and down from $0.72 in the same quarter last year.

Non-GAAP net diluted EPS was $0.94, up from $0.64 in the prior quarter and up from $0.82 in the same quarter last year.

Cash flow from operating activities was $50.8 million, down from $56.5 million in the prior quarter and up from $43.9 million in the same quarter last year.

As of June 30, 2019, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $373.6 million, compared to $398.7 million on March 31, 2019 after all payments related to the acquisition of SMRE shares.

Outlook for the Third Quarter 2019

The Company also provides guidance for the third quarter ending September 30, 2019 as follows:

  • Revenues to be within the range of $395 million to $410 million
  • Gross margin expected to be within the range of 32% to 34%
  • Revenues from solar products to be within the range of $375 million to $390 million
  • Gross margin from sale of solar products expected to be within the range of 33% to 35%

Conference Call

The Company will host a conference call to discuss these results at 4:30 P.M. ET on Tuesday, August 6, 2019. The call will be available, live, to interested parties by dialing 800-353-6461. For international callers, please dial +1 334-323-0501. The Conference ID number is 9972180. 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. 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 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, 2018, filed on February 28, 2019, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 6, 2019. 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 OPERATIONS

(In thousands, except per share data)

 

 

 

Three months ended

June 30,

 

Six months ended

June 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

Unaudited

 

Unaudited

 

 

 

 

 

 

 

 

 

Revenues

 

$

325,010

 

 

$

227,118

 

$

596,881

 

$

436,989

Cost of revenues

 

 

214,340

 

 

 

145,172

 

 

400,101

 

 

275,446

 

 

 

 

 

 

 

 

 

Gross profit

 

 

110,670

 

 

 

81,946

 

 

196,780

 

 

161,543

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

29,505

 

 

 

19,551

 

 

55,704

 

 

37,426

Sales and marketing

 

 

22,127

 

 

 

15,954

 

 

42,299

 

 

32,159

General and administrative

 

 

13,685

 

 

 

5,776

 

 

25,376

 

 

10,529

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

65,317

 

 

 

41,281

 

 

123,379

 

 

80,114

 

 

 

 

 

 

 

 

 

Operating income

 

 

45,353

 

 

 

40,665

 

 

73,401

 

 

81,429

 

 

 

 

 

 

 

 

 

Financial expenses (income), net

 

 

(773

)

 

 

2,480

 

 

5,378

 

 

1,896

 

 

 

 

 

 

 

 

 

Income before taxes on income

 

 

46,126

 

 

 

38,185

 

 

68,023

 

 

79,533

 

 

 

 

 

 

 

 

 

Taxes on income

 

 

13,213

 

 

 

3,617

 

 

17,135

 

 

9,279

 

 

 

 

 

 

 

 

 

Net income

 

$

32,913

 

 

$

34,568

 

$

50,888

 

$

70,254

 

 

 

 

 

 

 

 

 

Net loss attributable to non-controlling interests

 

 

215

 

 

 

-

 

 

1,256

 

 

-

 

 

 

 

 

 

 

 

 

Net income attributable to SolarEdge Technologies, Inc.

 

$

33,128

 

 

$

34,568

 

$

52,144

 

$

70,254

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

June 30,

 

December 31,

 

 

 

2019

 

 

 

2018

 

 

 

Unaudited

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$

176,575

 

 

$

187,764

 

Short-term bank deposit

 

 

5,961

 

 

 

9,870

 

Restricted bank deposits

 

 

1,060

 

 

 

824

 

Marketable securities

 

 

109,610

 

 

 

118,680

 

Trade receivables, net

 

 

237,804

 

 

 

173,579

 

Prepaid expenses and other assets

 

 

50,642

 

 

 

45,073

 

Inventories, net

 

 

148,892

 

 

 

141,519

 

Total current assets

 

 

730,544

 

 

 

677,309

 

 

 

 

 

 

LONG-TERM ASSETS:

 

 

 

 

Marketable securities

 

 

79,616

 

 

 

74,256

 

Operating lease right-of-use assets

 

 

36,788

 

 

 

-

 

Property, plant and equipment, net

 

 

140,200

 

 

 

119,329

 

Deferred tax assets, net

 

 

14,751

 

 

 

14,699

 

Intangible assets, net and goodwill

 

 

211,340

 

 

 

73,378

 

Other long term assets

 

 

8,455

 

 

 

5,501

 

Total long-term assets

 

 

491,150

 

 

 

287,163

 

 

 

 

 

 

Total assets

 

$

1,221,694

 

 

$

964,472

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Trade payables, net

 

$

116,795

 

 

$

107,079

 

Employees and payroll accruals

 

 

34,555

 

 

 

29,053

 

Current maturities of bank loans and accrued interest

 

 

16,454

 

 

 

16,639

 

Warranty obligations

 

 

38,819

 

 

 

28,868

 

Deferred revenues

 

 

15,708

 

 

 

14,351

 

Accrued expenses and other liabilities

 

 

71,447

 

 

 

29,728

 

Total current liabilities

 

 

293,778

 

 

 

225,718

 

 

 

 

 

 

LONG-TERM LIABILITIES:

 

 

 

 

Bank loans

 

 

5,519

 

 

 

3,510

 

Warranty obligations

 

 

111,819

 

 

 

92,958

 

Deferred revenues

 

 

73,796

 

 

 

60,670

 

Operating lease liabilities

 

 

30,009

 

 

 

-

 

Deferred tax liabilities, net

 

 

8,663

 

 

 

1,499

 

Other long term liabilities

 

 

18,062

 

 

 

9,391

 

Total long-term liabilities

 

 

247,868

 

 

 

168,028

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

Common stock

 

 

5

 

 

 

5

 

Additional paid-in capital

 

 

431,684

 

 

 

371,794

 

Accumulated other comprehensive loss

 

 

(895

)

 

 

(524

)

Retained earnings

 

 

243,277

 

 

 

191,133

 

Total SolarEdge Technologies, Inc. stockholders’ equity

 

 

674,071

 

 

 

562,408

 

Non-controlling interests

 

 

5,977

 

 

 

8,318

 

Total stockholders’ equity

 

 

680,048

 

 

 

570,726

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

1,221,694

 

 

$

964,472

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

Six months ended June 30,

 

 

2019

 

2018

 

 

Unaudited

 

 

 

 

 

Cash flows provided by operating activities:

 

 

 

 

Net income

 

$

50,888

 

 

$

70,254

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation of property, plant and equipment

 

 

8,147

 

 

 

4,981

 

Amortization of intangible assets

 

 

4,895

 

 

 

72

 

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

 

 

(12

)

 

 

1,014

 

Stock-based compensation

 

 

21,076

 

 

 

13,977

 

Loss from disposal of assets

 

 

552

 

 

 

64

 

Realized loss from sale of available-for-sale marketable securities

 

 

91

 

 

 

-

 

Changes in assets and liabilities:

 

 

 

 

Inventories, net

 

 

1,723

 

 

 

(18,952

)

Prepaid expenses and other assets

 

 

(2,574

)

 

 

(2,135

)

Trade receivables, net

 

 

(56,562

)

 

 

(9,203

)

Operating lease right-of-use assets and liabilities, net and effect of exchange rate differences

 

 

1,466

 

 

 

(148

)

Deferred tax assets and liabilities, net

 

 

(1,960

)

 

 

(3,018

)

Trade payables, net

 

 

5,493

 

 

 

12,143

 

Employees and payroll accruals

 

 

5,151

 

 

 

1,028

 

Warranty obligations

 

 

28,860

 

 

 

18,479

 

Deferred revenues

 

 

11,764

 

 

 

13,120

 

Other liabilities

 

 

28,236

 

 

 

6,194

 

Net cash provided by operating activities

 

 

107,234

 

 

 

107,870

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Business combination, net of cash acquired

 

 

(38,435

)

 

 

-

 

Purchase of property, plant and equipment

 

 

(22,244

)

 

 

(21,385

)

Withdrawal from bank deposits

 

 

3,909

 

 

 

(342

)

Investment in restricted bank deposits

 

 

(203

)

 

 

(191

)

Investment in available-for-sale marketable securities

 

 

(63,655

)

 

 

(89,389

)

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

 

 

68,407

 

 

 

46,825

 

Net cash used in investing activities

 

$

(52,221

)

 

$

(64,482

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Repayment of bank loans, net

 

$

(4,675

)

 

$

-

 

Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards

 

 

3,764

 

 

 

7,591

 

Change in non-controlling interests

 

 

(66,474

)

 

 

-

 

Net cash provided by (used in) financing activities

 

$

(67,385

)

 

$

7,591

 

 

 

 

 

 

Increase in cash and cash equivalents and restricted cash

 

 

(12,372

)

 

 

50,979

 

Cash, cash equivalents and restricted cash at the beginning of the period

 

 

187,764

 

 

 

163,163

 

Effect of exchange rate differences on cash, cash equivalents and restricted cash

 

 

1,183

 

 

 

398

 

 

 

 

 

 

Cash, cash equivalents and restricted cash at the end of the period

 

$

176,575

 

 

$

214,540

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except gross profit and per share data)

(Unaudited)

Reconciliation of GAAP to Non-GAAP Gross Profit

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

 

 

 

 

 

 

 

 

 

Gross profit (GAAP)

110,670

 

86,110

 

81,946

 

196,780

 

161,543

Stock-based compensation

1,651

 

1,354

 

968

 

3,005

 

1,892

Cost of product adjustment

319

 

682

 

----

 

1,001

 

----

Amortization and depreciation of acquired assets

3,307

 

1,077

 

----

 

4,384

 

----

Gross profit (Non-GAAP)

115,947

 

89,223

 

82,914

 

205,170

 

163,435

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Gross Margin

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Gross margin (GAAP)

34.1%

 

31.7%

 

36.1%

 

33.0%

 

37.0%

Stock-based compensation

0.5%

 

0.5%

 

0.4%

 

0.5%

 

0.4%

Cost of product adjustment

0.1%

 

0.2%

 

----

 

0.2%

 

----

Amortization and depreciation of acquired assets

1.0%

 

0.4%

 

----

 

0.7%

 

----

Gross margin (Non-GAAP)

35.7%

 

32.8%

 

36.5%

 

34.4%

 

37.4%

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Operating expenses

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Operating expenses (GAAP)

65,317

 

58,062

 

41,281

 

123,379

 

80,114

Stock-based compensation R&D

(4,176)

 

(3,490)

 

(2,605)

 

(7,666)

 

(4,987)

Stock-based compensation S&M

(2,722)

 

(2,404)

 

(2,094)

 

(5,126)

 

(4,298)

Stock-based compensation G&A

(2,823)

 

(2,456)

 

(1,461)

 

(5,279)

 

(2,800)

Amortization and depreciation of acquired assets - R&D

(9)

 

(36)

 

----

 

(45)

 

----

Amortization and depreciation of acquired assets - S&M

51

 

(858)

 

----

 

(807)

 

----

Amortization and depreciation of acquired assets - G&A

(26)

 

----

 

----

 

(26)

 

----

Assets disposal

(552)

 

----

 

----

 

(552)

 

----

Acquisition related expenses

(151)

 

(798)

 

----

 

(949)

 

----

Operating expenses (Non-GAAP)

54,909

 

48,020

 

35,121

 

102,929

 

68,029

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Operating income

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Operating income (GAAP)

45,353

 

28,048

 

40,665

 

73,401

 

81,429

Cost of product adjustment

319

 

682

 

----

 

1,001

 

----

Stock-based compensation

11,372

 

9,704

 

7,128

 

21,076

 

13,977

Amortization and depreciation of acquired assets

3,291

 

1,971

 

----

 

5,262

 

----

Acquisition related expenses

151

 

798

 

----

 

949

 

----

Assets disposal

552

 

----

 

----

 

552

 

----

Operating income (Non-GAAP)

61,038

 

41,203

 

47,793

 

102,241

 

95,406

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial expenses (income), net

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Financial expenses (income), net (GAAP)

(773)

 

6,151

 

2,480

 

5,378

 

1,896

Non cash interest

(850)

 

(785)

 

(568)

 

(1,635)

 

(1,080)

Currency fluctuation due to new lease standard adoption

(577)

 

(948)

 

----

 

(1,525)

 

----

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

(2,200)

 

4,418

 

1,912

 

2,218

 

816

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Tax on income

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Tax on income (GAAP)

13,213

 

3,922

 

3,617

 

17,135

 

9,279

Deferred tax realized (asset)

987

 

973

 

1,697

 

1,960

 

3,018

Transition tax of foreign earnings

----

 

----

 

----

 

----

 

(820)

Tax on income (Non-GAAP)

14,200

 

4,895

 

5,314

 

19,095

 

11,477

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Net income

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Net income attributable to SolarEdge Technologies Inc. (GAAP)

33,128

 

19,016

 

34,568

 

52,144

 

70,254

Cost of product adjustment

319

 

682

 

----

 

1,001

 

----

Stock-based compensation

11,372

 

9,704

 

7,128

 

21,076

 

13,977

Amortization and depreciation of acquired assets

3,291

 

1,971

 

----

 

5,262

 

----

Acquisition related expenses

151

 

798

 

----

 

949

 

----

Assets disposal

552

 

----

 

----

 

552

 

----

Non cash interest

850

 

785

 

568

 

1,635

 

1,080

Currency fluctuation due to new lease standard adoption

577

 

948

 

----

 

1,525

 

----

Deferred tax realized (asset)

(987)

 

(973)

 

(1,697)

 

(1,960)

 

(3,018)

Transition tax of foreign earnings

----

 

----

 

----

 

----

 

820

Net income attributable to SolarEdge Technologies Inc. (Non-GAAP)

49,253

 

32,931

 

40,567

 

82,184

 

83,113

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Net basic EPS

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Net basic earnings per share (GAAP)

0.69

 

0.40

 

0.76

 

1.10

 

1.57

Cost of product adjustment

0.01

 

0.02

 

----

 

0.02

 

----

Stock-based compensation

0.24

 

0.21

 

0.16

 

0.45

 

0.31

Amortization and depreciation of acquired assets

0.07

 

0.04

 

----

 

0.11

 

----

Acquisition related expenses

----

 

0.01

 

----

 

0.02

 

----

Assets disposal

0.01

 

----

 

----

 

0.01

 

----

Non cash interest

0.02

 

0.02

 

0.01

 

0.03

 

0.03

Currency fluctuation due to new lease standard adoption

0.01

 

0.02

 

----

 

0.04

 

----

Deferred tax realized (asset)

(0.02)

 

(0.02)

 

(0.03)

 

(0.04)

 

(0.07)

Transition tax of foreign earnings

----

 

----

 

----

 

----

 

0.02

Net basic earnings per share (Non-GAAP)

1.03

 

0.70

 

0.90

 

1.74

 

1.86

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Net diluted EPS

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Net diluted earnings per share (GAAP)

0.66

 

0.39

 

0.72

 

1.05

 

1.46

Cost of product adjustment

----

 

0.01

 

----

 

0.02

 

----

Stock-based compensation

0.19

 

0.17

 

0.12

 

0.35

 

0.24

Amortization and depreciation of acquired assets

0.07

 

0.04

 

----

 

0.11

 

----

Acquisition related expenses

----

 

0.01

 

----

 

0.01

 

----

Assets disposal

0.01

 

----

 

----

 

0.01

 

----

Non cash interest

0.02

 

0.02

 

0.01

 

0.04

 

0.03

Currency fluctuation due to new lease standard adoption

0.01

 

0.02

 

----

 

0.03

 

----

Deferred tax realized (asset)

(0.02)

 

(0.02)

 

(0.03)

 

(0.04)

 

(0.06)

Transition tax of foreign earnings

----

 

----

 

----

 

----

 

0.01

Net diluted earnings per share (Non-GAAP)

0.94

 

0.64

 

0.82

 

1.58

 

1.68

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS

Three months ended

 

Six months ended

June 30, 2019

 

March 31, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

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

49,940,034

 

49,026,327

 

48,291,280

 

49,358,280

 

47,984,817

Stock-based compensation

2,130,135

 

2,760,121

 

1,341,286

 

2,448,673

 

1,438,347

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

52,070,169

 

51,786,448

 

49,632,566

 

51,806,953

 

49,423,164

 

Source: SolarEdge Technologies, Inc.

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