Press Release Details

SolarEdge Announces Second Quarter 2020 Financial Results

August 3, 2020 at 4:05 PM EDT

FREMONT, Calif.--(BUSINESS WIRE)--Aug. 3, 2020-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

  • Revenues of $331.9 million
  • Revenues from solar products of $310.1 million
  • GAAP gross margin of 31.0%
  • GAAP gross margin from sale of solar products of 33.1%
  • Non-GAAP gross margin from sale of solar products of 33.8%
  • GAAP net income of $36.7 million
  • Non-GAAP net income of $52.1 million
  • GAAP net diluted earnings per share (“EPS”) of $0.70
  • Non-GAAP net diluted EPS of $0.97
  • 1.44 Gigawatts (AC) of inverters shipped

“This quarter, despite the challenges caused by COVID 19, we maintained healthy profitability while generating cash from operating activity,” said Zivi Lando, CEO of SolarEdge. “Our global strength, and in particular our loyal customer base in the Netherlands, Germany, Italy and Australia, softened the decline in U.S. demand this past quarter. While the pandemic has created many operational challenges, I am confident in our financial strength and grateful for the trust of our customers and dedication of our employees which enable us to continue to focus on product innovation and execution of our long term plans even in these challenging times.”

Second Quarter 2020 Summary

The Company reported revenues of $331.9 million, down 23% from $431.2 million in the prior quarter and up 2% from $325.0 million in the same quarter last year.

Revenues related to the solar business were $310.1 million, down 24% from $407.6 million in the prior quarter and up 1% from $306.7 million in the same quarter last year.

GAAP gross margin was 31.0%, down from 32.5% in the prior quarter and down from 34.1% year over year.

Non-GAAP gross margin was 32.4%, down from 33.6% in the prior quarter and down from 35.7% year over year.

GAAP gross margin for the solar business was 33.1%, down from 34.6% in the prior quarter and down from 36.4% year over year.

Non-GAAP gross margin for the solar business was 33.8%, down from 35.0% in the prior quarter and down from 36.9% year over year.

GAAP operating expenses were $73.0 million, up 1% from $72.2 million in the prior quarter and up 12% from $65.3 million in the same quarter last year.

Non-GAAP operating expenses were $61.1 million, down 8% from $66.3 million in the prior quarter and up 11% from $54.9 million in the same quarter last year.

GAAP operating income was $30.0 million, down 56% from $67.8 million in the prior quarter and down 34% from $45.4 million in the same quarter last year.

Non-GAAP operating income was $46.6 million, down 41% from $78.6 million in the prior quarter and down 24% from $61.0 million in the same quarter last year.

GAAP net income was $36.7 million, down 13% from $42.2 million in the prior quarter and up 11% from $33.1 million in the same quarter last year.

Non-GAAP net income was $52.1 million, up 3% from $50.7 million in the prior quarter and up 6% from $49.3 million in the same quarter last year.

GAAP net diluted EPS was $0.70, down from $0.81 in the prior quarter and up from $0.66 in the same quarter last year.

Non-GAAP net diluted EPS was $0.97, up from $0.95 in the prior quarter and up from $0.94 in the same quarter last year.

Cash flow from operating activities was $59.3 million, down from $107.7 million in the prior quarter and up from $50.8 million in the same quarter last year.

As of June 30, 2020, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $592.7 million, compared to $467.5 million on December 31, 2019.

Outlook for the Third Quarter 2020

The Company also provides guidance for the third quarter ending September 30, 2020 as follows:

  • Revenues to be within the range of $325 million to $350 million
  • Non-GAAP Gross margin expected to be within the range of 32% to 34%
  • Revenues from solar products to be within the range of $305 million to $325 million
  • Non-GAAP 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 Monday, August 3, 2020. The call will be available, live, to interested parties by dialing 800-256-1007. For international callers, please dial +1 323-994-2093. The Conference ID number is 7031770. 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 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, 2019, filed on February 27, 2020, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 3, 2020. 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 (Unaudited)

(In thousands, except per share data)

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Revenues

 

$

331,851

 

$

325,010

 

$

763,069

 

$

596,881

Cost of revenues

 

 

228,888

 

 

214,340

 

 

520,098

 

 

400,101

 

 

 

 

 

 

 

 

 

Gross profit

 

 

102,963

 

 

110,670

 

 

242,971

 

 

196,780

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

38,098

 

 

29,505

 

 

74,793

 

 

55,704

Sales and marketing

 

 

20,936

 

 

22,127

 

 

45,189

 

 

42,299

General and administrative

 

 

13,964

 

 

13,685

 

 

30,149

 

 

25,376

Other operating income

 

 

-

 

 

-

 

 

(4,900)

 

 

-

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

72,998

 

 

65,317

 

 

145,231

 

 

123,379

 

 

 

 

 

 

 

 

 

Operating income

 

 

29,965

 

 

45,353

 

 

97,740

 

 

73,401

 

 

 

 

 

 

 

 

 

Financial income (expenses), net

 

 

11,565

 

 

773

 

 

(5,040)

 

 

(5,378)

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

41,530

 

 

46,126

 

 

92,700

 

 

68,023

 

 

 

 

 

 

 

 

 

Income taxes

 

 

4,862

 

 

13,213

 

 

13,784

 

 

17,135

 

 

 

 

 

 

 

 

 

Net income

 

$

36,668

 

$

32,913

 

$

78,916

 

$

50,888

 

 

 

 

 

 

 

 

 

Net loss attributable to Non-controlling interests

 

 

-

 

 

215

 

 

-

 

 

1,256

 

 

 

 

 

 

 

 

 

Net income attributable to SolarEdge Technologies, Inc.

 

$

36,668

 

$

33,128

 

$

78,916

 

$

52,144

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

 

 

 

June 30,

 

December 31,

 

 

2020

 

2019

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$

428,372

 

$

223,901

Short-term bank deposits

 

 

3,432

 

 

5,010

Restricted bank deposits

 

 

2,135

 

 

27,558

Marketable securities

 

 

113,032

 

 

91,845

Trade receivables, net of allowances of $6,273 and $2,473, respectively

 

 

181,700

 

 

298,383

Prepaid expenses and other current assets

 

 

79,867

 

 

115,268

Inventories, net

 

 

264,460

 

 

170,798

Total current assets

 

 

1,072,998

 

 

932,763

 

 

 

 

 

LONG-TERM ASSETS:

 

 

 

 

Marketable securities

 

 

45,684

 

 

119,176

Operating lease right-of-use assets, net

 

 

36,951

 

 

35,858

Property, plant and equipment, net

 

 

226,416

 

 

176,963

Deferred tax assets, net

 

 

19,121

 

 

16,298

Intangible assets, net

 

 

68,211

 

 

74,008

Goodwill

 

 

128,279

 

 

129,654

Other long-term assets

 

 

8,166

 

 

9,904

Total long-term assets

 

 

532,828

 

 

561,861

 

 

 

 

 

Total assets

 

$

1,605,826

 

$

1,494,624

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Trade payables, net

 

$

158,264

 

$

157,148

Employees and payroll accruals

 

 

48,764

 

 

47,390

Current maturities of bank loans and accrued interest

 

 

15,256

 

 

15,673

Warranty obligations

 

 

68,674

 

 

65,112

Deferred revenues and customers advances

 

 

25,625

 

 

70,815

Accrued expenses and other current liabilities

 

 

88,482

 

 

80,576

Total current liabilities

 

 

405,065

 

 

436,714

 

 

 

 

 

LONG-TERM LIABILITIES:

 

 

 

 

Bank loans

 

 

-

 

 

173

Warranty obligations

 

 

124,010

 

 

107,451

Deferred revenues

 

 

103,181

 

 

89,982

Operating lease liabilities

 

 

29,991

 

 

30,213

Deferred tax liabilities, net

 

 

1,112

 

 

4,461

Other long-term liabilities

 

 

17,666

 

 

13,960

Total long-term liabilities

 

 

275,960

 

 

246,240

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

Common stock

 

 

5

 

 

5

Additional paid-in capital

 

 

511,640

 

 

475,792

Accumulated other comprehensive loss

 

 

(3,442)

 

 

(1,809)

Retained earnings

 

 

416,598

 

 

337,682

Total stockholders’ equity

 

 

924,801

 

 

811,670

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

1,605,826

 

$

1,494,624

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

 

 

Six months ended
June 30,

 

 

2020

 

2019

Cash flows provided by operating activities:

 

 

 

 

Net income

 

$

78,916

 

$

50,888

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

 

 

 

 

Depreciation of property, plant and equipment

 

 

10,646

 

 

8,147

Amortization of intangible assets

 

 

4,615

 

 

4,895

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

 

 

373

 

 

(12)

Stock-based compensation expenses

 

 

26,734

 

 

21,076

Deferred income tax benefit, net

 

 

(6,424)

 

 

(1,960)

Other adjustments, net

 

 

(1)

 

 

643

Changes in assets and liabilities:

 

 

 

 

Inventories, net

 

 

(94,230)

 

 

1,723

Prepaid expenses and other assets

 

 

37,066

 

 

(2,574)

Trade receivables, net

 

 

116,045

 

 

(56,562)

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

 

 

(451)

 

 

1,466

Trade payables, net

 

 

(1,823)

 

 

5,493

Employees and payroll accruals

 

 

1,457

 

 

5,151

Warranty obligations

 

 

20,198

 

 

28,860

Deferred revenues and customers advances

 

 

(31,834)

 

 

11,764

Other liabilities

 

 

5,768

 

 

28,236

Net cash provided by operating activities

 

 

167,055

 

 

107,234

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

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

 

 

89,739

 

 

68,407

Purchase of property, plant and equipment

 

 

(53,706)

 

 

(22,244)

Investment in available-for-sale marketable securities

 

 

(36,815)

 

 

(63,655)

Withdrawal from (investment in) restricted bank deposits

 

 

25,634

 

 

(203)

Business combination, net of cash acquired

 

 

-

 

 

(38,435)

Other investing activities

 

 

2,024

 

 

3,909

Net cash provided by (used in) in investing activities

 

$

26,876

 

$

(52,221)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Repayment of bank loans

 

$

(15,119)

 

$

(4,891)

Proceeds from bank loans

 

 

15,113

 

 

216

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

 

 

9,114

 

 

3,764

Change in Non-controlling interests

 

 

-

 

 

(66,474)

Other financing activities

 

 

(112)

 

 

-

Net cash provided by (used in) financing activities

 

 

8,996

 

 

(67,385)

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

 

202,927

 

 

(12,372)

Cash and cash equivalents at the beginning of the period

 

 

223,901

 

 

187,764

Effect of exchange rate differences on cash and cash equivalents

 

 

1,544

 

 

1,183

 

 

 

 

 

Cash and cash equivalents at the end of the period

 

$

428,372

 

$

176,575

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, 2020 March 31, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Gross profit (GAAP)

102,963

 

140,008

 

110,670

 

242,971

 

196,780

Stock-based compensation

2,359

 

2,273

 

1,651

 

4,632

 

3,005

Cost of product adjustment

----

 

313

 

319

 

313

 

1,001

Amortization and depreciation of acquired assets

2,325

 

2,356

 

3,307

 

4,681

 

4,384

Gross profit (Non-GAAP)

107,647

 

144,950

 

115,947

 

252,597

 

205,170

 
Reconciliation of GAAP to Non-GAAP Gross Margin
Three months ended Six months ended
June 30, 2020 March 31, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Gross margin (GAAP)

31.0%

 

32.5%

 

34.1%

 

31.8%

 

33.0%

Stock-based compensation

0.7%

 

0.5%

 

0.5%

 

0.6%

 

0.5%

Cost of product adjustment

----

 

0.1%

 

0.1%

 

----

 

0.2%

Amortization and depreciation of acquired assets

0.7%

 

0.5%

 

1.0%

 

0.6%

 

0.7%

Gross margin (Non-GAAP)

32.4%

 

33.6%

 

35.7%

 

33.1%

 

34.4%

 

Reconciliation of GAAP to Non-GAAP Operating expenses

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

 

June 30, 2019

Operating expenses (GAAP)

72,998

 

72,233

 

65,317

 

145,231

 

123,379

Stock-based compensation - R&D

(5,847)

 

(5,378)

 

(4,176)

 

(11,225)

 

(7,666)

Stock-based compensation - S&M

(3,445)

 

(3,192)

 

(2,722)

 

(6,637)

 

(5,126)

Stock-based compensation - G&A

(2,310)

 

(1,930)

 

(2,823)

 

(4,240)

 

(5,279)

Amortization and depreciation of acquired assets - R&D

(25)

 

(26)

 

(9)

 

(51)

 

(45)

Amortization and depreciation of acquired assets - S&M

(292)

 

(295)

 

51

 

(588)

 

(807)

Amortization and depreciation of acquired assets - G&A

(9)

 

(8)

 

(26)

 

(17)

 

(26)

Acquisition related expenses

----

 

----

 

(151)

 

----

 

(949)

Assets disposal

----

 

----

 

(552)

 

----

 

(552)

Other operating income (expenses)

----

 

4,900

 

----

 

4,900

 

----

Operating expenses (Non-GAAP)

61,070

 

66,303

 

54,909

 

127,373

 

102,929

 

Reconciliation of GAAP to Non-GAAP Operating income

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Operating income (GAAP)

29,965

 

67,775

 

45,353

 

97,740

 

73,401

Cost of product adjustment

----

 

313

 

319

 

313

 

1,001

Stock-based compensation

13,961

 

12,773

 

11,372

 

26,734

 

21,076

Amortization and depreciation of acquired assets

2,651

 

2,686

 

3,291

 

5,337

 

5,262

Acquisition related expenses

----

 

----

 

151

 

----

 

949

Assets disposal

----

 

----

 

552

 

----

 

552

Other operating ( income) expenses

----

 

(4,900)

 

----

 

(4,900)

 

----

Operating income (Non-GAAP)

46,577

 

78,647

 

61,038

 

125,224

 

102,241

 

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

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Financial expenses (income), net (GAAP)

(11,565)

 

16,605

 

(773)

 

5,040

 

5,378

Non cash interest

(1,200)

 

(1,128)

 

(850)

 

(2,328)

 

(1,635)

Currency fluctuation related to lease standard

(892)

 

1,033

 

(577)

 

141

 

(1,525)

Amortization and depreciation of acquired assets

----

 

(982)

 

----

 

(982)

 

----

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

(13,657)

 

15,528

 

(2,200)

 

1,871

 

2,218

 

Reconciliation of GAAP to Non-GAAP Tax on income

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Tax on income (GAAP)

4,862

 

8,922

 

13,213

 

13,784

 

17,135

Deferred tax realized (asset)

3,236

 

3,536

 

987

 

6,772

 

1,960

Tax on income (Non-GAAP)

8,098

 

12,458

 

14,200

 

20,556

 

19,095

 

Reconciliation of GAAP to Non-GAAP Net income

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Net income attributable to SolarEdge Technologies Inc. (GAAP)

36,668

 

42,248

 

33,128

 

78,916

 

52,144

Cost of product adjustment

----

 

313

 

319

 

313

 

1,001

Stock-based compensation

13,961

 

12,773

 

11,372

 

26,734

 

21,076

Amortization and depreciation of acquired assets

2,651

 

3,668

 

3,291

 

6,319

 

5,262

Acquisition related expenses

----

 

----

 

151

 

----

 

949

Assets disposal

----

 

----

 

552

 

----

 

552

Other operating ( income) expenses

----

 

(4,900)

 

----

 

(4,900)

 

----

Non cash interest

1,200

 

1,128

 

850

 

2,328

 

1,635

Currency fluctuation related to lease standard

892

 

(1,033)

 

577

 

(141)

 

1,525

Deferred tax realized (asset)

(3,236)

 

(3,536)

 

(987)

 

(6,772)

 

(1,960)

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

52,136

 

50,661

 

49,253

 

102,797

 

82,184

 

Reconciliation of GAAP to Non-GAAP Net basic EPS

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Net basic earnings per share (GAAP)

0.74

 

0.86

 

0.69

 

1.59

 

1.10

Cost of product adjustment

----

 

0.01

 

0.01

 

0.01

 

0.02

Stock-based compensation

0.28

 

0.25

 

0.24

 

0.54

 

0.45

Amortization and depreciation of acquired assets

0.05

 

0.08

 

0.07

 

0.13

 

0.11

Acquisition related expenses

----

 

----

 

----

 

----

 

0.02

Other operating ( income) expenses

----

 

(0.10)

 

----

 

(0.10)

 

----

Assets disposal

----

 

----

 

0.01

 

----

 

0.01

Non cash interest

0.02

 

0.02

 

0.02

 

0.05

 

0.03

Currency fluctuation related to lease standard

0.02

 

(0.02)

 

0.01

 

----

 

0.04

Deferred tax realized (asset)

(0.06)

 

(0.07)

 

(0.02)

 

(0.14)

 

(0.04)

Net basic earnings per share (Non-GAAP)

1.05

 

1.03

 

1.03

 

2.08

 

1.74

 

Reconciliation of GAAP to Non-GAAP Net diluted EPS

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Net diluted earnings per share (GAAP)

0.70

 

0.81

 

0.66

 

1.51

 

1.05

Cost of product adjustment

----

 

0.01

 

----

 

----

 

0.02

Stock-based compensation

0.24

 

0.21

 

0.19

 

0.47

 

0.35

Amortization and depreciation of acquired assets

0.05

 

0.07

 

0.07

 

0.11

 

0.11

Acquisition related expenses

----

 

----

 

----

 

----

 

0.01

Other operating ( income) expenses

----

 

(0.09)

 

----

 

(0.09)

 

----

Assets disposal

----

 

----

 

0.01

 

----

 

0.01

Non cash interest

0.02

 

0.02

 

0.02

 

0.05

 

0.04

Currency fluctuation related to lease standard

0.02

 

(0.02)

 

0.01

 

----

 

0.03

Deferred tax realized (asset)

(0.06)

 

(0.06)

 

(0.02)

 

(0.13)

 

(0.04)

Net diluted earnings per share (Non-GAAP)

0.97

 

0.95

 

0.94

 

1.92

 

1.58

 

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

Three months ended

Six months ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

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

52,536,437

 

52,172,720

 

49,940,034

 

52,357,838

 

49,358,280

Stock-based compensation

1,154,279

 

1,399,732

 

2,130,135

 

1,277,006

 

2,448,673

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

53,690,716

 

53,572,452

 

52,070,169

 

53,634,844

 

51,806,953

 

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.