Press Release Details

SolarEdge Announces Second Quarter 2022 Financial Results

August 2, 2022 at 4:05 PM EDT

MILPITAS, Calif.--(BUSINESS WIRE)--Aug. 2, 2022-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights

  • Record revenues of $727.8 million
  • Record revenues from solar segment of $687.6 million
  • GAAP gross margin of 25.1%
  • Non-GAAP gross margin of 26.7%
  • Gross margin from solar segment of 28.1%
  • GAAP net income of $15.1 million
  • Non-GAAP net income of $56.7 million
  • GAAP net diluted earnings per share (“EPS”) of $0.26
  • Non-GAAP net diluted EPS of $0.95
  • 2.52 Gigawatts (AC) of inverters shipped

“The growing demand for energy in general and clean energy in particular continued to drive top line growth this quarter resulting in record revenues in Europe and the United States,” said Zvi Lando, Chief Executive Officer of SolarEdge. “While we continue to face growing supply chain challenges, some related to our rapid growth in an environment of component shortages, and macro-economic trends as a result of our global footprint, we continue to support our customers while building the infrastructure for sustainable growth.”

Second Quarter 2022 Summary

The Company reported record revenues of $727.8 million, up 11% from $655.1 million in the prior quarter and up 52% from $480.1 million in the same quarter last year.

Revenues from the solar segment were record $687.6 million, up 13% from $608.0 million in the prior quarter and up 59% from $431.5 million in the same quarter last year.

GAAP gross margin was 25.1%, down from 27.3% in the prior quarter and down from 32.5% in the same quarter last year.

Non-GAAP gross margin was 26.7%, down from 28.4% in the prior quarter and down from 33.9% in the same quarter last year.

Gross margin from the solar segment was 28.1%, down from 30.2% in the prior quarter and down from 37.4% in the same quarter last year.

GAAP operating expenses were $146.6 million, up 14% from $128.1 million in the prior quarter and up 46% from $100.6 million in the same quarter last year.

Non-GAAP operating expenses were $109.6 million, up 11% from $98.9 million in the prior quarter and up 35% from $81.5 million in the same quarter last year.

GAAP operating income was $36.0 million, down 29% from $50.9 million in the prior quarter and down 35% from $55.6 million in the same quarter last year.

Non-GAAP operating income was $84.7 million, down 3% from $87.2 million in the prior quarter and up 4% from $81.3 million in the same quarter last year.

GAAP net income was $15.1 million, down 54% from $33.1 million in the prior quarter and down 67% from $45.1 million in the same quarter last year.

Non-GAAP net income was $56.7 million, down 18% from $68.8 million in the prior quarter and down 22% from $72.5 million in the same quarter last year.

GAAP net diluted EPS was $0.26, down from $0.60 in the prior quarter and down from $0.82 in the same quarter last year.

Non-GAAP net diluted EPS was $0.95, down from $1.20 in the prior quarter and down from $1.28 in the same quarter last year.

Cash flow generated from operating activities was $77.4 million, compared with $163.0 million used in operating activities in the prior quarter and $38.7 million generated from operating activities in the same quarter last year.

As of June 30, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $973.3 million, net of debt, compared to $979.0 million on March 31, 2022.

Outlook for the Third Quarter 2022

The Company also provides guidance for the third quarter ending September 30, 2022 as follows:

  • Revenues to be within the range of $810 million to $840 million
  • Non-GAAP gross margin expected to be within the range of 26% to 29%
  • Non-GAAP operating profit to be within the range of $90 million to $110 million
  • Revenues from solar segment to be within the range of $765 million to $795 million
  • Gross margin from solar segment expected to be within the range of 27% to 30%

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, August 2, 2022. The call will be available, live, to interested parties by dialing 888-394-8218. For international callers, please dial +1 313-209-6544. The Conference ID number is 2902967. 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, 2021, filed on February 22, 2022 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 August 2, 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 (Unaudited)

(in thousands, except per share data)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

2021

 

2022

 

2021

Revenues

 

$

727,774

 

 

$

480,057

 

 

$

1,382,854

 

 

$

885,546

 

Cost of revenues

 

 

545,132

 

 

 

323,865

 

 

 

1,021,254

 

 

 

589,280

 

Gross profit

 

 

182,642

 

 

 

156,192

 

 

 

361,600

 

 

 

296,266

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

74,847

 

 

 

52,664

 

 

 

141,196

 

 

 

99,641

 

Sales and marketing

 

 

38,975

 

 

 

29,458

 

 

 

74,291

 

 

 

56,369

 

General and administrative

 

 

28,121

 

 

 

19,370

 

 

 

54,550

 

 

 

39,219

 

Other operating expenses (income), net

 

 

4,687

 

 

 

(859

)

 

 

4,687

 

 

 

1,350

 

Total operating expenses

 

 

146,630

 

 

 

100,633

 

 

 

274,724

 

 

 

196,579

 

Operating income

 

 

36,012

 

 

 

55,559

 

 

 

86,876

 

 

 

99,687

 

Financial expense, net

 

 

(14,311

)

 

 

(1,743

)

 

 

(19,760

)

 

 

(7,840

)

Income before income taxes

 

 

21,701

 

 

 

53,816

 

 

 

67,116

 

 

 

91,847

 

Income taxes

 

 

6,617

 

 

 

8,724

 

 

 

18,909

 

 

 

16,679

 

Net income

 

$

15,084

 

 

$

45,092

 

 

$

48,207

 

 

$

75,168

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except per share data)

 

 

June 30,

2022

 

December 31,

2021

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$

745,534

 

 

$

530,089

 

Marketable securities

 

 

150,259

 

 

 

167,728

 

Trade receivables, net of allowances of $3,805 and $2,626, respectively

 

 

669,100

 

 

 

456,339

 

Inventories, net

 

 

470,272

 

 

 

380,143

 

Prepaid expenses and other current assets

 

 

248,643

 

 

 

176,992

 

Total current assets

 

 

2,283,808

 

 

 

1,711,291

 

LONG-TERM ASSETS:

 

 

 

 

Marketable securities

 

 

709,571

 

 

 

482,228

 

Deferred tax assets, net

 

 

33,400

 

 

 

27,572

 

Property, plant and equipment, net

 

 

489,109

 

 

 

410,379

 

Operating lease right-of-use assets, net

 

 

58,375

 

 

 

47,137

 

Intangible assets, net

 

 

50,372

 

 

 

58,861

 

Goodwill

 

 

116,173

 

 

 

129,629

 

Other long-term assets

 

 

31,970

 

 

 

33,856

 

Total long-term assets

 

 

1,488,970

 

 

 

1,189,662

 

Total assets

 

$

3,772,778

 

 

 

2,900,953

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Trade payables, net

 

$

253,399

 

 

$

252,068

 

Employees and payroll accruals

 

 

68,154

 

 

 

74,465

 

Warranty obligations

 

 

91,761

 

 

 

71,480

 

Deferred revenues and customers advances

 

 

30,460

 

 

 

17,789

 

Accrued expenses and other current liabilities

 

 

168,400

 

 

 

109,379

 

Total current liabilities

 

 

612,174

 

 

 

525,181

 

LONG-TERM LIABILITIES:

 

 

 

 

Convertible senior notes, net

 

 

622,991

 

 

 

621,535

 

Warranty obligations

 

 

232,415

 

 

 

193,680

 

Deferred revenues

 

 

170,235

 

 

 

151,556

 

Finance lease liabilities

 

 

46,680

 

 

 

40,508

 

Operating lease liabilities

 

 

42,849

 

 

 

38,912

 

Other long-term liabilities

 

 

17,902

 

 

 

19,542

 

Total long-term liabilities

 

 

1,133,072

 

 

 

1,065,733

 

COMMITMENTS AND CONTINGENT LIABILITIES

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of June 30, 2022 and December 31, 2021; issued and outstanding: 55,633,090 and 52,815,395 shares as of June 30, 2022 and December 31, 2021, respectively

 

 

6

 

 

 

5

 

Additional paid-in capital

 

 

1,418,881

 

 

 

687,295

 

Accumulated other comprehensive loss

 

 

(89,620

)

 

 

(27,319

)

Retained earnings

 

 

698,265

 

 

 

650,058

 

Total stockholders’ equity

 

 

2,027,532

 

 

 

1,310,039

 

Total liabilities and stockholders’ equity

 

$

3,772,778

 

 

$

2,900,953

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands, except per share data)

 

 

Six Months Ended

June 30,

 

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

Net income

 

$

48,207

 

 

$

75,168

 

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

 

 

 

 

Depreciation of property, plant and equipment

 

 

18,861

 

 

 

14,008

 

Amortization of intangible assets

 

 

5,277

 

 

 

4,871

 

Amortization of debt discount and debt issuance costs

 

 

1,456

 

 

 

1,450

 

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

 

 

5,376

 

 

 

3,558

 

Impairment of goodwill and intangible assets

 

 

4,008

 

 

 

 

Stock-based compensation expenses

 

 

71,181

 

 

 

47,205

 

Deferred income taxes, net

 

 

(1,092

)

 

 

(3,931

)

Loss from sale and disposal of assets

 

 

296

 

 

 

2,051

 

Exchange rate fluctuations and other items, net

 

 

24,666

 

 

 

12,983

 

Changes in assets and liabilities:

 

 

 

 

Inventories, net

 

 

(93,348

)

 

 

13,229

 

Prepaid expenses and other assets

 

 

(79,215

)

 

 

(20,356

)

Trade receivables, net

 

 

(235,316

)

 

 

(128,564

)

Trade payables, net

 

 

(7,339

)

 

 

(20,120

)

Employees and payroll accruals

 

 

5,202

 

 

 

9,734

 

Warranty obligations

 

 

59,588

 

 

 

27,298

 

Deferred revenues and customers advances

 

 

32,277

 

 

 

4,524

 

Other liabilities, net

 

 

54,341

 

 

 

19,660

 

Net cash provided by (used in) operating activities

 

 

(85,574

)

 

 

62,768

 

Cash flows from investing activities:

 

 

 

 

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

 

 

126,287

 

 

 

103,763

 

Purchase of property, plant and equipment

 

 

(91,884

)

 

 

(65,267

)

Investment in available-for-sale marketable securities

 

 

(362,119

)

 

 

(422,470

)

Withdrawal from bank deposits, net

 

 

 

 

 

46,534

 

Other investing activities

 

 

1,783

 

 

 

1,442

 

Net cash used in investing activities

 

$

(325,933

)

 

$

(335,998

)

Cash flows from financing activities:

 

 

 

 

Proceeds from secondary public offering, net of issuance costs

 

$

650,526

 

 

$

 

Repayment of bank loans

 

 

 

 

 

(16,385

)

Proceeds from exercise of stock-based awards

 

 

1,642

 

 

 

5,472

 

Tax withholding in connection with stock-based awards, net

 

 

(2,318

)

 

 

(9,668

)

Other financing activities

 

 

(1,444

)

 

 

(625

)

Net cash provided by (used in) financing activities

 

 

648,406

 

 

 

(21,206

)

Increase (decrease) in cash and cash equivalents

 

 

236,899

 

 

 

(294,436

)

Cash and cash equivalents at the beginning of the period

 

 

530,089

 

 

 

827,146

 

Effect of exchange rate differences on cash and cash equivalents

 

 

(21,454

)

 

 

(8,598

)

Cash and cash equivalents at the end of the period

 

$

745,534

 

 

$

524,112

 

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

 

Six Months Ended

 

June 30,

2022

 

March 31,

2022

 

June 30,

2021

 

June 30,

2022

 

June 30,

2021

Gross profit (GAAP)

182,642

 

178,958

 

156,192

 

361,600

 

296,266

Revenues from finance component

(146)

 

(135)

 

(99)

 

(281)

 

(185)

Stock-based compensation

5,285

 

5,062

 

4,291

 

10,347

 

10,081

Disposal of assets related to Critical Power

4,314

 

 

 

4,314

 

Amortization and depreciation of acquired assets

2,185

 

2,219

 

2,401

 

4,404

 

4,713

Gross profit (Non-GAAP)

194,280

 

186,104

 

162,785

 

380,384

 

310,875

 

 

 

 

 

 

 

 

 

 

Gross margin (GAAP)

25.1%

 

27.3%

 

32.5%

 

26.1%

 

33.5%

Revenues from finance component

0.0%

 

0.0%

 

0.0%

 

0.0%

 

0.0%

Stock-based compensation

0.7%

 

0.8%

 

0.9%

 

0.7%

 

1.1%

Disposal of assets related to Critical Power

0.6%

 

—%

 

—%

 

0.3%

 

—%

Amortization and depreciation of acquired assets

0.3%

 

0.3%

 

0.5%

 

0.3%

 

0.5%

Gross margin (Non-GAAP)

26.7%

 

28.4%

 

33.9%

 

27.5%

 

35.1%

 

 

 

 

 

 

 

 

 

 

Operating expenses (GAAP)

146,630

 

128,094

 

100,633

 

274,724

 

196,579

Stock-based compensation - R&D

(16,819)

 

(14,985)

 

(9,805)

 

(31,804)

 

(18,603)

Stock-based compensation - S&M

(7,047)

 

(6,701)

 

(5,780)

 

(13,748)

 

(11,215)

Stock-based compensation - G&A

(7,923)

 

(7,359)

 

(4,176)

 

(15,282)

 

(7,306)

Amortization and depreciation of acquired assets - R&D

(300)

 

(303)

 

(9)

 

(603)

 

(21)

Amortization and depreciation of acquired assets - S&M

(226)

 

(236)

 

(236)

 

(462)

 

(473)

Amortization and depreciation of acquired assets - G&A

(5)

 

(6)

 

(7)

 

(11)

 

(15)

Gain (loss) from assets sales and disposal

(8)

 

410

 

 

402

 

62

Other operating income (expenses)

(4,687)

 

 

859

 

(4,687)

 

(1,350)

Operating expenses (Non-GAAP)

109,615

 

98,914

 

81,479

 

208,529

 

157,658

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

36,012

 

50,864

 

55,559

 

86,876

 

99,687

Revenues from finance component

(146)

 

(135)

 

(99)

 

(281)

 

(185)

Disposal of assets related to Critical Power

4,314

 

 

 

4,314

 

Stock-based compensation

37,074

 

34,107

 

24,052

 

71,181

 

47,205

Amortization and depreciation of acquired assets

2,716

 

2,764

 

2,653

 

5,480

 

5,222

Loss (gain) from assets sales and disposal

8

 

(410)

 

 

(402)

 

(62)

Other operating (income) expenses

4,687

 

 

(859)

 

4,687

 

1,350

Operating income (Non-GAAP)

84,665

 

87,190

 

81,306

 

171,855

 

153,217

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

 

Six Months Ended

 

June 30,

2022

 

March 31,

2022

 

June 30,

2021

 

June 30,

2022

 

June 30,

2021

Financial income (expense), net (GAAP)

(14,311)

 

(5,449)

 

(1,743)

 

(19,760)

 

(7,840)

Notes due 2025

728

 

728

 

726

 

1,456

 

1,450

Non cash interest

1,699

 

1,609

 

1,439

 

3,308

 

2,775

Currency fluctuation related to lease standard

(9,028)

 

(1,792)

 

1,300

 

(10,820)

 

(989)

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

(20,912)

 

(4,904)

 

1,722

 

(25,816)

 

(4,604)

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) (GAAP)

(6,617)

 

(12,292)

 

(8,724)

 

(18,909)

 

(16,679)

Deferred taxes

(389)

 

(1,201)

 

(1,789)

 

(1,590)

 

(3,930)

Income tax benefit (expense) (Non-GAAP)

(7,006)

 

(13,493)

 

(10,513)

 

(20,499)

 

(20,609)

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

15,084

 

33,123

 

45,092

 

48,207

 

75,168

Revenues from finance component

(146)

 

(135)

 

(99)

 

(281)

 

(185)

Disposal of assets related to Critical Power

4,314

 

 

 

4,314

 

Stock-based compensation

37,074

 

34,107

 

24,052

 

71,181

 

47,205

Amortization and depreciation of acquired assets

2,716

 

2,764

 

2,653

 

5,480

 

5,222

Loss (gain) from assets sales and disposal

8

 

(410)

 

 

(402)

 

(62)

Other operating (income) expenses

4,687

 

 

(859)

 

4,687

 

1,350

Notes due 2025

728

 

728

 

726

 

1,456

 

1,450

Non cash interest

1,699

 

1,609

 

1,439

 

3,308

 

2,775

Currency fluctuation related to lease standard

(9,028)

 

(1,792)

 

1,300

 

(10,820)

 

(989)

Deferred taxes

(389)

 

(1,201)

 

(1,789)

 

(1,590)

 

(3,930)

Net income (Non-GAAP)

56,747

 

68,793

 

72,515

 

125,540

 

128,004

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

 

Six Months Ended

 

June 30,

2022

 

March 31,

2022

 

June 30,

2021

 

June 30,

2022

 

June 30,

2021

Net basic earnings per share (GAAP)

0.27

 

0.62

 

0.87

 

0.89

 

1.45

Revenues from finance component

0.00

 

0.00

 

(0.01)

 

(0.01)

 

(0.01)

Disposal of assets related to Critical Power

0.08

 

 

 

0.08

 

Stock-based compensation

0.67

 

0.64

 

0.47

 

1.31

 

0.91

Amortization and depreciation of acquired assets

0.04

 

0.05

 

0.05

 

0.10

 

0.10

Loss (gain) from assets sales and disposal

0.00

 

0.00

 

 

0.00

 

0.00

Other operating (income) expenses

0.09

 

 

(0.02)

 

0.08

 

0.03

Notes due 2025

0.01

 

0.01

 

0.01

 

0.03

 

0.03

Non cash interest

0.03

 

0.03

 

0.03

 

0.06

 

0.05

Currency fluctuation related to lease standard

(0.16)

 

(0.03)

 

0.03

 

(0.20)

 

(0.02)

Deferred taxes

(0.01)

 

(0.03)

 

(0.04)

 

(0.03)

 

(0.07)

Net basic earnings per share (Non-GAAP)

1.02

 

1.29

 

1.39

 

2.31

 

2.47

 

 

 

 

 

 

 

 

 

 

Net diluted earnings per share (GAAP)

0.26

 

0.60

 

0.82

 

0.86

 

1.36

Revenues from finance component

0.00

 

0.00

 

(0.01)

 

(0.01)

 

0.00

Disposal of assets related to Critical Power

0.08

 

 

 

0.08

 

Stock-based compensation

0.62

 

0.58

 

0.42

 

1.20

 

0.81

Amortization and depreciation of acquired assets

0.04

 

0.05

 

0.04

 

0.10

 

0.09

Loss (gain) from assets sales and disposal

0.00

 

(0.01)

 

 

(0.01)

 

0.00

Other operating (income) expenses

0.08

 

 

(0.01)

 

0.08

 

0.03

Notes due 2025

0.00

 

0.01

 

0.00

 

0.01

 

0.00

Non cash interest

0.03

 

0.02

 

0.03

 

0.05

 

0.05

Currency fluctuation related to lease standard

(0.15)

 

(0.03)

 

0.02

 

(0.18)

 

(0.01)

Deferred taxes

(0.01)

 

(0.02)

 

(0.03)

 

(0.03)

 

(0.07)

Net diluted earnings per share (Non-GAAP)

0.95

 

1.20

 

1.28

 

2.15

 

2.26

 

 

 

 

 

 

 

 

 

 

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

58,564,734

 

56,315,193

 

55,930,562

 

57,446,416

 

55,965,369

Stock-based compensation

904,781

 

927,219

 

780,309

 

916,000

 

773,248

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

59,469,515

 

57,242,412

 

56,710,871

 

58,362,416

 

56,738,617

 

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.