Delaware
|
001-36894
|
20-5338862
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
1 HaMada Street, Herziliya Pituach, Israel
|
4673335
|
|
(Address of Principal executive offices)
|
(Zip Code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit Number
|
Description
|
|
99.1
|
SolarEdge Technologies, Inc. Press Release, dated May 7, 2015 (previously furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed on May12, 2015).
|
|
99.2
|
SolarEdge Technologies, Inc. Third Fiscal Quarter 2015 Earnings Summary, dated May 7, 2015.
|
|
99.3
|
SolarEdge Technologies, Inc. Third Fiscal Quarter 2015 Supplemental Information.
|
SOLAREDGE TECHNOLOGIES, INC.
|
By: |
/s/ Ronen Faier
|
||
Name:
|
Ronen Faier
|
||
Title:
|
Chief Financial Officer
|
Exhibit Number
|
Description
|
|
99.1
|
SolarEdge Technologies, Inc. Press Release, dated May 7, 2015 (previously furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed on May 12, 2015).
|
|
99.2
|
SolarEdge Technologies, Inc. Third Fiscal Quarter 2015 Earnings Summary, dated May 7, 2015.
|
|
99.3
|
SolarEdge Technologies, Inc. Third Fiscal Quarter 2015 Supplemental Information.
|
|
USD in millions*
|
FYQ3 '15
|
FYQ2 '15
|
FYQ3 '14
|
|
Revenues
|
86.4
|
73.3
|
30.6
|
|
Gross margin
|
27.4%
|
21.5%
|
20.4%
|
|
Operating expenses
|
13.9
|
11.5
|
10.8
|
|
Operating income
|
9.8
|
4.2
|
-4.5
|
|
Net income
|
6.0
|
3.4
|
-5.2
|
|
Net diluted earnings per share
|
0.01
|
0.00
|
-1.87
|
|
USD in millions*
|
FYQ3 '15
|
FYQ2 '15
|
FYQ3 '14
|
|
Revenues
|
86.4
|
73.3
|
30.6
|
|
Gross margin
|
27.6%
|
21.6%
|
20.5%
|
|
Operating expenses
|
13.1
|
11.2
|
10.5
|
|
Operating income
|
10.8
|
4.7
|
-4.3
|
|
Net income
|
8.7
|
4.1
|
-5.0
|
|
Net diluted Earnings Per Share
|
0.20
|
0.12
|
-0.19
|
|
USD in millions
|
FYQ3 '15
|
FYQ2 '15
|
FYQ3 '14
|
|
Cash and investments
|
138.8
|
27.2
|
12.9
|
|
Inventory
|
64.5
|
47.6
|
25.2
|
|
Capital Expenditures*
|
5.1
|
2.1
|
0.8
|
|
Total Debt
|
-
|
4.7
|
19.1
|
|
Cash Flow From Operations
|
-13.0
|
9.7
|
-4.9
|
|
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Gross profit (GAAP)
|
|
23,701
|
|
15,781
|
|
6,229
|
Stock-based compensation
|
|
140
|
|
77
|
|
33
|
Gross profit (Non-GAAP)
|
|
23,841
|
|
15,858
|
|
6,262
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Gross Margin
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Gross margin (GAAP)
|
|
27.4%
|
|
21.5%
|
|
20.4%
|
Stock-based compensation
|
|
0.2%
|
|
0.1%
|
|
0.1%
|
Gross margin (Non-GAAP)
|
|
27.6%
|
|
21.6%
|
|
20.5%
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Operating expenses
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Operating expenses (GAAP)
|
|
13,902
|
|
11,547
|
|
10,774
|
Stock-based compensation R&D
|
|
183
|
|
155
|
|
102
|
Stock-based compensation S&M
|
|
292
|
|
152
|
|
74
|
Stock-based compensation G&A
|
|
355
|
|
76
|
|
69
|
Operating expenses (Non-GAAP)
|
|
13,072
|
|
11,164
|
|
10,529
|
|
|
Reconciliation of GAAP to Non-GAAP Operating income (loss)
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Operating income (loss) (GAAP)
|
|
9,799
|
|
4,234
|
|
(4,545)
|
Stock-based compensation
|
|
970
|
|
460
|
|
278
|
Operating income (loss) (Non-GAAP)
|
|
10,769
|
|
4,694
|
|
(4,267)
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Finance expenses
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Finance expenses (GAAP)
|
|
3,436
|
|
458
|
|
626
|
Warrants remeasurement
|
|
1,800
|
|
280
|
|
(8)
|
Finance expenses (Non-GAAP)
|
|
1,636
|
|
178
|
|
634
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net income (loss)
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Net income (loss) (GAAP)
|
|
5,965
|
|
3,375
|
|
(5,238)
|
Stock-based compensation
|
|
970
|
|
460
|
|
278
|
Warrants remeasurement
|
|
1,800
|
|
280
|
|
(8)
|
Net income (loss) (Non-GAAP)
|
|
8,735
|
|
4,115
|
|
(4,968)
|
|
|
Reconciliation of GAAP to Non-GAAP Net basic EPS
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Net basic earnings (loss) per share (GAAP)
|
|
0.01
|
|
0.00
|
|
(1.87)
|
Stock-based compensation
|
|
0.03
|
|
0.00
|
|
0.01
|
Warrants remeasurement
|
|
0.04
|
|
0.01
|
|
----
|
Additional earnings per share giving effect to IPO and conversion of
preferred stock at the beginning of the periods (1) |
|
0.14
|
|
0.12
|
|
1.67
|
Net basic earnings (loss) per share (Non-GAAP)
|
|
0.22
|
|
0.13
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP No. of shares used in net basic EPS
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Number of shares used in computing net basic earnings (loss) per
share (GAAP) |
|
2,822,893
|
|
2,815,694
|
|
2,806,044
|
Additional shares giving effect to IPO and conversion of preferred
stock at the beginning of the periods |
|
36,297,931
|
|
28,202,001
|
|
23,697,300
|
Number of shares used in computing net basic earnings (loss) per
share (Non-GAAP) |
|
39,120,824
|
|
31,017,695
|
|
26,503,344
|
|
|
Reconciliation of GAAP to Non-GAAP Net diluted EPS
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Net diluted earnings (loss) per share (GAAP)
|
|
0.01
|
|
0.00
|
|
(1.87)
|
Stock-based compensation
|
|
0.02
|
|
0.00
|
|
0.01
|
Warrants remeasurement
|
|
0.04
|
|
0.01
|
|
----
|
Additional earnings per share giving effect to IPO and conversion of
preferred stock at the beginning of the periods (1) |
|
0.13
|
|
0.11
|
|
1.67
|
Net diluted earnings (loss) per share (Non-GAAP)
|
|
0.20
|
|
0.12
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP No. of shares used in net diluted EPS
|
||||
|
|
FYQ3 '15
|
|
FYQ2 '15
|
|
FYQ3 '14
|
Number of shares used in computing net diluted earnings (loss) per
share (GAAP) |
|
7,099,046
|
|
2,815,694
|
|
2,806,044
|
Additional shares related Stock-based compensation
|
|
647,474
|
|
3,173,096
|
|
|
Additional shares relate to warrants remeasurement adjustment
|
|
103,777
|
|
6,739
|
|
|
Additional shares giving effect to IPO and conversion of preferred stock
at the beginning of the periods (1) |
|
36,297,931
|
|
28,202,001
|
|
23,697,300
|
Number of shares used in computing net diluted earnings (loss) per
share (Non-GAAP) |
|
44,148,228
|
|
34,197,530
|
|
26,503,344
|
|
|
|
|
|
|
|
(1) Assumes shares of common stock outstanding after accounting for (i) the automatic conversion of the shares of preferred stock then outstanding
into common stock at the beginning of fiscal year 2015; and (ii) the issuance of 8,050,000 shares of common stock (associated with our initial public offering) at the beginning of the third fiscal quarter instead of the IPO closing date, March 31, 2015. |
KPI's $,000
|
FYQ'4 13
|
FYQ'1 14
|
FYQ'2 14
|
FYQ'3 14
|
FYQ'4 14
|
FYQ'1 15
|
FYQ'2 15
|
FYQ'3 15
|
2012
|
2013
|
2014
|
|||||||||||||||||||||||||||||||||
Revenues
|
22,928 | 30,515 | 27,569 | 30,560 | 44,573 | 66,969 | 73,290 | 86,399 | 75,351 | 79,035 | 133,217 | |||||||||||||||||||||||||||||||||
% Y/Y
|
N\A
|
65 | % | 22 | % | 104 | % | 94 | % | 119 | % | 166 | % | 183 | % | 5 | % | 69 | % | |||||||||||||||||||||||||
% Q/Q
|
53 | % | 33 | % | (10 | )% | 11 | % | 46 | % | 50 | % | 9 | % | 18 | % | ||||||||||||||||||||||||||||
Gross (loss) profit $
|
2,836 | 4,058 | 2,960 | 6,229 | 8,724 | 14,030 | 15,781 | 23,701 | (677 | ) | 4,409 | 21,971 | ||||||||||||||||||||||||||||||||
% Y/Y
|
N\A
|
N\A
|
142 | % | 308 | % | 208 | % | 246 | % | 433 | % | 280 | % |
N\A
|
398 | % | |||||||||||||||||||||||||||
% Q/Q
|
86 | % | 43 | % | (27 | )% | 110 | % | 40 | % | 61 | % | 12 | % | 50 | % | ||||||||||||||||||||||||||||
Gross Margin
|
12.4 | % | 13.3 | % | 10.7 | % | 20.4 | % | 19.6 | % | 20.9 | % | 21.5 | % | 27.4 | % | (0.9 | )% | 5.6 | % | 16.5 | % | ||||||||||||||||||||||
% Y/Y
|
N\A
|
N/A | 98 | % | 100 | % | 58 | % | 58 | % | 101 | % | 35 | % |
N\A
|
196 | % | |||||||||||||||||||||||||||
% Q/Q
|
21 | % | 8 | % | (19 | )% | 90 | % | (4 | )% | 7 | % | 3 | % | 27 | % | ||||||||||||||||||||||||||||
Operating profit (loss)
|
(5,312 | ) | (4,527 | ) | (6,859 | ) | (4,545 | ) | (2,440 | ) | 2,351 | 4,234 | 9,799 | (27,460 | ) | (27,460 | ) | (18,371 | ) | |||||||||||||||||||||||||
% Y/Y
|
N\A
|
(50 | )% | 6 | % | (30 | )% | (54 | )% |
N\A
|
N\A
|
N\A
|
0 | % | (33 | )% | ||||||||||||||||||||||||||||
% Q/Q
|
(19 | )% | (15 | )% | 52 | % | (34 | )% | (46 | )% |
N\A
|
80 | % | 131 | % | |||||||||||||||||||||||||||||
Net profit (loss)
|
(6,141 | ) | (5,311 | ) | (7,787 | ) | (5,238 | ) | (3,042 | ) | 2,520 | 3,375 | 5,965 | (27,783 | ) | (28,180 | ) | (21,378 | ) | |||||||||||||||||||||||||
% Y/Y
|
N\A
|
(40 | )% | 21 | % | (22 | )% | (50 | )% |
N\A
|
N\A
|
N\A
|
1 | % | (24 | )% | ||||||||||||||||||||||||||||
% Q/Q
|
(9 | )% | (14 | )% | 47 | % | (33 | )% | (42 | )% |
N\A
|
34 | % | 77 | % | |||||||||||||||||||||||||||||
Optimizer shipped (units)
|
280,663 | 306,901 | 262,943 | 328,822 | 458,585 | 663,850 | 785,730 | 945,586 | 709,804 | 890,445 | 1,357,251 | |||||||||||||||||||||||||||||||||
Inverter shipped (units)
|
12,123 | 13,005 | 12,135 | 14,936 | 21,923 | 31,880 | 35,696 | 38,630 | 30,140 | 36,088 | 61,999 | |||||||||||||||||||||||||||||||||
MW shipped
|
78 | 77 | 76 | 84 | 129 | 176 | 213 | 248 | 174 | 239 | 365 | |||||||||||||||||||||||||||||||||
System monitored
|
33,097 | 38,925 | 44,988 | 51,124 | 60,518 | 77,814 | 93,542 | 107,450 | 12,667 | 33,097 | 60,518 | |||||||||||||||||||||||||||||||||
Megawatts monitored
|
283 | 319 | 391 | 450 | 554 | 940 | 1,106 | 1,231 | 106 | 289 | 554 | |||||||||||||||||||||||||||||||||
$,000
|
March 31, 2015
|
June 30, 2014
|
||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
135,204 | 9,754 | ||||||
Restricted cash
|
3,575 | 1,602 | ||||||
Trade receivables, net
|
45,093 | 19,267 | ||||||
Prepaid expenses and other accounts receivable
|
25,312 | 13,151 | ||||||
Inventories
|
64,522 | 25,499 | ||||||
Total Current Assets
|
273,706 | 69,273 | ||||||
Fixed Assets, net
|
11,903 | 5,351 | ||||||
Long-term lease deposit and prepaid expenses
|
380 | 367 | ||||||
Long-term deferred charges
|
---- | 7 | ||||||
Total Assets
|
285,989 | 74,998 | ||||||
Current Liabilities
|
||||||||
Short term bank loan
|
---- | 13,326 | ||||||
Current maturities of term loan
|
---- | 3,474 | ||||||
Accounts payables
|
36,233 | 36,815 | ||||||
Employees & related payroll exp.
|
6,017 | 5,210 | ||||||
Other accounts payable
|
52,428 | 6,893 | ||||||
Warranty obligations
|
7,661 | 5,496 | ||||||
Deferred revenues
|
1,098 | 1,729 | ||||||
Total Current Liabilities
|
103,437 | 72,943 | ||||||
Long Term Liabilities
|
||||||||
Long Term Warranty obligations
|
20,238 | 12,685 | ||||||
Deferred Revenues
|
6,995 | 4,252 | ||||||
Lease incentive obligation
|
1,959 | ---- | ||||||
Term loans
|
---- | 3,444 | ||||||
Warrants Liability
|
2,830 | 765 | ||||||
Total Long Term Liabilities
|
32,022 | 21,146 | ||||||
Convertible Preferred Stock
|
---- | 116,203 | ||||||
Stockholders’ Equity (Deficiency):
|
||||||||
Common stock
|
4 | ---- | ||||||
Additional paid-in capital
|
280,040 | 5,878 | ||||||
Accumulated other comprehensive loss
|
(263 | ) | (61 | ) | ||||
Accumulated deficit
|
(129,251 | ) | (141,111 | ) | ||||
Total stockholders’ equity (deficiency)
|
150,530 | (135,294 | ) | |||||
Total liabilities and stockholders’ equity (deficiency)
|
285,989 | 74,998 |
FYQ'4 13
|
FYQ'1 14
|
FYQ'2 14
|
FYQ'3 14
|
FYQ'4 14
|
FYQ'1 15
|
FYQ'2 15
|
FYQ'3 15
|
2012
|
2013
|
2014
|
||||||||||||||||||||||||||||||||||
Revenues
|
22,928 | 30,515 | 27,569 | 30,560 | 44,573 | 66,969 | 73,290 | 86,399 | 75,351 | 79,035 | 133,217 | |||||||||||||||||||||||||||||||||
Cost of revenues
|
20,092 | 26,457 | 24,609 | 24,331 | 35,849 | 52,939 | 57,509 | 62,698 | 76,028 | 74,626 | 111,246 | |||||||||||||||||||||||||||||||||
Gross (loss) profit
|
2,836 | 4,058 | 2,960 | 6,229 | 8,724 | 14,030 | 15,781 | 23,701 | (677 | ) | 4,409 | 21,971 | ||||||||||||||||||||||||||||||||
Gross Margin %
|
12.4 | % | 13.3 | % | 10.7 | % | 20.4 | % | 19.6 | % | 20.9 | % | 21.5 | % | 27.4 | % | (0.9 | )% | 5.6 | % | 16.5 | % | ||||||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||||||||||||||||||
Research and development, net
|
3,790 | 4,136 | 4,686 | 4,864 | 4,570 | 5,059 | 4,768 | 5,490 | 13,783 | 15,823 | 18,256 | |||||||||||||||||||||||||||||||||
Sales and marketing
|
3,475 | 3,657 | 4,123 | 4,592 | 5,420 | 5,461 | 5,658 | 6,422 | 9,926 | 12,784 | 17,792 | |||||||||||||||||||||||||||||||||
General and administrative
|
883 | 792 | 1,010 | 1,318 | 1,174 | 1,159 | 1,121 | 1,990 | 3,074 | 3,262 | 4,294 | |||||||||||||||||||||||||||||||||
Total operating expenses
|
8,148 | 8,585 | 9,819 | 10,774 | 11,164 | 11,679 | 11,547 | 13,902 | 26,783 | 31,869 | 40,342 | |||||||||||||||||||||||||||||||||
Operating income (loss)
|
(5,312 | ) | (4,527 | ) | (6,859 | ) | (4,545 | ) | (2,440 | ) | 2,351 | 4,234 | 9,799 | (27,460 | ) | (27,460 | ) | (18,371 | ) | |||||||||||||||||||||||||
Financial expenses (Income)
|
721 | 777 | 914 | 626 | 470 | (516 | ) | 458 | 3,436 | 287 | 612 | 2,787 | ||||||||||||||||||||||||||||||||
Profit (Loss) before taxes on income
|
(6,033 | ) | (5,304 | ) | (7,773 | ) | (5,171 | ) | (2,910 | ) | 2,867 | 3,776 | 6,363 | (27,747 | ) | (28,072 | ) | (21,158 | ) | |||||||||||||||||||||||||
Taxes on income
|
108 | 7 | 14 | 67 | 132 | 347 | 401 | 398 | 36 | 108 | 220 | |||||||||||||||||||||||||||||||||
Net (Profit) loss
|
(6,141 | ) | (5,311 | ) | (7,787 | ) | (5,238 | ) | (3,042 | ) | 2,520 | 3,375 | 5,965 | (27,783 | ) | (28,180 | ) | (21,378 | ) | |||||||||||||||||||||||||
3 months ended
|
||||||||
$,000
|
Mar-15
|
Mar-14
|
||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
5,965 | (5,238 | ) | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Depreciation
|
544 | 496 | ||||||
Interest expenses related to Bank Loan
|
656 | 8 | ||||||
Stock-based compensation related to employee and non-employee consultants stock options
|
970 | 278 | ||||||
Financial expenses (income), net related to term loan
|
(992 | ) | 5,762 | |||||
Remeasurement of warrants to purchase preferred and common stock
|
1,800 | (537 | ) | |||||
Changes in assets and liabilities:
|
||||||||
Inventories
|
(16,943 | ) | (7,381 | ) | ||||
Prepaid expenses and other accounts receivable
|
(1,527 | ) | (55 | ) | ||||
Trade receivables, net
|
(20,074 | ) | (16,798 | ) | ||||
Trade payables
|
(7,311 | ) | 13,921 | |||||
Employees and payroll accruals
|
522 | (4,176 | ) | |||||
Warranty obligations
|
3,602 | 8,720 | ||||||
Deferred revenues
|
422 | 258 | ||||||
Accrued expenses and other accounts payable
|
17,079 | (192 | ) | |||||
Lease incentive obligation
|
2,243 | |||||||
Net cash used in operating activities
|
(13,044 | ) | (4,934 | ) | ||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(5,121 | ) | (810 | ) | ||||
Increase in restricted cash
|
(166 | ) | 1 | |||||
Increase (decrease) in long-term deposit
|
7 | 10 | ||||||
Net cash used in investing activities
|
(5,280 | ) | (799 | ) | ||||
Cash flows from financing activities:
|
||||||||
Proceeds from short term bank loan
|
17,000 | 2,361 | ||||||
Repayment of short term bank loan
|
(17,000 | ) | (1,119 | ) | ||||
Repayments of term loan
|
(4,341 | ) | (747 | ) | ||||
Proceeds from issuance of stock, net
|
145,063 | ---- | ||||||
Issuance costs
|
(10,952 | ) | ---- | |||||
Receipts on account of Convertible Preferred stock
|
---- | 7,115 | ||||||
Proceeds from exercise of employee stock options
|
30 | 14 | ||||||
Net cash provided by financing activities
|
129,800 | 7,624 | ||||||
Increase in cash and cash equivalents
|
111,476 | 1,891 | ||||||
Cash and cash equivalents at the beginning of the period
|
23,774 | 9,598 | ||||||
Cash (erosion) due to exchange rate differences
|
(46 | ) | (17 | ) | ||||
Cash and cash equivalents at the end of the period
|
135,204 | 11,472 |