Delaware
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001-36894
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20-5338862
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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1 HaMada Street, Herziliya Pituach, Israel
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4673335
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(Address of Principal executive offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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Exhibit 99.1
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Press release dated February 3, 2016
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SOLAREDGE TECHNOLOGIES, INC.
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|||
Date: February 3, 2016
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By:
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/s/ Ronen Faier | |
Name: Ronen Faier | |||
Title: Chief Financial Officer
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Exhibit No.
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Description
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Exhibit 99.1
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Press release dated February 3, 2016
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·
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Record revenue of $124.8 million, up 8.5% from last quarter and 70.3% year-over-year
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·
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GAAP gross margin of 30.9%
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·
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GAAP net income of $24.1 million
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·
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Non-GAAP net income of $19.8 million
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·
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416 Megawatts (AC) of inverters shipped
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·
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Revenues expected to be within the range of $121 million to $125 million;
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·
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Gross margins expected to be within the range of 29% to 31%.
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Three months ended
December 31,
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Six months ended
December 31,
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|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||
Revenues
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$ | 124,832 | $ | 73,290 | $ | 239,886 | $ | 140,259 | ||||||||
Cost of revenues
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86,250 | 57,509 | 167,777 | 110,448 | ||||||||||||
Gross profit
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38,582 | 15,781 | 72,109 | 29,811 | ||||||||||||
Operating expenses:
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||||||||||||||||
Research and development, net
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8,299 | 4,768 | 15,290 | 9,827 | ||||||||||||
Sales and marketing
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8,833 | 5,658 | 17,077 | 11,119 | ||||||||||||
General and administrative
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2,188 | 1,121 | 5,606 | 2,280 | ||||||||||||
Total operating expenses
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19,320 | 11,547 | 37,973 | 23,226 | ||||||||||||
Operating income
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19,262 | 4,234 | 34,136 | 6,585 | ||||||||||||
Financial income (expenses), net
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(959 | ) | (458 | ) | (1,031 | ) | 58 | |||||||||
Income before taxes on income
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18,303 | 3,776 | 33,105 | 6,643 | ||||||||||||
Taxes on income (tax benefit)
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(5,802 | ) | 401 | (5,432 | ) | 748 | ||||||||||
Net income
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$ | 24,105 | $ | 3,375 | $ | 38,537 | $ | 5,895 |
December 31,
|
June 30,
|
|||||||
2015
|
2015
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|||||||
Unaudited
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||||||||
ASSETS
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||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
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$ | 106,150 | $ | 144,750 | ||||
Restricted cash
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3,417 | 3,639 | ||||||
Marketable Securities
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27,137 | - | ||||||
Trade receivables, net
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46,685 | 35,428 | ||||||
Prepaid expenses and other accounts receivable
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24,233 | 32,645 | ||||||
Inventories
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87,400 | 73,950 | ||||||
Total current assets
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295,022 | 290,412 | ||||||
PROPERTY AND EQUIPMENT, NET
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21,428 | 14,717 | ||||||
LONG-TERM ASSETS:
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||||||||
Long-term marketable securities
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25,290 | - | ||||||
Long-term prepaid expenses and lease deposits
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510 | 529 | ||||||
Deferred tax assets
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6,565 | - | ||||||
Intangible assets, net
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758 | - | ||||||
33,123 | 529 | |||||||
Total assets
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$ | 349,573 | $ | 305,658 |
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
CURRENT LIABILITIES:
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||||||||
Trade payables
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$ | 61,977 | $ | 80,684 | ||||
Employees and payroll accruals
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12,864 | 6,814 | ||||||
Warranty obligations
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11,862 | 9,431 | ||||||
Deferred revenues
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1,983 | 1,676 | ||||||
Accrued expenses and other accounts payable
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7,169 | 6,987 | ||||||
Total current liabilities
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95,855 | 105,592 | ||||||
LONG-TERM LIABILITIES
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||||||||
Warranty obligations
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29,032 | 22,448 | ||||||
Deferred revenues
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11,427 | 8,289 | ||||||
Lease incentive obligation
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2,320 | 2,385 | ||||||
Total long-term liabilities
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42,779 | 33,122 | ||||||
STOCKHOLDERS’ EQUITY:
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||||||||
Share capital
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4 | 4 | ||||||
Additional paid-in capital
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292,681 | 287,152 | ||||||
Accumulated other comprehensive loss
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(293 | ) | (222 | ) | ||||
Accumulated deficit
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(81,453 | ) | (119,990 | ) | ||||
Total stockholders’ equity
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210,939 | 166,944 | ||||||
Total liabilities and stockholders’ equity
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$ | 349,573 | $ | 305,658 |
Six months ended
December 31,
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||||||||
2015
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2014
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|||||||
Unaudited
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||||||||
Cash flows provided by operating activities:
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||||||||
Net income
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$ | 38,537 | $ | 5,895 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation
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1,629 | 1,103 | ||||||
Amortization of intangible assets
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42 | - | ||||||
Amortization of premiums on available-for-sale marketable securities
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35 | - | ||||||
Stock-based compensation related to employee and non-employee
consultants stock options
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4,057 | 780 | ||||||
Realized gains on cash flow hedges
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(2 | ) | - | |||||
Financial income, net related to term loan
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- | (656 | ) | |||||
Remeasurement of warrants to purchase preferred and common stock
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- | 265 | ||||||
Changes in assets and liabilities:
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||||||||
Inventories
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(13,452 | ) | (22,128 | ) | ||||
Prepaid expenses and other accounts receivable
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6,504 | (10,671 | ) | |||||
Trade receivables, net
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(11,268 | ) | (5,919 | ) | ||||
Deferred tax assets, net
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(6,527 | ) | - | |||||
Trade payables
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(18,701 | ) | 33,429 | |||||
Employees and payroll accruals
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6,073 | 361 | ||||||
Warranty obligations
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9,015 | 6,116 | ||||||
Deferred revenues
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3,446 | 1,694 | ||||||
Accrued expenses and other accounts payable
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(273 | ) | (860 | ) | ||||
Lease incentive obligation
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(65 | ) | - | |||||
Net cash provided by operating activities
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19,050 | 9,409 | ||||||
Cash flows used in investing activities:
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||||||||
Investment in available-for-sale marketable securities
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(52,860 | ) | - | |||||
Purchase of property and equipment
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(5,636 | ) | (3,133 | ) | ||||
Purchase of intangible assets
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(800 | ) | - | |||||
Decrease (increase) in restricted cash
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222 | (1,807 | ) | |||||
Decrease (increase) in short and long-term lease deposits
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37 | (31 | ) | |||||
Net cash used in investing activities
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(59,037 | ) | (4,971 | ) | ||||
Cash flows from financing activities:
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||||||||
Proceeds from short-term bank loans
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$ | - | $ | 6,000 | ||||
Repayments of short term loan
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- | (19,326 | ) | |||||
Repayments of term loan
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- | (1,578 | ) | |||||
Proceeds from issuance of Series E Convertible Preferred stock
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- | 24,837 | ||||||
Issuance costs
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- | (292 | ) | |||||
Proceeds from exercise of employee stock options
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1,472 | 16 | ||||||
Net cash provided by financing activities
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1,472 | 9,657 | ||||||
Increase (decrease) in cash and cash equivalents
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(38,515 | ) | 14,095 | |||||
Cash and cash equivalents at the beginning of the period
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144,750 | 9,754 | ||||||
Erosion due to exchange rate differences
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(85 | ) | (75 | ) | ||||
Cash and cash equivalents at the end of the period
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$ | 106,150 | $ | 23,774 |
Reconciliation of Non-GAAP Financial Measures
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||||||||||||||||||||
Three months ended
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Six months ended
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|||||||||||||||||||
Dec 31, 2015
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Sep 30, 2015
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Dec 31, 2014 (1)
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Dec 31, 2015
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Dec 31, 2014 (1)
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||||||||||||||||
Gross profit (GAAP)
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38,582 | 33,527 | 15,781 | 72,109 | 29,811 | |||||||||||||||
Stock-based compensation
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209 | 180 | 74 | 389 | 112 | |||||||||||||||
Gross profit (Non-GAAP)
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38,791 | 33,707 | 15,855 | 72,498 | 29,923 | |||||||||||||||
Gross margin (GAAP)
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30.9 | % | 29.1 | % | 21.5 | % | 30.1 | % | 21.3 | % | ||||||||||
Stock-based compensation
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0.2 | % | 0.2 | % | 0.1 | % | 0.1 | % | 0.0 | % | ||||||||||
Gross margin (Non-GAAP)
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31.1 | % | 29.3 | % | 21.6 | % | 30.2 | % | 21.3 | % | ||||||||||
Operating expenses (GAAP)
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19,320 | 18,653 | 11,547 | 37,973 | 23,226 | |||||||||||||||
Stock-based compensation R&D
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518 | 395 | 155 | 913 | 266 | |||||||||||||||
Stock-based compensation S&M
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749 | 616 | 153 | 1,365 | 254 | |||||||||||||||
Stock-based compensation G&A
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750 | 641 | 77 | 1,391 | 148 | |||||||||||||||
Operating expenses (Non-GAAP)
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17,303 | 17,001 | 11,162 | 34,304 | 22,558 | |||||||||||||||
Operating income (GAAP)
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19,262 | 14,874 | 4,234 | 34,136 | 6,585 | |||||||||||||||
Stock-based compensation
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2,226 | 1,832 | 459 | 4,058 | 780 | |||||||||||||||
Operating income (Non-GAAP)
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21,488 | 16,706 | 4,693 | 38,194 | 7,365 | |||||||||||||||
Finance expenses (Income) (GAAP)
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959 | 72 | 458 | 1,031 | (58 | ) | ||||||||||||||
Warrants remeasurement
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---- | ---- | 280 | ---- | 265 | |||||||||||||||
Finance expenses (Non-GAAP)
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959 | 72 | 178 | 1,031 | (323 | ) | ||||||||||||||
Tax on income (Tax benefit) (GAAP)
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(5,802 | ) | 370 | 401 | (5,432 | ) | 748 | |||||||||||||
Tax benefit due to deferred tax asset
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6,527 | ---- | ---- | 6,527 | ---- | |||||||||||||||
Tax on income (Tax benefit) (Non-GAAP)
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725 | 370 | 401 | 1,095 | 748 | |||||||||||||||
Net income (GAAP)
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24,105 | 14,432 | 3,375 | 38,537 | 5,895 | |||||||||||||||
Stock-based compensation
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2,226 | 1,832 | 459 | 4,058 | 780 | |||||||||||||||
Warrants remeasurement
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---- | ---- | 280 | ---- | 265 | |||||||||||||||
Tax benefit due to deferred tax asset
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(6,527 | ) | ---- | ---- | (6,527 | ) | ---- | |||||||||||||
Net income (Non-GAAP)
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19,804 | 16,264 | 4,114 | 36,068 | 6,940 |
Three months ended
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Six months ended
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|||||||||||||||||||
Dec 31, 2015
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Sep 30, 2015
|
Dec 31, 2014 (1)
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Dec 31, 2015
|
Dec 31, 2014 (1)
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||||||||||||||||
Net basic earnings per share (GAAP)
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0.61 | 0.37 | ---- | 0.98 | ---- | |||||||||||||||
Stock-based compensation
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0.06 | 0.04 | 0.01 | 0.10 | 0.02 | |||||||||||||||
Warrants remeasurement
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---- | ---- | 0.01 | ---- | 0.01 | |||||||||||||||
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
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---- | ---- | 0.11 | ---- | 0.20 | |||||||||||||||
Tax benefit due to deferred tax asset
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(0.17 | ) | ---- | ---- | (0.16 | ) | ---- | |||||||||||||
Net basic earnings per share (Non-GAAP)
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0.50 | 0.41 | 0.13 | 0.92 | 0.23 | |||||||||||||||
Number of shares used in computing net basic earnings per share (GAAP)
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39,511,967 | 39,301,620 | 2,815,694 | 39,406,797 | 2,814,188 | |||||||||||||||
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
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---- | ---- | 28,202,001 | ---- | 26,888,953 | |||||||||||||||
Number of shares used in computing net basic earnings per share (Non-GAAP)
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39,511,967 | 39,301,620 | 31,017,695 | 39,406,797 | 29,703,141 | |||||||||||||||
Net diluted earnings per share (GAAP)
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0.55 | 0.32 | ---- | 0.87 | ---- | |||||||||||||||
Stock-based compensation
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0.03 | 0.04 | ---- | 0.07 | 0.01 | |||||||||||||||
Warrants remeasurement
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---- | ---- | 0.01 | ---- | ---- | |||||||||||||||
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
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---- | ---- | 0.11 | ---- | 0.20 | |||||||||||||||
Tax benefit due to deferred tax asset
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(0.14 | ) | ---- | ---- | (0.14 | ) | ---- | |||||||||||||
Net diluted earnings per share (Non-GAAP)
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0.44 | 0.36 | 0.12 | 0.80 | 0.21 | |||||||||||||||
Number of shares used in computing net diluted earnings per share (GAAP)
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44,007,348 | 44,455,964 | 2,815,694 | 44,231,660 | 2,814,188 | |||||||||||||||
Stock-based compensation
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1,341,335 | 686,470 | 3,173,096 | 1,013,903 | 2,620,910 | |||||||||||||||
Warrants remeasurement
|
---- | 0 | 6,739 | 0 | 10,109 | |||||||||||||||
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | 28,202,001 | ---- | 26,888,953 | |||||||||||||||
Number of shares used in computing net diluted earnings per share (Non-GAAP)
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45,348,683 | 45,142,434 | 34,197,530 | 45,245,563 | 32,334,160 |