MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights
“We are pleased with our record revenues for the first quarter which represent 62% growth from the first quarter of last year and which are driven by record revenues in the United States and 14 countries in Europe,” said Zvi Lando, Chief Executive Officer of SolarEdge. “We continue to demonstrate our operational capabilities by navigating the current supply chain environment to meet strong worldwide demand for our products, and continuing to build long-term manufacturing capacity to support our growing businesses.”
First Quarter 2022 Summary
The Company reported record revenues of $655.1 million, up 19% from $551.9 million in the prior quarter and up 62% from $405.5 million in the same quarter last year.
Revenues from the solar segment were record $608.0 million, up 21% from $502.7 million in the prior quarter and up 62% from $376.4 million in the same quarter last year.
GAAP gross margin was 27.3%, down from 29.1% in the prior quarter and down from 34.5% in the same quarter last year.
Non-GAAP gross margin was 28.4%, down from 30.3% in the prior quarter and down from 36.5% in the same quarter last year.
Gross margin from the solar segment was 30.2%, down from 32.8% in the prior quarter and down from 39.7% in the same quarter last year.
GAAP operating expenses were $128.1 million, up 7% from $119.5 million in the prior quarter and up 34% from $95.9 million in the same quarter last year.
Non-GAAP operating expenses were $98.9 million, up 5% from $94.1 million in the prior quarter and up 30% from $76.2 million in the same quarter last year.
GAAP operating income was $50.9 million, up 24% from $41.0 million in the prior quarter and up 15% from $44.1 million in the same quarter last year.
Non-GAAP operating income was $87.2 million, up 20% from $72.9 million in the prior quarter and up 21% from $71.9 million in the same quarter last year.
GAAP net income was $33.1 million, down 19% from $41.0 million in the prior quarter and up 10% from $30.1 million in the same quarter last year.
Non-GAAP net income was $68.8 million, up 10% from $62.8 million in the prior quarter and up 24% from $55.5 million in the same quarter last year.
GAAP net diluted EPS was $0.60, down from $0.74 in the prior quarter and up from $0.55 in the same quarter last year.
Non-GAAP net diluted EPS was $1.20, up from $1.10 in the prior quarter and up from $0.98 in the same quarter last year.
Cash flow used in operating activities was $163.0 million, compared with $89.6 million generated from operating activities in the prior quarter and $24.1 million generated from operating activities in the same quarter last year.
As of March 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $979.0 million, net of debt, compared to $548.0 million on December 31, 2021.
On March 17, 2022, the Company offered and sold 2,300,000 shares of its common stock in a public offering at a price of $295.00 per share. The net proceeds to the Company after underwriters' discounts and commissions and offering costs were $650.5 million.
Outlook for the Second Quarter 2022
The Company also provides guidance for the second quarter ending June 30, 2022 as follows:
Conference Call
The Company will host a conference call to discuss these results at 4:30 p.m. ET on Monday, May 2, 2022. The call will be available, live, to interested parties by dialing 800-304-0389. For international callers, please dial +1 313-209-5140. The Conference ID number is 9289118. 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 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 May 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
|
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
$ |
655,080 |
|
|
$ |
405,489 |
|
Cost of revenues |
|
|
476,122 |
|
|
|
265,415 |
|
Gross profit |
|
|
178,958 |
|
|
|
140,074 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
66,349 |
|
|
|
46,977 |
|
Sales and marketing |
|
|
35,316 |
|
|
|
26,911 |
|
General and administrative |
|
|
26,429 |
|
|
|
19,849 |
|
Other operating expenses |
|
|
— |
|
|
|
2,209 |
|
Total operating expenses |
|
|
128,094 |
|
|
|
95,946 |
|
Operating income |
|
|
50,864 |
|
|
|
44,128 |
|
Financial expense, net |
|
|
(5,449 |
) |
|
|
(6,097 |
) |
Income before income taxes |
|
|
45,415 |
|
|
|
38,031 |
|
Income taxes |
|
|
12,292 |
|
|
|
7,955 |
|
Net income |
|
$ |
33,123 |
|
|
$ |
30,076 |
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share data) |
||||||||
March 31, 2022 |
|
December 31, 2021 |
||||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,002,772 |
|
|
$ |
530,089 |
|
Marketable securities |
|
|
158,557 |
|
|
|
167,728 |
|
Trade receivables, net of allowances of $3,226 and $2,626, respectively |
|
|
676,820 |
|
|
|
456,339 |
|
Inventories, net |
|
|
432,504 |
|
|
|
380,143 |
|
Prepaid expenses and other current assets |
|
|
191,664 |
|
|
|
176,992 |
|
Total current assets |
|
|
2,462,317 |
|
|
|
1,711,291 |
|
LONG-TERM ASSETS: |
|
|
|
|
||||
Marketable securities |
|
|
449,673 |
|
|
|
482,228 |
|
Deferred tax assets, net |
|
|
31,205 |
|
|
|
27,572 |
|
Property, plant and equipment, net |
|
|
473,511 |
|
|
|
410,379 |
|
Operating lease right-of-use assets, net |
|
|
59,783 |
|
|
|
47,137 |
|
Intangible assets, net |
|
|
55,734 |
|
|
|
58,861 |
|
Goodwill |
|
|
127,109 |
|
|
|
129,629 |
|
Other long-term assets |
|
|
23,583 |
|
|
|
24,963 |
|
Total long-term assets |
|
|
1,220,598 |
|
|
|
1,180,769 |
|
Total assets |
|
$ |
3,682,915 |
|
|
|
2,892,060 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Trade payables, net |
|
$ |
241,630 |
|
|
$ |
252,068 |
|
Employees and payroll accruals |
|
|
84,309 |
|
|
|
74,465 |
|
Warranty obligations |
|
|
82,340 |
|
|
|
71,480 |
|
Deferred revenues and customers advances |
|
|
25,511 |
|
|
|
17,789 |
|
Accrued expenses and other current liabilities |
|
|
134,951 |
|
|
|
109,379 |
|
Total current liabilities |
|
|
568,741 |
|
|
|
525,181 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
||||
Convertible senior notes, net |
|
|
622,263 |
|
|
|
621,535 |
|
Warranty obligations |
|
|
210,326 |
|
|
|
193,680 |
|
Deferred revenues |
|
|
158,734 |
|
|
|
151,556 |
|
Finance lease liabilities |
|
|
53,405 |
|
|
|
40,508 |
|
Operating lease liabilities |
|
|
48,480 |
|
|
|
38,912 |
|
Other long-term liabilities |
|
|
10,441 |
|
|
|
10,649 |
|
Total long-term liabilities |
|
|
1,103,649 |
|
|
|
1,056,840 |
|
COMMITMENTS AND CONTINGENT LIABILITIES |
|
|
|
|
||||
STOCKHOLDERS’ EQUITY: |
|
|
|
|
||||
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2022 and December 31, 2021; issued and outstanding: 55,386,146 and 52,815,395 shares as of March 31, 2022 and December 31, 2021, respectively |
|
|
6 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
1,373,405 |
|
|
|
687,295 |
|
Accumulated other comprehensive loss |
|
|
(46,067 |
) |
|
|
(27,319 |
) |
Retained earnings |
|
|
683,181 |
|
|
|
650,058 |
|
Total stockholders’ equity |
|
|
2,010,525 |
|
|
|
1,310,039 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,682,915 |
|
|
$ |
2,892,060 |
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands, except per share data) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
33,123 |
|
|
$ |
30,076 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation of property, plant and equipment |
|
|
9,002 |
|
|
|
6,887 |
|
Amortization of intangible assets |
|
|
2,658 |
|
|
|
2,391 |
|
Amortization of debt discount and debt issuance costs |
|
|
728 |
|
|
|
724 |
|
Amortization of premium and accretion of discount on available-for-sale marketable securities, net |
|
|
2,550 |
|
|
|
1,295 |
|
Stock-based compensation expenses |
|
|
34,107 |
|
|
|
23,153 |
|
Deferred income taxes, net |
|
|
(1,034 |
) |
|
|
(2,141 |
) |
Loss (gain) from sale and disposal of assets |
|
|
(410 |
) |
|
|
2,147 |
|
Exchange rate fluctuations and other items, net |
|
|
3,024 |
|
|
|
13,303 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Inventories, net |
|
|
(51,323 |
) |
|
|
(8,376 |
) |
Prepaid expenses and other assets |
|
|
(17,163 |
) |
|
|
20,218 |
|
Trade receivables, net |
|
|
(224,865 |
) |
|
|
(57,380 |
) |
Trade payables, net |
|
|
(28,045 |
) |
|
|
(39,034 |
) |
Employees and payroll accruals |
|
|
9,246 |
|
|
|
7,477 |
|
Warranty obligations |
|
|
27,629 |
|
|
|
13,088 |
|
Deferred revenues and customers advances |
|
|
15,029 |
|
|
|
3,615 |
|
Other liabilities, net |
|
|
22,755 |
|
|
|
6,640 |
|
Net cash provided by (used in) operating activities |
|
|
(162,989 |
) |
|
|
24,083 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Proceed from sales and maturities of available-for-sale marketable securities |
|
|
53,096 |
|
|
|
40,450 |
|
Purchase of property, plant and equipment |
|
|
(43,210 |
) |
|
|
(24,545 |
) |
Investment in available-for-sale marketable securities |
|
|
(26,712 |
) |
|
|
(186,528 |
) |
Withdrawal from bank deposits, net |
|
|
— |
|
|
|
16,470 |
|
Other investing activities |
|
|
1,692 |
|
|
|
571 |
|
Net cash used in investing activities |
|
$ |
(15,134 |
) |
|
$ |
(153,582 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from secondary public offering, net of issuance costs |
|
|
650,526 |
|
|
|
— |
|
Proceeds from exercise of stock-based awards |
|
|
1,478 |
|
|
|
5,008 |
|
Proceeds (withholdings) from stock-based awards, net |
|
|
822 |
|
|
|
(6,724 |
) |
Other financing activities |
|
|
(491 |
) |
|
|
(346 |
) |
Net cash provided by (used in) financing activities |
|
|
652,335 |
|
|
|
(2,062 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
474,212 |
|
|
|
(131,561 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
530,089 |
|
|
|
827,146 |
|
Effect of exchange rate differences on cash and cash equivalents |
|
|
(1,529 |
) |
|
|
(10,428 |
) |
Cash and cash equivalents at the end of the period |
|
$ |
1,002,772 |
|
|
$ |
685,157 |
|
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 |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||
Gross profit (GAAP) |
178,958 |
|
|
160,491 |
|
|
140,074 |
|
Revenues from finance component |
(135 |
) |
|
(122 |
) |
|
(86 |
) |
Stock-based compensation |
5,062 |
|
|
4,373 |
|
|
5,790 |
|
Amortization and depreciation of acquired assets |
2,219 |
|
|
2,272 |
|
|
2,312 |
|
Gross profit (Non-GAAP) |
186,104 |
|
|
167,014 |
|
|
148,090 |
|
|
|
|
|
|
|
|||
Gross margin (GAAP) |
27.3 |
% |
|
29.1 |
% |
|
34.5 |
% |
Revenues from finance component |
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
Stock-based compensation |
0.8 |
% |
|
0.8 |
% |
|
1.4 |
% |
Amortization and depreciation of acquired assets |
0.3 |
% |
|
0.4 |
% |
|
0.6 |
% |
Gross margin (Non-GAAP) |
28.4 |
% |
|
30.3 |
% |
|
36.5 |
% |
|
|
|
|
|
|
|||
Operating expenses (GAAP) |
128,094 |
|
|
119,453 |
|
|
95,946 |
|
Stock-based compensation - R&D |
(14,985 |
) |
|
(14,872 |
) |
|
(8,798 |
) |
Stock-based compensation - S&M |
(6,701 |
) |
|
(5,882 |
) |
|
(5,435 |
) |
Stock-based compensation - G&A |
(7,359 |
) |
|
(4,076 |
) |
|
(3,130 |
) |
Amortization and depreciation of acquired assets - R&D |
(303 |
) |
|
(302 |
) |
|
(12 |
) |
Amortization and depreciation of acquired assets - S&M |
(236 |
) |
|
(225 |
) |
|
(237 |
) |
Amortization and depreciation of acquired assets - G&A |
(6 |
) |
|
(6 |
) |
|
(8 |
) |
Gain (loss) from assets sales and disposal |
410 |
|
|
18 |
|
|
62 |
|
Other operating income (expenses) |
— |
|
|
— |
|
|
(2,209 |
) |
Operating expenses (Non-GAAP) |
98,914 |
|
|
94,108 |
|
|
76,179 |
|
|
|
|
|
|
|
|||
Operating income (GAAP) |
50,864 |
|
|
41,038 |
|
|
44,128 |
|
Revenues from finance component |
(135 |
) |
|
(122 |
) |
|
(86 |
) |
Stock-based compensation |
34,107 |
|
|
29,203 |
|
|
23,153 |
|
Amortization and depreciation of acquired assets |
2,764 |
|
|
2,805 |
|
|
2,569 |
|
Loss (gain) from assets sales and disposal |
(410 |
) |
|
(18 |
) |
|
(62 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
2,209 |
|
Operating income (Non-GAAP) |
87,190 |
|
|
72,906 |
|
|
71,911 |
|
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 |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||
Financial income (expense), net (GAAP) |
(5,449 |
) |
|
(6,324 |
) |
|
(6,097 |
) |
Notes due 2025 |
728 |
|
|
727 |
|
|
724 |
|
Non cash interest |
1,609 |
|
|
1,527 |
|
|
1,336 |
|
Unrealized gains/losses |
— |
|
|
(541 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(1,792 |
) |
|
2,422 |
|
|
(2,289 |
) |
Financial income (expense), net (non-GAAP) |
(4,904 |
) |
|
(2,189 |
) |
|
(6,326 |
) |
|
|
|
|
|
|
|||
Income tax benefit (expense) (GAAP) |
(12,292 |
) |
|
6,240 |
|
|
(7,955 |
) |
Uncertain tax positions |
— |
|
|
(9,007 |
) |
|
— |
|
Deferred taxes |
(1,201 |
) |
|
(5,181 |
) |
|
(2,141 |
) |
Income tax benefit (expense) (Non-GAAP) |
(13,493 |
) |
|
(7,948 |
) |
|
(10,096 |
) |
|
|
|
|
|
|
|||
Net income (GAAP) |
33,123 |
|
|
40,954 |
|
|
30,076 |
|
Revenues from finance component |
(135 |
) |
|
(122 |
) |
|
(86 |
) |
Stock-based compensation |
34,107 |
|
|
29,203 |
|
|
23,153 |
|
Amortization and depreciation of acquired assets |
2,764 |
|
|
2,805 |
|
|
2,569 |
|
Loss (gain) from assets sales and disposal |
(410 |
) |
|
(18 |
) |
|
(62 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
2,209 |
|
Notes due 2025 |
728 |
|
|
727 |
|
|
724 |
|
Non cash interest |
1,609 |
|
|
1,527 |
|
|
1,336 |
|
Unrealized gains (losses) |
— |
|
|
(541 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(1,792 |
) |
|
2,422 |
|
|
(2,289 |
) |
Uncertain tax positions |
— |
|
|
(9,007 |
) |
|
— |
|
Deferred taxes |
(1,201 |
) |
|
(5,181 |
) |
|
(2,141 |
) |
Net income (Non-GAAP) |
68,793 |
|
|
62,769 |
|
|
55,489 |
|
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 |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||
Net basic earnings per share (GAAP) |
0.62 |
|
|
0.78 |
|
|
0.58 |
|
Revenues from finance component |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Stock-based compensation |
0.64 |
|
|
0.55 |
|
|
0.45 |
|
Amortization and depreciation of acquired assets |
0.05 |
|
|
0.05 |
|
|
0.05 |
|
Loss (gain) from assets sales and disposal |
(0.00 |
) |
|
(0.00 |
) |
|
(0.00 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
0.04 |
|
Notes due 2025 |
0.01 |
|
|
0.02 |
|
|
0.01 |
|
Non cash interest |
0.03 |
|
|
0.03 |
|
|
0.03 |
|
Unrealized gains (losses) |
— |
|
|
(0.01 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(0.03 |
) |
|
0.04 |
|
|
(0.05 |
) |
Uncertain tax positions |
— |
|
|
(0.17 |
) |
|
— |
|
Deferred taxes |
(0.03 |
) |
|
(0.10 |
) |
|
(0.04 |
) |
Net basic earnings per share (Non-GAAP) |
1.29 |
|
|
1.19 |
|
|
1.07 |
|
|
|
|
|
|
|
|||
Net diluted earnings per share (GAAP) |
0.60 |
|
|
0.74 |
|
|
0.55 |
|
Revenues from finance component |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Stock-based compensation |
0.58 |
|
|
0.50 |
|
|
0.40 |
|
Amortization and depreciation of acquired assets |
0.05 |
|
|
0.05 |
|
|
0.04 |
|
Loss (gain) from assets sales and disposal |
(0.01 |
) |
|
(0.00 |
) |
|
(0.00 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
0.04 |
|
Notes due 2025 |
0.01 |
|
|
0.00 |
|
|
0.00 |
|
Non cash interest |
0.02 |
|
|
0.03 |
|
|
0.03 |
|
Unrealized gains (losses) |
— |
|
|
(0.01 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(0.03 |
) |
|
0.04 |
|
|
(0.04 |
) |
Uncertain tax positions |
— |
|
|
(0.16 |
) |
|
— |
|
Deferred taxes |
(0.02 |
) |
|
(0.09 |
) |
|
(0.04 |
) |
Net diluted earnings per share (Non-GAAP) |
1.20 |
|
|
1.10 |
|
|
0.98 |
|
|
|
|
|
|
|
|||
Number of shares used in computing net diluted earnings per share (GAAP) |
56,315,193 |
|
|
56,011,040 |
|
|
55,997,136 |
|
Stock-based compensation |
927,219 |
|
|
894,079 |
|
|
766,187 |
|
Number of shares used in computing net diluted earnings per share (Non-GAAP) |
57,242,412 |
|
|
56,905,119 |
56,763,323 |
|
МИЛПИТАС, Калифорния. -(ДЕЛОВАЯ ПЕРЕПИСКА) -SolarEdge Technologies, Inc. (Nasdaq: SEDG), мировой лидер в области интеллектуальных энергетических технологий, сегодня объявила о своих финансовых результатах за первый квартал, закончившийся 31 марта 2022 года.
Основные моменты первого квартала 2022 года
“Мы довольны нашими рекордными доходами за первый квартал, которые представляют собой рост на 62% по сравнению с первым кварталом прошлого года и которые обусловлены рекордными доходами в Соединенных Штатах и 14 странах Европы”, - сказал Цви Ландо, главный исполнительный директор SolarEdge. “Мы продолжаем демонстрировать наши операционные возможности, ориентируясь в текущих условиях цепочки поставок, чтобы удовлетворить высокий мировой спрос на нашу продукцию, и продолжая наращивать долгосрочные производственные мощности для поддержки нашего растущего бизнеса”.
Сводка за первый квартал 2022 года
Компания сообщила о рекордной выручке в размере 655,1 млн долларов, что на 19% больше, чем 551,9 млн долларов в предыдущем квартале, и на 62% больше, чем 405,5 млн долларов в том же квартале прошлого года.
Выручка от солнечного сегмента составила рекордные 608,0 млн долларов, увеличившись на 21% по сравнению с 502,7 млн долларов в предыдущем квартале и на 62% по сравнению с 376,4 млн долларов в том же квартале прошлого года.
Валовая прибыль по GAAP составила 27,3%, по сравнению с 29,1% в предыдущем квартале и по сравнению с 34,5% в том же квартале прошлого года.
Валовая прибыль без учета GAAP составила 28,4%, по сравнению с 30,3% в предыдущем квартале и по сравнению с 36,5% в том же квартале прошлого года.
Валовая прибыль в сегменте солнечной энергии составила 30,2%, по сравнению с 32,8% в предыдущем квартале и по сравнению с 39,7% в том же квартале прошлого года.
Операционные расходы по GAAP составили 128,1 млн долларов, что на 7% больше, чем 119,5 млн долларов в предыдущем квартале, и на 34% больше, чем 95,9 млн долларов в том же квартале прошлого года.
Операционные расходы, не связанные с ОПБУ, составили 98,9 млн долларов, что на 5% больше, чем 94,1 млн долларов в предыдущем квартале, и на 30% больше, чем 76,2 млн долларов в том же квартале прошлого года.
Операционная прибыль по ОПБУ составила 50,9 млн долларов, что на 24% больше, чем 41,0 млн долларов в предыдущем квартале, и на 15% больше, чем 44,1 млн долларов в том же квартале прошлого года.
Операционная прибыль без учета GAAP составила 87,2 млн долларов, что на 20% больше, чем 72,9 млн долларов в предыдущем квартале, и на 21% больше, чем 71,9 млн долларов в том же квартале прошлого года.
Чистая прибыль по ОПБУ составила 33,1 млн долларов, что на 19% меньше, чем 41,0 млн долларов в предыдущем квартале, и на 10% больше, чем 30,1 млн долларов в том же квартале прошлого года.
Чистая прибыль без учета GAAP составила 68,8 млн долларов, что на 10% больше, чем 62,8 млн долларов в предыдущем квартале, и на 24% больше, чем 55,5 млн долларов в том же квартале прошлого года.
Чистая разводненная прибыль на акцию по ОПБУ составила 0,60 доллара США, что на 0,74 доллара меньше, чем в предыдущем квартале, и на 0,55 доллара больше, чем в том же квартале прошлого года.
Чистая разводненная прибыль на акцию без учета GAAP составила $1,20, по сравнению с $1,10 в предыдущем квартале и по сравнению с $0,98 в том же квартале прошлого года.
Денежный поток, использованный в операционной деятельности, составил 163,0 млн. долларов США по сравнению с 89,6 млн. долларов США, полученными от операционной деятельности в предыдущем квартале, и 24,1 млн. долларов США, полученными от операционной деятельности в том же квартале прошлого года.
По состоянию на 31 марта 2022 года денежные средства, их эквиваленты, банковские депозиты, банковские депозиты с ограниченным доступом и рыночные ценные бумаги составили 979,0 млн долларов США за вычетом долга по сравнению с 548,0 млн долларов США на 31 декабря 2021 года.
17 марта 2022 года Компания предложила и продала 2 300 000 своих обыкновенных акций в ходе публичного размещения по цене 295,00 долларов за акцию. Чистая выручка Компании после скидок и комиссий андеррайтеров и затрат на размещение составила 650,5 миллионов долларов.
Прогноз на Второй квартал 2022 года
Компания также предоставляет следующие рекомендации на второй квартал, заканчивающийся 30 июня 2022 года:
Конференц-связь
Компания проведет телефонную конференцию для обсуждения этих результатов в 4:30 вечера по восточному времени в понедельник, 2 мая 2022 года. Звонок будет доступен в прямом эфире заинтересованным сторонам по номеру 800-304-0389. Для международных звонков, пожалуйста, наберите +1 313-209-5140. Идентификационный номер конференции - 9289118. Прямая трансляция также будет доступна в разделе по связям с инвесторами веб-сайта Компании по адресу: http://investors.solaredge.com
Повтор веб-трансляции будет доступен в разделе по связям с инвесторами веб-сайта Компании примерно через два часа после завершения звонка и будет доступен примерно в течение 30 календарных дней.
О SolarEdge
SolarEdge - мировой лидер в области интеллектуальных энергетических технологий. Используя инженерные возможности мирового класса и уделяя неустанное внимание инновациям, SolarEdge создает интеллектуальные энергетические решения, которые улучшают нашу жизнь и способствуют будущему прогрессу. SolarEdge разработала интеллектуальное инверторное решение, которое изменило способ сбора и управления энергией в фотоэлектрических (фотоэлектрических) системах. Оптимизированный инвертор постоянного тока SolarEdge стремится максимизировать выработку электроэнергии при одновременном снижении стоимости энергии, производимой фотоэлектрической системой. Продолжая развивать интеллектуальную энергетику, SolarEdge обслуживает широкий спектр сегментов энергетического рынка с помощью своих решений для фотоэлектрических систем, систем хранения данных, зарядки электромобилей, аккумуляторов, ИБП, силовых агрегатов электромобилей и сетевых сервисов. SolarEdge находится в сети по адресу www.solaredge.com
Использование финансовых показателей, не относящихся к ОПБУ
В этом выпуске Компания представила некоторые финансовые показатели, не относящиеся к GAAP, такие как чистая прибыль, не относящаяся к GAAP, чистая разводненная прибыль на акцию, не относящаяся к GAAP, валовая прибыль, не относящаяся к GAAP, операционные расходы, не относящиеся к GAAP, операционный доход, не относящийся к GAAP, и валовая прибыль, не относящаяся к GAAP, от продажи солнечной продукции. Как правило, финансовый показатель, не относящийся к GAAP, представляет собой числовую оценку результатов деятельности, финансового положения или денежных потоков компании, которая либо исключает, либо включает суммы, которые обычно не исключаются или не включаются в наиболее непосредственно сопоставимый показатель, рассчитанный и представленный в соответствии с общепринятыми принципами бухгалтерского учета в США, или GAAP. Сверку каждого финансового показателя, не относящегося к GAAP, с наиболее непосредственно сопоставимым финансовым показателем GAAP можно найти в таблицах, прилагаемых к этому выпуску. Эти финансовые показатели, не относящиеся к GAAP, не отражают всеобъемлющую систему бухгалтерского учета, отличаются от показателей GAAP с теми же заголовками и могут отличаться от финансовых показателей, не относящихся к GAAP, с теми же или похожими заголовками, которые используются другими компаниями. Как таковые, эти показатели, не относящиеся к GAAP, следует рассматривать как дополнение, а не как замену или превосходство финансовых показателей, рассчитанных в соответствии с GAAP.
Компания использует эти финансовые показатели, не относящиеся к GAAP, для анализа своих операционных показателей и будущих перспектив, разработки внутренних бюджетов и финансовых целей, а также для облегчения сопоставлений между периодами. Компания считает, что эти финансовые показатели, не относящиеся к GAAP, отражают дополнительный способ рассмотрения аспектов ее деятельности, которые, если рассматривать их с учетом результатов GAAP, обеспечивают более полное понимание факторов и тенденций, влияющих на ее бизнес.
Заявление о безопасной гавани в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года
Этот релиз содержит прогнозные заявления, сделанные в соответствии с положениями Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года о безопасной гавани. Эти прогнозные заявления включают информацию, среди прочего, касающуюся: наших возможных или предполагаемых будущих результатов деятельности; будущих потребностей в решениях для солнечной энергетики; бизнес-стратегий; технологических разработок; финансовых и инвестиционных планов; дивидендной политики; конкурентной позиции; отраслевой и нормативной среды; общих экономических условий; потенциальных возможностей роста; и последствия конкуренции. Эти прогнозные заявления часто характеризуются использованием таких слов, как “предвидеть”, “верить”, “мог бы”, “стремиться”, “оценивать”, “ожидать”, “намереваться”, “может”, “планировать”, “потенциал”, “прогнозировать”, “проект”, “должен”, “будет”, “хотел бы” или аналогичные выражения, а также отрицательное или множественное число этих терминов и другая подобная терминология.
Прогнозные заявления - это всего лишь прогнозы, основанные на наших текущих ожиданиях и наших прогнозах относительно будущих событий. Эти прогнозные заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что наши фактические результаты, уровни активности, производительности или достижений будут существенно отличаться от тех, которые выражены или подразумеваются в прогнозных заявлениях. Учитывая эти факторы, вам не следует чрезмерно полагаться на эти прогнозные заявления. Эти факторы включают, но не ограничиваются ими, вопросы, обсуждаемые в разделе, озаглавленном “Факторы риска” нашего Годового отчета по форме 10-K за год, закончившийся 31 декабря 2021 года, поданного 22 февраля 2022 года, и наши квартальные отчеты, поданные по Форме 10-Q, Текущие отчеты по форме 8-K и другие отчеты, поданные в SEC. Вся информация, изложенная в этом выпуске, действительна по состоянию на 2 мая 2022 года. Компания не берет на себя никаких обязательств или обязательств по обновлению любых прогнозных заявлений, содержащихся в этом релизе, в результате новой информации, будущих событий или изменений в ее ожиданиях.
SolarEdge Technologies INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per share data) |
||||||||
|
|
Three Months Ended
|
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
$ |
655,080 |
|
|
$ |
405,489 |
|
Cost of revenues |
|
|
476,122 |
|
|
|
265,415 |
|
Gross profit |
|
|
178,958 |
|
|
|
140,074 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
66,349 |
|
|
|
46,977 |
|
Sales and marketing |
|
|
35,316 |
|
|
|
26,911 |
|
General and administrative |
|
|
26,429 |
|
|
|
19,849 |
|
Other operating expenses |
|
|
— |
|
|
|
2,209 |
|
Total operating expenses |
|
|
128,094 |
|
|
|
95,946 |
|
Operating income |
|
|
50,864 |
|
|
|
44,128 |
|
Financial expense, net |
|
|
(5,449 |
) |
|
|
(6,097 |
) |
Income before income taxes |
|
|
45,415 |
|
|
|
38,031 |
|
Income taxes |
|
|
12,292 |
|
|
|
7,955 |
|
Net income |
|
$ |
33,123 |
|
|
$ |
30,076 |
|
SolarEdge Technologies INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share data) |
||||||||
March 31, 2022 |
|
December 31, 2021 |
||||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,002,772 |
|
|
$ |
530,089 |
|
Marketable securities |
|
|
158,557 |
|
|
|
167,728 |
|
Trade receivables, net of allowances of $3,226 and $2,626, respectively |
|
|
676,820 |
|
|
|
456,339 |
|
Inventories, net |
|
|
432,504 |
|
|
|
380,143 |
|
Prepaid expenses and other current assets |
|
|
191,664 |
|
|
|
176,992 |
|
Total current assets |
|
|
2,462,317 |
|
|
|
1,711,291 |
|
LONG-TERM ASSETS: |
|
|
|
|
||||
Marketable securities |
|
|
449,673 |
|
|
|
482,228 |
|
Deferred tax assets, net |
|
|
31,205 |
|
|
|
27,572 |
|
Property, plant and equipment, net |
|
|
473,511 |
|
|
|
410,379 |
|
Operating lease right-of-use assets, net |
|
|
59,783 |
|
|
|
47,137 |
|
Intangible assets, net |
|
|
55,734 |
|
|
|
58,861 |
|
Goodwill |
|
|
127,109 |
|
|
|
129,629 |
|
Other long-term assets |
|
|
23,583 |
|
|
|
24,963 |
|
Total long-term assets |
|
|
1,220,598 |
|
|
|
1,180,769 |
|
Total assets |
|
$ |
3,682,915 |
|
|
|
2,892,060 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Trade payables, net |
|
$ |
241,630 |
|
|
$ |
252,068 |
|
Employees and payroll accruals |
|
|
84,309 |
|
|
|
74,465 |
|
Warranty obligations |
|
|
82,340 |
|
|
|
71,480 |
|
Deferred revenues and customers advances |
|
|
25,511 |
|
|
|
17,789 |
|
Accrued expenses and other current liabilities |
|
|
134,951 |
|
|
|
109,379 |
|
Total current liabilities |
|
|
568,741 |
|
|
|
525,181 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
||||
Convertible senior notes, net |
|
|
622,263 |
|
|
|
621,535 |
|
Warranty obligations |
|
|
210,326 |
|
|
|
193,680 |
|
Deferred revenues |
|
|
158,734 |
|
|
|
151,556 |
|
Finance lease liabilities |
|
|
53,405 |
|
|
|
40,508 |
|
Operating lease liabilities |
|
|
48,480 |
|
|
|
38,912 |
|
Other long-term liabilities |
|
|
10,441 |
|
|
|
10,649 |
|
Total long-term liabilities |
|
|
1,103,649 |
|
|
|
1,056,840 |
|
COMMITMENTS AND CONTINGENT LIABILITIES |
|
|
|
|
||||
STOCKHOLDERS’ EQUITY: |
|
|
|
|
||||
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2022 and December 31, 2021; issued and outstanding: 55,386,146 and 52,815,395 shares as of March 31, 2022 and December 31, 2021, respectively |
|
|
6 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
1,373,405 |
|
|
|
687,295 |
|
Accumulated other comprehensive loss |
|
|
(46,067 |
) |
|
|
(27,319 |
) |
Retained earnings |
|
|
683,181 |
|
|
|
650,058 |
|
Total stockholders’ equity |
|
|
2,010,525 |
|
|
|
1,310,039 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,682,915 |
|
|
$ |
2,892,060 |
|
SolarEdge Technologies INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands, except per share data) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
33,123 |
|
|
$ |
30,076 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation of property, plant and equipment |
|
|
9,002 |
|
|
|
6,887 |
|
Amortization of intangible assets |
|
|
2,658 |
|
|
|
2,391 |
|
Amortization of debt discount and debt issuance costs |
|
|
728 |
|
|
|
724 |
|
Amortization of premium and accretion of discount on available-for-sale marketable securities, net |
|
|
2,550 |
|
|
|
1,295 |
|
Stock-based compensation expenses |
|
|
34,107 |
|
|
|
23,153 |
|
Deferred income taxes, net |
|
|
(1,034 |
) |
|
|
(2,141 |
) |
Loss (gain) from sale and disposal of assets |
|
|
(410 |
) |
|
|
2,147 |
|
Exchange rate fluctuations and other items, net |
|
|
3,024 |
|
|
|
13,303 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Inventories, net |
|
|
(51,323 |
) |
|
|
(8,376 |
) |
Prepaid expenses and other assets |
|
|
(17,163 |
) |
|
|
20,218 |
|
Trade receivables, net |
|
|
(224,865 |
) |
|
|
(57,380 |
) |
Trade payables, net |
|
|
(28,045 |
) |
|
|
(39,034 |
) |
Employees and payroll accruals |
|
|
9,246 |
|
|
|
7,477 |
|
Warranty obligations |
|
|
27,629 |
|
|
|
13,088 |
|
Deferred revenues and customers advances |
|
|
15,029 |
|
|
|
3,615 |
|
Other liabilities, net |
|
|
22,755 |
|
|
|
6,640 |
|
Net cash provided by (used in) operating activities |
|
|
(162,989 |
) |
|
|
24,083 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Proceed from sales and maturities of available-for-sale marketable securities |
|
|
53,096 |
|
|
|
40,450 |
|
Purchase of property, plant and equipment |
|
|
(43,210 |
) |
|
|
(24,545 |
) |
Investment in available-for-sale marketable securities |
|
|
(26,712 |
) |
|
|
(186,528 |
) |
Withdrawal from bank deposits, net |
|
|
— |
|
|
|
16,470 |
|
Other investing activities |
|
|
1,692 |
|
|
|
571 |
|
Net cash used in investing activities |
|
$ |
(15,134 |
) |
|
$ |
(153,582 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from secondary public offering, net of issuance costs |
|
|
650,526 |
|
|
|
— |
|
Proceeds from exercise of stock-based awards |
|
|
1,478 |
|
|
|
5,008 |
|
Proceeds (withholdings) from stock-based awards, net |
|
|
822 |
|
|
|
(6,724 |
) |
Other financing activities |
|
|
(491 |
) |
|
|
(346 |
) |
Net cash provided by (used in) financing activities |
|
|
652,335 |
|
|
|
(2,062 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
474,212 |
|
|
|
(131,561 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
530,089 |
|
|
|
827,146 |
|
Effect of exchange rate differences on cash and cash equivalents |
|
|
(1,529 |
) |
|
|
(10,428 |
) |
Cash and cash equivalents at the end of the period |
|
$ |
1,002,772 |
|
|
$ |
685,157 |
|
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 |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||
Gross profit (GAAP) |
178,958 |
|
|
160,491 |
|
|
140,074 |
|
Revenues from finance component |
(135 |
) |
|
(122 |
) |
|
(86 |
) |
Stock-based compensation |
5,062 |
|
|
4,373 |
|
|
5,790 |
|
Amortization and depreciation of acquired assets |
2,219 |
|
|
2,272 |
|
|
2,312 |
|
Gross profit (Non-GAAP) |
186,104 |
|
|
167,014 |
|
|
148,090 |
|
|
|
|
|
|
|
|||
Gross margin (GAAP) |
27.3 |
% |
|
29.1 |
% |
|
34.5 |
% |
Revenues from finance component |
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
Stock-based compensation |
0.8 |
% |
|
0.8 |
% |
|
1.4 |
% |
Amortization and depreciation of acquired assets |
0.3 |
% |
|
0.4 |
% |
|
0.6 |
% |
Gross margin (Non-GAAP) |
28.4 |
% |
|
30.3 |
% |
|
36.5 |
% |
|
|
|
|
|
|
|||
Operating expenses (GAAP) |
128,094 |
|
|
119,453 |
|
|
95,946 |
|
Stock-based compensation - R&D |
(14,985 |
) |
|
(14,872 |
) |
|
(8,798 |
) |
Stock-based compensation - S&M |
(6,701 |
) |
|
(5,882 |
) |
|
(5,435 |
) |
Stock-based compensation - G&A |
(7,359 |
) |
|
(4,076 |
) |
|
(3,130 |
) |
Amortization and depreciation of acquired assets - R&D |
(303 |
) |
|
(302 |
) |
|
(12 |
) |
Amortization and depreciation of acquired assets - S&M |
(236 |
) |
|
(225 |
) |
|
(237 |
) |
Amortization and depreciation of acquired assets - G&A |
(6 |
) |
|
(6 |
) |
|
(8 |
) |
Gain (loss) from assets sales and disposal |
410 |
|
|
18 |
|
|
62 |
|
Other operating income (expenses) |
— |
|
|
— |
|
|
(2,209 |
) |
Operating expenses (Non-GAAP) |
98,914 |
|
|
94,108 |
|
|
76,179 |
|
|
|
|
|
|
|
|||
Operating income (GAAP) |
50,864 |
|
|
41,038 |
|
|
44,128 |
|
Revenues from finance component |
(135 |
) |
|
(122 |
) |
|
(86 |
) |
Stock-based compensation |
34,107 |
|
|
29,203 |
|
|
23,153 |
|
Amortization and depreciation of acquired assets |
2,764 |
|
|
2,805 |
|
|
2,569 |
|
Loss (gain) from assets sales and disposal |
(410 |
) |
|
(18 |
) |
|
(62 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
2,209 |
|
Operating income (Non-GAAP) |
87,190 |
|
|
72,906 |
|
|
71,911 |
|
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 |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||
Financial income (expense), net (GAAP) |
(5,449 |
) |
|
(6,324 |
) |
|
(6,097 |
) |
Notes due 2025 |
728 |
|
|
727 |
|
|
724 |
|
Non cash interest |
1,609 |
|
|
1,527 |
|
|
1,336 |
|
Unrealized gains/losses |
— |
|
|
(541 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(1,792 |
) |
|
2,422 |
|
|
(2,289 |
) |
Financial income (expense), net (non-GAAP) |
(4,904 |
) |
|
(2,189 |
) |
|
(6,326 |
) |
|
|
|
|
|
|
|||
Income tax benefit (expense) (GAAP) |
(12,292 |
) |
|
6,240 |
|
|
(7,955 |
) |
Uncertain tax positions |
— |
|
|
(9,007 |
) |
|
— |
|
Deferred taxes |
(1,201 |
) |
|
(5,181 |
) |
|
(2,141 |
) |
Income tax benefit (expense) (Non-GAAP) |
(13,493 |
) |
|
(7,948 |
) |
|
(10,096 |
) |
|
|
|
|
|
|
|||
Net income (GAAP) |
33,123 |
|
|
40,954 |
|
|
30,076 |
|
Revenues from finance component |
(135 |
) |
|
(122 |
) |
|
(86 |
) |
Stock-based compensation |
34,107 |
|
|
29,203 |
|
|
23,153 |
|
Amortization and depreciation of acquired assets |
2,764 |
|
|
2,805 |
|
|
2,569 |
|
Loss (gain) from assets sales and disposal |
(410 |
) |
|
(18 |
) |
|
(62 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
2,209 |
|
Notes due 2025 |
728 |
|
|
727 |
|
|
724 |
|
Non cash interest |
1,609 |
|
|
1,527 |
|
|
1,336 |
|
Unrealized gains (losses) |
— |
|
|
(541 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(1,792 |
) |
|
2,422 |
|
|
(2,289 |
) |
Uncertain tax positions |
— |
|
|
(9,007 |
) |
|
— |
|
Deferred taxes |
(1,201 |
) |
|
(5,181 |
) |
|
(2,141 |
) |
Net income (Non-GAAP) |
68,793 |
|
|
62,769 |
|
|
55,489 |
|
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 |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||
Net basic earnings per share (GAAP) |
0.62 |
|
|
0.78 |
|
|
0.58 |
|
Revenues from finance component |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Stock-based compensation |
0.64 |
|
|
0.55 |
|
|
0.45 |
|
Amortization and depreciation of acquired assets |
0.05 |
|
|
0.05 |
|
|
0.05 |
|
Loss (gain) from assets sales and disposal |
(0.00 |
) |
|
(0.00 |
) |
|
(0.00 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
0.04 |
|
Notes due 2025 |
0.01 |
|
|
0.02 |
|
|
0.01 |
|
Non cash interest |
0.03 |
|
|
0.03 |
|
|
0.03 |
|
Unrealized gains (losses) |
— |
|
|
(0.01 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(0.03 |
) |
|
0.04 |
|
|
(0.05 |
) |
Uncertain tax positions |
— |
|
|
(0.17 |
) |
|
— |
|
Deferred taxes |
(0.03 |
) |
|
(0.10 |
) |
|
(0.04 |
) |
Net basic earnings per share (Non-GAAP) |
1.29 |
|
|
1.19 |
|
|
1.07 |
|
|
|
|
|
|
|
|||
Net diluted earnings per share (GAAP) |
0.60 |
|
|
0.74 |
|
|
0.55 |
|
Revenues from finance component |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Stock-based compensation |
0.58 |
|
|
0.50 |
|
|
0.40 |
|
Amortization and depreciation of acquired assets |
0.05 |
|
|
0.05 |
|
|
0.04 |
|
Loss (gain) from assets sales and disposal |
(0.01 |
) |
|
(0.00 |
) |
|
(0.00 |
) |
Other operating (income) expenses |
— |
|
|
— |
|
|
0.04 |
|
Notes due 2025 |
0.01 |
|
|
0.00 |
|
|
0.00 |
|
Non cash interest |
0.02 |
|
|
0.03 |
|
|
0.03 |
|
Unrealized gains (losses) |
— |
|
|
(0.01 |
) |
|
— |
|
Currency fluctuation related to lease standard |
(0.03 |
) |
|
0.04 |
|
|
(0.04 |
) |
Uncertain tax positions |
— |
|
|
(0.16 |
) |
|
— |
|
Deferred taxes |
(0.02 |
) |
|
(0.09 |
) |
|
(0.04 |
) |
Net diluted earnings per share (Non-GAAP) |
1.20 |
|
|
1.10 |
|
|
0.98 |
|
|
|
|
|
|
|
|||
Number of shares used in computing net diluted earnings per share (GAAP) |
56,315,193 |
|
|
56,011,040 |
|
|
55,997,136 |
|
Stock-based compensation |
927,219 |
|
|
894,079 |
|
|
766,187 |
|
Number of shares used in computing net diluted earnings per share (Non-GAAP) |
57,242,412 |
|
|
56,905,119 |
56,763,323 |
|