Form 8-K SOLAREDGE TECHNOLOGIES, For: Nov 02
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E-mailExhibit 99.1
SolarEdge Announces Third Quarter 2021 Financial Results
MILPITAS, Calif. — November 2, 2021.
SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Highlights
| • |
Record revenues of $526.4 million
|
| • |
Record revenues from solar segment of $476.8 million
|
| • |
GAAP gross margin of 32.8%
|
| • |
Non-GAAP gross margin of 34.0%
|
| • |
Gross margin from solar segment of 36.6%
|
| • |
GAAP net income of $53.0 million
|
| • |
Non-GAAP net income of $82.1 million
|
| • |
GAAP net diluted earnings per share (“EPS”) of $0.96
|
| • |
Non-GAAP net diluted EPS of $1.45
|
| • |
1.9 Gigawatts (AC) of inverters shipped
|
“We are pleased with our record revenues in the third quarter amid the unprecedented global logistics and supply chain challenges,” said
Zvi Lando, Chief Executive Officer of SolarEdge. “Despite a twelve week covid-related shutdown in our Vietnam manufacturing facility during the quarter, we were able to supply products to meet the growing demand of our customers. We are exiting the
third quarter with record backlog for the fourth quarter of 2021 and the first quarter of 2022 and will continue navigating the various challenges in order to support our customers’ businesses.”
Third Quarter 2021 Summary
The Company reported revenues of $526.4 million, up 10% from $480.1 million in the prior quarter and up 56% from $338.1 million in the same
quarter last year.
Revenues from the solar segment were $476.8 million, up 11% from $431.4 million in the prior quarter and up 53% from $312.5 million in the
same quarter last year.
GAAP gross margin was 32.8%, up from 32.5% in the prior quarter and up from 32.0% in the same quarter last year.
Non-GAAP gross margin was 34.0%, up from 33.9% in the prior quarter and up from 33.5% in the same quarter last year.
Gross margin from the solar segment was 36.6%, down from 37.4% in the prior quarter and up from 34.8% in the same quarter last year.
GAAP operating expenses were $106.1 million, up 5% from $100.6 million in the prior quarter and up 37% from $77.7 million in the same
quarter last year.
Non-GAAP operating expenses were $83.8 million, up 3% from $81.5 million in the prior quarter and up 33% from $63.2 million in the same
quarter last year.
GAAP operating income was $66.4 million, up 20% from $55.6 million in the prior quarter and up 119% from $30.4 million in the same quarter
last year.
Non-GAAP operating income was $95.2 million, up 17% from $81.3 million in the prior quarter and up 90% from $50.0 million in the same
quarter last year.
GAAP net income was $53.0 million, up 18% from $45.1 million in the prior quarter and up 21% from $43.8 million in the same quarter last
year.
Non-GAAP net income was $82.1 million, up 13% from $72.5 million in the prior quarter and up 25% from $65.9 million in the same quarter
last year.
GAAP net diluted EPS was $0.96, up from $0.82 in the prior quarter and up from $0.83 in the same quarter last year.
Non-GAAP net diluted EPS was $1.45, up from $1.28 in the prior quarter and up from $1.21 in the same quarter last year.
Cash flow from operating activities was $61.8 million, up from $38.7 million in the prior quarter and up from $28.4 million in the same
quarter last year.
As of September 30, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $524.1 million,
net of debt, compared to $509.3 million on June 30, 2021.
Outlook for the Fourth Quarter 2021
The Company also provides guidance for the fourth quarter ending December 31, 2021 as follows:
| • |
Revenues to be within the range of $530 million to $560 million
|
| • |
Non-GAAP gross margin expected to be within the range of 30% to 32%
|
| • |
Revenues from solar segment to be within the range of $490 million to $515 million
|
| • |
Gross margin from solar segment expected to be within the range of 31% to 34%
|
Conference Call
The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, November 2, 2021. The call will be available,
live, to interested parties by dialing 800-635-7637. For international callers, please dial +1 334-777-6980. The Conference ID number is 5961090. 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/A for the year ended December 31, 2020, filed on February 19, 2021 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
November 2, 2021. 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.
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Revenues
|
$
|
526,404
|
$
|
338,095
|
$
|
1,411,950
|
$
|
1,101,164
|
||||||||
|
Cost of revenues
|
353,843
|
230,032
|
943,123
|
750,130
|
||||||||||||
|
Gross profit
|
172,561
|
108,063
|
468,827
|
351,034
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
55,666
|
40,817
|
155,307
|
115,610
|
||||||||||||
|
Sales and marketing
|
29,383
|
21,924
|
85,752
|
67,113
|
||||||||||||
|
General and administrative
|
21,098
|
14,928
|
60,317
|
45,077
|
||||||||||||
|
Other operating expenses (income), net
|
-
|
-
|
1,350
|
(4,900
|
)
|
|||||||||||
|
Total operating expenses
|
106,147
|
77,669
|
302,726
|
222,900
|
||||||||||||
|
Operating income
|
66,414
|
30,394
|
166,101
|
128,134
|
||||||||||||
|
Financial income (expenses), net
|
(5,751
|
)
|
15,765
|
(13,591
|
)
|
10,725
|
||||||||||
|
Income before income taxes
|
60,663
|
46,159
|
152,510
|
138,859
|
||||||||||||
|
Income taxes
|
7,615
|
2,408
|
24,294
|
16,192
|
||||||||||||
|
Net income
|
$
|
53,048
|
$
|
43,751
|
$
|
128,216
|
$
|
122,667
|
||||||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
|
September 30,
2021
|
December 31,
2020
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
526,588
|
$
|
827,146
|
||||
|
Short-term bank deposits
|
10,122
|
60,096
|
||||||
|
Restricted bank deposits
|
1,064
|
2,611
|
||||||
|
Marketable securities
|
145,459
|
143,687
|
||||||
|
Trade receivables, net of allowances of $2,826 and $2,886, respectively
|
416,244
|
218,706
|
||||||
|
Inventories, net
|
304,713
|
331,696
|
||||||
|
Prepaid expenses and other current assets
|
148,364
|
135,399
|
||||||
|
Total
current assets
|
1,552,554
|
1,719,341
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Marketable securities
|
473,315
|
147,434
|
||||||
|
Deferred tax assets, net
|
21,827
|
11,676
|
||||||
|
Property, plant and equipment, net
|
353,344
|
303,408
|
||||||
|
Operating lease right-of-use assets, net
|
39,314
|
41,600
|
||||||
|
Intangible assets, net
|
61,639
|
67,818
|
||||||
|
Goodwill
|
131,757
|
140,479
|
||||||
|
Other long-term assets
|
23,083
|
5,353
|
||||||
|
Total
long-term assets
|
1,104,279
|
717,768
|
||||||
|
Total assets
|
$
|
2,656,833
|
$
|
2,437,109
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables, net
|
$
|
137,621
|
$
|
162,051
|
||||
|
Employees and payroll accruals
|
63,845
|
63,738
|
||||||
|
Current maturities of bank loans and accrued interest
|
141
|
16,894
|
||||||
|
Warranty obligations
|
67,096
|
62,614
|
||||||
|
Deferred revenues and customers advances
|
16,939
|
24,648
|
||||||
|
Accrued expenses and other current liabilities
|
119,865
|
106,154
|
||||||
|
Total
current liabilities
|
405,507
|
436,099
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Convertible senior notes, net
|
620,808
|
573,350
|
||||||
|
Warranty obligations
|
179,967
|
142,380
|
||||||
|
Deferred revenues
|
136,269
|
115,372
|
||||||
|
Deferred tax liabilities, net
|
405
|
8,593
|
||||||
|
Finance lease liabilities
|
25,375
|
26,173
|
||||||
|
Operating lease liabilities
|
31,509
|
35,194
|
||||||
|
Other long-term liabilities
|
14,910
|
14,191
|
||||||
|
Total
long-term liabilities
|
1,009,243
|
915,253
|
||||||
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
|
STOCKHOLDERS’ EQUITY:
|
||||||||
|
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of September
30, 2021 and December 31, 2020; issued and outstanding: 52,519,490 and 51,560,936 shares as of September 30, 2021 and December 31, 2020, respectively
|
5
|
5
|
||||||
|
Additional paid-in capital
|
652,109
|
603,891
|
||||||
|
Accumulated other comprehensive income (loss)
|
(19,135
|
)
|
3,857
|
|||||
|
Retained earnings
|
609,104
|
478,004
|
||||||
|
Total stockholders’ equity
|
1,242,083
|
1,085,757
|
||||||
|
Total liabilities and stockholders’
equity
|
$
|
2,656,833
|
$
|
2,437,109
|
||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
Nine months ended
September 30,
|
||||||||
|
2021
|
2020
|
|||||||
|
Cash flows provided by operating activities:
|
||||||||
|
Net income
|
$
|
128,216
|
$
|
122,667
|
||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
|
Depreciation of property, plant and equipment
|
21,492
|
16,376
|
||||||
|
Amortization of intangible assets
|
7,487
|
7,081
|
||||||
|
Amortization of debt discount and debt issuance costs
|
2,175
|
168
|
||||||
|
Amortization of premium and accretion of discount on available-for-sale marketable
securities, net
|
6,301
|
602
|
||||||
|
Stock-based compensation expenses
|
73,390
|
42,993
|
||||||
|
Deferred income taxes, net
|
(6,686
|
)
|
(5,263
|
)
|
||||
|
Loss from disposal of assets
|
2,013
|
-
|
||||||
|
Exchange rate fluctuations and other items, net
|
13,086
|
(235
|
)
|
|||||
|
Changes in assets and liabilities:
|
||||||||
|
Inventories, net
|
30,678
|
(121,999
|
)
|
|||||
|
Prepaid expenses and other assets
|
(14,977
|
)
|
37,871
|
|||||
|
Trade receivables, net
|
(206,131
|
)
|
118,044
|
|||||
|
Trade payables, net
|
(22,959
|
)
|
(35,499
|
)
|
||||
|
Employees and payroll accruals
|
14,321
|
3,132
|
||||||
|
Warranty obligations
|
42,368
|
23,155
|
||||||
|
Deferred revenues and customers advances
|
13,723
|
(24,283
|
)
|
|||||
|
Other liabilities
|
20,055
|
10,619
|
||||||
|
Net cash provided by operating activities
|
124,552
|
195,429
|
||||||
|
Cash flows from investing activities:
|
||||||||
|
Investment in available-for-sale marketable securities
|
(511,615
|
)
|
(36,781
|
)
|
||||
|
Proceeds from sales and maturities of available-for-sale marketable securities
|
174,817
|
116,419
|
||||||
|
Purchase of property, plant and equipment
|
(94,135
|
)
|
(90,553
|
)
|
||||
|
Withdrawal from (investment in) bank deposits, net
|
50,020
|
(14,667
|
)
|
|||||
|
Investment in privately held company
|
(16,643
|
)
|
-
|
|||||
|
Payment for asset acquisition, net of cash acquired
|
(2,996
|
)
|
-
|
|||||
|
Withdrawal from restricted bank deposits
|
46
|
25,538
|
||||||
|
Other investing activities
|
2,547
|
743
|
||||||
|
Net cash provided by (used in) investing activities
|
$
|
(397,959
|
)
|
$
|
699
|
|||
|
Cash flows from financing activities:
|
||||||||
|
Repayment of bank loans
|
$
|
(16,219
|
)
|
$
|
(15,194
|
)
|
||
|
Proceeds from exercise of stock-based awards and payment of withholding taxes
|
(2,274
|
)
|
19,205
|
|||||
|
Proceeds from issuance of convertible senior notes, net
|
-
|
618,269
|
||||||
|
Proceeds from bank loans
|
-
|
15,185
|
||||||
|
Other financing activities
|
(939
|
)
|
(152
|
)
|
||||
|
Net cash provided by (used in) financing activities
|
(19,432
|
)
|
637,313
|
|||||
|
Increase (decrease) in cash and cash equivalents
|
(292,839
|
)
|
833,441
|
|||||
|
Cash and cash equivalents at the beginning of the period
|
827,146
|
223,901
|
||||||
|
Effect of exchange rate differences on cash and cash equivalents
|
(7,719
|
)
|
(9,233
|
)
|
||||
|
Cash and cash equivalents at the end of the period
|
$
|
526,588
|
$
|
1,048,109
|
||||
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands, except share and per share data)
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Gross profit (GAAP)
|
172,561
|
156,192
|
108,063
|
468,827
|
351,034
|
|||||||||||||||
|
Revenues from finance component
|
(111
|
)
|
(99
|
)
|
----
|
(296
|
)
|
----
|
||||||||||||
|
Stock-based compensation
|
4,289
|
4,291
|
2,730
|
14,370
|
7,362
|
|||||||||||||||
|
Cost of product adjustment
|
----
|
----
|
----
|
----
|
313
|
|||||||||||||||
|
Amortization and depreciation of acquired assets
|
2,341
|
2,401
|
2,429
|
7,054
|
7,110
|
|||||||||||||||
|
Gross profit (Non-GAAP)
|
179,080
|
162,785
|
113,222
|
489,955
|
365,819
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Gross Margin
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Gross margin (GAAP)
|
32.8
|
%
|
32.5
|
%
|
32.0
|
%
|
33.2
|
%
|
31.9
|
%
|
||||||||||
|
Revenues from finance component
|
0.0
|
%
|
0.0
|
%
|
----
|
0.0
|
%
|
----
|
||||||||||||
|
Stock-based compensation
|
0.8
|
%
|
0.9
|
%
|
0.8
|
%
|
1.0
|
%
|
0.7
|
%
|
||||||||||
|
Cost of product adjustment
|
----
|
----
|
----
|
----
|
0.0
|
%
|
||||||||||||||
|
Amortization and depreciation of acquired assets
|
0.4
|
%
|
0.5
|
%
|
0.7
|
%
|
0.5
|
%
|
0.6
|
%
|
||||||||||
|
Gross margin (Non-GAAP)
|
34.0
|
%
|
33.9
|
%
|
33.5
|
%
|
34.7
|
%
|
33.2
|
%
|
||||||||||
|
Reconciliation of GAAP to Non-GAAP Operating expenses
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Operating expenses (GAAP)
|
106,147
|
100,633
|
77,669
|
302,726
|
222,900
|
|||||||||||||||
|
Stock-based compensation - R&D
|
(11,949
|
)
|
(9,805
|
)
|
(6,904
|
)
|
(30,552
|
)
|
(18,129
|
)
|
||||||||||
|
Stock-based compensation - S&M
|
(5,737
|
)
|
(5,780
|
)
|
(4,066
|
)
|
(16,952
|
)
|
(10,703
|
)
|
||||||||||
|
Stock-based compensation - G&A
|
(4,210
|
)
|
(4,176
|
)
|
(2,559
|
)
|
(11,516
|
)
|
(6,799
|
)
|
||||||||||
|
Amortization and depreciation of acquired assets - R&D
|
(207
|
)
|
(9
|
)
|
(26
|
)
|
(228
|
)
|
(77
|
)
|
||||||||||
|
Amortization and depreciation of acquired assets - S&M
|
(229
|
)
|
(236
|
)
|
(370
|
)
|
(702
|
)
|
(957
|
)
|
||||||||||
|
Amortization and depreciation of acquired assets - G&A
|
(8
|
)
|
(7
|
)
|
(8
|
)
|
(23
|
)
|
(25
|
)
|
||||||||||
|
Assets sale (disposal)
|
37
|
----
|
(558
|
)
|
99
|
(558
|
)
|
|||||||||||||
|
Other operating income (expenses)
|
----
|
859
|
----
|
(1,350
|
)
|
4,900
|
||||||||||||||
|
Operating expenses (Non-GAAP)
|
83,844
|
81,479
|
63,178
|
241,502
|
190,552
|
|||||||||||||||
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands, except share and per share data)
|
Reconciliation of GAAP to Non-GAAP Operating income
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Operating income (GAAP)
|
66,414
|
55,559
|
30,394
|
166,101
|
128,134
|
|||||||||||||||
|
Revenues from finance component
|
(111
|
)
|
(99
|
)
|
----
|
(296
|
)
|
----
|
||||||||||||
|
Cost of product adjustment
|
----
|
----
|
----
|
----
|
313
|
|||||||||||||||
|
Stock-based compensation
|
26,185
|
24,052
|
16,259
|
73,390
|
42,993
|
|||||||||||||||
|
Amortization and depreciation of acquired assets
|
2,785
|
2,653
|
2,833
|
8,007
|
8,169
|
|||||||||||||||
|
Assets (sale) disposal
|
(37
|
)
|
----
|
558
|
(99
|
)
|
558
|
|||||||||||||
|
Other operating (income) expenses
|
----
|
(859
|
)
|
----
|
1,350
|
(4,900
|
)
|
|||||||||||||
|
Operating income (Non-GAAP)
|
95,236
|
81,306
|
50,044
|
248,453
|
175,267
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Financial expenses (income), net
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Financial expenses (income), net (GAAP)
|
5,751
|
1,743
|
(15,765
|
)
|
13,591
|
(10,725
|
)
|
|||||||||||||
|
Notes due 2025
|
(726
|
)
|
(726
|
)
|
(168
|
)
|
(2,176
|
)
|
(168
|
)
|
||||||||||
|
Non-cash interest
|
(1,469
|
)
|
(1,439
|
)
|
(1,254
|
)
|
(4,244
|
)
|
(3,582
|
)
|
||||||||||
|
Currency fluctuation related to lease standard
|
(574
|
)
|
(1,300
|
)
|
(243
|
)
|
415
|
(102
|
)
|
|||||||||||
|
Amortization and depreciation of acquired assets
|
----
|
----
|
----
|
----
|
(982
|
)
|
||||||||||||||
|
Financial expenses (income), net (Non-GAAP)
|
2,982
|
(1,722
|
)
|
(17,430
|
)
|
7,586
|
(15,559
|
)
|
||||||||||||
|
Reconciliation of GAAP to Non-GAAP Tax on income
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Tax on income (GAAP)
|
7,615
|
8,724
|
2,408
|
24,294
|
16,192
|
|||||||||||||||
|
Deferred taxes
|
2,528
|
1,789
|
(816
|
)
|
6,458
|
5,956
|
||||||||||||||
|
Tax on income (Non-GAAP)
|
10,143
|
10,513
|
1,592
|
30,752
|
22,148
|
|||||||||||||||
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands, except share and per share data)
|
Reconciliation of GAAP to Non-GAAP Net income
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Net income (GAAP)
|
53,048
|
45,092
|
43,751
|
128,216
|
122,667
|
|||||||||||||||
|
Revenues from finance component
|
(111
|
)
|
(99
|
)
|
----
|
(296
|
)
|
----
|
||||||||||||
|
Cost of product adjustment
|
----
|
----
|
----
|
----
|
313
|
|||||||||||||||
|
Stock-based compensation
|
26,185
|
24,052
|
16,259
|
73,390
|
42,993
|
|||||||||||||||
|
Amortization and depreciation of acquired assets
|
2,785
|
2,653
|
2,833
|
8,007
|
9,151
|
|||||||||||||||
|
Assets (sale) disposal
|
(37
|
)
|
----
|
558
|
(99
|
)
|
558
|
|||||||||||||
|
Other operating (income) expenses
|
----
|
(859
|
)
|
----
|
1,350
|
(4,900
|
)
|
|||||||||||||
|
Notes due 2025
|
726
|
726
|
168
|
2,176
|
168
|
|||||||||||||||
|
Non-cash interest
|
1,469
|
1,439
|
1,254
|
4,244
|
3,582
|
|||||||||||||||
|
Currency fluctuation related to lease standard
|
574
|
1,300
|
243
|
(415
|
)
|
102
|
||||||||||||||
|
Deferred taxes
|
(2,528
|
)
|
(1,789
|
)
|
816
|
(6,458
|
)
|
(5,956
|
)
|
|||||||||||
|
Net income (Non-GAAP)
|
82,111
|
72,515
|
65,882
|
210,115
|
168,678
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net basic EPS
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Net basic earnings per share (GAAP)
|
1.01
|
0.87
|
0.87
|
2.46
|
2.46
|
|||||||||||||||
|
Revenues from finance component
|
0.00
|
(0.01
|
)
|
----
|
0.00
|
----
|
||||||||||||||
|
Cost of product adjustment
|
----
|
----
|
----
|
----
|
0.01
|
|||||||||||||||
|
Stock-based compensation
|
0.50
|
0.47
|
0.32
|
1.41
|
0.86
|
|||||||||||||||
|
Amortization and depreciation of acquired assets
|
0.05
|
0.05
|
0.05
|
0.15
|
0.18
|
|||||||||||||||
|
Assets (sale) disposal
|
0.00
|
----
|
0.01
|
0.00
|
0.01
|
|||||||||||||||
|
Other operating (income) expenses
|
----
|
(0.02
|
)
|
----
|
0.03
|
(0.10
|
)
|
|||||||||||||
|
Notes due 2025
|
0.02
|
0.01
|
0.00
|
0.04
|
0.00
|
|||||||||||||||
|
Non-cash interest
|
0.03
|
0.03
|
0.03
|
0.08
|
0.08
|
|||||||||||||||
|
Currency fluctuation related to lease standard
|
0.01
|
0.03
|
0.00
|
(0.01
|
)
|
0.00
|
||||||||||||||
|
Deferred taxes
|
(0.05
|
)
|
(0.04
|
)
|
0.02
|
(0.12
|
)
|
(0.12
|
)
|
|||||||||||
|
Net basic earnings per share (Non-GAAP)
|
1.57
|
1.39
|
1.30
|
4.04
|
3.38
|
|||||||||||||||
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands, except share and per share data)
|
Reconciliation of GAAP to Non-GAAP Net diluted EPS
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Net diluted earnings per share (GAAP)
|
0.96
|
0.82
|
0.83
|
2.32
|
2.33
|
|||||||||||||||
|
Revenues from finance component
|
0.00
|
(0.01
|
)
|
----
|
(0.01
|
)
|
----
|
|||||||||||||
|
Cost of product adjustment
|
----
|
----
|
----
|
----
|
0.01
|
|||||||||||||||
|
Stock-based compensation
|
0.45
|
0.42
|
0.28
|
1.27
|
0.74
|
|||||||||||||||
|
Amortization and depreciation of acquired assets
|
0.05
|
0.04
|
0.05
|
0.14
|
0.17
|
|||||||||||||||
|
Assets (sale) disposal
|
0.00
|
----
|
0.01
|
0.00
|
0.01
|
|||||||||||||||
|
Other operating (income) expenses
|
----
|
(0.01
|
)
|
----
|
0.02
|
(0.09
|
)
|
|||||||||||||
|
Notes due 2025
|
0.00
|
0.00
|
0.00
|
0.01
|
0.00
|
|||||||||||||||
|
Non-cash interest
|
0.03
|
0.03
|
0.02
|
0.08
|
0.07
|
|||||||||||||||
|
Currency fluctuation related to lease standard
|
0.01
|
0.02
|
0.00
|
(0.01
|
)
|
0.00
|
||||||||||||||
|
Deferred taxes
|
(0.05
|
)
|
(0.03
|
)
|
0.02
|
(0.11
|
)
|
(0.11
|
)
|
|||||||||||
|
Net diluted earnings per share (Non-GAAP)
|
1.45
|
1.28
|
1.21
|
3.71
|
3.13
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2021
|
June 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
||||||||||||||||
|
Number of shares used in computing net diluted earnings per share (GAAP)
|
55,929,000
|
55,930,562
|
53,144,188
|
55,955,441
|
52,623,675
|
|||||||||||||||
|
Stock-based compensation
|
653,967
|
780,309
|
1,134,877
|
733,488
|
1,229,630
|
|||||||||||||||
|
Number of shares used in computing net diluted earnings per share (Non-GAAP)
|
56,582,967
|
56,710,871
|
54,279,065
|
56,688,929
|
53,853,305
|
|||||||||||||||
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