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SolarEdge Announces Second Quarter 2023 Financial Results

SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights

  • Record revenues of $991.3 million
  • Record revenues from solar segment of $947.4 million
  • GAAP gross margin of 32.0%
  • Non-GAAP gross margin* of 32.7%
  • Gross margin from solar segment of 34.7%
  • Record GAAP operating income of $150.4 million
  • Record non-GAAP operating income* of $191.0 million
  • GAAP net income of $119.5 million
  • Non-GAAP net income* of $157.4 million
  • GAAP net diluted earnings per share (“EPS”) of $2.03
  • Non-GAAP net diluted EPS* of $2.62
  • Record 4.3 Gigawatts (AC) of inverters shipped
  • 269 MWh of batteries shipped

“We are pleased with our results for the second quarter, in particular our strong performance in Europe in both the residential and commercial solar segments. While the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates, we are navigating through this period by leveraging our geographic and multi-segment strengths in the solar markets and expect to benefit from the positive long-term outlook for this sector,” said Zvi Lando, Chief Executive Officer of SolarEdge.

Second Quarter 2023 Summary

The Company reported record revenues of $991.3 million, up 5% from $943.9 million in the prior quarter and up 36% from $727.8 million in the same quarter last year.

Revenues from the solar segment were a record $947.4 million, up 4% from $908.5 million in the prior quarter and up 38% from $687.6 million in the same quarter last year.

GAAP gross margin was 32.0%, up from 31.8% in the prior quarter and up from 25.1% in the same quarter last year.

Non-GAAP gross margin* was 32.7%, up slightly from 32.6% in the prior quarter and up from 26.7% in the same quarter last year.

Gross margin from the solar segment was 34.7%, down slightly from 35.0% in the prior quarter and up from 28.1% in the same quarter last year.

GAAP operating expenses were $166.9 million, up 7% from $156.0 million in the prior quarter and up 14% from $146.6 million in the same quarter last year.

Non-GAAP operating expenses* were $133.3 million, up 8% from $123.6 million in the prior quarter and up 22% from $109.6 million in the same quarter last year.

GAAP operating income was a record $150.4 million, up 4% from $144.2 million in the prior quarter and up 318% from $36.0 million in the same quarter last year.

Non-GAAP operating income* was a record $191.0 million, up 4% from $183.8 million in the prior quarter and up 126% from $84.7 million in the same quarter last year.

GAAP net income was $119.5 million, down 14% from $138.4 million in the prior quarter and up 692% from $15.1 million in the same quarter last year.

Non-GAAP net income* was $157.4 million, down 10% from $174.5 million in the prior quarter and up 177% from $56.7 million in the same quarter last year.

GAAP net diluted EPS was $2.03, down from $2.35 in the prior quarter and up from $0.26 in the same quarter last year.

Non-GAAP net diluted EPS* was $2.62, down from $2.90 in the prior quarter and up from $0.95 in the same quarter last year.

Cash used in operating activities was $88.7 million, compared with $7.9 million generated from operating activities in the prior quarter and $77.4 million generated from operating activities in the same quarter last year.

As of June 30, 2023, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $853.5 million, net of debt, compared to $1.01 billion on March 31, 2023.

Outlook for the Third Quarter 2023

The Company also provides guidance for the third quarter ending September 30, 2023 as follows:

  • Revenues to be within the range of $880 million to $920 million
  • Non-GAAP gross margin** expected to be within the range of 28% to 31%
  • Non-GAAP operating income** to be within the range of $115 million to $135 million
  • Revenues from the solar segment to be within the range of $850 million to $890 million
  • Gross margin from the solar segment expected to be within the range of 30% to 33%

*

 

Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

**

 

Non-GAAP gross margin and Non-GAAP operating income are non-GAAP financial measures and have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating income are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, August 1, 2023. The call will be available, live, to interested parties by dialing 877-888-4294. For international callers, please dial +1 785-424-1881. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Non-GAAP measures are presented in this press release because we believe that they provide investors with a means of evaluating and understanding how the Company’s management evaluates the company’s operating performance. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.

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, 2022, filed on February 22, 2023 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 1, 2023. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

Unaudited

Revenues

 

$

991,290

 

$

727,774

 

 

$

1,935,179

 

 

$

1,382,854

 

Cost of revenues

 

 

673,985

 

 

545,132

 

 

 

1,317,748

 

 

 

1,021,254

 

Gross profit

 

 

317,305

 

 

182,642

 

 

 

617,431

 

 

 

361,600

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

86,526

 

 

74,847

 

 

 

166,399

 

 

 

141,196

 

Sales and marketing

 

 

44,222

 

 

38,975

 

 

 

85,188

 

 

 

74,291

 

General and administrative

 

 

36,199

 

 

28,121

 

 

 

72,766

 

 

 

54,550

 

Other operating expense (income), net

 

 

 

 

4,687

 

 

 

(1,434

)

 

 

4,687

 

Total operating expenses

 

 

166,947

 

 

146,630

 

 

 

322,919

 

 

 

274,724

 

Operating income

 

 

150,358

 

 

36,012

 

 

 

294,512

 

 

 

86,876

 

Financial income (expense), net

 

 

3,384

 

 

(14,311

)

 

 

27,058

 

 

 

(18,916

)

Other loss

 

 

 

 

 

 

 

(125

)

 

 

(844

)

Income before income taxes

 

 

153,742

 

 

21,701

 

 

 

321,445

 

 

 

67,116

 

Income taxes

 

 

34,232

 

 

6,617

 

 

 

63,557

 

 

 

18,909

 

Net income

 

$

119,510

 

$

15,084

 

 

$

257,888

 

 

$

48,207

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

June 30,

2023

 

December 31,

2022

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$

557,744

 

 

$

783,112

 

Marketable securities

 

 

493,176

 

 

 

241,117

 

Trade receivables, net of allowances of $6,890 and $3,202, respectively

 

 

1,149,820

 

 

 

905,146

 

Inventories, net

 

 

984,194

 

 

 

729,201

 

Prepaid expenses and other current assets

 

 

264,188

 

 

 

241,082

 

Total current assets

 

 

3,449,122

 

 

 

2,899,658

 

LONG-TERM ASSETS:

 

 

 

 

Marketable securities

 

 

435,800

 

 

 

645,491

 

Deferred tax assets, net

 

 

49,993

 

 

 

44,153

 

Property, plant and equipment, net

 

 

580,503

 

 

 

543,969

 

Operating lease right-of-use assets, net

 

 

66,387

 

 

 

62,754

 

Intangible assets, net

 

 

43,656

 

 

 

19,929

 

Goodwill

 

 

42,332

 

 

 

31,189

 

Other long-term assets

 

 

28,772

 

 

 

18,806

 

Total long-term assets

 

 

1,247,443

 

 

 

1,366,291

 

Total assets

 

$

4,696,565

 

 

$

4,265,949

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Trade payables, net

 

 

434,602

 

 

 

459,831

 

Employees and payroll accruals

 

 

74,709

 

 

 

85,158

 

Warranty obligations

 

 

146,150

 

 

 

103,975

 

Deferred revenues and customers advances

 

 

28,135

 

 

 

26,641

 

Accrued expenses and other current liabilities

 

 

214,133

 

 

 

214,112

 

Total current liabilities

 

 

897,729

 

 

 

889,717

 

LONG-TERM LIABILITIES:

 

 

 

 

Convertible senior notes, net

 

 

625,914

 

 

 

624,451

 

Warranty obligations

 

 

342,437

 

 

 

281,082

 

Deferred revenues

 

 

204,693

 

 

 

186,936

 

Finance lease liabilities

 

 

42,208

 

 

 

45,385

 

Operating lease liabilities

 

 

47,046

 

 

 

46,256

 

Other long-term liabilities

 

 

16,349

 

 

 

15,756

 

Total long-term liabilities

 

 

1,278,647

 

 

 

1,199,866

 

COMMITMENTS AND CONTINGENT LIABILITIES

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of June 30, 2023 and December 31, 2022; issued and outstanding: 56,556,340 and 56,133,404 shares as of June 30, 2023 and December 31, 2022, respectively

 

 

6

 

 

 

6

 

Additional paid-in capital

 

 

1,595,890

 

 

 

1,505,632

 

Accumulated other comprehensive loss

 

 

(77,432

)

 

 

(73,109

)

Retained earnings

 

 

1,001,725

 

 

 

743,837

 

Total stockholders’ equity

 

 

2,520,189

 

 

 

2,176,366

 

Total liabilities and stockholders’ equity

 

$

4,696,565

 

 

$

4,265,949

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share data)

 

 

 

Six Months Ended

June 30,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

Net income

 

$

257,888

 

 

$

48,207

 

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

 

 

 

 

Depreciation and amortization

 

 

26,725

 

 

 

24,138

 

Loss (gain) from exchange rate fluctuations

 

 

(23,214

)

 

 

20,398

 

Stock-based compensation expenses

 

 

78,200

 

 

 

71,181

 

Impairment of goodwill and intangible assets

 

 

 

 

 

4,008

 

Deferred income taxes, net

 

 

(7,636

)

 

 

(1,092

)

Other items

 

 

4,783

 

 

 

11,396

 

Changes in assets and liabilities:

 

 

 

 

Inventories, net

 

 

(246,193

)

 

 

(93,348

)

Prepaid expenses and other assets

 

 

(33,285

)

 

 

(79,215

)

Trade receivables, net

 

 

(235,086

)

 

 

(235,316

)

Trade payables, net

 

 

(22,304

)

 

 

(7,339

)

Employees and payroll accruals

 

 

8,283

 

 

 

5,202

 

Warranty obligations

 

 

103,524

 

 

 

59,588

 

Deferred revenues and customers advances

 

 

17,222

 

 

 

32,277

 

Accrued expenses and other liabilities, net

 

 

(9,695

)

 

 

54,341

 

Net cash used in operating activities

 

 

(80,788

)

 

 

(85,574

)

Cash flows from investing activities:

 

 

 

 

Investment in available-for-sale marketable securities

 

 

(124,138

)

 

 

(362,119

)

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

 

 

86,813

 

 

 

126,287

 

Purchase of property, plant and equipment

 

 

(84,075

)

 

 

(91,884

)

Business combinations, net of cash acquired

 

 

(16,653

)

 

 

 

Purchase of intangible assets

 

 

(10,000

)

 

 

 

Investment in privately-held companies

 

 

(6,750

)

 

 

 

Proceed from government grants in relation to capital expenditures

 

 

6,797

 

 

 

 

Other investing activities

 

 

3,552

 

 

 

1,783

 

Net cash used in investing activities

 

 

(144,454

)

 

 

(325,933

)

Cash flows from financing activities:

 

 

 

 

Tax withholding in connection with stock-based awards, net

 

 

(8,811

)

 

 

(2,318

)

Payment of finance lease liability

 

 

(1,428

)

 

 

(1,374

)

Proceeds from secondary public offering, net of issuance costs

 

 

 

 

 

650,526

 

Other financing activities

 

 

98

 

 

 

1,572

 

Net cash provided by (used in) financing activities

 

 

(10,141

)

 

 

648,406

 

Increase (decrease) in cash and cash equivalents

 

 

(235,383

)

 

 

236,899

 

Cash and cash equivalents at the beginning of the period

 

 

783,112

 

 

 

530,089

 

Effect of exchange rate differences on cash and cash equivalents

 

 

10,015

 

 

 

(21,454

)

Cash and cash equivalents at the end of the period

 

 

557,744

 

 

 

745,534

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP

 

Q2-22

 

Q3-22

 

Q4-22

 

Q1-23

 

Q2-23

Gross profit (GAAP)

$

182,642

 

 

$

222,001

 

 

$

261,047

 

 

$

300,126

 

 

$

317,305

 

Revenues from finance component

 

(146

)

 

 

(159

)

 

 

(174

)

 

 

(187

)

 

 

(202

)

Stock-based compensation

 

5,286

 

 

 

4,661

 

 

 

6,810

 

 

 

5,927

 

 

 

5,923

 

Amortization of stock-based compensation capitalized in inventories

 

 

 

 

 

 

 

 

 

 

 

 

 

316

 

Disposal of assets related to Critical Power

 

4,314

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization and depreciation of acquired asset

 

2,184

 

 

 

2,064

 

 

 

961

 

 

 

1,515

 

 

 

872

 

Gross profit (Non-GAAP)

$

194,280

 

 

$

228,567

 

 

$

268,644

 

 

$

307,381

 

 

$

324,214

 

 

 

 

 

 

 

 

 

 

 

Gross margin (GAAP)

 

25.1

%

 

 

26.5

%

 

 

29.3

%

 

 

31.8

%

 

 

32.0

%

Revenues from finance component

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Stock-based compensation

 

0.7

%

 

 

0.6

%

 

 

0.8

%

 

 

0.6

%

 

 

0.6

%

Amortization of stock-based compensation capitalized in inventories

 

%

 

 

%

 

 

%

 

 

%

 

 

0.0

%

Disposal of assets related to Critical Power

 

0.6

%

 

 

%

 

 

%

 

 

%

 

 

%

Amortization and depreciation of acquired assets

 

0.3

%

 

 

0.2

%

 

 

0.1

%

 

 

0.2

%

 

 

0.1

%

Gross margin (Non-GAAP)

 

26.7

%

 

 

27.3

%

 

 

30.2

%

 

 

32.6

%

 

 

32.7

%

 

 

 

 

 

 

 

 

 

 

Operating expenses (GAAP)

$

146,630

 

 

$

137,594

 

 

$

266,210

 

 

$

155,972

 

 

$

166,947

 

Stock-based compensation - R&D

 

(16,819

)

 

 

(14,553

)

 

 

(16,854

)

 

 

(17,209

)

 

 

(17,272

)

Stock-based compensation - S&M

 

(7,047

)

 

 

(9,341

)

 

 

(7,928

)

 

 

(8,079

)

 

 

(7,822

)

Stock-based compensation - G&A

 

(7,922

)

 

 

(7,196

)

 

 

(7,015

)

 

 

(8,020

)

 

 

(7,948

)

Amortization and depreciation of acquired assets - R&D

 

(300

)

 

 

(302

)

 

 

(301

)

 

 

(313

)

 

 

(289

)

Amortization and depreciation of acquired assets - S&M

 

(226

)

 

 

(187

)

 

 

(173

)

 

 

(181

)

 

 

(235

)

Amortization and depreciation of acquired assets - G&A

 

(5

)

 

 

(6

)

 

 

(4

)

 

 

(26

)

 

 

17

 

Assets impairment

 

(4,696

)

 

 

19

 

 

 

(114,473

)

 

 

 

 

 

 

Gain (loss) from assets sales and disposal

 

 

 

 

2,303

 

 

 

(102

)

 

 

1,434

 

 

 

 

Acquisition costs

 

 

 

 

 

 

 

(350

)

 

 

 

 

 

(135

)

Operating expenses (Non-GAAP)

$

109,615

 

 

$

108,331

 

 

$

119,010

 

 

$

123,578

 

 

$

133,263

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP

 

Q2-22

 

Q3-22

 

Q4-22

 

Q1-23

 

Q2-23

Operating income (loss) (GAAP)

$

36,012

 

 

$

84,407

 

 

$

(5,163

)

 

$

144,154

 

 

$

150,358

 

Revenues from finance component

 

(146

)

 

 

(159

)

 

 

(174

)

 

 

(187

)

 

 

(202

)

Disposal of assets related to Critical Power

 

4,314

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

37,074

 

 

 

35,751

 

 

 

38,607

 

 

 

39,235

 

 

 

38,965

 

Amortization of stock-based compensation capitalized in inventories

 

 

 

 

 

 

 

 

 

 

 

 

 

316

 

Amortization and depreciation of acquired assets

 

2,715

 

 

 

2,559

 

 

 

1,439

 

 

 

2,035

 

 

 

1,379

 

Assets impairment

 

4,696

 

 

 

(19

)

 

 

114,473

 

 

 

 

 

 

 

Loss (gain) from assets sales and disposal

 

 

 

 

(2,303

)

 

 

102

 

 

 

(1,434

)

 

 

 

Acquisition costs

 

 

 

 

 

 

 

350

 

 

 

 

 

 

135

 

Operating income (Non-GAAP)

$

84,665

 

 

$

120,236

 

 

$

149,634

 

 

$

183,803

 

 

$

190,951

 

 

 

 

 

 

 

 

 

 

 

Financial income (expense), net (GAAP)

$

(14,311

)

 

$

(33,025

)

 

$

56,101

 

 

$

23,674

 

 

$

3,384

 

Non cash interest expense

 

2,427

 

 

 

2,505

 

 

 

2,685

 

 

 

2,892

 

 

 

3,105

 

Unrealized losses (gains)

 

 

 

 

 

 

 

(170

)

 

 

 

 

 

 

Currency fluctuation related to lease standard

 

(9,028

)

 

 

(1,116

)

 

 

749

 

 

 

(2,519

)

 

 

(2,107

)

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

$

(20,912

)

 

$

(31,636

)

 

$

59,365

 

 

$

24,047

 

 

$

4,382

 

 

 

 

 

 

 

 

 

 

 

Other income (loss) (GAAP)

$

 

 

$

7,533

 

 

$

186

 

 

$

(125

)

 

$

 

Gain from sale of investment in privately-held company

 

 

 

 

(7,533

)

 

 

(186

)

 

 

 

 

 

 

Other income (loss) (Non-GAAP)

$

 

 

$

 

 

$

 

 

$

(125

)

 

$

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) (GAAP)

$

(6,617

)

 

$

(34,172

)

 

$

(30,295

)

 

$

(29,325

)

 

$

(34,232

)

Income tax adjustment

 

(389

)

 

 

(291

)

 

 

(7,186

)

 

 

(3,901

)

 

 

(3,735

)

Income tax benefit (expense) (Non-GAAP)

$

(7,006

)

 

$

(34,463

)

 

$

(37,481

)

 

$

(33,226

)

 

$

(37,967

)

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP

 

Q2-22

 

Q3-22

 

Q4-22

 

Q1-23

 

Q2-23

Net income (GAAP)

$

15,084

 

 

$

24,743

 

 

$

20,829

 

 

$

138,378

 

 

$

119,510

 

Revenues from finance component

 

(146

)

 

 

(159

)

 

 

(174

)

 

 

(187

)

 

 

(202

)

Disposal of assets related to Critical Power

 

4,314

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

37,074

 

 

 

35,751

 

 

 

38,607

 

 

 

39,235

 

 

 

38,965

 

Amortization of stock-based compensation capitalized in inventories

 

 

 

 

 

 

 

 

 

 

 

 

 

316

 

Amortization and depreciation of acquired assets

 

2,715

 

 

 

2,559

 

 

 

1,439

 

 

 

2,035

 

 

 

1,379

 

Assets impairment

 

4,696

 

 

 

(19

)

 

 

114,473

 

 

 

 

 

 

 

Loss (gain) from assets sales and disposal

 

 

 

 

(2,303

)

 

 

102

 

 

 

(1,434

)

 

 

 

Acquisition costs

 

 

 

 

 

 

 

350

 

 

 

 

 

 

135

 

Non cash interest expense

 

2,427

 

 

 

2,505

 

 

 

2,685

 

 

 

2,892

 

 

 

3,105

 

Unrealized losses (gains)

 

 

 

 

 

 

 

(170

)

 

 

 

 

 

 

Currency fluctuation related to lease standard

 

(9,028

)

 

 

(1,116

)

 

 

749

 

 

 

(2,519

)

 

 

(2,107

)

Gain from sale of investment in privately-held company

 

 

 

 

(7,533

)

 

 

(186

)

 

 

 

 

 

 

Income tax adjustment

 

(389

)

 

 

(291

)

 

 

(7,186

)

 

 

(3,901

)

 

 

(3,735

)

Net income (Non-GAAP)

$

56,747

 

 

$

54,137

 

 

$

171,518

 

 

$

174,499

 

 

$

157,366

 

 

 

 

 

 

 

 

 

 

 

Net basic earnings per share (GAAP)

$

0.27

 

 

$

0.44

 

 

$

0.37

 

 

$

2.46

 

 

$

2.12

 

Revenues from finance component

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

(0.01

)

Disposal of assets related to Critical Power

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

0.67

 

 

 

0.64

 

 

 

0.69

 

 

 

0.70

 

 

 

0.70

 

Amortization of stock-based compensation capitalized in inventories

 

 

 

 

 

 

 

 

 

 

 

 

 

0.00

 

Amortization and depreciation of acquired assets

 

0.04

 

 

 

0.05

 

 

 

0.02

 

 

 

0.03

 

 

 

0.03

 

Assets impairment

 

0.09

 

 

 

0.00

 

 

 

2.05

 

 

 

 

 

 

 

Loss (gain) from assets sales and disposal

 

 

 

 

(0.04

)

 

 

0.00

 

 

 

(0.02

)

 

 

 

Acquisition costs

 

 

 

 

 

 

 

0.01

 

 

 

 

 

 

0.00

 

Non cash interest expense

 

0.04

 

 

 

0.04

 

 

 

0.05

 

 

 

0.05

 

 

 

0.05

 

Unrealized losses (gains)

 

 

 

 

 

 

 

(0.01

)

 

 

 

 

 

 

Currency fluctuation related to lease standard

 

(0.16

)

 

 

(0.02

)

 

 

0.02

 

 

 

(0.05

)

 

 

(0.03

)

Gain from sale of investment in privately-held company

 

 

 

 

(0.13

)

 

 

(0.01

)

 

 

 

 

 

 

Income tax adjustment

 

(0.01

)

 

 

(0.01

)

 

 

(0.13

)

 

 

(0.07

)

 

 

(0.07

)

Net basic earnings per share (Non-GAAP)

$

1.02

 

 

$

0.97

 

 

$

3.06

 

 

$

3.10

 

 

$

2.79

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP

 

Q2-22

 

Q3-22

 

Q4-22

 

Q1-23

 

Q2-23

Net diluted earnings per share (GAAP)

$

0.26

 

 

$

0.43

 

 

$

0.36

 

 

$

2.35

 

 

$

2.03

 

Revenues from finance component

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

(0.01

)

 

 

(0.01

)

Disposal of assets related to Critical Power

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

0.62

 

 

 

0.59

 

 

 

0.64

 

 

 

0.62

 

 

 

0.62

 

Amortization of stock-based compensation capitalized in inventories

 

 

 

 

 

 

 

 

 

 

 

 

 

0.00

 

Amortization and depreciation of acquired assets

 

0.04

 

 

 

0.05

 

 

 

0.02

 

 

 

0.03

 

 

 

0.03

 

Assets impairment

 

0.08

 

 

 

0.00

 

 

 

1.91

 

 

 

 

 

 

 

Loss (gain) from assets sales and disposal

 

 

 

 

(0.04

)

 

 

0.00

 

 

 

(0.02

)

 

 

 

Acquisition costs

 

 

 

 

 

 

 

0.01

 

 

 

 

 

 

0.00

 

Non cash interest expense

 

0.03

 

 

 

0.03

 

 

 

0.03

 

 

 

0.04

 

 

 

0.04

 

Unrealized losses (gains)

 

 

 

 

 

 

 

0.00

 

 

 

 

 

 

 

Currency fluctuation related to lease standard

 

(0.15

)

 

 

(0.02

)

 

 

0.01

 

 

 

(0.04

)

 

 

(0.03

)

Gain from sale of investment in privately-held company

 

 

 

 

(0.13

)

 

 

0.00

 

 

 

 

 

 

 

Income tax adjustment

 

(0.01

)

 

 

0.00

 

 

 

(0.12

)

 

 

(0.07

)

 

 

(0.06

)

Net diluted earnings per share (Non-GAAP)

$

0.95

 

 

$

0.91

 

 

$

2.86

 

 

$

2.90

 

 

$

2.62

 

 

 

 

 

 

 

 

 

 

 

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

 

58,564,734

 

 

 

58,747,538

 

 

 

58,734,719

 

 

 

59,193,831

 

 

 

59,183,666

 

Stock-based compensation

 

904,781

 

 

 

784,228

 

 

 

1,237,266

 

 

 

939,571

 

 

 

986,527

 

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

 

59,469,515

 

 

 

59,531,766

 

 

 

59,971,985

 

 

 

60,133,402

 

 

 

60,170,193

 

 

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