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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

SolarEdge Announces Third Quarter 2021 Financial Results

November 2, 2021 GMT

MILPITAS, Calif.--(BUSINESS WIRE)--Nov 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.”

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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.

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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.

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

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20211102006166/en/

CONTACT: Investor Contacts

SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

+1 510-498-3263

investors@solaredge.comSapphire Investor Relations, LLC

Erica Mannion or Michael Funari

+1 617-542-6180

investors@solaredge.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY OTHER TECHNOLOGY TECHNOLOGY UTILITIES

SOURCE: SolarEdge Technologies, Inc.

Copyright Business Wire 2021.

PUB: 11/02/2021 04:05 PM/DISC: 11/02/2021 04:06 PM

http://www.businesswire.com/news/home/20211102006166/en