SolarEdge Announces Quarter Ended December 31, 2016 Financial Results
SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring
services, today announced its financial results for the quarter ended December 31, 2016.
Quarter Ended December 31, 2016 Highlights
- Revenues for the quarter of $111.5 million
- GAAP gross margin for the quarter of 35.0%
- GAAP operating income for the quarter of $15.1 million
- GAAP net income for the quarter of $9.8 million
- Non-GAAP net income for the quarter of $14.7 million
- GAAP net diluted earnings per share for the quarter of $0.22
- Non-GAAP net diluted earnings per share for the quarter of $0.32
- 413 Megawatts (AC) of inverters shipped for the quarter
“We focused this quarter on the ramp up of manufacturing new products, including the HD Wave inverter which is now available
worldwide. We continued our cost reduction measures yielding solid operating income and record gross margin despite lower revenues
than in previous quarters,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We remain confident in our ability to grow
revenues and profitability in 2017.”
Quarter Ended December 31, 2016 Summary
The Company reported revenues of $111.5 million, 13% down from the prior quarter and 11% year over year.
GAAP gross margin reached 35.0%, up from 32.6% in the prior quarter and from 30.9% year over year.
GAAP operating expenses were $23.9 million, an increase of 1% from the prior quarter and of 24% year over year.
GAAP operating income was $15.1 million, down from $18.2 million in the prior quarter and from $19.3 million year over year.
GAAP net income was $9.8 million, down from $15.6 million in the prior quarter and from $24.1 million year over year.
Non-GAAP net income was $14.7 million, down from $20.9 million in the prior quarter and down from $19.8 million year over
year.
GAAP net diluted earnings per shares (“EPS”) was $0.22, down from $0.35 in the prior quarter and down from $0.55 year over
year.
Non-GAAP net diluted EPS was $0.32, down from $0.46 in the prior quarter and down from $0.44 year over year.
As of December 31, 2016, cash, cash equivalents, restricted cash and marketable securities totaled $224.3 million, compared to
$206.7 million on September 30, 2016.
Outlook for the Quarter Ending March 31, 2017
The Company also provides guidance for the quarter ending March 31, 2017 as follows:
- Revenues to be within the range of $110 million to $120 million;
- Gross margins to be within the range of 31% to 33%.
Conference Call
The Company will host a conference call to discuss these results at 5:00 P.M. EST on Tuesday, February 14, 2017. The call will
be available, live, to interested parties by dialing 877-874-1570. For international callers, please dial +1 719-325-4762. The
Conference ID number is 9063628. 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 provides an intelligent inverter solution that has changed the way power is harvested and managed in solar
photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while
lowering the cost of energy produced by the solar PV system. The SolarEdge system consists of power optimizers, inverters, storage
solutions and a cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar
installations to commercial and small utility-scale solar installations. SolarEdge is online at http://www.solaredge.com
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this release. 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 Registration Statement on Form S-1
(including the related prospectus), Annual Report on Form 10-K for the fiscal year ended June 30, 2016, filed on August 17, 2016,
Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of February 14,
2017. 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 OPERATIONS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
Six months Ended
December 31,
|
|
Year ended
June 30,
|
|
|
2016 |
|
2016 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
239,997 |
|
|
$ |
489,843 |
|
|
$ |
325,078 |
|
|
$ |
133,217 |
|
| Cost of revenues |
|
|
159,097 |
|
|
|
337,887 |
|
|
|
243,295 |
|
|
|
111,246 |
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
80,900 |
|
|
|
151,956 |
|
|
|
81,783 |
|
|
|
21,971 |
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development, net |
|
|
20,279 |
|
|
|
33,231 |
|
|
|
22,018 |
|
|
|
18,256 |
|
| Sales and marketing |
|
|
20,444 |
|
|
|
34,833 |
|
|
|
24,973 |
|
|
|
17,792 |
|
| General and administrative |
|
|
6,790 |
|
|
|
12,133 |
|
|
|
6,535 |
|
|
|
4,294 |
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
47,513 |
|
|
|
80,197 |
|
|
|
53,526 |
|
|
|
40,342 |
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
33,387 |
|
|
|
71,759 |
|
|
|
28,257 |
|
|
|
(18,371 |
) |
|
|
|
|
|
|
|
|
|
| Other expenses |
|
|
- |
|
|
|
- |
|
|
|
104 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
| Financial income (expenses), net |
|
|
(2,789 |
) |
|
|
471 |
|
|
|
(5,077 |
) |
|
|
(2,787 |
) |
|
|
|
|
|
|
|
|
|
| Income (loss) before taxes on income |
|
|
30,598 |
|
|
|
72,230 |
|
|
|
23,076 |
|
|
|
(21,158 |
) |
|
|
|
|
|
|
|
|
|
| Taxes on income (tax benefit) |
|
|
5,217 |
|
|
|
(4,379 |
) |
|
|
1,955 |
|
|
|
220 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
25,381 |
|
|
$ |
76,609 |
|
|
$ |
21,121 |
|
|
$ |
(21,378 |
) |
|
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands
|
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
June 30, |
|
|
2016 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
104,683 |
|
|
|
$ |
74,032 |
|
|
$ |
144,750 |
|
| Restricted cash |
|
|
897 |
|
|
|
|
928 |
|
|
|
3,639 |
|
| Marketable Securities |
|
|
74,465 |
|
|
|
|
59,163 |
|
|
|
- |
|
| Trade receivables, net |
|
|
71,041 |
|
|
|
|
72,737 |
|
|
|
35,428 |
|
| Prepaid expenses and other accounts receivable |
|
|
21,347 |
|
|
|
|
21,340 |
|
|
|
32,645 |
|
| Inventories |
|
|
67,363 |
|
|
|
|
81,550 |
|
|
|
73,950 |
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
339,796 |
|
|
|
|
309,750 |
|
|
|
290,412 |
|
|
|
|
|
|
|
|
|
| LONG-TERM ASSETS: |
|
|
|
|
|
|
|
| Marketable securities |
|
|
44,262 |
|
|
|
|
52,446 |
|
|
|
- |
|
| Property, equipment and intangible assets, net |
|
|
37,381 |
|
|
|
|
28,547 |
|
|
|
14,717 |
|
| Prepaid expenses and lease deposits |
|
|
489 |
|
|
|
|
399 |
|
|
|
529 |
|
| Deferred tax assets, net |
|
|
2,815 |
|
|
|
|
6,296 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total long term assets
|
|
|
84,947 |
|
|
|
|
87,688 |
|
|
|
15,246 |
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
424,743 |
|
|
|
$ |
397,438 |
|
|
$ |
305,658 |
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
|
|
|
| Trade payables |
|
$ |
34,001 |
|
|
|
$ |
48,481 |
|
|
$ |
80,684 |
|
| Employees and payroll accruals |
|
|
13,018 |
|
|
|
|
10,092 |
|
|
|
6,814 |
|
| Warranty obligations |
|
|
13,616 |
|
|
|
|
14,114 |
|
|
|
9,431 |
|
| Deferred revenues |
|
|
1,202 |
|
|
|
|
3,859 |
|
|
|
1,676 |
|
| Accrued expenses and other accounts payable |
|
|
8,648 |
|
|
|
|
10,725 |
|
|
|
6,987 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
70,485 |
|
|
|
|
87,271 |
|
|
|
105,592 |
|
|
|
|
|
|
|
|
|
| LONG-TERM LIABILITIES: |
|
|
|
|
|
|
|
| Warranty obligations |
|
|
44,759 |
|
|
|
|
37,078 |
|
|
|
22,448 |
|
| Deferred revenues |
|
|
18,660 |
|
|
|
|
14,684 |
|
|
|
8,289 |
|
| Lease incentive obligation |
|
|
2,061 |
|
|
|
|
2,297 |
|
|
|
2,385 |
|
|
|
|
|
|
|
|
|
| Total long-term liabilities |
|
|
65,480 |
|
|
|
|
54,059 |
|
|
|
33,122 |
|
|
|
|
|
|
|
|
|
| COMMITMENTS AND CONTINGENT LIABILITIES |
|
|
|
|
|
|
|
| STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
| Common stock |
|
|
4 |
|
|
|
|
4 |
|
|
|
4 |
|
| Additional paid-in capital |
|
|
307,098 |
|
|
|
|
299,214 |
|
|
|
287,152 |
|
| Accumulated other comprehensive income (loss) |
|
|
(324 |
) |
|
|
|
271 |
|
|
|
(222 |
) |
| Accumulated deficit |
|
|
(18,000 |
) |
|
|
|
(43,381 |
) |
|
|
(119,990 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
288,778 |
|
|
|
|
256,108 |
|
|
|
166,944 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$ |
424,743 |
|
|
|
$ |
397,438 |
|
|
$ |
305,658 |
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
Six months ended
December 31,
|
|
Year ended
June 30,
|
|
|
2016 |
|
2016 |
|
2015 |
|
2014 |
|
Cash flows provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
25,381 |
|
|
$ |
76,609 |
|
|
$ |
21,121 |
|
|
$ |
(21,378 |
) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization of intangible assets |
|
|
2,759 |
|
|
|
3,847 |
|
|
|
2,253 |
|
|
|
1,978 |
|
| Amortization of premiums on available-for-sale marketable securities |
|
|
681 |
|
|
|
532 |
|
|
|
- |
|
|
|
- |
|
| Stock-based compensation |
|
|
6,600 |
|
|
|
9,089 |
|
|
|
2,956 |
|
|
|
1,082 |
|
| Financial expenses (income), net related to term loan |
|
|
- |
|
|
|
- |
|
|
|
(992 |
) |
|
|
431 |
|
| Remeasurement of warrants to purchase convertible preferred stock |
|
|
- |
|
|
|
- |
|
|
|
5,350 |
|
|
|
(53 |
) |
| Capital loss from disposal of property |
|
|
- |
|
|
|
- |
|
|
|
104 |
|
|
|
- |
|
| Interest expenses related to short term bank loan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
44 |
|
| Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
| Inventories |
|
|
14,022 |
|
|
|
(7,356 |
) |
|
|
(48,507 |
) |
|
|
(10,681 |
) |
| Prepaid expenses and other accounts receivable |
|
|
(367 |
) |
|
|
10,542 |
|
|
|
(19,563 |
) |
|
|
(7,409 |
) |
| Trade receivables, net |
|
|
1,555 |
|
|
|
(37,271 |
) |
|
|
(16,333 |
) |
|
|
(9,911 |
) |
| Deferred tax assets, net |
|
|
3,652 |
|
|
|
(6,380 |
) |
|
|
- |
|
|
|
- |
|
| Trade payables |
|
|
(14,464 |
) |
|
|
(32,200 |
) |
|
|
41,111 |
|
|
|
19,441 |
|
| Employees and payroll accruals |
|
|
2,996 |
|
|
|
3,278 |
|
|
|
1,668 |
|
|
|
1,726 |
|
| Warranty obligations |
|
|
7,183 |
|
|
|
19,313 |
|
|
|
13,698 |
|
|
|
7,803 |
|
| Deferred revenues |
|
|
1,335 |
|
|
|
8,578 |
|
|
|
3,989 |
|
|
|
(500 |
) |
| Accrued expenses and other accounts payable |
|
|
(1,999 |
) |
|
|
3,934 |
|
|
|
2,530 |
|
|
|
(418 |
) |
| Lease incentive obligation |
|
|
(236 |
) |
|
|
(88 |
) |
|
|
2,669 |
|
|
|
- |
|
| Net cash provided by (used in) operating activities |
|
|
49,098 |
|
|
|
52,427 |
|
|
|
12,054 |
|
|
|
(17,845 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
| Purchase of property and equipment |
|
|
(11,025 |
) |
|
|
(15,690 |
) |
|
|
(11,765 |
) |
|
|
(2,990 |
) |
| Purchase of intangible assets |
|
|
(600 |
) |
|
|
(800 |
) |
|
|
- |
|
|
|
- |
|
| Decrease (increase) in restricted cash |
|
|
31 |
|
|
|
2,711 |
|
|
|
(2,038 |
) |
|
|
(156 |
) |
| Decrease (increase) in long-term lease deposit |
|
|
(77 |
) |
|
|
103 |
|
|
|
(134 |
) |
|
|
(1 |
) |
| Investment in available-for-sale marketable securities |
|
|
(40,858 |
) |
|
|
(118,511 |
) |
|
|
- |
|
|
|
- |
|
| Maturities of available-for-sale marketable securities |
|
|
32,782 |
|
|
|
6,350 |
|
|
|
- |
|
|
|
- |
|
| Net cash used in investing activities |
|
|
(19,747 |
) |
|
|
(125,837 |
) |
|
|
(13,937 |
) |
|
|
(3,147 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
| Proceeds from short term bank loan |
|
|
- |
|
|
|
- |
|
|
|
23,000 |
|
|
|
21,813 |
|
| Repayment of short term bank loan |
|
|
- |
|
|
|
- |
|
|
|
(36,326 |
) |
|
|
(12,447 |
) |
| Repayments of term loan |
|
|
- |
|
|
|
- |
|
|
|
(5,919 |
) |
|
|
(2,401 |
) |
| Proceeds from issuance of Series D-2 Convertible Preferred stock, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
669 |
|
| Proceeds from issuance of Series D-3 Convertible Preferred stock, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,991 |
|
| Proceeds from issuance of Series E Convertible Preferred stock, net |
|
|
- |
|
|
|
- |
|
|
|
24,712 |
|
|
|
- |
|
| Proceeds from initial public offering, net |
|
|
- |
|
|
|
- |
|
|
|
131,402 |
|
|
|
- |
|
| Issuance costs related to initial public offering |
|
|
- |
|
|
|
(194 |
) |
|
|
- |
|
|
|
- |
|
| Proceeds from issuance of shares under stock purchase plan and upon exercise
of stock-based awards |
|
|
1,284 |
|
|
|
2,973 |
|
|
|
84 |
|
|
|
51 |
|
| Net cash provided by financing activities |
|
|
1,284 |
|
|
|
2,779 |
|
|
|
136,953 |
|
|
|
17,676 |
|
|
|
|
|
|
|
|
|
|
| Increase (decrease) in cash and cash equivalents |
|
|
30,635 |
|
|
|
(70,631 |
) |
|
|
135,070 |
|
|
|
(3,316 |
) |
| Cash and cash equivalents at the beginning of the period |
|
|
74,032 |
|
|
|
144,750 |
|
|
|
9,754 |
|
|
|
13,142 |
|
| Effect of exchange rate differences on cash and cash equivalents |
|
|
16 |
|
|
|
(87 |
) |
|
|
(74 |
) |
|
|
(72 |
) |
| Cash and cash equivalents at the end of the period |
|
$ |
104,683 |
|
|
$ |
74,032 |
|
|
$ |
144,750 |
|
|
$ |
9,754 |
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Audited)
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Gross Profit |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit (GAAP) |
|
39,025 |
|
|
41,875 |
|
|
38,582 |
|
|
80,900 |
|
|
72,109 |
|
| Stock-based compensation |
|
486 |
|
|
385 |
|
|
209 |
|
|
871 |
|
|
389 |
|
| Gross profit (Non-GAAP) |
|
39,511 |
|
|
42,260 |
|
|
38,791 |
|
|
81,771 |
|
|
72,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Gross Margin |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Gross margin (GAAP) |
|
35.0 |
% |
|
32.6 |
% |
|
30.9 |
% |
|
33.7 |
% |
|
30.1 |
% |
| Stock-based compensation |
|
0.4 |
% |
|
0.3 |
% |
|
0.2 |
% |
|
0.4 |
% |
|
0.1 |
% |
| Gross margin (Non-GAAP) |
|
35.4 |
% |
|
32.9 |
% |
|
31.1 |
% |
|
34.1 |
% |
|
30.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Operating
expenses |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Operating expenses (GAAP) |
|
23,878 |
|
|
23,635 |
|
|
19,320 |
|
|
47,513 |
|
|
37,973 |
|
| Stock-based compensation R&D |
|
1,134 |
|
|
927 |
|
|
518 |
|
|
2,061 |
|
|
913 |
|
| Stock-based compensation S&M |
|
1,003 |
|
|
849 |
|
|
749 |
|
|
1,852 |
|
|
1,365 |
|
| Stock-based compensation G&A |
|
877 |
|
|
939 |
|
|
750 |
|
|
1,816 |
|
|
1,391 |
|
| Operating expenses (Non-GAAP) |
|
20,864 |
|
|
20,920 |
|
|
17,303 |
|
|
41,784 |
|
|
34,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Operating
income |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Operating income (GAAP) |
|
15,147 |
|
|
18,240 |
|
|
19,262 |
|
|
33,387 |
|
|
34,136 |
|
| Stock-based compensation |
|
3,500 |
|
|
3,100 |
|
|
2,226 |
|
|
6,600 |
|
|
4,058 |
|
| Operating income (Non-GAAP) |
|
18,647 |
|
|
21,340 |
|
|
21,488 |
|
|
39,987 |
|
|
38,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Tax on income (Tax
benefit) |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Tax on income (Tax benefit) (GAAP) |
|
2,203 |
|
|
3,014 |
|
|
(5,802 |
) |
|
5,217 |
|
|
(5,432 |
) |
| Deferred tax asset (realized) |
|
(1,473 |
) |
|
(2,179 |
) |
|
6,527 |
|
|
(3,652 |
) |
|
6,527 |
|
| Tax on income (Tax benefit) (Non-GAAP) |
|
730 |
|
|
835 |
|
|
725 |
|
|
1,565 |
|
|
1,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net income |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Net income (GAAP) |
|
9,765 |
|
15,616 |
|
|
24,105 |
|
|
25,381 |
|
|
38,537 |
|
| Stock-based compensation |
|
3,500 |
|
3,100 |
|
|
2,226 |
|
|
6,600 |
|
|
4,058 |
|
| Deferred tax realized (asset) |
|
1,473 |
|
2,179 |
|
|
(6,527 |
) |
|
3,652 |
|
|
(6,527 |
) |
| Net income (Non-GAAP) |
|
14,738 |
|
20,895 |
|
|
19,804 |
|
|
35,633 |
|
|
36,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net basic EPS |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Net basic earnings per share (GAAP) |
|
0.24 |
|
0.38 |
|
|
0.61 |
|
|
0.62 |
|
|
0.98 |
|
| Stock-based compensation |
|
0.08 |
|
0.08 |
|
|
0.06 |
|
|
0.16 |
|
|
0.10 |
|
| Deferred tax realized (asset) |
|
0.04 |
|
0.05 |
|
|
(0.17 |
) |
|
0.09 |
|
|
(0.16 |
) |
| Net basic earnings per share (Non-GAAP) |
|
0.36 |
|
0.51 |
|
|
0.50 |
|
|
0.87 |
|
|
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net diluted
EPS |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Net diluted earnings per share (GAAP) |
|
0.22 |
|
0.35 |
|
|
0.55 |
|
|
0.58 |
|
|
0.87 |
|
| Stock-based compensation |
|
0.07 |
|
0.06 |
|
|
0.03 |
|
|
0.12 |
|
|
0.07 |
|
| Deferred tax realized (asset) |
|
0.03 |
|
0.05 |
|
|
(0.14 |
) |
|
0.08 |
|
|
(0.14 |
) |
| Net diluted earnings per share (Non-GAAP) |
|
0.32 |
|
0.46 |
|
|
0.44 |
|
|
0.78 |
|
|
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP No. of shares used
in Net diluted EPS |
|
|
Three months ended |
|
6 months ended |
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
| Number of shares used in computing net diluted earnings per share (GAAP) |
|
43,683,458 |
|
43,995,227 |
|
|
44,007,348 |
|
|
43,839,342 |
|
|
44,231,660 |
|
| Stock-based compensation |
|
2,399,308 |
|
1,742,211 |
|
|
1,341,335 |
|
|
2,070,759 |
|
|
1,013,903 |
|
| Number of shares used in computing net diluted earnings per share
(Non-GAAP) |
|
46,082,766 |
|
45,737,438 |
|
|
45,348,683 |
|
|
45,910,101 |
|
|
45,245,563 |
|
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, +1 510-498-3263
Chief Financial Officer
investors@solaredge.com
or
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari, +1 617-542-6180
investors@solaredge.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170214006266/en/