SolarEdge Announces Fourth Quarter and Full Year 2017 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 fourth quarter and year ended December 31, 2017.
Fourth Quarter 2017 Highlights
- Total revenues of $189.3 million
- GAAP gross margin of 37.5%
- GAAP net diluted EPS of $0.42
- Non-GAAP net diluted EPS of $0.85
- 766 Megawatts (AC) of inverters shipped
Full Year 2017 Highlights
- Total revenues of $607.0 million
- GAAP gross margin of 35.4%
- GAAP net diluted EPS of $1.85
- Non-GAAP net diluted EPS of $2.43
- 2.5 Gigawatts (AC) of inverters shipped
“We ended the fourth quarter and full year of 2017 with record results in our key financial and operational metrics,” said Guy
Sella, Founder, Chairman and CEO of SolarEdge. “We grew our revenues in each of the geographies in which we operate and overcame a
challenging year in terms of industry-wide component availability and growing our manufacturing capacity to support the growing
demand for our products. We expanded our gross margin by keeping our ASP stable, continuing our cost reduction initiatives and
increased profitability and cash flow generation while maintaining and even increasing our investments in R&D and customer
support and growing our geographic footprint.”
Fourth Quarter 2017 Summary
The Company reported record revenues of $189.3 million, up 14% from the prior quarter and up 70% year over year.
GAAP gross margin reached 37.5%, up from 34.9% in the prior quarter and up from 35.0% year over year.
GAAP operating expenses were $36.4 million, up 11% from the prior quarter and an increase of 52% year over year.
GAAP operating income was $34.6 million, up 36% from $25.4 million in the prior quarter and up 128% year over year.
GAAP net income was $19.5 million (including one-time transition tax of $18.7 million related to mandatory deemed repatriation
of foreign earnings), down 30% from $28.0 million in the prior quarter and up from $9.8 million year over year.
Non-GAAP net income was $41.2 million, up 31% from $31.5 million in the prior quarter and up from $14.7 million year over
year.
GAAP net diluted earnings per share (“EPS”) was $0.42, down from $0.61 in the prior quarter and up from $0.22 year over
year.
Non-GAAP net diluted EPS was $0.85, up from $0.66 in the prior quarter and up from $0.32 year over year.
Cash flow from operating activities was $45.8 million, up from $33.6 million in the prior quarter and up from $24.7 million year
over year.
As of December 31, 2017, cash, cash equivalents, restricted cash and marketable securities totaled $345.1 million, compared to
$304.7 million on September 30, 2017.
Full Year 2017 Summary
Total revenues of $607.0 million, up 24% from the prior year.
GAAP gross margin reached 35.4%, up from 32.8% in the prior year.
GAAP operating income was $91.1 million, up 28% from $71.0 million the prior year.
GAAP net income was $84.2 million, up 33% from $63.5 million in the prior year.
Non-GAAP net income was $115.0 million, up 46% from $78.9 million in the prior year.
GAAP net diluted earnings per share (“EPS”) was $1.85, up from $1.44 in the prior year.
Non-GAAP net diluted EPS was $2.43, up from $1.72 in the prior year.
Cash flow from operating activities of $136.7 million, up from $82.5 million in the prior year.
Outlook for the First Quarter 2018
The Company also provides guidance for the first quarter ending March 31, 2018 as follows:
- Revenues to be within the range of $200 million to $210 million;
- Gross margins expected to remain flat within the range of 36% to 38%
Conference Call
The Company will host a conference call to discuss these results at 4:30 P.M. ET on Wednesday, February 14, 2018. The call will
be available, live, to interested parties by dialing 800-289-0438. For international callers, please dial +1 323-794-2423. The
Conference ID number is 9331868. 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. Supporting increased PV proliferation, the SolarEdge system consists
of power optimizers, inverters, home energy management, storage solutions, and a cloud-based monitoring platform. SolarEdge’s
solutions address 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.us
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 Annual Report on Form 10-KT for the
year ended December 31, 2016, filed on February 21, 2017, 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, 2018. 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)
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
Unaudited |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
189,340 |
|
$ |
111,513 |
|
|
$ |
607,045 |
|
$ |
489,954 |
|
| Cost of revenues |
|
|
118,370 |
|
|
72,488 |
|
|
|
392,279 |
|
|
329,207 |
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
70,970 |
|
|
39,025 |
|
|
|
214,766 |
|
|
160,747 |
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development, net |
|
|
16,420 |
|
|
10,344 |
|
|
|
54,966 |
|
|
38,220 |
|
| Sales and marketing |
|
|
14,079 |
|
|
10,408 |
|
|
|
50,032 |
|
|
38,200 |
|
| General and administrative |
|
|
5,900 |
|
|
3,126 |
|
|
|
18,682 |
|
|
13,317 |
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
36,399 |
|
|
23,878 |
|
|
|
123,680 |
|
|
89,737 |
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
34,571 |
|
|
15,147 |
|
|
|
91,086 |
|
|
71,010 |
|
|
|
|
|
|
|
|
|
|
| Financial income (expenses), net |
|
|
1,487 |
|
|
(3,179 |
) |
|
|
9,158 |
|
|
(1,287 |
) |
|
|
|
|
|
|
|
|
|
| Income before taxes on income |
|
|
36,058 |
|
|
11,968 |
|
|
|
100,244 |
|
|
69,723 |
|
|
|
|
|
|
|
|
|
|
| Taxes on income |
|
|
16,556 |
|
|
2,203 |
|
|
|
16,072 |
|
|
6,270 |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
19,502 |
|
$ |
9,765 |
|
|
$ |
84,172 |
|
$ |
63,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2017 |
|
2016 |
| ASSETS |
|
|
|
|
|
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
163,163 |
|
|
$ |
104,683 |
|
| Restricted cash |
|
|
1,516 |
|
|
|
897 |
|
| Marketable securities |
|
|
77,264 |
|
|
|
74,465 |
|
| Trade receivables, net |
|
|
109,528 |
|
|
|
71,041 |
|
| Prepaid expenses and other accounts receivable |
|
|
42,223 |
|
|
|
21,347 |
|
| Inventories |
|
|
82,992 |
|
|
|
67,363 |
|
|
|
|
|
|
|
Total current assets
|
|
|
476,686 |
|
|
|
339,796 |
|
|
|
|
|
|
| LONG-TERM ASSETS: |
|
|
|
|
| Marketable securities |
|
|
103,120 |
|
|
|
44,262 |
|
| Property, equipment and intangible assets, net |
|
|
52,297 |
|
|
|
37,381 |
|
| Prepaid expenses and lease deposits |
|
|
862 |
|
|
|
489 |
|
| Deferred tax assets, net |
|
|
8,340 |
|
|
|
2,815 |
|
|
|
|
|
|
|
Total long term assets
|
|
|
164,619 |
|
|
|
84,947 |
|
|
|
|
|
|
|
Total assets
|
|
$ |
641,305 |
|
|
$ |
424,743 |
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
| Trade payables, net |
|
$ |
69,488 |
|
|
$ |
34,001 |
|
| Employees and payroll accruals |
|
|
22,544 |
|
|
|
13,018 |
|
| Warranty obligations |
|
|
14,785 |
|
|
|
13,616 |
|
| Deferred revenues |
|
|
2,559 |
|
|
|
1,202 |
|
| Accrued expenses and other accounts payables |
|
|
20,378 |
|
|
|
8,648 |
|
|
|
|
|
|
|
Total current liabilities
|
|
|
129,754 |
|
|
|
70,485 |
|
|
|
|
|
|
| LONG-TERM LIABILITIES: |
|
|
|
|
| Warranty obligations |
|
|
64,026 |
|
|
|
44,759 |
|
| Deferred revenues |
|
|
31,453 |
|
|
|
18,660 |
|
| Lease incentive obligation |
|
|
1,765 |
|
|
|
2,061 |
|
| Non-current tax liabilities |
|
|
16,840 |
|
|
|
- |
|
|
|
|
|
|
| Total long-term liabilities |
|
|
114,084 |
|
|
|
65,480 |
|
|
|
|
|
|
| STOCKHOLDERS’ EQUITY: |
|
|
|
|
| Share capital |
|
|
4 |
|
|
|
4 |
|
| Additional paid-in capital |
|
|
331,902 |
|
|
|
307,098 |
|
| Accumulated other comprehensive loss |
|
|
(611 |
) |
|
|
(324 |
) |
| Retained earnings (Accumulated deficit) |
|
|
66,172 |
|
|
|
(18,000 |
) |
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
397,467 |
|
|
|
288,778 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$ |
641,305 |
|
|
$ |
424,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
Year ended December 31, |
|
|
2017 |
|
2016 |
|
|
|
|
Unaudited |
|
Cash flows provided by operating activities:
|
|
|
|
|
| Net income |
|
$ 84,172 |
|
|
$ |
63,453 |
|
| Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
| Depreciation and amortization of property, equipment and intangible assets |
|
7,155 |
|
|
|
4,935 |
|
| Amortization of premium and accretion of discount on available-for-sale marketable
securities |
|
2,061 |
|
|
|
1,178 |
|
| Stock-based compensation |
|
17,564 |
|
|
|
11,632 |
|
| Realized losses on Cash Flow Hedges |
|
- |
|
|
|
2 |
|
| Changes in assets and liabilities: |
|
|
|
|
| Inventories |
|
(15,690 |
) |
|
|
20,118 |
|
| Prepaid expenses and other accounts receivable |
|
(21,937 |
) |
|
|
3,671 |
|
| Trade receivables, net |
|
(38,139 |
) |
|
|
(24,448 |
) |
| Deferred tax assets, net |
|
(5,455 |
) |
|
|
3,799 |
|
| Trade payables |
|
35,455 |
|
|
|
(27,963 |
) |
| Employees and payroll accruals |
|
9,394 |
|
|
|
201 |
|
| Warranty obligations |
|
20,436 |
|
|
|
17,481 |
|
| Deferred revenues |
|
14,106 |
|
|
|
6,467 |
|
| Accrued expenses, other accounts payable and non-current tax liabilities |
|
27,839 |
|
|
|
2,208 |
|
| Lease incentive obligation |
|
(296 |
) |
|
|
(259 |
) |
|
|
|
|
|
| Net cash provided by operating activities |
|
136,665 |
|
|
|
82,475 |
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
| Purchase of property and equipment |
|
(21,382 |
) |
|
|
(21,079 |
) |
| Purchase of intangible assets |
|
- |
|
|
|
(600 |
) |
| Decrease (increase) in restricted cash |
|
(619 |
) |
|
|
2,520 |
|
| Decrease (increase) in long-term lease deposit |
|
- |
|
|
|
(11 |
) |
| Investment in available-for-sale marketable securities |
|
(143,675 |
) |
|
|
(106,509 |
) |
| Maturities of available-for-sale marketable securities |
|
80,269 |
|
|
|
39,132 |
|
|
|
|
|
|
| Net cash used in investing activities |
|
$ (85,407 |
) |
|
$ |
(86,547 |
) |
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
| Proceeds from issuance of shares under stock purchase plan and upon exercise
of stock-based awards |
|
|
7,240 |
|
|
2,785 |
|
|
|
|
|
|
| Net cash provided by financing activities |
|
|
7,240 |
|
|
2,785 |
|
|
|
|
|
|
| Increase (decrease) in cash and cash equivalents |
|
|
58,498 |
|
|
(1,287 |
) |
| Cash and cash equivalents at the beginning of the period |
|
|
104,683 |
|
|
106,150 |
|
| Effect of exchange rate differences on cash and cash equivalents |
|
|
(18 |
) |
|
(180 |
) |
|
|
|
|
|
| Cash and cash equivalents at the end of the period |
|
$ |
163,163 |
|
|
$ 104,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except gross profit and per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Gross Profit |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
| Gross profit (GAAP) |
|
70,970 |
|
58,054 |
|
39,025 |
|
214,766 |
|
160,747 |
| Stock-based compensation |
|
703 |
|
538 |
|
486 |
|
2,251 |
|
1,427 |
| Gross profit (Non-GAAP) |
|
71,673 |
|
58,592 |
|
39,511 |
|
217,017 |
|
162,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Gross Margin |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Gross margin (GAAP) |
|
37.5% |
|
34.9% |
|
35.0% |
|
35.4% |
|
32.8% |
| Stock-based compensation |
|
0.4% |
|
0.3% |
|
0.4% |
|
0.3% |
|
0.3% |
| Gross margin (Non-GAAP) |
|
37.9% |
|
35.2% |
|
35.4% |
|
35.7% |
|
33.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Operating expenses |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Operating expenses (GAAP) |
|
36,399 |
|
32,658 |
|
23,878 |
|
123,680 |
|
89,737 |
| Stock-based compensation R&D |
|
1,795 |
|
1,423 |
|
1,134 |
|
5,703 |
|
3,532 |
| Stock-based compensation S&M |
|
1,714 |
|
1,439 |
|
1,003 |
|
5,387 |
|
3,424 |
| Stock-based compensation G&A |
|
1,170 |
|
1,137 |
|
877 |
|
4,224 |
|
3,248 |
| Operating expenses (Non-GAAP) |
|
31,720 |
|
28,659 |
|
20,864 |
|
108,366 |
|
79,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Operating income |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Operating income (GAAP) |
|
34,571 |
|
25,396 |
|
15,147 |
|
91,086 |
|
71,010 |
| Stock-based compensation |
|
5,382 |
|
4,537 |
|
3,500 |
|
17,565 |
|
11,632 |
| Operating income (Non-GAAP) |
|
39,953 |
|
29,933 |
|
18,647 |
|
108,651 |
|
82,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Tax
on income (Tax benefit) |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Tax on income (Tax benefit) (GAAP) |
|
16,556 |
|
91 |
|
2,203 |
|
16,072 |
|
6,270 |
| Deferred tax realized (asset) |
|
(2,392) |
|
959 |
|
(1,473) |
|
(5,456) |
|
(3,799) |
| One-time transition tax of foreign earnings |
|
18,735 |
|
---- |
|
---- |
|
18,735 |
|
---- |
| Tax on income (Tax benefit) (Non-GAAP) |
|
213 |
|
1,050 |
|
730 |
|
2,793 |
|
2,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net
income |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Net income (GAAP) |
|
19,502 |
|
27,971 |
|
9,765 |
|
84,172 |
|
63,453 |
| Stock-based compensation |
|
5,382 |
|
4,537 |
|
3,500 |
|
17,565 |
|
11,632 |
| Deferred tax realized (asset) |
|
(2,392) |
|
(959) |
|
1,473 |
|
(5,456) |
|
3,799 |
| One-time transition tax of foreign earnings |
|
18,735 |
|
---- |
|
---- |
|
18,735 |
|
---- |
| Net income (Non-GAAP) |
|
41,227 |
|
31,549 |
|
14,738 |
|
115,016 |
|
78,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net
basic EPS |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Net basic earnings per share (GAAP) |
|
0.45 |
|
0.66 |
|
0.24 |
|
1.99 |
|
1.56 |
| Stock-based compensation |
|
0.12 |
|
0.11 |
|
0.08 |
|
0.42 |
|
0.28 |
| Deferred tax realized (asset) |
|
(0.05) |
|
(0.03) |
|
0.04 |
|
(0.13) |
|
0.09 |
| One-time transition tax of foreign earnings |
|
0.43 |
|
---- |
|
---- |
|
0.44 |
|
---- |
| Net basic earnings per share (Non-GAAP) |
|
0.95 |
|
0.74 |
|
0.36 |
|
2.72 |
|
1.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net
diluted EPS |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Net diluted earnings per share (GAAP) |
|
0.42 |
|
0.61 |
|
0.22 |
|
1.85 |
|
1.44 |
| Stock-based compensation |
|
0.10 |
|
0.07 |
|
0.07 |
|
0.30 |
|
0.20 |
| Deferred tax realized (asset) |
|
(0.05) |
|
(0.02) |
|
0.03 |
|
(0.12) |
|
0.08 |
| One-time transition tax of foreign earnings |
|
0.38 |
|
---- |
|
---- |
|
0.40 |
|
---- |
| Net diluted earnings per share (Non-GAAP) |
|
0.85 |
|
0.66 |
|
0.32 |
|
2.43 |
|
1.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP No.
of shares used in Net diluted EPS |
|
|
Three months ended |
|
12 months ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
| Number of shares used in computing net diluted earnings per share (GAAP) |
|
46,876,328 |
|
46,131,556 |
|
43,683,458 |
|
45,425,307 |
|
44,182,934 |
| Stock-based compensation |
|
1,375,527 |
|
1,535,258 |
|
2,399,308 |
|
1,907,423 |
|
1,607,565 |
| Number of shares used in computing net diluted earnings per share
(Non-GAAP) |
|
48,251,855 |
|
47,666,814 |
|
46,082,766 |
|
47,332,730 |
|
45,790,499 |
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/20180214006075/en/