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SolarEdge Announces Fourth Quarter 2022 and Full Year 2022 Financial Results

SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter 2022 and full year ended December 31, 2022.

Fourth Quarter 2022 Highlights

  • Record revenues of $890.7 million
  • Record revenues from solar segment of $837.0 million
  • GAAP gross margin of 29.3%
  • Non-GAAP gross margin of 30.2%
  • Gross margin from solar segment of 32.4%
  • GAAP operating loss of $5.2 million
  • Record non-GAAP operating profit of $149.6 million
  • GAAP net income of $20.8 million
  • Record non-GAAP net income of $171.5 million
  • GAAP net diluted earnings per share (“EPS”) of $0.36
  • Record non-GAAP net diluted EPS of $2.86
  • 3.14 Gigawatts (AC) of inverters shipped
  • 217.6 MWh of batteries shipped

Full Year 2022 Highlights

  • Record revenues of $3.11 billion, up 58% year over year from 2021
  • Record revenues from solar segment of $2.92 billion, up 63% year over year from 2021
  • GAAP gross margin of 27.2%
  • Non-GAAP gross margin of 28.2%
  • Gross margin from solar segment of 29.8%
  • GAAP net income of $93.8 million
  • Record Non-GAAP net income of $351.2 million
  • GAAP net diluted earnings per share (“EPS”) of $1.65
  • Record Non-GAAP net diluted EPS of $5.95
  • 10.5 Gigawatts (AC) of inverters shipped
  • 889 MWh of batteries shipped

“We are pleased with our fourth quarter results that conclude a challenging yet very successful year. The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular,” said Zvi Lando, Chief Executive Officer of SolarEdge. “I am proud that our extraordinary global team of employees was able to overcome the hurdles we faced and conclude a record year in almost every element of our operations. We are excited about the opportunities of the year ahead and expect to continue our profitable growth momentum.”

Fourth Quarter 2022 Summary

The Company reported record revenues of $890.7 million, up 6% from $836.7 million in the prior quarter and up 61% from $551.9 million in the same quarter last year.

Revenues from the solar segment were a record $837.0 million, up 6% from $788.6 million in the prior quarter and up 66% from $502.7 million in the same quarter last year.

GAAP gross margin was 29.3%, up from 26.5% in the prior quarter and up from 29.1% in the same quarter last year.

Non-GAAP gross margin was 30.2%, up from 27.3% in the prior quarter and down from 30.3% in the same quarter last year.

Gross margin from the solar segment was 32.4%, up from 28.3% in the prior quarter and down from 32.8% in the same quarter last year.

GAAP operating expenses were $266.2 million, up 93% from $137.6 million in the prior quarter and up 123% from $119.5 million in the same quarter last year.

Non-GAAP operating expenses were $119.0 million, up 10% from $108.3 million in the prior quarter and up 26% from $94.1 million in the same quarter last year.

GAAP operating loss was $5.2 million, down from operating income of $84.4 million in the prior quarter and down from operating income of $41.0 million in the same quarter last year.

Non-GAAP operating income was a record $149.6 million, up 24% from $120.2 million in the prior quarter and up 105% from $72.9 million in the same quarter last year.

GAAP net income was $20.8 million, down 16% from $24.7 million in the prior quarter and down 49% from $41.0 million in the same quarter last year.

Non-GAAP net income was a record $171.5 million, up 217% from $54.1 million in the prior quarter and up 173% from $62.8 million in the same quarter last year.

GAAP net diluted EPS was $0.36, down from $0.43 in the prior quarter and down from $0.74 in the same quarter last year.

Non-GAAP net diluted EPS was a record $2.86, up from $0.91 in the prior quarter and up from $1.10 in the same quarter last year.

Cash flow from operating activities was $111.3 million, up from $5.6 million in the prior quarter and up from $89.6 million in the same quarter last year.

As of December 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $1.04 billion, net of debt, compared to $937.6 million on September 30, 2022.

Full Year 2022 Summary

Total record revenues of $3.11 billion, up 58% from $1.96 billion in the prior year.

GAAP gross margin was 27.2%, down from 32.0% in the prior year.

Non-GAAP gross margin was 28.2%, down from 33.5% in the prior year.

GAAP operating income was $166.1 million, down 20% from $207.1 million in the prior year.

Non-GAAP operating income was a record $441.7 million, up 37% from $321.4 million in the prior year.

GAAP net income was $93.8 million, down 45% from $169.2 million in the prior year.

Non-GAAP net income was a record $351.2 million, up 29% from $272.9 million in the prior year.

GAAP net diluted EPS was $1.65, down from $3.06 in the prior year.

Non-GAAP net diluted EPS was a record $5.95, up from $4.81 in the prior year.

Cash flow from operating activities of $31.3 million, down from $214.1 million in the prior year.

Outlook for the First Quarter 2023

The Company also provides guidance for the first quarter ending March 31, 2023 as follows:

  • Revenues to be within the range of $915 million to $945 million
  • Non-GAAP gross margin expected to be within the range of 28% to 31%
  • Non-GAAP operating profit to be within the range of $150 million to $170 million
  • Revenues from the solar segment to be within the range of $875 million to $905 million
  • Gross margin from the 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 Monday, February 13, 2023. The call will be available, live, to interested parties by dialing 866-952-8559. For international callers, please dial +1 785-424-1744. 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 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 for the year ended December 31, 2021, filed on February 22, 2022 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 February 13, 2023. 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, except per share data)

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

Unaudited

 

 

 

 

Revenues

 

$

890,702

 

 

$

551,915

 

 

$

3,110,279

 

 

$

1,963,865

 

Cost of revenues

 

 

629,655

 

 

 

391,424

 

 

 

2,265,631

 

 

 

1,334,547

 

Gross profit

 

 

261,047

 

 

 

160,491

 

 

 

844,648

 

 

 

629,318

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

78,959

 

 

 

64,326

 

 

 

289,814

 

 

 

219,633

 

Sales and marketing

 

 

42,663

 

 

 

33,248

 

 

 

159,680

 

 

 

119,000

 

General and administrative

 

 

30,013

 

 

 

21,879

 

 

 

112,496

 

 

 

82,196

 

Goodwill impairment and other operating expenses, net

 

 

114,575

 

 

 

 

 

 

116,538

 

 

 

1,350

 

Total operating expenses

 

 

266,210

 

 

 

119,453

 

 

 

678,528

 

 

 

422,179

 

Operating income (loss)

 

 

(5,163

)

 

 

41,038

 

 

 

166,120

 

 

 

207,139

 

Financial income (expense), net

 

 

56,101

 

 

 

(6,324

)

 

 

3,316

 

 

 

(19,915

)

Other income

 

 

186

 

 

 

 

 

 

7,719

 

 

 

 

Income before income taxes

 

 

51,124

 

 

 

34,714

 

 

 

177,155

 

 

 

187,224

 

Income tax benefit (expense)

 

 

(30,295

)

 

 

6,240

 

 

 

(83,376

)

 

 

(18,054

)

Net income

 

$

20,829

 

 

$

40,954

 

 

$

93,779

 

 

$

169,170

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

December 31,

 

 

2022

 

 

 

2021

 

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

783,112

 

 

$

530,089

 

Marketable securities

 

241,117

 

 

 

167,728

 

Trade receivables, net of allowances of $3,202 and $2,626, respectively

 

905,146

 

 

 

456,339

 

Inventories, net

 

729,201

 

 

 

380,143

 

Prepaid expenses and other current assets

 

241,082

 

 

 

176,992

 

Total current assets

 

2,899,658

 

 

 

1,711,291

 

LONG-TERM ASSETS:

 

 

 

Marketable securities

 

645,491

 

 

 

482,228

 

Deferred tax assets, net

 

44,153

 

 

 

27,572

 

Property, plant and equipment, net

 

543,969

 

 

 

410,379

 

Operating lease right-of-use assets, net

 

62,754

 

 

 

47,137

 

Intangible assets, net

 

19,929

 

 

 

58,861

 

Goodwill

 

31,189

 

 

 

129,629

 

Other long-term assets

 

18,806

 

 

 

33,856

 

Total long-term assets

 

1,366,291

 

 

 

1,189,662

 

Total assets

 

4,265,949

 

 

 

2,900,953

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Trade payables, net

 

459,831

 

 

 

252,068

 

Employees and payroll accruals

 

85,158

 

 

 

74,465

 

Warranty obligations

 

103,975

 

 

 

71,480

 

Deferred revenues and customers advances

 

26,641

 

 

 

17,789

 

Accrued expenses and other current liabilities

 

214,112

 

 

 

109,379

 

Total current liabilities

 

889,717

 

 

 

525,181

 

LONG-TERM LIABILITIES:

 

 

 

Convertible senior notes, net

 

624,451

 

 

 

621,535

 

Warranty obligations

 

281,082

 

 

 

193,680

 

Deferred revenues

 

186,936

 

 

 

151,556

 

Finance lease liabilities

 

45,385

 

 

 

40,508

 

Operating lease liabilities

 

46,256

 

 

 

38,912

 

Other long-term liabilities

 

15,756

 

 

 

19,542

 

Total long-term liabilities

 

1,199,866

 

 

 

1,065,733

 

COMMITMENTS AND CONTINGENT LIABILITIES

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of December 31, 2022 and December 31, 2021; issued and outstanding: 56,133,404 and 52,815,395 shares as of December 31, 2022 and December 31, 2021, respectively

 

6

 

 

 

5

 

Additional paid-in capital

 

1,505,632

 

 

 

687,295

 

Accumulated other comprehensive loss

 

(73,109

)

 

 

(27,319

)

Retained earnings

 

743,837

 

 

 

650,058

 

Total stockholders’ equity

 

2,176,366

 

 

 

1,310,039

 

Total liabilities and stockholders’ equity

$

4,265,949

 

 

$

2,900,953

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share data)

 

 

 

Year ended December 31,

 

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

93,779

 

 

$

169,170

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation of property, plant and equipment

 

 

40,580

 

 

 

29,359

 

Amortization of intangible assets

 

 

9,096

 

 

 

10,176

 

Amortization of debt discount and debt issuance costs

 

 

2,916

 

 

 

2,903

 

Amortization of premium and accretion of discount on available-for-sale marketable securities, net

 

 

9,310

 

 

 

9,462

 

Impairment of goodwill and intangible assets

 

 

118,492

 

 

 

 

Stock-based compensation expenses

 

 

145,539

 

 

 

102,593

 

Gain from sale of privately held company

 

 

(7,719

)

 

 

 

Deferred income taxes, net

 

 

(11,055

)

 

 

(12,045

)

Exchange rate fluctuations and other items, net

 

 

10,052

 

 

 

20,697

 

Changes in assets and liabilities:

 

 

 

 

Inventories, net

 

 

(341,085

)

 

 

(43,051

)

Prepaid expenses and other assets

 

 

(64,991

)

 

 

(39,444

)

Trade receivables, net

 

 

(457,610

)

 

 

(247,723

)

Trade payables, net

 

 

194,524

 

 

 

91,709

 

Employees and payroll accruals

 

 

26,238

 

 

 

26,519

 

Warranty obligations

 

 

120,169

 

 

 

60,524

 

Deferred revenues and customers advances

 

 

44,376

 

 

 

29,936

 

Other liabilities, net

 

 

98,673

 

 

 

3,344

 

Net cash provided by operating activities

 

 

31,284

 

 

 

214,129

 

Cash flows from investing activities:

 

 

 

 

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

 

 

231,210

 

 

 

202,188

 

Purchase of property, plant and equipment

 

 

(169,341

)

 

 

(149,251

)

Investment in available-for-sale marketable securities

 

 

(507,171

)

 

 

(579,377

)

Investment in a privately-held company

 

 

 

 

 

(16,643

)

Proceeds from sale of a privately-held company

 

 

24,362

 

 

 

 

Withdrawal from bank deposits, net

 

 

 

 

 

60,096

 

Withdrawal from (investment in) restricted bank Deposits, net

 

 

(242

)

 

 

798

 

Other investing activities

 

 

4,138

 

 

 

(2,022

)

Net cash used in investing activities

 

 

(417,044

)

 

 

(484,211

)

Cash flows from financing activities:

 

 

 

 

Proceeds from secondary public offering, net of issuance costs

 

 

650,526

 

 

 

 

Repayment of bank loans

 

 

(138

)

 

 

(16,073

)

Proceeds from exercise of stock-based award

 

 

4,030

 

 

 

6,486

 

Tax withholding in connection with stock-based awards, net

 

 

3,023

 

 

 

(4,283

)

Other financing activities

 

 

(2,834

)

 

 

(1,308

)

Net cash provided by (used in) financing activities

 

 

654,607

 

 

 

(15,178

)

Increase (decrease) in cash and cash equivalents

 

 

268,847

 

 

 

(285,260

)

Cash and cash equivalents at the beginning of the period

 

 

530,089

 

 

 

827,146

 

Effect of exchange rate differences on cash and cash equivalents

 

 

(15,824

)

 

 

(11,797

)

Cash and cash equivalents at the end of the period

 

$

783,112

 

 

$

530,089

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

Year ended

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Gross profit (GAAP)

$

261,047

 

 

$

222,001

 

 

$

160,491

 

 

$

844,648

 

 

$

629,318

 

Revenues from finance component

 

(174

)

 

 

(159

)

 

 

(122

)

 

 

(614

)

 

 

(418

)

Stock-based compensation

 

6,810

 

 

 

4,661

 

 

 

4,373

 

 

 

21,818

 

 

 

18,743

 

Disposal of assets related to Critical Power

 

 

 

 

 

 

 

 

 

 

4,314

 

 

 

 

Amortization and depreciation of acquired assets

 

961

 

 

 

2,064

 

 

 

2,272

 

 

 

7,429

 

 

 

9,326

 

Gross profit (Non-GAAP)

$

268,644

 

 

$

228,567

 

 

$

167,014

 

 

$

877,595

 

 

$

656,969

 

 

 

 

 

 

 

 

 

 

 

Gross margin (GAAP)

 

29.3

%

 

 

26.5

%

 

 

29.1

%

 

 

27.2

%

 

 

32.0

%

Revenues from finance component

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Stock-based compensation

 

0.8

%

 

 

0.6

%

 

 

0.8

%

 

 

0.7

%

 

 

1.0

%

Disposal of assets related to Critical Power

 

%

 

 

%

 

 

%

 

 

0.1

%

 

 

%

Amortization and depreciation of acquired assets

 

0.1

%

 

 

0.2

%

 

 

0.4

%

 

 

0.2

%

 

 

0.5

%

Gross margin (Non-GAAP)

 

30.2

%

 

 

27.3

%

 

 

30.3

%

 

 

28.2

%

 

 

33.5

%

 

 

 

 

 

 

 

 

 

 

Operating expenses (GAAP)

$

266,210

 

 

$

137,594

 

 

$

119,453

 

 

$

678,528

 

 

$

422,179

 

Stock-based compensation - R&D

 

(16,854

)

 

 

(14,553

)

 

 

(14,872

)

 

 

(63,211

)

 

 

(45,424

)

Stock-based compensation - S&M

 

(7,928

)

 

 

(9,341

)

 

 

(5,882

)

 

 

(31,017

)

 

 

(22,834

)

Stock-based compensation - G&A

 

(7,015

)

 

 

(7,196

)

 

 

(4,076

)

 

 

(29,493

)

 

 

(15,592

)

Amortization and depreciation of acquired assets - R&D

 

(301

)

 

 

(302

)

 

 

(302

)

 

 

(1,206

)

 

 

(530

)

Amortization and depreciation of acquired assets - S&M

 

(173

)

 

 

(187

)

 

 

(225

)

 

 

(822

)

 

 

(927

)

Amortization and depreciation of acquired assets - G&A

 

(4

)

 

 

(6

)

 

 

(6

)

 

 

(21

)

 

 

(29

)

Assets impairment

 

(114,473

)

 

 

19

 

 

 

 

 

 

(119,141

)

 

 

(2,209

)

Gain (loss) from assets sales and disposal

 

(93

)

 

 

744

 

 

 

18

 

 

 

1,053

 

 

 

117

 

Other items

 

(359

)

 

 

1,559

 

 

 

 

 

 

1,200

 

 

 

859

 

Operating expenses (Non-GAAP)

$

119,010

 

 

$

108,331

 

 

$

94,108

 

 

$

435,870

 

 

$

335,610

 

 

 

 

 

 

 

 

 

 

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

Year ended

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Operating income (GAAP)

$

(5,163

)

 

$

84,407

 

 

$

41,038

 

 

$

166,120

 

 

$

207,139

 

Revenues from finance component

 

(174

)

 

 

(159

)

 

 

(122

)

 

 

(614

)

 

 

(418

)

Disposal of assets related to Critical Power

 

 

 

 

 

 

 

 

 

 

4,314

 

 

 

 

Stock-based compensation

 

38,607

 

 

 

35,751

 

 

 

29,203

 

 

 

145,539

 

 

 

102,593

 

Amortization and depreciation of acquired assets

 

1,439

 

 

 

2,559

 

 

 

2,805

 

 

 

9,478

 

 

 

10,812

 

Assets impairment

 

114,473

 

 

 

(19

)

 

 

 

 

 

119,141

 

 

 

2,209

 

Loss (gain) from assets sales and disposal

 

93

 

 

 

(744

)

 

 

(18

)

 

 

(1,053

)

 

 

(117

)

Other items

 

359

 

 

 

(1,559

)

 

 

 

 

 

(1,200

)

 

 

(859

)

Operating income (Non-GAAP)

$

149,634

 

 

$

120,236

 

 

$

72,906

 

 

$

441,725

 

 

$

321,359

 

 

 

 

 

 

 

 

 

 

 

Financial income (expense), net (GAAP)

$

56,101

 

 

$

(33,025

)

 

$

(6,324

)

 

$

3,316

 

 

$

(19,915

)

Notes due 2025

 

730

 

 

 

730

 

 

 

727

 

 

 

2,916

 

 

 

2,903

 

Non cash interest

 

1,955

 

 

 

1,775

 

 

 

1,527

 

 

 

7,038

 

 

 

5,771

 

Unrealized losses

 

(170

)

 

 

 

 

 

(541

)

 

 

(170

)

 

 

(541

)

Currency fluctuation related to lease standard

 

749

 

 

 

(1,116

)

 

 

2,422

 

 

 

(11,187

)

 

 

2,007

 

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

$

59,365

 

 

$

(31,636

)

 

$

(2,189

)

 

$

1,913

 

 

$

(9,775

)

 

 

 

 

 

 

 

 

 

 

Other income (GAAP)

$

186

 

 

$

7,533

 

 

$

 

 

$

7,719

 

 

$

 

Gain from sale of investment in privately-held company

 

(186

)

 

 

(7,533

)

 

 

 

 

 

(7,719

)

 

 

 

Other income (Non-GAAP)

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) (GAAP)

$

(30,295

)

 

$

(34,172

)

 

$

6,240

 

 

$

(83,376

)

 

$

(18,054

)

Uncertain tax positions

 

 

 

 

 

 

 

(9,007

)

 

 

 

 

 

(9,007

)

Income tax adjustment

 

(7,186

)

 

 

(291

)

 

 

(5,181

)

 

 

(9,067

)

 

 

(11,639

)

Income tax benefit (expense) (Non-GAAP)

$

(37,481

)

 

$

(34,463

)

 

$

(7,948

)

 

$

(92,443

)

 

$

(38,700

)

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

Year ended

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Net income (GAAP)

$

20,829

 

 

$

24,743

 

 

$

40,954

 

 

$

93,779

 

 

$

169,170

 

Revenues from finance component

 

(174

)

 

 

(159

)

 

 

(122

)

 

 

(614

)

 

 

(418

)

Disposal of assets related to Critical Power

 

 

 

 

 

 

 

 

 

 

4,314

 

 

 

 

Stock-based compensation

 

38,607

 

 

 

35,751

 

 

 

29,203

 

 

 

145,539

 

 

 

102,593

 

Amortization and depreciation of acquired assets

 

1,439

 

 

 

2,559

 

 

 

2,805

 

 

 

9,478

 

 

 

10,812

 

Assets impairment

 

114,473

 

 

 

(19

)

 

 

 

 

 

119,141

 

 

 

2,209

 

Loss (gain) from assets sales and disposal

 

93

 

 

 

(744

)

 

 

(18

)

 

 

(1,053

)

 

 

(117

)

Other items

 

359

 

 

 

(1,559

)

 

 

 

 

 

(1,200

)

 

 

(859

)

Notes due 2025

 

730

 

 

 

730

 

 

 

727

 

 

 

2,916

 

 

 

2,903

 

Non cash interest

 

1,955

 

 

 

1,775

 

 

 

1,527

 

 

 

7,038

 

 

 

5,771

 

Unrealized losses

 

(170

)

 

 

 

 

 

(541

)

 

 

(170

)

 

 

(541

)

Currency fluctuation related to lease standard

 

749

 

 

 

(1,116

)

 

 

2,422

 

 

 

(11,187

)

 

 

2,007

 

Gain from sale of investment in privately-held company

 

(186

)

 

 

(7,533

)

 

 

 

 

 

(7,719

)

 

 

 

Uncertain tax positions

 

 

 

 

 

 

 

(9,007

)

 

 

 

 

 

(9,007

)

Income tax adjustment

 

(7,186

)

 

 

(291

)

 

 

(5,181

)

 

 

(9,067

)

 

 

(11,639

)

Net income (Non-GAAP)

$

171,518

 

 

$

54,137

 

 

$

62,769

 

 

$

351,195

 

 

$

272,884

 

 

 

 

 

 

 

 

 

 

 

Net basic earnings per share (GAAP)

$

0.37

 

 

$

0.44

 

 

$

0.78

 

 

$

1.70

 

 

$

3.24

 

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

 

0.69

 

 

 

0.64

 

 

 

0.55

 

 

 

2.64

 

 

 

1.97

 

Amortization and depreciation of acquired assets

 

0.02

 

 

 

0.05

 

 

 

0.05

 

 

 

0.17

 

 

 

0.21

 

Assets impairment

 

2.05

 

 

 

0.00

 

 

 

 

 

 

2.17

 

 

 

0.05

 

Loss (gain) from assets sales and disposal

 

0.00

 

 

 

(0.02

)

 

 

0.00

 

 

 

(0.02

)

 

 

(0.01

)

Other items

 

0.01

 

 

 

(0.02

)

 

 

 

 

 

(0.02

)

 

 

(0.02

)

Notes due 2025

 

0.01

 

 

 

0.01

 

 

 

0.02

 

 

 

0.05

 

 

 

0.05

 

Non cash interest

 

0.04

 

 

 

0.03

 

 

 

0.03

 

 

 

0.13

 

 

 

0.11

 

Unrealized losses

 

(0.01

)

 

 

 

 

 

(0.01

)

 

 

(0.01

)

 

 

(0.01

)

Currency fluctuation related to lease standard

 

0.02

 

 

 

(0.02

)

 

 

0.04

 

 

 

(0.20

)

 

 

0.04

 

Gain from sale of investment in privately-held company

 

(0.01

)

 

 

(0.13

)

 

 

 

 

 

(0.14

)

 

 

 

Uncertain tax positions

 

 

 

 

 

 

 

(0.17

)

 

 

 

 

 

(0.17

)

Income tax adjustment

 

(0.13

)

 

 

(0.01

)

 

 

(0.10

)

 

 

(0.16

)

 

 

(0.22

)

Net basic earnings per share (Non-GAAP)

$

3.06

 

 

$

0.97

 

 

$

1.19

 

 

$

6.38

 

 

$

5.23

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

 

 

Reconciliation of GAAP to Non-GAAP

 

Three Months Ended

 

Year ended

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Net diluted earnings per share (GAAP)

$

0.36

 

 

$

0.43

 

 

$

0.74

 

 

$

1.65

 

 

$

3.06

 

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

 

0.64

 

 

 

0.59

 

 

 

0.50

 

 

 

2.43

 

 

 

1.77

 

Amortization and depreciation of acquired assets

 

0.02

 

 

 

0.05

 

 

 

0.05

 

 

 

0.16

 

 

 

0.19

 

Assets impairment

 

1.91

 

 

 

0.00

 

 

 

 

 

 

2.02

 

 

 

0.04

 

Loss (gain) from assets sales and disposal

 

0.00

 

 

 

(0.02

)

 

 

0.00

 

 

 

(0.02

)

 

 

0.00

 

Other items

 

0.01

 

 

 

(0.02

)

 

 

 

 

 

(0.02

)

 

 

(0.02

)

Notes due 2025

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

0.01

 

 

 

0.02

 

Non cash interest

 

0.03

 

 

 

0.03

 

 

 

0.03

 

 

 

0.12

 

 

 

0.10

 

Unrealized losses

 

 

 

 

 

 

 

(0.01

)

 

 

0.00

 

 

 

(0.01

)

Currency fluctuation related to lease standard

 

0.01

 

 

 

(0.02

)

 

 

0.04

 

 

 

(0.19

)

 

 

0.03

 

Gain from sale of investment in privately-held company

 

0.00

 

 

 

(0.13

)

 

 

 

 

 

(0.13

)

 

 

 

Uncertain tax positions

 

 

 

 

 

 

 

(0.16

)

 

 

 

 

 

(0.16

)

Income tax adjustment

 

(0.12

)

 

 

0.00

 

 

 

(0.09

)

 

 

(0.15

)

 

 

(0.20

)

Net diluted earnings per share (Non-GAAP)

$

2.86

 

 

$

0.91

 

 

$

1.10

 

 

$

5.95

 

 

$

4.81

 

 

 

 

 

 

 

 

 

 

 

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

 

58,734,719

 

 

 

58,747,538

 

 

 

56,011,040

 

 

 

55,087,770

 

 

 

55,971,030

 

Stock-based compensation

 

1,237,266

 

 

 

784,228

 

 

 

894,079

 

 

 

963,373

 

 

 

773,636

 

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

 

59,971,985

 

 

 

59,531,766

 

 

 

56,905,119

 

 

 

56,051,143

 

 

 

56,744,666

 

 

Contacts

Investor Contacts

SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

+1 510-498-3263

investors@solaredge.com

Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

+1 617-542-6180

investors@solaredge.com

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