SolarEdge Technologies Inc

0001178913-21-003364.txt : 20211103 0001178913-21-003364.hdr.sgml : 20211103 20211103125554 ACCESSION NUMBER: 0001178913-21-003364 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 71 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211103 DATE AS OF CHANGE: 20211103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOLAREDGE TECHNOLOGIES, INC. CENTRAL INDEX KEY: 0001419612 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 205338862 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36894 FILM NUMBER: 211374548 BUSINESS ADDRESS: STREET 1: 1 HAMADA STREET CITY: HERZILIYA PITUACH STATE: L3 ZIP: 4673335 BUSINESS PHONE: 972 (9) 957-6620 MAIL ADDRESS: STREET 1: 1 HAMADA STREET CITY: HERZILIYA PITUACH STATE: L3 ZIP: 4673335 FORMER COMPANY: FORMER CONFORMED NAME: SolarEdge Technologies Inc DATE OF NAME CHANGE: 20071128 10-Q 1 zk2126726.htm 10Q SolarEdge Technologies Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021
OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-36894

SOLAREDGE TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)		20-5338862 (IRS Employer Identification No.)
1 HaMada Street Herziliya Pituach 4673335, Israel (Address of principal executive offices, zip code)

972 (9) 957-6620
(Registrant’s telephone number, including area code) ____________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	SEDG	NASDAQ (Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller Reporting Company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of October 25, 2021, there were: 52,519,519 shares of the registrant’s common stock, par value of $0.0001 per share, outstanding.

SOLAREDGE TECHNOLOGIES, INC.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

INDEX



PART I. FINANCIAL INFORMATION	3
ITEM 1Financial Statements	3
Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020	F-2
Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)	F-4
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)	F-5
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2021 and 2020 (unaudited)	F-6
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)	F-8
Notes to the Condensed Consolidated Financial Statements (unaudited)	F-10
ITEM 2Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
ITEM 3Quantitative and Qualitative Disclosures About Market Risk	15
ITEM 4Controls and Procedures	16
PART II. OTHER INFORMATION	17
ITEM 1Legal Proceedings	17
ITEM 1ARisk Factors	17
ITEM 2Unregistered Sales of Equity Securities and Use of Proceeds	17
ITEM 3Defaults upon Senior Securities	17
ITEM 4Mine Safety Disclosures	17
ITEM 5Other Information	17
ITEM 6Exhibits	18
EXHIBIT INDEX	18

PART I. FINANCIAL INFORMATION

ITEM 1FINANCIAL STATEMENTS

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2021

IN U.S. DOLLARS

UNAUDITED

INDEX

	Page
Condensed Consolidated Balance Sheets	F-2
Condensed Consolidated Statements of Income	F-4
Condensed Consolidated Statements of Comprehensive Income	F-5
Condensed Consolidated Statements of Stockholders’ Equity	F-6
Condensed Consolidated Statements of Cash Flows	F-8
Notes to Condensed Consolidated Financial Statements	F-10

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

U.S. dollars in thousands (except share and per share data)

	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 $2,639 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

The accompanying notes are an integral part of the consolidated financial statements.

F - 2

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Cont.)

U.S. dollars in thousands (except share and per share data)

	September 30, 2021			December 31, 2020
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

The accompanying notes are an integral part of the consolidated financial statements.

F - 3

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

U.S. dollars in thousands (except share and per share data)


	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
Net income per share:
Net basic earnings per share of common stock	$	1.01		$	0.87	$	2.46		$	2.46
Net diluted earnings per share of common stock	$	0.96		$	0.83	$	2.32		$	2.33
Weighted average number of shares used in computing net basic earnings per share of common stock		52,355,867			50,529,691		52,056,233			49,842,399
Weighted average number of shares used in computing net diluted earnings per share of common stock		55,929,000			53,144,188		55,955,441			52,623,675

The accompanying notes are an integral part of the consolidated financial statements.

F - 4

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

U.S. dollars in thousands (except share and per share data)


	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Net income	$	53,048		$	43,751		$	128,216		$	122,667
Other comprehensive income (loss), net of tax:
Net change related to available-for-sale securities		29			(210	)		(1,847	)		556
Net change related to cash flow hedges		308			(446	)		619			-
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature		(12,272	)		-			(14,168	)		-
Foreign currency translation adjustments, net		(3,664	)		1,455			(7,596	)		(1,390	)
Total other comprehensive income (loss)		(15,599	)		799			(22,992	)		(834	)
Comprehensive income	$	37,449		$	44,550		$	105,224		$	121,833

The accompanying notes are an integral part of the consolidated financial statements.

F - 5

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

U.S. dollars in thousands (except share and per share data)

	Common stock			Additional paid in			Accumulated Other comprehensive			Retained		Total stockholders’
	Number	Amount		Capital			income (loss)			earnings		equity

Balance as of January 1, 2021	51,560,936	$	5	$	603,891		$	3,857		$	478,004	$	1,085,757
Cumulative effect of adopting ASU 2020-06	-		-		(36,336	)		-			2,884		(33,452	)
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	405,239		* -		5,008			-			-		5,008
Equity based compensation expenses to employees and non-employees	-		-		23,153			-			-		23,153
Other comprehensive income (loss) adjustments	-		-		-			(10,618	)		-		(10,618	)
Net income	-		-		-			-			30,076		30,076
Balance as of March 31, 2021	51,966,175	$	5	$	595,716		$	(6,761	)	$	510,964	$	1,099,924
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	297,801		* -		5,500			-			-		5,500
Equity based compensation expenses to employees and non-employees	-		-		24,052			-			-		24,052
Other comprehensive loss adjustments	-		-		-			3,225			-		3,225
Net income	-		-		-			-			45,092		45,092
Balance as of June 30, 2021	52,263,976	$	5	$	625,268		$	(3,536	)	$	556,056	$	1,177,793
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	255,514		* -		656			-			-		656
Equity based compensation expenses to employees and non-employees	-		-		26,185			-			-		26,185
Other comprehensive loss adjustments	-		-		-			(15,599	)		-		(15,599	)
Net income	-		-		-			-			53,048		53,048
Balance as of September 30, 2021	52,519,490	$	5	$	652,109		$	(19,135	)	$	609,104	$	1,242,083

* Represents an amount less than $1.

F - 6

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Cont.)

U.S. dollars in thousands (except share and per share data)

	Common stock			Additional paid in		Accumulated Other comprehensive			Retained		Total stockholders’
	Number	Amount		Capital		loss			earnings		equity

Balance as of January 1, 2020	48,898,062	$	5	$	475,792	$	(1,809	)	$	337,682	$	811,670
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	701,431		* -		3,308		-			-		3,308
Equity based compensation expenses to employees and non-employees	-		-		12,773		-			-		12,773
Other comprehensive loss adjustments	-		-		-		(3,581	)		-		(3,581	)
Net income	-		-		-		-			42,248		42,248
Balance as of March 31, 2020	49,599,493	$	5	$	491,873	$	(5,390	)	$	379,930	$	866,418
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	476,258		* -		5,806		-			-		5,806
Equity based compensation expenses to employees and non-employees	-		-		13,961		-			-		13,961
Other comprehensive loss adjustments	-		-		-		1,948			-		1,948
Net income	-		-		-		-			36,668		36,668
Balance as of June 30, 2020	50,075,751	$	5	$	511,640	$	(3,442	)	$	416,598	$	924,801
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	1,131,559		* -		10,091		-			-		10,091
Equity based compensation expenses to employees and non-employees	-		-		16,259		-			-		16,259
Equity component of convertible senior notes, net	-		-		36,336		-			-		36,336
Other comprehensive loss adjustments	-		-		-		799			-		799
Net income	-		-		-		-			43,751		43,751
Balance as of September 30, 2020	51,207,310	$	5	$	574,326	$	(2,643	)	$	460,349	$	1,032,037

* Represents an amount less than $1.

The accompanying notes are an integral part of the consolidated financial statements.

F - 7

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

U.S. dollars in thousands (except share and per share data)

	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, net		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

F - 8

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Cont.)

U.S. dollars in thousands (except share and per share data)

	Nine months ended September 30,
	2021			2020
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

The accompanying notes are an integral part of the consolidated financial statements.

F - 9

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 1:-GENERAL

a.SolarEdge Technologies, Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company’s products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current (DC) from the PV module to alternating current (AC) including the Company’s future ready energy hub inverter which supports, among other things, connection to a DC- coupled battery for backup capabilities, (iii) a remote cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters to enable customers and system owners, to monitor and manage the solar PV system (iv) a storage and backup solution that is used to increase energy independence and maximize self-consumption for homeowners by utilizing a battery, either the energy bank battery introduced by the Company or a battery that is sold separately by third party manufacturers, to store and supply power as needed, and (v) additional smart energy management solutions.

The Company and its subsidiaries sell products worldwide through large distributors, electrical equipment wholesalers, as well as directly to large solar installers and engineering, procurement and construction firms.

b.The Company has expanded its activity to other areas of smart energy technology organically and through acquisitions. The Company now offers a variety of energy solutions, which include lithium-ion cells, batteries and energy storage systems (“Energy Storage”), full powertrain kits for electric vehicles, or EVs (“e-Mobility”), uninterrupted power supply solutions or UPS (“Critical Power”), as well as automated machines for industrial use (“Automation Machines”).

c.Recently issued and adopted pronouncements:

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. ASU 2020-06 will be effective for fiscal years beginning after December 15, 2021, with early adoption permitted. Effective January 1, 2021, the Company early adopted ASU 2020-06 using the modified retrospective approach. Adoption of the new standard resulted in an increase of retained earnings in an amount of $2,884, a decrease of an additional paid-in capital in an amount of $36,336, an increase of convertible senior notes, net, in an amount of $45,282 and a decrease of deferred tax liabilities, net, in an amount of $11,830. Interest expense recognized in future periods will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. The impact of adoption of this standard on the Company’s earnings per share was immaterial.

In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which clarifies the interaction between the accounting for equity securities in Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. The guidance is effective for interim and annual periods beginning after December 15, 2020. Effective January 1, 2021, the Company adopted this standard on a prospective basis. The impact of adoption of this standard on the Company’s consolidated financial statements was immaterial.

F - 10

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 1:-GENERAL (Cont.)

d.Basis of Presentation:

The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year.

The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2020, contained in the Company’s Annual Report on Form 10-K/A filed with the SEC on February 19, 2021, have been applied consistently in these unaudited interim condensed consolidated financial statements, except for the adoption of ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (Topic 470) (see Note 7).

e.Use of estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. The duration, scope and effects of the ongoing COVID-19 pandemic, government and other third-party responses to it, and the related macroeconomic effects, including to the Company’s business and the business of the Company’s suppliers and customers are uncertain, rapidly changing and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to this evolving situation. Such changes could result in future impairments of goodwill, intangibles, long-lived assets, inventories, incremental credit losses on receivables and AFS debt securities, or an increase in the Company’s insurance liabilities as of the time of a relevant measurement event.

f.Concentrations of supply risks:

The Company depends on two contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields, and costs.

As of September 30, 2021, and December 31, 2020, two contract manufacturers collectively accounted for 23.2% and 48.5% of the Company’s total trade payables, net, respectively.

During 2020, the Company began commercial shipments from its manufacturing facility in the North of Israel, “Sella 1”. During the second quarter of 2021, Sella 1 reached full manufacturing capacity.

g.Certain prior period amounts have been reclassified to conform to the current period presentation.

NOTE 2:-INVENTORIES, NET

	September 30, 2021		December 31, 2020
Raw materials	$	161,863	$	128,363
Work in process		21,795		25,461
Finished goods		121,055		177,872
	$	304,713	$	331,696

F - 11

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 3:-MARKETABLE SECURITIES

The following is a summary of available-for-sale marketable debt securities as of September 30, 2021:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	138,938	$	69	$	(143	)	$	138,864
Governmental bonds		6,600		1		(6	)		6,595
		145,538		70		(149	)		145,459

Available for-sale – matures after one year:
Corporate bonds		463,081		64		(1,979	)		461,166
Governmental bonds		12,211		-		(62	)		12,149
		475,292		64		(2,041	)		473,315

Total	$	620,830	$	134	$	(2,190	)	$	618,774

The following is a summary of available-for-sale marketable debt securities as of December 31, 2020:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	141,824	$	509	$	(57	)	$	142,276
Governmental bonds		1,400		11		-			1,411
		143,224		520		(57	)		143,687

Available for-sale – matures after one year:
Corporate bonds		142,701		65		(214	)		142,552
Governmental bonds		4,895		-		(13	)		4,882
		147,596		65		(227	)		147,434

Total	$	290,820	$	585	$	(284	)	$	291,121

As of September 30, 2021, the Company didn’t record an allowance for credit losses for its available-for-sale marketable debt securities.

F - 12

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 4:-INVESTMENT IN PRIVATELY-HELD COMPANY

On January 31, 2021, the Company completed an investment of $11,643 in the preferred stock of AutoGrid Systems, Inc ("AutoGrid"), a privately held company without readily determinable fair values.

On February 1, 2021, the Company signed on a preferred stock purchase agreement for an additional investment of $5,000 in AutoGrid's preferred stock (the "second investment"). On April 28, the Company completed the second investment.

Under ASU 2016-01 equity investments without readily determinable fair value include ownership rights that either (i) do not meet the definition of in-substance common stock or (ii) do not provide the Company with control or significant influence.

The Company adjusts the carrying value of its non-marketable equity securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment. All gains and losses on non-marketable equity securities, realized and unrealized, are recognized in financial income (expenses), net.

The Company accounted for the AutoGrid investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $16,643 as of September 30, 2021. The maximum loss the Company can incur for its investments is their carrying value. Investments in privately-held companies are included within other long-term assets on the consolidated balance sheets.

The Company periodically evaluates the carrying value of the investments in privately-held companies when events and circumstances indicate that the carrying amount of the investment may not be recovered. These investments include the Company’s holdings in privately-held companies that are not traded and therefore not supported with observable market prices. The Company may determine the fair value by reviewing equity valuation reports, current financial results, long-term plans of the privately-held companies, the amount of cash that the privately-held companies have on-hand, the ability to obtain additional financing and overall market conditions in which the privately-held companies operate or based on the price observed from the most recent completed financing.

No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three and nine months ended September 30, 2021.

F - 13

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 5:-FAIR VALUE MEASUREMENTS

In accordance with ASC 820, the Company measures its cash equivalents and marketable securities, at fair value using the market approach valuation technique. Cash equivalents and marketable securities are classified within Level 1 and Level 2, respectively, because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments.

The following table sets forth the Company’s assets that were measured at fair value as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy:

		Fair value measurements as of
	Fair Value	September 30,		December 31,
Description	Hierarchy	2021		2020
Measured at fair value on a recurring basis:

Assets:
Cash equivalents:
Money market mutual funds	Level 1	$	85,581	$	480,673

Derivative instruments asset:
Options and forward contracts designated as hedging instruments	Level 2	$	706	$	-
Options and forward contracts not designated as hedging instruments	Level 2	$	3,796	$	3,786

Short-term marketable securities:
Corporate bonds	Level 2	$	138,864	$	142,276
Governmental bonds	Level 2	$	6,595	$	1,411

Long-term marketable securities:
Corporate bonds	Level 2	$	461,166	$	142,552
Governmental bonds	Level 2	$	12,149	$	4,882

Liabilities
Derivative instruments liability:
Options and forward contracts not designated as hedging instruments	Level 2	$	-	$	(5,819	)

F - 14

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 6:-DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company accounts for derivatives and hedging based on ASC 815 (“Derivatives and Hedging”). ASC 815 requires the Company to recognize all derivatives on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship.

To protect against the increase in value of forecasted foreign currency cash flows resulting from salary denominated in the Israeli currency, the New Israeli Shekels (“NIS”), during the nine months ended September 30, 2021, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll denominated in NIS for a period of one to nine months with hedging contracts. Accordingly, when the dollar strengthens against the NIS, the decline in present value of future foreign currency expenses is offset by losses in the fair value of the hedging contracts. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by gains in the fair value of the hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges.

As of September 30, 2021, the Company entered into forward contracts to sell U.S. dollars for NIS in the amount of $36,481.

In addition to the above-mentioned cash flow hedges transactions, the Company also entered into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the U.S. dollar. These derivative instruments are not designated as cash flow hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of income, under financial income (expenses), net.

As of September 30, 2021, the Company entered into forward contracts and put and call options to sell Australian dollars (“AUD”) for U.S. dollars in the amount of AUD 6 million and AUD 9 million, respectively.

As of September 30, 2021, the Company entered into forward contracts and put and call options to sell Euro (“EUR”) for U.S. dollars in the amount of EUR 56 million and EUR 24 million, respectively.

The fair value of derivative assets as of September 30, 2021 and December 31, 2020, was $4,502 and $3,786, respectively, which was recorded in prepaid expenses and other current assets in the consolidated balance sheets.

As of September 30, 2021, there were no derivative liabilities. As of December 31, 2020, the fair value of derivative liabilities was $5,819, which was recorded in accrued expenses and other current liabilities in the consolidated balance sheets.

For the three months ended September 30, 2021 and 2020, the Company recorded a gain and loss in the amount of $3,350 and $1,450, respectively, in financial income (expense), net, related to the derivative instruments not designated as cash flow hedges.

For the three months ended September 30, 2021 and 2020, the Company recorded an unrealized gain in the amount of $1,006 and $85 net of tax effect, respectively, in “accumulated other comprehensive loss” related to the derivative assets designated as hedging instruments.

F - 15

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 6:-DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Cont.)

For the nine months ended September 30, 2021 and 2020, the Company recorded a gain and loss in the amount of $7,706 and $959, respectively, in financial income (expense), net, related to the derivative instruments not designated as cash flow hedges.

For the nine months ended September 30, 2021 and 2020, the Company recorded unrealized gain in the amount of $1,719 and $966 net of tax effect, respectively, in “accumulated other comprehensive loss” related to the derivative assets designated as hedging instruments.

NOTE 7:-OTHER COMPRENHENSIVE INCOME (LOSS)

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)												Affected Line Item in the Statements of Income
	Three months ended						Nine months ended
	September 30,						September 30,
	2021			2020			2021			2020
Unrealized gains on cash flow hedges, net	$	97		$	90		$	152		$	189		Cost of revenues
		476			353			751			623		Research and development
		97			75			153			136		Sales and marketing
		124			87			196			153		General and administrative
		794			605			1,252			1,101		Total, before income taxes
		(96	)		(74	)		(152	)		(135	)	Income tax expense
	$	698		$	531		$	1,100		$	966		Total, net of income taxes
Unrealized gains on available-for-sale marketable securitie	$	12		$	-		$	16		$	-		Financial income (expenses), net
		-			-			(4	)		-		Income tax expense
	$	12		$	-		$	12		$	-		Total, net of income taxes
	$	710		$	531		$	1,112		$	966		Total, net of income taxes

F - 16

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 8:-CONVERTIBLE SENIOR NOTES

On September 25, 2020, the Company sold $632,500 aggregate principal amount of its 0.00% convertible senior notes due 2025 (the “Notes”). The Notes were sold pursuant to an indenture, dated September 25, 2020 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The Notes do not bear regular interest and mature on September 15, 2025, unless earlier repurchased or converted in accordance with their terms. The Notes are general senior unsecured obligations of the Company. Holders may convert their Notes prior to the close of business on the business day immediately preceding June 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the Indenture. In addition, holders may convert their Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after June 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the Notes, without regard to the foregoing circumstances. The initial conversion rate for the Notes was 3.5997 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $277.80 per share of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture.

Upon conversion, the Company may choose to pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock.

In addition, upon the occurrence of a fundamental change (as defined in the Indenture), holders of the Notes may require the Company to repurchase all or a portion of their Notes, in multiples of $1,000 principal amount, at a repurchase price of 100% of the principal amount of the Notes, plus any accrued and unpaid special interest, if any, to, but excluding, the repurchase date. If certain fundamental changes referred to as make-whole fundamental changes occur, the conversion rate for the Notes may be increased.

The Convertible Senior Notes consisted of the following as of September 30, 2021 and December 31, 2020:

	As of			As of
	September 30, 2021			December 31, 2020
Liability:
Principal	$	632,500		$	632,500
Unamortized debt discount		-			(46,353	)
Unamortized issuance costs		(11,692	)		(12,797	)
Net carrying amount	$	620,808		$	573,350

Equity component:
Amount allocated to conversion option	$	-		$	48,834
Deferred taxes liability, net		-			(11,368	)
Allocated issuance costs		-			(1,130	)
Equity component, net	$	-		$	36,336

F - 17

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 8:-CONVERTIBLE SENIOR NOTES (Cont.)

As of September 30, 2021, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 4 years.

Prior to January 1, 2021, the Company separated the Notes into liability and equity components. On issuance, the carrying amount of the equity components was recorded as a debt discount and subsequently amortized to interest expense. Effective January 1, 2021, the Company early adopted ASU 2020-06 using the modified retrospective approach. The Notes are accounted for as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives.

Adoption of the new standard resulted in an increase of retained earnings in an amount of $2,884, a decrease of an additional paid-in capital in an amount of $36,336, an increase of convertible senior notes, net, in an amount of $45,282 and a decrease of deferred tax liabilities, net, in an amount of $11,830. The impact of adoption of this standard on the Company’s earnings per share was immaterial.

The annual effective interest rate of the Notes following the adoption of ASU 2020-06 is 0.47%.

The following table presents the total amount of interest expenses recognized related to the Notes for the three and nine months ended September 30, 2021 and 2020:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Amortization of debt discount	$	-	$	131	$	-	$	131
Amortization of debt issuance costs		726		37		2,176		37
Total interest expenses	$	726	$	168	$	2,176	$	168

As of September 30, 2021, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $791,106. The estimated fair value was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period.

As of September 30, 2021, the if-converted value of the Notes exceeded the principal amount by $158,606.

NOTE 9:-WARRANTY OBLIGATIONS

Changes in the Company’s product warranty obligations for the nine months ended September 30, 2021 and 2020, were as follows:

	As of September 30,
	2021			2020
Balance, at the beginning of the period	$	204,994		$	172,563
Additions and adjustments to cost of revenues		109,382			74,465
Usage and current warranty expenses		(67,313	)		(51,334	)
Balance, at the end of the period		247,063			195,694
Less current portion		(67,096	)		(65,080	)
Long term portion	$	179,967		$	130,614

F - 18

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 10:-COMMITMENTS AND CONTINGENT LIABILITIES

a.Guarantees:

As of September 30, 2021, contingent liabilities exist regarding guarantees in the amounts of $5,167 and $2,782 in respect of office rent lease agreements and other transactions, respectively.

b.Contractual purchase obligations:

The Company has contractual obligations to purchase goods and raw materials.

These contractual purchase obligations relate to inventories held by contract manufacturers and purchase orders initiated by the contract manufacturers, which cannot be canceled without penalty.

The Company utilizes third parties to manufacture its products. In addition, the Company acquires raw materials or other goods and services, including product components, by issuing authorizations to its suppliers to purchase materials based on its projected demand and manufacturing needs. As of September 30, 2021, the Company had non-cancelable purchase obligations totaling approximately $1,178,921 out of which the Company recorded a provision for loss in the amount of $3,992.

As of September 30, 2021, the Company had contractual obligations for capital expenditures totaling approximately $126,210. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s manufacturing process as well as capital expenditures associated with the construction of Sella 2, the Company’s planned second lithium-ion cell and battery factory in Korea which is under construction.

c.Legal claims:

From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter.

In September 2018, the Company’s German subsidiary, SolarEdge Technologies GmbH received a complaint filed by competitor SMA Solar Technology AG (“SMA”).

The complaint, filed in the District Court Düsseldorf, Germany, alleged that the Company’s 12.5kW - 27.6kW inverters infringe two of the plaintiff’s patents. In its complaint, SMA asserted a value in dispute of EUR 5.5 million (approximately $6,364) for both patents. The Company challenged the validity of both patents. With respect to one of the claims, in October 2020, the German Patent Court rendered the SMA patent invalid and this invalidity has been appealed by SMA. With respect to the other claim, in November 2019, the first instance court stayed the infringement proceedings since it considered it to be highly likely that the second SMA patent would also be rendered invalid. The Company believes that it has meritorious defenses to the claims asserted and intends to vigorously defend against the remaining lawsuit.

In May 2019, the Company’s two Chinese subsidiaries and its equipment manufacturer in China were served with three lawsuits by Huawei Technologies Co., Ltd., a Chinese entity (“Huawei”).

F - 19

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 10:-COMMITMENTS AND CONTINGENT LIABILITIES (Cont.)

The lawsuits, filed in the Guangzhou intellectual property court, alleged infringement of three patents and asked for an injunction of manufacture, use, sale and offer for sale, and damage awards. A first-instance judgment was issued on August 7, 2020 ordering the three defendants to collectively pay damages in the amount of approximately Chinese Yuan (“CNY”) 10.5 million (approximately $1,623), including court fees, with respect of one of the patents. The Company has filed an appeal with the Supreme People’s Court of China. The first instance court’s judgement is not effective or enforceable pending the appeal. In addition, in January 2021, Huawei filed a motion to increase its claimed monetary damages to CNY 50.5 million (approximately $7,808) and for a preliminary injunction with respect to the second lawsuit. In February 2021, a preliminary injunction was rendered by the Guangzhou intellectual property court with respect to such second lawsuit and applying to seven inverter models. In line with the court’s mandate, the Company took immediate action to make software changes to meet the court order and also appealed the decision. In addition, in February 22, 2021 a first-instance judgment was issued ordering the three defendants to collectively pay damages in the amount of CNY 50.5 million (approximately $7,808), including court fees, with respect to the second patent. The Company appealed this judgement with the Supreme People’s Court. The first instance court’s judgement is not effective or enforceable pending the appeal. In October 2021, a first-instance judgment was issued ordering the three defendants to collectively pay damages in the amount of approximately CNY 10.5 million (approximately $1,623), including court fees, with respect to the third lawsuit. The Company has filed an appeal with the Supreme People’s Court of China. The first instance court’s judgement is not effective or enforceable pending the appeal. The Company believes that it has meritorious defenses to the claims asserted by Huawei.

In December 2019, the Company received a lawsuit filed by a former consultant of the Company and its Israeli subsidiary in the amount of 25.5 million NIS (approximately $7,897) claiming damages caused relating to a terminated consulting agreement and stock options therein. The Company believes it has meritorious defenses to the claims asserted and intends to vigorously defend against this lawsuit.

As of September 30, 2021, accrued amounts for legal claims of $11,132, were recorded in accrued expenses and other current liabilities.

F - 20

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 11:-STOCK CAPITAL

a.Common stock rights:

Common stock confers upon its holders the right to receive notice of, and to participate in, all general meetings of the Company, where each share of common stock shall have one vote for all purposes; to share equally, on a per share basis, in bonuses, profits, or distributions out of fund legally available therefor; and to participate in the distribution of the surplus assets of the Company in the event of liquidation of the Company.

b.Stock incentive plans:

The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. The 2007 Plan terminated upon the Company’s IPO on March 31, 2015 and no further awards may be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grant were transferred to the Company’s 2015 Global Incentive Plan (the “2015 Plan”) and are reserved for future issuances under the 2015 plan. The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, RSUs and other share-based awards to directors, employees, officers and nonemployees of the Company and its subsidiaries.

The Share Reserve will automatically increase on January 1st of each year during the term of the 2015 Plan, commencing on January 1st of the year following the year in which the 2015 Plan became effective, in an amount equal to 5% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year; provided, however, that the Company’s board of directors may determine that there will not be a January 1st increase in the Share Reserve in a given year or that the increase will be less than 5% of the shares of capital stock outstanding on the preceding December 31st.

In the three and nine months ended September 30, 2021, the Company granted under its 2015 Plan, performance-based restricted stock unit (“PRSU”) awards to certain employees which vest upon the achievement of certain performance conditions subject to the employees’ continued service relationship with the Company. The probability of vesting is assessed at each reporting period and compensation cost is adjusted based on this probability assessment. The Company recognizes such compensation expenses on an accelerated vesting method.

As of September 30, 2021, a total of 15,406,316 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”).

The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is 10,000,000. As of September 30, 2021, an aggregate of 8,617,974 options are still available for future grant under the 2015 Plan.

F - 21

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 11:-STOCK CAPITAL (Cont.)

A summary of the activity in the stock options granted to employees and members of the board of directors for the nine months ended September 30, 2021 and related information are as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term in years		Aggregate intrinsic Value
Outstanding as of December 31, 2020		691,732			31.86		5.07	$	198,709
Granted		19,489			311.35
Exercised		(188,425	)		32.45
Forfeited or expired		(10,432	)		44.24
Outstanding as of September 30, 2021		512,364			42.02		5.32	$	115.260

Vested and expected to vest as of September 30, 2021		477,119			37.28		5.54	$	109,397

Exercisable as of September 30, 2021		395,839			25.49		5.09	$	95,005

The aggregate intrinsic value in the tables above represents the total intrinsic value (the difference between the fair value of the Company’s common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period.

The total intrinsic value of options exercised during the nine months ended September 30, 2021 was $51,308.

The weighted average grant date fair values of options granted to employees and executive directors during the nine months ended September 30, 2021 was $168.36.

A summary of the activity in the RSUs and PRSUs granted to employees and directors for the nine months ended September 30, 2021, is as follows:

	Number of RSUs			Weighted average grant date fair value
Unvested as of January 1, 2021		2,216,841		$	103.79
Granted (1)		322,909			283.61
Vested		(732,555	)		78.61
Forfeited		(92,198	)		121.09
Unvested as of September 30, 2021		1,714,997		$	146.53


(1)	The number of PRSUs granted to employees was 132,673 with a weighted average grant date fair value of 294.04.

F - 22

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 11:-STOCK CAPITAL (Cont.)

c.Employee Stock Purchase Plan (“ESPP”):

The Company adopted an ESPP effective upon the consummation of the IPO. As of September 30, 2021, a total of 3,175,094 shares were reserved for issuance under this plan. The number of shares of common stock reserved for issuance under the ESPP will increase automatically on January 1st of each year, for ten years, by the lesser of 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or 487,643 shares. However, the Company’s board of directors may reduce the amount of the increase in any particular year at its discretion, including a reduction to zero.

The ESPP is implemented through an offering every six months. According to the ESPP, eligible employees may use up to 10% of their salaries to purchase common stock up to an aggregate limit of $10 per participant for every six months plan. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the subscription date of each offering period or on the purchase date.

As of September 30, 2021, 635,193 shares of common stock had been purchased under the ESPP.

As of September 30, 2021, 2,539,901 shares of common stock were available for future issuance under the ESPP.

In accordance with ASC No. 718, the ESPP is compensatory and, as such, results in recognition of compensation cost.

d.Stock-based compensation expenses for employees and non-employees:

The Company recognized stock-based compensation expenses related to stock options, RSUs and PRSUs granted to employees and nonemployees and ESPP in the condensed consolidated statement of income for the three and nine months ended September 30, 2021 and 2020, as follows:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Cost of revenues	$	4,289	$	2,730	$	14,370	$	7,362
Research and development		11,949		6,904		30,552		18,129
Selling and marketing		5,737		4,066		16,952		10,703
General and administrative		4,210		2,559		11,516		6,799
Total stock-based compensation expenses	$	26,185	$	16,259	$	73,390	$	42,993

As of September 30, 2021, there were total unrecognized compensation expenses in the amount of $257,967 related to non-vested equity-based compensation arrangements granted under the Company’s Plans. These expenses are expected to be recognized during the period from October 1, 2021 through May 31, 2026.

F - 23

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 12:-EARNINGS PER SHARE

Basic net EPS is computed by dividing the net earnings by the weighted-average number of shares of common stock outstanding during the period. Diluted net EPS is computed by giving effect to all potential shares of common stock, to the extent dilutive, including stock options, RSUs, PRSUs, shares to be purchased under the Company’s ESPP, and the Notes due 2025, all in accordance with ASC No. 260, “Earnings Per Share.”

The following table presents the computation of basic and diluted EPS:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Basic EPS:
Numerator:
Net income	$	53,048	$	43,751	$	128,216	$	122,667

Denominator:
Shares used in computing net earnings per share of common stock, basic		52,355,867		50,529,691		52,056,233		49,842,399

Diluted EPS:
Numerator:
Net income attributable to common stock, basic	$	53,048	$	43,751	$	128,216	$	122,667
Notes due 2025		525		137		1,575		137
Net income attributable to common stock, diluted	$	53,573	$	43,888	$	129,791	$	122,804

Denominator:
Shares used in computing net earnings per share of common stock, basic		52,355,867		50,529,691		52,056,233		49,842,399
Notes due 2025		2,276,818		197,984		2,276,818		65,995
Effect of stock-based awards		1,296,315		2,416,513		1,622,390		2,715,281
Shares used in computing net earnings per share of common stock, diluted		55,929,000		53,144,188		55,955,441		52,623,675

F - 24

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 12:-EARNINGS PER SHARE (Cont.)

No shares were excluded from the calculation of diluted net EPS due to their anti-dilutive effect for the three and nine months ended September 30, 2021 and 2020.

The vesting of PRSUs is contingent upon the achievement of certain performance conditions. The performance awards are not included in the diluted EPS calculation until the performance conditions have been met.

As of September 30, 2021, certain performance conditions associated with these PRSUs were met and consequently 14,773 PRSUs were considered as issuable for the calculation of the diluted EPS for the three and nine months ended September 30, 2021.

NOTE 13:-OTHER OPERATING EXPENSES (INCOME)

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021			2020
Kokam purchase escrow (1) (2)	$	-	$	-	$	(859	)	$	(4,900	)
Write-off of property, plant and equipment		-		-		2,209			-
Total other operating expenses (income)	$	-	$	-	$	1,350		$	(4,900	)

(1)	In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam Co., Ltd. (“Kokam”) acquisition escrow (“the escrow”), with regards to a working capital adjustment.

(2)	In the nine months ended September 30, 2020, the Company was indemnified for an amount of $4,900 out of the escrow, with regards to a legal claim of Kokam that was settled in arbitration.

NOTE 14:-INCOME TAXES

The effective tax rate for the three months ended September 30, 2021 and 2020 were 12.6% and 5.2%, respectively and for the nine months ended September 30, 2021 and 2020 were 15.9% and 11.7%, respectively.

The increase in the effective tax rate in the current year is primarily due to presence of a full valuation allowance in various jurisdictions and different allocation of income among the Company’s US, Israel, and foreign subsidiaries.

The Company’s effective tax rate was lower than the U.S. federal statutory rate for the three and nine months ended September 30, 2021, due to earnings taxed at lower rates in foreign jurisdictions and tax benefits relating to stock-based compensation, which were partially offset by full valuation allowance in various jurisdictions and Global intangible low-taxed income (“GILTI”) tax.

As of September 30, 2021, and December 31, 2020, unrecognized tax benefits were $10,708 and $10,564, respectively. If recognized, such benefits would favorably affect the Company’s effective tax rate. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. The total amount of penalties and interest were $205 and $127 as of September 30, 2021 and December 31, 2020, respectively. It is reasonably possible that the Company’s gross unrecognized tax benefits will decrease by up to $8,937 in the next 12 months, primarily due to the lapse of the statute of limitations. These adjustments, if recognized, would positively impact the Company’s effective tax rate, and would be recognized as additional tax benefits.

F - 25

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 15:-SEGMENT INFORMATION

The Company operates in five different operating segments: Solar, Energy Storage, e-Mobility, Critical Power and Automation Machines.

The Company's Chief Executive Officer, who is the chief operating decision maker (“CODM”), makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the operating segments.

The Company does not allocate to its operating segments revenue recognized due to advance payments received for performance obligations that extend for a period greater than one year (“financing component”), related to Accounting Standard Codification 606, “Revenue from Contracts with Customers” (ASC 606).

Segment profit is comprised of gross profit for the segment less operating expenses that do not include amortization of purchased intangible assets, stock based compensation expenses and certain other items.

The Company manages its assets on a group basis, not by segments, as many of its assets are shared or co-mingled. The Company’s CODM does not regularly review asset information by segments and, therefore, the Company does not report asset information by segment.

The Company identified one operating segment as reportable – the Solar segment. The other operating segments are insignificant individually and therefore their results are presented together under “All other”.

The Solar segment includes the design, development, manufacturing, and sales of an intelligent inverter solution designed to maximize power generation at the individual PV module level and a residential storage solution, compatible with the Company’s energy hub inverter, intended to store and supply power for back-up and to maximize self-consumption. The Solar segment solution consists mainly of the Company’s power optimizers, inverters, batteries and cloud-based monitoring platform.

The “All other” category includes the design, development, manufacturing and sales of energy storage products, e-Mobility products, UPS products and automated machines.

The following table presents information on reportable segments profit (loss) for the periods presented:

	Three months ended September 30, 2021					Nine months ended September 30, 2021
	Solar		All other			Solar		All other
Revenues	$	476,838	$	49,455		$	1,284,574	$	127,080
Cost of revenues		302,081		45,132			799,163		122,536
Gross profit		174,757		4,323			485,411		4,544
Research and development		34,657		8,853			102,151		22,376
Sales and marketing		21,127		2,290			60,758		7,340
General and administrative		14,054		2,863			39,094		9,783
Segments profit (loss)	$	104,919	$	(9,683	)	$	283,408	$	(34,955	)

F - 26

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 15:-SEGMENT INFORMATION (Cont.)

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three months ended September 30, 2020					Nine months ended September 30, 2020
	Solar		All other			Solar		All other
Revenues	$	312,480	$	25,615		$	1,030,175	$	71,476
Cost of revenues		203,590		21,283			673,751		61,974
Gross profit		108,890		4,332			356,424		9,502
Research and development		26,466		7,421			79,923		17,481
Sales and marketing		15,160		2,328			48,803		6,650
General and administrative		10,593		1,210			28,467		9,228
Segments profit (loss)	$	56,671	$	(6,627	)	$	199,231	$	(23,857	)

The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Solar segment revenues	$	476,838	$	312,480	$	1,284,574	$	1,030,175
All other segment revenues		49,455		25,615		127,080		71,476
Revenues from financing component		111		-		296		-
Intersegment revenues		-		-		-		(487	)
Consolidated revenues	$	526,404	$	338,095	$	1,411,950	$	1,101,164

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Solar segment profit	$	104,919		$	56,671		$	283,408		$	199,231
All other segment loss		(9,683	)		(6,627	)		(34,955	)		(23,857	)
Segments operating profit		95,236			50,044			248,453			175,374
Amounts not allocated to segments:
Stock based compensation expenses		(26,185	)		(16,259	)		(73,390	)		(42,993	)
Amortization related to business combinations		(2,785	)		(2,833	)		(8,007	)		(8,169	)
Legal settlement		-			-			859			4,900
Other unallocated income (expenses), net		148			(558	)		(1,814	)		(871	)
Adjustments:
Intersegment profit		-			-			-			(107	)
Consolidated operating income	$	66,414		$	30,394		$	166,101		$	128,134

F - 27

ITEM 2MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

Statements contained in this Form 10-Q or statements incorporated by reference from documents we have filed with the Securities and Exchange Commission may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to our management. Forward-looking statements should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included in Part 1, Item 1 of this report. This discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology developments, new products and services, financing and investment plans, competitive position, industry and regulatory environment, effects of acquisitions, growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this filing. Important factors that could cause actual results to differ materially from our expectations include:

•

existing and future responses to and effects of COVID-19;

•

future demand for renewable energy including solar energy solutions;

•

changes to net metering policies or the reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications;

•

changes in the U.S. trade environment, including the imposition of import tariffs;

•

federal, state and local regulations governing the electric utility industry with respect to solar energy;

•

the retail price of electricity derived from the utility grid or alternative energy sources;

•

interest rates and supply of capital in the global financial markets in general and in the solar market specifically;

•

competition, including introductions of power optimizer, inverter and solar photovoltaic (“PV”) system monitoring products by our competitors;

•

developments in alternative technologies or improvements in distributed solar energy generation;

•

historic cyclicality of the solar industry and periodic downturns;

•

defects or performance problems in our products;

•

our ability to forecast demand for our products accurately and to match production and delivery with demand;

•

our dependence on ocean transportation to deliver our products in a cost-effective manner;

•

our dependence upon a small number of outside contract manufacturers and suppliers;

•

capacity constraints, delivery schedules, manufacturing yields and costs of our contract manufacturers and availability of components;

•

delays, disruptions and quality control problems in manufacturing;

•

shortages, delays, price changes or cessation of operations or production affecting our suppliers of key components;

•

business practices and regulatory compliance of our raw material suppliers;

•

performance of distributors and large installers in selling our products;

•

our customers’ financial stability, creditworthiness and debt leverage ratio;

•

our ability to retain key personnel and attract additional qualified personnel;

•

our ability to effectively design, launch, market and sell new generations of our products and services;

•

our ability to maintain our brand and to protect and defend our intellectual property;

•

our ability to retain, and events affecting, our major customers;

•

our ability to manage effectively the growth of our organization and expansion into new markets;

•

our ability to integrate acquired businesses;

•

fluctuations in global currency exchange rates;

•

unrest, terrorism or armed conflict in Israel;

•

general economic conditions in our domestic and international markets;

•

our ability to service our debt; and

•

the other factors set forth under “Item 1A. Risk Factors” in “Part II-OTHER INFORMATION” section of this report, our annual report on Form 10-K/A for the year ended December 31, 2020 and subsequent reports on Form 10-Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Overview

We are a leading provider of an optimized inverter solution that has changed the way power is harvested and managed in a solar photovoltaic, known as PV systems. Our direct current or 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, for improved return on investment, or ROI. Additional benefits of the DC optimized inverter system include comprehensive and advanced safety features, improved design flexibility, and improved operating and maintenance, or O&M with module-level and remote monitoring. Our future ready SolarEdge energy hub inverter which supports, among other things, connection to a DC-coupled battery for full or partial home backup, and optional connection to the SolarEdge smart EV charger. The typical SolarEdge optimized inverter system consists of power optimizers, inverters, a communication device which enables access to a cloud-based monitoring platform and in many cases, additional smart energy management solutions. Our solutions address a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations.

Since introducing the optimized inverter solution in 2010, SolarEdge has expanded its activity to other areas of smart energy technology, both through organic growth and through acquisitions. SolarEdge now offers energy solutions which include not only residential, commercial and small utility scale PV systems but also product offerings in the areas of energy storage systems or ESS and backup including our own SolarEdge energy bank battery, electric vehicle, or EV components and charging capabilities, home energy management, grid services and virtual power plants, lithium-ion batteries and uninterrupted power supply, known as UPS solutions.

In the third quarter of 2020 we began commercial shipments to the U.S. from our manufacturing facility in the North of Israel, “Sella 1”. The proximity of Sella 1 to our R&D team and labs, enables us to accelerate new product development cycles as well as define equipment and manufacturing processes of newly developed products which can then be adopted by our contract manufacturers world-wide. During the second quarter of 2021, Sella 1 reached full manufacturing capacity. In 2020, we began construction of “Sella 2”, a 2GWh Li-Ion cell factory in Korea. The new factory is being constructed to meet the growing global demand for Li-Ion cells and batteries, specifically in the energy storage system (“ESS”) and e-Mobility markets. Sella 2 is expected to initiate test runs for manufacturing in the first half of 2022.

We are a leader in the global module-level power electronics (“MLPE”) market. As of September 30, 2021, we have shipped approximately 78.8 million power optimizers and 3.3 million inverters. Over 2.3 million installations, many of which may include multiple inverters, are currently connected to, and monitored through, our cloud-based monitoring platform. As of September 30, 2021, we have shipped approximately 27.6 GW of our DC optimized inverter systems.

Our revenues for the three months ended September 30, 2021 and 2020 were $526.4 million and $338.1 million, respectively. Gross margin was 32.8% and 32.0% for the three months ended September 30, 2021 and 2020, respectively. Net income was $53.0 million and $43.8 million for the three months ended September 30, 2021 and 2020, respectively.

Our revenues for the nine months ended September 30, 2021 and 2020 were $1,412.0 million and $1,101.2 million, respectively. Gross margin was 33.2% and 31.9% for the nine months ended September 30, 2021 and 2020, respectively. Net income was $128.2 million and $122.7 million for the nine months ended September 30, 2021 and 2020, respectively.

COVID-19 Impact

We continue to monitor the evolving impact of COVID-19 on our operations and business. Our first priority continues to be protecting and supporting our employees while maintaining company operations and support of our customers with as few disruptions as possible. We follow the guidance issued by applicable local authorities and health officials in each region in which we do business, including in our headquarters located in Israel. In the third quarter of 2021 our contract manufacturer in Vietnam was forced to temporarily close its facilities due to government mandated lockdowns. The mandatory shut down lasted 12 weeks, longer than had been anticipated and ramp of the site is still underway, expected to reach full capacity in mid-November of 2021. Our manufacturing facilities in Korea (for our energy storage business), Italy (for our e-Mobility components) and Israel and our contract manufacturers’ facilities in China, and Hungary have remained operational at almost full capacity this quarter. While we increased manufacturing capacity in China, Israel and Hungary in order to compensate for the Vietnam factory Covid related lockdown, our aggregate overall manufacturing capacity was negatively impacted and together with shipping constraints caused by port congestions, has reduced our finished goods inventory and availability to supply for this quarter and next quarter. To the extent that there are no further lockdowns, manufacturing capacity will revert to levels that accommodate the growing demand for our products within the first half of 2022. Our customer support centers are working at full capacity, partially from home. Continued travel restrictions however continue to have an impact on our operations.

While our operations and operating expenses have not been significantly impacted by COVID-19, in the third quarter of 2021 we experienced and continue to experience an increase in the cost of goods sold due to an increase in shipping rates that resulted from a reduction in ocean freight capacity, the accumulation of containers in the U.S and Europe that were not returned to Asia and the reduction in the availability of air freight that increased the demand for ocean freight. In the third quarter we experienced and expect to continue to experience disruptions to our logistics supply chain caused by constraints in the global transportation system including limited availability of local ground transportation coupled with congestion in shipping ports and industry wide component shortages. These factors have impacted our ability to accurately plan and forecast the delivery of our products to customers and have also increased the total shipping time and cost of ocean freight for components and finished goods. Moreover, industry-wide component shortages require our R&D teams to focus their attention on manufacturing and production design work-arounds solutions which may impact our ability to meet our plans to roll out new innovative products and services. Additionally, a customer of SolarEdge e-Mobility SPA (“SolarEdge e-Mobility”) that has experienced disruptions in its own manufacturing process due to global component shortages has delayed the delivery date of powertrain units that were expected to be supplied by SolarEdge e-Mobility in the third quarter of 2021.

Despite the logistics and manufacturing hurdles, our third quarter revenues of $526.4 million reflect healthy demand for our products, with an increase of 9.7% from $ 480.1 million of revenues in the second quarter of 2021. This increase reflects a significant increase in demand for our products in all geographies in which we operate.

Key Operating Metrics

In managing our business and assessing financial performance, we supplement the information provided by the financial statements with other operating metrics. These operating metrics are utilized by our management to evaluate our business, measure our performance, identify trends affecting our business and formulate projections. We use metrics relating to shipments (inverters, power optimizers and megawatts shipped) to evaluate our sales performance and to track market acceptance of our products. We use metrics relating to monitoring (systems monitored) to evaluate market acceptance of our products and usage of our solution.

We provide the “megawatts shipped” metric, which is calculated based on nameplate capacity shipped, to show adoption of our system on a nameplate capacity basis. Nameplate capacity shipped is the maximum rated power output capacity of an inverter and corresponds to our financial results in that higher total nameplate capacities shipped are generally associated with higher total revenues. However, revenues increase with each additional unit, not necessarily each additional MW of capacity sold. Accordingly, we also provide the “inverters shipped” and “power optimizers shipped” operating metrics.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Inverters shipped		230,849		152,531		592,300		496,229
Power optimizers shipped		4,699,443		3,271,787		13,445,523		11,848,084
Megawatts shipped (1)		1,903		1,451		5,237		4,743


(1)	Calculated based on the aggregate nameplate capacity of inverters shipped during the applicable period. Nameplate capacity is the maximum rated power output capacity of an inverter as specified by the manufacturer.

Results of Operations

The results of operations presented below should be reviewed in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this report.

The following table sets forth selected consolidated statements of income data for each of the periods indicated.

	Three Months Ended September 30,					Nine Months Ended September 30,
Dollars in thousands	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)		-		-			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 expenses (income), net		5,751		(15,765	)		13,591		(10,725	)
Income before taxes on income		60,663		46,159			152,510		138,859
Taxes on income		7,615		2,408			24,294		16,192
Net income	$	53,048	$	43,751		$	128,216	$	122,667

Comparison of the Three and Nine Months Ended September 30, 2021 to the Three and Nine Months Ended September 30, 2020

Revenues

	Three Months Ended September 30,								Nine Months Ended September 30,
	2021		2020		Change				2021		2020		Change
Revenues (Dollars in thousands)	$	526,404	$	338,095	$	188,309	55.7	%	$	1,411,950	$	1,101,164	$	310,786	28.2	%
Power optimizers (units)		4,706,682		4,587,380		119,302	2.6	%		13,432,126		11,848,084		1,584,042	13.4	%
Inverters (units)		234,636		152,531		82,105	53.8	%		596,243		496,229		100,014	20.2	%

Revenues increased by $188.3 million, or 55.7%, for the three months ended September 30, 2021 as compared to the three months ended September 30, 2020, primarily due to (i) an increase in the number of inverters and power optimizers sold, with significant growth in revenues in all geographies; and (ii) an increase in the numbers of powertrain kits supplied by SolarEdge e-Mobility, in an aggregate amount of $17.2 million. Revenues from outside of the U.S. comprised 64.1% of our revenues in the three months ended September 30, 2021, as compared to 68.4% in the three months ended September 30, 2020.

Our blended ASP per watt for solar products is calculated by dividing the solar revenues by the name plate capacity of inverters shipped. Our blended ASP per watt increased by $0.04, or 18.5%, in the three months ended September 30, 2021 as compared to the three months ended September 30, 2020. The increase in blended ASP per watt is mainly attributed to an increase, in the sale of residential products out of our total solar product mix in the U.S, that are characterized with higher ASP per watt and an increase in the sale of products with enhanced capabilities such as the SolarEdge energy hub inverter that are characterized with higher ASP per watt.

This increase in blended ASP per watt was partially offset by a change in our customer mix in the U.S. toward larger customers that enjoy preferential pricing due to volume commitments as well as the depreciation of the Euro and other currencies against the U.S. Dollar.

Revenues increased by $310.8 million, or 28.2%, for the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020, primarily due to (i) an increase in the number of inverters and power optimizers sold, with significant growth in revenues coming from Europe, and the rest of the world; and (ii) an increase in the numbers of powertrain kits supplied by SolarEdge e-Mobility in an aggregate amount of $48.0 million. This increase was partially offset by a decrease in revenues this quarter relative to the high level of safe harbor-related revenues in the amount of $51.4 million generated in the U.S. in the first quarter of 2020 which was not evident in 2021, likely due to the expected extension of the Solar Investment Tax Credits. Revenues from outside of the U.S. comprised 62.6% of our revenues in the nine months ended September 30, 2021, as compared to 56.4% in the nine months ended September 30, 2020.

Our blended ASP per watt for solar products shipped increased by $0.028, or 12.7%, in the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020. This increase is primarily attributed to an increase in all geographies in the proportion of residential products sold out of our solar product mix, that are characterized with higher ASP per watt as well as the strengthening of the Euro and other currencies against the U.S. Dollar.

Cost of Revenues and Gross Profit

	Three Months Ended September 30,								Nine Months Ended September 30,
Dollars in thousands	2021		2020		Change				2021		2020		Change
Cost of revenues	$	353,843	$	230,032	$	123,811	53.8	%	$	943,123	$	750,130	$	192,993	25.7	%
Gross profit	$	172,561	$	108,063	$	64,498	59.7	%	$	468,827	$	351,034	$	117,793	33.6	%

Cost of revenues increased by $123.8 million, or 53.8%, in the three months ended September 30, 2021, as compared to the three months ended September 30, 2020, primarily due to:

•

an increase in the volume of products sold and the increase in cost of components used in the manufacturing of our products;

•

an increase in warranty expenses and warranty accruals of $16.6 million due to an increase in our install base, an increase in the cost of our products caused by an increase in the price of materials and components as well as other costs associated with providing our warranty coverage;

•

a significant increase in shipment costs in an aggregate amount of $13.8 million due to (i) an increase in shipment rates; and (ii) an increase in volumes shipped;

•

an increase in other production costs of $5.7 million, which is mainly attributed to charges from our contract manufacturers due to manufacturing disruptions related to Covid-19 lockdowns, increased logistics costs resulting from transportation disruptions and the need to mobilize components between our different manufacturing sites; and

•

an increase in personnel-related costs of $4.5 million mainly related to the expansion of our operations and support headcount in the solar business, which grew in parallel to our growing install base worldwide.

Gross profit as a percentage of revenue increased from 32.0% in the three months ended September 30, 2020 to 32.8% in the three months ended September 30, 2021, primarily due to:

•

an increased portion of sales of residential products in the U.S, that are characterized with higher gross margin out of our total product mix;

This was partially offset by:

•

an increase in warranty obligations due to an increase in our install base, an increase in the cost of our products caused by an increase in the price of materials and components as well as other costs associated with providing our warranty coverage;

•

a change in our customer mix in the U.S. toward larger customers that enjoy preferential pricing due to volume commitments;

•

unfavorable exchange rates on our sales outside of the U.S.;

•

a significant increase in shipping rates world-wide; and

•

a negative impact on margins attributed to our non-solar businesses, that are characterized by a lower gross profit.

Cost of revenues increased by $193.0 million, or 25.7%, in the nine months ended September 30, 2021, as compared to the nine months ended September 30, 2020, primarily due to:

•

an increase in the volume of products sold and the cost of components used in the manufacturing of our products;

•

an increase in warranty expenses and warranty accruals of $35.4 million due to an increase in our install base, an increase in the cost of our products caused by an increase in the price of materials and components as well as other costs associated with providing our warranty coverage;

•

an increase in shipping costs, in an aggregate amount of $18.1 million due to (i) an increase in shipment rates; and (ii) an increase in volumes shipped; and

•

an increase in personnel-related costs of $10.9 million related to the expansion of our operations and support headcount in the solar business which grew in parallel to our growing install base worldwide;

These factors were partially offset by:

•

decreased custom duties of $29.2 million attributed to lower tariff charges due to the manufacture of a higher portion of our products for the U.S. outside of China;

Gross profit as a percentage of revenue increased from 31.9% in the nine months ended September 30, 2020 to 33.2% in the nine months ended September 30, 2021, primarily due to:

•

an increased portion of sales of residential products, that are characterized with higher gross margin out of our total product mix;

•

decreased custom duties in the U.S. mainly attributed to a decrease in the portion of products manufactured in China;

•

the absence of safe harbor related sales, that were characterized with a lower gross margin in the first quarter of 2020;

•

favorable exchange rates on our sales outside of the U.S.; and

•

continued cost reduction efforts.

These were partially offset by:

•

an increase in support costs and warranty obligations due to an increase in our install base, an increase in the cost of our products caused by an increase in the price of materials and components as well as other costs associated with providing our warranty coverage;

•

a change in our customer mix in the U.S. toward larger customers that enjoy preferable pricing;

•

a significant increase in shipping rates world-wide; and

•

a negative impact on margin attributed to our non-solar businesses, that are characterized by a lower gross profit.

Research and Development

		Three Months Ended September 30,			Nine Months Ended September 30,
Research and development		$	55,666			$	40,817			$	14,849				36.4	%		$	155,307			$	115,610			$	39,697				34.3	%

Three Months Ended

September 30,

Nine Months Ended

September 30,

Dollars in thousands

2021

2020

Change

2021

2020

Change

Research and development

55,666

40,817

14,849

36.4

155,307

115,610

39,697

34.3

Research and development costs increased by $14.8 million, or 36.4%, in the three months ended September 30, 2021, as compared to the three months ended September 30, 2020, primarily due to:

•

an increase in personnel-related costs of $11.5 million resulting from an increase in our research and development headcount, as well as salary expenses associated with employee equity-based compensation. The increase in headcount reflects our continuing investment in the enhancement of existing products as well as research and development expenses associated with bringing new products to the market; and

•

increased expenses related to material consumption in the manufacturing of prototypes during our development process in an amount of $1.5 million;

Research and development costs increased by $39.7 million, or 34.3%, in the nine months ended September 30, 2021, as compared to the nine months ended September 30, 2020, primarily due to:

•

an increase in personnel-related costs of $34.0 million resulting from an increase in our research and development headcount as well as salary expenses associated with employee equity-based compensation. The increase in headcount reflects our continued investment in enhancements of existing products and research and development expenses associated with bringing new products to the market;

•

increased expenses related to consultants and sub-contractors in an amount of $2.8 million;

•

an increase in depreciation expenses of property and equipment in an amount of $2.7 million.

•

increased expenses related to other overhead costs in an amount of $2.4 million; and

•

increased expenses related to material consumption in the manufacturing of prototypes during our development process in an amount of $2.1 million;

These increases were partially offset by a reimbursement of costs charged to a customer, in an amount of $4.6 million, related to the research and development activities performed by SolarEdge e-Mobility.

Sales and Marketing

		Three Months Ended September 30,			Nine Months Ended September 30,
Sales and Marketing		$	29,383			$	21,924			$	7,459				34.0	%		$	85,752			$	67,112			$	18,640				27.8	%

Three Months Ended

September 30,

Nine Months Ended

September 30,

Dollars in thousands

2021

2020

Change

2021

2020

Change

Sales and Marketing

29,383

21,924

7,459

34.0

85,752

67,112

18,640

27.8

Sales and marketing expenses increased by $7.5 million, or 34.0%, in the three months ended September 30, 2021, as compared to the three months ended September 30, 2020, primarily due to increased personnel-related costs of $5.8 million as a result of an increase in headcount supporting our growth in Israel and the U.S., as well as salary expenses associated with employee equity-based compensation.

Sales and marketing expenses increased by $18.6 million, or 27.8%, in the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020, primarily due to increased personnel-related costs of $17.0 million as a result of an increase in headcount supporting our growth in Israel and the U.S., as well as salary expenses associated with employee equity-based compensation.

General and Administrative

		Three Months Ended September 30,			Nine Months Ended September 30,
General and Administrative		$	21,098			$	14,928			$	6,170				41.3	%		$	60,317			$	45,077			$	15,240				33.8	%

Three Months Ended

September 30,

Nine Months Ended

September 30,

Dollars in thousands

2021

2020

Change

2021

2020

Change

General and Administrative

21,098

14,928

6,170

41.3

60,317

45,077

15,240

33.8

General and administrative expenses increased by $6.2 million, or 41.3%, in the three months ended September 30, 2021, as compared to the three months ended September 30, 2020, primarily due to:

•

an increase in personnel-related costs of $4.4 million resulting from an increase in our general and administrative headcount, the reinstatement of executive management salaries that management voluntarily reduced in early 2020 to mitigate the potential effects of COVID-19, as well as salary expenses associated with employee equity-based compensation; and

•

an increase of $1.0 million related to insurance and legal expenses.

General and administrative expenses increased by $15.2 million, or 33.8%, in the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020 primarily due to:

•

an increase in personnel-related costs of $13.5 million resulting from an increase in our general and administrative headcount, the reinstatement of executive management salaries that management voluntarily reduced in early 2020 to mitigate the potential effects of COVID-19, as well as salary expenses associated with employee equity-based compensation;

•

an increase of $5.2 million in expenses related to insurance and legal expenses.

These expenses were partially offset by a decrease in expenses related to an accrual for doubtful debts in an amount of $4.0 million.

Other operating expenses (income)

		Three Months Ended September 30,			Nine Months Ended September 30,
Other operating expenses (income)		$	-			$	-			$	-				N/A			$	1,350			$	(4,900	)		$	6,250				(127.6	)%

Three Months Ended

September 30,

Nine Months Ended

September 30,

Dollars in thousands

2021

2020

Change

2021

2020

Change

Other operating expenses (income)

N/A

1,350

(4,900

)

6,250

(127.6

Other operating expenses were $1.4 million in the nine months ended September 30, 2021, compared to other operating income of $4.9 million in nine months ended September 30, 2020, primarily due to:

•

a decrease in income in the amount of $4.9 million incurred in the second quarter of 2020 related to an acquired legal claim as part of the Kokam acquisition which was settled in arbitration (and subsequently repaid to the Company in the quarter ended December 31, 2020); and

•

an increase of $2.1 million in expenses related to write-offs of tangible assets in our solar business, which we ceased using during the second quarter of 2021.

These were partially offset by an increase of $0.8 million in income related to a payment made to us from an escrow account with regards to a working capital adjustment in connection with the Kokam acquisition.

Financial expenses (income), net

		Three Months Ended September 30,			Nine Months Ended September 30,
Financial expenses (income), net		$	5,751			$	(15,765	)		$	21,516				(136.5	)%		$	13,591			$	(10,725	)		$	24,316				(226.7	)%

Three Months Ended

September 30,

Nine Months Ended

September 30,

Dollars in thousands

2021

2020

Change

2021

2020

Change

Financial expenses (income), net

5,751

(15,765

)

21,516

(136.5

13,591

(10,725

)

24,316

(226.7

Financial expenses were $5.8 million in the three months ended September 30, 2021 compared to an income in the amount of $15.8 million in the three months ended September 30, 2020, primarily due to an increase of $25.8 million in foreign exchange fluctuations expense, mainly between the Euro, the Australian dollar, the New Israeli Shekel and the South Korean Won against the U.S. Dollar.

These expenses were partially offset by an increase of $4.8 million in finance income related to hedging transactions.

Financial expenses were $13.6 million in the nine months ended September 30, 2021 compared to an income in the amount of $10.7 million in the nine months ended September 30, 2020, primarily due to:

•

an increase of $31.4 million in foreign exchange fluctuation expenses, mainly between the Euro, the Australian dollar, the New Israeli Shekel and the South Korean Won against the U.S. Dollar;

•

an increase of $2.1 million in expenses related to amortization of issuance costs on our convertible senior notes (“Notes”); and

•

an increase of $0.8 million in accretion (amortization) of discount (premium) on marketable securities, net of interest income.

These expenses were partially offset by an increase of $8.7 million in finance income related to hedging transactions.

Taxes on Income

		Three Months Ended September 30,			Nine Months Ended September 30,
Taxes on Income		$	7,615			$	2,408			$	5,207				216.2	%		$	24,294			$	16,192			$	8,102				50.0	%

Three Months Ended

September 30,

Nine Months Ended

September 30,

Dollars in thousands

2021

2020

Change

2021

2020

Change

Taxes on Income

7,615

2,408

5,207

216.2

24,294

16,192

8,102

50.0

Taxes on income increased by $5.2 million, or 216.2%, in the three months ended September 30, 2021, as compared to the three months ended September 30, 2020, primarily due to an increase of $7.3 million of current tax expenses mainly attributed to an increase in taxable income in foreign subsidiaries that are profitable and a decrease of $1.2 million in prior year tax income. These tax expenses, net, were partially offset by an increase of $3.3 million in deferred tax income.

Taxes on income increased by $8.1 million, or 50.0% in the nine months ended September 30, 2021, as compared to the nine months ended September 30, 2020, primarily due to an increase of $7.1 million of current tax expenses mainly attributed to an increase in taxable income in foreign subsidiaries that are profitable and a decrease of $1.5 million in prior year tax income. These tax expenses were partially offset by an increase of $0.5 million in deferred tax income.

Net Income

		Three Months Ended September 30, 2021 to 2020			Nine Months Ended September 30, 2021 to 2020
Net Income		$	53,048			$	43,751			$	9,297				21.2	%		$	128,216			$	122,668			$	5,548				4.5	%

Three Months Ended

September 30, 2021 to 2020

Nine Months Ended

September 30, 2021 to 2020

Dollars in thousands

2021

2020

Change

2021

2020

Change

Net Income

53,048

43,751

9,297

21.2

128,216

122,668

5,548

4.5

As a result of the factors discussed above, net income increased by $9.3 million, or 21.2%, in the three months ended September 30, 2021, as compared to the three months ended September 30, 2020.

As a result of the factors discussed above, net income increased by $5.5 million, or 4.5% in the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020.

Liquidity and Capital Resources

The following table shows our cash flow from operating activities, investing activities and financing activities for the stated periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
Dollars in thousands	2021			2020			2021			2020
Net cash provided by operating activities	$	61,784		$	28,374		$	124,552		$	195,429
Net cash provided by (used in) investing activities	$	(61,961	)	$	(26,177	)	$	(397,959	)	$	699
Net cash provided by (used in) financing activities	$	1,774		$	628,317		$	(19,432	)	$	637,313
Increase (decrease) in cash and cash equivalents	$	1,597		$	630,514		$	(292,839	)	$	833,441

As of September 30, 2021, our cash and cash equivalents were $526.6 million. This amount does not include $618.8 million invested in available for sale marketable securities, $10.1 million invested in short-term bank deposits and $2.5 million invested in restricted bank deposits. Our principal use of cash is funding our operations and other working capital requirements. As of September 30, 2021, we have open commitments for capital expenditures in an amount of approximately $126.2 million. These commitments reflect purchases of automated assembly lines and other machinery related to our manufacturing operations. We also have purchase obligations in the amount of $1,178.9 million related to raw materials and commitments for the future manufacturing of our products. We believe that cash provided by operating activities as well as our cash and cash equivalents will be sufficient to meet our anticipated cash needs for at least the next 12 months including the self-funding of our capital expenditure commitments.

Operating Activities

Cash provided by operating activities consists of net income adjusted for certain non-cash items and changes in assets and liabilities. Cash provided by operating activities decreased by $70.9 million for the first nine months of 2021 as compared to the first nine months of 2020, mainly due to unfavorable changes in working capital in the first nine months of 2021 compared to the prior year, partially offset by higher net income.

Investing Activities

Investing cash flows consist primarily of capital expenditures, investment in, sales and maturities of available for sale marketable securities, investment and withdrawal of bank deposits and cash used for acquisitions. Cash used for investing activities was $398.0 million in the first nine months of 2021 compared to 0.7 million cash provided in the first nine months of 2020, primarily driven by a $416.4 million increase in purchases of available-for-sale debt investments, net, partially offset by a $39.2 million decrease in bank and restricted bank deposits.

Financing Activities

Financing cash flows consist primarily, issuance and repayment of short-term and long-term debt and proceeds from the sale of shares of common stock through employee equity incentive plans. Cash used for financing activities in the first nine months of 2021 was $19.4 million compared to $637.3 million cash provided by financing activities in the first nine months of 2020, primarily due to a $618.3 million decrease in cash provided by issuance of the Notes, net, and a decrease of $21.5 million in cash received from the exercise of stock-based awards net of withholding taxes remitted to the tax authorities.

Convertible Senior Note

On September 25, 2020, we issued $632.5 million aggregate principal amount of our Notes in a transaction exempt from registration pursuant to Rule 144A and Regulation S under the Securities Act. Net proceeds from the offering, after underwriters’ discount and commissions and offering expenses, was $617.9 million. We intend to use the proceeds of the Notes for general corporate purposes. See Note 8 to our interim consolidated financial statements for more information.

Debt Obligations

During 2020, we redeemed all outstanding loans, including the bank loan obligations acquired as part of the acquisition of Kokam and entered into new bank loans in an aggregate amount of $15.2 million. During the second quarter of 2021 we redeemed the new bank loans. In addition, during 2020, we entered into a second bank loan in an aggregate amount of $1.4 million. The second bank loan matures in September 2030, with a monthly interest rate of 2.5%. As of September 30, 2021, the aggregate outstanding amount of the second bank loan was $1.4 million.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

ITEM 3QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign currency exchange rates, customer concentrations and interest rates. We do not hold or issue financial instruments for trading purposes.

Foreign Currency Exchange Risk

Approximately 57.1% and 50.7% of our revenues for the nine months ended September 30, 2021 and 2020, respectively, were earned in non-U.S. Dollar denominated currencies, principally the Euro. Our expenses are generally denominated in the currencies in which our operations are located, primarily the U.S. Dollar and New Israeli Shekel, and to a lesser extent, the Euro and South Korean Won. Our New Israeli Shekel-denominated expenses consist primarily of personnel and overhead costs. Our consolidated results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates. A hypothetical 10% change in foreign currency exchange rates during the nine months ended September 30, 2021, between the Euro and the U.S. Dollar would increase or decrease our net income by $50.9 million for the nine months ended September 30, 2021. A hypothetical 10% change in foreign currency exchange rates during the nine months ended September 30, 2021 between the New Israeli Shekel and the U.S. Dollar would increase or decrease our net income by $8.4 million for the nine months ended September 30, 2021. A hypothetical 10% change in foreign currency exchange rates during the nine months ended September 30, 2021, between the South Korean Won and the U.S. Dollar would increase or decrease our net income by $22.5 million for the nine months ended September 30, 2021.

For purposes of our consolidated financial statements, local currency assets and liabilities are translated at the rate of exchange to the U.S. Dollar on the balance sheet date and local currency revenues and expenses are translated at the exchange rate as of the date of the transaction or at the average exchange rate to the U.S. Dollar during the reporting period.

To date, we have used derivative financial instruments, specifically foreign currency forward to manage exposure to foreign currency risks by hedging portions of the anticipated payroll payments denominated in New Israeli Shekels (“NIS”). Our foreign currency forward contracts are expected to mitigate exchange rate changes related to the hedged assets. Those hedging contracts are designated as cash flow hedges.

In addition, we also entered into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the U.S. dollar, mainly forward contracts and put and call options to sell Euro for U.S. dollars, forward contracts and put and call options to sell Australian dollars (“AUD”) for U.S. dollars and forward contracts to sell U.S. dollars for South Korean Won (“KRW”). These derivative instruments are not designated as cash flow hedges.

Concentrations of Major Customers

Our trade accounts receivables potentially expose us to a concentration of credit risk with our major customers. As of September 30, 2021, two customers accounted for approximately 29.09% of our consolidated trade receivables, net balance. We currently do not foresee a credit risk associated with these receivables other than the amount included in our financial statements.

ITEM 4CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this report. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective and operating to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Based on an evaluation by our chief executive officer and chief financial officer, such officers concluded that there have been no other changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1LEGAL PROCEEDINGS

In our Annual Report on Form 10-K/A for the year ended December 31, 2020 we disclosed that in May 2019, we were served with three lawsuits by Huawei Technologies Co., Ltd., a Chinese entity (“Huawei”), against our two Chinese subsidiaries and our equipment manufacturer in China. The lawsuits, filed in the Guangzhou Intellectual property court, alleged infringement of three patents and ask for an injunction of manufacture, use, sale and offer for sale. A first-instance judgment was issued in October 2021, ordering the three defendants to collectively pay damages in the amount of approximately $1.6 million (including court fees) with respect of one of the patents. We believe that we have meritorious defenses to the claims asserted by Huawei and the judgement of the first instance court and have filed an appeal with the Supreme People’s Court. The first instance court’s judgement is not effective or enforceable pending the appeal.

In addition in the normal course of business, we may from time to time be named as a party to various legal claims, actions and complaints (including as a result of initiating such legal claims, action or complaints on behalf of the Company), including the matters described in Item 3 – “Legal Proceedings” of our Annual Report on Form 10-K/A for the period ended December 31, 2020 and Part II – Other Information; Item 1- “Legal Proceedings” of our Quarterly Report on form 10-Q for the period ended March 31, 2021. It is impossible to predict with certainty whether any resulting liability from any such legal claims, actions or complaints would have a material adverse effect on our financial position, results of operations or cash flows.

ITEM 1ARISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk set forth below and the risk factors as described in Part I, Item 1A, ”Risk Factors”, in our Annual Report on Form 10-K/A for the year ended December 31, 2020.

The revenues generated from our e-Mobility business are dependent on orders from a leading automotive manufacturer. The automotive industry is facing significant shortages of components for their assembly and their slowdown in manufacturing could delay orders of our powertrain kits.

The automotive industry is facing significant shortages of components, including semiconductors due in large part to strong cross-industry demand, which has presented challenges and production disruptions globally. Many leading automotive manufacturers have announced that these shortages will remain constrained and could extend into 2023. As a result, our customer has announced temporary suspensions of its manufacturing due to component shortages. These suspensions may cause delays of orders for our powertrain units and an accumulation of inventory related to the production of these products, which in turn may have an adverse effect on our revenues and other financial results from this business.

ITEM 2UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5OTHER INFORMATION

None.

ITEM 6EXHIBITS

Exhibit No.	Description	Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto)

31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)	Filed with this report.
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a).	Filed with this report.
32.1	Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed with this report.
32.2	Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed with this report.
101	The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.	Filed with this report.
104	The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 formatted in Inline XBRL	Included in Exhibit 101.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SOLAREDGE TECHNOLOGIES, INC.

Date: November 3, 2021	/s/ Zvi Lando
	Zvi Lando
	Chief Executive Officer
	(Principal Executive Officer)

Date: November 3, 2021	/s/ Ronen Faier
	Ronen Faier
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-31.1 2 exhibit_31-1.htm EXHIBIT 31.1

Exhibit 31.1

I, Zvi Lando, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SolarEdge Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2021

/s/ Zvi Lando
Zvi Lando
Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 exhibit_31-2.htm EXHIBIT 31.2

Exhibit 31.2

I, Ronen Faier, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SolarEdge Technologies, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2021

/s/ Ronen Faier
Ronen Faier
Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 exhibit_32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Zvi Lando, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of SolarEdge Technologies, Inc. for the quarterly period ended September 30, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of SolarEdge Technologies, Inc.

November 3, 2021

/s/ Zvi Lando
Zvi Lando
Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 exhibit_32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Ronen Faier, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of SolarEdge Technologies, Inc. for the quarterly period ended September 30, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of SolarEdge Technologies, Inc.

November 3, 2021

/s/ Ronen Faier
Ronen Faier
Chief Financial Officer (Principal Financial Officer)

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Finance lease liabilities Operating lease liabilities Other long-term liabilities Total long-term liabilities Liabilities, Noncurrent 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 Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings Total stockholders' equity Balance Balance Stockholders' Equity Attributable to Parent Total liabilities and stockholders' equity Liabilities and Equity Allowances of trade receivable Common stock, par value Common stock, authorized shares Common stock, issued shares Common stock, outstanding shares Income Statement [Abstract] Revenues Cost of revenues Cost of Revenues Gross profit Gross Profit Operating expenses: Research and development Sales and marketing General and administrative Other operating expenses (income), net Operating income from other sources not separately disclosed. 2007 Plan, Transferred to 2015 Plan [Member] Total operating expenses Total, before income taxes Operating income Consolidated operating income Financial income (expenses), net Income before income taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income taxes Income tax expense Net income Net income Net income attributable to common stock, basic Net income per share: Earnings Per Share [Abstract] Net basic earnings per share of common stock Net diluted earnings per share of common stock Weighted average number of shares used in computing net basic earnings per share of common stock Shares used in computing net earnings per share of common stock, basic Weighted average number of shares used in computing net diluted earnings per share of common stock Shares used in computing net earnings per share of common stock, diluted Statement of Comprehensive Income [Abstract] Other comprehensive income (loss), net of tax: Net change related to available-for-sale securities Net change related to cash flow hedges Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature Foreign currency translation adjustments, net Total other comprehensive income (loss) Other comprehensive income (loss) adjustments Comprehensive income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Statement [Table] Equity Components [Axis] Common Stock [Member] Additional paid in capital [Member] Accumulated Other comprehensive income (loss) [Member] Retained earnings [Member] Stockholders Equity Stockholders Equity Statement [Line Items] Balance (in shares) Balance (in shares) Shares, Outstanding Cumulative effect of adopting ASU 2020-06 Cumulative effect of adopting ASC 606. Issuance of Common Stock upon exercise of employee and non-employees stock-based awards Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares Exercised Equity based compensation expenses to employees and nonemployees Equity component of convertible senior notes, net Equity component of convertible senior notes. Net income Net Income (Loss) Attributable to Parent Statement of Cash Flows [Abstract] Cash flows provided by operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property, plant and equipment Amortization of intangible assets Amortization of debt discount and debt issuance costs Amortization of premium and accretion of discount on available-for-sale marketable securities, net Marketable securities amortization. Stock-based compensation expenses Deferred income taxes, net Loss from disposal of assets Gain (Loss) on Disposition of Other Assets Exchange rate fluctuations and other items, net Exchange rate fluctuations, net and other items. Changes in assets and liabilities: Inventories, net Increase (Decrease) in Inventories Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Trade receivables, net Increase (Decrease) in Accounts Receivable Trade payables, net Increase (Decrease) in Accounts Payable Employees and payroll accruals Increase (Decrease) in Employee Related Liabilities Warranty obligations The increase (decrease) during the reporting period in net carrying value of warranty obligations. Increase (Decrease) in Product Warranty Accrual Deferred revenues and customers advances Increase (Decrease) in Deferred Revenue Other liabilities, net Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from investing activities: Investment in available-for-sale marketable securities Payments to Acquire Debt Securities, Available-for-sale Proceeds from sales and maturities of available-for-sale marketable securities Purchase of property, plant and equipment Payments to Acquire Property, Plant, and Equipment Withdrawal from (investment in) bank deposits, net Withdrawal from bank deposits. WithdrawalFromBankDeposits Investment in privately held company Investment in privately held company InvestmentInPrivatelyHeldCompany Payment for asset acquisition, net of cash acquired Payments to Acquire Businesses, Net of Cash Acquired Withdrawal from restricted bank deposits Withdrawal from (investment in) restricted bank deposits. WithdrawalFromInvestmentInInRestrictedBank Other investing activities Payments for (Proceeds from) Other Investing Activities Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities Cash flows from financing activities: Repayment of bank loans Repayments of Bank Debt Proceeds from exercise of stock-based awards and payment of withholding taxes Proceeds from exercise of stock-based awards net of tax withholding. Proceeds from issuance of convertible senior notes, net Proceeds from bank loans Other financing activities Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities Increase (decrease) in cash and cash equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash Equivalents, at Carrying Value Effect of exchange rate differences on cash and cash equivalents Supplemental disclosure of non-cash activities: Right-of-use asset recognized with corresponding lease liability Issuance of common stock upon business combination Supplemental disclosure of cash flow information: Cash paid for income taxes Cash paid for interest on bank loans Organization, Consolidation and Presentation of Financial Statements [Abstract] GENERAL Inventory Disclosure [Abstract] INVENTORIES, NET Marketable Securities [Abstract] MARKETABLE SECURITIES Equity Method Investments and Joint Ventures [Abstract] INVESTMENT IN PRIVATELY-HELD COMPANY Fair Value Disclosures [Abstract] FAIR VALUE MEASUREMENTS Derivative Instruments and Hedging Activities Disclosure [Abstract] DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Other Comprenhensive Income Other Comprenhensive Income Loss OTHER COMPRENHENSIVE INCOME (LOSS) Debt Disclosure [Abstract] CONVERTIBLE SENIOR NOTES The entire disclosure for convertible senior notes. 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NOTE 1:-GENERAL a.SolarEdge Technologies, Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company’s products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current (DC) from the PV module to alternating current (AC) including the Company’s future ready energy hub inverter which supports, among other things, connection to a DC- coupled battery for backup capabilities, (iii) a remote cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters to enable customers and system owners, to monitor and manage the solar PV system (iv) a storage and backup solution that is used to increase energy independence and maximize self-consumption for homeowners by utilizing a battery, either the energy bank battery introduced by the Company or a battery that is sold separately by third party manufacturers, to store and supply power as needed, and (v) additional smart energy management solutions. The Company and its subsidiaries sell products worldwide through large distributors, electrical equipment wholesalers, as well as directly to large solar installers and engineering, procurement and construction firms. b.The Company has expanded its activity to other areas of smart energy technology organically and through acquisitions. The Company now offers a variety of energy solutions, which include lithium-ion cells, batteries and energy storage systems (“Energy Storage”), full powertrain kits for electric vehicles, or EVs (“e-Mobility”), uninterrupted power supply solutions or UPS (“Critical Power”), as well as automated machines for industrial use (“Automation Machines”). c.Recently issued and adopted pronouncements: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. ASU 2020-06 will be effective for fiscal years beginning after December 15, 2021, with early adoption permitted. Effective January 1, 2021, the Company early adopted ASU 2020-06 using the modified retrospective approach. Adoption of the new standard resulted in an increase of retained earnings in an amount of $2,884, a decrease of an additional paid-in capital in an amount of $36,336, an increase of convertible senior notes, net, in an amount of $45,282 and a decrease of deferred tax liabilities, net, in an amount of $11,830. Interest expense recognized in future periods will be reduced as a result of accounting for the convertible debt instrument as a single liability measured at its amortized cost. The impact of adoption of this standard on the Company’s earnings per share was immaterial. In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which clarifies the interaction between the accounting for equity securities in Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. The guidance is effective for interim and annual periods beginning after December 15, 2020. Effective January 1, 2021, the Company adopted this standard on a prospective basis. The impact of adoption of this standard on the Company’s consolidated financial statements was immaterial. <div> <div style="width:100%; clear:both;"> F - 10 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 1:-GENERAL (Cont.) d.Basis of Presentation: The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2020, contained in the Company’s Annual Report on Form 10-K/A filed with the SEC on February 19, 2021, have been applied consistently in these unaudited interim condensed consolidated financial statements, except for the adoption of ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (Topic 470) (see Note 7). e.Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. The duration, scope and effects of the ongoing COVID-19 pandemic, government and other third-party responses to it, and the related macroeconomic effects, including to the Company’s business and the business of the Company’s suppliers and customers are uncertain, rapidly changing and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to this evolving situation. Such changes could result in future impairments of goodwill, intangibles, long-lived assets, inventories, incremental credit losses on receivables and AFS debt securities, or an increase in the Company’s insurance liabilities as of the time of a relevant measurement event. f.Concentrations of supply risks: The Company depends on two contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields, and costs. As of September 30, 2021, and December 31, 2020, two contract manufacturers collectively accounted for 23.2% and 48.5% of the Company’s total trade payables, net, respectively. During 2020, the Company began commercial shipments from its manufacturing facility in the North of Israel, “Sella 1”. During the second quarter of 2021, Sella 1 reached full manufacturing capacity. g.Certain prior period amounts have been reclassified to conform to the current period presentation.

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NOTE 2:-INVENTORIES, NET <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:70%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:13%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:13%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> December 31, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:70%; vertical-align:bottom; "> Raw materials </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:12%; vertical-align:bottom; "> 161,863 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:12%; vertical-align:bottom; "> 128,363 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:70%; vertical-align:bottom; "> Work in process </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 21,795 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 25,461 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:70%; vertical-align:bottom; "> Finished goods </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:12%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 121,055 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:12%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 177,872 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:70%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> 304,713 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> 331,696 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

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NOTE 3:-MARKETABLE SECURITIES The following is a summary of available-for-sale marketable debt securities as of September 30, 2021: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Amortized cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized gains </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized losses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Fair value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Available-for-sale – matures within one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 138,938 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 69 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> (143 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 138,864 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 6,600 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (6 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 6,595 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 145,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 70 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (149 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 145,459 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Available for-sale – matures after one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 463,081 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 64 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> (1,979 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 461,166 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12,211 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (62 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12,149 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 475,292 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 64 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (2,041 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 473,315 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Total </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 620,830 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 134 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> (2,190 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 618,774 </td> <td style="width:100%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> The following is a summary of available-for-sale marketable debt securities as of December 31, 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Amortized cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized gains </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized losses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Fair value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Available-for-sale – matures within one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 141,824 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 509 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> (57 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 142,276 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,400 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 11 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 143,224 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 520 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (57 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 143,687 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Available for-sale – matures after one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 142,701 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 65 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> (214 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 142,552 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,895 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (13 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,882 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 147,596 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 65 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (227 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 147,434 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Total </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 290,820 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 585 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> (284 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 291,121 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div> As of September 30, 2021, the Company didn’t record an allowance for credit losses for its available-for-sale marketable debt securities.

The following is a summary of available-for-sale marketable debt securities as of September 30, 2021: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Amortized cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized gains </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized losses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Fair value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Available-for-sale – matures within one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 138,938 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 69 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> (143 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 138,864 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 6,600 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (6 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 6,595 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 145,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 70 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (149 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 145,459 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Available for-sale – matures after one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 463,081 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 64 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> (1,979 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 461,166 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12,211 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (62 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12,149 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 475,292 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 64 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (2,041 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 473,315 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Total </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 620,830 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 134 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> (2,190 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 618,774 </td> <td style="width:100%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> The following is a summary of available-for-sale marketable debt securities as of December 31, 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Amortized cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized gains </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Gross unrealized losses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:9%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Fair value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Available-for-sale – matures within one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 141,824 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 509 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> (57 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:8%; vertical-align:bottom; "> 142,276 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,400 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 11 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 143,224 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 520 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (57 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 143,687 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Available for-sale – matures after one year: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 142,701 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 65 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> (214 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 142,552 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,895 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (13 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,882 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 147,596 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 65 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (227 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:8%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 147,434 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:57%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:57%; vertical-align:bottom; "> Total </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 290,820 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 585 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> (284 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> 291,121 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

138938000

69000 -143000

138864000

6600000

1000 -6000

6595000

145538000

70000 -149000

145459000

463081000

64000 -1979000

461166000

12211000

-62000

12149000

475292000

64000 -2041000

473315000

620830000

134000

2190000

618774000

141824000

509000 -57000

142276000

1400000

11000

1411000

143224000

520000 -57000

143687000

142701000

65000 -214000

142552000

4895000

-13000

4882000

147596000

65000 -227000

147434000

290820000

585000

284000

291121000

NOTE 4:-INVESTMENT IN PRIVATELY-HELD COMPANY On January 31, 2021, the Company completed an investment of $11,643 in the preferred stock of AutoGrid Systems, Inc ("AutoGrid"), a privately held company without readily determinable fair values. On February 1, 2021, the Company signed on a preferred stock purchase agreement for an additional investment of $5,000 in AutoGrid's preferred stock (the "second investment"). On April 28, the Company completed the second investment. Under ASU 2016-01 equity investments without readily determinable fair value include ownership rights that either (i) do not meet the definition of in-substance common stock or (ii) do not provide the Company with control or significant influence. The Company adjusts the carrying value of its non-marketable equity securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment. All gains and losses on non-marketable equity securities, realized and unrealized, are recognized in financial income (expenses), net. The Company accounted for the AutoGrid investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $16,643 as of September 30, 2021. The maximum loss the Company can incur for its investments is their carrying value. Investments in privately-held companies are included within other long-term assets on the consolidated balance sheets. The Company periodically evaluates the carrying value of the investments in privately-held companies when events and circumstances indicate that the carrying amount of the investment may not be recovered. These investments include the Company’s holdings in privately-held companies that are not traded and therefore not supported with observable market prices. The Company may determine the fair value by reviewing equity valuation reports, current financial results, long-term plans of the privately-held companies, the amount of cash that the privately-held companies have on-hand, the ability to obtain additional financing and overall market conditions in which the privately-held companies operate or based on the price observed from the most recent completed financing. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three and nine months ended September 30, 2021.

11643000

5000000

16643000

NOTE 5:-FAIR VALUE MEASUREMENTS In accordance with ASC 820, the Company measures its cash equivalents and marketable securities, at fair value using the market approach valuation technique. Cash equivalents and marketable securities are classified within Level 1 and Level 2, respectively, because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments. The following table sets forth the Company’s assets that were measured at fair value as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:30%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Fair value measurements as of </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Fair Value </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> December 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:54%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Description </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Hierarchy </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Measured at fair value on a recurring basis: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Assets: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Cash equivalents: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Money market mutual funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 85,581 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 480,673 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Derivative instruments asset: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Options and forward contracts designated as hedging instruments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 706 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Options and forward contracts not designated as hedging instruments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 3,796 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 3,786 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Short-term marketable securities: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 138,864 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 142,276 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 6,595 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 1,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Long-term marketable securities: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 461,166 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 142,552 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 12,149 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 4,882 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Liabilities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Derivative instruments liability: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Options and forward contracts not designated as hedging instruments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> (5,819 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody></table></div>

The following table sets forth the Company’s assets that were measured at fair value as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:30%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Fair value measurements as of </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Fair Value </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> December 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:54%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Description </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Hierarchy </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Measured at fair value on a recurring basis: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Assets: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Cash equivalents: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:14%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Money market mutual funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 85,581 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 480,673 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Derivative instruments asset: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Options and forward contracts designated as hedging instruments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 706 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Options and forward contracts not designated as hedging instruments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 3,796 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 3,786 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Short-term marketable securities: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 138,864 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 142,276 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 6,595 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 1,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Long-term marketable securities: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Corporate bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 461,166 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 142,552 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Governmental bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 12,149 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> 4,882 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Liabilities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:54%; vertical-align:bottom; "> Derivative instruments liability: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:54%; vertical-align:bottom; "> Options and forward contracts not designated as hedging instruments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:13%; vertical-align:bottom; "> (5,819 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody></table></div>

85581000

480673000

706000

3796000

3786000

138864000

142276000

6595000

1411000

461166000

142552000

12149000

4882000

-5819000

NOTE 6:-DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company accounts for derivatives and hedging based on ASC 815 (“Derivatives and Hedging”). ASC 815 requires the Company to recognize all derivatives on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. To protect against the increase in value of forecasted foreign currency cash flows resulting from salary denominated in the Israeli currency, the New Israeli Shekels (“NIS”), during the nine months ended September 30, 2021, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll denominated in NIS for a period of one to nine months with hedging contracts. Accordingly, when the dollar strengthens against the NIS, the decline in present value of future foreign currency expenses is offset by losses in the fair value of the hedging contracts. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by gains in the fair value of the hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges. As of September 30, 2021, the Company entered into forward contracts to sell U.S. dollars for NIS in the amount of $36,481. In addition to the above-mentioned cash flow hedges transactions, the Company also entered into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the U.S. dollar. These derivative instruments are not designated as cash flow hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of income, under financial income (expenses), net. As of September 30, 2021, the Company entered into forward contracts and put and call options to sell Australian dollars (“AUD”) for U.S. dollars in the amount of AUD 6 million and AUD 9 million, respectively. As of September 30, 2021, the Company entered into forward contracts and put and call options to sell Euro (“EUR”) for U.S. dollars in the amount of EUR 56 million and EUR 24 million, respectively. The fair value of derivative assets as of September 30, 2021 and December 31, 2020, was $4,502 and $3,786, respectively, which was recorded in prepaid expenses and other current assets in the consolidated balance sheets. As of September 30, 2021, there were no derivative liabilities. As of December 31, 2020, the fair value of derivative liabilities was $5,819, which was recorded in accrued expenses and other current liabilities in the consolidated balance sheets. For the three months ended September 30, 2021 and 2020, the Company recorded a gain and loss in the amount of $3,350 and $1,450, respectively, in financial income (expense), net, related to the derivative instruments not designated as cash flow hedges. For the three months ended September 30, 2021 and 2020, the Company recorded an unrealized gain in the amount of $1,006 and $85 net of tax effect, respectively, in “accumulated other comprehensive loss” related to the derivative assets designated as hedging instruments. <div> <div style="width:100%; clear:both;"> F - 15 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 6:-DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Cont.) For the nine months ended September 30, 2021 and 2020, the Company recorded a gain and loss in the amount of $7,706 and $959, respectively, in financial income (expense), net, related to the derivative instruments not designated as cash flow hedges. For the nine months ended September 30, 2021 and 2020, the Company recorded unrealized gain in the amount of $1,719 and $966 net of tax effect, respectively, in “accumulated other comprehensive loss” related to the derivative assets designated as hedging instruments.

36481000

6000000

9000000

56000000

24000000

4502000

3786000

5819000

3350000 1450000

1006000

85000

7706000 959000

1719000

966000

NOTE 7:-OTHER COMPRENHENSIVE INCOME (LOSS) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:25%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Details about Accumulated Other Comprehensive Income (Loss) Components </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="13" style="width:45%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Amount Reclassified from Accumulated Other Comprehensive Income (Loss) </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Affected Line Item in the Statements of Income </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; vertical-align:bottom; "> Three months ended </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; vertical-align:bottom; "> Nine months ended </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> September 30, </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> Unrealized gains on cash flow hedges, net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 97 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 90 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 152 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 189 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Cost of revenues </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 476 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 353 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 623 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Research and development </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 97 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 75 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 153 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 136 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Sales and marketing </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 124 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 87 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 196 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 153 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> General and administrative </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 794 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 605 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 1,252 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 1,101 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, before income taxes </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (96 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (74 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (152 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (135 </td> <td style="width:5%; vertical-align:bottom; "> ) </td> <td style="width:25%; vertical-align:bottom; "> Income tax expense </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 698 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 531 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,100 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 966 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, net of income taxes </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Unrealized gains on available-for-sale marketable securitie </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 12 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 16 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> - </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Financial income (expenses), net </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (4 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Income tax expense </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, net of income taxes </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 710 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 531 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,112 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 966 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, net of income taxes </td></tr></tbody></table></div>

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:25%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Details about Accumulated Other Comprehensive Income (Loss) Components </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="13" style="width:45%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Amount Reclassified from Accumulated Other Comprehensive Income (Loss) </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Affected Line Item in the Statements of Income </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; vertical-align:bottom; "> Three months ended </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; vertical-align:bottom; "> Nine months ended </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:22%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> September 30, </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:10%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> Unrealized gains on cash flow hedges, net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 97 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 90 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 152 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 189 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Cost of revenues </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 476 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 353 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 623 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Research and development </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 97 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 75 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 153 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 136 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Sales and marketing </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 124 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 87 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 196 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 153 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> General and administrative </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 794 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 605 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 1,252 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:9%; vertical-align:bottom; "> 1,101 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, before income taxes </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (96 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (74 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (152 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (135 </td> <td style="width:5%; vertical-align:bottom; "> ) </td> <td style="width:25%; vertical-align:bottom; "> Income tax expense </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 698 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 531 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,100 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 966 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, net of income taxes </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Unrealized gains on available-for-sale marketable securitie </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 12 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> 16 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:9%; vertical-align:bottom; "> - </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Financial income (expenses), net </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (4 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Income tax expense </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 12 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, net of income taxes </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 710 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 531 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,112 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:9%; vertical-align:bottom; border-bottom:3px double #000000; "> 966 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Total, net of income taxes </td></tr></tbody></table></div>

97000

90000

152000

189000

476000

353000

751000

623000

97000

75000

153000

136000

124000

87000

196000

153000

794000

605000

1252000

1101000

-96000

-74000

-152000

-135000

698000

531000

1100000

966000

12000

16000

4000

12000

710000

531000

1112000

966000

NOTE 8:-CONVERTIBLE SENIOR NOTES On September 25, 2020, the Company sold $632,500 aggregate principal amount of its 0.00% convertible senior notes due 2025 (the “Notes”). The Notes were sold pursuant to an indenture, dated September 25, 2020 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The Notes do not bear regular interest and mature on September 15, 2025, unless earlier repurchased or converted in accordance with their terms. The Notes are general senior unsecured obligations of the Company. Holders may convert their Notes prior to the close of business on the business day immediately preceding June 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the Indenture. In addition, holders may convert their Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after June 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the Notes, without regard to the foregoing circumstances. The initial conversion rate for the Notes was 3.5997 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $277.80 per share of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture. Upon conversion, the Company may choose to pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock. In addition, upon the occurrence of a fundamental change (as defined in the Indenture), holders of the Notes may require the Company to repurchase all or a portion of their Notes, in multiples of $1,000 principal amount, at a repurchase price of 100% of the principal amount of the Notes, plus any accrued and unpaid special interest, if any, to, but excluding, the repurchase date. If certain fundamental changes referred to as make-whole fundamental changes occur, the conversion rate for the Notes may be increased. The Convertible Senior Notes consisted of the following as of September 30, 2021 and December 31, 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> December 31, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Liability: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Principal </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 632,500 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 632,500 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Unamortized debt discount </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (46,353 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Unamortized issuance costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (11,692 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (12,797 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Net carrying amount </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 620,808 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 573,350 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Equity component: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Amount allocated to conversion option </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 48,834 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Deferred taxes liability, net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (11,368 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Allocated issuance costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (1,130 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Equity component, net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 36,336 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div> <div> <div style="width:100%; clear:both;"> F - 17 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 8:-CONVERTIBLE SENIOR NOTES (Cont.) As of September 30, 2021, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 4 years. Prior to January 1, 2021, the Company separated the Notes into liability and equity components. On issuance, the carrying amount of the equity components was recorded as a debt discount and subsequently amortized to interest expense. Effective January 1, 2021, the Company early adopted ASU 2020-06 using the modified retrospective approach. The Notes are accounted for as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. Adoption of the new standard resulted in an increase of retained earnings in an amount of $2,884, a decrease of an additional paid-in capital in an amount of $36,336, an increase of convertible senior notes, net, in an amount of $45,282 and a decrease of deferred tax liabilities, net, in an amount of $11,830. The impact of adoption of this standard on the Company’s earnings per share was immaterial. The annual effective interest rate of the Notes following the adoption of ASU 2020-06 is 0.47%. The following table presents the total amount of interest expenses recognized related to the Notes for the three and nine months ended September 30, 2021 and 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style="background-color:colgutter; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Amortization of debt discount </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 131 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 131 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amortization of debt issuance costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 726 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 37 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,176 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 37 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Total interest expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 726 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 168 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 2,176 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 168 </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div> As of September 30, 2021, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $791,106. The estimated fair value was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period. As of September 30, 2021, the if-converted value of the Notes exceeded the principal amount by $158,606.

632500000

0.0000

2025-09-15

1000000

3.5997

1000000

277.80

The Convertible Senior Notes consisted of the following as of September 30, 2021 and December 31, 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> December 31, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Liability: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Principal </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 632,500 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 632,500 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Unamortized debt discount </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (46,353 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Unamortized issuance costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (11,692 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (12,797 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Net carrying amount </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 620,808 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 573,350 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Equity component: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Amount allocated to conversion option </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 48,834 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Deferred taxes liability, net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (11,368 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Allocated issuance costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (1,130 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Equity component, net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 36,336 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

632500000

46353000

11692000

12797000

620808000

573350000

48834000 11368000

1130000

36336000

P4Y

2884000 36336000 45282000 11830000

0.0047

The following table presents the total amount of interest expenses recognized related to the Notes for the three and nine months ended September 30, 2021 and 2020: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style="background-color:colgutter; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Amortization of debt discount </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 131 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 131 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amortization of debt issuance costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 726 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 37 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,176 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 37 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Total interest expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 726 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 168 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 2,176 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 168 </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div>

131000

726000

37000

2176000

37000

726000

168000

2176000

168000

791106000

158606000

NOTE 9:-WARRANTY OBLIGATIONS Changes in the Company’s product warranty obligations for the nine months ended September 30, 2021 and 2020, were as follows: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> As of September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style="background-color:colgutter; "> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Balance, at the beginning of the period </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 204,994 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 172,563 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Additions and adjustments to cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 109,382 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 74,465 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Usage and current warranty expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (67,313 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (51,334 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Balance, at the end of the period </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 247,063 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 195,694 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Less current portion </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (67,096 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (65,080 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Long term portion </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 179,967 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 130,614 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

Changes in the Company’s product warranty obligations for the nine months ended September 30, 2021 and 2020, were as follows: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> As of September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style="background-color:colgutter; "> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Balance, at the beginning of the period </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 204,994 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 172,563 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Additions and adjustments to cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 109,382 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 74,465 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Usage and current warranty expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (67,313 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (51,334 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Balance, at the end of the period </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 247,063 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 195,694 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Less current portion </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (67,096 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (65,080 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Long term portion </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 179,967 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 130,614 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

204994000

172563000

109382000

74465000

67313000

51334000

247063000

195694000

67096000

65080000

179967000

130614000

NOTE 10:-COMMITMENTS AND CONTINGENT LIABILITIES a.Guarantees: As of September 30, 2021, contingent liabilities exist regarding guarantees in the amounts of $5,167 and $2,782 in respect of office rent lease agreements and other transactions, respectively. b.Contractual purchase obligations: The Company has contractual obligations to purchase goods and raw materials. These contractual purchase obligations relate to inventories held by contract manufacturers and purchase orders initiated by the contract manufacturers, which cannot be canceled without penalty. The Company utilizes third parties to manufacture its products. In addition, the Company acquires raw materials or other goods and services, including product components, by issuing authorizations to its suppliers to purchase materials based on its projected demand and manufacturing needs. As of September 30, 2021, the Company had non-cancelable purchase obligations totaling approximately $1,178,921 out of which the Company recorded a provision for loss in the amount of $3,992. As of September 30, 2021, the Company had contractual obligations for capital expenditures totaling approximately $126,210. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s manufacturing process as well as capital expenditures associated with the construction of Sella 2, the Company’s planned second lithium-ion cell and battery factory in Korea which is under construction. c.Legal claims: From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. In September 2018, the Company’s German subsidiary, SolarEdge Technologies GmbH received a complaint filed by competitor SMA Solar Technology AG (“SMA”). The complaint, filed in the District Court Düsseldorf, Germany, alleged that the Company’s 12.5kW - 27.6kW inverters infringe two of the plaintiff’s patents. In its complaint, SMA asserted a value in dispute of EUR 5.5 million (approximately $6,364) for both patents. The Company challenged the validity of both patents. With respect to one of the claims, in October 2020, the German Patent Court rendered the SMA patent invalid and this invalidity has been appealed by SMA. With respect to the other claim, in November 2019, the first instance court stayed the infringement proceedings since it considered it to be highly likely that the second SMA patent would also be rendered invalid. The Company believes that it has meritorious defenses to the claims asserted and intends to vigorously defend against the remaining lawsuit. In May 2019, the Company’s two Chinese subsidiaries and its equipment manufacturer in China were served with three lawsuits by Huawei Technologies Co., Ltd., a Chinese entity (“Huawei”). <div> <div style="width:100%; clear:both;"> F - 19 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 10:-COMMITMENTS AND CONTINGENT LIABILITIES (Cont.) The lawsuits, filed in the Guangzhou intellectual property court, alleged infringement of three patents and asked for an injunction of manufacture, use, sale and offer for sale, and damage awards. A first-instance judgment was issued on August 7, 2020 ordering the three defendants to collectively pay damages in the amount of approximately Chinese Yuan (“CNY”) 10.5 million (approximately $1,623), including court fees, with respect of one of the patents. The Company has filed an appeal with the Supreme People’s Court of China. The first instance court’s judgement is not effective or enforceable pending the appeal. In addition, in January 2021, Huawei filed a motion to increase its claimed monetary damages to CNY 50.5 million (approximately $7,808) and for a preliminary injunction with respect to the second lawsuit. In February 2021, a preliminary injunction was rendered by the Guangzhou intellectual property court with respect to such second lawsuit and applying to seven inverter models. In line with the court’s mandate, the Company took immediate action to make software changes to meet the court order and also appealed the decision. In addition, in February 22, 2021 a first-instance judgment was issued ordering the three defendants to collectively pay damages in the amount of CNY 50.5 million (approximately $7,808), including court fees, with respect to the second patent. The Company appealed this judgement with the Supreme People’s Court. The first instance court’s judgement is not effective or enforceable pending the appeal. In October 2021, a first-instance judgment was issued ordering the three defendants to collectively pay damages in the amount of approximately CNY 10.5 million (approximately $1,623), including court fees, with respect to the third lawsuit. The Company has filed an appeal with the Supreme People’s Court of China. The first instance court’s judgement is not effective or enforceable pending the appeal. The Company believes that it has meritorious defenses to the claims asserted by Huawei. In December 2019, the Company received a lawsuit filed by a former consultant of the Company and its Israeli subsidiary in the amount of 25.5 million NIS (approximately $7,897) claiming damages caused relating to a terminated consulting agreement and stock options therein. The Company believes it has meritorious defenses to the claims asserted and intends to vigorously defend against this lawsuit. As of September 30, 2021, accrued amounts for legal claims of $11,132, were recorded in accrued expenses and other current liabilities.

5167000

2782000

1178921000

3992000

126210000

5500000 6364000

10500000

1623000

50500000

7808000

50500000

7808000

10500000

1623000

25500000

7897000

11132000

NOTE 11:-STOCK CAPITAL a.Common stock rights: Common stock confers upon its holders the right to receive notice of, and to participate in, all general meetings of the Company, where each share of common stock shall have one vote for all purposes; to share equally, on a per share basis, in bonuses, profits, or distributions out of fund legally available therefor; and to participate in the distribution of the surplus assets of the Company in the event of liquidation of the Company. b.Stock incentive plans: The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. The 2007 Plan terminated upon the Company’s IPO on March 31, 2015 and no further awards may be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grant were transferred to the Company’s 2015 Global Incentive Plan (the “2015 Plan”) and are reserved for future issuances under the 2015 plan. The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, RSUs and other share-based awards to directors, employees, officers and nonemployees of the Company and its subsidiaries. The Share Reserve will automatically increase on January 1st of each year during the term of the 2015 Plan, commencing on January 1st of the year following the year in which the 2015 Plan became effective, in an amount equal to 5% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year; provided, however, that the Company’s board of directors may determine that there will not be a January 1st increase in the Share Reserve in a given year or that the increase will be less than 5% of the shares of capital stock outstanding on the preceding December 31st. In the three and nine months ended September 30, 2021, the Company granted under its 2015 Plan, performance-based restricted stock unit (“PRSU”) awards to certain employees which vest upon the achievement of certain performance conditions subject to the employees’ continued service relationship with the Company. The probability of vesting is assessed at each reporting period and compensation cost is adjusted based on this probability assessment. The Company recognizes such compensation expenses on an accelerated vesting method. As of September 30, 2021, a total of 15,406,316 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”). The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is 10,000,000. As of September 30, 2021, an aggregate of 8,617,974 options are still available for future grant under the 2015 Plan. <div> <div style="width:100%; clear:both;"> F - 21 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 11:-STOCK CAPITAL (Cont.) A summary of the activity in the stock options granted to employees and members of the board of directors for the nine months ended September 30, 2021 and related information are as follows: <div style="margin-left:80pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Number of options </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Weighted average exercise price </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Weighted average remaining contractual term in years </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Aggregate intrinsic Value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Outstanding as of December 31, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 691,732 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 31.86 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5.07 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 198,709 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 19,489 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 311.35 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Exercised </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (188,425 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 32.45 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Forfeited or expired </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (10,432 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 44.24 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Outstanding as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 512,364 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 42.02 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 5.32 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 115.260 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Vested and expected to vest as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 477,119 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 37.28 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 5.54 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 109,397 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Exercisable as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 395,839 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 25.49 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 5.09 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 95,005 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div> The aggregate intrinsic value in the tables above represents the total intrinsic value (the difference between the fair value of the Company’s common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period. The total intrinsic value of options exercised during the nine months ended September 30, 2021 was $51,308. The weighted average grant date fair values of options granted to employees and executive directors during the nine months ended September 30, 2021 was $168.36. A summary of the activity in the RSUs and PRSUs granted to employees and directors for the nine months ended September 30, 2021, is as follows: <div style="margin-left:80pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Number of RSUs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Weighted average grant date fair value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Unvested as of January 1, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,216,841 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 103.79 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Granted (1) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 322,909 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 283.61 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (732,555 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 78.61 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (92,198 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 121.09 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Unvested as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,714,997 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 146.53 </td> <td style="width:100%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> <div style="margin-left:80pt; "> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td colspan="2" style="width:100%; vertical-align:top; "> </td> </tr> <tr class="even" style=""> <td style="width:4%; vertical-align:top; "> (1) </td> <td style="width:96%; vertical-align:bottom; "> The number of PRSUs granted to employees was 132,673 with a weighted average grant date fair value of 294.04. </td></tr></tbody></table></div> <div> <div style="width:100%; clear:both;"> F - 22 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 11:-STOCK CAPITAL (Cont.) c.Employee Stock Purchase Plan (“ESPP”): The Company adopted an ESPP effective upon the consummation of the IPO. As of September 30, 2021, a total of 3,175,094 shares were reserved for issuance under this plan. The number of shares of common stock reserved for issuance under the ESPP will increase automatically on January 1st of each year, for ten years, by the lesser of 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or 487,643 shares. However, the Company’s board of directors may reduce the amount of the increase in any particular year at its discretion, including a reduction to zero. The ESPP is implemented through an offering every six months. According to the ESPP, eligible employees may use up to 10% of their salaries to purchase common stock up to an aggregate limit of $10 per participant for every six months plan. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the subscription date of each offering period or on the purchase date. As of September 30, 2021, 635,193 shares of common stock had been purchased under the ESPP. As of September 30, 2021, 2,539,901 shares of common stock were available for future issuance under the ESPP. In accordance with ASC No. 718, the ESPP is compensatory and, as such, results in recognition of compensation cost. d.Stock-based compensation expenses for employees and non-employees: The Company recognized stock-based compensation expenses related to stock options, RSUs and PRSUs granted to employees and nonemployees and ESPP in the condensed consolidated statement of income for the three and nine months ended September 30, 2021 and 2020, as follows: <div style="margin-left:80pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 4,289 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,730 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 14,370 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 7,362 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Research and development </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 11,949 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,904 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 30,552 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 18,129 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Selling and marketing </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5,737 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,066 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,952 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 10,703 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> General and administrative </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,210 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,559 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 11,516 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 6,799 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Total stock-based compensation expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 26,185 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 16,259 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 73,390 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 42,993 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div> As of September 30, 2021, there were total unrecognized compensation expenses in the amount of $257,967 related to non-vested equity-based compensation arrangements granted under the Company’s Plans. These expenses are expected to be recognized during the period from October 1, 2021 through May 31, 2026.

379358

0.05

15406316

10000000

8617974

A summary of the activity in the stock options granted to employees and members of the board of directors for the nine months ended September 30, 2021 and related information are as follows: <div style="margin-left:80pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Number of options </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Weighted average exercise price </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Weighted average remaining contractual term in years </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Aggregate intrinsic Value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Outstanding as of December 31, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 691,732 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 31.86 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5.07 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 198,709 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 19,489 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 311.35 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Exercised </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (188,425 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 32.45 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Forfeited or expired </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (10,432 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 44.24 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Outstanding as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 512,364 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 42.02 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 5.32 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 115.260 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Vested and expected to vest as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 477,119 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 37.28 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 5.54 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 109,397 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Exercisable as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 395,839 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 25.49 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 5.09 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 95,005 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

691732

31.86

P5Y25D

198709000

19489

311.35

188425

32.45

10432

44.24

512364

42.02

P5Y3M25D

115260000

477119

37.28

P5Y6M14D

109397000

395839

25.49

P5Y1M2D

95005000

51308000

168.36

A summary of the activity in the RSUs and PRSUs granted to employees and directors for the nine months ended September 30, 2021, is as follows: <div style="margin-left:80pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Number of RSUs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Weighted average grant date fair value </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Unvested as of January 1, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,216,841 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 103.79 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Granted (1) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 322,909 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 283.61 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (732,555 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 78.61 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (92,198 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 121.09 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Unvested as of September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,714,997 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 146.53 </td> <td style="width:100%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> <div style="margin-left:80pt; "> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td colspan="2" style="width:100%; vertical-align:top; "> </td> </tr> <tr class="even" style=""> <td style="width:4%; vertical-align:top; "> (1) </td> <td style="width:96%; vertical-align:bottom; "> The number of PRSUs granted to employees was 132,673 with a weighted average grant date fair value of 294.04. </td></tr></tbody></table></div>

2216841

103.79

322909

283.61

732555

78.61

92198

121.09

1714997

146.53

132673

294.04

3175094

0.01 487643 0.10 10000

0.85

635193

2539901

The Company recognized stock-based compensation expenses related to stock options, RSUs and PRSUs granted to employees and nonemployees and ESPP in the condensed consolidated statement of income for the three and nine months ended September 30, 2021 and 2020, as follows: <div style="margin-left:80pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 4,289 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,730 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 14,370 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 7,362 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Research and development </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 11,949 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,904 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 30,552 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 18,129 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Selling and marketing </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5,737 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,066 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,952 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 10,703 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> General and administrative </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,210 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,559 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 11,516 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 6,799 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Total stock-based compensation expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 26,185 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 16,259 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 73,390 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 42,993 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

4289000

2730000

14370000

7362000

11949000

6904000

30552000

18129000

5737000

4066000

16952000

10703000

4210000

2559000

11516000

6799000

26185000

16259000

73390000

42993000

257967000

NOTE 12:-EARNINGS PER SHARE Basic net EPS is computed by dividing the net earnings by the weighted-average number of shares of common stock outstanding during the period. Diluted net EPS is computed by giving effect to all potential shares of common stock, to the extent dilutive, including stock options, RSUs, PRSUs, shares to be purchased under the Company’s ESPP, and the Notes due 2025, all in accordance with ASC No. 260, “Earnings Per Share.” The following table presents the computation of basic and diluted EPS: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style="background-color:colgutter; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Basic EPS: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Numerator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Net income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 53,048 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 43,751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 128,216 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 122,667 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Denominator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Shares used in computing net earnings per share of common stock, basic </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 52,355,867 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 50,529,691 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 52,056,233 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 49,842,399 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Diluted EPS: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Numerator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Net income attributable to common stock, basic </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 53,048 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 43,751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 128,216 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 122,667 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Notes due 2025 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 525 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 137 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,575 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 137 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Net income attributable to common stock, diluted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 53,573 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 43,888 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 129,791 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 122,804 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Denominator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Shares used in computing net earnings per share of common stock, basic </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 52,355,867 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 50,529,691 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 52,056,233 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 49,842,399 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Notes due 2025 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,276,818 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 197,984 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,276,818 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 65,995 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Effect of stock-based awards </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,296,315 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,416,513 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,622,390 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,715,281 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Shares used in computing net earnings per share of common stock, diluted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 55,929,000 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 53,144,188 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 55,955,441 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 52,623,675 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div> <div> <div style="width:100%; clear:both;"> F - 24 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 12:-EARNINGS PER SHARE (Cont.) No shares were excluded from the calculation of diluted net EPS due to their anti-dilutive effect for the three and nine months ended September 30, 2021 and 2020. The vesting of PRSUs is contingent upon the achievement of certain performance conditions. The performance awards are not included in the diluted EPS calculation until the performance conditions have been met. As of September 30, 2021, certain performance conditions associated with these PRSUs were met and consequently 14,773 PRSUs were considered as issuable for the calculation of the diluted EPS for the three and nine months ended September 30, 2021.

The following table presents the computation of basic and diluted EPS: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style="background-color:colgutter; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Basic EPS: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Numerator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Net income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 53,048 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 43,751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 128,216 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 122,667 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Denominator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Shares used in computing net earnings per share of common stock, basic </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 52,355,867 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 50,529,691 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 52,056,233 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 49,842,399 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Diluted EPS: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Numerator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Net income attributable to common stock, basic </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 53,048 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 43,751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 128,216 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 122,667 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Notes due 2025 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 525 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 137 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,575 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 137 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Net income attributable to common stock, diluted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 53,573 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 43,888 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 129,791 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 122,804 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Denominator: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Shares used in computing net earnings per share of common stock, basic </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 52,355,867 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 50,529,691 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 52,056,233 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 49,842,399 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Notes due 2025 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,276,818 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 197,984 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,276,818 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 65,995 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Effect of stock-based awards </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,296,315 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,416,513 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,622,390 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,715,281 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Shares used in computing net earnings per share of common stock, diluted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 55,929,000 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 53,144,188 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 55,955,441 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 52,623,675 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

53048000

43751000

128216000

122667000

52355867 50529691 52056233 49842399

53048000

43751000

128216000

122667000

525000 137000 1575000 137000

53573000

43888000

129791000

122804000

52355867

50529691

52056233

49842399

2276818 197984 2276818 65995

1296315

2416513

1622390

2715281

55929000

53144188

55955441

52623675

14773 14773

NOTE 13:-OTHER OPERATING EXPENSES (INCOME) <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Kokam purchase escrow (1) (2) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (859 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (4,900 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Write-off of property, plant and equipment </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,209 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Total other operating expenses (income) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,350 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (4,900 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> </tbody> </table> </div> <div style="margin-left:60pt; "> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:3%; vertical-align:top; "> (1) </td> <td style="width:97%; vertical-align:top; "> In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam Co., Ltd. (“Kokam”) acquisition escrow (“the escrow”), with regards to a working capital adjustment. </td> </tr> <tr class="even" style=""> <td style="width:3%; vertical-align:top; "> </td> <td style="width:97%; vertical-align:top; "> </td> </tr> <tr class="odd" style=""> <td style="width:3%; vertical-align:top; "> (2) </td> <td style="width:97%; vertical-align:top; "> In the nine months ended September 30, 2020, the Company was indemnified for an amount of $4,900 out of the escrow, with regards to a legal claim of Kokam that was settled in arbitration. </td></tr></tbody></table></div>

<div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Kokam purchase escrow (1) (2) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (859 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (4,900 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Write-off of property, plant and equipment </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,209 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Total other operating expenses (income) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,350 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (4,900 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> </tbody> </table> </div> <div style="margin-left:60pt; "> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:3%; vertical-align:top; "> (1) </td> <td style="width:97%; vertical-align:top; "> In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam Co., Ltd. (“Kokam”) acquisition escrow (“the escrow”), with regards to a working capital adjustment. </td> </tr> <tr class="even" style=""> <td style="width:3%; vertical-align:top; "> </td> <td style="width:97%; vertical-align:top; "> </td> </tr> <tr class="odd" style=""> <td style="width:3%; vertical-align:top; "> (2) </td> <td style="width:97%; vertical-align:top; "> In the nine months ended September 30, 2020, the Company was indemnified for an amount of $4,900 out of the escrow, with regards to a legal claim of Kokam that was settled in arbitration. </td></tr></tbody></table></div>

-859000 -4900000 2209000

-1350000

4900000

NOTE 14:-INCOME TAXES The effective tax rate for the three months ended September 30, 2021 and 2020 were 12.6% and 5.2%, respectively and for the nine months ended September 30, 2021 and 2020 were 15.9% and 11.7%, respectively. The increase in the effective tax rate in the current year is primarily due to presence of a full valuation allowance in various jurisdictions and different allocation of income among the Company’s US, Israel, and foreign subsidiaries. The Company’s effective tax rate was lower than the U.S. federal statutory rate for the three and nine months ended September 30, 2021, due to earnings taxed at lower rates in foreign jurisdictions and tax benefits relating to stock-based compensation, which were partially offset by full valuation allowance in various jurisdictions and Global intangible low-taxed income (“GILTI”) tax. As of September 30, 2021, and December 31, 2020, unrecognized tax benefits were $10,708 and $10,564, respectively. If recognized, such benefits would favorably affect the Company’s effective tax rate. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. The total amount of penalties and interest were $205 and $127 as of September 30, 2021 and December 31, 2020, respectively. It is reasonably possible that the Company’s gross unrecognized tax benefits will decrease by up to $8,937 in the next 12 months, primarily due to the lapse of the statute of limitations. These adjustments, if recognized, would positively impact the Company’s effective tax rate, and would be recognized as additional tax benefits.

0.126

0.052

0.159

0.117

10708000

10564000

205000

127000

8937000

NOTE 15:-SEGMENT INFORMATION The Company operates in five different operating segments: Solar, Energy Storage, e-Mobility, Critical Power and Automation Machines. The Company's Chief Executive Officer, who is the chief operating decision maker (“CODM”), makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the operating segments. The Company does not allocate to its operating segments revenue recognized due to advance payments received for performance obligations that extend for a period greater than one year (“financing component”), related to Accounting Standard Codification 606, “Revenue from Contracts with Customers” (ASC 606). Segment profit is comprised of gross profit for the segment less operating expenses that do not include amortization of purchased intangible assets, stock based compensation expenses and certain other items. The Company manages its assets on a group basis, not by segments, as many of its assets are shared or co-mingled. The Company’s CODM does not regularly review asset information by segments and, therefore, the Company does not report asset information by segment. The Company identified one operating segment as reportable – the Solar segment. The other operating segments are insignificant individually and therefore their results are presented together under “All other”. The Solar segment includes the design, development, manufacturing, and sales of an intelligent inverter solution designed to maximize power generation at the individual PV module level and a residential storage solution, compatible with the Company’s energy hub inverter, intended to store and supply power for back-up and to maximize self-consumption. The Solar segment solution consists mainly of the Company’s power optimizers, inverters, batteries and cloud-based monitoring platform. The “All other” category includes the design, development, manufacturing and sales of energy storage products, e-Mobility products, UPS products and automated machines. The following table presents information on reportable segments profit (loss) for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 476,838 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 49,455 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,284,574 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 127,080 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 302,081 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 45,132 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 799,163 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 122,536 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Gross profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 174,757 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,323 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 485,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,544 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Research and development </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 34,657 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,853 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 102,151 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 22,376 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Sales and marketing </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 21,127 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,290 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 60,758 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,340 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> General and administrative </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 14,054 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,863 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 39,094 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 9,783 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Segments profit (loss) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 104,919 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (9,683 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 283,408 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (34,955 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> </tbody> </table> </div> <div> <div style="width:100%; clear:both;"> F - 26 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 15:-SEGMENT INFORMATION (Cont.) The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 312,480 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 25,615 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,030,175 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 71,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 203,590 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 21,283 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 673,751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 61,974 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Gross profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 108,890 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,332 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 356,424 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 9,502 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Research and development </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 26,466 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,421 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 79,923 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,481 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Sales and marketing </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 15,160 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,328 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 48,803 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,650 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> General and administrative </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 10,593 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,210 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 28,467 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 9,228 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Segments profit (loss) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 56,671 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (6,627 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 199,231 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (23,857 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody></table></div> The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Solar segment revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 476,838 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 312,480 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,284,574 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,030,175 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> All other segment revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 49,455 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 25,615 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 127,080 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 71,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Revenues from financing component </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 111 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 296 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Intersegment revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (487 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Consolidated revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 526,404 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 338,095 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,411,950 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,101,164 </td> <td style="width:100%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Solar segment profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 104,919 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 56,671 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 283,408 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 199,231 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> All other segment loss </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (9,683 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (6,627 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (34,955 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (23,857 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Segments operating profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 95,236 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 50,044 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 248,453 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 175,374 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amounts not allocated to segments: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Stock based compensation expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (26,185 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (16,259 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (73,390 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (42,993 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amortization related to business combinations </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,785 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,833 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (8,007 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (8,169 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Legal settlement </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 859 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,900 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Other unallocated income (expenses), net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 148 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (558 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (1,814 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (871 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Adjustments: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Intersegment profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (107 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Consolidated operating income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 66,414 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 30,394 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 166,101 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 128,134 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

The following table presents information on reportable segments profit (loss) for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 476,838 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 49,455 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,284,574 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 127,080 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 302,081 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 45,132 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 799,163 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 122,536 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Gross profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 174,757 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,323 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 485,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,544 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Research and development </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 34,657 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,853 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 102,151 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 22,376 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Sales and marketing </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 21,127 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,290 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 60,758 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,340 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> General and administrative </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 14,054 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 2,863 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 39,094 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 9,783 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Segments profit (loss) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 104,919 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (9,683 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 283,408 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (34,955 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> </tbody> </table> </div> <div> <div style="width:100%; clear:both;"> F - 26 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> </div> SOLAREDGE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <hr style="border-top:1.5pt solid #000000; width:100%; margin-top:6pt; margin-left:0pt; text-align:left; "/> U.S. dollars in thousands (except share and per share data) NOTE 15:-SEGMENT INFORMATION (Cont.) The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Solar </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> All other </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 312,480 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 25,615 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,030,175 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 71,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Cost of revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 203,590 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 21,283 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 673,751 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 61,974 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Gross profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 108,890 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 4,332 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 356,424 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 9,502 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Research and development </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 26,466 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,421 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 79,923 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,481 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Sales and marketing </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 15,160 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,328 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 48,803 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,650 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> General and administrative </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 10,593 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 1,210 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 28,467 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 9,228 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Segments profit (loss) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 56,671 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (6,627 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 199,231 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> (23,857 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody></table></div>

476838000

49455000

1284574000

127080000

302081000

45132000

799163000

122536000

174757000

4323000

485411000

4544000

34657000

8853000

102151000

22376000

21127000

2290000

60758000

7340000

14054000

2863000

39094000

9783000

104919000

-9683000

283408000

-34955000

312480000

25615000

1030175000

71476000

203590000

21283000

673751000

61974000

108890000

4332000

356424000

9502000

26466000

7421000

79923000

17481000

15160000

2328000

48803000

6650000

10593000

1210000

28467000

9228000

56671000

-6627000

199231000

-23857000

The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Solar segment revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 476,838 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 312,480 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,284,574 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,030,175 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> All other segment revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 49,455 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 25,615 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 127,080 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 71,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Revenues from financing component </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 111 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 296 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Intersegment revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (487 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Consolidated revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 526,404 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 338,095 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,411,950 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 1,101,164 </td> <td style="width:100%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: <div style="margin-left:60pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Three months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:24%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> Nine months ended September 30, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom:1.5pt solid #000000; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Solar segment profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 104,919 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 56,671 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 283,408 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 199,231 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> All other segment loss </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (9,683 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (6,627 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (34,955 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (23,857 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Segments operating profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 95,236 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 50,044 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 248,453 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> 175,374 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amounts not allocated to segments: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Stock based compensation expenses </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (26,185 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (16,259 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (73,390 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (42,993 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amortization related to business combinations </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,785 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,833 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (8,007 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (8,169 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Legal settlement </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 859 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,900 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Other unallocated income (expenses), net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 148 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (558 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (1,814 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (871 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Adjustments: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Intersegment profit </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:1.5pt solid #000000; "> (107 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Consolidated operating income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 66,414 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 30,394 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 166,101 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 128,134 </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody></table></div>

476838000

312480000

1284574000

1030175000

49455000

25615000

127080000

71476000

111000

296000

-487000

526404000

338095000

1411950000

1101164000

104919000 56671000 283408000 199231000 9683000 6627000 34955000 23857000 95236000 50044000 248453000 175374000

26185000

16259000

73390000

42993000

-2785000

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-8007000

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859000

4900000

148000 -558000 -1814000 -871000 -107000

66414000

30394000

166101000

128134000

Represents an amount less than $1. The number of PRSUs granted to employees was 132,673 with a weighted average grant date fair value of 294.04. In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam Co., Ltd. (“Kokam”) acquisition escrow (“the escrow”), with regards to a working capital adjustment. In the nine months ended September 30, 2020, the Company was indemnified for an amount of $4,900 out of the escrow, with regards to a legal claim of Kokam that was settled in arbitration.

XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Entity Central Index Key	0001419612
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-36894
Entity Registrant Name	SOLAREDGE TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Entity Tax Identification Number	20-5338862
Entity Address, Country	IL
Entity Address, City or Town	Herziliya Pituach
Entity Address, Address Line One	1 HaMada Street
Entity Address, Postal Zip Code	4673335
City Area Code	972
Local Phone Number	(9) 957-6620
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Title of each class	Common stock, par value $0.0001 per share
Trading Symbol	SEDG
Name of Exchange on which Security is Registered	NASDAQ
Entity Common Stock, Shares Outstanding		52,519,519

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
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 $2,639 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
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

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowances of trade receivable	$ 2,639	$ 2,886
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	125,000,000	125,000,000
Common stock, issued shares	52,519,490	51,560,936
Common stock, outstanding shares	52,519,490	51,560,936

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
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
Net income per share:
Net basic earnings per share of common stock	$ 1.01	$ 0.87	$ 2.46	$ 2.46
Net diluted earnings per share of common stock	$ 0.96	$ 0.83	$ 2.32	$ 2.33
Weighted average number of shares used in computing net basic earnings per share of common stock	52,355,867	50,529,691	52,056,233	49,842,399
Weighted average number of shares used in computing net diluted earnings per share of common stock	55,929,000	53,144,188	55,955,441	52,623,675

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 53,048	$ 43,751	$ 128,216	$ 122,667
Other comprehensive income (loss), net of tax:
Net change related to available-for-sale securities	29	(210)	(1,847)	556
Net change related to cash flow hedges	308	(446)	619
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature	(12,272)		(14,168)
Foreign currency translation adjustments, net	(3,664)	1,455	(7,596)	(1,390)
Total other comprehensive income (loss)	(15,599)	799	(22,992)	(834)
Comprehensive income	$ 37,449	$ 44,550	$ 105,224	$ 121,833

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands

Common Stock [Member]

Additional paid in capital [Member]

Accumulated Other comprehensive income (loss) [Member]

Retained earnings [Member]

Stockholders Equity

Balance at Dec. 31, 2019

$ 5

$ 475,792

$ (1,809)

$ 337,682

$ 811,670

Balance (in shares) at Dec. 31, 2019

48,898,062

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

^[1]

3,308

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares

701,431

Equity based compensation expenses to employees and nonemployees

12,773

Other comprehensive income (loss) adjustments

(3,581)

Net income

42,248

Balance at Mar. 31, 2020

$ 5

491,873

(5,390)

379,930

866,418

Balance (in shares) at Mar. 31, 2020

49,599,493

Balance at Dec. 31, 2019

$ 5

475,792

(1,809)

337,682

811,670

Balance (in shares) at Dec. 31, 2019

48,898,062

Balance at Sep. 30, 2020

$ 5

574,326

(2,643)

460,349

1,032,037

Balance (in shares) at Sep. 30, 2020

51,207,310

Balance at Mar. 31, 2020

$ 5

491,873

(5,390)

379,930

866,418

Balance (in shares) at Mar. 31, 2020

49,599,493

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

^[1]

5,806

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares

476,258

Equity based compensation expenses to employees and nonemployees

13,961

Other comprehensive income (loss) adjustments

1,948

Net income

36,668

Balance at Jun. 30, 2020

$ 5

511,640

(3,442)

416,598

924,801

Balance (in shares) at Jun. 30, 2020

50,075,751

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

^[1]

10,091

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares

1,131,559

Equity based compensation expenses to employees and nonemployees

16,259

Equity component of convertible senior notes, net

36,336

Other comprehensive income (loss) adjustments

799

Net income

43,751

Balance at Sep. 30, 2020

$ 5

574,326

(2,643)

460,349

1,032,037

Balance (in shares) at Sep. 30, 2020

51,207,310

Balance at Dec. 31, 2020

$ 5

603,891

3,857

478,004

1,085,757

Balance (in shares) at Dec. 31, 2020

51,560,936

Cumulative effect of adopting ASU 2020-06

(36,336)

2,884

(33,452)

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

^[1]

5,008

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares

405,239

Equity based compensation expenses to employees and nonemployees

23,153

Other comprehensive income (loss) adjustments

(10,618)

Net income

30,076

Balance at Mar. 31, 2021

$ 5

595,716

(6,761)

510,964

1,099,924

Balance (in shares) at Mar. 31, 2021

51,966,175

Balance at Dec. 31, 2020

$ 5

603,891

3,857

478,004

1,085,757

Balance (in shares) at Dec. 31, 2020

51,560,936

Balance at Sep. 30, 2021

$ 5

652,109

(19,135)

609,104

1,242,083

Balance (in shares) at Sep. 30, 2021

52,519,490

Balance at Mar. 31, 2021

$ 5

595,716

(6,761)

510,964

1,099,924

Balance (in shares) at Mar. 31, 2021

51,966,175

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

^[1]

5,500

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares

297,801

Equity based compensation expenses to employees and nonemployees

24,052

Other comprehensive income (loss) adjustments

3,225

Net income

45,092

Balance at Jun. 30, 2021

$ 5

625,268

(3,536)

556,056

1,177,793

Balance (in shares) at Jun. 30, 2021

52,263,976

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

^[1]

656

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares

255,514

Equity based compensation expenses to employees and nonemployees

26,185

Other comprehensive income (loss) adjustments

(15,599)

Net income

53,048

Balance at Sep. 30, 2021

$ 5

$ 652,109

$ (19,135)

$ 609,104

$ 1,242,083

Balance (in shares) at Sep. 30, 2021

52,519,490

[1]	Represents an amount less than $1.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

XML 18 R7.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 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, net	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

XML 19 R8.htm IDEA: XBRL DOCUMENT

GENERAL

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GENERAL

NOTE 1:-GENERAL

c.Recently issued and adopted pronouncements:

F - 10

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 1:-GENERAL (Cont.)

d.Basis of Presentation:

e.Use of estimates:

f.Concentrations of supply risks:

As of September 30, 2021, and December 31, 2020, two contract manufacturers collectively accounted for 23.2% and 48.5% of the Company’s total trade payables, net, respectively.

g.Certain prior period amounts have been reclassified to conform to the current period presentation.

XML 20 R9.htm IDEA: XBRL DOCUMENT

INVENTORIES, NET

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 2:-INVENTORIES, NET

	September 30, 2021		December 31, 2020
Raw materials	$	161,863	$	128,363
Work in process		21,795		25,461
Finished goods		121,055		177,872
	$	304,713	$	331,696

XML 21 R10.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE 3:-MARKETABLE SECURITIES

The following is a summary of available-for-sale marketable debt securities as of September 30, 2021:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	138,938	$	69	$	(143	)	$	138,864
Governmental bonds		6,600		1		(6	)		6,595
		145,538		70		(149	)		145,459

Available for-sale – matures after one year:
Corporate bonds		463,081		64		(1,979	)		461,166
Governmental bonds		12,211		-		(62	)		12,149
		475,292		64		(2,041	)		473,315

Total	$	620,830	$	134	$	(2,190	)	$	618,774

The following is a summary of available-for-sale marketable debt securities as of December 31, 2020:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	141,824	$	509	$	(57	)	$	142,276
Governmental bonds		1,400		11		-			1,411
		143,224		520		(57	)		143,687

Available for-sale – matures after one year:
Corporate bonds		142,701		65		(214	)		142,552
Governmental bonds		4,895		-		(13	)		4,882
		147,596		65		(227	)		147,434

Total	$	290,820	$	585	$	(284	)	$	291,121

As of September 30, 2021, the Company didn’t record an allowance for credit losses for its available-for-sale marketable debt securities.

XML 22 R11.htm IDEA: XBRL DOCUMENT

INVESTMENT IN PRIVATELY-HELD COMPANY

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN PRIVATELY-HELD COMPANY

NOTE 4:-INVESTMENT IN PRIVATELY-HELD COMPANY

On January 31, 2021, the Company completed an investment of $11,643 in the preferred stock of AutoGrid Systems, Inc ("AutoGrid"), a privately held company without readily determinable fair values.

XML 23 R12.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 5:-FAIR VALUE MEASUREMENTS

The following table sets forth the Company’s assets that were measured at fair value as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy:

		Fair value measurements as of
	Fair Value	September 30,		December 31,
Description	Hierarchy	2021		2020
Measured at fair value on a recurring basis:

Assets:
Cash equivalents:
Money market mutual funds	Level 1	$	85,581	$	480,673

Derivative instruments asset:
Options and forward contracts designated as hedging instruments	Level 2	$	706	$	-
Options and forward contracts not designated as hedging instruments	Level 2	$	3,796	$	3,786

Short-term marketable securities:
Corporate bonds	Level 2	$	138,864	$	142,276
Governmental bonds	Level 2	$	6,595	$	1,411

Long-term marketable securities:
Corporate bonds	Level 2	$	461,166	$	142,552
Governmental bonds	Level 2	$	12,149	$	4,882

Liabilities
Derivative instruments liability:
Options and forward contracts not designated as hedging instruments	Level 2	$	-	$	(5,819	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 6:-DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As of September 30, 2021, the Company entered into forward contracts to sell U.S. dollars for NIS in the amount of $36,481.

F - 15

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 6:-DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Cont.)

XML 25 R14.htm IDEA: XBRL DOCUMENT

OTHER COMPRENHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2021

Other Comprenhensive Income

OTHER COMPRENHENSIVE INCOME (LOSS)

NOTE 7:-OTHER COMPRENHENSIVE INCOME (LOSS)

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)												Affected Line Item in the Statements of Income
	Three months ended						Nine months ended
	September 30,						September 30,
	2021			2020			2021			2020
Unrealized gains on cash flow hedges, net	$	97		$	90		$	152		$	189		Cost of revenues
		476			353			751			623		Research and development
		97			75			153			136		Sales and marketing
		124			87			196			153		General and administrative
		794			605			1,252			1,101		Total, before income taxes
		(96	)		(74	)		(152	)		(135	)	Income tax expense
	$	698		$	531		$	1,100		$	966		Total, net of income taxes
Unrealized gains on available-for-sale marketable securitie	$	12		$	-		$	16		$	-		Financial income (expenses), net
		-			-			(4	)		-		Income tax expense
	$	12		$	-		$	12		$	-		Total, net of income taxes
	$	710		$	531		$	1,112		$	966		Total, net of income taxes

XML 26 R15.htm IDEA: XBRL DOCUMENT

CONVERTIBLE SENIOR NOTES

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES

NOTE 8:-CONVERTIBLE SENIOR NOTES

Upon conversion, the Company may choose to pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock.

The Convertible Senior Notes consisted of the following as of September 30, 2021 and December 31, 2020:

	As of			As of
	September 30, 2021			December 31, 2020
Liability:
Principal	$	632,500		$	632,500
Unamortized debt discount		-			(46,353	)
Unamortized issuance costs		(11,692	)		(12,797	)
Net carrying amount	$	620,808		$	573,350

Equity component:
Amount allocated to conversion option	$	-		$	48,834
Deferred taxes liability, net		-			(11,368	)
Allocated issuance costs		-			(1,130	)
Equity component, net	$	-		$	36,336

F - 17

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 8:-CONVERTIBLE SENIOR NOTES (Cont.)

As of September 30, 2021, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 4 years.

The annual effective interest rate of the Notes following the adoption of ASU 2020-06 is 0.47%.

The following table presents the total amount of interest expenses recognized related to the Notes for the three and nine months ended September 30, 2021 and 2020:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Amortization of debt discount	$	-	$	131	$	-	$	131
Amortization of debt issuance costs		726		37		2,176		37
Total interest expenses	$	726	$	168	$	2,176	$	168

As of September 30, 2021, the if-converted value of the Notes exceeded the principal amount by $158,606.

XML 27 R16.htm IDEA: XBRL DOCUMENT

WARRANTY OBLIGATIONS

9 Months Ended

Sep. 30, 2021

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

NOTE 9:-WARRANTY OBLIGATIONS

Changes in the Company’s product warranty obligations for the nine months ended September 30, 2021 and 2020, were as follows:

	As of September 30,
	2021			2020
Balance, at the beginning of the period	$	204,994		$	172,563
Additions and adjustments to cost of revenues		109,382			74,465
Usage and current warranty expenses		(67,313	)		(51,334	)
Balance, at the end of the period		247,063			195,694
Less current portion		(67,096	)		(65,080	)
Long term portion	$	179,967		$	130,614

XML 28 R17.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENT LIABILITIES

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 10:-COMMITMENTS AND CONTINGENT LIABILITIES

a.Guarantees:

As of September 30, 2021, contingent liabilities exist regarding guarantees in the amounts of $5,167 and $2,782 in respect of office rent lease agreements and other transactions, respectively.

b.Contractual purchase obligations:

The Company has contractual obligations to purchase goods and raw materials.

These contractual purchase obligations relate to inventories held by contract manufacturers and purchase orders initiated by the contract manufacturers, which cannot be canceled without penalty.

c.Legal claims:

In September 2018, the Company’s German subsidiary, SolarEdge Technologies GmbH received a complaint filed by competitor SMA Solar Technology AG (“SMA”).

In May 2019, the Company’s two Chinese subsidiaries and its equipment manufacturer in China were served with three lawsuits by Huawei Technologies Co., Ltd., a Chinese entity (“Huawei”).

F - 19

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 10:-COMMITMENTS AND CONTINGENT LIABILITIES (Cont.)

As of September 30, 2021, accrued amounts for legal claims of $11,132, were recorded in accrued expenses and other current liabilities.

XML 29 R18.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

STOCK CAPITAL

NOTE 11:-STOCK CAPITAL

a.Common stock rights:

b.Stock incentive plans:

As of September 30, 2021, a total of 15,406,316 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”).

F - 21

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 11:-STOCK CAPITAL (Cont.)

A summary of the activity in the stock options granted to employees and members of the board of directors for the nine months ended September 30, 2021 and related information are as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term in years		Aggregate intrinsic Value
Outstanding as of December 31, 2020		691,732			31.86		5.07	$	198,709
Granted		19,489			311.35
Exercised		(188,425	)		32.45
Forfeited or expired		(10,432	)		44.24
Outstanding as of September 30, 2021		512,364			42.02		5.32	$	115.260

Vested and expected to vest as of September 30, 2021		477,119			37.28		5.54	$	109,397

Exercisable as of September 30, 2021		395,839			25.49		5.09	$	95,005

The total intrinsic value of options exercised during the nine months ended September 30, 2021 was $51,308.

The weighted average grant date fair values of options granted to employees and executive directors during the nine months ended September 30, 2021 was $168.36.

A summary of the activity in the RSUs and PRSUs granted to employees and directors for the nine months ended September 30, 2021, is as follows:

	Number of RSUs			Weighted average grant date fair value
Unvested as of January 1, 2021		2,216,841		$	103.79
Granted (1)		322,909			283.61
Vested		(732,555	)		78.61
Forfeited		(92,198	)		121.09
Unvested as of September 30, 2021		1,714,997		$	146.53


(1)	The number of PRSUs granted to employees was 132,673 with a weighted average grant date fair value of 294.04.

F - 22

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 11:-STOCK CAPITAL (Cont.)

c.Employee Stock Purchase Plan (“ESPP”):

As of September 30, 2021, 635,193 shares of common stock had been purchased under the ESPP.

As of September 30, 2021, 2,539,901 shares of common stock were available for future issuance under the ESPP.

In accordance with ASC No. 718, the ESPP is compensatory and, as such, results in recognition of compensation cost.

d.Stock-based compensation expenses for employees and non-employees:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Cost of revenues	$	4,289	$	2,730	$	14,370	$	7,362
Research and development		11,949		6,904		30,552		18,129
Selling and marketing		5,737		4,066		16,952		10,703
General and administrative		4,210		2,559		11,516		6,799
Total stock-based compensation expenses	$	26,185	$	16,259	$	73,390	$	42,993

XML 30 R19.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

Net income per share:

EARNINGS PER SHARE

NOTE 12:-EARNINGS PER SHARE

The following table presents the computation of basic and diluted EPS:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Basic EPS:
Numerator:
Net income	$	53,048	$	43,751	$	128,216	$	122,667

Denominator:
Shares used in computing net earnings per share of common stock, basic		52,355,867		50,529,691		52,056,233		49,842,399

Diluted EPS:
Numerator:
Net income attributable to common stock, basic	$	53,048	$	43,751	$	128,216	$	122,667
Notes due 2025		525		137		1,575		137
Net income attributable to common stock, diluted	$	53,573	$	43,888	$	129,791	$	122,804

Denominator:
Shares used in computing net earnings per share of common stock, basic		52,355,867		50,529,691		52,056,233		49,842,399
Notes due 2025		2,276,818		197,984		2,276,818		65,995
Effect of stock-based awards		1,296,315		2,416,513		1,622,390		2,715,281
Shares used in computing net earnings per share of common stock, diluted		55,929,000		53,144,188		55,955,441		52,623,675

F - 24

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 12:-EARNINGS PER SHARE (Cont.)

No shares were excluded from the calculation of diluted net EPS due to their anti-dilutive effect for the three and nine months ended September 30, 2021 and 2020.

XML 31 R20.htm IDEA: XBRL DOCUMENT

OTHER OPERATING EXPENSES (INCOME)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

OTHER OPERATING EXPENSES (INCOME)

NOTE 13:-OTHER OPERATING EXPENSES (INCOME)

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021			2020
Kokam purchase escrow (1) (2)	$	-	$	-	$	(859	)	$	(4,900	)
Write-off of property, plant and equipment		-		-		2,209			-
Total other operating expenses (income)	$	-	$	-	$	1,350		$	(4,900	)

(1)	In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam Co., Ltd. (“Kokam”) acquisition escrow (“the escrow”), with regards to a working capital adjustment.

(2)	In the nine months ended September 30, 2020, the Company was indemnified for an amount of $4,900 out of the escrow, with regards to a legal claim of Kokam that was settled in arbitration.

XML 32 R21.htm IDEA: XBRL DOCUMENT

INCOME TAXES

9 Months Ended

Sep. 30, 2021

Income Taxes

INCOME TAXES

NOTE 14:-INCOME TAXES

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

XML 33 R22.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 15:-SEGMENT INFORMATION

The Company operates in five different operating segments: Solar, Energy Storage, e-Mobility, Critical Power and Automation Machines.

The “All other” category includes the design, development, manufacturing and sales of energy storage products, e-Mobility products, UPS products and automated machines.

The following table presents information on reportable segments profit (loss) for the periods presented:

	Three months ended September 30, 2021					Nine months ended September 30, 2021
	Solar		All other			Solar		All other
Revenues	$	476,838	$	49,455		$	1,284,574	$	127,080
Cost of revenues		302,081		45,132			799,163		122,536
Gross profit		174,757		4,323			485,411		4,544
Research and development		34,657		8,853			102,151		22,376
Sales and marketing		21,127		2,290			60,758		7,340
General and administrative		14,054		2,863			39,094		9,783
Segments profit (loss)	$	104,919	$	(9,683	)	$	283,408	$	(34,955	)

F - 26

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 15:-SEGMENT INFORMATION (Cont.)

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three months ended September 30, 2020					Nine months ended September 30, 2020
	Solar		All other			Solar		All other
Revenues	$	312,480	$	25,615		$	1,030,175	$	71,476
Cost of revenues		203,590		21,283			673,751		61,974
Gross profit		108,890		4,332			356,424		9,502
Research and development		26,466		7,421			79,923		17,481
Sales and marketing		15,160		2,328			48,803		6,650
General and administrative		10,593		1,210			28,467		9,228
Segments profit (loss)	$	56,671	$	(6,627	)	$	199,231	$	(23,857	)

The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Solar segment revenues	$	476,838	$	312,480	$	1,284,574	$	1,030,175
All other segment revenues		49,455		25,615		127,080		71,476
Revenues from financing component		111		-		296		-
Intersegment revenues		-		-		-		(487	)
Consolidated revenues	$	526,404	$	338,095	$	1,411,950	$	1,101,164

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Solar segment profit	$	104,919		$	56,671		$	283,408		$	199,231
All other segment loss		(9,683	)		(6,627	)		(34,955	)		(23,857	)
Segments operating profit		95,236			50,044			248,453			175,374
Amounts not allocated to segments:
Stock based compensation expenses		(26,185	)		(16,259	)		(73,390	)		(42,993	)
Amortization related to business combinations		(2,785	)		(2,833	)		(8,007	)		(8,169	)
Legal settlement		-			-			859			4,900
Other unallocated income (expenses), net		148			(558	)		(1,814	)		(871	)
Adjustments:
Intersegment profit		-			-			-			(107	)
Consolidated operating income	$	66,414		$	30,394		$	166,101		$	128,134

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

XML 34 R23.htm IDEA: XBRL DOCUMENT

INVENTORIES, NET (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

	September 30, 2021		December 31, 2020
Raw materials	$	161,863	$	128,363
Work in process		21,795		25,461
Finished goods		121,055		177,872
	$	304,713	$	331,696

XML 35 R24.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

Schedule of AFS Marketable Debt Securities

The following is a summary of available-for-sale marketable debt securities as of September 30, 2021:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	138,938	$	69	$	(143	)	$	138,864
Governmental bonds		6,600		1		(6	)		6,595
		145,538		70		(149	)		145,459

Available for-sale – matures after one year:
Corporate bonds		463,081		64		(1,979	)		461,166
Governmental bonds		12,211		-		(62	)		12,149
		475,292		64		(2,041	)		473,315

Total	$	620,830	$	134	$	(2,190	)	$	618,774

The following is a summary of available-for-sale marketable debt securities as of December 31, 2020:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	141,824	$	509	$	(57	)	$	142,276
Governmental bonds		1,400		11		-			1,411
		143,224		520		(57	)		143,687

Available for-sale – matures after one year:
Corporate bonds		142,701		65		(214	)		142,552
Governmental bonds		4,895		-		(13	)		4,882
		147,596		65		(227	)		147,434

Total	$	290,820	$	585	$	(284	)	$	291,121

XML 36 R25.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets that were measured at fair value as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy:

		Fair value measurements as of
	Fair Value	September 30,		December 31,
Description	Hierarchy	2021		2020
Measured at fair value on a recurring basis:

Assets:
Cash equivalents:
Money market mutual funds	Level 1	$	85,581	$	480,673

Derivative instruments asset:
Options and forward contracts designated as hedging instruments	Level 2	$	706	$	-
Options and forward contracts not designated as hedging instruments	Level 2	$	3,796	$	3,786

Short-term marketable securities:
Corporate bonds	Level 2	$	138,864	$	142,276
Governmental bonds	Level 2	$	6,595	$	1,411

Long-term marketable securities:
Corporate bonds	Level 2	$	461,166	$	142,552
Governmental bonds	Level 2	$	12,149	$	4,882

Liabilities
Derivative instruments liability:
Options and forward contracts not designated as hedging instruments	Level 2	$	-	$	(5,819	)

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

XML 37 R26.htm IDEA: XBRL DOCUMENT

OTHER COMPRENHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2021

Other Comprenhensive Income

Schedule of Reclassifications of Other Comprehensive Income Loss

The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)												Affected Line Item in the Statements of Income
	Three months ended						Nine months ended
	September 30,						September 30,
	2021			2020			2021			2020
Unrealized gains on cash flow hedges, net	$	97		$	90		$	152		$	189		Cost of revenues
		476			353			751			623		Research and development
		97			75			153			136		Sales and marketing
		124			87			196			153		General and administrative
		794			605			1,252			1,101		Total, before income taxes
		(96	)		(74	)		(152	)		(135	)	Income tax expense
	$	698		$	531		$	1,100		$	966		Total, net of income taxes
Unrealized gains on available-for-sale marketable securitie	$	12		$	-		$	16		$	-		Financial income (expenses), net
		-			-			(4	)		-		Income tax expense
	$	12		$	-		$	12		$	-		Total, net of income taxes
	$	710		$	531		$	1,112		$	966		Total, net of income taxes

XML 38 R27.htm IDEA: XBRL DOCUMENT

CONVERTIBLE SENIOR NOTES (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Convertible Senior Notes

The Convertible Senior Notes consisted of the following as of September 30, 2021 and December 31, 2020:

	As of			As of
	September 30, 2021			December 31, 2020
Liability:
Principal	$	632,500		$	632,500
Unamortized debt discount		-			(46,353	)
Unamortized issuance costs		(11,692	)		(12,797	)
Net carrying amount	$	620,808		$	573,350

Equity component:
Amount allocated to conversion option	$	-		$	48,834
Deferred taxes liability, net		-			(11,368	)
Allocated issuance costs		-			(1,130	)
Equity component, net	$	-		$	36,336

Schedule of Interest Expense Recognized

The following table presents the total amount of interest expenses recognized related to the Notes for the three and nine months ended September 30, 2021 and 2020:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Amortization of debt discount	$	-	$	131	$	-	$	131
Amortization of debt issuance costs		726		37		2,176		37
Total interest expenses	$	726	$	168	$	2,176	$	168

XML 39 R28.htm IDEA: XBRL DOCUMENT

WARRANTY OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2021

Product Warranties Disclosures [Abstract]

Schedule of Warranty Obligations

Changes in the Company’s product warranty obligations for the nine months ended September 30, 2021 and 2020, were as follows:

	As of September 30,
	2021			2020
Balance, at the beginning of the period	$	204,994		$	172,563
Additions and adjustments to cost of revenues		109,382			74,465
Usage and current warranty expenses		(67,313	)		(51,334	)
Balance, at the end of the period		247,063			195,694
Less current portion		(67,096	)		(65,080	)
Long term portion	$	179,967		$	130,614

XML 40 R29.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of RSU Activity

A summary of the activity in the RSUs and PRSUs granted to employees and directors for the nine months ended September 30, 2021, is as follows:

	Number of RSUs			Weighted average grant date fair value
Unvested as of January 1, 2021		2,216,841		$	103.79
Granted (1)		322,909			283.61
Vested		(732,555	)		78.61
Forfeited		(92,198	)		121.09
Unvested as of September 30, 2021		1,714,997		$	146.53


(1)	The number of PRSUs granted to employees was 132,673 with a weighted average grant date fair value of 294.04.

Schedule of Recognized Stock-based Compensation Expenses

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Cost of revenues	$	4,289	$	2,730	$	14,370	$	7,362
Research and development		11,949		6,904		30,552		18,129
Selling and marketing		5,737		4,066		16,952		10,703
General and administrative		4,210		2,559		11,516		6,799
Total stock-based compensation expenses	$	26,185	$	16,259	$	73,390	$	42,993

Option [Member] | Employees and Members of Board of Directors [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of the Activity in the Share Options Granted to Employees and Members of the Board of Directors

A summary of the activity in the stock options granted to employees and members of the board of directors for the nine months ended September 30, 2021 and related information are as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term in years		Aggregate intrinsic Value
Outstanding as of December 31, 2020		691,732			31.86		5.07	$	198,709
Granted		19,489			311.35
Exercised		(188,425	)		32.45
Forfeited or expired		(10,432	)		44.24
Outstanding as of September 30, 2021		512,364			42.02		5.32	$	115.260

Vested and expected to vest as of September 30, 2021		477,119			37.28		5.54	$	109,397

Exercisable as of September 30, 2021		395,839			25.49		5.09	$	95,005

XML 41 R30.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2021

Net income per share:

Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share

The following table presents the computation of basic and diluted EPS:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Basic EPS:
Numerator:
Net income	$	53,048	$	43,751	$	128,216	$	122,667

Denominator:
Shares used in computing net earnings per share of common stock, basic		52,355,867		50,529,691		52,056,233		49,842,399

Diluted EPS:
Numerator:
Net income attributable to common stock, basic	$	53,048	$	43,751	$	128,216	$	122,667
Notes due 2025		525		137		1,575		137
Net income attributable to common stock, diluted	$	53,573	$	43,888	$	129,791	$	122,804

Denominator:
Shares used in computing net earnings per share of common stock, basic		52,355,867		50,529,691		52,056,233		49,842,399
Notes due 2025		2,276,818		197,984		2,276,818		65,995
Effect of stock-based awards		1,296,315		2,416,513		1,622,390		2,715,281
Shares used in computing net earnings per share of common stock, diluted		55,929,000		53,144,188		55,955,441		52,623,675

XML 42 R31.htm IDEA: XBRL DOCUMENT

OTHER OPERATING EXPENSES (INCOME) (Tables)

9 Months Ended

Sep. 30, 2021

Options [Member]

Schedule of Other Operating Expenses

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021			2020
Kokam purchase escrow (1) (2)	$	-	$	-	$	(859	)	$	(4,900	)
Write-off of property, plant and equipment		-		-		2,209			-
Total other operating expenses (income)	$	-	$	-	$	1,350		$	(4,900	)

(1)	In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam Co., Ltd. (“Kokam”) acquisition escrow (“the escrow”), with regards to a working capital adjustment.

(2)	In the nine months ended September 30, 2020, the Company was indemnified for an amount of $4,900 out of the escrow, with regards to a legal claim of Kokam that was settled in arbitration.

XML 43 R32.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Reportable Segments and Operating Income

The following table presents information on reportable segments profit (loss) for the periods presented:

	Three months ended September 30, 2021					Nine months ended September 30, 2021
	Solar		All other			Solar		All other
Revenues	$	476,838	$	49,455		$	1,284,574	$	127,080
Cost of revenues		302,081		45,132			799,163		122,536
Gross profit		174,757		4,323			485,411		4,544
Research and development		34,657		8,853			102,151		22,376
Sales and marketing		21,127		2,290			60,758		7,340
General and administrative		14,054		2,863			39,094		9,783
Segments profit (loss)	$	104,919	$	(9,683	)	$	283,408	$	(34,955	)

F - 26

SOLAREDGE TECHNOLOGIES, INC.

AND ITS SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

U.S. dollars in thousands (except share and per share data)

NOTE 15:-SEGMENT INFORMATION (Cont.)

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three months ended September 30, 2020					Nine months ended September 30, 2020
	Solar		All other			Solar		All other
Revenues	$	312,480	$	25,615		$	1,030,175	$	71,476
Cost of revenues		203,590		21,283			673,751		61,974
Gross profit		108,890		4,332			356,424		9,502
Research and development		26,466		7,421			79,923		17,481
Sales and marketing		15,160		2,328			48,803		6,650
General and administrative		10,593		1,210			28,467		9,228
Segments profit (loss)	$	56,671	$	(6,627	)	$	199,231	$	(23,857	)

Schedule of Reportable Segments Reconciliation to Consolidated Revenues

The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Solar segment revenues	$	476,838	$	312,480	$	1,284,574	$	1,030,175
All other segment revenues		49,455		25,615		127,080		71,476
Revenues from financing component		111		-		296		-
Intersegment revenues		-		-		-		(487	)
Consolidated revenues	$	526,404	$	338,095	$	1,411,950	$	1,101,164

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Solar segment profit	$	104,919		$	56,671		$	283,408		$	199,231
All other segment loss		(9,683	)		(6,627	)		(34,955	)		(23,857	)
Segments operating profit		95,236			50,044			248,453			175,374
Amounts not allocated to segments:
Stock based compensation expenses		(26,185	)		(16,259	)		(73,390	)		(42,993	)
Amortization related to business combinations		(2,785	)		(2,833	)		(8,007	)		(8,169	)
Legal settlement		-			-			859			4,900
Other unallocated income (expenses), net		148			(558	)		(1,814	)		(871	)
Adjustments:
Intersegment profit		-			-			-			(107	)
Consolidated operating income	$	66,414		$	30,394		$	166,101		$	128,134

XML 44 R33.htm IDEA: XBRL DOCUMENT

GENERAL (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
GENERAL (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Standards Update 2020-06 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Increase of retained earnings		$ 2,884
Decrease in additional paid-in capital		36,336
Increase in convertible senior notes		45,282
Decrease in deferred tax liabilities		$ 11,830
Accounts Payable [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration risk (as a percent)	23.20%	48.50%

XML 45 R34.htm IDEA: XBRL DOCUMENT

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 161,863	$ 128,363
Work in process	21,795	25,461
Finished goods	121,055	177,872
Inventories, net	$ 304,713	$ 331,696

XML 46 R35.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES (Schedule of AFS Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
AFS - matures within one year, Amortized cost	$ 145,538	$ 143,224
AFS - matures within one year, Gross unrealized gains	70	520
AFS - matures within one yearr, Gross unrealized losses	(149)	(57)
AFS - matures within one year, Fair value	145,459	143,687
AFS - matures after one year, Amortized cost	475,292	147,596
AFS - matures after one year, Gross unrealized gains	64	65
AFS - matures after one year, Gross unrealized losses	(2,041)	(227)
AFS - matures after one year, Fair value	473,315	147,434
Amortized cost	620,830	290,820
Gross unrealized gains	134	585
Gross unrealized losses	(2,190)	(284)
Fair value	618,774	291,121
Corporate bonds [Member]
AFS - matures within one year, Amortized cost	138,938	141,824
AFS - matures within one year, Gross unrealized gains	69	509
AFS - matures within one yearr, Gross unrealized losses	(143)	(57)
AFS - matures within one year, Fair value	138,864	142,276
AFS - matures after one year, Amortized cost	463,081	142,701
AFS - matures after one year, Gross unrealized gains	64	65
AFS - matures after one year, Gross unrealized losses	(1,979)	(214)
AFS - matures after one year, Fair value	461,166	142,552
Governmental bonds [Member]
AFS - matures within one year, Amortized cost	6,600	1,400
AFS - matures within one year, Gross unrealized gains	1	11
AFS - matures within one yearr, Gross unrealized losses	(6)
AFS - matures within one year, Fair value	6,595	1,411
AFS - matures after one year, Amortized cost	12,211	4,895
AFS - matures after one year, Gross unrealized gains
AFS - matures after one year, Gross unrealized losses	(62)	(13)
AFS - matures after one year, Fair value	$ 12,149	$ 4,882

XML 47 R36.htm IDEA: XBRL DOCUMENT

INVESTMENT IN PRIVATELY-HELD COMPANY (Details) - AutoGrid Systems [Member] - USD ($) $ in Thousands	Sep. 30, 2021	Feb. 02, 2021	Jan. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments of preferred stock		$ 5,000	$ 11,643
Carrying value of non-marketable equity securities	$ 16,643

XML 48 R37.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Level 1 [Member] \| Money Market Mutual Funds [Member]
Fair value of assets	$ 85,581	$ 480,673
Level 2 [Member] \| Options and forward contracts not designated as hedging instruments [Member] \| Derivative Financial Instruments Liabilities [Member]
Fair value of liabilities		(5,819)
Level 2 [Member] \| Derivative Financial Instruments, Assets [Member] \| Derivatives designated as cash flow hedging instruments [Member]
Fair value of assets	706
Level 2 [Member] \| Derivative Financial Instruments, Assets [Member] \| Options and forward contracts not designated as hedging instruments [Member]
Fair value of assets	3,796	3,786
Level 2 [Member] \| Short-term corporate bonds [Member]
Fair value of assets	138,864	142,276
Level 2 [Member] \| Short-term governmental bonds [Member]
Fair value of assets	6,595	1,411
Level 2 [Member] \| Long-term corporate bonds [Member]
Fair value of assets	461,166	142,552
Level 2 [Member] \| Long-term governmental bonds [Member]
Fair value of assets	$ 12,149	$ 4,882

XML 49 R38.htm IDEA: XBRL DOCUMENT

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands, € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 AUD ($)	Sep. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Fair value of derivative assets	$ 4,502		$ 4,502				$ 3,786
Gain and loss of financial income (expense), net	3,350	$ 1,450	7,706	$ 959
Fair value of derivative liabilities							$ 5,819
Unrealized gain (loss) net of tax effect	1,006	$ 85	1,719	$ 966
Foreign exchange forward contracts [Member] \| Australia, Dollars [Member]
Derivative [Line Items]
Forward/option contracts					$ 6
Foreign exchange forward contracts [Member] \| Euro [Member]
Derivative [Line Items]
Forward/option contracts \| €						€ 56
Foreign exchange forward contracts [Member] \| USD [Member]
Derivative [Line Items]
Forward/option contracts	$ 36,481		$ 36,481
Put and Call Options [Member] \| Australia, Dollars [Member]
Derivative [Line Items]
Forward/option contracts					$ 9
Put and Call Options [Member] \| Euro [Member]
Derivative [Line Items]
Forward/option contracts \| €						€ 24

XML 50 R39.htm IDEA: XBRL DOCUMENT

OTHER COMPRENHENSIVE INCOME (LOSS) (Schedule of Reclassifications of Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of Revenues	$ 353,843	$ 230,032	$ 943,123	$ 750,130
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
Total, before income taxes	106,147	77,669	302,726	222,900
Income tax expense	7,615	2,408	24,294	16,192
Net income	53,048	43,751	128,216	122,667
Unrealized gains on cash flow hedges, net [Member] \| Amount Reclassified from Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of Revenues	97	90	152	189
Research and development	476	353	751	623
Sales and marketing	97	75	153	136
General and administrative	124	87	196	153
Total, before income taxes	794	605	1,252	1,101
Income tax expense	(96)	(74)	(152)	(135)
Net income	698	531	1,100	966
Financial income (expenses), net	12		16
Income tax expense			(4)
Total, net of income taxes	12		12
Total net of income taxes	$ 710	$ 531	$ 1,112	$ 966

XML 51 R40.htm IDEA: XBRL DOCUMENT

CONVERTIBLE SENIOR NOTES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 25, 2020	Sep. 30, 2021	Dec. 31, 2020
Accounting Standards Update 2020-06 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Debt Instrument [Line Items]
Effective interest			0.47%
Increase of retained earnings			$ 2,884
Decrease in additional paid-in capital			36,336
Increase in convertible senior notes			45,282
Decrease in deferred tax liabilities			$ 11,830
Convertible Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt conversion description		On September 25, 2020, the Company sold $632,500 aggregate principal amount of its 0.00% convertible senior notes due 2025 (the “Notes”). The Notes were sold pursuant to an indenture, dated September 25, 2020 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The Notes do not bear regular interest and mature on September 15, 2025, unless earlier repurchased or converted in accordance with their terms. The Notes are general senior unsecured obligations of the Company. Holders may convert their Notes prior to the close of business on the business day immediately preceding June 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the Indenture. In addition, holders may convert their Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after June 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the Notes, without regard to the foregoing circumstances. The initial conversion rate for the Notes was 3.5997 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $277.80 per share of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture.
Principal amount sold	$ 632,500
Effective coupon rate	0.00%
Maturity date	Sep. 15, 2025
Conversion amount	$ 1,000
Number of shares of common stock per $1,000 principal amount of Notes converted	3.5997
Amount of conversion	$ 1,000
Conversion price	$ 277.80
Amortized period		4 years
Amount by which the if-converted value of the Notes exceeded the principal amount		$ 158,606
Senior Notes [Member] \| Level 2 [Member]
Debt Instrument [Line Items]
Estimated fair value of notes		$ 791,106

XML 52 R41.htm IDEA: XBRL DOCUMENT

CONVERTIBLE SENIOR NOTES (Schedule of Convertible Senior Notes) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Liability:
Net carrying amount	$ 620,808	$ 573,350
Convertible Senior Notes [Member]
Liability:
Principal	632,500	632,500
Unamortized debt discount		(46,353)
Unamortized issuance costs	(11,692)	(12,797)
Net carrying amount	620,808	573,350
Equity component:
Amount allocated to conversion option		48,834
Deferred taxes liability, net		(11,368)
Allocated issuance costs		(1,130)
Equity component, net		$ 36,336

XML 53 R42.htm IDEA: XBRL DOCUMENT

CONVERTIBLE SENIOR NOTES (Schedule of Interest Expense Recognized) (Details) - Convertible Senior Notes due 2025 [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Amortization of debt discount		$ 131		$ 131
Amortization of debt issuance costs	726	37	2,176	37
Total interest expenses	$ 726	$ 168	$ 2,176	$ 168

XML 54 R43.htm IDEA: XBRL DOCUMENT

WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands	9 Months Ended
WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Changes in the Company's product warranty liability
Balance, at the beginning of the period	$ 204,994	$ 172,563
Additions and adjustments to cost of revenues	109,382	74,465
Usage and current warranty expenses	(67,313)	(51,334)
Balance, at the end of the period	247,063	195,694
Less current portion	(67,096)	(65,080)	$ (62,614)
Long term portion	$ 179,967	$ 130,614	$ 142,380

XML 55 R44.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands, € in Millions, ₪ in Millions, ¥ in Millions	1 Months Ended				9 Months Ended			12 Months Ended
	Oct. 31, 2021 USD ($) Defendants	Oct. 31, 2021 CNY (¥) Defendants	Feb. 22, 2021 USD ($) Defendants	Feb. 22, 2021 CNY (¥) Defendants	Sep. 30, 2021 USD ($)	Sep. 30, 2021 EUR (€)	Sep. 30, 2021 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 ILS (₪)
Non-cancelable purchase obligations					$ 1,178,921
Provision for loss					3,992
Contractual obligations for capital expenditures					126,210
Lawsuit claims					1,623
Damages Paid					7,808
Accured amount of legal claims					11,132
Former Consultant and Israeli Subsidiary [Member]
Lawsuit claims								$ 7,897
RMB [Member]
Lawsuit claims \| ¥							¥ 10.5
Damages Paid \| ¥							¥ 50.5
Israel, New Shekels \| Former Consultant and Israeli Subsidiary [Member]
Lawsuit claims \| ₪									₪ 25.5
Patents [Member]
Value in dispute					6,364
Patents [Member] \| Euro [Member]
Value in dispute \| €						€ 5.5
Second Patent [Member]
Damages Paid	$ 1,623		$ 7,808
Number of defendants \| Defendants	3	3	3	3
Second Patent [Member] \| RMB [Member]
Damages Paid \| ¥		¥ 10.5		¥ 50.5
Office Rent Lease Agreements [Member]
Guarantees amount					5,167
Other Transactions [Member]
Guarantees amount					$ 2,782

XML 56 R45.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Stock option plans) (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan	10,000,000
Unrecognized compensation expense \| $	$ 257,967
Option [Member] \| Employees and Members of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised \| $	$ 51,308
Weighted average grant date fair values options granted to employees and executive directors \| $ / shares	$ 168.36
Granted employees shares	19,489
Option [Member] \| 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options available for future grant under the plan	379,358
Option [Member] \| 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan	15,406,316
Number of options available for future grant under the plan	8,617,974
Percentage of common shares increase automatically each year	5.00%
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan	3,175,094
Number of options available for future grant under the plan	2,539,901
Number of Common stock purchased	635,193
Period of plan increase automatically number of shares	487,643
Percentage of common shares increase automatically each year	1.00%
Maximum percentage of salary	10.00%
Aggregate limit per participant \| $	$ 10
Purchase price of common stock, percent	85.00%
PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair values options granted to employees and executive directors \| $ / shares	$ 294.04
Granted employees shares	132,673

XML 57 R46.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Summary of the activity in the share options) (Details) - Option [Member] - Employees and Members of Board of Directors [Member] $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Number of options
Outstanding at the beginning of the period \| shares	691,732
Granted \| shares	19,489
Exercised \| shares	(188,425)
Forfeited or expired \| shares	(10,432)
Outstanding at the end of the period \| shares	512,364	691,732
Weighted average exercise price
Outstanding at the beginning of the period \| $ / shares	$ 31.86
Granted \| $ / shares	311.35
Exercised \| $ / shares	32.45
Forfeited or expired \| $ / shares	44.24
Outstanding at the end of the period \| $ / shares	$ 42.02	$ 31.86
Weighted average remaining contractual term in years
Outstanding	5 years 3 months 25 days	5 years 25 days
Aggregate intrinsic Value
Outstanding \| $	$ 115,260	$ 198,709
Vested and expected to vest at the end of the period
Number of options \| shares	477,119
Weighted average exercise price \| $ / shares	$ 37.28
Weighted average remaining contractual term in years	5 years 6 months 14 days
Aggregate intrinsic Value \| $	$ 109,397
Exercisable at the end of the period
Number of options \| shares	395,839
Weighted average exercise price \| $ / shares	$ 25.49
Weighted average remaining contractual term in years	5 years 1 month 2 days
Aggregate intrinsic Value \| $	$ 95,005

XML 58 R47.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Schedule of RSU Activity) (Details)

9 Months Ended

Sep. 30, 2021

$ / shares

Stock Capital Schedule Of Rsu Activity

Unvested at beginning of period | shares

2,216,841

Granted | shares

322,909

^[1]

Vested | shares

(732,555)

Forfeited | shares

(92,198)

Unvested at end of period | shares

1,714,997

Weighted average grant date fair value, beginning of period | $ / shares

$ 103.79

Weighted average grant date fair value, granted | $ / shares

283.61

^[1]

Weighted average grant date fair value, vested | $ / shares

78.61

Weighted average grant date fair value, forfeited | $ / shares

121.09

Weighted average grant date fair value, end of period | $ / shares

$ 146.53

[1]	The number of PRSUs granted to employees was 132,673 with a weighted average grant date fair value of 294.04.

XML 59 R48.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Schedule of stock-based compensation expense for employees and nonemployee) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 26,185	$ 16,259	$ 73,390	$ 42,993
Cost of revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	4,289	2,730	14,370	7,362
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	11,949	6,904	30,552	18,129
Selling and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	5,737	4,066	16,952	10,703
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 4,210	$ 2,559	$ 11,516	$ 6,799

XML 60 R49.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
EARNINGS PER SHARE (Narrative) (Details) - shares	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income per share:
Anti-dilutive securities
Potentially dilutive effect performance-based restricted stock units	14,773		14,773

XML 61 R50.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 53,048	$ 43,751	$ 128,216	$ 122,667
Denominator:
Shares used in computing net earnings per share of common stock, basic	52,355,867	50,529,691	52,056,233	49,842,399
Numerator:
Net income attributable to common stock, basic	$ 53,048	$ 43,751	$ 128,216	$ 122,667
Notes due 2025	525	137	1,575	137
Net income attributable to common stock, diluted	$ 53,573	$ 43,888	$ 129,791	$ 122,804
Denominator:
Shares used in computing net earnings per share of common stock, basic	52,355,867	50,529,691	52,056,233	49,842,399
Notes due 2025	2,276,818	197,984	2,276,818	65,995
Effect of stock-based awards	1,296,315	2,416,513	1,622,390	2,715,281
Shares used in computing net earnings per share of common stock, diluted	55,929,000	53,144,188	55,955,441	52,623,675

XML 62 R51.htm IDEA: XBRL DOCUMENT

OTHER OPERATING EXPENSES (INCOME) (Schedule of Other Opearting Expenses) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Options [Member]

Kokam purchase escrow

$ (859)

^[1]

$ (4,900)

^[2]

Write-off of property, plant and equipment

2,209

Total other operating expenses (income)

$ 1,350

$ (4,900)

[1]	In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam Co., Ltd. (“Kokam”) acquisition escrow (“the escrow”), with regards to a working capital adjustment.
[2]	In the nine months ended September 30, 2020, the Company was indemnified for an amount of $4,900 out of the escrow, with regards to a legal claim of Kokam that was settled in arbitration.

XML 63 R52.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Taxes Schedule Of Taxes On Income Details
Effective tax rate	12.60%	5.20%	15.90%	11.70%
Unrecognized tax benefits	$ 10,708		$ 10,708		$ 10,564
Amount of penalties and interest	205		205		$ 127
Expected decrease in gross unrecognized tax benefits	$ 8,937		$ 8,937

XML 64 R53.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Schedule of Reportable Segments and Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
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
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
Net income	53,048	43,751	128,216	122,667
Solar segment profit	104,919	56,671	283,408	199,231
All other segment loss	(9,683)	(6,627)	(34,955)	(23,857)
Segments operating profit	95,236	50,044	248,453	175,374
Amounts not allocated to segments:
Stock based compensation expenses	(26,185)	(16,259)	(73,390)	(42,993)
Amortization related to business combinations	(2,785)	(2,833)	(8,007)	(8,169)
Legal settlement			859	4,900
Other unallocated income (expenses), net	148	(558)	(1,814)	(871)
Intersegment profit				(107)
Consolidated operating income	66,414	30,394	166,101	128,134
Solar [Member]
Segment Reporting Information [Line Items]
Revenues	476,838	312,480	1,284,574	1,030,175
Cost of revenues	302,081	203,590	799,163	673,751
Gross profit	174,757	108,890	485,411	356,424
Research and development	34,657	26,466	102,151	79,923
Sales and marketing	21,127	15,160	60,758	48,803
General and administrative	14,054	10,593	39,094	28,467
Net income	104,919	56,671	283,408	199,231
All Other [Member]
Segment Reporting Information [Line Items]
Revenues	49,455	25,615	127,080	71,476
Cost of revenues	45,132	21,283	122,536	61,974
Gross profit	4,323	4,332	4,544	9,502
Research and development	8,853	7,421	22,376	17,481
Sales and marketing	2,290	2,328	7,340	6,650
General and administrative	2,863	1,210	9,783	9,228
Net income	$ (9,683)	$ (6,627)	$ (34,955)	$ (23,857)

XML 65 R54.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Schedule of Reportable Segments Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 526,404	$ 338,095	$ 1,411,950	$ 1,101,164
Solar Segment Revenues [Member]
Segment Reporting Information [Line Items]
Revenues	476,838	312,480	1,284,574	1,030,175
All Other Segment Revenues [Member]
Segment Reporting Information [Line Items]
Revenues	49,455	25,615	127,080	71,476
Revenues from financing component [Member]
Segment Reporting Information [Line Items]
Revenues	111		296
Intersegment revenues [Member]
Segment Reporting Information [Line Items]
Revenues				$ (487)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

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