0001178913-22-002888.txt : 20220802 0001178913-22-002888.hdr.sgml : 20220802 20220802160904 ACCESSION NUMBER: 0001178913-22-002888 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220802 DATE AS OF CHANGE: 20220802 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36894 FILM NUMBER: 221128747 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 8-K 1 form8k.htm 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported):  August 2, 2022
 
 
SOLAREDGE TECHNOLOGIES, INC
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
001-36894
 
20-5338862
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
     
1 Hamada Street, Herziliya Pituach, Israel
 
4673335
(Address of Principal executive offices)
 
(Zip Code)

Registrant’s Telephone number, including area code: 972 (9) 957-6620
 
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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.          ◻
 

Item 2.02.  Results of Operations and Financial Condition.

On August 2, 2022, SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, this information, including the exhibits hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information, including the exhibits hereto be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.  Financial Statements and Exhibits

Exhibit No.
Description
Exhibit 104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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 hereunto duly authorized.

 
SOLAREDGE TECHNOLOGIES, INC.
  
       
Date:  August 2, 2022
By:
/s/ Ronen Faier  
  Name: Ronen Faier  
  Title:
Chief Financial Officer  

EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1


SolarEdge Announces Second Quarter 2022 Financial Results

MILPITAS, Calif. — August 2, 2022. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2022.
 
Second Quarter 2022 Highlights
 

 •
Record revenues of $727.8 million

•
Record revenues from solar segment of $687.6 million

•
GAAP gross margin of 25.1%

•
Non-GAAP gross margin of 26.7%

•
Gross margin from solar segment of 28.1%

•
GAAP net income of $15.1 million

•
Non-GAAP net income of $56.7 million

•
GAAP net diluted earnings per share (“EPS”) of $0.26

•
Non-GAAP net diluted EPS of $0.95

•
2.52 Gigawatts (AC) of inverters shipped
 
“The growing demand for energy in general and clean energy in particular continued to drive top line growth this quarter resulting in record revenues in Europe and the United States,” said Zvi Lando, Chief Executive Officer of SolarEdge. “While we continue to face growing supply chain challenges, some related to our rapid growth in an environment of component shortages, and macro-economic trends as a result of our global footprint, we continue to support our customers while building the infrastructure for sustainable growth.”

Second Quarter 2022 Summary
 
The Company reported record revenues of $727.8 million, up 11% from $655.1 million in the prior quarter and up 52% from $480.1 million in the same quarter last year.
 
Revenues from the solar segment were record $687.6 million, up 13% from $608.0 million in the prior quarter and up 59% from $431.5 million in the same quarter last year.
 
GAAP gross margin was 25.1%, down from 27.3% in the prior quarter and down from 32.5% in the same quarter last year.
 
Non-GAAP gross margin was 26.7%, down from 28.4% in the prior quarter and down from 33.9% in the same quarter last year.
 
Gross margin from the solar segment was 28.1%, down from 30.2% in the prior quarter and down from 37.4% in the same quarter last year.
 
GAAP operating expenses were $146.6 million, up 14% from $128.1 million in the prior quarter and up 46% from $100.6 million in the same quarter last year.
 
Non-GAAP operating expenses were $109.6 million, up 11% from $98.9 million in the prior quarter and up 35% from $81.5 million in the same quarter last year.
 
GAAP operating income was $36.0 million, down 29% from $50.9 million in the prior quarter and down 35% from $55.6 million in the same quarter last year.
 
Non-GAAP operating income was $84.7 million, down 3% from $87.2 million in the prior quarter and up 4% from $81.3 million in the same quarter last year.
 
GAAP net income was $15.1 million, down 54% from $33.1 million in the prior quarter and down 67% from $45.1 million in the same quarter last year.
 
Non-GAAP net income was $56.7 million, down 18% from $68.8 million in the prior quarter and down 22% from $72.5 million in the same quarter last year.
 
GAAP net diluted EPS was $0.26, down from $0.60 in the prior quarter and down from $0.82 in the same quarter last year.
 
Non-GAAP net diluted EPS was $0.95, down from $1.20 in the prior quarter and down from $1.28 in the same quarter last year.
 
Cash flow generated from operating activities was $77.4 million, compared with $163.0 million used in operating activities in the prior quarter and $38.7 million generated from operating activities in the same quarter last year.
 
As of June 30, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $973.3 million, net of debt, compared to $979.0 million on March 31, 2022.
 
Outlook for the Third Quarter 2022
 
The Company also provides guidance for the third quarter ending September 30, 2022 as follows:


 •
Revenues to be within the range of $810 million to $840 million

•
Non-GAAP gross margin expected to be within the range of 26% to 29%

•
Non-GAAP operating profit to be within the range of $90 million to $110 million

•
Revenues from solar segment to be within the range of $765 million to $795 million

•
Gross margin from solar segment expected to be within the range of 27% to 30%
 
Conference Call
 
The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, August 2, 2022. The call will be available, live, to interested parties by dialing 888-394-8218. For international callers, please dial +1 313-209-6544. The Conference ID number is 2902967.  A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com
 
A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
 
About SolarEdge
 
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com
 
Use of Non-GAAP Financial Measures
 
The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
 
The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
 
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements.  These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 22, 2022 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 2, 2022.  The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
investors@solaredge.com

Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
investors@solaredge.com

SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except per share data)

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2022
    
2021
    
2022
    
2021
  
Revenues
  
$
727,774
    
$
480,057
    
$
1,382,854
    
$
885,546
  
Cost of revenues
    
545,132
      
323,865
      
1,021,254
      
589,280
  
Gross profit
    
182,642
      
156,192
      
361,600
      
296,266
  
Operating expenses:
                                
Research and development
    
74,847
      
52,664
      
141,196
      
99,641
  
Sales and marketing
    
38,975
      
29,458
      
74,291
      
56,369
  
General and administrative
    
28,121
      
19,370
      
54,550
      
39,219
  
Other operating expenses (income), net
    
4,687
      
(859
)
    
4,687
      
1,350
  
Total operating expenses
    
146,630
      
100,633
      
274,724
      
196,579
  
Operating income
    
36,012
      
55,559
      
86,876
      
99,687
  
Financial expense, net
    
(14,311
)
    
(1,743
)
    
(19,760
)
    
(7,840
)
Income before income taxes
    
21,701
      
53,816
      
67,116
      
91,847
  
Income taxes
    
6,617
      
8,724
      
18,909
      
16,679
  
Net income
  
$
15,084
    
$
45,092
    
$
48,207
    
$
75,168
  


SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except per share data)

   
June 30,
2022
    
December 31,
2021
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
745,534
    
$
530,089
  
Marketable securities
    
150,259
      
167,728
  
Trade receivables, net of allowances of $3,805 and $2,626, respectively
    
669,100
      
456,339
  
Inventories, net
    
470,272
      
380,143
  
Prepaid expenses and other current assets
    
248,643
      
176,992
  
Total current assets
    
2,283,808
      
1,711,291
  
LONG-TERM ASSETS:
                
   Marketable securities
    
709,571
      
482,228
  
   Deferred tax assets, net
    
33,400
      
27,572
  
   Property, plant and equipment, net
    
489,109
      
410,379
  
   Operating lease right-of-use assets, net
    
58,375
      
47,137
  
   Intangible assets, net
    
50,372
      
58,861
  
   Goodwill
    
116,173
      
129,629
  
   Other long-term assets
    
31,970
      
33,856
  
Total long-term assets
    
1,488,970
      
1,189,662
  
Total assets
  
$
3,772,778
      
2,900,953
  
 LIABILITIES AND STOCKHOLDERS’ EQUITY
                
CURRENT LIABILITIES:
                
Trade payables, net
  
$
253,399
    
$
252,068
  
Employees and payroll accruals
    
68,154
      
74,465
  
Warranty obligations
    
91,761
      
71,480
  
Deferred revenues and customers advances
    
30,460
      
17,789
  
Accrued expenses and other current liabilities
    
168,400
      
109,379
  
Total current liabilities
    
612,174
      
525,181
  
LONG-TERM LIABILITIES:
                
Convertible senior notes, net
    
622,991
      
621,535
  
Warranty obligations
    
232,415
      
193,680
  
Deferred revenues
    
170,235
      
151,556
  
Finance lease liabilities
    
46,680
      
40,508
  
Operating lease liabilities
    
42,849
      
38,912
  
Other long-term liabilities
    
17,902
      
19,542
  
Total long-term liabilities
    
1,133,072
      
1,065,733
  
COMMITMENTS AND CONTINGENT LIABILITIES
                
STOCKHOLDERS’ EQUITY:
                
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of June 30, 2022 and December 31, 2021; issued and outstanding: 55,633,090 and 52,815,395 shares as of June 30, 2022 and December 31, 2021, respectively
    
6
      
5
  
Additional paid-in capital
    
1,418,881
      
687,295
  
Accumulated other comprehensive loss
    
(89,620
)
    
(27,319
)
Retained earnings
    
698,265
      
650,058
  
Total stockholders’ equity
    
2,027,532
      
1,310,039
  
Total liabilities and stockholders’ equity
  
$
3,772,778
    
$
2,900,953
  

SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands, except per share data)

   
Six Months Ended
June 30,
  
   
2022
    
2021
  
Cash flows from operating activities:
            
Net income
  
$
48,207
    
$
75,168
  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                
Depreciation of property, plant and equipment
    
18,861
      
14,008
  
Amortization of intangible assets
    
5,277
      
4,871
  
Amortization of debt discount and debt issuance costs
    
1,456
      
1,450
  
Amortization of premium and accretion of discount on available-for-sale marketable securities, net
    
5,376
      
3,558
  
Impairment of goodwill and intangible assets
    
4,008
      
—
  
Stock-based compensation expenses
    
71,181
      
47,205
  
Deferred income taxes, net
    
(1,092
)
    
(3,931
)
Loss from sale and disposal of assets
    
296
      
2,051
  
Exchange rate fluctuations and other items, net
    
24,666
      
12,983
  
Changes in assets and liabilities:
                
Inventories, net
    
(93,348
)
    
13,229
  
Prepaid expenses and other assets
    
(79,215
)
    
(20,356
)
Trade receivables, net
    
(235,316
)
    
(128,564
)
Trade payables, net
    
(7,339
)
    
(20,120
)
Employees and payroll accruals
    
5,202
      
9,734
  
Warranty obligations
    
59,588
      
27,298
  
Deferred revenues and customers advances
    
32,277
      
4,524
  
Other liabilities, net
    
54,341
      
19,660
  
Net cash provided by (used in) operating activities
    
(85,574
)
    
62,768
  
Cash flows from investing activities:
                
Proceed from sales and maturities of available-for-sale marketable securities
    
126,287
      
103,763
  
Purchase of property, plant and equipment
    
(91,884
)
    
(65,267
)
Investment in available-for-sale marketable securities
    
(362,119
)
    
(422,470
)
Withdrawal from bank deposits, net
    
—
      
46,534
  
Other investing activities
    
1,783
      
1,442
  
Net cash used in investing activities
  
$
(325,933
)
  
$
(335,998
)
Cash flows from financing activities:
                
Proceeds from secondary public offering, net of issuance costs
  
$
650,526
    
$
—
  
Repayment of bank loans
    
—
      
(16,385
)
Proceeds from exercise of stock-based awards
    
1,642
      
5,472
  
Tax withholding in connection with stock-based awards, net
    
(2,318
)
    
(9,668
)
Other financing activities
    
(1,444
)
    
(625
)
Net cash provided by (used in) financing activities
    
648,406
      
(21,206
)
Increase (decrease) in cash and cash equivalents
    
236,899
      
(294,436
)
Cash and cash equivalents at the beginning of the period
    
530,089
      
827,146
  
Effect of exchange rate differences on cash and cash equivalents
    
(21,454
)
    
(8,598
)
Cash and cash equivalents at the end of the period
  
$
745,534
    
$
524,112
  

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)

   
Reconciliation of GAAP to Non-GAAP
  
   
Three months ended
    
Six Months Ended
  
   
June 30,
2022
    
March 31,
2022
    
June 30,
2021
    
June 30,
2022
    
June 30,
2021
  
Gross profit (GAAP)
    
182,642
      
178,958
      
156,192
      
361,600
      
296,266
  
Revenues from finance component
    
(146
)
    
(135
)
    
(99
)
    
(281
)
    
(185
)
Stock-based compensation
    
5,285
      
5,062
      
4,291
      
10,347
      
10,081
  
Disposal of assets related to Critical Power
    
4,314
      
—
      
—
      
4,314
      
—
  
Amortization and depreciation of acquired assets
    
2,185
      
2,219
      
2,401
      
4,404
      
4,713
  
Gross profit (Non-GAAP)
    
194,280
      
186,104
      
162,785
      
380,384
      
310,875
  
                                         
Gross margin (GAAP)
    
25.1
%
    
27.3
%
    
32.5
%
    
26.1
%
    
33.5
%
Revenues from finance component
    
0.0
%
    
0.0
%
    
0.0
%
    
0.0
%
    
0.0
%
Stock-based compensation
    
0.7
%
    
0.8
%
    
0.9
%
    
0.7
%
    
1.1
%
Disposal of assets related to Critical Power
    
0.6
%
    
—
%
    
—
%
    
0.3
%
    
—
%
Amortization and depreciation of acquired assets
    
0.3
%
    
0.3
%
    
0.5
%
    
0.3
%
    
0.5
%
Gross margin (Non-GAAP)
    
26.7
%
    
28.4
%
    
33.9
%
    
27.5
%
    
35.1
%
                                         
Operating expenses (GAAP)
    
146,630
      
128,094
      
100,633
      
274,724
      
196,579
  
Stock-based compensation - R&D
    
(16,819
)
    
(14,985
)
    
(9,805
)
    
(31,804
)
    
(18,603
)
Stock-based compensation - S&M
    
(7,047
)
    
(6,701
)
    
(5,780
)
    
(13,748
)
    
(11,215
)
Stock-based compensation - G&A
    
(7,923
)
    
(7,359
)
    
(4,176
)
    
(15,282
)
    
(7,306
)
Amortization and depreciation of acquired assets - R&D
    
(300
)
    
(303
)
    
(9
)
    
(603
)
    
(21
)
Amortization and depreciation of acquired assets - S&M
    
(226
)
    
(236
)
    
(236
)
    
(462
)
    
(473
)
Amortization and depreciation of acquired assets - G&A
    
(5
)
    
(6
)
    
(7
)
    
(11
)
    
(15
)
Gain (loss) from assets sales and disposal
    
(8
)
    
410
      
—
      
402
      
62
  
Other operating income (expenses)
    
(4,687
)
    
—
      
859
      
(4,687
)
    
(1,350
)
Operating expenses (Non-GAAP)
    
109,615
      
98,914
      
81,479
      
208,529
      
157,658
  
                                         
Operating income (GAAP)
    
36,012
      
50,864
      
55,559
      
86,876
      
99,687
  
Revenues from finance component
    
(146
)
    
(135
)
    
(99
)
    
(281
)
    
(185
)
Disposal of assets related to Critical Power
    
4,314
      
—
      
—
      
4,314
      
—
  
Stock-based compensation
    
37,074
      
34,107
      
24,052
      
71,181
      
47,205
  
Amortization and depreciation of acquired assets
    
2,716
      
2,764
      
2,653
      
5,480
      
5,222
  
Loss (gain) from assets sales and disposal
    
8
      
(410
)
    
—
      
(402
)
    
(62
)
Other operating (income) expenses
    
4,687
      
—
      
(859
)
    
4,687
      
1,350
  
Operating income (Non-GAAP)
    
84,665
      
87,190
      
81,306
      
171,855
      
153,217
  

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)

   
Reconciliation of GAAP to non-GAAP
  
   
Three months ended
    
Six Months Ended
  
   
June 30,
2022
    
March 31,
2022
    
June 30,
2021
    
June 30,
2022
    
June 30,
2021
  
Financial income (expense), net (GAAP)
    
(14,311
)
    
(5,449
)
    
(1,743
)
    
(19,760
)
    
(7,840
)
Notes due 2025
    
728
      
728
      
726
      
1,456
      
1,450
  
Non cash interest
    
1,699
      
1,609
      
1,439
      
3,308
      
2,775
  
Currency fluctuation related to lease standard
    
(9,028
)
    
(1,792
)
    
1,300
      
(10,820
)
    
(989
)
Financial income (expense), net (non-GAAP)
    
(20,912
)
    
(4,904
)
    
1,722
      
(25,816
)
    
(4,604
)
                                         
Income tax benefit (expense) (GAAP)
    
(6,617
)
    
(12,292
)
    
(8,724
)
    
(18,909
)
    
(16,679
)
Deferred taxes
    
(389
)
    
(1,201
)
    
(1,789
)
    
(1,590
)
    
(3,930
)
Income tax benefit (expense) (Non-GAAP)
    
(7,006
)
    
(13,493
)
    
(10,513
)
    
(20,499
)
    
(20,609
)
                                         
Net income (GAAP)
    
15,084
      
33,123
      
45,092
      
48,207
      
75,168
  
Revenues from finance component
    
(146
)
    
(135
)
    
(99
)
    
(281
)
    
(185
)
Disposal of assets related to Critical Power
    
4,314
      
—
      
—
      
4,314
      
—
  
Stock-based compensation
    
37,074
      
34,107
      
24,052
      
71,181
      
47,205
  
Amortization and depreciation of acquired assets
    
2,716
      
2,764
      
2,653
      
5,480
      
5,222
  
Loss (gain) from assets sales and disposal
    
8
      
(410
)
    
—
      
(402
)
    
(62
)
Other operating (income) expenses
    
4,687
      
—
      
(859
)
    
4,687
      
1,350
  
Notes due 2025
    
728
      
728
      
726
      
1,456
      
1,450
  
Non cash interest
    
1,699
      
1,609
      
1,439
      
3,308
      
2,775
  
Currency fluctuation related to lease standard
    
(9,028
)
    
(1,792
)
    
1,300
      
(10,820
)
    
(989
)
Deferred taxes
    
(389
)
    
(1,201
)
    
(1,789
)
    
(1,590
)
    
(3,930
)
Net income (Non-GAAP)
    
56,747
      
68,793
      
72,515
      
125,540
      
128,004
  

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)

   
Reconciliation of GAAP to non-GAAP
  
   
Three months ended
    
Six Months Ended
  
   
June 30,
2022
    
March 31,
2022
    
June 30,
2021
    
June 30,
2022
    
June 30,
2021
  
Net basic earnings per share (GAAP)
    
0.27
      
0.62
      
0.87
      
0.89
      
1.45
  
Revenues from finance component
    
0.00
      
0.00
      
(0.01
)
    
(0.01
)
    
(0.01
)
Disposal of assets related to Critical Power
    
0.08
      
—
      
—
      
0.08
      
—
  
Stock-based compensation
    
0.67
      
0.64
      
0.47
      
1.31
      
0.91
  
Amortization and depreciation of acquired assets
    
0.04
      
0.05
      
0.05
      
0.10
      
0.10
  
Loss (gain) from assets sales and disposal
    
0.00
      
0.00
      
—
      
0.00
      
0.00
  
Other operating (income) expenses
    
0.09
      
—
      
(0.02
)
    
0.08
      
0.03
  
Notes due 2025
    
0.01
      
0.01
      
0.01
      
0.03
      
0.03
  
Non cash interest
    
0.03
      
0.03
      
0.03
      
0.06
      
0.05
  
Currency fluctuation related to lease standard
    
(0.16
)
    
(0.03
)
    
0.03
      
(0.20
)
    
(0.02
)
Deferred taxes
    
(0.01
)
    
(0.03
)
    
(0.04
)
    
(0.03
)
    
(0.07
)
Net basic earnings per share (Non-GAAP)
    
1.02
      
1.29
      
1.39
      
2.31
      
2.47
  
                                         
Net diluted earnings per share (GAAP)
    
0.26
      
0.60
      
0.82
      
0.86
      
1.36
  
Revenues from finance component
    
0.00
      
0.00
      
(0.01
)
    
(0.01
)
    
0.00
  
Disposal of assets related to Critical Power
    
0.08
      
—
      
—
      
0.08
      
—
  
Stock-based compensation
    
0.62
      
0.58
      
0.42
      
1.20
      
0.81
  
Amortization and depreciation of acquired assets
    
0.04
      
0.05
      
0.04
      
0.10
      
0.09
  
Loss (gain) from assets sales and disposal
    
0.00
      
(0.01
)
    
—
      
(0.01
)
    
0.00
  
Other operating (income) expenses
    
0.08
      
—
      
(0.01
)
    
0.08
      
0.03
  
Notes due 2025
    
0.00
      
0.01
      
0.00
      
0.01
      
0.00
  
Non cash interest
    
0.03
      
0.02
      
0.03
      
0.05
      
0.05
  
Currency fluctuation related to lease standard
    
(0.15
)
    
(0.03
)
    
0.02
      
(0.18
)
    
(0.01
)
Deferred taxes
    
(0.01
)
    
(0.02
)
    
(0.03
)
    
(0.03
)
    
(0.07
)
Net diluted earnings per share (Non-GAAP)
    
0.95
      
1.20
      
1.28
      
2.15
      
2.26
  
                                         
Number of shares used in computing net diluted earnings per share (GAAP)
    
58,564,734
      
56,315,193
      
55,930,562
      
57,446,416
      
55,965,369
  
Stock-based compensation
    
904,781
      
927,219
      
780,309
      
916,000
      
773,248
  
Number of shares used in computing net diluted earnings per share (Non-GAAP)
    
59,469,515
      
57,242,412
      
56,710,871
      
58,362,416
      
56,738,617
  

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Document and Entity Information
Aug. 02, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 02, 2022
Entity Registrant Name SOLAREDGE TECHNOLOGIES, INC
Entity Incorporation, State or Country Code DE
Entity File Number 001-36894
Entity Tax Identification Number 20-5338862
Entity Address, Address Line One 1 Hamada Street
Entity Address, City or Town Herziliya Pituach
Entity Address, Country IL
Entity Address, Postal Zip Code 4673335
City Area Code 9
Local Phone Number 957-6620
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001419612
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol SEDG
Security Exchange Name NASDAQ
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