0001178913-23-001710.txt : 20230505 0001178913-23-001710.hdr.sgml : 20230505 20230505114759 ACCESSION NUMBER: 0001178913-23-001710 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230503 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230505 DATE AS OF CHANGE: 20230505 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-36894 FILM NUMBER: 23892176 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/A 1 zk2329657.htm 8-K/A
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K/A
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported):  May 3, 2023
 
 
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
The 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 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

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.

Note: This amendment to the current report on Form 8-K dated May 3, 2023, is made to correct certain inadvertent typographical errors in the GAAP to Non-GAAP supplemental tables attached to the press release attached to the original 8-K filed by SolarEdge Technologies Inc. (the “Company”), as noted in the attached corrected press release issued on May 5, 2023. These typographical errors do not change the Company’s actual results as reported in the original press release.

On May 5, 2023, the Company issued a press release announcing its financial results for the first quarter ended March 31, 2023, and certain other information. A copy of the Company's press release, as corrected, is attached as Exhibit 99.1 to this report and incorporated 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: May 5, 2023
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 First Quarter 2023 Financial Results

MILPITAS, Calif. — May 3, 2023. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2023.
 
First Quarter 2023 Highlights
 

 •
Record revenues of $943.9 million
 

 •
Record revenues from solar segment of $908.5 million
 

 •
GAAP gross margin of 31.8%
 

 •
Non-GAAP gross margin of 32.6%
 

 •
Gross margin from solar segment of 35.0%
 

 •
Record GAAP operating income of $144.2 million
 

 •
Record non-GAAP operating income of $183.8 million
 

 •
Record GAAP net income of $138.4 million
 

 •
Record non-GAAP net income of $174.5 million
 

 •
Record GAAP net diluted earnings per share (“EPS”) of $2.35
 

 •
Record non-GAAP net diluted EPS of $2.90
 

 •
3.6 Gigawatts (AC) of inverters shipped
 

 •
221 MWh of batteries shipped
 
“We are pleased with our first quarter results reflecting our strong global presence and execution capabilities,” said Zvi Lando, Chief Executive Officer of SolarEdge. “Our diverse geographic and segmental footprint enables us to continue to grow revenues without being overly dependent on any single market or segment. As we see supply chain challenges gradually improving, we remain focused on execution and efficiencies to continue and drive margins and profitability higher.”

First Quarter 2023 Summary

The Company reported record revenues of $943.9 million, up 6% from $890.7 million in the prior quarter and up 44% from $655.1 million in the same quarter last year.
 
Revenues from the solar segment were a record $908.5 million, up 9% from $837.0 million in the prior quarter and up 49% from $608.0 million in the same quarter last year.
 
GAAP gross margin was 31.8%, up from 29.3% in the prior quarter and up from 27.3% in the same quarter last year.
 
Non-GAAP gross margin was 32.6%, up from 30.2% in the prior quarter and up from 28.4% in the same quarter last year.
 
Gross margin from the solar segment was 35%, up from 32.4% in the prior quarter and up from 30.2% in the same quarter last year.
 
GAAP operating expenses were $156.0 million, down 41% from $266.2 million in the prior quarter and up 22% from $128.1 million in the same quarter last year.
 
Non-GAAP operating expenses were $123.6 million, up 4% from $119.0 million in the prior quarter and up 25% from $98.9 million in the same quarter last year.
 
GAAP operating income was a record $144.2 million, up from an operating loss of $5.2 million in the prior quarter and up from operating income of $50.9 million in the same quarter last year.
 
Non-GAAP operating income was a record $183.8 million, up 23% from $149.6 million in the prior quarter and up 111% from $87.2 million in the same quarter last year.
 
GAAP net income was a record $138.4 million, up 564% from $20.8 million in the prior quarter and up 318% from $33.1 million in the same quarter last year.
 
Non-GAAP net income was a record $174.5 million, up 2% from $171.5 million in the prior quarter and up 154% from $68.8 million in the same quarter last year.
 
GAAP net diluted EPS was a record $2.35, up from $0.36 in the prior quarter and up from $0.60 in the same quarter last year.
 
Non-GAAP net diluted EPS was a record $2.90, up from $2.86 in the prior quarter and up from $1.20 in the same quarter last year.
 
Cash flow from operating activities was $7.9 million, down from $111.3 million in the prior quarter and up from $163.0 million used in operating activities in the same quarter last year.
 
As of March 31, 2023, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $1.01 billion, net of debt, compared to $1.04 billion on December 31, 2022.
 
Outlook for the Second Quarter 2023
 
The Company also provides guidance for the second quarter ending June 30, 2023 as follows:


 •
Revenues to be within the range of $970 million to $1,010 million


•
Non-GAAP gross margin expected to be within the range of 32% to 35%


•
Non-GAAP operating profit to be within the range of $195 million to $215 million


•
Revenues from the solar segment to be within the range of $930 million to $980 million


•
Gross margin from the solar segment expected to be within the range of 34% to 37%

Conference Call
 
The Company will host a conference call to discuss these results at 4:30 p.m. ET on Wednesday, May 3, 2023. The call will be available, live, to interested parties by dialing 800-895-3361. For international callers, please dial +1 785-424-1062. The Conference ID is SEDG.  To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com
 
A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge
 
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com
 
Use of Non-GAAP Financial Measures
 
The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
 
The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

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

Forward-looking statements are only predictions based on our current expectations and our projections about future events.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements.  These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 22, 2023 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 May 3, 2023.  The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Contacts
SolarEdge Technologies, Inc.
JB Lowe, Head of Investor Relations
investors@solaredge.com

Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
investors@solaredge.com

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

   
Three Months Ended
March 31,
  
   
2023
    
2022
  
   
Unaudited
  
Revenues
  
$
943,889
    
$
655,080
  
Cost of revenues
    
643,763
      
476,122
  
Gross profit
    
300,126
      
178,958
  
Operating expenses:
                
Research and development
    
79,873
      
66,349
  
Sales and marketing
    
40,966
      
35,316
  
General and administrative
    
36,567
      
26,429
  
Other operating income, net
    
(1,434
)
    
—
  
Total operating expenses
    
155,972
      
128,094
  
Operating income
    
144,154
      
50,864
  
Financial income (expense), net
    
23,674
      
(4,605
)
Other loss
    
(125
)
    
(844
)
Income before income taxes
    
167,703
      
45,415
  
Income taxes
    
29,325
      
12,292
  
Net income
  
$
138,378
    
$
33,123
  

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

   
March 31,
2023
    
December 31,
2022
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
727,849
    
$
783,112
  
Marketable securities
    
410,820
      
241,117
  
Trade receivables, net of allowances of $4,422 and $3,202, respectively
    
969,543
      
905,146
  
Inventories, net
    
874,212
      
729,201
  
Prepaid expenses and other current assets
    
259,642
      
241,082
  
Total current assets
    
3,242,066
      
2,899,658
  
LONG-TERM ASSETS:
                
   Marketable securities
    
509,127
      
645,491
  
   Deferred tax assets, net
    
46,612
      
44,153
  
   Property, plant and equipment, net
    
556,138
      
543,969
  
   Operating lease right-of-use assets, net
    
69,710
      
62,754
  
   Intangible assets, net
    
17,933
      
19,929
  
   Goodwill
    
29,934
      
31,189
  
   Other long-term assets
    
24,906
      
18,806
  
Total long-term assets
    
1,254,360
      
1,366,291
  
Total assets
  
$
4,496,426
    
$
4,265,949
  
 LIABILITIES AND STOCKHOLDERS’ EQUITY
                
CURRENT LIABILITIES:
                
Trade payables, net
    
408,523
      
459,831
  
Employees and payroll accruals
    
90,853
      
85,158
  
Warranty obligations
    
129,278
      
103,975
  
Deferred revenues and customers advances
    
27,507
      
26,641
  
Accrued expenses and other current liabilities
    
243,881
      
214,112
  
Total current liabilities
    
900,042
      
889,717
  
LONG-TERM LIABILITIES:
                
Convertible senior notes, net
    
625,182
      
624,451
  
Warranty obligations
    
313,693
      
281,082
  
Deferred revenues
    
196,917
      
186,936
  
Finance lease liabilities
    
43,711
      
45,385
  
Operating lease liabilities
    
50,855
      
46,256
  
Other long-term liabilities
    
15,232
      
15,756
  
Total long-term liabilities
    
1,245,590
      
1,199,866
  
COMMITMENTS AND CONTINGENT LIABILITIES
                
STOCKHOLDERS’ EQUITY:
                
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2023 and December 31, 2022; issued and outstanding: 56,343,164 and 56,133,404 shares as of March 31, 2023 and December 31, 2022, respectively
    
6
      
6
  
Additional paid-in capital
    
1,545,777
      
1,505,632
  
Accumulated other comprehensive loss
    
(77,204
)
    
(73,109
)
Retained earnings
    
882,215
      
743,837
  
Total stockholders’ equity
    
2,350,794
      
2,176,366
  
Total liabilities and stockholders’ equity
  
$
4,496,426
    
$
4,265,949
  

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

   
Three Months Ended
March 31,
  
   
2023
    
2022
  
Cash flows from operating activities:
            
Net income
  
$
138,378
    
$
33,123
  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                
Depreciation and amortization
    
13,464
      
11,660
  
Stock-based compensation expenses
    
39,235
      
34,107
  
Deferred income taxes, net
    
(3,930
)
    
(1,034
)
Loss (gain) from exchange rate fluctuations
    
(20,441
)
    
1,725
  
Other items
    
2,810
      
4,167
  
Changes in assets and liabilities:
                
Inventories, net
    
(141,521
)
    
(51,323
)
Prepaid expenses and other assets
    
(20,591
)
    
(17,163
)
Trade receivables, net
    
(55,002
)
    
(224,865
)
Trade payables, net
    
(50,410
)
    
(28,045
)
Employees and payroll accruals
    
10,227
      
9,246
  
Warranty obligations
    
57,864
      
27,629
  
Deferred revenues and customers advances
    
9,325
      
15,029
  
Accrued expenses and other liabilities, net
    
28,515
      
22,755
  
Net cash provided by (used in) operating activities
    
7,923
      
(162,989
)
Cash flows from investing activities:
                
Proceed from sales and maturities of available-for-sale marketable securities
    
11,597
      
53,096
  
Purchase of property, plant and equipment
    
(38,338
)
    
(43,210
)
Investment in available-for-sale marketable securities
    
(38,979
)
    
(26,712
)
Investment in a privately-held company
    
(5,500
)
    
—
  
Other investing activities
    
3,440
      
1,692
  
Net cash used in investing activities
    
(67,780
)
    
(15,134
)
Cash flows from financing activities:
                
Proceeds from secondary public offering, net of issuance costs
    
—
      
650,526
  
Proceeds from exercise of stock-based awards
    
75
      
1,478
  
Tax withholding in connection with stock-based awards, net
    
(4,541
)
    
822
  
Other financing activities
    
(756
)
    
(491
)
Net cash provided by (used in) financing activities
    
(5,222
)
    
652,335
  
Increase (decrease) in cash and cash equivalents
    
(65,079
)
    
474,212
  
Cash and cash equivalents at the beginning of the period
    
783,112
      
530,089
  
Effect of exchange rate differences on cash and cash equivalents
    
9,816
      
(1,529
)
Cash and cash equivalents at the end of the period
    
727,849
      
1,002,772
  

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

Corrective note: certain additions and subtractions in the reconciliation table were inadvertently reported as the reverse direction

   
Reconciliation of GAAP to Non-GAAP
  
   
Three Months Ended
  
   
March 31,
2023
    
December 31,
2022
    
March 31,
2022
  
Gross profit (GAAP)
  
$
300,126
    
$
261,047
    
$
178,958
  
Revenues from finance component
    
(187
)
    
(174
)
    
(135
)
Stock-based compensation
    
5,927
      
6,810
      
5,062
  
Amortization and depreciation of acquired assets
    
1,515
      
961
      
2,219
  
Gross profit (Non-GAAP)
  
$
307,381
    
$
268,644
    
$
186,104
  
                         
Gross margin (GAAP)
    
31.8
%
    
29.3
%
    
27.3
%
Revenues from finance component
    
0.0
%
    
0.0
%
    
0.0
%
Stock-based compensation
    
0.6
%
    
0.8
%
    
0.8
%
Amortization and depreciation of acquired assets
    
0.2
%
    
0.1
%
    
0.3
%
Gross margin (Non-GAAP)
    
32.6
%
    
30.2
%
    
28.4
%
                         
Operating expenses (GAAP)
  
$
155,972
    
$
266,210
    
$
128,094
  
Stock-based compensation - R&D
    
(17,209
)
    
(16,854
)
    
(14,985
)
Stock-based compensation - S&M
    
(8,079
)
    
(7,928
)
    
(6,701
)
Stock-based compensation - G&A
    
(8,020
)
    
(7,015
)
    
(7,359
)
Amortization and depreciation of acquired assets - R&D
    
(313
)
    
(301
)
    
(303
)
Amortization and depreciation of acquired assets - S&M
    
(181
)
    
(173
)
    
(236
)
Amortization and depreciation of acquired assets - G&A
    
(26
)
    
(4
)
    
(6
)
Assets impairment
    
—
      
(114,473
)
    
—
  
Gain (loss) from assets sales and disposal
    
(412
)
    
(93
)
    
410
  
Other items
    
1,846
      
(359
)
    
—
  
Operating expenses (Non-GAAP)
  
$
123,578
    
$
119,010
    
$
98,914
  


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
  
   
March 31,
2023
    
December 31,
2022
    
March 31,
2022
  
Operating income (loss) (GAAP)
  
$
144,154
    
$
(5,163
)
  
$
50,864
  
Revenues from finance component
    
(187
)
    
(174
)
    
(135
)
Stock-based compensation
    
39,235
      
38,607
      
34,107
  
Amortization and depreciation of acquired assets
    
2,035
      
1,439
      
2,764
  
Assets impairment
    
—
      
114,473
      
—
  
Loss (gain) from assets sales and disposal
    
412
      
93
      
(410
)
Other items
    
(1,846
)
    
359
      
—
  
Operating income (Non-GAAP)
  
$
183,803
    
$
149,634
    
$
87,190
  
                         
Financial income (expense), net (GAAP)
  
$
23,674
    
$
56,101
    
$
(5,449
)
Notes due 2025
    
731
      
730
      
728
  
Non cash interest
    
2,161
      
1,955
      
1,609
  
Unrealized losses (gains)
    
—
      
(170
)
    
—
  
Currency fluctuation related to lease standard
    
(2,519
)
    
749
      
(1,792
)
Financial income (expense), net (Non-GAAP)
  
$
24,047
    
$
59,365
    
$
(4,904
)
                         
Other income (loss) (GAAP)
  
$
(125
)
  
$
186
    
$
—
  
Gain from sale of investment in privately-held company
    
—
      
(186
)
    
—
  
Other income (loss) (Non-GAAP)
  
$
(125
)
  
$
—
    
$
—
  
                         
Income tax benefit (expense) (GAAP)
  
$
(29,325
)
  
$
(30,295
)
  
$
(12,292
)
Income tax adjustment
    
(3,901
)
    
(7,186
)
    
(1,201
)
Income tax benefit (expense) (Non-GAAP)
  
$
(33,226
)
  
$
(37,481
)
  
$
(13,493
)

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
  
   
March 31,
2023
    
December 31,
2022
    
March 31,
2022
  
Net income (GAAP)
  
$
138,378
    
$
20,829
    
$
33,123
  
Revenues from finance component
    
(187
)
    
(174
)
    
(135
)
Stock-based compensation
    
39,235
      
38,607
      
34,107
  
Amortization and depreciation of acquired assets
    
2,035
      
1,439
      
2,764
  
Assets impairment
    
—
      
114,473
      
—
  
Loss (gain) from assets sales and disposal
    
412
      
93
      
(410
)
Other items
    
(1,846
)
    
359
      
—
  
Notes due 2025
    
731
      
730
      
728
  
Non cash interest
    
2,161
      
1,955
      
1,609
  
Unrealized losses (gains)
    
—
      
(170
)
    
—
  
Currency fluctuation related to lease standard
    
(2,519
)
    
749
      
(1,792
)
Gain from sale of investment in privately-held company
    
—
      
(186
)
    
—
  
Income tax adjustment
    
(3,901
)
    
(7,186
)
    
(1,201
)
Net income (Non-GAAP)
  
$
174,499
    
$
171,518
    
$
68,793
  
                         
Net basic earnings per share (GAAP)
  
$
2.46
    
$
0.37
    
$
0.62
  
Revenues from finance component
    
0.00
      
0.00
      
0.00
  
Stock-based compensation
    
0.70
      
0.69
      
0.64
  
Amortization and depreciation of acquired assets
    
0.03
      
0.02
      
0.05
  
Assets impairment
    
—
      
2.05
      
—
  
Loss (gain) from assets sales and disposal
    
0.01
      
0.00
      
0.00
  
Other items
    
(0.03
)
    
0.01
      
—
  
Notes due 2025
    
0.01
      
0.01
      
0.01
  
Non cash interest
    
0.04
      
0.04
      
0.03
  
Unrealized losses (gains)
    
—
      
(0.01
)
    
—
  
Currency fluctuation related to lease standard
    
(0.05
)
    
0.02
      
(0.03
)
Gain from sale of investment in privately-held company
    
—
      
(0.01
)
    
—
  
Income tax adjustment
    
(0.07
)
    
(0.13
)
    
(0.03
)
Net basic earnings per share (Non-GAAP)
  
$
3.10
    
$
3.06
    
$
1.29
  

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
  
   
March 31,
2023
    
December 31,
2022
    
March 31,
2022
  
Net diluted earnings per share (GAAP)
  
$
2.35
    
$
0.36
    
$
0.60
  
Revenues from finance component
    
(0.01
)
    
0.00
      
0.00
  
Stock-based compensation
    
0.62
      
0.64
      
0.58
  
Amortization and depreciation of acquired assets
    
0.03
      
0.02
      
0.05
  
Assets impairment
    
—
      
1.91
      
—
  
Loss (gain) from assets sales and disposal
    
0.01
      
0.00
      
0.00
  
Other items
    
(0.03
)
    
0.01
      
(0.01
)
Notes due 2025
    
0.00
      
0.00
      
0.01
  
Non cash interest
    
0.04
      
0.03
      
0.02
  
Unrealized losses (gains)
    
—
      
0.00
      
—
  
Currency fluctuation related to lease standard
    
(0.04
)
    
0.01
      
(0.03
)
Gain from sale of investment in privately-held company
    
—
      
0.00
      
—
  
Income tax adjustment
    
(0.07
)
    
(0.12
)
    
(0.02
)
Net diluted earnings per share (Non-GAAP)
  
$
2.90
    
$
2.86
    
$
1.20
  
                         
Number of shares used in computing net diluted earnings per share (GAAP)
    
59,193,831
      
58,734,719
      
56,315,193
  
Stock-based compensation
    
939,571
      
1,237,266
      
927,219
  
Number of shares used in computing net diluted earnings per share (Non-GAAP)
    
60,133,402
      
59,971,985
      
57,242,412
  

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Document and Entity Information
May 03, 2023
Cover [Abstract]  
Document Type 8-K/A
Amendment Flag false
Document Period End Date May 03, 2023
Entity File Number 001-36894
Entity Registrant Name SOLAREDGE TECHNOLOGIES, INC
Entity Central Index Key 0001419612
Entity Incorporation, State or Country Code DE
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
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol SEDG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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