0001178913-23-002658.txt : 20230801 0001178913-23-002658.hdr.sgml : 20230801 20230801161158 ACCESSION NUMBER: 0001178913-23-002658 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230801 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230801 DATE AS OF CHANGE: 20230801 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: 231131816 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 zk2330076.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 1, 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
 
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))
 
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 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 1, 2023, SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2023. 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 1, 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 Second Quarter 2023 Financial Results
 
MILPITAS, Calif. — August 1, 2023. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2023.
 
Second Quarter 2023 Highlights
 

 •
Record revenues of $991.3 million
 

 •
Record revenues from solar segment of $947.4 million
 

 •
GAAP gross margin of 32.0%
 

 •
Non-GAAP gross margin* of 32.7%
 

 •
Gross margin from solar segment of 34.7%
 

 •
Record GAAP operating income of $150.4 million
 

 •
Record non-GAAP operating income* of $191.0 million
 

 •
GAAP net income of $119.5 million
 

 •
Non-GAAP net income* of $157.4 million
 

 •
GAAP net diluted earnings per share (“EPS”) of $2.03
 

 •
Non-GAAP net diluted EPS* of $2.62
 

 •
Record 4.3 Gigawatts (AC) of inverters shipped
 

 •
269 MWh of batteries shipped
 
“We are pleased with our results for the second quarter, in particular our strong performance in Europe in both the residential and commercial solar segments. While the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates, we are navigating through this period by leveraging our geographic and multi-segment strengths in the solar markets and expect to benefit from the positive long-term outlook for this sector,” said Zvi Lando, Chief Executive Officer of SolarEdge.

Second Quarter 2023 Summary
 
The Company reported record revenues of $991.3 million, up 5% from $943.9 million in the prior quarter and up 36% from $727.8 million in the same quarter last year.

Revenues from the solar segment were a record $947.4 million, up 4% from $908.5 million in the prior quarter and up 38% from $687.6 million in the same quarter last year.
 
GAAP gross margin was 32.0%, up from 31.8% in the prior quarter and up from 25.1% in the same quarter last year.
 
Non-GAAP gross margin* was 32.7%, up slightly from 32.6% in the prior quarter and up from 26.7% in the same quarter last year.
 
Gross margin from the solar segment was 34.7%, down slightly from 35.0% in the prior quarter and up from 28.1% in the same quarter last year.
 
GAAP operating expenses were $166.9 million, up 7% from $156.0 million in the prior quarter and up 14% from $146.6 million in the same quarter last year.
 
Non-GAAP operating expenses* were $133.3 million, up 8% from $123.6 million in the prior quarter and up 22% from $109.6 million in the same quarter last year.
 
GAAP operating income was a record $150.4 million, up 4% from $144.2 million in the prior quarter and up 318% from $36.0 million in the same quarter last year.
 
Non-GAAP operating income* was a record $191.0 million, up 4% from $183.8 million in the prior quarter and up 126% from $84.7 million in the same quarter last year.
 
GAAP net income was $119.5 million, down 14% from $138.4 million in the prior quarter and up 692% from $15.1 million in the same quarter last year.
 
Non-GAAP net income* was $157.4 million, down 10% from $174.5 million in the prior quarter and up 177% from $56.7 million in the same quarter last year.
 
GAAP net diluted EPS was $2.03, down from $2.35 in the prior quarter and up from $0.26 in the same quarter last year.
 
Non-GAAP net diluted EPS* was $2.62, down from $2.90 in the prior quarter and up from $0.95 in the same quarter last year.
 
Cash used in operating activities was $88.7 million, compared with $7.9 million generated from operating activities in the prior quarter and $77.4 million generated from operating activities in the same quarter last year.
 
As of June 30, 2023, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $853.5 million, net of debt, compared to $1.01 billion on March 31, 2023.
 
Outlook for the Third Quarter 2023
 
The Company also provides guidance for the third quarter ending September 30, 2023 as follows:
 

 •
Revenues to be within the range of $880 million to $920 million
 

 •
Non-GAAP gross margin** expected to be within the range of 28% to 31%
 

 •
Non-GAAP operating income** to be within the range of $115 million to $135 million
 

 •
Revenues from the solar segment to be within the range of $850 million to $890 million
 

 •
Gross margin from the solar segment expected to be within the range of 30% to 33%
 
______________________________________________________________________________
 
* Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
 
**Non-GAAP gross margin and Non-GAAP operating income are non-GAAP financial measures and have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating income are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.
 
Conference Call
 
The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, August 1, 2023. The call will be available, live, to interested parties by dialing 877-888-4294. For international callers, please dial +1 785-424-1881. 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 Non-GAAP measures are presented in this press release because we believe that they provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.
 
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 August 1, 2023.  The Company undertakes no duty or obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
 
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
June 30,
    
Six Months Ended
June 30,
  
   
2023
    
2022
    
2023
    
2022
  
   
Unaudited
  
Revenues
  
$
991,290
    
$
727,774
    
$
1,935,179
    
$
1,382,854
  
Cost of revenues
    
673,985
      
545,132
      
1,317,748
      
1,021,254
  
Gross profit
    
317,305
      
182,642
      
617,431
      
361,600
  
Operating expenses:
                                
Research and development
    
86,526
      
74,847
      
166,399
      
141,196
  
Sales and marketing
    
44,222
      
38,975
      
85,188
      
74,291
  
General and administrative
    
36,199
      
28,121
      
72,766
      
54,550
  
Other operating expense (income), net
    
—
      
4,687
      
(1,434
)
    
4,687
  
Total operating expenses
    
166,947
      
146,630
      
322,919
      
274,724
  
Operating income
    
150,358
      
36,012
      
294,512
      
86,876
  
Financial income (expense), net
    
3,384
      
(14,311
)
    
27,058
      
(18,916
)
Other loss
    
—
      
—
      
(125
)
    
(844
)
Income before income taxes
    
153,742
      
21,701
      
321,445
      
67,116
  
Income taxes
    
34,232
      
6,617
      
63,557
      
18,909
  
Net income
  
$
119,510
    
$
15,084
    
$
257,888
    
$
48,207
  

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

   
June 30,
2023
    
December 31,
2022
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
557,744
    
$
783,112
  
Marketable securities
    
493,176
      
241,117
  
Trade receivables, net of allowances of $6,890 and $3,202, respectively
    
1,149,820
      
905,146
  
Inventories, net
    
984,194
      
729,201
  
Prepaid expenses and other current assets
    
264,188
      
241,082
  
Total current assets
    
3,449,122
      
2,899,658
  
LONG-TERM ASSETS:
                
   Marketable securities
    
435,800
      
645,491
  
   Deferred tax assets, net
    
49,993
      
44,153
  
   Property, plant and equipment, net
    
580,503
      
543,969
  
   Operating lease right-of-use assets, net
    
66,387
      
62,754
  
   Intangible assets, net
    
43,656
      
19,929
  
   Goodwill
    
42,332
      
31,189
  
   Other long-term assets
    
28,772
      
18,806
  
Total long-term assets
    
1,247,443
      
1,366,291
  
Total assets
  
$
4,696,565
    
$
4,265,949
  
 LIABILITIES AND STOCKHOLDERS’ EQUITY
                
CURRENT LIABILITIES:
                
Trade payables, net
    
434,602
      
459,831
  
Employees and payroll accruals
    
74,709
      
85,158
  
Warranty obligations
    
146,150
      
103,975
  
Deferred revenues and customers advances
    
28,135
      
26,641
  
Accrued expenses and other current liabilities
    
214,133
      
214,112
  
Total current liabilities
    
897,729
      
889,717
  
LONG-TERM LIABILITIES:
                
Convertible senior notes, net
    
625,914
      
624,451
  
Warranty obligations
    
342,437
      
281,082
  
Deferred revenues
    
204,693
      
186,936
  
Finance lease liabilities
    
42,208
      
45,385
  
Operating lease liabilities
    
47,046
      
46,256
  
Other long-term liabilities
    
16,349
      
15,756
  
Total long-term liabilities
    
1,278,647
      
1,199,866
  
COMMITMENTS AND CONTINGENT LIABILITIES
                
STOCKHOLDERS’ EQUITY:
                
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of June 30, 2023 and December 31, 2022; issued and outstanding: 56,556,340 and 56,133,404 shares as of June 30, 2023 and December 31, 2022, respectively
    
6
      
6
  
Additional paid-in capital
    
1,595,890
      
1,505,632
  
Accumulated other comprehensive loss
    
(77,432
)
    
(73,109
)
Retained earnings
    
1,001,725
      
743,837
  
Total stockholders’ equity
    
2,520,189
      
2,176,366
  
Total liabilities and stockholders’ equity
  
$
4,696,565
    
$
4,265,949
  

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

   
Six Months Ended
June 30,
  
   
2023
    
2022
  
Cash flows from operating activities:
            
Net income
  
$
257,888
    
$
48,207
  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                
Depreciation and amortization
    
26,725
      
24,138
  
Loss (gain) from exchange rate fluctuations
    
(23,214
)
    
20,398
  
Stock-based compensation expenses
    
78,200
      
71,181
  
Impairment of goodwill and intangible assets
    
—
      
4,008
  
Deferred income taxes, net
    
(7,636
)
    
(1,092
)
Other items
    
4,783
      
11,396
  
Changes in assets and liabilities:
                
Inventories, net
    
(246,193
)
    
(93,348
)
Prepaid expenses and other assets
    
(33,285
)
    
(79,215
)
Trade receivables, net
    
(235,086
)
    
(235,316
)
Trade payables, net
    
(22,304
)
    
(7,339
)
Employees and payroll accruals
    
8,283
      
5,202
  
Warranty obligations
    
103,524
      
59,588
  
Deferred revenues and customers advances
    
17,222
      
32,277
  
Accrued expenses and other liabilities, net
    
(9,695
)
    
54,341
  
Net cash used in operating activities
    
(80,788
)
    
(85,574
)
Cash flows from investing activities:
                
Investment in available-for-sale marketable securities
    
(124,138
)
    
(362,119
)
Proceed from sales and maturities of available-for-sale marketable securities
    
86,813
      
126,287
  
Purchase of property, plant and equipment
    
(84,075
)
    
(91,884
)
Business combinations, net of cash acquired
    
(16,653
)
    
—
  
Purchase of intangible assets
    
(10,000
)
    
—
  
Investment in privately-held companies
    
(6,750
)
    
—
  
Proceed from government grants in relation to capital expenditures
    
6,797
      
—
  
Other investing activities
    
3,552
      
1,783
  
Net cash used in investing activities
    
(144,454
)
    
(325,933
)
Cash flows from financing activities:
                
Tax withholding in connection with stock-based awards, net
    
(8,811
)
    
(2,318
)
Payment of finance lease liability
    
(1,428
)
    
(1,374
)
Proceeds from secondary public offering, net of issuance costs
    
—
      
650,526
  
Other financing activities
    
98
      
1,572
  
Net cash provided by (used in) financing activities
    
(10,141
)
    
648,406
  
Increase (decrease) in cash and cash equivalents
    
(235,383
)
    
236,899
  
Cash and cash equivalents at the beginning of the period
    
783,112
      
530,089
  
Effect of exchange rate differences on cash and cash equivalents
    
10,015
      
(21,454
)
Cash and cash equivalents at the end of the period
    
557,744
      
745,534
  

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

   
Reconciliation of GAAP to Non-GAAP
  
     
Q2-22
      
Q3-22
      
Q4-22
      
Q1-23
      
Q2-23
  
Gross profit (GAAP)
  
$
182,642
    
$
222,001
    
$
261,047
    
$
300,126
    
$
317,305
  
Revenues from finance component
    
(146
)
    
(159
)
    
(174
)
    
(187
)
    
(202
)
Stock-based compensation
    
5,286
      
4,661
      
6,810
      
5,927
      
5,923
  
Amortization of stock-based compensation capitalized in inventories
    
—
      
—
      
—
      
—
      
316
  
Disposal of assets related to Critical Power
    
4,314
      
—
      
—
      
—
      
—
  
Amortization and depreciation of acquired asset
    
2,184
      
2,064
      
961
      
1,515
      
872
  
Gross profit (Non-GAAP)
  
$
194,280
    
$
228,567
    
$
268,644
    
$
307,381
    
$
324,214
  
                                         
Gross margin (GAAP)
    
25.1
%
    
26.5
%
    
29.3
%
    
31.8
%
    
32.0
%
Revenues from finance component
    
0.0
%
    
0.0
%
    
0.0
%
    
0.0
%
    
0.0
%
Stock-based compensation
    
0.7
%
    
0.6
%
    
0.8
%
    
0.6
%
    
0.6
%
Amortization of stock-based compensation capitalized in inventories
    
—
%
    
—
%
    
—
%
    
—
%
    
0.0
%
Disposal of assets related to Critical Power
    
0.6
%
    
—
%
    
—
%
    
—
%
    
—
%
Amortization and depreciation of acquired assets
    
0.3
%
    
0.2
%
    
0.1
%
    
0.2
%
    
0.1
%
Gross margin (Non-GAAP)
    
26.7
%
    
27.3
%
    
30.2
%
    
32.6
%
    
32.7
%
                                         
Operating expenses (GAAP)
  
$
146,630
    
$
137,594
    
$
266,210
    
$
155,972
    
$
166,947
  
Stock-based compensation - R&D
    
(16,819
)
    
(14,553
)
    
(16,854
)
    
(17,209
)
    
(17,272
)
Stock-based compensation - S&M
    
(7,047
)
    
(9,341
)
    
(7,928
)
    
(8,079
)
    
(7,822
)
Stock-based compensation - G&A
    
(7,922
)
    
(7,196
)
    
(7,015
)
    
(8,020
)
    
(7,948
)
Amortization and depreciation of acquired assets - R&D
    
(300
)
    
(302
)
    
(301
)
    
(313
)
    
(289
)
Amortization and depreciation of acquired assets - S&M
    
(226
)
    
(187
)
    
(173
)
    
(181
)
    
(235
)
Amortization and depreciation of acquired assets - G&A
    
(5
)
    
(6
)
    
(4
)
    
(26
)
    
17
  
Assets impairment
    
(4,696
)
    
19
      
(114,473
)
    
—
      
—
  
Gain (loss) from assets sales and disposal
    
—
      
2,303
      
(102
)
    
1,434
      
—
  
Acquisition costs
    
—
      
—
      
(350
)
    
—
      
(135
)
Operating expenses (Non-GAAP)
  
$
109,615
    
$
108,331
    
$
119,010
    
$
123,578
    
$
133,263
  
                                         

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

   
Reconciliation of GAAP to Non-GAAP
  
     
Q2-22
      
Q3-22
      
Q4-22
      
Q1-23
      
Q2-23
  
Operating income (loss) (GAAP)
  
$
36,012
    
$
84,407
    
$
(5,163
)
  
$
144,154
    
$
150,358
  
Revenues from finance component
    
(146
)
    
(159
)
    
(174
)
    
(187
)
    
(202
)
Disposal of assets related to Critical Power
    
4,314
      
—
      
—
      
—
      
—
  
Stock-based compensation
    
37,074
      
35,751
      
38,607
      
39,235
      
38,965
  
Amortization of stock-based compensation capitalized in inventories
    
—
      
—
      
—
      
—
      
316
  
Amortization and depreciation of acquired assets
    
2,715
      
2,559
      
1,439
      
2,035
      
1,379
  
Assets impairment
    
4,696
      
(19
)
    
114,473
      
—
      
—
  
Loss (gain) from assets sales and disposal
    
—
      
(2,303
)
    
102
      
(1,434
)
    
—
  
Acquisition costs
    
—
      
—
      
350
      
—
      
135
  
Operating income (Non-GAAP)
  
$
84,665
    
$
120,236
    
$
149,634
    
$
183,803
    
$
190,951
  
                                         
Financial income (expense), net (GAAP)
  
$
(14,311
)
  
$
(33,025
)
  
$
56,101
    
$
23,674
    
$
3,384
  
Non cash interest expense
    
2,427
      
2,505
      
2,685
      
2,892
      
3,105
  
Unrealized losses (gains)
    
—
      
—
      
(170
)
    
—
      
—
  
Currency fluctuation related to lease standard
    
(9,028
)
    
(1,116
)
    
749
      
(2,519
)
    
(2,107
)
Financial income (expense), net (Non-GAAP)
  
$
(20,912
)
  
$
(31,636
)
  
$
59,365
    
$
24,047
    
$
4,382
  
                                         
Other income (loss) (GAAP)
  
$
—
    
$
7,533
    
$
186
    
$
(125
)
  
$
—
  
Gain from sale of investment in privately-held company
    
—
      
(7,533
)
    
(186
)
    
—
      
—
  
Other income (loss) (Non-GAAP)
  
$
—
    
$
—
    
$
—
    
$
(125
)
  
$
—
  
                                         
Income tax benefit (expense) (GAAP)
  
$
(6,617
)
  
$
(34,172
)
  
$
(30,295
)
  
$
(29,325
)
  
$
(34,232
)
Income tax adjustment
    
(389
)
    
(291
)
    
(7,186
)
    
(3,901
)
    
(3,735
)
Income tax benefit (expense) (Non-GAAP)
  
$
(7,006
)
  
$
(34,463
)
  
$
(37,481
)
  
$
(33,226
)
  
$
(37,967
)

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

   
Reconciliation of GAAP to Non-GAAP
  
     
Q2-22
      
Q3-22
      
Q4-22
      
Q1-23
      
Q2-23
  
Net income (GAAP)
  
$
15,084
    
$
24,743
    
$
20,829
    
$
138,378
    
$
119,510
  
Revenues from finance component
    
(146
)
    
(159
)
    
(174
)
    
(187
)
    
(202
)
Disposal of assets related to Critical Power
    
4,314
      
—
      
—
      
—
      
—
  
Stock-based compensation
    
37,074
      
35,751
      
38,607
      
39,235
      
38,965
  
Amortization of stock-based compensation capitalized in inventories
    
—
      
—
      
—
      
—
      
316
  
Amortization and depreciation of acquired assets
    
2,715
      
2,559
      
1,439
      
2,035
      
1,379
  
Assets impairment
    
4,696
      
(19
)
    
114,473
      
—
      
—
  
Loss (gain) from assets sales and disposal
    
—
      
(2,303
)
    
102
      
(1,434
)
    
—
  
Acquisition costs
    
—
      
—
      
350
      
—
      
135
  
Non cash interest expense
    
2,427
      
2,505
      
2,685
      
2,892
      
3,105
  
Unrealized losses (gains)
    
—
      
—
      
(170
)
    
—
      
—
  
Currency fluctuation related to lease standard
    
(9,028
)
    
(1,116
)
    
749
      
(2,519
)
    
(2,107
)
Gain from sale of investment in privately-held company
    
—
      
(7,533
)
    
(186
)
    
—
      
—
  
Income tax adjustment
    
(389
)
    
(291
)
    
(7,186
)
    
(3,901
)
    
(3,735
)
Net income (Non-GAAP)
  
$
56,747
    
$
54,137
    
$
171,518
    
$
174,499
    
$
157,366
  
                                         
Net basic earnings per share (GAAP)
  
$
0.27
    
$
0.44
    
$
0.37
    
$
2.46
    
$
2.12
  
Revenues from finance component
    
0.00
      
0.00
      
0.00
      
0.00
      
(0.01
)
Disposal of assets related to Critical Power
    
0.08
      
—
      
—
      
—
      
—
  
Stock-based compensation
    
0.67
      
0.64
      
0.69
      
0.70
      
0.70
  
Amortization of stock-based compensation capitalized in inventories
    
—
      
—
      
—
      
—
      
0.00
  
Amortization and depreciation of acquired assets
    
0.04
      
0.05
      
0.02
      
0.03
      
0.03
  
Assets impairment
    
0.09
      
0.00
      
2.05
      
—
      
—
  
Loss (gain) from assets sales and disposal
    
—
      
(0.04
)
    
0.00
      
(0.02
)
    
—
  
Acquisition costs
    
—
      
—
      
0.01
      
—
      
0.00
  
Non cash interest expense
    
0.04
      
0.04
      
0.05
      
0.05
      
0.05
  
Unrealized losses (gains)
    
—
      
—
      
(0.01
)
    
—
      
—
  
Currency fluctuation related to lease standard
    
(0.16
)
    
(0.02
)
    
0.02
      
(0.05
)
    
(0.03
)
Gain from sale of investment in privately-held company
    
—
      
(0.13
)
    
(0.01
)
    
—
      
—
  
Income tax adjustment
    
(0.01
)
    
(0.01
)
    
(0.13
)
    
(0.07
)
    
(0.07
)
Net basic earnings per share (Non-GAAP)
  
$
1.02
    
$
0.97
    
$
3.06
    
$
3.10
    
$
2.79
  

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

   
Reconciliation of GAAP to Non-GAAP
  
     
Q2-22
      
Q3-22
      
Q4-22
      
Q1-23
      
Q2-23
  
Net diluted earnings per share (GAAP)
  
$
0.26
    
$
0.43
    
$
0.36
    
$
2.35
    
$
2.03
  
Revenues from finance component
    
0.00
      
0.00
      
0.00
      
(0.01
)
    
(0.01
)
Disposal of assets related to Critical Power
    
0.08
      
—
      
—
      
—
      
—
  
Stock-based compensation
    
0.62
      
0.59
      
0.64
      
0.62
      
0.62
  
Amortization of stock-based compensation capitalized in inventories
    
—
      
—
      
—
      
—
      
0.00
  
Amortization and depreciation of acquired assets
    
0.04
      
0.05
      
0.02
      
0.03
      
0.03
  
Assets impairment
    
0.08
      
0.00
      
1.91
      
—
      
—
  
Loss (gain) from assets sales and disposal
    
—
      
(0.04
)
    
0.00
      
(0.02
)
    
—
  
Acquisition costs
    
—
      
—
      
0.01
      
—
      
0.00
  
Non cash interest expense
    
0.03
      
0.03
      
0.03
      
0.04
      
0.04
  
Unrealized losses (gains)
    
—
      
—
      
0.00
      
—
      
—
  
Currency fluctuation related to lease standard
    
(0.15
)
    
(0.02
)
    
0.01
      
(0.04
)
    
(0.03
)
Gain from sale of investment in privately-held company
    
—
      
(0.13
)
    
0.00
      
—
      
—
  
Income tax adjustment
    
(0.01
)
    
0.00
      
(0.12
)
    
(0.07
)
    
(0.06
)
Net diluted earnings per share (Non-GAAP)
  
$
0.95
    
$
0.91
    
$
2.86
    
$
2.90
    
$
2.62
  
                                         
Number of shares used in computing net diluted earnings per share (GAAP)
    
58,564,734
      
58,747,538
      
58,734,719
      
59,193,831
      
59,183,666
  
Stock-based compensation
    
904,781
      
784,228
      
1,237,266
      
939,571
      
986,527
  
Number of shares used in computing net diluted earnings per share (Non-GAAP)
    
59,469,515
      
59,531,766
      
59,971,985
      
60,133,402
      
60,170,193
  

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Document and Entity Information
Aug. 01, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 01, 2023
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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