@LaughinPaulRyan
4 years ago
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, 2019, filed on February 27, 2020, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of November 2, 2020. 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.
@LaughinPaulRyan
4 years ago
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, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at 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.
@LaughinPaulRyan
4 years ago
Third Quarter 2020 Summary
The Company reported revenues of $338.1 million, up 2% from $331.9 million in the prior quarter and down 18% from $410.6 million in the same quarter last year.
Revenues related to the solar business were $312.5 million, up 1% from $310.1 million in the prior quarter and down 19% from $387.8 million in the same quarter last year.
GAAP gross margin was 32.0%, up from 31.0% in the prior quarter and down from 33.9% year over year.
Non-GAAP gross margin was 33.5%, up from 32.4% in the prior quarter and down from 35.1% year over year.
GAAP gross margin for the solar business was 34.1%, up from 33.1% in the prior quarter and down from 35.0% year over year.
Non-GAAP gross margin for the solar business was 34.8%, up from 33.8% in the prior quarter and down from 35.4% year over year.
GAAP operating expenses were $77.7 million, up 6% from $73.0 million in the prior quarter and up 6% from $73.3 million in the same quarter last year.
Non-GAAP operating expenses were $63.2 million, up 3% from $61.1 million in the prior quarter and up 15% from $54.8 million in the same quarter last year.
GAAP operating income was $30.4 million, up 1% from $30.0 million in the prior quarter and down 54% from $66.0 million in the same quarter last year.
Non-GAAP operating income was $50.0 million, up 7% from $46.6 million in the prior quarter and down 44% from $89.2 million in the same quarter last year.
GAAP net income was $43.8 million, up 19% from $36.7 million in the prior quarter and up 5% from $41.6 million in the same quarter last year.
Non-GAAP net income was $65.9 million, up 26% from $52.1 million in the prior quarter and up 4% from $63.6 million in the same quarter last year.
GAAP net diluted EPS was $0.83, up from $0.70 in the prior quarter and up from $0.81 in the same quarter last year.
Non-GAAP net diluted EPS was $1.21, up from $0.97 in the prior quarter and same as in the same quarter last year.
Cash flow from operating activities was $28.4 million, down from $59.3 million in the prior quarter and down from $68.7 million in the same quarter last year.
As of September 30, 2020, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $553.8 million, net of debt, compared to $577.4 million on June 30, 2020.
Outlook for the Fourth Quarter 2020
The Company also provides guidance for the fourth quarter ending December 31, 2020 as follows:
Revenues to be within the range of $345 million to $365 million
Non-GAAP Gross margin expected to be within the range of 32% to 34%
Revenues from solar products to be within the range of $320 million to $335 million
Non-GAAP Gross margin from sale of solar products expected to be within the range of 34% to 36%
Conference Call
The Company will host a conference call to discuss these results at 4:30 P.M. ET on Monday, November 2, 2020. The call will be available, live, to interested parties by dialing 800-458-4121. For international callers, please dial +1 323-794-2093. The Conference ID number is 7783916. 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 website approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
@LaughinPaulRyan
4 years ago
SolarEdge Announces Third Quarter 2020 Financial Results
Source: Business Wire
SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Highlights
Revenues of $338.1 million
Revenues from solar products of $312.5 million
GAAP gross margin of 32.0%
GAAP gross margin from sale of solar products of 34.1%
Non-GAAP gross margin from sale of solar products of 34.8%
GAAP net income of $43.8 million
Non-GAAP net income of $65.9 million
GAAP net diluted earnings per share (“EPS”) of $0.83
Non-GAAP net diluted EPS of $1.21
1.45 Gigawatts (AC) of inverters shipped
“Our third quarter results reflect significant growth in Europe, despite the current economic slowdown caused by the global pandemic,” said Zivi Lando, CEO of SolarEdge. “Our solar business outside the U.S. reached an all-time high and the U.S. market is showing signs of return to pre-pandemic installation levels. In our non-solar business, our e-Mobility team is gearing up to deliver to our customer the first significant batch of full powertrain solutions for assembly in electric vehicles in the fourth quarter. In addition to continuing to generate significant cash from operations this quarter, we raised $618 million, net of expenses, in convertible debt providing additional support for our continued organic and non-organic growth.”
whytestocks
4 years ago
News: $SEDG Why SolarEdge Technologies, Enphase Energy, and Blink Charging Stocks All Popped Today
Tuesday is turning out to be a great day to own solar energy stocks . As of 10:35 a.m. EDT, shares of solar-inverter makers SolarEdge Technologies (NASDAQ: SEDG) and Enphase Energy (NASDAQ: ENPH) are both soaring, up 16.4% and 12.2%, respectively. Blink Charging (NASDAQ: BLNK) , whic...
Got this from SEDG - Why SolarEdge Technologies, Enphase Energy, and Blink Charging Stocks All Popped Today
whytestocks
5 years ago
News: $SEDG These Were the 5 Best Solar Stocks of 2019
Solar energy stocks were on fire in 2019. The Invesco Solar ETF , an exchange-traded fund that holds 22 of the biggest solar stocks , returned a blistering 60% through mid-December. Several solar stocks, however, generated even higher returns, with the top five all producing a triple-digit g...
Got this from SEDG - These Were the 5 Best Solar Stocks of 2019
whytestocks
5 years ago
News: $SEDG The 3 Best Solar Stocks of the Decade
What is it that makes a stock a "solar stock?" What is it that defines "best?" In one sense, I suppose you could say that Elon Musk's Tesla (NASDAQ: TSLA) has been the best solar stock of the decade. After all, even if it's best known for its Model S, Model X, and Model 3 electric cars, Tes...
Find out more SEDG - The 3 Best Solar Stocks of the Decade
whytestocks
5 years ago
News: $SEDG SolarEdge Files Three Patent Infringement Lawsuits Against Huawei in China
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy, announced today that it has filed three lawsuits for patent infringement against Huawei Technologies Co., Ltd., a Chinese entity. SolarEdge is evaluating filing additional actions to prot...
In case you are interested SEDG - SolarEdge Files Three Patent Infringement Lawsuits Against Huawei in China
Vandalayind
7 years ago
We all know that things that were done in the 70's will always be the way they are done.
I'm not disputing SEDG's current success. If, and I know it's an if, there is a fundamental shift in the way solar panels are manufactured, things will change drastically.
Panel makers are starting to add AC panels to their lineup, has to be a reason for that.
To quote Ricky Bobby, if you're not first your last.
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