SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in
smart energy technology, today announced its financial results for
the fourth quarter 2022 and full year ended December 31, 2022.
Fourth Quarter 2022 Highlights
- Record revenues of $890.7 million
- Record revenues from solar segment of $837.0 million
- GAAP gross margin of 29.3%
- Non-GAAP gross margin of 30.2%
- Gross margin from solar segment of 32.4%
- GAAP operating loss of $5.2 million
- Record non-GAAP operating profit of $149.6 million
- GAAP net income of $20.8 million
- Record non-GAAP net income of $171.5 million
- GAAP net diluted earnings per share (“EPS”) of $0.36
- Record non-GAAP net diluted EPS of $2.86
- 3.14 Gigawatts (AC) of inverters shipped
- 217.6 MWh of batteries shipped
Full Year 2022 Highlights
- Record revenues of $3.11 billion, up 58% year over year from
2021
- Record revenues from solar segment of $2.92 billion, up 63%
year over year from 2021
- GAAP gross margin of 27.2%
- Non-GAAP gross margin of 28.2%
- Gross margin from solar segment of 29.8%
- GAAP net income of $93.8 million
- Record Non-GAAP net income of $351.2 million
- GAAP net diluted earnings per share (“EPS”) of $1.65
- Record Non-GAAP net diluted EPS of $5.95
- 10.5 Gigawatts (AC) of inverters shipped
- 889 MWh of batteries shipped
“We are pleased with our fourth quarter results that conclude a
challenging yet very successful year. The global economic and
geopolitical events coupled with post pandemic dynamics created an
unprecedented demand for solar energy in general and our products
in particular,” said Zvi Lando, Chief Executive Officer of
SolarEdge. “I am proud that our extraordinary global team of
employees was able to overcome the hurdles we faced and conclude a
record year in almost every element of our operations. We are
excited about the opportunities of the year ahead and expect to
continue our profitable growth momentum.”
Fourth Quarter 2022 Summary
The Company reported record revenues of $890.7 million, up 6%
from $836.7 million in the prior quarter and up 61% from $551.9
million in the same quarter last year.
Revenues from the solar segment were a record $837.0 million, up
6% from $788.6 million in the prior quarter and up 66% from $502.7
million in the same quarter last year.
GAAP gross margin was 29.3%, up from 26.5% in the prior quarter
and up from 29.1% in the same quarter last year.
Non-GAAP gross margin was 30.2%, up from 27.3% in the prior
quarter and down from 30.3% in the same quarter last year.
Gross margin from the solar segment was 32.4%, up from 28.3% in
the prior quarter and down from 32.8% in the same quarter last
year.
GAAP operating expenses were $266.2 million, up 93% from $137.6
million in the prior quarter and up 123% from $119.5 million in the
same quarter last year.
Non-GAAP operating expenses were $119.0 million, up 10% from
$108.3 million in the prior quarter and up 26% from $94.1 million
in the same quarter last year.
GAAP operating loss was $5.2 million, down from operating income
of $84.4 million in the prior quarter and down from operating
income of $41.0 million in the same quarter last year.
Non-GAAP operating income was a record $149.6 million, up 24%
from $120.2 million in the prior quarter and up 105% from $72.9
million in the same quarter last year.
GAAP net income was $20.8 million, down 16% from $24.7 million
in the prior quarter and down 49% from $41.0 million in the same
quarter last year.
Non-GAAP net income was a record $171.5 million, up 217% from
$54.1 million in the prior quarter and up 173% from $62.8 million
in the same quarter last year.
GAAP net diluted EPS was $0.36, down from $0.43 in the prior
quarter and down from $0.74 in the same quarter last year.
Non-GAAP net diluted EPS was a record $2.86, up from $0.91 in
the prior quarter and up from $1.10 in the same quarter last
year.
Cash flow from operating activities was $111.3 million, up from
$5.6 million in the prior quarter and up from $89.6 million in the
same quarter last year.
As of December 31, 2022, cash, cash equivalents, bank deposits,
restricted bank deposits and marketable securities totaled $1.04
billion, net of debt, compared to $937.6 million on September 30,
2022.
Full Year 2022 Summary
Total record revenues of $3.11 billion, up 58% from $1.96
billion in the prior year.
GAAP gross margin was 27.2%, down from 32.0% in the prior
year.
Non-GAAP gross margin was 28.2%, down from 33.5% in the prior
year.
GAAP operating income was $166.1 million, down 20% from $207.1
million in the prior year.
Non-GAAP operating income was a record $441.7 million, up 37%
from $321.4 million in the prior year.
GAAP net income was $93.8 million, down 45% from $169.2 million
in the prior year.
Non-GAAP net income was a record $351.2 million, up 29% from
$272.9 million in the prior year.
GAAP net diluted EPS was $1.65, down from $3.06 in the prior
year.
Non-GAAP net diluted EPS was a record $5.95, up from $4.81 in
the prior year.
Cash flow from operating activities of $31.3 million, down from
$214.1 million in the prior year.
Outlook for the First Quarter 2023
The Company also provides guidance for the first quarter ending
March 31, 2023 as follows:
- Revenues to be within the range of $915 million to $945
million
- Non-GAAP gross margin expected to be within the range of 28% to
31%
- Non-GAAP operating profit to be within the range of $150
million to $170 million
- Revenues from the solar segment to be within the range of $875
million to $905 million
- Gross margin from the solar segment expected to be within the
range of 31% to 34%
Conference Call
The Company will host a conference call to discuss these results
at 4:30 p.m. ET on Monday, February 13, 2023. The call will be
available, live, to interested parties by dialing 866-952-8559. For
international callers, please dial +1 785-424-1744. 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, 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 February 13, 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.
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(in thousands, except per share
data)
Three Months Ended
December 31,
Year Ended December
31,
2022
2021
2022
2021
Unaudited
Revenues
$
890,702
$
551,915
$
3,110,279
$
1,963,865
Cost of revenues
629,655
391,424
2,265,631
1,334,547
Gross profit
261,047
160,491
844,648
629,318
Operating expenses:
Research and development
78,959
64,326
289,814
219,633
Sales and marketing
42,663
33,248
159,680
119,000
General and administrative
30,013
21,879
112,496
82,196
Goodwill impairment and other operating
expenses, net
114,575
—
116,538
1,350
Total
operating expenses
266,210
119,453
678,528
422,179
Operating income (loss)
(5,163
)
41,038
166,120
207,139
Financial income (expense), net
56,101
(6,324
)
3,316
(19,915
)
Other income
186
—
7,719
—
Income before income taxes
51,124
34,714
177,155
187,224
Income tax benefit (expense)
(30,295
)
6,240
(83,376
)
(18,054
)
Net income
$
20,829
$
40,954
$
93,779
$
169,170
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except per share
data)
December 31,
2022
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
783,112
$
530,089
Marketable securities
241,117
167,728
Trade receivables, net of allowances of
$3,202 and $2,626, respectively
905,146
456,339
Inventories, net
729,201
380,143
Prepaid expenses and other current
assets
241,082
176,992
Total current
assets
2,899,658
1,711,291
LONG-TERM ASSETS:
Marketable securities
645,491
482,228
Deferred tax assets, net
44,153
27,572
Property, plant and equipment, net
543,969
410,379
Operating lease right-of-use assets,
net
62,754
47,137
Intangible assets, net
19,929
58,861
Goodwill
31,189
129,629
Other long-term assets
18,806
33,856
Total long-term assets
1,366,291
1,189,662
Total
assets
4,265,949
2,900,953
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables, net
459,831
252,068
Employees and payroll accruals
85,158
74,465
Warranty obligations
103,975
71,480
Deferred revenues and customers
advances
26,641
17,789
Accrued expenses and other current
liabilities
214,112
109,379
Total current
liabilities
889,717
525,181
LONG-TERM LIABILITIES:
Convertible senior notes, net
624,451
621,535
Warranty obligations
281,082
193,680
Deferred revenues
186,936
151,556
Finance lease liabilities
45,385
40,508
Operating lease liabilities
46,256
38,912
Other long-term liabilities
15,756
19,542
Total
long-term liabilities
1,199,866
1,065,733
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value -
Authorized: 125,000,000 shares as of December 31, 2022 and December
31, 2021; issued and outstanding: 56,133,404 and 52,815,395 shares
as of December 31, 2022 and December 31, 2021, respectively
6
5
Additional paid-in capital
1,505,632
687,295
Accumulated other comprehensive loss
(73,109
)
(27,319
)
Retained earnings
743,837
650,058
Total
stockholders’ equity
2,176,366
1,310,039
Total
liabilities and stockholders’ equity
$
4,265,949
$
2,900,953
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands, except per share
data)
Year ended December
31,
2022
2021
Cash flows from
operating activities:
Net income
$
93,779
$
169,170
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of property, plant and
equipment
40,580
29,359
Amortization of intangible assets
9,096
10,176
Amortization of debt discount and debt
issuance costs
2,916
2,903
Amortization of premium and accretion of
discount on available-for-sale marketable securities, net
9,310
9,462
Impairment of goodwill and intangible
assets
118,492
—
Stock-based compensation expenses
145,539
102,593
Gain from sale of privately held
company
(7,719
)
—
Deferred income taxes, net
(11,055
)
(12,045
)
Exchange rate fluctuations and other
items, net
10,052
20,697
Changes in assets and liabilities:
Inventories, net
(341,085
)
(43,051
)
Prepaid expenses and other assets
(64,991
)
(39,444
)
Trade receivables, net
(457,610
)
(247,723
)
Trade payables, net
194,524
91,709
Employees and payroll accruals
26,238
26,519
Warranty obligations
120,169
60,524
Deferred revenues and customers
advances
44,376
29,936
Other liabilities, net
98,673
3,344
Net cash provided by operating
activities
31,284
214,129
Cash flows from
investing activities:
Proceed from sales and maturities of
available-for-sale marketable securities
231,210
202,188
Purchase of property, plant and
equipment
(169,341
)
(149,251
)
Investment in available-for-sale
marketable securities
(507,171
)
(579,377
)
Investment in a privately-held company
—
(16,643
)
Proceeds from sale of a privately-held
company
24,362
—
Withdrawal from bank deposits, net
—
60,096
Withdrawal from (investment in) restricted
bank Deposits, net
(242
)
798
Other investing activities
4,138
(2,022
)
Net cash used in investing activities
(417,044
)
(484,211
)
Cash flows from
financing activities:
Proceeds from secondary public offering,
net of issuance costs
650,526
—
Repayment of bank loans
(138
)
(16,073
)
Proceeds from exercise of stock-based
award
4,030
6,486
Tax withholding in connection with
stock-based awards, net
3,023
(4,283
)
Other financing activities
(2,834
)
(1,308
)
Net cash provided by (used in) financing
activities
654,607
(15,178
)
Increase (decrease) in cash and cash
equivalents
268,847
(285,260
)
Cash and cash equivalents at the beginning
of the period
530,089
827,146
Effect of exchange rate differences on
cash and cash equivalents
(15,824
)
(11,797
)
Cash and cash equivalents at the end of
the period
$
783,112
$
530,089
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
Year ended
December 31, 2022
September 30,
2022
December 31, 2021
December 31, 2022
December 31, 2021
Gross profit (GAAP)
$
261,047
$
222,001
$
160,491
$
844,648
$
629,318
Revenues from finance component
(174
)
(159
)
(122
)
(614
)
(418
)
Stock-based compensation
6,810
4,661
4,373
21,818
18,743
Disposal of assets related to Critical
Power
—
—
—
4,314
—
Amortization and depreciation of acquired
assets
961
2,064
2,272
7,429
9,326
Gross profit (Non-GAAP)
$
268,644
$
228,567
$
167,014
$
877,595
$
656,969
Gross margin (GAAP)
29.3
%
26.5
%
29.1
%
27.2
%
32.0
%
Revenues from finance component
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Stock-based compensation
0.8
%
0.6
%
0.8
%
0.7
%
1.0
%
Disposal of assets related to Critical
Power
—
%
—
%
—
%
0.1
%
—
%
Amortization and depreciation of acquired
assets
0.1
%
0.2
%
0.4
%
0.2
%
0.5
%
Gross margin (Non-GAAP)
30.2
%
27.3
%
30.3
%
28.2
%
33.5
%
Operating expenses (GAAP)
$
266,210
$
137,594
$
119,453
$
678,528
$
422,179
Stock-based compensation - R&D
(16,854
)
(14,553
)
(14,872
)
(63,211
)
(45,424
)
Stock-based compensation - S&M
(7,928
)
(9,341
)
(5,882
)
(31,017
)
(22,834
)
Stock-based compensation - G&A
(7,015
)
(7,196
)
(4,076
)
(29,493
)
(15,592
)
Amortization and depreciation of acquired
assets - R&D
(301
)
(302
)
(302
)
(1,206
)
(530
)
Amortization and depreciation of acquired
assets - S&M
(173
)
(187
)
(225
)
(822
)
(927
)
Amortization and depreciation of acquired
assets - G&A
(4
)
(6
)
(6
)
(21
)
(29
)
Assets impairment
(114,473
)
19
—
(119,141
)
(2,209
)
Gain (loss) from assets sales and
disposal
(93
)
744
18
1,053
117
Other items
(359
)
1,559
—
1,200
859
Operating expenses (Non-GAAP)
$
119,010
$
108,331
$
94,108
$
435,870
$
335,610
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
Year ended
December 31, 2022
September 30,
2022
December 31, 2021
December 31, 2022
December 31, 2021
Operating income (GAAP)
$
(5,163
)
$
84,407
$
41,038
$
166,120
$
207,139
Revenues from finance component
(174
)
(159
)
(122
)
(614
)
(418
)
Disposal of assets related to Critical
Power
—
—
—
4,314
—
Stock-based compensation
38,607
35,751
29,203
145,539
102,593
Amortization and depreciation of acquired
assets
1,439
2,559
2,805
9,478
10,812
Assets impairment
114,473
(19
)
—
119,141
2,209
Loss (gain) from assets sales and
disposal
93
(744
)
(18
)
(1,053
)
(117
)
Other items
359
(1,559
)
—
(1,200
)
(859
)
Operating income (Non-GAAP)
$
149,634
$
120,236
$
72,906
$
441,725
$
321,359
Financial income (expense), net
(GAAP)
$
56,101
$
(33,025
)
$
(6,324
)
$
3,316
$
(19,915
)
Notes due 2025
730
730
727
2,916
2,903
Non cash interest
1,955
1,775
1,527
7,038
5,771
Unrealized losses
(170
)
—
(541
)
(170
)
(541
)
Currency fluctuation related to lease
standard
749
(1,116
)
2,422
(11,187
)
2,007
Financial income (expense), net
(Non-GAAP)
$
59,365
$
(31,636
)
$
(2,189
)
$
1,913
$
(9,775
)
Other income (GAAP)
$
186
$
7,533
$
—
$
7,719
$
—
Gain from sale of investment in
privately-held company
(186
)
(7,533
)
—
(7,719
)
—
Other income (Non-GAAP)
$
—
$
—
$
—
$
—
$
—
Income tax benefit (expense)
(GAAP)
$
(30,295
)
$
(34,172
)
$
6,240
$
(83,376
)
$
(18,054
)
Uncertain tax positions
—
—
(9,007
)
—
(9,007
)
Income tax adjustment
(7,186
)
(291
)
(5,181
)
(9,067
)
(11,639
)
Income tax benefit (expense)
(Non-GAAP)
$
(37,481
)
$
(34,463
)
$
(7,948
)
$
(92,443
)
$
(38,700
)
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
Year ended
December 31, 2022
September 30,
2022
December 31, 2021
December 31, 2022
December 31, 2021
Net income (GAAP)
$
20,829
$
24,743
$
40,954
$
93,779
$
169,170
Revenues from finance component
(174
)
(159
)
(122
)
(614
)
(418
)
Disposal of assets related to Critical
Power
—
—
—
4,314
—
Stock-based compensation
38,607
35,751
29,203
145,539
102,593
Amortization and depreciation of acquired
assets
1,439
2,559
2,805
9,478
10,812
Assets impairment
114,473
(19
)
—
119,141
2,209
Loss (gain) from assets sales and
disposal
93
(744
)
(18
)
(1,053
)
(117
)
Other items
359
(1,559
)
—
(1,200
)
(859
)
Notes due 2025
730
730
727
2,916
2,903
Non cash interest
1,955
1,775
1,527
7,038
5,771
Unrealized losses
(170
)
—
(541
)
(170
)
(541
)
Currency fluctuation related to lease
standard
749
(1,116
)
2,422
(11,187
)
2,007
Gain from sale of investment in
privately-held company
(186
)
(7,533
)
—
(7,719
)
—
Uncertain tax positions
—
—
(9,007
)
—
(9,007
)
Income tax adjustment
(7,186
)
(291
)
(5,181
)
(9,067
)
(11,639
)
Net income (Non-GAAP)
$
171,518
$
54,137
$
62,769
$
351,195
$
272,884
Net basic earnings per share
(GAAP)
$
0.37
$
0.44
$
0.78
$
1.70
$
3.24
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
0.69
0.64
0.55
2.64
1.97
Amortization and depreciation of acquired
assets
0.02
0.05
0.05
0.17
0.21
Assets impairment
2.05
0.00
—
2.17
0.05
Loss (gain) from assets sales and
disposal
0.00
(0.02
)
0.00
(0.02
)
(0.01
)
Other items
0.01
(0.02
)
—
(0.02
)
(0.02
)
Notes due 2025
0.01
0.01
0.02
0.05
0.05
Non cash interest
0.04
0.03
0.03
0.13
0.11
Unrealized losses
(0.01
)
—
(0.01
)
(0.01
)
(0.01
)
Currency fluctuation related to lease
standard
0.02
(0.02
)
0.04
(0.20
)
0.04
Gain from sale of investment in
privately-held company
(0.01
)
(0.13
)
—
(0.14
)
—
Uncertain tax positions
—
—
(0.17
)
—
(0.17
)
Income tax adjustment
(0.13
)
(0.01
)
(0.10
)
(0.16
)
(0.22
)
Net basic earnings per share
(Non-GAAP)
$
3.06
$
0.97
$
1.19
$
6.38
$
5.23
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
Year ended
December 31, 2022
September 30,
2022
December 31, 2021
December 31, 2022
December 31, 2021
Net diluted earnings per share
(GAAP)
$
0.36
$
0.43
$
0.74
$
1.65
$
3.06
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
0.64
0.59
0.50
2.43
1.77
Amortization and depreciation of acquired
assets
0.02
0.05
0.05
0.16
0.19
Assets impairment
1.91
0.00
—
2.02
0.04
Loss (gain) from assets sales and
disposal
0.00
(0.02
)
0.00
(0.02
)
0.00
Other items
0.01
(0.02
)
—
(0.02
)
(0.02
)
Notes due 2025
0.00
0.00
0.00
0.01
0.02
Non cash interest
0.03
0.03
0.03
0.12
0.10
Unrealized losses
—
—
(0.01
)
0.00
(0.01
)
Currency fluctuation related to lease
standard
0.01
(0.02
)
0.04
(0.19
)
0.03
Gain from sale of investment in
privately-held company
0.00
(0.13
)
—
(0.13
)
—
Uncertain tax positions
—
—
(0.16
)
—
(0.16
)
Income tax adjustment
(0.12
)
0.00
(0.09
)
(0.15
)
(0.20
)
Net diluted earnings per share
(Non-GAAP)
$
2.86
$
0.91
$
1.10
$
5.95
$
4.81
Number of shares used in computing net
diluted earnings per share (GAAP)
58,734,719
58,747,538
56,011,040
55,087,770
55,971,030
Stock-based compensation
1,237,266
784,228
894,079
963,373
773,636
Number of shares used in computing net
diluted earnings per share (Non-GAAP)
59,971,985
59,531,766
56,905,119
56,051,143
56,744,666
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230213005535/en/
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
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