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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SolarEdge Technologies Inc | NASDAQ:SEDG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.56 | 2.69% | 59.66 | 59.05 | 59.80 | 59.8376 | 57.0649 | 59.63 | 1,465,673 | 22:03:05 |
SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights
“We are pleased with our record revenues for the first quarter which represent 62% growth from the first quarter of last year and which are driven by record revenues in the United States and 14 countries in Europe,” said Zvi Lando, Chief Executive Officer of SolarEdge. “We continue to demonstrate our operational capabilities by navigating the current supply chain environment to meet strong worldwide demand for our products, and continuing to build long-term manufacturing capacity to support our growing businesses.”
First Quarter 2022 Summary
The Company reported record revenues of $655.1 million, up 19% from $551.9 million in the prior quarter and up 62% from $405.5 million in the same quarter last year.
Revenues from the solar segment were record $608.0 million, up 21% from $502.7 million in the prior quarter and up 62% from $376.4 million in the same quarter last year.
GAAP gross margin was 27.3%, down from 29.1% in the prior quarter and down from 34.5% in the same quarter last year.
Non-GAAP gross margin was 28.4%, down from 30.3% in the prior quarter and down from 36.5% in the same quarter last year.
Gross margin from the solar segment was 30.2%, down from 32.8% in the prior quarter and down from 39.7% in the same quarter last year.
GAAP operating expenses were $128.1 million, up 7% from $119.5 million in the prior quarter and up 34% from $95.9 million in the same quarter last year.
Non-GAAP operating expenses were $98.9 million, up 5% from $94.1 million in the prior quarter and up 30% from $76.2 million in the same quarter last year.
GAAP operating income was $50.9 million, up 24% from $41.0 million in the prior quarter and up 15% from $44.1 million in the same quarter last year.
Non-GAAP operating income was $87.2 million, up 20% from $72.9 million in the prior quarter and up 21% from $71.9 million in the same quarter last year.
GAAP net income was $33.1 million, down 19% from $41.0 million in the prior quarter and up 10% from $30.1 million in the same quarter last year.
Non-GAAP net income was $68.8 million, up 10% from $62.8 million in the prior quarter and up 24% from $55.5 million in the same quarter last year.
GAAP net diluted EPS was $0.60, down from $0.74 in the prior quarter and up from $0.55 in the same quarter last year.
Non-GAAP net diluted EPS was $1.20, up from $1.10 in the prior quarter and up from $0.98 in the same quarter last year.
Cash flow used in operating activities was $163.0 million, compared with $89.6 million generated from operating activities in the prior quarter and $24.1 million generated from operating activities in the same quarter last year.
As of March 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $979.0 million, net of debt, compared to $548.0 million on December 31, 2021.
On March 17, 2022, the Company offered and sold 2,300,000 shares of its common stock in a public offering at a price of $295.00 per share. The net proceeds to the Company after underwriters' discounts and commissions and offering costs were $650.5 million.
Outlook for the Second Quarter 2022
The Company also provides guidance for the second quarter ending June 30, 2022 as follows:
Conference Call
The Company will host a conference call to discuss these results at 4:30 p.m. ET on Monday, May 2, 2022. The call will be available, live, to interested parties by dialing 800-304-0389. For international callers, please dial +1 313-209-5140. The Conference ID number is 9289118. 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, UPS, 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 May 2, 2022. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except per share data)
Three Months Ended March 31,
2022
2021
Revenues
$
655,080
$
405,489
Cost of revenues
476,122
265,415
Gross profit
178,958
140,074
Operating expenses:
Research and development
66,349
46,977
Sales and marketing
35,316
26,911
General and administrative
26,429
19,849
Other operating expenses
—
2,209
Total operating expenses
128,094
95,946
Operating income
50,864
44,128
Financial expense, net
(5,449
)
(6,097
)
Income before income taxes
45,415
38,031
Income taxes
12,292
7,955
Net income
$
33,123
$
30,076
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except per share data)
March 31,
2022
December 31,
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
1,002,772
$
530,089
Marketable securities
158,557
167,728
Trade receivables, net of allowances of $3,226 and $2,626, respectively
676,820
456,339
Inventories, net
432,504
380,143
Prepaid expenses and other current assets
191,664
176,992
Total current assets
2,462,317
1,711,291
LONG-TERM ASSETS:
Marketable securities
449,673
482,228
Deferred tax assets, net
31,205
27,572
Property, plant and equipment, net
473,511
410,379
Operating lease right-of-use assets, net
59,783
47,137
Intangible assets, net
55,734
58,861
Goodwill
127,109
129,629
Other long-term assets
23,583
24,963
Total long-term assets
1,220,598
1,180,769
Total assets
$
3,682,915
2,892,060
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables, net
$
241,630
$
252,068
Employees and payroll accruals
84,309
74,465
Warranty obligations
82,340
71,480
Deferred revenues and customers advances
25,511
17,789
Accrued expenses and other current liabilities
134,951
109,379
Total current liabilities
568,741
525,181
LONG-TERM LIABILITIES:
Convertible senior notes, net
622,263
621,535
Warranty obligations
210,326
193,680
Deferred revenues
158,734
151,556
Finance lease liabilities
53,405
40,508
Operating lease liabilities
48,480
38,912
Other long-term liabilities
10,441
10,649
Total long-term liabilities
1,103,649
1,056,840
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2022 and December 31, 2021; issued and outstanding: 55,386,146 and 52,815,395 shares as of March 31, 2022 and December 31, 2021, respectively
6
5
Additional paid-in capital
1,373,405
687,295
Accumulated other comprehensive loss
(46,067
)
(27,319
)
Retained earnings
683,181
650,058
Total stockholders’ equity
2,010,525
1,310,039
Total liabilities and stockholders’ equity
$
3,682,915
$
2,892,060
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands, except per share data)
Three Months Ended March 31,
2022
2021
Cash flows from operating activities:
Net income
$
33,123
$
30,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
9,002
6,887
Amortization of intangible assets
2,658
2,391
Amortization of debt discount and debt issuance costs
728
724
Amortization of premium and accretion of discount on available-for-sale marketable securities, net
2,550
1,295
Stock-based compensation expenses
34,107
23,153
Deferred income taxes, net
(1,034
)
(2,141
)
Loss (gain) from sale and disposal of assets
(410
)
2,147
Exchange rate fluctuations and other items, net
3,024
13,303
Changes in assets and liabilities:
Inventories, net
(51,323
)
(8,376
)
Prepaid expenses and other assets
(17,163
)
20,218
Trade receivables, net
(224,865
)
(57,380
)
Trade payables, net
(28,045
)
(39,034
)
Employees and payroll accruals
9,246
7,477
Warranty obligations
27,629
13,088
Deferred revenues and customers advances
15,029
3,615
Other liabilities, net
22,755
6,640
Net cash provided by (used in) operating activities
(162,989
)
24,083
Cash flows from investing activities:
Proceed from sales and maturities of available-for-sale marketable securities
53,096
40,450
Purchase of property, plant and equipment
(43,210
)
(24,545
)
Investment in available-for-sale marketable securities
(26,712
)
(186,528
)
Withdrawal from bank deposits, net
—
16,470
Other investing activities
1,692
571
Net cash used in investing activities
$
(15,134
)
$
(153,582
)
Cash flows from financing activities:
Proceeds from secondary public offering, net of issuance costs
650,526
—
Proceeds from exercise of stock-based awards
1,478
5,008
Proceeds (withholdings) from stock-based awards, net
822
(6,724
)
Other financing activities
(491
)
(346
)
Net cash provided by (used in) financing activities
652,335
(2,062
)
Increase (decrease) in cash and cash equivalents
474,212
(131,561
)
Cash and cash equivalents at the beginning of the period
530,089
827,146
Effect of exchange rate differences on cash and cash equivalents
(1,529
)
(10,428
)
Cash and cash equivalents at the end of the period
$
1,002,772
$
685,157
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,
2022
December 31,
2021
March 31,
2021
Gross profit (GAAP)
178,958
160,491
140,074
Revenues from finance component
(135
)
(122
)
(86
)
Stock-based compensation
5,062
4,373
5,790
Amortization and depreciation of acquired assets
2,219
2,272
2,312
Gross profit (Non-GAAP)
186,104
167,014
148,090
Gross margin (GAAP)
27.3
%
29.1
%
34.5
%
Revenues from finance component
0.0
%
0.0
%
0.0
%
Stock-based compensation
0.8
%
0.8
%
1.4
%
Amortization and depreciation of acquired assets
0.3
%
0.4
%
0.6
%
Gross margin (Non-GAAP)
28.4
%
30.3
%
36.5
%
Operating expenses (GAAP)
128,094
119,453
95,946
Stock-based compensation - R&D
(14,985
)
(14,872
)
(8,798
)
Stock-based compensation - S&M
(6,701
)
(5,882
)
(5,435
)
Stock-based compensation - G&A
(7,359
)
(4,076
)
(3,130
)
Amortization and depreciation of acquired assets - R&D
(303
)
(302
)
(12
)
Amortization and depreciation of acquired assets - S&M
(236
)
(225
)
(237
)
Amortization and depreciation of acquired assets - G&A
(6
)
(6
)
(8
)
Gain (loss) from assets sales and disposal
410
18
62
Other operating income (expenses)
—
—
(2,209
)
Operating expenses (Non-GAAP)
98,914
94,108
76,179
Operating income (GAAP)
50,864
41,038
44,128
Revenues from finance component
(135
)
(122
)
(86
)
Stock-based compensation
34,107
29,203
23,153
Amortization and depreciation of acquired assets
2,764
2,805
2,569
Loss (gain) from assets sales and disposal
(410
)
(18
)
(62
)
Other operating (income) expenses
—
—
2,209
Operating income (Non-GAAP)
87,190
72,906
71,911
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,
2022
December 31,
2021
March 31,
2021
Financial income (expense), net (GAAP)
(5,449
)
(6,324
)
(6,097
)
Notes due 2025
728
727
724
Non cash interest
1,609
1,527
1,336
Unrealized gains/losses
—
(541
)
—
Currency fluctuation related to lease standard
(1,792
)
2,422
(2,289
)
Financial income (expense), net (non-GAAP)
(4,904
)
(2,189
)
(6,326
)
Income tax benefit (expense) (GAAP)
(12,292
)
6,240
(7,955
)
Uncertain tax positions
—
(9,007
)
—
Deferred taxes
(1,201
)
(5,181
)
(2,141
)
Income tax benefit (expense) (Non-GAAP)
(13,493
)
(7,948
)
(10,096
)
Net income (GAAP)
33,123
40,954
30,076
Revenues from finance component
(135
)
(122
)
(86
)
Stock-based compensation
34,107
29,203
23,153
Amortization and depreciation of acquired assets
2,764
2,805
2,569
Loss (gain) from assets sales and disposal
(410
)
(18
)
(62
)
Other operating (income) expenses
—
—
2,209
Notes due 2025
728
727
724
Non cash interest
1,609
1,527
1,336
Unrealized gains (losses)
—
(541
)
—
Currency fluctuation related to lease standard
(1,792
)
2,422
(2,289
)
Uncertain tax positions
—
(9,007
)
—
Deferred taxes
(1,201
)
(5,181
)
(2,141
)
Net income (Non-GAAP)
68,793
62,769
55,489
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,
2022
December 31,
2021
March 31,
2021
Net basic earnings per share (GAAP)
0.62
0.78
0.58
Revenues from finance component
0.00
0.00
0.00
Stock-based compensation
0.64
0.55
0.45
Amortization and depreciation of acquired assets
0.05
0.05
0.05
Loss (gain) from assets sales and disposal
(0.00
)
(0.00
)
(0.00
)
Other operating (income) expenses
—
—
0.04
Notes due 2025
0.01
0.02
0.01
Non cash interest
0.03
0.03
0.03
Unrealized gains (losses)
—
(0.01
)
—
Currency fluctuation related to lease standard
(0.03
)
0.04
(0.05
)
Uncertain tax positions
—
(0.17
)
—
Deferred taxes
(0.03
)
(0.10
)
(0.04
)
Net basic earnings per share (Non-GAAP)
1.29
1.19
1.07
Net diluted earnings per share (GAAP)
0.60
0.74
0.55
Revenues from finance component
0.00
0.00
0.00
Stock-based compensation
0.58
0.50
0.40
Amortization and depreciation of acquired assets
0.05
0.05
0.04
Loss (gain) from assets sales and disposal
(0.01
)
(0.00
)
(0.00
)
Other operating (income) expenses
—
—
0.04
Notes due 2025
0.01
0.00
0.00
Non cash interest
0.02
0.03
0.03
Unrealized gains (losses)
—
(0.01
)
—
Currency fluctuation related to lease standard
(0.03
)
0.04
(0.04
)
Uncertain tax positions
—
(0.16
)
—
Deferred taxes
(0.02
)
(0.09
)
(0.04
)
Net diluted earnings per share (Non-GAAP)
1.20
1.10
0.98
Number of shares used in computing net diluted earnings per share (GAAP)
56,315,193
56,011,040
55,997,136
Stock-based compensation
927,219
894,079
766,187
Number of shares used in computing net diluted earnings per share (Non-GAAP)
57,242,412
56,905,119
56,763,323
View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005610/en/
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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