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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.27 | 9.31% | 14.8662 | 14.80 | 14.95 | 15.47 | 13.94 | 14.02 | 5,018,824 | 23:18:20 |
From Nov 2024 to Jan 2025
SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights
“As SolarEdge weathers this difficult period in the Company’s history, we are diligently pursuing three main priorities: financial stability, recapturing market share and refocusing on our core solar and storage opportunities,” said Ronen Faier, Interim Chief Executive Officer of SolarEdge. “We are grateful for our passionate and dedicated workforce and proud of our leadership in technological innovation, all of which I am confident will put the Company back on a profitable growth trajectory.”
Third Quarter 2024 Summary
The Company reported revenues of $260.9 million, down 2% from $265.4 million in the prior quarter and down 64% from $725.3 million in the same quarter last year.
Revenues from the solar segment were $247.5 million, up 3% from $241.2 million in the prior quarter and down 63% from $676.9 million in the same quarter last year.
GAAP gross margin was negative 269.2%, compared to negative 4.1% in the prior quarter and compared to 19.7% in the same quarter last year.
Non-GAAP gross margin2 was negative 265.4%, compared to non-GAAP gross margin of 0.2% in the prior quarter and compared to 20.8% in the same quarter last year.
Gross margin from the solar segment was negative 245.8%, compared to 1.3% in the prior quarter and compared to 24.0% in the same quarter last year.
GAAP operating expenses were $382.9 million, compared to $149.2 million in the prior quarter and $159.5 million in the same quarter last year.
Non-GAAP operating expenses2 were $116.3 million, up 1% from $114.8 million in the prior quarter and down 9% from $128.0 million in the same quarter last year.
GAAP operating loss was $1.09 billion, compared to a GAAP operating loss of $160.2 million in the prior quarter and a GAAP operating loss of $16.7 million in the same quarter last year.
Non-GAAP operating loss2 was $808.1 million, compared to a Non-GAAP operating loss of $114.3 million in the prior quarter and Non-GAAP operating income of $23.1 million in the same quarter last year.
GAAP net loss was $1.21 billion, compared to a GAAP net loss of $130.8 million in the prior quarter and compared to a GAAP net loss of $61.2 million in the same quarter last year.
Non-GAAP net loss2 was $874.3 million, compared to a Non-GAAP net loss of $101.2 million in the prior quarter and compared to a Non-GAAP net loss of $31.0 million in the same quarter last year.
GAAP net loss per share was $21.13, compared to a GAAP net loss per share of $2.31 in the prior quarter and compared to GAAP net loss per share of $1.08 in the same quarter last year.
Non-GAAP net loss per share2 was $15.33, compared to a Non-GAAP net loss per share of $1.79 in the prior quarter and compared to a Non-GAAP net loss of $0.55 in the same quarter last year.
Cash used in operating activities was $63.9 million, compared with $44.8 million used in operating activities in the prior quarter and $40.6 million generated from operating activities in the same quarter last year.
As of September 30, 2024, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $53.3 million, net of debt, compared to $165.3 million as of June 30, 2024.
Impairment
During the third quarter, SolarEdge undertook an asset valuation analysis which resulted in a write down and impairment of various assets. In total, the write down and impairment amount was $1.03 billion.
______________________________________________________________________
1
Includes impairments and write offs
2
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.
Outlook for the Fourth Quarter 2024
The Company also provides guidance for the fourth quarter ending December 31, 2024 as follows:
*
Non-GAAP gross margin and Non-GAAP operating expenses are non-GAAP financial measures, and these forward-looking measures 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 expenses 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 its results for the third quarter ended September 30, 2024 at 4:30 p.m. ET on Wednesday, November 6, 2024. The call will be available, live, to interested parties by dialing 800-343-4136. For international callers, please dial +1 203-518-9843. 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, and grid services solutions. SolarEdge is online at www.solaredge.com
Use of Non-GAAP Financial Measures
To provide investors and others with additional information regarding SolarEdge’s results, SolarEdge has disclosed in this earnings release the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating expenses, non-GAAP gross margin, non-GAAP net income (loss), and non-GAAP net earnings (loss) per share. SolarEdge has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure below. These non-GAAP financial measures differ from GAAP in that they exclude stock-based compensation, amortization and impairment of acquired intangible assets, restructuring and impairment charges, acquisition, disposition and other items, certain litigation and other contingencies, amortization of debt issuance cost, non-cash interest expense and non-cash revenue recognized from significant financing component, certain foreign currency exchange rates, gains and losses on investments, income and losses from equity method investments and discrete items that impacted our GAAP tax rate. Our non-GAAP financial measures also reflect the application of our non-GAAP tax rate.
SolarEdge’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, to calculate bonus payments and to evaluate SolarEdge’s financial performance, the performance of its individual functional groups and the ability of operations to generate cash. Management believes these non-GAAP financial measures reflect SolarEdge’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in SolarEdge’s business, as they exclude charges and gains that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating SolarEdge’s operating results and future prospects from the same perspective as management and in comparing financial results across accounting periods.
The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense that affect SolarEdge’s operations. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP and should not be considered measures of SolarEdge’s liquidity. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review SolarEdge’s financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release contains may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to our management. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, new products and services, financing and investment plans; dividend policy; competitive position, industry and regulatory environment, general economic conditions; potential growth opportunities; cancellations and pushouts of existing backlog; installation rates; goodwill impairment; and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.
Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this release. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: future demand for renewable energy including solar energy solutions; our ability to forecast demand for our products accurately and to match production to such demand as well as our customers’ ability to forecast demand based on inventory levels; macroeconomic conditions in our domestic and international markets, as well as inflation concerns, rising interest rates, and recessionary concerns; changes, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications; changes in the U.S. trade environment; federal, state, and local regulations governing the electric utility industry with respect to solar energy; changes in tax laws, tax treaties, and regulations or the interpretation of them, including the Inflation Reduction Act; the retail price of electricity derived from the utility grid or alternative energy sources; interest rates and supply of capital in the global financial markets in general and in the solar market specifically; competition, including introductions of power optimizer, inverter and solar photovoltaic system monitoring products by our competitors; developments in alternative technologies or improvements in distributed solar energy generation; historic cyclicality of the solar industry and periodic downturns; product quality or performance problems in our products; shortages, delays, price changes, or cessation of operations or production affecting our suppliers of key components; our dependence upon a small number of outside contract manufacturers and limited or single source suppliers; capacity constraints, delivery schedules, manufacturing yields, and costs of our contract manufacturers and availability of components; delays, disruptions, and quality control problems in manufacturing; existing and future responses to and effects of pandemics, epidemics, or other health crises; disruption in our global supply chain and rising prices of oil and raw materials as a result of the conflict between Russia and Ukraine; our customers’ financial stability and our ability to retain customers; our ability to retain key personnel and attract additional qualified personnel; performance of distributors and large installers in selling our products; consolidation in the solar industry among our customers and distributors; our ability to manage effectively the growth of our organization and expansion into new markets and integration of acquired businesses; our ability to recognize expected benefits from restructuring plans; any unauthorized access to, disclosure, or theft of personal information or unauthorized access to our network or other similar cyber incidents; disruption to our business operations due to the evolving state of war in Israel and political conditions related to the Israeli government's plans to significantly reduce the Israeli Supreme Court's judicial oversight; our dependence on ocean transportation to timely deliver our products in a cost-effective manner; fluctuations in global currency exchange rates; the impact of evolving legal and regulatory requirements, including emerging environmental, social and governance requirements; changes to net metering policies or the reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications; federal, state, and local regulations governing the electric utility industry with respect to solar energy; changes in tax laws, tax treaties, and regulations or the interpretation of them, including the Inflation Reduction Act; changes in the U.S. trade environment, including the imposition of import tariffs; business practices and regulatory compliance of our raw material suppliers; our ability to maintain our brand and to protect and defend our intellectual property; the impairment of our goodwill or other intangible assets; volatility of our stock price; our customers’ financial stability, creditworthiness, and debt leverage ratio; our ability to retain key personnel and attract additional qualified personnel; our ability to effectively design, launch, market, and sell new generations of our products and services; our ability to retain, and events affecting, our major customers; our ability to service our debt; future goodwill impairments; and the other factors set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 26, 2024, in subsequent Quarterly Reports on Form 10Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Statements in this press release speak only as of the date they were made. 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.
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Unaudited
Unaudited
Revenues
$
260,903
$
725,305
$
730,707
$
2,660,484
Cost of revenues
963,229
582,488
1,470,189
1,900,236
Gross profit (loss)
(702,326
)
142,817
(739,482
)
760,248
Operating expenses:
Research and development
70,372
80,082
214,999
246,481
Sales and marketing
37,427
40,351
116,316
125,539
General and administrative
41,212
39,110
111,085
111,876
Other operating expense (income), net
233,929
—
237,271
(1,434
)
Total operating expenses
382,940
159,543
679,671
482,462
Operating income (loss)
(1,085,266
)
(16,726
)
(1,419,153
)
277,786
Financial income (expense), net
5,558
(7,901
)
(2,371
)
19,157
Other income (loss), net
(3,928
)
(484
)
14,623
(609
)
Income (loss) before income taxes
(1,083,636
)
(25,111
)
(1,406,901
)
296,334
Income taxes
(121,108
)
(36,065
)
(85,109
)
(99,622
)
Net loss from equity method investments
(577
)
—
(1,440
)
—
Net income (loss)
$
(1,205,321
)
$
(61,176
)
$
(1,493,450
)
$
196,712
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)
September 30, 2024
December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
303,904
$
338,468
Marketable securities
374,869
521,570
Trade receivables, net of allowances of $41,501 and $16,400, respectively
239,408
622,425
Inventories, net
798,383
1,443,449
Prepaid expenses and other current assets
401,551
378,394
Total current assets
2,118,115
3,304,306
LONG-TERM ASSETS:
Marketable securities
56,041
407,825
Deferred tax assets, net
—
80,912
Property, plant and equipment, net
423,905
614,579
Operating lease right-of-use assets, net
43,088
64,167
Intangible assets, net
11,169
35,345
Goodwill
51,875
42,996
Other long-term assets
112,201
37,601
Total long-term assets
698,279
1,283,425
Total assets
2,816,394
4,587,731
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables, net
$
94,730
$
386,471
Employees and payroll accruals
70,120
76,966
Warranty obligations
163,561
183,047
Deferred revenues and customers advances
27,367
40,836
Accrued expenses and other current liabilities
202,134
205,911
Convertible senior notes, net
345,900
—
Total current liabilities
903,812
893,231
LONG-TERM LIABILITIES:
Convertible senior notes, net
329,614
627,381
Warranty obligations
315,343
335,197
Deferred revenues
226,770
214,607
Finance lease liabilities
39,197
41,892
Operating lease liabilities
31,293
45,070
Other long-term liabilities
13,999
18,444
Total long-term liabilities
956,216
1,282,591
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares; issued: 57,935,436 shares at September 30, 2024 and 57,123,437 shares at December 31, 2023; outstanding: 57,182,072 shares at September 30, 2024 and 57,123,437 shares at December 31, 2023.
6
6
Additional paid-in capital
1,779,212
1,680,622
Treasury stock, at cost; 753,364 shares held
(50,315
)
—
Accumulated other comprehensive loss
(57,253
)
(46,885
)
Retained earnings (Accumulated deficit)
(715,284
)
778,166
Total stockholders’ equity
956,366
2,411,909
Total liabilities and stockholders’ equity
$
2,816,394
$
4,587,731
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except per share data)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities:
Net income (loss)
$
(1,493,450
)
$
196,712
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
47,215
42,019
Provision to write down inventories to net realizable value
638,966
20,674
Loss on impairment and disposal of property, plant and equipment
206,620
—
Stock-based compensation expenses
112,818
115,015
Impairment of goodwill and intangible assets
24,725
—
Deferred income taxes, net
79,831
(18,199
)
Gain from repurchasing of convertible notes
(15,455
)
—
Loss (gain) from exchange rate fluctuations
8,243
(8,170
)
Other items
10,299
6,915
Changes in assets and liabilities:
Trade receivables, net
379,214
(40,011
)
Inventories, net
15,858
(458,475
)
Prepaid expenses and other assets
(38,223
)
19,822
Operating lease right-of-use assets, net
12,286
12,323
Trade payables, net
(284,255
)
(53,996
)
Warranty obligations
(39,294
)
130,863
Deferred revenues and customers advances
1,253
18,580
Operating lease liabilities
(11,881
)
(11,945
)
Accrued expenses and other liabilities, net
19,574
(12,330
)
Net cash used in operating activities
(325,656
)
(40,203
)
Cash flows from investing activities:
Investment in available-for-sale marketable securities
(200,919
)
(214,516
)
Proceeds from maturities of available-for-sale marketable securities
632,866
191,810
Proceeds from sales of available-for-sale marketable securities
70,642
2,807
Purchase of property, plant and equipment
(95,905
)
(130,024
)
Business combinations, net of cash acquired
(10,417
)
(16,653
)
Purchase of intangible assets
(10,000
)
(10,600
)
Disbursements for loans receivables
(37,500
)
(13,000
)
Investment in privately-held companies
(25,742
)
(8,000
)
Other investing activities
(4,270
)
9,989
Net cash provided by (used in) investing activities
318,755
(188,187
)
Cash flows from financing activities:
Repurchase of common stock
(50,315
)
—
Partial repurchase of Notes 2025
(267,900
)
—
Proceeds from issuance of Notes 2029, net of issuance costs
329,214
—
Capped call transactions related to Notes 2029
(28,342
)
—
Tax withholding in connection with stock-based awards, net
(592
)
(9,267
)
Other financing activities
(1,938
)
(2,038
)
Net cash used in financing activities
(19,873
)
(11,305
)
Effect of exchange rate differences on cash and cash equivalents
(7,790
)
7,705
Decrease in cash and cash equivalents
(34,564
)
(231,990
)
Cash and cash equivalents at the beginning of the period
338,468
783,112
Cash and cash equivalents at the end of the period
$
303,904
$
551,122
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages)
Three months ended
Year ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
December 31, 2023
December 31, 2022
December 31, 2021
Gross profit (loss) (GAAP)
$
(702,326
)
$
(10,969
)
$
(26,187
)
$
(56,425
)
$
142,817
$
703,823
$
844,648
$
629,318
Revenues from finance component
(250
)
(246
)
(234
)
(230
)
(215
)
(834
)
(614
)
(418
)
Discontinued operation
(6
)
(757
)
(434
)
36,648
—
36,648
4,314
—
Stock-based compensation
6,039
6,218
5,968
5,468
5,882
23,200
21,818
18,743
Amortization of stock-based compensation capitalized in inventories
1,484
362
197
343
441
1,100
—
—
Amortization and depreciation of acquired asset
2,034
1,343
1,551
1,555
2,096
6,038
7,429
9,326
Restructuring charges
1,216
4,519
5,822
23,154
—
23,154
—
—
Gross profit (loss) (Non-GAAP)
$
(691,809
)
$
470
$
(13,317
)
$
10,513
$
151,021
$
793,129
$
877,595
$
656,969
Gross margin (loss) (GAAP)
(269.2
)%
(4.1
)%
(12.8
)%
(17.9
)%
19.7
%
23.6
%
27.2
%
32.0
%
Revenues from finance component
(0.1
)
0.0
(0.1
)
(0.1
)
0.0
0.0
0.0
0.0
Discontinued operation
0.0
(0.3
)
(0.2
)
11.6
—
1.2
0.1
—
Stock-based compensation
2.3
2.3
2.9
1.8
0.8
0.9
0.7
1.0
Amortization of stock-based compensation capitalized in inventories
0.6
0.1
0.1
0.1
0.0
0.0
—
—
Amortization and depreciation of acquired asset
1.0
0.5
0.8
0.5
0.3
0.2
0.2
0.5
Restructuring charges
0.0
1.7
2.8
7.3
—
0.8
—
—
Gross margin (loss) (Non-GAAP)
(265.4
)%
0.2
%
(6.5
)%
3.3
%
20.8
%
26.7
%
28.2
%
33.5
%
Operating expenses (GAAP)
$
382,940
$
149,213
$
147,518
$
181,156
$
159,543
$
663,618
$
678,528
$
422,179
Stock-based compensation - R&D
(17,115
)
(17,639
)
(17,139
)
(15,982
)
(16,481
)
(66,944
)
(63,211
)
(45,424
)
Stock-based compensation - S&M
(6,816
)
(8,149
)
(7,911
)
(7,347
)
(7,739
)
(30,987
)
(31,017
)
(22,834
)
Stock-based compensation - G&A
(6,672
)
(6,565
)
(6,588
)
(6,133
)
(6,713
)
(28,814
)
(29,493
)
(15,592
)
Amortization and depreciation of acquired assets - R&D
(270
)
(271
)
(270
)
(58
)
(329
)
(989
)
(1,206
)
(530
)
Amortization and depreciation of acquired assets - S&M
(566
)
(467
)
(124
)
(190
)
(321
)
(927
)
(822
)
(927
)
Amortization and depreciation of acquired assets - G&A
(2
)
(2
)
(2
)
(2
)
(4
)
(15
)
(21
)
(29
)
Discontinued operation
11
—
47
(388
)
—
(388
)
—
—
Restructuring charges
(1,299
)
(366
)
(3,943
)
—
—
—
—
—
Assets impairment and disposal by abandonment
(232,102
)
—
(1,732
)
(30,790
)
—
(30,790
)
(119,141
)
(2,209
)
Gain (loss) from assets sales
(1,827
)
(951
)
(1,058
)
(172
)
—
1,262
2,603
976
Certain litigation and other contingencies
—
—
399
(1,786
)
—
(1,786
)
—
—
Acquisition costs
—
—
(9
)
—
—
(135
)
(350
)
—
Operating expenses (Non-GAAP)
$
116,282
$
114,803
$
109,188
$
118,308
$
127,956
$
503,105
$
435,870
$
335,610
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages)
Three months ended
Year ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
December 31, 2023
December 31, 2022
December 31, 2021
Operating income (loss) (GAAP)
$
(1,085,266
)
$
(160,182
)
$
(173,705
)
$
(237,581
)
$
(16,726
)
$
40,205
$
166,120
$
207,139
Revenues from finance component
(250
)
(246
)
(234
)
(230
)
(215
)
(834
)
(614
)
(418
)
Discontinued operation
(17
)
(757
)
(481
)
37,036
—
37,036
4,314
—
Stock-based compensation
36,642
38,571
37,606
34,930
36,815
149,945
145,539
102,593
Amortization of stock-based compensation capitalized in inventories
1,484
362
197
343
441
1,100
—
—
Amortization and depreciation of acquired assets
2,872
2,083
1,947
1,805
2,750
7,969
9,478
10,812
Restructuring charges
2,515
4,885
9,765
23,154
—
23,154
—
—
Assets impairment and disposal by abandonment
232,102
—
1,732
30,790
—
30,790
119,141
2,209
Loss (gain) from assets sales
1,827
951
1,058
172
—
(1,262
)
(2,603
)
(976
)
Certain litigation and other contingencies
—
—
(399
)
1,786
—
1,786
—
—
Acquisition costs
—
—
9
—
—
135
350
—
Operating income (loss) (Non-GAAP)
$
(808,091
)
$
(114,333
)
$
(122,505
)
$
(107,795
)
$
23,065
$
290,024
$
441,725
$
321,359
Financial income (expense), net (GAAP)
$
5,558
$
(865
)
$
(7,064
)
$
22,055
$
(7,901
)
$
41,212
$
3,750
$
(19,915
)
Non cash interest expense
3,785
3,636
3,536
3,422
3,284
12,703
9,954
8,674
Unrealized losses (gains)
—
—
—
—
—
—
119
(541
)
Currency fluctuation related to lease standard
966
(1,523
)
(1,276
)
4,359
(2,788
)
(3,055
)
(11,187
)
2,007
Financial income (expense), net (Non-GAAP)
$
10,309
$
1,248
$
(4,804
)
$
29,836
$
(7,405
)
$
50,860
$
2,636
$
(9,775
)
Other income (loss) (GAAP)
$
(3,928
)
$
18,551
$
—
$
291
$
(484
)
$
(318
)
$
7,285
$
—
Loss (gain) from sale of equity and debt investments
(1,072
)
(1,970
)
—
(291
)
484
193
(8,008
)
—
Loss (gain) from business combination
—
$
(1,125
)
$
—
$
—
$
—
$
—
$
—
$
—
Gain from the repurchase of convertible notes
$
—
$
(15,456
)
$
—
$
—
$
—
$
—
$
—
$
—
Loss from impairment of private held companies
$
5,000
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Other loss (Non-GAAP)
$
—
$
—
$
—
$
—
$
—
$
(125
)
$
(723
)
$
—
Tax benefits (income taxes) (GAAP)
$
(121,108
)
$
12,245
$
23,754
$
53,202
$
(36,065
)
$
(46,420
)
$
(83,376
)
$
(18,054
)
Uncertain tax positions
—
—
—
—
—
—
—
(9,007
)
Income tax adjustment
44,602
(357
)
(5,062
)
(27,699
)
(10,561
)
(45,896
)
(9,067
)
(11,639
)
Tax benefits (income taxes) (Non-GAAP)
$
(76,506
)
$
11,888
$
18,692
$
25,503
$
(46,626
)
$
(92,316
)
$
(92,443
)
$
(38,700
)
Equity method investments loss (GAAP)
$
(577
)
$
(567
)
$
(296
)
$
(350
)
$
—
$
(350
)
$
—
$
—
Loss from equity method investments
577
567
296
350
—
350
—
—
Equity method investments loss (Non-GAAP)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages)
Three months ended
Year ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
December 31, 2023
December 31, 2022
December 31, 2021
Net income (loss) (GAAP)
$
(1,205,321
)
$
(130,818
)
$
(157,311
)
$
(162,383
)
$
(61,176
)
$
34,329
$
93,779
$
169,170
Revenues from finance component
(250
)
(246
)
(234
)
(230
)
(215
)
(834
)
(614
)
(418
)
Discontinued operation
(17
)
(757
)
(481
)
37,036
—
37,036
4,314
—
Stock-based compensation
36,642
38,571
37,606
34,930
36,815
149,945
145,539
102,593
Amortization of stock-based compensation capitalized in inventories
1,484
362
197
343
441
1,100
—
—
Amortization and depreciation of acquired assets
2,872
2,083
1,947
1,805
2,750
7,969
9,478
10,812
Restructuring charges
2,515
4,885
9,765
23,154
—
23,154
—
—
Assets impairment and disposal by abandonment
232,102
—
1,732
30,790
—
30,790
119,141
2,209
Loss (gain) from assets sales
1,827
951
1,058
172
—
(1,262
)
(2,603
)
(976
)
Certain litigation and other contingencies
—
—
(399
)
1,786
—
1,786
—
—
Acquisition costs
—
—
9
—
—
135
350
—
Non cash interest expense
3,785
3,636
3,536
3,422
3,284
12,703
9,954
8,674
Unrealized losses (gains)
—
—
—
—
—
—
119
(541
)
Currency fluctuation related to lease standard
966
(1,523
)
(1,276
)
4,359
(2,788
)
(3,055
)
(11,187
)
2,007
Loss (gain) from sale of equity and debt investments
(1,072
)
(1,970
)
—
(291
)
484
193
(8,008
)
—
Loss (gain) from business combination
—
(1,125
)
—
—
—
—
—
—
Gain from the repurchase of convertible notes
—
(15,456
)
—
—
—
—
—
—
Loss from impairment of private held companies
5,000
—
—
—
—
—
—
—
Uncertain tax positions
—
—
—
—
—
—
—
(9,007
)
Income tax adjustment
44,602
(357
)
(5,062
)
(27,699
)
(10,561
)
(45,896
)
(9,067
)
(11,639
)
equity method adjustments
577
567
296
350
—
350
—
—
Net income (loss) (Non-GAAP)
$
(874,288
)
$
(101,197
)
$
(108,617
)
$
(52,456
)
$
(30,966
)
$
248,443
$
351,195
$
272,884
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages)
Three months ended
Year ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
December 31, 2023
December 31, 2022
December 31, 2021
Net basic earnings (loss) per share (GAAP)
$
(21.13
)
$
(2.31
)
$
(2.75
)
$
(2.85
)
$
(1.08
)
$
0.61
$
1.70
$
3.24
Revenues from finance component
(0.01
)
0.00
(0.01
)
(0.01
)
0.00
(0.02
)
(0.01
)
(0.01
)
Discontinued operation
0.00
(0.02
)
(0.01
)
0.65
—
0.66
0.08
—
Stock-based compensation
0.64
0.69
0.66
0.62
0.65
2.65
2.64
1.97
Amortization of stock-based compensation capitalized in inventories
0.03
0.00
0.01
0.00
0.00
0.02
—
—
Amortization and depreciation of acquired assets
0.05
0.04
0.03
0.04
0.05
0.14
0.17
0.21
Restructuring charges
0.04
0.08
0.17
0.40
—
0.41
—
—
Assets impairment and disposal by abandonment
4.07
—
0.03
0.54
—
0.54
2.17
0.05
Loss (gain) from assets sales
0.04
0.02
0.02
0.01
—
(0.02
)
(0.05
)
(0.03
)
Certain litigation and other contingencies
—
—
(0.01
)
0.03
—
0.03
—
—
Acquisition costs
—
—
0.00
—
—
0.00
0.01
—
Non cash interest expense
0.06
0.07
0.06
0.06
0.06
0.23
0.18
0.16
Unrealized losses (gains)
—
—
—
—
—
—
0.00
(0.01
)
Currency fluctuation related to lease standard
0.02
(0.04
)
(0.02
)
0.07
(0.05
)
(0.06
)
(0.21
)
0.04
Loss (gain) from sale of equity and debt investments
(0.02
)
(0.03
)
—
0.00
0.01
0.01
(0.14
)
—
Loss (gain) from business combination
—
(0.02
)
—
—
—
—
—
—
Gain from the repurchase of convertible notes
—
(0.27
)
—
—
—
—
—
—
Loss from impairment of private held companies
0.09
—
—
—
—
—
—
—
Uncertain tax positions
—
—
—
—
—
—
—
(0.17
)
Income tax adjustment
0.78
(0.01
)
(0.09
)
(0.49
)
(0.19
)
(0.81
)
(0.16
)
(0.22
)
Equity method adjustments
0.01
0.01
0.01
0.01
—
0.00
—
—
Net basic earnings (loss) per share (Non-GAAP)
$
(15.33
)
$
(1.79
)
$
(1.90
)
$
(0.92
)
$
(0.55
)
$
4.39
$
6.38
$
5.23
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages)
Three months ended
Year ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
December 31, 2023
December 31, 2022
December 31, 2021
Net diluted earnings (loss) per share (GAAP)
$
(21.13
)
$
(2.31
)
$
(2.75
)
$
(2.85
)
$
(1.08
)
$
0.60
$
1.65
$
3.06
Revenues from finance component
(0.01
)
0.00
(0.01
)
(0.01
)
0.00
(0.01
)
(0.01
)
(0.01
)
Discontinued operation
0.00
(0.02
)
(0.01
)
0.65
—
0.64
0.08
—
Stock-based compensation
0.64
0.69
0.66
0.62
0.65
2.57
2.43
1.77
Amortization of stock-based compensation capitalized in inventories
0.03
0.00
0.01
0.00
0.00
0.02
—
—
Amortization and depreciation of acquired assets
0.05
0.04
0.03
0.04
0.05
0.14
0.16
0.19
Restructuring charges
0.04
0.08
0.17
0.40
—
0.40
—
—
Assets impairment and disposal by abandonment
4.07
—
0.03
0.54
—
0.53
2.02
0.04
Loss (gain) from assets sales
0.04
0.02
0.02
0.01
—
(0.02
)
(0.04
)
(0.02
)
Certain litigation and other contingencies
—
—
(0.01
)
0.03
—
0.03
—
—
Acquisition costs
—
—
0.00
—
—
0.00
0.00
—
Non cash interest expense
0.06
0.07
0.06
0.06
0.06
0.03
0.13
0.12
Unrealized losses (gains)
—
—
—
—
—
—
0.00
(0.01
)
Currency fluctuation related to lease standard
0.02
(0.04
)
(0.02
)
0.07
(0.05
)
(0.05
)
(0.19
)
0.03
Loss (gain) from sale of equity and debt investments
(0.02
)
(0.03
)
—
0.00
0.01
0.00
(0.13
)
—
Loss (gain) from business combination
—
(0.02
)
—
—
—
—
—
—
Gain from the repurchase of convertible notes
—
(0.27
)
—
—
—
—
—
—
Loss from impairment of private held companies
0.09
—
—
—
—
—
—
—
Uncertain tax positions
—
—
—
—
—
—
—
(0.16
)
Income tax adjustment
0.78
(0.01
)
(0.09
)
(0.49
)
(0.19
)
(0.76
)
(0.15
)
(0.20
)
Equity method adjustments
0.01
0.01
0.01
0.01
—
0.00
—
—
Net diluted earnings (loss) per share (Non-GAAP)
$
(15.33
)
$
(1.79
)
$
(1.90
)
$
(0.92
)
$
(0.55
)
$
4.12
$
5.95
$
4.81
Number of shares used in computing net diluted earnings (loss) per share (GAAP)
57,029,983
56,687,006
57,140,126
56,916,831
56,671,504
57,237,518
55,087,770
55,971,030
Stock-based compensation
—
—
—
—
—
725,859
963,373
773,636
Notes due 2025
—
—
—
—
—
2,276,818
—
—
Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP)
57,029,983
56,687,006
57,140,126
56,916,831
56,671,504
60,240,195
56,051,143
56,744,666
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106654246/en/
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
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