SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in
smart energy technology, today announced its financial results for
the fourth quarter ended December 31, 2023 and full year ended
December 31, 2023.
Fourth Quarter 2023 Highlights
- Revenues of $316.0 million
- Revenues from solar segment of $282.4 million
- GAAP gross margin of negative 17.9%
- Non-GAAP gross margin1 of 3.3%
- Gross margin from solar segment of 4.0%
- GAAP operating loss of $237.6 million
- Non-GAAP operating loss1 of $107.8 million
- GAAP net loss of $162.4 million
- Non-GAAP net loss1 of $52.5 million
- GAAP net loss per share (“EPS”) of $2.85
- Non-GAAP net loss per share1 of $0.92
- 901 Megawatts (AC) of inverters shipped
- 133 MWh of batteries shipped
Full Year 2023 Highlights
- Revenues of $3.0 billion
- Revenues from solar segment of $2.8 billion
- GAAP gross margin of 23.6%
- Non-GAAP gross margin1 of 26.7%
- Gross margin from solar segment of 29.2%
- GAAP operating income of $40.2 million
- Non-GAAP operating income1 of $290.0 million
- GAAP net income of $34.3 million
- Non-GAAP net income1 of $248.4 million
- GAAP net diluted earnings per share (“EPS”) of $0.60
- Non-GAAP net diluted earnings per share1 of $4.12
- 12.6 Gigawatts (AC) of inverters shipped
- 744 MWh of batteries shipped
1 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.
“Despite the challenges we faced in the second half of 2023, we
concluded the year with $3.0 billion in revenue, just below 2022
levels,” said Zvi Lando, Chief Executive Officer of SolarEdge. “The
first half of 2023 included record installations and expectations
for continued growth, with a shift in the second half of the year
to a weaker market due to higher interest rates and lower power
prices, which resulted in an inventory buildup that slowed our
shipments. Nevertheless, we believe we are well positioned for the
next growth cycle in our industry due to our expanding product
portfolio as well as the operational and cost reduction measures we
have taken.”
Fourth Quarter 2023 Summary
The Company reported revenues of $316.0 million, down 56% from
$725.3 million in the prior quarter and down 65% from $890.7
million in the same quarter last year.
Revenues from the solar segment were $282.4 million, down 58%
from $676.9 million in the prior quarter and down 66% from $837.0
million in the same quarter last year.
GAAP gross margin was negative 17.9%, compared to 19.7% in the
prior quarter and compared to 29.3% in the same quarter last
year.
Non-GAAP gross margin1 was 3.3%, compared to 20.8% in the prior
quarter and compared to 30.2% in the same quarter last year.
Gross margin from the solar segment was 4.0%, compared to 24.0%
in the prior quarter and compared to 32.4% in the same quarter last
year.
GAAP operating expenses were $181.2 million, up 14% from $159.5
million in the prior quarter and down 32% from $266.2 million in
the same quarter last year.
Non-GAAP operating expenses1 were $118.3 million, down 8% from
$128.0 million in the prior quarter and down 1% from $119.0 million
in the same quarter last year.
GAAP operating loss was $237.6 million, compared to a GAAP
operating loss of $16.8 million in the prior quarter and compared
to GAAP operating loss of $5.2 million in the same quarter last
year.
Non-GAAP operating loss1 was $107.8 million, compared to
Non-GAAP operating income of $23.1 million in the prior quarter and
compared to Non-GAAP operating income $149.6 million in the same
quarter last year.
GAAP net loss was $162.4 million, compared to a GAAP net loss of
$61.2 million in the prior quarter and compared to a GAAP net
income of $20.8 million in the same quarter last year.
Non-GAAP net loss1 was $52.5 million, compared to a Non-GAAP net
loss of $31.0 million in the prior quarter and compared to a
Non-GAAP net income of $171.5 million in the same quarter last
year.
GAAP net loss per share was $2.85, compared to a GAAP net loss
per share of $1.08 in the prior quarter and compared to a GAAP net
diluted EPS of $0.36 in the same quarter last year.
Non-GAAP net loss per share1 was $0.92, compared to a Non-GAAP
net loss per share of $0.55 in the prior quarter and compared to a
Non-GAAP net diluted EPS of $2.86 in the same quarter last
year.
Cash used in operating activities was $139.9 million, compared
with $40.6 million generated from operating activities in the prior
quarter and $111.3 million generated from operating activities in
the same quarter last year.
As of December 31, 2023, cash, cash equivalents, bank deposits,
restricted bank deposits and marketable securities totaled $634.7
million, net of debt, compared to $831.4 million on September 30,
2023.
Full Year 2023 Summary
Total revenues of $3.0 billion, down 4% from $3.1 billion in the
prior year.
Revenues from the solar segment were $2.8 billion, down 4% from
$2.9 billion in the prior year.
GAAP gross margin was 23.6% compared to 27.2% in the prior
year.
Non-GAAP gross margin1 was 26.7%, compared to 28.2% in the prior
year.
Gross margin from the solar segment was 29.2%, compared to 29.8%
in the prior year.
GAAP operating income was $40.2 million, down 75% from GAAP
operating income of $166.1 million in the prior year.
Non-GAAP operating income1 was $290.0 million, down 34% from
Non-GAAP operating income of $441.7 million in the prior year.
GAAP net income was $34.3 million, down 63% from GAAP net income
of $93.8 million in the prior year.
Non-GAAP net income1 was $248.4 million, down 29% from Non-GAAP
net income of $351.2 million in the prior year.
GAAP net diluted EPS was $0.60, down 64% from GAAP net diluted
EPS of $1.65 in the prior year.
Non-GAAP net diluted EPS1 was $4.12, down 31% from Non-GAAP net
diluted EPS of $5.95 in the prior year.
Cash used in operating activities was $180.1 million, compared
with $31.3 million generated from operating activities in the prior
year.
1 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 First Quarter 2024
The Company also provides guidance for the first quarter ending
March 31, 2024 as follows:
- Revenues to be within the range of $175 million to $215
million
- Non-GAAP gross margin* expected to be within the range of
negative 3% to positive 1%, including approximately 850 basis
points of net IRA manufacturing tax credit
- Non-GAAP operating expenses* to be within the range of $122
million to $130 million
- Revenues from the solar segment to be within the range of $160
million to $200 million
- Gross margin from the solar segment expected to be within the
range of 1% to 5% including approximately 900 basis points of net
IRA manufacturing tax credit
*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 fourth quarter ended December 31, 2023 and full year ended
December 31, 2023 at 4:30 p.m. ET on Tuesday, February 20, 2024.
The call will be available, live, to interested parties by dialing
800-579-2543. For international callers, please dial +1
785-424-1789. 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
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 gross margin, non-GAAP
net income (loss), non-GAAP operating expenses, and non-GAAP
net diluted 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
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; cancellations and
pushouts of existing backlog; installation rates; 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, 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 various conflicts; 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; 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; 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; consolidation in the solar
industry among our customers and distributors; cyber incidents; and
other 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
February 20, 2024. 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
December 31,
Year Ended December
31,
2023
2022
2023
2022
Unaudited
Revenues
$
316,044
$
890,702
$
2,976,528
$
3,110,279
Cost of revenues
372,469
629,655
2,272,705
2,265,631
Gross profit (loss)
(56,425
)
261,047
703,823
844,648
Operating expenses:
Research and development
75,001
78,959
321,482
289,814
Sales and marketing
38,779
42,663
164,318
159,680
General and administrative
34,628
30,013
146,504
112,496
Goodwill impairment
—
90,104
—
90,104
Other operating expenses, net
32,748
24,471
31,314
26,434
Total
operating expenses
181,156
266,210
663,618
678,528
Operating income (loss)
(237,581
)
(5,163
)
40,205
166,120
Financial income, net
22,055
55,812
41,212
3,750
Other income (loss)
291
475
(318
)
7,285
Income (loss) before income taxes
(215,235
)
51,124
81,099
177,155
Income tax benefit (expenses)
53,202
(30,295
)
(46,420
)
(83,376
)
Net loss from equity method
investments
(350
)
—
(350
)
—
Net income (loss)
$
(162,383
)
$
20,829
$
34,329
$
93,779
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except per
share data)
December 31,
2023
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
338,468
$
783,112
Marketable securities
521,570
241,117
Trade receivables, net of allowances of
$16,400 and $3,202, respectively
622,425
905,146
Inventories, net
1,443,449
729,201
Prepaid expenses and other current
assets
378,394
241,082
Total current
assets
3,304,306
2,899,658
LONG-TERM ASSETS:
Marketable securities
407,825
645,491
Deferred tax assets, net
80,912
44,153
Property, plant and equipment, net
614,579
543,969
Operating lease right-of-use assets,
net
64,167
62,754
Intangible assets, net
35,345
19,929
Goodwill
42,996
31,189
Other long-term assets
37,601
18,806
Total
long-term assets
1,283,425
1,366,291
Total
assets
4,587,731
4,265,949
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables, net
$
386,471
$
459,831
Employees and payroll accruals
76,966
85,158
Warranty obligations
183,047
103,975
Deferred revenues and customers
advances
40,836
26,641
Accrued expenses and other current
liabilities
205,911
214,112
Total current
liabilities
893,231
889,717
LONG-TERM LIABILITIES:
Convertible senior notes, net
627,381
624,451
Warranty obligations
335,197
281,082
Deferred revenues
214,607
186,936
Finance lease liabilities
41,892
45,385
Operating lease liabilities
45,070
46,256
Other long-term liabilities
18,444
15,756
Total
long-term liabilities
1,282,591
1,199,866
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value -
Authorized: 125,000,000 shares as of December 31, 2023 and December
31, 2022; issued and outstanding: 57,123,437 and 56,133,404 shares
as of December 31, 2023 and December 31, 2022, respectively
6
6
Additional paid-in capital
1,680,622
1,505,632
Accumulated other comprehensive loss
(46,885
)
(73,109
)
Retained earnings
778,166
743,837
Total
stockholders’ equity
2,411,909
2,176,366
Total
liabilities and stockholders’ equity
$
4,587,731
$
4,265,949
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands, except per share
data)
Year ended December
31,
2023
2022
Cash flows from
operating activities:
Net income
$
34,329
$
93,779
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization
57,196
49,676
Loss (gain) from exchange rate
fluctuations
(26,878
)
9,527
Stock-based compensation expenses
149,945
145,539
Impairment of goodwill and long-lived
assets
30,790
119,141
Deferred income taxes, net
(43,071
)
(11,055
)
Other items
8,164
4,382
Changes in assets and liabilities:
Inventories, net
(690,854
)
(341,085
)
Prepaid expenses and other assets
(91,523
)
(64,991
)
Trade receivables, net
296,429
(457,610
)
Trade payables, net
(67,795
)
194,524
Employees and payroll accruals
21,419
26,238
Warranty obligations
133,090
120,169
Deferred revenues and customers
advances
39,632
44,376
Accrued expenses and other liabilities,
net
(30,986
)
98,674
Net cash provided by (used in) operating
activities
(180,113
)
31,284
Cash flows from
investing activities:
Investment in available-for-sale
marketable securities
(296,396
)
(507,171
)
Proceeds from sales and maturities of
available-for-sale marketable securities
280,189
231,210
Purchase of property, plant and
equipment
(170,523
)
(169,341
)
Disbursements for loans receivables
(58,000
)
—
Business combinations, net of cash
acquired
(16,653
)
—
Purchase of intangible assets
(10,600
)
—
Investment in privately-held companies
(8,000
)
—
Proceeds from governmental grant
6,794
4,479
Proceeds from sale of a privately-held
company
1,313
24,362
Other investing activities
2,982
(583
)
Net cash used in investing activities
(268,894
)
(417,044
)
Cash flows from
financing activities:
Tax withholding in connection with
stock-based awards, net
(9,259
)
3,023
Payments of finance lease liability
(2,794
)
(2,834
)
Proceeds from secondary public offering,
net of issuance costs
—
650,526
Repayment of bank loans
(129
)
(138
)
Other financing activities
226
4,030
Net cash provided by (used in) financing
activities
(11,956
)
654,607
Increase (decrease) in cash and cash
equivalents
(460,963
)
268,847
Cash and cash equivalents at the beginning
of the period
783,112
530,089
Effect of exchange rate differences on
cash and cash equivalents
16,319
(15,824
)
Cash and cash equivalents at the end of
the period
$
338,468
$
783,112
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, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Gross profit (GAAP)
$
(56,425
)
$
142,817
$
317,305
$
300,126
$
261,047
$
703,823
$
844,648
$
629,318
Revenues from finance component
(230
)
(215
)
(202
)
(187
)
(174
)
(834
)
(614
)
(418
)
Discontinued operation
36,648
—
—
—
—
36,648
4,314
—
Stock-based compensation
5,468
5,882
5,923
5,927
6,810
23,200
21,818
18,743
Amortization of stock-based compensation
capitalized in inventories
343
441
316
—
—
1,100
—
—
Amortization and depreciation of acquired
asset
1,555
2,096
872
1,515
961
6,038
7,429
9,326
Restructuring charges
23,154
—
—
—
—
23,154
—
—
Gross profit (Non-GAAP)
$
10,513
$
151,021
$
324,214
$
307,381
$
268,644
$
793,129
$
877,595
$
656,969
Gross margin (GAAP)
(17.9
) %
19.7
%
32.0
%
31.8
%
29.3
%
23.6
%
27.2
%
32.0
%
Revenues from finance component
(0.1
)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Discontinued operation
11.6
—
—
—
—
1.2
0.1
—
Stock-based compensation
1.8
0.8
0.6
0.6
0.8
0.9
0.7
1.0
Amortization of stock-based compensation
capitalized in inventories
0.1
0.0
0.0
—
—
0.0
—
—
Amortization and depreciation of acquired
asset
0.5
0.3
0.1
0.2
0.1
0.2
0.2
0.5
Restructuring charges
7.3
—
—
—
—
0.8
—
—
Gross margin (Non-GAAP)
3.3
%
20.8
%
32.7
%
32.6
%
30.2
%
26.7
%
28.2
%
33.5
%
Operating expenses (GAAP)
$
181,156
$
159,543
$
166,947
$
155,972
$
266,210
$
663,618
$
678,528
$
422,179
Stock-based compensation - R&D
(15,982
)
(16,481
)
(17,272
)
(17,209
)
(16,854
)
(66,944
)
(63,211
)
(45,424
)
Stock-based compensation - S&M
(7,347
)
(7,739
)
(7,822
)
(8,079
)
(7,928
)
(30,987
)
(31,017
)
(22,834
)
Stock-based compensation - G&A
(6,133
)
(6,713
)
(7,948
)
(8,020
)
(7,015
)
(28,814
)
(29,493
)
(15,592
)
Amortization and depreciation of acquired
assets - R&D
(58
)
(329
)
(289
)
(313
)
(301
)
(989
)
(1,206
)
(530
)
Amortization and depreciation of acquired
assets - S&M
(190
)
(321
)
(235
)
(181
)
(173
)
(927
)
(822
)
(927
)
Amortization and depreciation of acquired
assets - G&A
(2
)
(4
)
17
(26
)
(4
)
(15
)
(21
)
(29
)
Discontinued operation
(388
)
—
—
—
—
(388
)
—
—
Assets impairment
(30,790
)
—
—
—
(114,473
)
(30,790
)
(119,141
)
(2,209
)
Gain (loss) from assets sales and
disposal
(172
)
—
—
1,434
(102
)
1,262
2,603
976
Certain litigation and other
contingencies
(1,786
)
—
—
—
—
(1,786
)
—
—
Acquisition costs
—
—
(135
)
—
(350
)
(135
)
(350
)
—
Operating expenses (Non-GAAP)
$
118,308
$
127,956
$
133,263
$
123,578
$
119,010
$
503,105
$
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, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Operating income (loss) (GAAP)
$
(237,581
)
$
(16,726
)
$
150,358
$
144,154
$
(5,163
)
$
40,205
$
166,120
$
207,139
Revenues from finance component
(230
)
(215
)
(202
)
(187
)
(174
)
(834
)
(614
)
(418
)
Discontinued operation
37,036
—
—
—
—
37,036
4,314
—
Stock-based compensation
34,930
36,815
38,965
39,235
38,607
149,945
145,539
102,593
Amortization of stock-based compensation
capitalized in inventories
343
441
316
—
—
1,100
—
—
Amortization and depreciation of acquired
assets
1,805
2,750
1,379
2,035
1,439
7,969
9,478
10,812
Restructuring charges
23,154
—
—
—
—
23,154
—
—
Assets impairment
30,790
—
—
—
114,473
30,790
119,141
2,209
Loss (gain) from assets sales and
disposal
172
—
—
(1,434
)
102
(1,262
)
(2,603
)
(976
)
Certain litigation and other
contingencies
1,786
—
—
—
—
1,786
—
—
Acquisition costs
—
—
135
—
350
135
350
—
Operating income (Non-GAAP)
$
(107,795
)
$
23,065
$
190,951
$
183,803
$
149,634
$
290,024
$
441,725
$
321,359
Financial income (expense), net
(GAAP)
$
22,055
$
(7,901
)
$
3,384
$
23,674
$
55,812
$
41,212
$
3,750
$
(19,915
)
Non cash interest expense
3,422
3,284
3,105
2,892
2,685
12,703
9,954
8,674
Unrealized losses (gains)
—
—
—
—
119
—
119
(541
)
Currency fluctuation related to lease
standard
4,359
(2,788
)
(2,107
)
(2,519
)
749
(3,055
)
(11,187
)
2,007
Financial income (expense), net
(Non-GAAP)
$
29,836
$
(7,405
)
$
4,382
$
24,047
$
59,365
$
50,860
$
2,636
$
(9,775
)
Other income (loss) (GAAP)
$
291
$
(484
)
$
—
$
(125
)
$
475
$
(318
)
$
7,285
$
—
Loss (gain) from sale of investments
(291
)
484
—
—
(475
)
193
(8,008
)
—
Other income (loss) (Non-GAAP)
$
—
$
—
$
—
$
(125
)
$
—
$
(125
)
$
(723
)
$
—
Income tax benefit (expense)
(GAAP)
$
53,202
$
(36,065
)
$
(34,232
)
$
(29,325
)
$
(30,295
)
$
(46,420
)
$
(83,376
)
$
(18,054
)
Uncertain tax positions
—
—
—
—
—
—
—
(9,007
)
Income tax adjustment
(27,699
)
(10,561
)
(3,735
)
(3,901
)
(7,186
)
(45,896
)
(9,067
)
(11,639
)
Income tax benefit (expense)
(Non-GAAP)
$
25,503
$
(46,626
)
$
(37,967
)
$
(33,226
)
$
(37,481
)
$
(92,316
)
$
(92,443
)
$
(38,700
)
Equity method investments income (loss)
(GAAP)
$
(350
)
$
—
$
—
$
—
$
—
$
(350
)
$
—
$
—
Loss from equity method investments
350
—
—
—
—
350
—
—
Equity method investments income (loss)
(Non-GAAP)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
SOLAREDGE TECHNOLOGIES
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (Unaudited)
(in thousands, except per share
data and percentages)
Reconciliation of GAAP to
Non-GAAP Net income (loss)
Three months ended
Year ended
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Net income (loss) (GAAP)
$
(162,383
)
$
(61,176
)
$
119,510
$
138,378
$
20,829
$
34,329
$
93,779
$
169,170
Revenues from finance component
(230
)
(215
)
(202
)
(187
)
(174
)
(834
)
(614
)
(418
)
Discontinued operation
37,036
—
—
—
—
37,036
4,314
—
Stock-based compensation
34,930
36,815
38,965
39,235
38,607
149,945
145,539
102,593
Amortization of stock-based compensation
capitalized in inventories
343
441
316
—
—
1,100
—
—
Amortization and depreciation of acquired
assets
1,805
2,750
1,379
2,035
1,439
7,969
9,478
10,812
Restructuring charges
23,154
—
—
—
—
23,154
—
—
Assets impairment
30,790
—
—
—
114,473
30,790
119,141
2,209
Loss (gain) from assets sales and
disposal
172
—
—
(1,434
)
102
(1,262
)
(2,603
)
(976
)
Certain litigation and other
contingencies
1,786
—
—
—
—
1,786
—
—
Acquisition costs
—
—
135
—
350
135
350
—
Non cash interest expense
3,422
3,284
3,105
2,892
2,685
12,703
9,954
8,674
Unrealized losses (gains)
—
—
—
—
119
—
119
(541
)
Currency fluctuation related to lease
standard
4,359
(2,788
)
(2,107
)
(2,519
)
749
(3,055
)
(11,187
)
2,007
Loss (gain) from sale of investments
(291
)
484
—
—
(475
)
193
(8,008
)
—
Uncertain tax positions
—
—
—
—
—
—
—
(9,007
)
Income tax adjustment
(27,699
)
(10,561
)
(3,735
)
(3,901
)
(7,186
)
(45,896
)
(9,067
)
(11,639
)
equity method adjustments
350
—
—
—
—
350
—
—
Net income (loss) (Non-GAAP)
$
(52,456
)
$
(30,966
)
$
157,366
$
174,499
$
171,518
$
248,443
$
351,195
$
272,884
SOLAREDGE TECHNOLOGIES
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (Unaudited)
(in thousands, except per share
data and percentages)
Reconciliation of GAAP to
Non-GAAP Net basic earnings (loss)
Three months ended
Year ended
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Net basic earnings (loss) per share
(GAAP)
(2.85
)
(1.08
)
2.12
2.46
0.37
0.61
1.70
3.24
Revenues from finance component
(0.01
)
0.00
(0.01
)
0.00
0.00
(0.02
)
(0.01
)
(0.01
)
Discontinued operation
0.65
—
—
—
—
0.66
0.08
—
Stock-based compensation
0.62
0.65
0.70
0.70
0.69
2.65
2.64
1.97
Amortization of stock-based compensation
capitalized in
0.00
0.00
0.00
—
—
0.02
—
—
Amortization and depreciation of acquired
assets
0.04
0.05
0.03
0.03
0.02
0.14
0.17
0.21
Restructuring charges
0.40
—
—
—
—
0.41
—
—
Assets impairment
0.54
—
—
—
2.05
0.54
2.17
0.05
Loss (gain) from assets sales and
disposal
0.01
—
—
(0.02
)
—
(0.02
)
(0.02
)
(0.03
)
Certain litigation and other
contingencies
0.03
—
—
—
—
0.03
—
—
Acquisition costs
—
—
0.00
—
0.01
—
(0.02
)
—
Non cash interest expense
0.06
0.06
0.05
0.05
0.05
0.23
0.18
0.16
Unrealized losses (gains)
—
—
—
—
(0.01
)
—
(0.01
)
(0.01
)
Currency fluctuation related to lease
standard
0.07
(0.05
)
(0.03
)
(0.05
)
0.02
(0.06
)
(0.20
)
0.04
Loss (gain) from sale of investments
0.00
0.01
—
—
(0.01
)
0.01
(0.14
)
—
Uncertain tax positions
—
—
—
—
—
—
—
(0.17
)
Income tax adjustment
(0.49
)
(0.19
)
(0.07
)
(0.07
)
(0.13
)
(0.81
)
(0.16
)
(0.22
)
equity method adjustments
0.01
—
—
—
—
0.00
—
—
Net basic earnings (loss) per share
(Non-GAAP)
(0.92
)
(0.55
)
2.79
3.10
3.06
4.39
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 Net diluted earnings (loss)
Three months ended
Year ended
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Net diluted earnings (loss) per share
(GAAP)
(2.85
)
(1.08
)
2.03
2.35
0.36
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
0.65
—
—
—
—
0.64
0.08
—
Stock-based compensation
0.62
0.65
0.62
0.62
0.64
2.57
2.43
1.77
Amortization of stock-based compensation
capitalized in inventories
0.00
0.00
0.00
—
—
0.02
—
—
Amortization and depreciation of acquired
assets
0.04
0.05
0.03
0.03
0.02
0.14
0.16
0.19
Restructuring charges
0.40
—
—
—
—
0.40
—
—
Assets impairment
0.54
—
—
—
1.91
0.53
2.02
0.04
Loss (gain) from assets sales and
disposal
0.01
—
—
(0.02
)
—
(0.02
)
(0.02
)
(0.02
)
Certain litigation and other
contingencies
0.03
—
—
—
—
(0.16
)
—
—
Acquisition costs
—
—
0.00
—
0.01
0.01
(0.02
)
—
Non cash interest expense
0.06
0.06
0.04
0.04
0.03
0.21
0.13
0.12
Unrealized losses (gains)
—
—
—
—
0.00
—
0.00
(0.01
)
Currency fluctuation related to lease
standard
0.07
(0.05
)
(0.03
)
(0.04
)
0.01
(0.05
)
(0.19
)
0.03
Loss (gain) from sale of investments
0.00
0.01
—
—
0.00
0.00
(0.13
)
—
Uncertain tax positions
—
—
—
—
—
—
—
(0.16
)
Income tax adjustment
(0.49
)
(0.19
)
(0.06
)
(0.07
)
(0.12
)
(0.76
)
(0.15
)
(0.20
)
equity method adjustments
0.01
—
—
—
—
0.00
—
—
Net diluted earnings (loss) per share
(Non-GAAP)
(0.92
)
(0.55
)
2.62
2.90
2.86
4.12
5.95
4.81
Number of shares used in computing net
diluted earnings (loss) per share (GAAP)
56,916,831
56,671,504
59,183,666
59,193,831
58,734,719
57,237,518
55,087,770
55,971,030
Stock-based compensation
—
—
986,527
939,571
1,237,266
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)
56,916,831
56,671,504
60,170,193
60,133,402
59,971,985
60,240,195
56,051,143
56,744,666
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240220541990/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
SolarEdge Technologies (NASDAQ:SEDG)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
SolarEdge Technologies (NASDAQ:SEDG)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024