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     1530  0 Kommentare SolarEdge Announces Third Quarter 2020 Financial Results

    SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2020.

    Third Quarter 2020 Highlights

    • Revenues of $338.1 million
    • Revenues from solar products of $312.5 million
    • GAAP gross margin of 32.0%
    • GAAP gross margin from sale of solar products of 34.1%
    • Non-GAAP gross margin from sale of solar products of 34.8%
    • GAAP net income of $43.8 million
    • Non-GAAP net income of $65.9 million
    • GAAP net diluted earnings per share (“EPS”) of $0.83
    • Non-GAAP net diluted EPS of $1.21
    • 1.45 Gigawatts (AC) of inverters shipped

    “Our third quarter results reflect significant growth in Europe, despite the current economic slowdown caused by the global pandemic,” said Zivi Lando, CEO of SolarEdge. “Our solar business outside the U.S. reached an all-time high and the U.S. market is showing signs of return to pre-pandemic installation levels. In our non-solar business, our e-Mobility team is gearing up to deliver to our customer the first significant batch of full powertrain solutions for assembly in electric vehicles in the fourth quarter. In addition to continuing to generate significant cash from operations this quarter, we raised $618 million, net of expenses, in convertible debt providing additional support for our continued organic and non-organic growth.”

    Third Quarter 2020 Summary

    The Company reported revenues of $338.1 million, up 2% from $331.9 million in the prior quarter and down 18% from $410.6 million in the same quarter last year.

    Revenues related to the solar business were $312.5 million, up 1% from $310.1 million in the prior quarter and down 19% from $387.8 million in the same quarter last year.

    GAAP gross margin was 32.0%, up from 31.0% in the prior quarter and down from 33.9% year over year.

    Non-GAAP gross margin was 33.5%, up from 32.4% in the prior quarter and down from 35.1% year over year.

    GAAP gross margin for the solar business was 34.1%, up from 33.1% in the prior quarter and down from 35.0% year over year.

    Non-GAAP gross margin for the solar business was 34.8%, up from 33.8% in the prior quarter and down from 35.4% year over year.

    GAAP operating expenses were $77.7 million, up 6% from $73.0 million in the prior quarter and up 6% from $73.3 million in the same quarter last year.

    Non-GAAP operating expenses were $63.2 million, up 3% from $61.1 million in the prior quarter and up 15% from $54.8 million in the same quarter last year.

    GAAP operating income was $30.4 million, up 1% from $30.0 million in the prior quarter and down 54% from $66.0 million in the same quarter last year.

    Non-GAAP operating income was $50.0 million, up 7% from $46.6 million in the prior quarter and down 44% from $89.2 million in the same quarter last year.

    GAAP net income was $43.8 million, up 19% from $36.7 million in the prior quarter and up 5% from $41.6 million in the same quarter last year.

    Non-GAAP net income was $65.9 million, up 26% from $52.1 million in the prior quarter and up 4% from $63.6 million in the same quarter last year.

    GAAP net diluted EPS was $0.83, up from $0.70 in the prior quarter and up from $0.81 in the same quarter last year.

    Non-GAAP net diluted EPS was $1.21, up from $0.97 in the prior quarter and same as in the same quarter last year.

    Cash flow from operating activities was $28.4 million, down from $59.3 million in the prior quarter and down from $68.7 million in the same quarter last year.

    As of September 30, 2020, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $553.8 million, net of debt, compared to $577.4 million on June 30, 2020.

    Outlook for the Fourth Quarter 2020

    The Company also provides guidance for the fourth quarter ending December 31, 2020 as follows:

    • Revenues to be within the range of $345 million to $365 million
    • Non-GAAP Gross margin expected to be within the range of 32% to 34%
    • Revenues from solar products to be within the range of $320 million to $335 million
    • Non-GAAP Gross margin from sale of solar products expected to be within the range of 34% to 36%

    Conference Call

    The Company will host a conference call to discuss these results at 4:30 P.M. ET on Monday, November 2, 2020. The call will be available, live, to interested parties by dialing 800-458-4121. For international callers, please dial +1 323-794-2093. The Conference ID number is 7783916. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

    A replay of the webcast will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

    About SolarEdge

    SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at solaredge.com

    Use of Non-GAAP Financial Measures

    The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

    This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

    Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 27, 2020, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of November 2, 2020. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

     

    SOLAREDGE TECHNOLOGIES INC.

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

    (In thousands, except per share data)

     

     

     

    Three months ended
    September 30,

     

    Nine months ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    338,095

     

     

    $

    410,556

     

     

    $

    1,101,164

     

     

    $

    1,007,437

    Cost of revenues

     

     

    230,032

     

     

     

    271,247

     

     

     

    750,130

     

     

     

    671,348

     

     

     

     

     

     

     

     

     

    Gross profit

     

     

    108,063

     

     

     

    139,309

     

     

     

    351,034

     

     

     

    336,089

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

     

    40,817

     

     

     

    30,747

     

     

     

    115,610

     

     

     

    86,451

    Sales and marketing

     

     

    21,924

     

     

     

    22,026

     

     

     

    67,113

     

     

     

    64,325

    General and administrative

     

     

    14,928

     

     

     

    12,214

     

     

     

    45,077

     

     

     

    37,590

    Other operating expenses (income)

     

     

    -

     

     

     

    8,305

     

     

     

    (4,900

    )

     

     

    8,305

     

     

     

     

     

     

     

     

     

    Total operating expenses

     

     

    77,669

     

     

     

    73,292

     

     

     

    222,900

     

     

     

    196,671

     

     

     

     

     

     

     

     

     

    Operating income

     

     

    30,394

     

     

     

    66,017

     

     

     

    128,134

     

     

     

    139,418

     

     

     

     

     

     

     

     

     

    Financial expenses (income), net

     

     

    (15,765

    )

     

     

    17,023

     

     

     

    (10,725

    )

     

     

    22,401

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

     

    46,159

     

     

     

    48,994

     

     

     

    138,859

     

     

     

    117,017

     

     

     

     

     

     

     

     

     

    Income taxes

     

     

    2,408

     

     

     

    7,270

     

     

     

    16,192

     

     

     

    24,405

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    43,751

     

     

    $

    41,724

     

     

    $

    122,667

     

     

    $

    92,612

     

     

     

     

     

     

     

     

     

    Net loss (income) attributable to Non-controlling interests

     

     

    -

     

     

     

    (97

    )

     

     

    -

     

     

     

    1,159

     

     

     

     

     

     

     

     

     

    Net income attributable to SolarEdge Technologies, Inc.

     

    $

    43,751

     

     

    $

    41,627

     

     

    $

    122,667

     

     

    $

    93,771

     

     

     

     

     

     

     

     

     

    SOLAREDGE TECHNOLOGIES INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

    (In thousands)

     

     

    September 30,

     

    December 31,

     

     

    2020

     

    2019

    CURRENT ASSETS:

     

     

     

     

    Cash and cash equivalents

     

    $

    1,048,109

     

     

    $

    223,901

     

    Short-term bank deposits

     

     

    20,011

     

     

     

    5,010

     

    Restricted bank deposits

     

     

    2,242

     

     

     

    27,558

     

    Marketable securities

     

     

    110,585

     

     

     

    91,845

     

    Trade receivables, net of allowances of $6,690 and $2,473, respectively

     

     

    183,141

     

     

     

    298,383

     

    Prepaid expenses and other current assets

     

     

    83,866

     

     

     

    115,268

     

    Inventories, net

     

     

    297,027

     

     

     

    170,798

     

    Total current assets

     

     

    1,744,981

     

     

     

    932,763

     

     

     

     

     

     

    LONG-TERM ASSETS:

     

     

     

     

    Marketable securities

     

     

    21,003

     

     

     

    119,176

     

    Deferred tax assets, net

     

     

    10,678

     

     

     

    16,298

     

    Other long-term assets

     

     

    5,609

     

     

     

    9,904

     

    Property, plant and equipment, net

     

     

    257,717

     

     

     

    176,963

     

    Operating lease right-of-use assets, net

     

     

    36,965

     

     

     

    35,858

     

    Intangible assets, net

     

     

    68,122

     

     

     

    74,008

     

    Goodwill

     

     

    133,221

     

     

     

    129,654

     

    Total long-term assets

     

     

    533,315

     

     

     

    561,861

     

     

     

     

     

     

    Total assets

     

    $

    2,278,296

     

     

    $

    1,494,624

     

     

     

     

     

     

    CURRENT LIABILITIES:

     

     

     

     

    Trade payables, net

     

    $

    122,106

     

     

    $

    157,148

     

    Employees and payroll accruals

     

     

    50,814

     

     

     

    47,390

     

    Current maturities of bank loans and accrued interest

     

     

    15,642

     

     

     

    15,673

     

    Warranty obligations

     

     

    65,080

     

     

     

    65,112

     

    Deferred revenues and customers advances

     

     

    27,267

     

     

     

    70,815

     

    Accrued expenses and other current liabilities

     

     

    101,628

     

     

     

    80,576

     

    Total current liabilities

     

     

    382,537

     

     

     

    436,714

     

     

     

     

     

     

    LONG-TERM LIABILITIES:

     

     

     

     

    Convertible senior notes, net

     

     

    570,332

     

     

     

    -

     

    Warranty obligations

     

     

    130,614

     

     

     

    107,451

     

    Deferred revenues

     

     

    109,439

     

     

     

    89,982

     

    Deferred tax liabilities, net

     

     

    5,195

     

     

     

    4,461

     

    Operating lease liabilities

     

     

    29,442

     

     

     

    30,213

     

    Other long-term liabilities

     

     

    18,700

     

     

     

    14,133

     

    Total long-term liabilities

     

     

    863,722

     

     

     

    246,240

     

     

     

     

     

     

    STOCKHOLDERS’ EQUITY:

     

     

     

     

    Common stock

     

     

    5

     

     

     

    5

     

    Additional paid-in capital

     

     

    574,326

     

     

     

    475,792

     

    Accumulated other comprehensive loss

     

     

    (2,643

    )

     

     

    (1,809

    )

    Retained earnings

     

     

    460,349

     

     

     

    337,682

     

    Total stockholders’ equity

     

     

    1,032,037

     

     

     

    811,670

     

     

     

     

     

     

    Total liabilities and stockholders’ equity

     

    $

    2,278,296

     

     

    $

    1,494,624

     

     

    SOLAREDGE TECHNOLOGIES INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

    (In thousands)

     

     

     

    Nine months ended
    September 30,

     

     

    2020

     

    2019

    Cash flows provided by operating activities:

     

     

     

     

    Net income

     

    $

    122,667

     

     

    $

    92,612

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation of property, plant and equipment

     

     

    16,376

     

     

     

    12,532

     

    Amortization of intangible assets

     

     

    7,081

     

     

     

    7,514

     

    Amortization of debt discount and debt issuance costs

     

     

    168

     

     

     

    -

     

    Amortization of premium and accretion of discount on available-for-sale marketable securities, net

     

     

    602

     

     

     

    -

     

    Stock-based compensation expenses

     

     

    42,993

     

     

     

    38,685

     

    Deferred income tax benefit, net

     

     

    (5,263

    )

     

     

    (4,923

    )

    Other adjustments, net

     

     

    224

     

     

     

    657

     

    Changes in assets and liabilities:

     

     

     

     

    Inventories, net

     

     

    (121,999

    )

     

     

    15,746

     

    Prepaid expenses and other assets

     

     

    37,871

     

     

     

    (19,795

    )

    Trade receivables, net

     

     

    118,044

     

     

     

    (114,572

    )

    Operating lease right-of-use assets and liabilities, net and effect of exchange rate differences

     

     

    (459

    )

     

     

    2,138

     

    Trade payables, net

     

     

    (35,499

    )

     

     

    21,301

     

    Employees and payroll accruals

     

     

    3,132

     

     

     

    15,329

     

    Warranty obligations

     

     

    23,155

     

     

     

    49,633

     

    Deferred revenues and customers advances

     

     

    (24,283

    )

     

     

    19,516

     

    Other liabilities

     

     

    10,619

     

     

     

    39,561

     

    Net cash provided by operating activities

     

     

    195,429

     

     

     

    175,934

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

    Proceeds from sales and maturities of available-for-sale marketable securities

     

     

    116,419

     

     

     

    119,570

     

    Purchase of property, plant and equipment

     

     

    (90,553

    )

     

     

    (39,679

    )

    Investment in available-for-sale marketable securities

     

     

    (36,781

    )

     

     

    (103,711

    )

    Withdrawal from (investment in) restricted bank deposits

     

     

    25,538

     

     

     

    (243

    )

    Business combination, net of cash acquired

     

     

    -

     

     

     

    (38,435

    )

    Withdrawal from (investment in) bank deposits

     

     

    (14,667

    )

     

     

    4,101

     

    Other investing activities

     

     

    743

     

     

     

    -

     

    Net cash provided by (used in) in investing activities

     

    $

    699

     

     

    $

    (58,397

    )

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

    Proceeds from issuance of convertible senior notes, net

     

    $

    618,269

     

     

    $

    -

     

    Repayment of bank loans

     

     

    (15,194

    )

     

     

    (5,142

    )

    Proceeds from bank loans

     

     

    15,185

     

     

     

    232

     

    Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards

     

     

    19,205

     

     

     

    4,940

     

    Change in Non-controlling interests

     

     

    -

     

     

     

    (67,089

    )

    Other financing activities

     

     

    (152

    )

     

     

    (1,248

    )

    Net cash provided by (used in) financing activities

     

     

    637,313

     

     

     

    (68,307

    )

     

     

     

     

     

    Increase in cash and cash equivalents

     

     

    833,441

     

     

     

    49,230

     

    Cash and cash equivalents at the beginning of the period

     

     

    223,901

     

     

     

    187,764

     

    Effect of exchange rate differences on cash and cash equivalents

     

     

    (9,233

    )

     

     

    10,348

     

     

     

     

     

     

    Cash and cash equivalents at the end of the period

     

    $

    1,048,109

     

     

    $

    247,342

     

    SOLAREDGE TECHNOLOGIES INC.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (In thousands, except gross profit and per share data)

    (Unaudited)

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Gross Profit

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Gross profit (GAAP)

    108,063

    102,963

    139,309

    351,034

    336,089

    Stock-based compensation

    2,730

    2,359

    1,691

    7,362

    4,696

    Cost of product adjustment

    ----

    ----

    107

    313

    1,108

    Amortization and depreciation of acquired assets

    2,429

    2,325

    2,898

    7,110

    7,282

    Gross profit (Non-GAAP)

    113,222

    107,647

    144,005

    365,819

    349,175

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Gross Margin

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Gross margin (GAAP)

    32.0%

    31.0%

    33.9%

    31.9%

    33.4%

    Stock-based compensation

    0.8%

    0.7%

    0.4%

    0.7%

    0.5%

    Cost of product adjustment

    ----

    ----

    ----

    ----

    0.1%

    Amortization and depreciation of acquired assets

    0.7%

    0.7%

    0.8%

    0.6%

    0.7%

    Gross margin (Non-GAAP)

    33.5%

    32.4%

    35.1%

    33.2%

    34.7%

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Operating expenses

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Operating expenses (GAAP)

    77,669

    72,998

    73,292

    222,900

    196,671

    Stock-based compensation - R&D

    (6,904)

    (5,847)

    (4,269)

    (18,129)

    (11,935)

    Stock-based compensation - S&M

    (4,066)

    (3,445)

    (2,779)

    (10,703)

    (7,905)

    Stock-based compensation - G&A

    (2,559)

    (2,310)

    (2,628)

    (6,799)

    (7,907)

    Amortization and depreciation of acquired assets - R&D

    (26)

    (25)

    (17)

    (77)

    (62)

    Amortization and depreciation of acquired assets - S&M

    (370)

    (292)

    (440)

    (957)

    (1,247)

    Amortization and depreciation of acquired assets - G&A

    (8)

    (9)

    (54)

    (25)

    (80)

    Acquisition related expenses

    ----

    ----

    ----

    ----

    (949)

    Assets disposal

    (558)

    ----

    (14)

    (558)

    (566)

    Other operating income (expenses)

    ----

    ----

    (8,305)

    4,900

    (8,305)

    Operating expenses (Non-GAAP)

    63,178

    61,070

    54,786

    190,552

    157,715

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Operating income

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Operating income (GAAP)

    30,394

    29,965

    66,017

    128,134

    139,418

    Cost of product adjustment

    ----

    ----

    107

    313

    1,108

    Stock-based compensation

    16,259

    13,961

    11,367

    42,993

    32,443

    Amortization and depreciation of acquired assets

    2,833

    2,651

    3,409

    8,169

    8,671

    Acquisition related expenses

    ----

    ----

    ----

    ----

    949

    Assets disposal

    558

    ----

    14

    558

    566

    Other operating (income) expenses

    ----

    ----

    8,305

    (4,900)

    8,305

    Operating income (Non-GAAP)

    50,044

    46,577

    89,219

    175,267

    191,460

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Financial expenses (income), net

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Financial expenses (income), net (GAAP)

    (15,765)

    (11,565)

    17,023

    (10,725)

    22,401

    Notes due 2025

    (168)

    ----

    ----

    (168)

    ----

    Non cash interest

    (1,254)

    (1,200)

    (955)

    (3,582)

    (2,590)

    Currency fluctuation related to lease standard

    (243)

    (892)

    (800)

    (102)

    (2,325)

    Amortization and depreciation of acquired assets

    ----

    ----

    ----

    (982)

    ----

    Financial expenses (income), net (Non-GAAP)

    (17,430)

    (13,657)

    15,268

    (15,559)

    17,486

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Tax on income

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Tax on income (GAAP)

    2,408

    4,862

    7,270

    16,192

    24,405

    Deferred taxes

    (816)

    3,236

    2,963

    5,956

    4,923

    Tax on income (Non-GAAP)

    1,592

    8,098

    10,233

    22,148

    29,328

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Net income

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Net income attributable to Solaredge Technologies Inc. (GAAP)

    43,751

    36,668

    41,627

    122,667

    93,771

    Cost of product adjustment

    ----

    ----

    107

    313

    1,108

    Stock-based compensation

    16,259

    13,961

    11,367

    42,993

    32,443

    Amortization and depreciation of acquired assets

    2,833

    2,651

    3,409

    9,151

    8,671

    Acquisition related expenses

    ----

    ----

    ----

    ----

    949

    Assets disposal

    558

    ----

    14

    558

    566

    Other operating (income) expenses

    ----

    ----

    8,305

    (4,900)

    8,305

    Notes due 2025

    168

    ----

    ----

    168

    ----

    Non cash interest

    1,254

    1,200

    955

    3,582

    2,590

    Currency fluctuation related to lease standard

    243

    892

    800

    102

    2,325

    Deferred taxes

    816

    (3,236)

    (2,963)

    (5,956)

    (4,923)

    Net income attributable to Solaredge Technologies Inc. (Non-GAAP)

    65,882

    52,136

    63,621

    168,678

    145,805

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Net basic EPS

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Net basic earnings per share (GAAP)

    0.87

    0.74

    0.86

    2.46

    1.97

    Cost of product adjustment

    ----

    ----

    0.01

    0.01

    0.02

    Stock-based compensation

    0.32

    0.28

    0.23

    0.86

    0.68

    Amortization and depreciation of acquired assets

    0.05

    0.05

    0.07

    0.18

    0.18

    Acquisition related expenses

    ----

    ----

    ----

    ----

    0.02

    Assets disposal

    0.01

    ----

    ----

    0.01

    0.01

    Other operating ( income) expenses

    ----

    ----

    0.17

    (0.10)

    0.17

    Notes due 2025

    ----

    ----

    ----

    ----

    ----

    Non cash interest

    0.03

    0.02

    0.02

    0.08

    0.06

    Currency fluctuation related to lease standard

    ----

    0.02

    0.02

    ----

    0.05

    Deferred taxes

    0.02

    (0.06)

    (0.06)

    (0.12)

    (0.10)

    Net basic earnings per share (Non-GAAP)

    1.30

    1.05

    1.32

    3.38

    3.06

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP Net diluted EPS

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Net diluted earnings per share (GAAP)

    0.83

    0.70

    0.81

    2.33

    1.87

    Cost of product adjustment

    ----

    ----

    ----

    0.01

    0.01

    Stock-based compensation

    0.28

    0.24

    0.19

    0.74

    0.54

    Amortization and depreciation of acquired assets

    0.05

    0.05

    0.07

    0.17

    0.18

    Acquisition related expenses

    ----

    ----

    ----

    ----

    0.02

    Assets disposal

    0.01

    ----

    ----

    0.01

    0.01

    Other operating ( income) expenses

    ----

    ----

    0.16

    (0.09)

    0.16

    Notes due 2025

    ----

    ----

    ----

    ----

    ----

    Non cash interest

    0.02

    0.02

    0.02

    0.07

    0.05

    Currency fluctuation related to lease standard

    ----

    0.02

    0.02

    ----

    0.05

    Deferred taxes

    0.02

    (0.06)

    (0.06)

    (0.11)

    (0.10)

    Net diluted earnings per share (Non-GAAP)

    1.21

    0.97

    1.21

    3.13

    2.79

     

     

     

     

     

    Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS

    Three months ended

    Nine months ended

    September 30, 2020

    June 30, 2020

    September 30, 2019

    September 30, 2020

    September 30, 2019

    Number of shares used in computing net diluted earnings per share (GAAP)

    53,144,188

    52,536,437

    51,081,594

    52,623,675

    49,935,638

    Stock-based compensation

    1,134,877

    1,154,279

    1,375,391

    1,229,630

    2,090,912

    Number of shares used in computing net diluted earnings per share (Non-GAAP)

    54,279,065

    53,690,716

    52,456,985

    53,853,305

    52,026,550

     

     

     

     

     

     



    Business Wire (engl.)
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    SolarEdge Announces Third Quarter 2020 Financial Results SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2020. Third Quarter 2020 Highlights Revenues of $338.1 million Revenues from …

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