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SolarEdge Announces Third Quarter 2020 Financial Results

FREMONT, Calif.–(BUSINESS WIRE)–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

 

 

 

 

 

 

Contacts

Investor Contacts
SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

+1 510-498-3263

investors@solaredge.com

Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

+1 617-542-6180

investors@solaredge.com

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