Delaware
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001-36894
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20-5338862
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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1 HaMada Street, Herziliya Pituach, Israel
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4673335
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(Address of Principal executive offices)
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(Zip Code)
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Exhibit No.
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Description
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Exhibit 99.1
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Press release dated November 9, 2016
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SOLAREDGE TECHNOLOGIES, INC. | |||
Date: November 9, 2016
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By: |
/s/ Ronen Faier
|
|
Name:
Title:
|
Ronen Faier
Chief Financial Officer
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Exhibit No.
|
Description
|
Exhibit 99.1
|
Press release dated November 9, 2016
|
· |
Revenues for the quarter of $128.5 million
|
· |
GAAP gross margin for the quarter of 32.6%
|
· |
GAAP operating income for the quarter of $18.2 million
|
· |
GAAP net income for the quarter of $15.6 million
|
· |
Non-GAAP net income for the quarter of $20.9 million
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· |
GAAP net diluted earnings per share for the quarter of $0.35
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· |
Non-GAAP net diluted earnings per share for the quarter of $0.46
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· |
466 Megawatts (AC) of inverters shipped for the quarter
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· |
Revenues to be within the range of $110 million to $120 million;
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· |
Gross margins to be within the range of 30% to 32%.
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Three months ended
September 30,
|
||||||||
2016
|
2015
|
|||||||
Unaudited
|
||||||||
Revenues
|
$
|
128,484
|
$
|
115,054
|
||||
Cost of revenues
|
86,609
|
81,527
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||||||
Gross profit
|
41,875
|
33,527
|
||||||
Operating expenses:
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||||||||
Research and development, net
|
9,935
|
6,991
|
||||||
Sales and marketing
|
10,036
|
8,244
|
||||||
General and administrative
|
3,664
|
3,418
|
||||||
Total operating expenses
|
23,635
|
18,653
|
||||||
Operating income
|
18,240
|
14,874
|
||||||
Financial income (expenses), net
|
390
|
(72
|
)
|
|||||
Income before taxes on income
|
18,630
|
14,802
|
||||||
Taxes on income
|
3,014
|
370
|
||||||
Net income
|
$
|
15,616
|
$
|
14,432
|
September 30,
|
June 30,
|
|||||||
2016
|
2016
|
|||||||
Unaudited
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
90,014
|
$
|
74,032
|
||||
Restricted cash
|
946
|
928
|
||||||
Marketable Securities
|
61,786
|
59,163
|
||||||
Trade receivables, net
|
84,898
|
72,737
|
||||||
Prepaid expenses and other accounts receivable
|
17,276
|
21,340
|
||||||
Inventories
|
68,434
|
81,550
|
||||||
Total current assets
|
323,354
|
309,750
|
||||||
PROPERTY AND EQUIPMENT, NET
|
30,377
|
27,831
|
||||||
LONG-TERM ASSETS:
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||||||||
Marketable securities
|
53,955
|
52,446
|
||||||
Prepaid expenses and lease deposits
|
437
|
399
|
||||||
Deferred tax assets, net
|
4,127
|
6,296
|
||||||
Intangible assets, net
|
695
|
716
|
||||||
Total assets
|
$
|
412,945
|
$
|
397,438
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables, net
|
$
|
40,282
|
$
|
48,481
|
||||
Employees and payroll accruals
|
11,975
|
10,092
|
||||||
Warranty obligations
|
15,103
|
14,114
|
||||||
Deferred revenues
|
2,421
|
3,859
|
||||||
Accrued expenses and other accounts payable
|
8,719
|
10,725
|
||||||
Total current liabilities
|
78,500
|
87,271
|
||||||
LONG-TERM LIABILITIES
|
||||||||
Warranty obligations
|
41,305
|
37,078
|
||||||
Deferred revenues
|
16,059
|
14,684
|
||||||
Lease incentive obligation
|
2,135
|
2,297
|
||||||
Total long-term liabilities
|
59,499
|
54,059
|
||||||
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Common stock
|
4
|
4
|
||||||
Additional paid-in capital
|
302,587
|
299,214
|
||||||
Accumulated other comprehensive income
|
120
|
271
|
||||||
Accumulated deficit
|
(27,765
|
)
|
(43,381
|
)
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||||
Total stockholders’ equity
|
274,946
|
256,108
|
||||||
Total liabilities and stockholders’ equity
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$
|
412,945
|
$
|
397,438
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Three months ended
September 30,
|
||||||||
2016
|
2015
|
|||||||
Unaudited
|
||||||||
Cash flows provided by operating activities:
|
||||||||
Net income
|
$
|
15,616
|
$
|
14,432
|
||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Depreciation
|
1,271
|
738
|
||||||
Amortization of intangible assets
|
21
|
21
|
||||||
Amortization of premiums on available-for-sale marketable securities
|
332
|
-
|
||||||
Stock-based compensation
|
3,100
|
1,832
|
||||||
Realized losses on Cash Flow Hedges
|
-
|
1
|
||||||
Changes in assets and liabilities:
|
||||||||
Inventories
|
13,120
|
(5,956
|
)
|
|||||
Prepaid expenses and other accounts receivable
|
4,176
|
11,811
|
||||||
Trade receivables, net
|
(12,102
|
)
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(11,928
|
)
|
||||
Deferred tax assets, net
|
2,180
|
-
|
||||||
Trade payables
|
(8,200
|
)
|
(13,500
|
)
|
||||
Employees and payroll accruals
|
1,879
|
1,044
|
||||||
Warranty obligations
|
5,216
|
4,025
|
||||||
Deferred revenues
|
(63
|
)
|
1,970
|
|||||
Accrued expenses and other accounts payable
|
(2,015
|
)
|
1,467
|
|||||
Lease incentive obligation
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(162
|
)
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(11
|
)
|
||||
Net cash provided by operating activities
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24,369
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5,946
|
||||||
Cash flows used in investing activities:
|
||||||||
Purchase of property and equipment
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(3,815
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)
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(3,292
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)
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||||
Purchase of intangible assets
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-
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(800
|
)
|
|||||
Decrease (increase) in restricted cash
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(18
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)
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51
|
|||||
Decrease (increase) in short and long-term lease deposits
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(29
|
)
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73
|
|||||
Investment in available-for-sale marketable securities
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(19,928
|
)
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-
|
|||||
Maturities of available-for-sale marketable securities
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15,304
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-
|
||||||
Net cash used in investing activities
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(8,486
|
)
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(3,968
|
)
|
||||
Cash flows from financing activities:
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||||||||
Proceeds from issuance of shares upon exercise of options
|
273
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17
|
||||||
Net cash provided by financing activities
|
273
|
17
|
||||||
Increase in cash and cash equivalents
|
16,156
|
1,995
|
||||||
Cash and cash equivalents at the beginning of the period
|
74,032
|
144,750
|
||||||
Effect of exchange rate differences on cash and cash equivalents
|
(174
|
)
|
(16
|
)
|
||||
Cash and cash equivalents at the end of the period
|
$
|
90,014
|
$
|
146,729
|
Reconciliation of Non-GAAP Financial Measures
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
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June 30, 2016
|
September 30, 2015
|
||||||||||
Gross profit (GAAP)
|
41,875
|
39,113
|
33,527
|
|||||||||
Stock-based compensation
|
385
|
310
|
180
|
|||||||||
Gross profit (Non-GAAP)
|
42,260
|
39,423
|
33,707
|
Reconciliation of GAAP to Non-GAAP Gross Margin
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
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June 30, 2016
|
September 30, 2015
|
||||||||||
Gross margin (GAAP)
|
32.6
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%
|
31.4
|
%
|
29.1
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%
|
||||||
Stock-based compensation
|
0.3
|
%
|
0.2
|
%
|
0.2
|
%
|
||||||
Gross margin (Non-GAAP)
|
32.9
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%
|
31.6
|
%
|
29.3
|
%
|
Reconciliation of GAAP to Non-GAAP Operating expenses
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
|
June 30, 2016
|
September 30, 2015
|
||||||||||
Operating expenses (GAAP)
|
23,635
|
21,229
|
18,653
|
|||||||||
Stock-based compensation R&D
|
927
|
747
|
395
|
|||||||||
Stock-based compensation S&M
|
849
|
730
|
616
|
|||||||||
Stock-based compensation G&A
|
939
|
613
|
641
|
|||||||||
Operating expenses (Non-GAAP)
|
20,920
|
19,138
|
17,001
|
Reconciliation of GAAP to Non-GAAP Operating income
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
|
June 30, 2016
|
September 30, 2015
|
||||||||||
Operating income (GAAP)
|
18,240
|
17,884
|
14,874
|
|||||||||
Stock-based compensation
|
3,100
|
2,401
|
1,832
|
|||||||||
Operating income (Non-GAAP)
|
21,340
|
20,285
|
16,706
|
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
|
June 30, 2016
|
September 30, 2015
|
||||||||||
Tax on income (Tax benefit) (GAAP)
|
3,014
|
84
|
370
|
|||||||||
Tax expenses due to utilization of deferred tax asset
|
(2,179
|
)
|
(247
|
)
|
----
|
|||||||
Tax on income (Tax benefit) (Non-GAAP)
|
835
|
(163
|
)
|
370
|
Reconciliation of GAAP to Non-GAAP Net income
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
|
June 30, 2016
|
September 30, 2015
|
||||||||||
Net income (GAAP)
|
15,616
|
17,273
|
14,432
|
|||||||||
Stock-based compensation
|
3,100
|
2,401
|
1,832
|
|||||||||
Tax expenses due to utilization of deferred tax asset
|
2,179
|
247
|
----
|
|||||||||
Net income (Non-GAAP)
|
20,895
|
19,921
|
16,264
|
Reconciliation of GAAP to Non-GAAP Net basic EPS
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
|
June 30, 2016
|
September 30, 2015
|
||||||||||
Net basic earnings per share (GAAP)
|
0.38
|
0.42
|
0.37
|
|||||||||
Stock-based compensation
|
0.08
|
0.06
|
0.04
|
|||||||||
Tax expenses due to utilization of deferred tax asset
|
0.05
|
0.01
|
----
|
|||||||||
Net basic earnings per share (Non-GAAP)
|
0.51
|
0.49
|
0.41
|
Reconciliation of GAAP to Non-GAAP Net diluted EPS
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
|
June 30, 2016
|
September 30, 2015
|
||||||||||
Net diluted earnings per share (GAAP)
|
0.35
|
0.39
|
0.32
|
|||||||||
Stock-based compensation
|
0.06
|
0.04
|
0.04
|
|||||||||
Tax expenses due to utilization of deferred tax asset
|
0.05
|
0.01
|
----
|
|||||||||
Net diluted earnings per share (Non-GAAP)
|
0.46
|
0.44
|
0.36
|
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
|
||||||||||||
Three months ended
|
||||||||||||
September 30, 2016
|
June 30, 2016
|
September 30, 2015
|
||||||||||
Number of shares used in computing net diluted earnings per share (GAAP)
|
43,995,227
|
44,463,087
|
44,455,964
|
|||||||||
Stock-based compensation
|
1,742,211
|
1,216,866
|
686,470
|
|||||||||
Number of shares used in computing net diluted earnings per share (Non-GAAP)
|
45,737,438
|
45,679,953
|
45,142,434
|