February 20,
FREMONT, Calif.–(BUSINESS WIRE)–Feb. 20, 2019– SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter and year ended December 31, 2018.
Fourth Quarter 2018 Highlights
- Total revenues of $263.7 million
- GAAP gross margin of 30.2%
- GAAP net diluted EPS of $0.27
- Non-GAAP net diluted EPS of $0.63
- 1.1 Gigawatts (AC) of inverters shipped
- Revenues from solar products of $243.4 million
- Non-GAAP gross margin from sale of solar products of 32.8%
Full Year 2018 Highlights
- Total revenues of $937.2 million
- GAAP gross margin of 34.1%
- GAAP net diluted EPS of $2.69
- Non-GAAP net diluted EPS of $3.17
- 3.9 Gigawatts (AC) of inverters shipped
- Revenues from solar products of $914.3 million
- Non-GAAP gross margin from sale of solar products of 35.4%
“We are happy to report another record revenue quarter and a very strong year in which we continued to take market share,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “In addition to the growth and strong profitability of our solar business, this quarter we continued to lay the foundations for our non-solar future growth with the acquisition of Kokam, a leading provider of lithium-ion batteries and the post quarter acquisition of a majority holding of S.M.R.E, a provider of innovative integrated powertrain technology and electronics for the e-mobility market. I am confident that these acquisitions, which will initially dilute our margins and EPS, will over time and with our investment, innovation and operational excellence, become a meaningful part of the SolarEdge success.”
Fourth Quarter 2018 Summary
The Company reported record revenues of $263.7 million, up 11% from $236.6 million in the prior quarter and up 39% from $189.3 million year over year.
GAAP gross margin was 30.2%, down from 33.0% in the prior quarter and down from 37.5% year over year.
Non-GAAP gross margin was 30.9%, down from 33.6% in the prior quarter and down from 37.9% year over year.
GAAP operating expenses were $55.3 million, up 26% from $43.9 million in the prior quarter and up 52% from $36.4 million year over year.
Non-GAAP operating expenses were $45.1 million, up 22% from $37.0 million in the prior quarter and up 42% from $31.7 million year over year.
GAAP operating income was $24.4 million, down 28% from $34.0 million in the prior quarter and down 29% from $34.6 million year over year.
Non-GAAP operating income was $36.4 million, down 14% from $42.5 million in the prior quarter and down 9% from $40.0 million year over year.
GAAP net income was $12.9 million, down 72% from $45.6 million in the prior quarter and down 34% from $19.5 million year over year.
Non-GAAP net income was $31.5 million, down 26% from $42.7 million in the prior quarter and down 24% from $41.2 million year over year.
GAAP net diluted earnings per share (“EPS”) was $0.27, down from $0.95 in the prior quarter and down from $0.42 year over year.
Non-GAAP net diluted EPS was $0.63, down from $0.86 in the prior quarter and down from $0.85 year over year.
Cash flow from operating activities was $46.9 million, up from $34.3 million in the prior quarter and up from $45.8 million year over year.
As of December 31, 2018, cash, cash equivalents, restricted cash, bank deposit and marketable securities totaled $392.2 million, compared to $453.2 million on September 30, 2018 following a payment of $101.2 million for the acquisition of Kokam shares.
Full Year 2018 Summary
Total revenues of $937.2 million, up 54% from the prior year.
GAAP gross margin was 34.1%, down from 35.4% in the prior year.
GAAP operating income was $139.9 million, up 54% from $91.1 million in the prior year.
GAAP net income was $128.8 million, up 53% from $84.2 million in the prior year.
Non-GAAP net income was $157.3 million, up 37% from $115.0 million in the prior year.
GAAP net diluted earnings per share (“EPS”) was $2.69, up from $1.85 in the prior year.
Non-GAAP net diluted EPS was $3.17, up from $2.43 in the prior year.
Cash flow from operating activities of $189.1 million, up from $136.7 million in the prior year.
Outlook for the First Quarter 2019
The Company also provides guidance for the first quarter ending March 31, 2019 as follows:
- Revenues to be within the range of $260 million to $270 million
- Gross margins expected to be within the range of 30% to 32%
- Revenues from solar products to be within the range of $245 million to $255 million
- Gross margins from sale of solar products expected to be within the range of 32% to 34%
Conference Call
The Company will host a conference call to discuss these results at 4:30 P.M. ET on Wednesday, February 20, 2019. The call will be available, live, to interested parties by dialing 800-682-0995. For international callers, please dial +1 334-323-0505. The Conference ID number is 3109753. 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, UPS, 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, 2017, filed on February 20, 2018, 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, 2019. 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 OPERATIONS (In thousands, except per share data) | ||||||||
| Three months endedDecember 31, | Year ended December 31, | |||||||
| 2018 | 2017 | 2018 | 2017 | |||||
| Unaudited | ||||||||
| Revenues | $ | 263,670 | $ | 189,340 | $ | 937,237 | $ | 607,045 |
| Cost of revenues | 183,959 | 118,370 | 618,001 | 392,279 | ||||
| Gross profit | 79,711 | 70,970 | 319,236 | 214,766 | ||||
| Operating expenses: | ||||||||
| Research and development, net | 24,710 | 16,420 | 82,245 | 54,966 | ||||
| Sales and marketing | 19,210 | 14,079 | 68,307 | 50,032 | ||||
| General and administrative | 11,402 | 5,900 | 28,829 | 18,682 | ||||
| Total operating expenses | 55,322 | 36,399 | 179,381 | 123,680 | ||||
| Operating income | 24,389 | 34,571 | 139,855 | 91,086 | ||||
| Other expenses | 435 | 435 | ||||||
| Financial expenses (income), net | (288 | ) | (1,487 | ) | 2,297 | (9,158 | ) | |
| Income before taxes on income | 24,242 | 36,058 | 137,123 | 100,244 | ||||
| Taxes on income (tax benefit) | 12,093 | 16,556 | 9,077 | 16,072 | ||||
| Net income | $ | 12,149 | $ | 19,502 | $ | 128,046 | $ | 84,172 |
| Net loss attributable to non-controlling interests | 787 | – | 787 | – | ||||
| Net income attributable to SolarEdge Technologies Inc. | $ | 12,936 | $ | 19,502 | $ | 128,833 | $ | 84,172 |
| SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | ||||
| December 31, | ||||
| 2018 | 2017 | |||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 191,633 | $ | 163,163 |
| Short-term bank deposits | 6,001 | – | ||
| Restricted cash | 1,628 | 1,516 | ||
| Marketable securities | 118,680 | 77,264 | ||
| Trade receivables, net | 173,579 | 109,528 | ||
| Prepaid expenses and other current assets | 45,073 | 42,223 | ||
| Inventories | 141,519 | 82,992 | ||
| Total current assets | 678,113 | 476,686 | ||
| LONG-TERM ASSETS: | ||||
| Marketable securities | 74,256 | 103,120 | ||
| Property, plant and equipment, net | 119,329 | 51,182 | ||
| Deferred tax assets, net | 14,698 | 8,340 | ||
| Intangible assets, net | 38,504 | 1,115 | ||
| Goodwill | 34,874 | – | ||
| Other non-current assets | 4,698 | 862 | ||
| Total long term assets | 286,359 | 164,619 | ||
| Total assets | $ | 964,472 | $ | 641,305 |
| CURRENT LIABILITIES: | ||||
| Trade payables, net | $ | 107,079 | $ | 69,488 |
| Employees and payroll accruals | 29,053 | 22,544 | ||
| Current maturities of bank loans | 16,639 | – | ||
| Warranty obligations | 28,868 | 14,785 | ||
| Deferred revenues | 14,351 | 2,559 | ||
| Accrued expenses and other current liabilities | 29,728 | 20,378 | ||
| Total current liabilities | 225,718 | 129,754 | ||
| LONG-TERM LIABILITIES: | ||||
| Bank loans | 3,510 | – | ||
| Warranty obligations | 92,958 | 64,026 | ||
| Deferred revenues | 60,670 | 31,453 | ||
| Deferred tax liabilities, net | 1,499 | – | ||
| Other non-current liabilities | 9,391 | 18,605 | ||
| Total long-term liabilities | 168,028 | 114,084 | ||
| STOCKHOLDERS’ EQUITY: | ||||
| Share capital | 5 | 4 | ||
| Additional paid-in capital | 371,794 | 331,902 | ||
| Accumulated other comprehensive loss | (524 | ) | (611 | ) |
| Retained earnings (accumulated deficit) | 191,133 | 66,172 | ||
| Total SolarEdge Technologies Inc. stockholders’ equity | 562,408 | 397,467 | ||
| Non-controlling interests | 8,318 | – | ||
| Total stockholders’ equity | 570,726 | 397,467 | ||
| Total liabilities and stockholders’ equity | $ | 964,472 | $ | 641,305 |
| SOLAREDGE TECHNOLOGIES INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) | ||||||
| Year ended December 31, | ||||||
| 2018 | 2017 | |||||
| Cash flows provided by operating activities: | ||||||
| Net income | $ | 128,046 | $ | 84,172 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation of property, plant and equipment | 12,441 | 7,011 | ||||
| Amortization of intangible assets | 1,193 | 144 | ||||
| Amortization of premium and accretion of discount on available-for-sale marketable securities | 1,241 | 2,061 | ||||
| Stock-based compensation | 30,618 | 17,564 | ||||
| Capital loss from disposal of property | 445 | – | ||||
| Realized loss from sale of available-for-sale marketable securities | 137 | – | ||||
| Realized gain from cash flow hedge | (31 | ) | (994 | ) | ||
| Changes in assets and liabilities: | ||||||
| Inventories | (21,194 | ) | (15,690 | ) | ||
| Prepaid expenses and other assets | (2,712 | ) | (20,943 | ) | ||
| Trade receivables, net | (60,514 | ) | (38,139 | ) | ||
| Deferred tax assets and liabilities, net | (7,092 | ) | (5,455 | ) | ||
| Trade payables, net | 31,482 | 35,455 | ||||
| Employees and payroll accruals | 4,583 | 9,394 | ||||
| Warranty obligations | 41,877 | 20,436 | ||||
| Deferred revenues | 37,041 | 14,106 | ||||
| Accrued expenses, non-current tax liabilities and other liabilities | (8,484 | ) | 27,543 | |||
| Net cash provided by operating activities | 189,077 | 136,665 | ||||
| Cash flows from investing activities: | ||||||
| Business combinations, net of cash acquired | (94,735 | ) | – | |||
| Purchase of property, plant and equipment | (38,608 | ) | (21,382 | ) | ||
| Purchase of intangible assets | – | – | ||||
| Investment in short term bank deposits | (6,001 | ) | – | |||
| Investment in available-for-sale marketable securities | (142,627 | ) | (143,675 | ) | ||
| Proceed from sales and maturities of available-for-sale marketable securities | 129,345 | 80,269 | ||||
| Net cash used in investing activities | $ | (152,626 | ) | $ | (84,788 | ) |
| Cash flows from financing activities: | ||||||
| Repayment of bank loan | (3,786 | ) | – | |||
| Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards | 10,021 | 7,240 | ||||
| Change in noncontrolling interests | (14,190 | ) | – | |||
| Net cash provided by financing activities | (7,955 | ) | 7,240 | |||
| Increase (decrease) in cash, cash equivalents and restricted cash | 28,496 | 59,117 | ||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 164,679 | 105,580 | ||||
| Effect of exchange rate differences on cash, cash equivalents and restricted cash | 86 | (18 | ) | |||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 193,261 | $ | 164,679 | ||
| 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 | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Gross profit (GAAP) | 79,711 | 77,982 | 70,970 | 319,236 | 214,766 |
| Stock-based compensation | 1,323 | 1,127 | 703 | 4,342 | 2,251 |
| Cost of product adjustment | 398 | 208 | —- | 606 | —- |
| Intangible assets amortization | —- | 193 | —- | 193 | —- |
| Gross profit (Non-GAAP) | 81,432 | 79,510 | 71,673 | 324,377 | 217,017 |
| Reconciliation of GAAP to Non-GAAP Gross Margin | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Gross margin (GAAP) | 30.2% | 33.0% | 37.5% | 34.1% | 35.4% |
| Stock-based compensation | 0.5% | 0.4% | 0.4% | 0.4% | 0.3% |
| Cost of product adjustment | 0.2% | 0.1% | 0.0% | 0.1% | 0.0% |
| Intangible assets amortization | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Gross margin (Non-GAAP) | 30.9% | 33.6% | 37.9% | 34.6% | 35.7% |
| Reconciliation of GAAP to Non-GAAP Operating expenses | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Operating expenses (GAAP) | 55,322 | 43,945 | 36,399 | 179,381 | 123,680 |
| Stock-based compensation R&D | (3,230) | (2,988) | (1,795) | (11,205) | (5,703) |
| Stock-based compensation S&M | (2,564) | (2,250) | (1,714) | (9,112) | (5,387) |
| Stock-based compensation G&A | (1,574) | (1,585) | (1,170) | (5,959) | (4,224) |
| Intangible assets amortization – R&D | (652) | (110) | —- | (762) | —- |
| Intangible assets amortization – S&M | (101) | (29) | —- | (130) | —- |
| Acquisition related expenses | (2,140) | —- | —- | (2,140) | —- |
| Operating expenses (Non-GAAP) | 45,061 | 36,983 | 31,720 | 150,073 | 108,366 |
| Reconciliation of GAAP to Non-GAAP Operating income | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Operating income (GAAP) | 24,389 | 34,037 | 34,571 | 139,855 | 91,086 |
| Cost of product adjustment | 398 | 208 | —- | 606 | —- |
| Stock-based compensation | 8,691 | 7,950 | 5,382 | 30,618 | 17,565 |
| Intangible assets amortization | 753 | 332 | —- | 1,085 | —- |
| Acquisition related expenses | 2,140 | —- | —- | 2,140 | —- |
| Operating income (Non-GAAP) | 36,371 | 42,527 | 39,953 | 174,304 | 108,651 |
| Reconciliation of GAAP to Non-GAAP Financial expenses (income), net | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Financial expenses (income), net (GAAP) | (288) | 689 | (1,487) | 2,297 | (9,158) |
| Non cash interest | (769) | (640) | —- | (2,489) | —- |
| Intangible assets amortization | 528 | —- | —- | 528 | —- |
| Financial expenses (income), net (Non-GAAP) | (529) | 49 | (1,487) | 336 | (9,158) |
| Reconciliation of GAAP to Non-GAAP Other expenses | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Other expenses (GAAP) | 435 | —- | —- | 435 | —- |
| Fixed assets disposal | (435) | —- | —- | (435) | —- |
| Other expenses (income) (Non-GAAP) | —- | —- | —- | —- | —- |
| Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit) | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Tax on income (Tax benefit) (GAAP) | 12,093 | (12,295) | 16,556 | 9,077 | 16,072 |
| Deferred tax asset | 2,304 | 1,771 | 2,392 | 7,093 | 5,456 |
| Transition tax of foreign earnings | (8,189) | 10,305 | (18,735) | 1,296 | (18,735) |
| Tax on income (Tax benefit) (Non-GAAP) | 6,208 | (219) | 213 | 17,466 | 2,793 |
| Reconciliation of GAAP to Non-GAAP Net income attributable to SolarEdge Technologies Inc. | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Net income attributable to SolarEdge Technologies Inc. (GAAP) | 12,936 | 45,643 | 19,502 | 128,833 | 84,172 |
| Cost of product adjustment | 398 | 208 | —- | 606 | —- |
| Stock-based compensation | 8,691 | 7,950 | 5,382 | 30,618 | 17,565 |
| Intangible assets amortization | 225 | 332 | —- | 557 | —- |
| Acquisition related expenses | 2,140 | —- | —- | 2,140 | —- |
| Non cash interest | 769 | 640 | —- | 2,489 | —- |
| Fixed Assets disposal | 435 | —- | —- | 435 | —- |
| Deferred tax asset | (2,304) | (1,771) | (2,392) | (7,093) | (5,456) |
| Transition tax of foreign earnings | 8,189 | (10,305) | 18,735 | (1,296) | 18,735 |
| Net income attributable to SolarEdge Technologies Inc. (Non-GAAP) | 31,479 | 42,697 | 41,227 | 157,289 | 115,016 |
| Reconciliation of GAAP to Non-GAAP Net basic EPS | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Net basic earnings per share (GAAP) | 0.28 | 1.00 | 0.45 | 2.85 | 1.99 |
| Cost of product adjustment | 0.01 | 0.01 | —- | 0.01 | —- |
| Stock-based compensation | 0.19 | 0.17 | 0.12 | 0.68 | 0.42 |
| Intangible assets amortization | 0.01 | 0.01 | —- | 0.01 | —- |
| Acquisition related expenses | 0.04 | —- | —- | 0.05 | —- |
| Non cash interest | 0.02 | 0.02 | —- | 0.05 | —- |
| Fixed Assets disposal | 0.01 | —- | —- | 0.01 | —- |
| Deferred tax asset | (0.05) | (0.039) | (0.05) | (0.15) | (0.13) |
| Transition tax of foreign earnings | 0.18 | (0.226) | 0.43 | (0.03) | 0.44 |
| Net basic earnings per share (Non-GAAP) | 0.69 | 0.94 | 0.95 | 3.48 | 2.72 |
| Reconciliation of GAAP to Non-GAAP Net diluted EPS | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Net diluted earnings per share (GAAP) | 0.27 | 0.95 | 0.42 | 2.69 | 1.85 |
| Cost of product adjustment | 0.01 | —- | —- | 0.01 | —- |
| Stock-based compensation | 0.16 | 0.13 | 0.10 | 0.53 | 0.30 |
| Intangible assets amortization | 0.01 | 0.01 | —- | 0.01 | —- |
| Acquisition related expenses | 0.04 | —- | —- | 0.04 | —- |
| Non cash interest | 0.01 | 0.01 | —- | 0.05 | —- |
| Fixed Assets disposal | 0.01 | —- | —- | 0.01 | —- |
| Deferred tax asset | (0.04) | (0.03) | (0.05) | (0.14) | (0.12) |
| Transition tax of foreign earnings | 0.16 | (0.21) | 0.38 | (0.03) | 0.40 |
| Net diluted earnings per share (Non-GAAP) | 0.63 | 0.86 | 0.85 | 3.17 | 2.43 |
| Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS | |||||
| Three months ended | 12 months ended | ||||
| December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |
| Number of shares used in computing net diluted earnings per share (GAAP) | 47,637,478 | 48,281,240 | 46,876,328 | 47,980,002 | 45,425,307 |
| Stock-based compensation | 2,204,179 | 1,463,633 | 1,375,527 | 1,636,127 | 1,907,423 |
| Number of shares used in computing net diluted earnings per share (Non-GAAP) | 49,841,657 | 49,744,873 | 48,251,855 | 49,616,129 | 47,332,730 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190220005882/en/
Source: SolarEdge Technologies, Inc.
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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