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

		Reconciliation of GAAP to Non-GAAP
		Three Months Ended
		March 31, 2023				December 31, 2022				March 31, 2022
Gross profit (GAAP)		$	300,126			$	261,047			$	178,958
Revenues from finance component			(187	)			(174	)			(135	)
Stock-based compensation			5,927				6,810				5,062
Amortization and depreciation of acquired assets			1,515				961				2,219
Gross profit (Non-GAAP)		$	307,381			$	268,644			$	186,104
Gross margin (GAAP)			31.8	%			29.3	%			27.3	%
Revenues from finance component			0.0	%			0.0	%			0.0	%
Stock-based compensation			0.6	%			0.8	%			0.8	%
Amortization and depreciation of acquired assets			0.2	%			0.1	%			0.3	%
Gross margin (Non-GAAP)			32.6	%			30.2	%			28.4	%
Operating expenses (GAAP)		$	155,972			$	266,210			$	128,094
Stock-based compensation - R&D			(17,209	)			(16,854	)			(14,985	)
Stock-based compensation - S&M			(8,079	)			(7,928	)			(6,701	)
Stock-based compensation - G&A			(8,020	)			(7,015	)			(7,359	)
Amortization and depreciation of acquired assets - R&D			(313	)			(301	)			(303	)
Amortization and depreciation of acquired assets - S&M			(181	)			(173	)			(236	)
Amortization and depreciation of acquired assets - G&A			(26	)			(4	)			(6	)
Assets impairment			—				(114,473	)			—
Gain (loss) from assets sales and disposal			(412	)			(93	)			410
Other items			1,846				(359	)			—
Operating expenses (Non-GAAP)		$	123,578			$	119,010			$	98,914

		Reconciliation of GAAP to Non-GAAP
		Three Months Ended
		March 31, 2023				December 31, 2022				March 31, 2022
Operating income (loss) (GAAP)		$	144,154			$	(5,163	)		$	50,864
Revenues from finance component			(187	)			(174	)			(135	)
Stock-based compensation			39,235				38,607				34,107
Amortization and depreciation of acquired assets			2,035				1,439				2,764
Assets impairment			—				114,473				—
Loss (gain) from assets sales and disposal			412				93				(410	)
Other items			(1,846	)			359				—
Operating income (Non-GAAP)		$	183,803			$	149,634			$	87,190
Financial income (expense), net (GAAP)		$	23,674			$	56,101			$	(5,449	)
Notes due 2025			731				730				728
Non cash interest			2,161				1,955				1,609
Unrealized losses (gains)			—				(170	)			—
Currency fluctuation related to lease standard			(2,519	)			749				(1,792	)
Financial income (expense), net (Non-GAAP)		$	24,047			$	59,365			$	(4,904	)
Other income (loss) (GAAP)		$	(125	)		$	186			$	—
Gain from sale of investment in privately-held company			—				(186	)			—
Other income (loss) (Non-GAAP)		$	(125	)		$	—			$	—
Income tax benefit (expense) (GAAP)		$	(29,325	)		$	(30,295	)		$	(12,292	)
Income tax adjustment			(3,901	)			(7,186	)			(1,201	)
Income tax benefit (expense) (Non-GAAP)		$	(33,226	)		$	(37,481	)		$	(13,493	)