UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 9, 2016
SOLAREDGE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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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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Registrant’s Telephone number, including area code: 972 (9) 957-6620
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition.
On May 9, 2016, SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2016. The Company previously announced that the Company would hold a conference call and live webcast at 5:00 p.m., Eastern time, on May 9, 2016, to discuss these results. A copy of the press release announcing the Company’s financial results for the quarter ended March 31, 2016 is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.
This information, including the exhibits hereto, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) List of Exhibits
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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 May 9, 2016
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SOLAREDGE TECHNOLOGIES, INC.
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Date: May 9, 2016
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By:
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/s/ Ronen Faier | |
| Name: Ronen Faier | |||
| Title: Chief Financial Officer | |||
Exhibit Index
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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 May 9, 2016
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Exhibit 99.1
SolarEdge Announces Fiscal Third Quarter Financial Results
Fremont, CA — May 9, 2016. SolarEdge Technologies, Inc. (NASDAQ: SEDG) today announced its financial results for the fiscal third quarter ended March 31, 2016.
Fiscal Third Quarter 2016 Highlights
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·
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Record revenue of $125.2 million, up 0.3% from last quarter and 44.9% year-over-year
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·
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GAAP gross margin of 32.5%
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·
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GAAP net income of $20.8 million
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·
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Non-GAAP net income of $23.3 million
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·
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416 Megawatts (AC) of inverters shipped
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"We are pleased with another strong quarter despite challenging market conditions. Our growing customer base, continued diligent execution, strong balance sheet and increased cash flow from operations, coupled with our advanced technology, position us well moving forward,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.
Revenues
The Company reported revenues of $125.2 million, an increase of $0.4 million, or 0.3% from the prior quarter and an increase of $38.8 million or 44.9% from the fiscal third quarter of 2015.
Gross margins
GAAP gross margin was 32.5%, up from 30.9% in the prior quarter and up from 27.4% in the fiscal third quarter of 2015. Non-GAAP gross margin was 32.7%, up from 31.1% in the prior quarter and 27.6% in the fiscal third quarter of 2015. See “Reconciliation on Non-GAAP Measures” below.
Operating expenses
GAAP operating expenses were $21.0 million, or 16.8% of revenue, an increase from $19.3 million, which represented 15.5% of revenue in the prior quarter and an increase from $13.9 million, or 16.1% of revenue when compared to the same fiscal quarter of 2015.
Operating income
Operating income was $19.7 million, up from $19.3 million in the prior quarter and up from operating income of $9.8 million in the fiscal third quarter of 2015.
Financial Expenses
Financial income of $2.0 million compared to financial expense of $1.0 million in the previous quarter and financial expense of $3.4 million in the same quarter last year.
Net Income
GAAP net income was $20.8 million, down from $24.1 million in the prior quarter (including a one-time $6.6 million tax asset) and up from $6.0 million in the fiscal third quarter of 2015. Non-GAAP net income was $23.3 million, an increase from $19.8 million in the prior quarter and an increase from $8.7 million in the fiscal third quarter of 2015. See “Reconciliation on Non-GAAP Measures” below.
EPS
GAAP net diluted earnings per share (“EPS”) was $0.47, down from $0.55 in the prior quarter (including the one-time $6.6 million tax asset) and up from $0.01 in the fiscal third quarter of 2015. Non-GAAP net diluted EPS was $0.51, an increase from $0.44 in the prior quarter and an increase from $0.20 in the fiscal third quarter of 2015. See “Reconciliation on Non-GAAP Measures” below.
Cash
At March 31, 2016, cash, cash equivalents, restricted cash and investment in marketable securities, totaled $172.2 million compared to $162.0 million on December 31, 2015. During the fiscal third quarter, the Company generated $15.3 million from operating activities.
Outlook for the Fiscal Fourth Quarter 2016
The Company provides guidance for the fiscal fourth quarter of 2016 as follows:
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·
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Revenues to be within the range of $125 million to $134 million;
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·
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Gross margins to be within the range of 29.0 % to 31.0%.
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Conference Call
The Company will host a conference call to discuss these results at 5:00 P.M. Eastern Time on Monday, May 9, 2016. The call will be available, live, to interested parties by dialing +1 877-681-3375. For international callers, please dial +1 719-325-4907. The Conference ID number is 4543534. A live webcast will also be available in the Investors Relations section of SolarEdge 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 remain available for approximately 30 calendar days.
About SolarEdge
SolarEdge provides an intelligent inverter solution that has changed the way power is harvested and managed in solar photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while lowering the cost of energy produced by the solar PV system. The SolarEdge system consists of power optimizers, inverters, storage solutions and a cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations.
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this release, including non-GAAP gross margin, non-GAAP net income and non-GAAP net diluted EPS. 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 press 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.
For a reconciliation of non-GAAP measures to their most comparable GAAP measures, please see “Reconciliation on Non-GAAP Measures” below.
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 projection of future
revenues and gross margin, our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; new products and services; 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 revenues, gross margins, other financial 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 Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and, Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, when it becomes available, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of May 9, 2016. SolarEdge 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.
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
investors@solaredge.com
+1 510-498-3263
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
investors@solaredge.com
+1 617-542-6180
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
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Three months ended
March 31,
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Nine months ended
March 31,
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2016
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2015
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2016
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2015
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Unaudited
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Unaudited
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Revenues
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$ | 125,205 | $ | 86,399 | $ | 365,091 | $ | 226,658 | ||||||||
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Cost of revenues
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84,471 | 62,698 | 252,248 | 173,146 | ||||||||||||
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Gross profit
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40,734 | 23,701 | 112,843 | 53,512 | ||||||||||||
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Operating expenses:
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Research and development, net
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8,709 | 5,490 | 23,999 | 15,317 | ||||||||||||
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Sales and marketing
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8,826 | 6,422 | 25,903 | 17,541 | ||||||||||||
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General and administrative
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3,460 | 1,990 | 9,066 | 4,270 | ||||||||||||
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Total operating expenses
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20,995 | 13,902 | 58,968 | 37,128 | ||||||||||||
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Operating income
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19,739 | 9,799 | 53,875 | 16,384 | ||||||||||||
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Financial income (expenses), net
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2,029 | (3,436 | ) | 998 | (3,378 | ) | ||||||||||
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Income before taxes on income
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21,768 | 6,363 | 54,873 | 13,006 | ||||||||||||
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Taxes on income (tax benefit)
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969 | 398 | (4,463 | ) | 1,146 | |||||||||||
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Net income
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$ | 20,799 | $ | 5,965 | $ | 59,336 | $ | 11,860 | ||||||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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March 31,
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June 30,
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|||||||
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2016
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2015
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Unaudited
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$ | 84,070 | $ | 144,750 | ||||
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Restricted cash
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944 | 3,639 | ||||||
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Marketable Securities
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44,059 | - | ||||||
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Trade receivables, net
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56,145 | 35,428 | ||||||
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Prepaid expenses and other accounts receivable
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18,613 | 32,645 | ||||||
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Inventories
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85,514 | 73,950 | ||||||
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Total current assets
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289,345 | 290,412 | ||||||
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PROPERTY AND EQUIPMENT, NET
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26,213 | 14,717 | ||||||
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LONG-TERM ASSETS:
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Long-term marketable securities
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43,151 | - | ||||||
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Long-term prepaid expenses and lease deposits
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440 | 529 | ||||||
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Deferred tax assets, net
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6,486 | - | ||||||
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Intangible assets, net
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737 | - | ||||||
| 50,814 | 529 | |||||||
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Total assets
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$ | 366,372 | $ | 305,658 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Trade payables
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$ | 45,138 | $ | 80,684 | ||||
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Employees and payroll accruals
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12,358 | 6,814 | ||||||
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Warranty obligations
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13,510 | 9,431 | ||||||
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Deferred revenues
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2,642 | 1,676 | ||||||
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Accrued expenses and other accounts payable
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7,797 | 6,987 | ||||||
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Total current liabilities
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81,445 | 105,592 | ||||||
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LONG-TERM LIABILITIES
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Warranty obligations
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33,149 | 22,448 | ||||||
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Deferred revenues
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13,266 | 8,289 | ||||||
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Lease incentive obligation
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2,265 | 2,385 | ||||||
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Total long-term liabilities
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48,680 | 33,122 | ||||||
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COMMITMENTS AND CONTINGENT LIABILITIES
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STOCKHOLDERS’ EQUITY:
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Share capital
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4 | 4 | ||||||
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Additional paid-in capital
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296,480 | 287,152 | ||||||
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Accumulated other comprehensive income (loss)
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417 | (222 | ) | |||||
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Accumulated deficit
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(60,654 | ) | (119,990 | ) | ||||
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Total stockholders’ equity
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236,247 | 166,944 | ||||||
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Total liabilities and stockholders’ equity
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$ | 366,372 | $ | 305,658 | ||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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Nine months ended
March 31,
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2016
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2015
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Unaudited
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Cash flows provided by (used in) operating activities:
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Net income
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$ | 59,336 | $ | 11,860 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation
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2,601 | 1,647 | ||||||
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Amortization of intangible assets
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63 | - | ||||||
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Amortization of premiums on available-for-sale marketable securities
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209 | - | ||||||
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Stock-based compensation related to employees and non-employees consultants stock options
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6,689 | 1,750 | ||||||
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Financial income, net related to term loan
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- | (992 | ) | |||||
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Remeasurement of warrants to purchase preferred and common stock
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- | 2,065 | ||||||
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Changes in assets and liabilities:
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Inventories
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(11,446 | ) | (39,071 | ) | ||||
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Prepaid expenses and other accounts receivable
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13,186 | (12,198 | ) | |||||
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Trade receivables, net
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(20,681 | ) | (25,993 | ) | ||||
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Deferred tax assets, net
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(6,627 | ) | - | |||||
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Trade payables
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(35,554 | ) | 39,604 | |||||
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Employees and payroll accruals
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5,517 | 883 | ||||||
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Warranty obligations
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14,780 | 9,718 | ||||||
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Deferred revenues
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5,942 | 2,116 | ||||||
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Accrued expenses and other accounts payable
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497 | 2,733 | ||||||
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Lease incentive obligation
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(120 | ) | 2,243 | |||||
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Net cash provided by (used in) operating activities
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34,392 | (3,635 | ) | |||||
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Cash flows used in investing activities:
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Purchase of property and equipment
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(11,545 | ) | (8,254 | ) | ||||
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Purchase of intangible assets
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(800 | ) | - | |||||
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Decrease (increase) in restricted cash
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2,695 | (1,973 | ) | |||||
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Decrease (increase) in short and long-term lease deposits
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23 | (24 | ) | |||||
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Purchases of available-for-sale marketable securities
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(88,883 | ) | - | |||||
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Maturities of available-for-sale marketable securities
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1,000 | - | ||||||
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Net cash used in investing activities
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(97,510 | ) | (10,251 | ) | ||||
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Cash flows from financing activities:
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Proceeds from short-term bank loans
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- | 23,000 | ||||||
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Repayments of short term loan
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- | (36,326 | ) | |||||
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Repayments of term loan
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- | (5,919 | ) | |||||
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Proceeds from issuance of stock
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- | 24,712 | ||||||
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Proceeds from IPO, net
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- | 133,944 | ||||||
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Proceeds from exercise of employees and non-employees consultants stock options
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2,639 | 46 | ||||||
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Net cash provided by financing activities
|
2,639 | 139,457 | ||||||
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Increase (decrease) in cash and cash equivalents
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(60,479 | ) | 125,571 | |||||
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Cash and cash equivalents at the beginning of the period
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144,750 | 9,754 | ||||||
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Erosion due to exchange rate differences
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(201 | ) | (121 | ) | ||||
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Cash and cash equivalents at the end of the period
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$ | 84,070 | $ | 135,204 | ||||
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(unaudited)
|
Reconciliation of Non-GAAP Financial Measures
|
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Reconciliation of GAAP to Non-GAAP Gross Profit
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Three months ended
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Nine months ended
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Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
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Gross profit (GAAP)
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40,734 | 38,582 | 23,701 | 112,843 | 53,512 | |||||||||||||||
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Stock-based compensation
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246 | 209 | 142 | 635 | 254 | |||||||||||||||
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Gross profit (Non-GAAP)
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40,980 | 38,791 | 23,843 | 113,478 | 53,766 | |||||||||||||||
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Reconciliation of GAAP to Non-GAAP Gross Margin
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Three months ended
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Nine months ended
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Mar 31, 2016
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Dec 31, 2015
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Mar 31, 2015 (1)
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Mar 31, 2016
|
Mar 31, 2015 (1)
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Gross margin (GAAP)
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32.5 | % | 30.9 | % | 27.4 | % | 30.9 | % | 23.6 | % | ||||||||||
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Stock-based compensation
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0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.1 | % | ||||||||||
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Gross margin (Non-GAAP)
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32.7 | % | 31.1 | % | 27.6 | % | 31.1 | % | 23.7 | % | ||||||||||
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Reconciliation of GAAP to Non-GAAP Operating expenses
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Three months ended
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Nine months ended
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Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
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Operating expenses (GAAP)
|
20,995 | 19,320 | 13,902 | 58,968 | 37,128 | |||||||||||||||
|
Stock-based compensation R&D
|
724 | 518 | 184 | 1,637 | 450 | |||||||||||||||
|
Stock-based compensation S&M
|
842 | 749 | 292 | 2,207 | 546 | |||||||||||||||
|
Stock-based compensation G&A
|
819 | 750 | 354 | 2,210 | 502 | |||||||||||||||
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Operating expenses (Non-GAAP)
|
18,610 | 17,303 | 13,072 | 52,914 | 35,630 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Operating income
|
||||||||||||||||||||
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Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
||||||||||||||||
|
Operating income (GAAP)
|
19,739 | 19,262 | 9,799 | 53,875 | 16,384 | |||||||||||||||
|
Stock-based compensation
|
2,631 | 2,226 | 972 | 6,689 | 1,752 | |||||||||||||||
|
Operating income (Non-GAAP)
|
22,370 | 21,488 | 10,771 | 60,564 | 18,136 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Finance expenses
|
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Three months ended
|
Nine months ended
|
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|
Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
||||||||||||||||
|
Finance expenses (Income) (GAAP)
|
(2,029 | ) | 959 | 3,436 | (998 | ) | 3,378 | |||||||||||||
|
Warrants remeasurement
|
---- | ---- | 1,800 | ---- | 2,065 | |||||||||||||||
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Finance expenses (Non-GAAP)
|
(2,029 | ) | 959 | 1,636 | (998 | ) | 1,313 | |||||||||||||
|
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
|
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Three months ended
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Nine months ended
|
|||||||||||||||||||
|
Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
||||||||||||||||
|
Tax on income (Tax benefit) (GAAP)
|
969 | (5,802 | ) | 398 | (4,463 | ) | 1,146 | |||||||||||||
|
Tax benefit due to deferred tax asset
|
100 | 6,527 | ---- | 6,627 | ---- | |||||||||||||||
|
Tax on income (Tax benefit) (Non-GAAP)
|
1,069 | 725 | 398 | 2,164 | 1,146 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net income
|
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Three months ended
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Nine months ended
|
|||||||||||||||||||
|
Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
||||||||||||||||
|
Net income (GAAP)
|
20,799 | 24,105 | 5,965 | 59,336 | 11,860 | |||||||||||||||
|
Stock-based compensation
|
2,631 | 2,226 | 972 | 6,689 | 1,752 | |||||||||||||||
|
Warrants remeasurement
|
---- | ---- | 1,800 | ---- | 2,065 | |||||||||||||||
|
Tax benefit due to deferred tax asset
|
(100 | ) | (6,527 | ) | ---- | (6,627 | ) | ---- | ||||||||||||
|
Net income (Non-GAAP)
|
23,330 | 19,804 | 8,737 | 59,398 | 15,677 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net basic EPS
|
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Three months ended
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Nine months ended
|
|||||||||||||||||||
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Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
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|
Net basic earnings per share (GAAP)
|
0.52 | 0.61 | 0.01 | 1.49 | 0.02 | |||||||||||||||
|
Stock-based compensation
|
0.06 | 0.06 | 0.03 | 0.17 | 0.05 | |||||||||||||||
|
Warrants remeasurement
|
---- | ---- | 0.04 | ---- | 0.07 | |||||||||||||||
|
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | 0.14 | ---- | 0.34 | |||||||||||||||
|
Tax benefit due to deferred tax asset
|
---- | (0.17 | ) | ---- | (0.16 | ) | ---- | |||||||||||||
|
Net basic earnings per share (Non-GAAP)
|
0.58 | 0.50 | 0.22 | 1.50 | 0.48 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP No. of shares used in net basic EPS
|
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|
Three months ended
|
Nine months ended
|
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|
Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
||||||||||||||||
|
Number of shares used in computing net basic earnings per share (GAAP)
|
40,362,093 | 39,511,967 | 2,822,893 | 39,725,227 | 2,817,090 | |||||||||||||||
|
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | 36,297,931 | ---- | 30,025,279 | |||||||||||||||
|
Number of shares used in computing net basic earnings per share (Non-GAAP)
|
40,362,093 | 39,511,967 | 39,120,824 | 39,725,227 | 32,842,369 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net diluted EPS
|
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|
Three months ended
|
Nine months ended
|
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|
Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
||||||||||||||||
|
Net diluted earnings per share (GAAP)
|
0.47 | 0.55 | 0.01 | 1.34 | 0.01 | |||||||||||||||
|
Stock-based compensation
|
0.04 | 0.03 | 0.01 | 0.11 | 0.05 | |||||||||||||||
|
Warrants remeasurement
|
---- | ---- | 0.04 | ---- | 0.05 | |||||||||||||||
|
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | 0.14 | ---- | 0.32 | |||||||||||||||
|
Tax benefit due to deferred tax asset
|
---- | (0.14 | ) | ---- | (0.14 | ) | ---- | |||||||||||||
|
Net diluted earnings per share (Non-GAAP)
|
0.51 | 0.44 | 0.20 | 1.31 | 0.43 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
|
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|
Three months ended
|
Nine months ended
|
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|
Mar 31, 2016
|
Dec 31, 2015
|
Mar 31, 2015 (1)
|
Mar 31, 2016
|
Mar 31, 2015 (1)
|
||||||||||||||||
|
Number of shares used in computing net diluted earnings per share (GAAP)
|
44,577,901 | 44,007,348 | 7,099,046 | 44,347,071 | 5,534,903 | |||||||||||||||
|
Stock-based compensation
|
1,071,876 | 1,341,335 | 647,474 | 1,033,227 | 670,669 | |||||||||||||||
|
Warrants remeasurement
|
---- | 0 | 103,777 | 0 | 36,839 | |||||||||||||||
|
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | 36,297,931 | ---- | 30,025,279 | |||||||||||||||
|
Number of shares used in computing net diluted earnings per share (Non-GAAP)
|
45,649,777 | 45,348,683 | 44,148,228 | 45,380,298 | 36,267,690 | |||||||||||||||
|
(1) Assumes shares of common stock outstanding after accounting for the automatic conversion of the shares of preferred stock then outstanding into common stock at the beginning of fiscal year 2015.
|