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): August 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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August 9, 2016 SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the fourth fiscal quarter and the fiscal year ended June 30, 2016. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibit 99.1, 99.2 and 99.3, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information, including Exhibit 99.1, 99.2 and 99.3 be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and 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 August 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: August 9, 2016
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By:
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/s/ Ronen Faier | |
| Name: Ronen Faier | |||
| Title: Chief Financial Officer | |||
Exhibit 99.1
SolarEdge Announces Fiscal Fourth Quarter
and Year End 2016 Financial Results
FREMONT, Calif. — August 9, 2016. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services, today announced its financial results for the fiscal fourth quarter and year ended June 30, 2016.
Fourth Quarter and Full Fiscal Year 2016 Highlights
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·
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Revenues for fiscal Q4 2016 of $124.8 million, and $489.8 million in fiscal year 2016
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·
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GAAP gross margin for fiscal Q4 2016 of 31.4% and 31.0% for fiscal year 2016
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·
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GAAP net income for fiscal Q4 2016 of $17.3 million and $76.6 million for fiscal year 2016
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Non-GAAP net income for fiscal Q4 2016 of $19.9 million and net income of $79.3 million for fiscal year 2016
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·
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GAAP net diluted earnings per share for fiscal Q4 2016 of $0.39 and $1.73 for fiscal year 2016
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Non GAAP net diluted earnings per share for fiscal Q4 2016 of $0.44 and $1.74 for fiscal year 2016
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427 Megawatts (AC) of inverters shipped for fiscal Q4 2016 and 1,615 Megawatts (AC) for fiscal year 2016
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“Our fiscal 2016 results demonstrate consistent and strong execution with record revenues and 51% annual growth. We maintain our profitability and continue to generate cash flow from our operations, quarter over quarter. While this quarter is characterized by a general slowdown in the residential U.S market, we were able to compensate with increased sales in other geographic regions in which we sell,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We remain on target with our plans to grow our business and increase market share without sacrificing gross margins and profitability.”
Fourth Quarter 2016 Summary
The Company reported revenues of $124.8 million for fiscal Q4 2016, a decrease of 0.4% from the prior quarter and increase of 26.8% from fiscal Q4 2015.
GAAP gross margin reached 31.4% for fiscal Q4 2016, down slightly from 32.5% in the prior quarter and up from 28.7% in fiscal Q4 2015.
Non-GAAP gross margin was 31.6% for fiscal Q4 2016, down slightly from 32.7% in the prior quarter and up from 28.9% in fiscal Q4 2015.
GAAP operating expenses were $21.2 million for fiscal Q4 2016, consistent with $21.0 million, from the prior quarter and an increase from $16.4 million in fiscal Q4 2015.
GAAP operating income was $17.9 million for fiscal Q4 2016, down from $19.7 million in the prior quarter and up from $11.9 million in fiscal Q4 2015.
GAAP net income was $17.3 million for fiscal Q4 2016, down from $20.8 million in the prior quarter and up from $9.3 million in fiscal Q4 2015.
Non-GAAP net income was $19.9 million for fiscal Q4 2016, a decrease from $23.3 million in the prior quarter and an increase from $13.8 million in fiscal Q4 2015.
GAAP net diluted earnings per share (“EPS”) was $0.39 for fiscal Q4 2016, down from $0.47 in the prior quarter and up from $0.21 in fiscal Q4 2015.
Non-GAAP net diluted EPS was $0.44 for fiscal Q4 2016, a decrease from $0.51 in the prior quarter and an increase from $0.31 in fiscal Q4 2015.
As of June 30, 2016, cash, cash equivalents, restricted cash and marketable securities totaled $186.6 million, compared to $172.2 million on March 31, 2016. As of June 30, 2016, the Company did not have any debt.
Full Fiscal Year 2016 Summary
For the full fiscal year 2016, the Company reported:
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Revenue of $489.8 million, representing a 50.7% increase from fiscal year 2015
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Gross margin of 31.0%, compared to 25.2% in fiscal year 2015
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Operating expenses of $80.2 million, up 49.8% from fiscal year 2015
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Operating income of $71.8 compared to $28.3 million in fiscal year 2015
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GAAP net income of $76.6 million, compared to $21.1 million in fiscal year 2015
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Non-GAAP net income of $79.3 million, compared to $29.4 in fiscal year 2015
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GAAP net diluted EPS of $1.73, compared to $0.27 in fiscal year 2015
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Non-GAAP net diluted EPS of $1.74, compared to $0.77 in fiscal year 2015
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Outlook for the First Fiscal Quarter 2017
The Company also provides guidance for the first fiscal quarter of 2017 as follows:
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Revenues to be within the range of $130 million to $139 million;
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Gross margins to be within the range of 30% to 32%.
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Conference Call
The Company will host a conference call to discuss these results at 4:30 P.M. Eastern Time on Tuesday, August 9, 2016. The call will be available, live, to interested parties by dialing +1 877-741-4239. For international callers, please dial +1 719-325-4750. The Conference ID number is 8624082. 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 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. SolarEdge is online at http://www.solaredge.com
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this release. 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 Registration Statement on Form S-1 (including the related prospectus), Annual Report on Form 10-K for the fiscal year ended June 30, 2015, 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 August 12, 2015. 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.
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
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
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Three months ended
June 30,
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Fiscal year ended
June 30,
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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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Revenues
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$ | 124,752 | $ | 98,420 | $ | 489,843 | $ | 325,078 | ||||||||
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Cost of revenues
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85,639 | 70,149 | 337,887 | 243,295 | ||||||||||||
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Gross profit
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39,113 | 28,271 | 151,956 | 81,783 | ||||||||||||
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Operating expenses:
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Research and development, net
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9,232 | 6,701 | 33,231 | 22,018 | ||||||||||||
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Sales and marketing
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8,930 | 7,432 | 34,833 | 24,973 | ||||||||||||
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General and administrative
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3,067 | 2,265 | 12,133 | 6,535 | ||||||||||||
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Total operating expenses
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21,229 | 16,398 | 80,197 | 53,526 | ||||||||||||
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Operating income
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17,884 | 11,873 | 71,759 | 28,257 | ||||||||||||
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Other expenses
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- | 104 | - | 104 | ||||||||||||
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Financial income (expenses), net
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(527 | ) | (1,699 | ) | 471 | (5,077 | ) | |||||||||
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Income before taxes on income
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17,357 | 10,070 | 72,230 | 23,076 | ||||||||||||
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Taxes on income (tax benefit)
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84 | 809 | (4,379 | ) | 1,955 | |||||||||||
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Net income
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$ | 17,273 | $ | 9,261 | $ | 76,609 | $ | 21,121 | ||||||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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June 30,
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2016
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2015
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$ | 74,032 | $ | 144,750 | ||||
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Restricted cash
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928 | 3,639 | ||||||
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Marketable Securities
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59,163 | - | ||||||
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Trade receivables, net
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72,737 | 35,428 | ||||||
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Prepaid expenses and other accounts receivable
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21,340 | 32,645 | ||||||
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Inventories
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81,550 | 73,950 | ||||||
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Total current assets
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309,750 | 290,412 | ||||||
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PROPERTY AND EQUIPMENT, NET
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27,831 | 14,717 | ||||||
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LONG-TERM ASSETS:
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Long-term marketable securities
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52,446 | - | ||||||
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Long-term prepaid expenses and lease deposits
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399 | 529 | ||||||
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Deferred tax assets, net
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6,296 | - | ||||||
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Intangible assets, net
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716 | - | ||||||
| Total assets | $ | 397,438 | $ | 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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$ | 48,481 | $ | 80,684 | ||||
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Employees and payroll accruals
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10,092 | 6,814 | ||||||
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Warranty obligations
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14,114 | 9,431 | ||||||
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Deferred revenues
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3,859 | 1,676 | ||||||
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Accrued expenses and other accounts payable
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10,725 | 6,987 | ||||||
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Total current liabilities
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87,271 | 105,592 | ||||||
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LONG-TERM LIABILITIES:
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Warranty obligations
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37,078 | 22,448 | ||||||
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Deferred revenues
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14,684 | 8,289 | ||||||
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Lease incentive obligation
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2,297 | 2,385 | ||||||
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Total long-term liabilities
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54,059 | 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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299,214 | 287,152 | ||||||
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Accumulated other comprehensive income (loss)
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271 | (222 | ) | |||||
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Accumulated deficit
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(43,381 | ) | (119,990 | ) | ||||
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Total stockholders’ equity
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256,108 | 166,944 | ||||||
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Total liabilities and stockholders’ equity
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$ | 397,438 | $ | 305,658 | ||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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Year ended June 30,
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2016
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2015
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2014
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Cash flows provided by (used in) operating activities:
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Net income (loss)
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$ | 76,609 | $ | 21,121 | $ | (21,378 | ) | |||||
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Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
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Depreciation
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3,763 | 2,253 | 1,978 | |||||||||
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Amortization of intangible assets
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84 | - | - | |||||||||
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Amortization of premiums on available-for-sale marketable securities
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532 | - | - | |||||||||
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Stock-based compensation
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9,089 | 2,956 | 1,082 | |||||||||
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Financial expenses (income), net related to term loan
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- | (992 | ) | 431 | ||||||||
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Remeasurement of warrants to purchase convertible preferred stock
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- | 5,350 | (53 | ) | ||||||||
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Capital loss from disposal of property
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- | 104 | - | |||||||||
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Interest expenses related to short term bank loan
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- | - | 44 | |||||||||
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Changes in assets and liabilities:
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Inventories
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(7,356 | ) | (48,507 | ) | (10,681 | ) | ||||||
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Prepaid expenses and other accounts receivable
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10,542 | (19,563 | ) | (7,409 | ) | |||||||
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Trade receivables, net
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(37,271 | ) | (16,333 | ) | (9,911 | ) | ||||||
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Deferred tax assets, net
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(6,380 | ) | - | - | ||||||||
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Trade payables
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(32,200 | ) | 41,111 | 19,441 | ||||||||
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Employees and payroll accruals
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3,278 | 1,668 | 1,726 | |||||||||
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Warranty obligations
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19,313 | 13,698 | 7,803 | |||||||||
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Deferred revenues
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8,578 | 3,989 | (500 | ) | ||||||||
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Accrued expenses and other accounts payable
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3,934 | 2,530 | (418 | ) | ||||||||
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Lease incentive obligation
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(88 | ) | 2,669 | - | ||||||||
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Net cash provided by (used in) operating activities
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52,427 | 12,054 | (17,845 | ) | ||||||||
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Cash flows from investing activities:
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Purchase of property and equipment
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(15,690 | ) | (11,765 | ) | (2,990 | ) | ||||||
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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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2,711 | (2,038 | ) | (156 | ) | |||||||
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Decrease (increase) in long-term lease deposit
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103 | (134 | ) | (1 | ) | |||||||
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Investment in available-for-sale marketable securities
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(118,511 | ) | - | - | ||||||||
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Maturities of available-for-sale marketable securities
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6,350 | - | - | |||||||||
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Net cash used in investing activities
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(125,837 | ) | (13,937 | ) | (3,147 | ) | ||||||
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Cash flows from financing activities:
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Proceeds from short term bank loan
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- | 23,000 | 21,813 | |||||||||
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Repayment of short term bank loan
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- | (36,326 | ) | (12,447 | ) | |||||||
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Repayments of term loan
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- | (5,919 | ) | (2,401 | ) | |||||||
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Proceeds from issuance of Series D-2 Convertible Preferred stock, net
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- | - | 669 | |||||||||
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Proceeds from issuance of Series D-3 Convertible Preferred stock, net
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- | - | 9,991 | |||||||||
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Proceeds from issuance of Series E Convertible Preferred stock, net
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- | 24,712 | - | |||||||||
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Proceeds from initial public offering, net
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- | 131,402 | - | |||||||||
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Proceeds from issuance of shares under stock purchase plan and upon exercise of options
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2,973 | 84 | 51 | |||||||||
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Issuance costs related to initial public offering
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(194 | ) | - | - | ||||||||
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Net cash provided by financing activities
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2,779 | 136,953 | 17,676 | |||||||||
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Increase (decrease) in cash and cash equivalents
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(70,631 | ) | 135,070 | (3,316 | ) | |||||||
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Cash and cash equivalents at the beginning of the period
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144,750 | 9,754 | 13,142 | |||||||||
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Effect of exchange rate differences on cash and cash equivalents
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(87 | ) | (74 | ) | (72 | ) | ||||||
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Cash and cash equivalents at the end of the period
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$ | 74,032 | $ | 144,750 | $ | 9,754 | ||||||
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(unaudited)
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Reconciliation of Non-GAAP Financial Measures
|
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
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Three months ended
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12 months ended
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June 30, 2016
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Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015(1)
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||||||||||||||||
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Gross profit (GAAP)
|
39,113 | 40,734 | 28,271 | 151,956 | 81,783 | |||||||||||||||
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Stock-based compensation
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310 | 246 | 188 | 945 | 442 | |||||||||||||||
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Gross profit (Non-GAAP)
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39,423 | 40,980 | 28,459 | 152,901 | 82,225 | |||||||||||||||
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Reconciliation of GAAP to Non-GAAP Gross Margin
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Three months ended
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12 months ended
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June 30, 2016
|
Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
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June 30, 2015(1)
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Gross margin (GAAP)
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31.4 | % | 32.5 | % | 28.7 | % | 31.0 | % | 25.2 | % | ||||||||||
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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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31.6 | % | 32.7 | % | 28.9 | % | 31.2 | % | 25.3 | % | ||||||||||
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Reconciliation of GAAP to Non-GAAP Operating expenses
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Three months ended
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12 months ended
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June 30, 2016
|
Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015(1)
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||||||||||||||||
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Operating expenses (GAAP)
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21,229 | 20,995 | 16,398 | 80,197 | 53,526 | |||||||||||||||
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Stock-based compensation R&D
|
747 | 724 | 184 | 2,384 | 634 | |||||||||||||||
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Stock-based compensation S&M
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730 | 842 | 263 | 2,937 | 809 | |||||||||||||||
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Stock-based compensation G&A
|
613 | 819 | 569 | 2,823 | 1,071 | |||||||||||||||
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Operating expenses (Non-GAAP)
|
19,138 | 18,610 | 15,382 | 72,052 | 51,012 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Operating income
|
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Three months ended
|
12 months ended
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June 30, 2016
|
Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015(1)
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||||||||||||||||
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Operating income (GAAP)
|
17,884 | 19,739 | 11,873 | 71,759 | 28,257 | |||||||||||||||
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Stock-based compensation
|
2,401 | 2,631 | 1,204 | 9,090 | 2,956 | |||||||||||||||
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Operating income (Non-GAAP)
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20,285 | 22,370 | 13,077 | 80,849 | 31,213 | |||||||||||||||
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Reconciliation of GAAP to Non-GAAP Finance expenses
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Three months ended
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12 months ended
|
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June 30, 2016
|
Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015(1)
|
||||||||||||||||
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Finance expenses (Income) (GAAP)
|
527 | (2,029 | ) | 1,699 | (471 | ) | 5,077 | |||||||||||||
|
Warrants remeasurement
|
---- | ---- | 3,285 | ---- | 5,350 | |||||||||||||||
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Finance expenses (Income) (Non-GAAP)
|
527 | (2,029 | ) | (1,586 | ) | (471 | ) | (273 | ) | |||||||||||
|
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
|
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Three months ended
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12 months ended
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June 30, 2016
|
Mar 31, 2016
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June 30, 2015
|
June 30, 2016
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June 30, 2015(1)
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Tax on income (Tax benefit) (GAAP)
|
84 | 969 | 809 | (4,379 | ) | 1,955 | ||||||||||||||
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Tax benefit due to deferred tax asset
|
(247 | ) | 100 | ---- | 6,380 | ---- | ||||||||||||||
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Tax on income (Tax benefit) (Non-GAAP)
|
(163 | ) | 1,069 | 809 | 2,001 | 1,955 | ||||||||||||||
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Reconciliation of GAAP to Non-GAAP Net income
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Three months ended
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12 months ended
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June 30, 2016
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Mar 31, 2016
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June 30, 2015
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June 30, 2016
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June 30, 2015(1)
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Net income (GAAP)
|
17,273 | 20,799 | 9,261 | 76,609 | 21,121 | |||||||||||||||
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Stock-based compensation
|
2,401 | 2,631 | 1,204 | 9,090 | 2,956 | |||||||||||||||
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Warrants remeasurement
|
---- | ---- | 3,285 | ---- | 5,350 | |||||||||||||||
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Tax benefit due to deferred tax asset
|
247 | (100 | ) | ---- | (6,380 | ) | ---- | |||||||||||||
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Net income (Non-GAAP)
|
19,921 | 23,330 | 13,750 | 79,319 | 29,427 | |||||||||||||||
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Reconciliation of GAAP to Non-GAAP Net basic EPS
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Three months ended
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12 months ended
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June 30, 2016
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Mar 31, 2016
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June 30, 2015
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June 30, 2016
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June 30, 2015(1)
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Net basic earnings per share (GAAP)
|
0.42 | 0.52 | 0.24 | 1.92 | 0.30 | |||||||||||||||
|
Stock-based compensation
|
0.06 | 0.06 | 0.03 | 0.22 | 0.09 | |||||||||||||||
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Warrants remeasurement
|
---- | ---- | 0.08 | ---- | 0.15 | |||||||||||||||
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Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | ---- | ---- | 0.31 | |||||||||||||||
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Tax benefit due to deferred tax asset
|
0.01 | ---- | ---- | (0.16 | ) | ---- | ||||||||||||||
|
Net basic earnings per share (Non-GAAP)
|
0.49 | 0.58 | 0.35 | 1.98 | 0.85 | |||||||||||||||
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Reconciliation of GAAP to Non-GAAP No. of shares used in net basic EPS
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Three months ended
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12 months ended
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June 30, 2016
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Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015(1)
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Number of shares used in computing net basic earnings per share (GAAP)
|
40,776,059 | 40,362,093 | 39,160,372 | 39,987,935 | 11,902,911 | |||||||||||||||
|
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | ---- | ---- | 22,518,959 | |||||||||||||||
|
Number of shares used in computing net basic earnings per share (Non-GAAP)
|
40,776,059 | 40,362,093 | 39,160,372 | 39,987,935 | 34,421,870 | |||||||||||||||
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Reconciliation of GAAP to Non-GAAP Net diluted EPS
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Three months ended
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12 months ended
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June 30, 2016
|
Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015(1)
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|
Net diluted earnings per share (GAAP)
|
0.39 | 0.47 | 0.21 | 1.73 | 0.27 | |||||||||||||||
|
Stock-based compensation
|
0.04 | 0.04 | 0.02 | 0.16 | 0.07 | |||||||||||||||
|
Warrants remeasurement
|
---- | ---- | 0.08 | ---- | 0.14 | |||||||||||||||
|
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | ---- | ---- | 0.29 | |||||||||||||||
|
Tax benefit due to deferred tax asset
|
0.01 | ---- | ---- | (0.15 | ) | ---- | ||||||||||||||
|
Net diluted earnings per share (Non-GAAP)
|
0.44 | 0.51 | 0.31 | 1.74 | 0.77 | |||||||||||||||
|
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
|
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Three months ended
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12 months ended
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June 30, 2016
|
Mar 31, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015(1)
|
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|
Number of shares used in computing net diluted earnings per share (GAAP)
|
44,463,087 | 44,577,901 | 44,473,080 | 44,376,075 | 15,269,448 | |||||||||||||||
|
Stock-based compensation
|
1,216,866 | 1,071,876 | 319,840 | 1,079,137 | 582,962 | |||||||||||||||
|
Warrants remeasurement
|
---- | ---- | 126,634 | ---- | 59,288 | |||||||||||||||
|
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods
|
---- | ---- | ---- | ---- | 22,518,959 | |||||||||||||||
|
Number of shares used in computing net diluted earnings per share (Non-GAAP)
|
45,679,953 | 45,649,777 | 44,919,554 | 45,455,212 | 38,430,656 | |||||||||||||||
|
(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.
|