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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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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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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Exhibit No.
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Description
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|
Exhibit 99.1
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Press release dated May 9, 2017
|
SOLAREDGE TECHNOLOGIES, INC.
|
|||
Date: May 9, 2017
|
By:
|
/s/ Ronen Faier | |
Name: Ronen Faier | |||
Title: Chief Financial Officer | |||
· |
Revenues for the quarter of $115.1 million
|
· |
GAAP gross margin for the quarter of 33.6%
|
· |
GAAP operating income for the quarter of $12.0 million
|
· |
GAAP net income for the quarter of $14.2 million
|
· |
Non-GAAP net income for the quarter of $16.5 million
|
· |
GAAP net diluted earnings per share for the quarter of $0.32
|
· |
Non-GAAP net diluted earnings per share for the quarter of $0.36
|
· |
455 Megawatts (AC) of inverters shipped for the quarter
|
· |
Revenues to be within the range of $120 million to $130 million;
|
· |
Gross margins to be within the range of 32% to 34%.
|
Three months ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Unaudited
|
||||||||
Revenues
|
$
|
115,054
|
$
|
125,205
|
||||
Cost of revenues
|
76,378
|
84,471
|
||||||
Gross profit
|
38,676
|
40,734
|
||||||
Operating expenses:
|
||||||||
Research and development, net
|
11,458
|
8,709
|
||||||
Sales and marketing
|
10,775
|
8,826
|
||||||
General and administrative
|
4,439
|
3,460
|
||||||
Total operating expenses
|
26,672
|
20,995
|
||||||
Operating income
|
12,004
|
19,739
|
||||||
Financial income, net
|
1,410
|
2,029
|
||||||
Income before taxes on income
|
13,414
|
21,768
|
||||||
Tax benefit (taxes on income)
|
761
|
(969
|
)
|
|||||
Net income
|
$
|
14,175
|
$
|
20,799
|
March 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
Unaudited
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
119,933
|
$
|
104,683
|
||||
Restricted cash
|
991
|
897
|
||||||
Marketable Securities
|
81,800
|
74,465
|
||||||
Trade receivables, net
|
79,268
|
71,041
|
||||||
Prepaid expenses and other accounts receivable
|
26,561
|
21,347
|
||||||
Inventories
|
60,913
|
67,363
|
||||||
Total current assets
|
369,466
|
339,796
|
||||||
LONG-TERM ASSETS:
|
||||||||
Marketable securities
|
44,893
|
44,262
|
||||||
Property, equipment and intangible assets, net
|
37,933
|
37,381
|
||||||
Prepaid expenses and lease deposits
|
594
|
489
|
||||||
Deferred tax assets, net
|
4,084
|
2,815
|
||||||
Total long term assets
|
87,504
|
84,947
|
||||||
Total assets
|
$
|
456,970
|
$
|
424,743
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables, net
|
$
|
43,740
|
$
|
34,001
|
||||
Employees and payroll accruals
|
11,767
|
13,018
|
||||||
Warranty obligations
|
12,895
|
13,616
|
||||||
Deferred revenues
|
1,025
|
1,202
|
||||||
Accrued expenses and other accounts payable
|
9,189
|
8,648
|
||||||
Total current liabilities
|
78,616
|
70,485
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Warranty obligations
|
48,230
|
44,759
|
||||||
Deferred revenues
|
20,902
|
18,660
|
||||||
Lease incentive obligation
|
1,987
|
2,061
|
||||||
Total long-term liabilities
|
71,119
|
65,480
|
||||||
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Common stock
|
4
|
4
|
||||||
Additional paid-in capital
|
311,081
|
307,098
|
||||||
Accumulated other comprehensive loss
|
(25
|
)
|
(324
|
)
|
||||
Accumulated deficit
|
(3,825
|
)
|
(18,000
|
)
|
||||
Total stockholders’ equity
|
307,235
|
288,778
|
||||||
Total liabilities and stockholders’ equity
|
$
|
456,970
|
$
|
424,743
|
Three months ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Unaudited
|
||||||||
Cash flows provided by operating activities:
|
||||||||
Net income
|
$
|
14,175
|
$
|
20,799
|
||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and Amortization of property, equipment and intangible assets
|
1,520
|
993
|
||||||
Amortization of premiums on available-for-sale marketable securities
|
383
|
174
|
||||||
Stock-based compensation
|
3,612
|
2,632
|
||||||
Deferred tax assets, net
|
(1,333
|
)
|
(100
|
)
|
||||
Realized losses on Cash Flow Hedges
|
-
|
2
|
||||||
Changes in assets and liabilities:
|
||||||||
Inventories
|
6,453
|
2,006
|
||||||
Prepaid expenses and other accounts receivable
|
(4,583
|
)
|
6,682
|
|||||
Trade receivables, net
|
(8,070
|
)
|
(9,413
|
)
|
||||
Trade payables
|
9,734
|
(16,853
|
)
|
|||||
Employees and payroll accruals
|
(1,272
|
)
|
(556
|
)
|
||||
Warranty obligations
|
2,750
|
5,765
|
||||||
Deferred revenues
|
2,060
|
2,496
|
||||||
Accrued expenses and other accounts payable
|
311
|
770
|
||||||
Lease incentive obligation
|
(74
|
)
|
(55
|
)
|
||||
Net cash provided by operating activities
|
25,666
|
15,342
|
||||||
Cash flows used in investing activities:
|
||||||||
Purchase of property and equipment
|
(1,872
|
)
|
(5,909
|
)
|
||||
Decrease (increase) in restricted cash
|
(94
|
)
|
2,473
|
|||||
Increase in short and long-term lease deposits
|
(66
|
)
|
(14
|
)
|
||||
Investment in available-for-sale marketable securities
|
(24,070
|
)
|
(36,023
|
)
|
||||
Maturities of available-for-sale marketable securities
|
15,665
|
1,000
|
||||||
Net cash used in investing activities
|
(10,437
|
)
|
(38,473
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of shares upon exercise of options
|
371
|
1,167
|
||||||
Net cash provided by financing activities
|
371
|
1,167
|
||||||
Increase (decrease) in cash and cash equivalents
|
15,600
|
(21,964
|
)
|
|||||
Cash and cash equivalents at the beginning of the period
|
104,683
|
106,150
|
||||||
Effect of exchange rate differences on cash and cash equivalents
|
(350
|
)
|
(116
|
)
|
||||
Cash and cash equivalents at the end of the period
|
119,933
|
84,070
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Gross profit (GAAP)
|
38,676
|
39,025
|
40,734
|
|||||||||
Stock-based compensation
|
493
|
486
|
246
|
|||||||||
Gross profit (Non-GAAP)
|
39,169
|
39,511
|
40,980
|
Reconciliation of GAAP to Non-GAAP Gross Margin
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Gross margin (GAAP)
|
33.6
|
%
|
35.0
|
%
|
32.5
|
%
|
||||||
Stock-based compensation
|
0.4
|
%
|
0.4
|
%
|
0.2
|
%
|
||||||
Gross margin (Non-GAAP)
|
34.0
|
%
|
35.4
|
%
|
32.7
|
%
|
Reconciliation of GAAP to Non-GAAP Operating expenses
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Operating expenses (GAAP)
|
26,672
|
23,878
|
20,995
|
|||||||||
Stock-based compensation R&D
|
1,205
|
1,134
|
724
|
|||||||||
Stock-based compensation S&M
|
1,030
|
1,003
|
842
|
|||||||||
Stock-based compensation G&A
|
884
|
877
|
819
|
|||||||||
Operating expenses (Non-GAAP)
|
23,553
|
20,864
|
18,610
|
Reconciliation of GAAP to Non-GAAP Operating income
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Operating income (GAAP)
|
12,004
|
15,147
|
19,739
|
|||||||||
Stock-based compensation
|
3,612
|
3,500
|
2,631
|
|||||||||
Operating income (Non-GAAP)
|
15,616
|
18,647
|
22,370
|
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Tax on income (Tax benefit) (GAAP)
|
(761
|
)
|
2,203
|
969
|
||||||||
Deferred tax asset (realized)
|
1,332
|
(1,473
|
)
|
100
|
||||||||
Tax on income (Tax benefit) (Non-GAAP)
|
571
|
730
|
1,069
|
Reconciliation of GAAP to Non-GAAP Net income
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Net income (GAAP)
|
14,175
|
9,765
|
20,799
|
|||||||||
Stock-based compensation
|
3,612
|
3,500
|
2,631
|
|||||||||
Deferred tax realized (asset)
|
(1,332
|
)
|
1,473
|
(100
|
)
|
|||||||
Net income (Non-GAAP)
|
16,455
|
14,738
|
23,330
|
Reconciliation of GAAP to Non-GAAP Net basic EPS
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Net basic earnings per share (GAAP)
|
0.34
|
0.24
|
0.52
|
|||||||||
Stock-based compensation
|
0.09
|
0.08
|
0.06
|
|||||||||
Deferred tax realized (asset)
|
(0.03
|
)
|
0.04
|
----
|
||||||||
Net basic earnings per share (Non-GAAP)
|
0.40
|
0.36
|
0.58
|
Reconciliation of GAAP to Non-GAAP Net diluted EPS
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Net diluted earnings per share (GAAP)
|
0.32
|
0.22
|
0.47
|
|||||||||
Stock-based compensation
|
0.06
|
0.07
|
0.04
|
|||||||||
Deferred tax realized (asset)
|
(0.02
|
)
|
0.03
|
----
|
||||||||
Net diluted earnings per share (Non-GAAP)
|
0.36
|
0.32
|
0.51
|
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
|
||||||||||||
Three months ended
|
||||||||||||
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
||||||||||
Number of shares used in computing net diluted earnings per share (GAAP)
|
43,837,505
|
43,683,458
|
44,577,901
|
|||||||||
Stock-based compensation
|
2,490,662
|
2,399,308
|
1,071,876
|
|||||||||
Number of shares used in computing net diluted earnings per share (Non-GAAP)
|
46,328,167
|
46,082,766
|
45,649,777
|