UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 1, 2018
SOLAREDGE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
|
Delaware
|
|
001-36894
|
|
20-5338862
|
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
|
1 HaMada Street, Herziliya Pituach, Israel
|
|
4673335
|
|
(Address of Principal executive offices)
|
|
(Zip Code)
|
Registrant’s Telephone number, including area code: 972 (9) 957-6620
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):
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 1, 2018, SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2018. 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, this information, including the exhibits hereto, 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 the exhibits hereto be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
|
Exhibit No.
|
Description
|
|
|
|
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.
|
SOLAREDGE TECHNOLOGIES, INC.
|
|||
|
Date: November 1, 2018
|
By: |
/s/ Ronen Faier
|
|
|
Name:
|
Ronen Faier
|
||
|
Title:
|
Chief Financial Officer
|
||
Exhibit 99.1
SolarEdge Announces Third Quarter 2018 Financial Results
FREMONT, Calif. — November 1, 2018. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2018.
Third Quarter 2018 Highlights
| · |
Record revenues of $236.6 million, up 42% year-over-year
|
| · |
GAAP net income of $45.6 million
|
| · |
GAAP net diluted EPS of $0.95
|
| · |
Non-GAAP net diluted EPS of $0.86
|
| · |
1,083 Megawatts (AC) of inverters shipped
|
“This quarter we continued to grow our revenues and market share,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We shipped 1.1GW of systems and delivered over three million power optimizers, with record high shipments of commercial products.”
“While continuing to expand our existing business, we closed the asset acquisition of a new UPS division, Gamatronic. In the first weeks of October, we also signed and closed the Kokam acquisition which will expand our smart energy offerings, adding proven battery storage options to our product portfolio. These acquisitions will take us a further step toward offering full solutions that are more comprehensive, smarter and beneficial.”
Third Quarter 2018 Summary
The Company reported record revenues of $236.6 million, up 4% from $227.1 million in the prior quarter and up 42% from $166.6 million year over year.
GAAP gross margin was 33.0%, down from 36.1%, in the prior quarter and down from 34.9% year over year.
GAAP operating expenses were $43.9 million, up 6% from $41.3 million in the prior quarter and up 35% from $32.7 million year over year.
GAAP operating income was $34.0 million, down 16% from $40.7 million in the prior quarter and up 34% from $25.4 million year over year.
GAAP net income was $45.6 million, up 32% from $34.6 million in the prior quarter and up 63% from $28.0 million year over year.
Non-GAAP net income was $42.7 million, up 5% from $40.6 million in the prior quarter and up 35% from $31.5 million year over year.
GAAP net diluted earnings per share (“EPS”) was $0.95, up from $0.72 in the prior quarter and up from $0.61 year over year.
Non-GAAP net diluted EPS was $0.86, up from $0.82 in the prior quarter and up from $0.66 year over year.
Cash flow from operating activities was $ 34.3 million, down from $43.9 million in the prior quarter and up from $33.7 million year over year.
As of September 30, 2018, cash, cash equivalents, restricted cash, bank deposit and marketable securities totaled $453.2 million, compared to $437.6 million on June 30, 2018.
Outlook for the Fourth Quarter 2018
The Company also provides guidance for the fourth quarter ending December 31, 2018 as follows:
| · |
Revenues to be within the range of $245 million to $255 million;
|
| · |
GAAP gross margins expected to be within the range of 30% to 32%, depending on the effects of recent M&A; and
|
| · |
Non GAAP gross margins expected to be within the range of 32% to 34%.
|
Conference Call
The Company will host a conference call to discuss these results at 4:30 P.M. ET on Thursday, November 1, 2018. The call will be available, live, to interested parties by dialing 800-682-0995. For international callers, please dial +1 334-323-0505. The Conference ID number is 2786736. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com
A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, UPS, and grid services solutions. SolarEdge is online at solaredge.com
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income 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 release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.
Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2017, filed on February 20, 2018, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 2, 2018. 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)
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
|||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||
|
Revenues
|
$
|
236,578
|
$
|
166,552
|
$
|
673,567
|
$
|
417,705
|
||||||||
|
Cost of revenues
|
158,596
|
108,498
|
434,042
|
273,909
|
||||||||||||
|
Gross profit
|
77,982
|
58,054
|
239,525
|
143,796
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
20,109
|
14,363
|
57,535
|
38,546
|
||||||||||||
|
Sales and marketing
|
16,938
|
13,217
|
49,097
|
35,953
|
||||||||||||
|
General and administrative
|
6,898
|
5,078
|
17,427
|
12,782
|
||||||||||||
|
Total operating expenses
|
43,945
|
32,658
|
124,059
|
87,281
|
||||||||||||
|
Operating income
|
34,037
|
25,396
|
115,466
|
56,515
|
||||||||||||
|
Financial expenses (income), net
|
689
|
(2,666
|
)
|
2,585
|
(7,671
|
)
|
||||||||||
|
Income before taxes on income
|
33,348
|
28,062
|
112,881
|
64,186
|
||||||||||||
|
Taxes on income (tax benefit)
|
(12,295
|
)
|
91
|
(3,016
|
)
|
(484
|
)
|
|||||||||
|
Net income
|
$
|
45,643
|
$
|
27,971
|
$
|
115,897
|
$
|
64,670
|
||||||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
|
September 30,
|
December 31,
|
|||||||
|
2018
|
2017
|
|||||||
|
Unaudited
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
192,876
|
$
|
163,163
|
||||
|
Short-term bank deposits
|
7,779
|
-
|
||||||
|
Restricted cash
|
2,083
|
1,516
|
||||||
|
Marketable Securities
|
148,252
|
77,264
|
||||||
|
Trade receivables, net
|
151,088
|
109,528
|
||||||
|
Inventories
|
107,179
|
82,992
|
||||||
|
Prepaid expenses and other current assets
|
46,396
|
42,223
|
||||||
|
Total current assets
|
655,653
|
476,686
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Marketable securities
|
102,240
|
103,120
|
||||||
|
Property and equipment, net
|
73,415
|
51,182
|
||||||
|
Deferred tax assets, net
|
13,218
|
8,340
|
||||||
|
Intangible assets, net
|
3,762
|
1,115
|
||||||
|
Goodwill
|
2,782
|
-
|
||||||
|
Other non-current assets
|
1,108
|
862
|
||||||
|
Total long term assets
|
196,525
|
164,619
|
||||||
|
Total assets
|
$
|
852,178
|
$
|
641,305
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables, net
|
$
|
83,459
|
$
|
69,488
|
||||
|
Employees and payroll accruals
|
23,680
|
22,544
|
||||||
|
Warranty obligations
|
21,660
|
14,785
|
||||||
|
Deferred revenues
|
5,795
|
2,559
|
||||||
|
Accrued expenses and other current liabilities
|
31,556
|
20,378
|
||||||
|
Total current liabilities
|
166,150
|
129,754
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Warranty obligations
|
86,059
|
64,026
|
||||||
|
Deferred revenues
|
53,663
|
31,453
|
||||||
|
Other non-current liabilities
|
7,343
|
18,605
|
||||||
|
Total long-term liabilities
|
147,065
|
114,084
|
||||||
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
|
STOCKHOLDERS’ EQUITY:
|
||||||||
|
Common stock
|
5
|
4
|
||||||
|
Additional paid-in capital
|
361,744
|
331,902
|
||||||
|
Accumulated other comprehensive loss
|
(983
|
)
|
(611
|
)
|
||||
|
Retained earnings
|
178,197
|
66,172
|
||||||
|
Total stockholders’ equity
|
538,963
|
397,467
|
||||||
|
Total liabilities and stockholders’ equity
|
$
|
852,178
|
$
|
641,305
|
||||
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
Nine months ended
September 30,
|
||||||||
|
2018
|
2017
|
|||||||
|
Unaudited
|
||||||||
|
Cash flows provided by operating activities:
|
||||||||
|
Net income
|
$
|
115,897
|
$
|
64,670
|
||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
|
Depreciation of property and equipment
|
7,997
|
4,824
|
||||||
|
Amortization of intangible assets
|
404
|
108
|
||||||
|
Amortization of premiums on available-for-sale marketable securities
|
1,242
|
1,310
|
||||||
|
Stock-based compensation
|
21,927
|
12,183
|
||||||
|
Deferred tax assets, net
|
(4,789
|
)
|
(3,063
|
)
|
||||
|
Loss on disposals of fixed assets
|
64
|
-
|
||||||
|
Realized gain from cash flow hedge
|
(9
|
)
|
-
|
|||||
|
Changes in assets and liabilities:
|
||||||||
|
Inventories
|
(18,120
|
)
|
5,005
|
|||||
|
Prepaid expenses and other assets
|
(4,800
|
)
|
(17,420
|
)
|
||||
|
Trade receivables, net
|
(42,418
|
)
|
(20,168
|
)
|
||||
|
Trade payables, net
|
14,006
|
8,667
|
||||||
|
Employees and payroll accruals
|
1,200
|
4,509
|
||||||
|
Warranty obligations
|
28,847
|
13,192
|
||||||
|
Deferred revenues
|
21,576
|
9,699
|
||||||
|
Accrued expenses and other liabilities
|
(819
|
)
|
7,314
|
|||||
|
Net cash provided by operating activities
|
142,205
|
90,830
|
||||||
|
Cash flows used in investing activities:
|
||||||||
|
Purchase of property and equipment
|
(30,051
|
)
|
(13,203
|
)
|
||||
|
Acquisitions and purchases of assets
|
(11,223
|
)
|
-
|
|||||
|
Investment in short term bank deposits
|
(7,779
|
)
|
-
|
|||||
|
Investment in available-for-sale marketable securities
|
(143,150
|
)
|
(82,469
|
)
|
||||
|
Maturities of available-for-sale marketable securities
|
71,632
|
46,513
|
||||||
|
Net cash used in investing activities
|
$
|
(120,571
|
)
|
$
|
(49,159
|
)
|
||
|
Cash flows from financing activities:
|
||||||||
|
Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards
|
$
|
7,915
|
$
|
3,795
|
||||
|
Net cash provided by financing activities
|
7,915
|
3,795
|
||||||
|
Net increase in cash, cash equivalents and restricted cash
|
29,549
|
45,466
|
||||||
|
Cash, cash equivalents and restricted cash at the beginning of the period
|
164,679
|
105,580
|
||||||
|
Effect of exchange rate differences on cash, cash equivalents and restricted cash
|
731
|
(198
|
)
|
|||||
|
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
194,959
|
$
|
150,848
|
||||
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except gross profit and per share data)
(Unaudited)
|
Reconciliation of Non-GAAP Financial Measures
|
||||||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Gross profit (GAAP)
|
77,982
|
81,946
|
58,054
|
239,525
|
143,796
|
|||||||||||||||
|
Stock-based compensation
|
1,127
|
968
|
538
|
3,019
|
1,548
|
|||||||||||||||
|
Cost of product adjustment
|
208
|
----
|
----
|
208
|
----
|
|||||||||||||||
|
Intangible Assets Amortization
|
193
|
----
|
----
|
193
|
----
|
|||||||||||||||
|
Gross profit (Non-GAAP)
|
79,510
|
82,914
|
58,592
|
242,945
|
145,344
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Gross Margin
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Gross margin (GAAP)
|
33.0
|
%
|
36.1
|
%
|
34.9
|
%
|
35.6
|
%
|
34.4
|
%
|
||||||||||
|
Stock-based compensation
|
0.5
|
%
|
0.4
|
%
|
0.3
|
%
|
0.5
|
%
|
0.4
|
%
|
||||||||||
|
Cost of product adjustment
|
0.1
|
%
|
----
|
----
|
0.0
|
%
|
----
|
|||||||||||||
|
Intangible Assets Amortization
|
0.1
|
%
|
----
|
----
|
0.0
|
%
|
----
|
|||||||||||||
|
Gross margin (Non-GAAP)
|
33.6
|
%
|
36.5
|
%
|
35.2
|
%
|
36.1
|
%
|
34.8
|
%
|
||||||||||
|
Reconciliation of GAAP to Non-GAAP Operating expenses
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Operating expenses (GAAP)
|
43,945
|
41,281
|
32,658
|
124,059
|
87,281
|
|||||||||||||||
|
Stock-based compensation R&D
|
2,988
|
2,605
|
1,423
|
7,975
|
3,908
|
|||||||||||||||
|
Stock-based compensation S&M
|
2,250
|
2,094
|
1,439
|
6,548
|
3,673
|
|||||||||||||||
|
Stock-based compensation G&A
|
1,585
|
1,461
|
1,137
|
4,385
|
3,054
|
|||||||||||||||
|
Intangible Assets Amortization - R&D
|
110
|
----
|
----
|
110
|
----
|
|||||||||||||||
|
Intangible Assets Amortization - S&M
|
29
|
----
|
----
|
29
|
----
|
|||||||||||||||
|
Fixed Assets disposal
|
----
|
----
|
----
|
64
|
----
|
|||||||||||||||
|
Operating expenses (Non-GAAP)
|
36,983
|
35,121
|
28,659
|
104,948
|
76,646
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Operating income
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Operating income (GAAP)
|
34,037
|
40,665
|
25,396
|
115,466
|
56,515
|
|||||||||||||||
|
Cost of product adjustment
|
208
|
----
|
----
|
208
|
----
|
|||||||||||||||
|
Stock-based compensation
|
7,950
|
7,128
|
4,537
|
21,927
|
12,183
|
|||||||||||||||
|
Intangible Assets Amortization
|
332
|
----
|
----
|
332
|
----
|
|||||||||||||||
|
Fixed Assets disposal
|
----
|
----
|
----
|
64
|
----
|
|||||||||||||||
|
Operating income (Non-GAAP)
|
42,527
|
47,793
|
29,933
|
137,997
|
68,698
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Financial expenses (income), net
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Financial expenses (income), net (GAAP)
|
689
|
2,480
|
----
|
2,585
|
----
|
|||||||||||||||
|
Non cash interest
|
(640
|
)
|
(568
|
)
|
----
|
(1,720
|
)
|
----
|
||||||||||||
|
Financial expenses (income), net (Non-GAAP)
|
49
|
1,912
|
----
|
865
|
----
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Tax on income (Tax benefit) (GAAP)
|
(12,295
|
)
|
3,617
|
91
|
(3,016
|
)
|
(484
|
)
|
||||||||||||
|
Deferred tax realized (asset)
|
(1,771
|
)
|
(1,697
|
)
|
(959
|
)
|
(4,789
|
)
|
(3,064
|
)
|
||||||||||
|
Transition tax of foreign earnings
|
(10,305
|
)
|
----
|
----
|
(9,485
|
)
|
----
|
|||||||||||||
|
Tax on income (Tax benefit) (Non-GAAP)
|
(219
|
)
|
5,314
|
1,050
|
11,258
|
2,580
|
||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net income
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Net income (GAAP)
|
45,643
|
34,568
|
27,971
|
115,897
|
64,670
|
|||||||||||||||
|
Cost of product adjustment
|
208
|
----
|
----
|
208
|
----
|
|||||||||||||||
|
Stock-based compensation
|
7,950
|
7,128
|
4,537
|
21,927
|
12,183
|
|||||||||||||||
|
Intangible Assets Amortization
|
332
|
----
|
----
|
332
|
----
|
|||||||||||||||
|
Fixed Assets disposal
|
----
|
----
|
----
|
64
|
----
|
|||||||||||||||
|
Non cash interest
|
640
|
568
|
----
|
1,720
|
----
|
|||||||||||||||
|
Deferred tax realized (asset)
|
(1,771
|
)
|
(1,697
|
)
|
(959
|
)
|
(4,789
|
)
|
(3,064
|
)
|
||||||||||
|
Transition tax of foreign earnings
|
(10,305
|
)
|
----
|
----
|
(9,485
|
)
|
----
|
|||||||||||||
|
Net income (Non-GAAP)
|
42,697
|
40,567
|
31,549
|
125,874
|
73,789
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net basic EPS
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Net basic earnings per share (GAAP)
|
1.00
|
0.76
|
0.66
|
2.57
|
1.55
|
|||||||||||||||
|
Cost of product adjustment
|
0.00
|
----
|
----
|
0.00
|
----
|
|||||||||||||||
|
Stock-based compensation
|
0.17
|
0.16
|
0.11
|
0.49
|
0.29
|
|||||||||||||||
|
Intangible Assets Amortization
|
0.01
|
----
|
----
|
0.01
|
----
|
|||||||||||||||
|
Fixed Assets disposal
|
----
|
----
|
----
|
0.00
|
----
|
|||||||||||||||
|
Non cash interest
|
0.01
|
0.01
|
----
|
0.04
|
----
|
|||||||||||||||
|
Deferred tax realized (asset)
|
(0.04
|
)
|
(0.03
|
)
|
(0.03
|
)
|
(0.11
|
)
|
(0.08
|
)
|
||||||||||
|
Transition tax of foreign earnings
|
(0.23
|
)
|
----
|
----
|
(0.21
|
)
|
----
|
|||||||||||||
|
Net basic earnings per share (Non-GAAP)
|
0.94
|
0.90
|
0.74
|
2.80
|
1.76
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net diluted EPS
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Net diluted earnings per share (GAAP)
|
0.95
|
0.72
|
0.61
|
2.41
|
1.44
|
|||||||||||||||
|
Cost of product adjustment
|
----
|
----
|
----
|
----
|
----
|
|||||||||||||||
|
Stock-based compensation
|
0.13
|
0.12
|
0.07
|
0.38
|
0.19
|
|||||||||||||||
|
Intangible Assets Amortization
|
0.01
|
----
|
----
|
----
|
||||||||||||||||
|
Fixed Assets disposal
|
----
|
----
|
----
|
----
|
----
|
|||||||||||||||
|
Non cash interest
|
0.01
|
0.01
|
----
|
0.04
|
----
|
|||||||||||||||
|
Deferred tax realized (asset)
|
(0.03
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.10
|
)
|
(0.06
|
)
|
||||||||||
|
Transition tax of foreign earnings
|
(0.21
|
)
|
----
|
----
|
(0.19
|
)
|
----
|
|||||||||||||
|
Net diluted earnings per share (Non-GAAP)
|
0.86
|
0.82
|
0.66
|
2.54
|
1.57
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
|
||||||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
|
September 30, 2018
|
June 30,
2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
|
Number of shares used in computing net diluted earnings per share (GAAP)
|
48,281,240
|
48,291,280
|
46,131,556
|
48,091,185
|
44,937,527
|
|||||||||||||||
|
Stock-based compensation
|
1,463,633
|
1,341,286
|
1,535,258
|
1,446,775
|
2,084,722
|
|||||||||||||||
|
Number of shares used in computing net diluted earnings per share (Non-GAAP)
|
49,744,873
|
49,632,566
|
47,666,814
|
49,537,960
|
47,022,249
|
|||||||||||||||