SEC Filing | SolarEdge Technologies, Inc.

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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): February 20, 2019

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 CFR240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-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 February 20, 2019, SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 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
Exhibit 99.1		Press release dated February 20, 2019

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: February 20, 2019	By:	/s/ Ronen Faier
	Name:	Ronen Faier
	Title:	Chief Financial Officer

Exhibit 99.1

SolarEdge Announces Fourth Quarter

and Full Year 2018 Financial Results

FREMONT, Calif. — February 20, 2019. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter and year ended December 31, 2018.

Fourth Quarter 2018 Highlights

Total revenues of $263.7 million

GAAP gross margin of 30.2%

GAAP net diluted EPS of $0.27

Non-GAAP net diluted EPS of $0.63

1.1 Gigawatts (AC) of inverters shipped

Revenues from solar products of $243.4 million

Non-GAAP gross margin from sale of solar products of 32.8%

Full Year 2018 Highlights

Total revenues of $937.2 million

GAAP gross margin of 34.1%

GAAP net diluted EPS of $2.69

Non-GAAP net diluted EPS of $3.17

3.9 Gigawatts (AC) of inverters shipped

Revenues from solar products of $914.3 million

Non-GAAP gross margin from sale of solar products of 35.4%

“We are happy to report another record revenue quarter and a very strong year in which we continued to take market share,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “In addition to the growth and strong profitability of our solar business, this quarter we continued to lay the foundations for our non-solar future growth with the acquisition of Kokam, a leading provider of lithium-ion batteries and the post quarter acquisition of a majority holding of S.M.R.E, a provider of innovative integrated powertrain technology and electronics for the e-mobility market. I am confident that these acquisitions, which will initially dilute our margins and EPS, will over time and with our investment, innovation and operational excellence, become a meaningful part of the SolarEdge success.”

Fourth Quarter 2018 Summary

The Company reported record revenues of $263.7 million, up 11% from $236.6 million in the prior quarter and up 39% from $189.3 million year over year.

GAAP gross margin was 30.2%, down from 33.0% in the prior quarter and down from 37.5% year over year.

Non-GAAP gross margin was 30.9%, down from 33.6% in the prior quarter and down from 37.9% year over year.

GAAP operating expenses were $55.3 million, up 26% from $43.9 million in the prior quarter and up 52% from $36.4 million year over year.

Non-GAAP operating expenses were $45.1 million, up 22% from $37.0 million in the prior quarter and up 42% from $31.7 million year over year.

GAAP operating income was $24.4 million, down 28% from $34.0 million in the prior quarter and down 29% from $34.6 million year over year.

Non-GAAP operating income was $36.4 million, down 14% from $42.5 million in the prior quarter and down 9% from $40.0 million year over year

GAAP net income was $12.9 million, down 72% from $45.6 million in the prior quarter and down 34% from $19.5 million year over year.

Non-GAAP net income was $31.5 million, down 26% from $42.7 million in the prior quarter and down 24% from $41.2 million year over year.

GAAP net diluted earnings per share (“EPS”) was $0.27, down from $0.95 in the prior quarter and down from $0.42 year over year.

Non-GAAP net diluted EPS was $0.63, down from $0.86 in the prior quarter and down from $0.85 year over year.

Cash flow from operating activities was $46.9 million, up from $34.3 million in the prior quarter and up from $45.8 million year over year.

As of December 31, 2018, cash, cash equivalents, restricted cash, bank deposit and marketable securities totaled $392.2 million, compared to $453.2 million on September 30, 2018 following a payment of $101.2 million for the acquisition of Kokam shares.

Full Year 2018 Summary

Total revenues of $937.2 million, up 54% from the prior year.

GAAP gross margin was 34.1%, down from 35.4% in the prior year.

GAAP operating income was $139.9 million, up 54% from $91.1 million in the prior year.

GAAP net income was $128.8 million, up 53% from $84.2 million in the prior year.

Non-GAAP net income was $157.3 million, up 37% from $115.0 million in the prior year.

GAAP net diluted earnings per share (“EPS”) was $2.69, up from $1.85 in the prior year.

Non-GAAP net diluted EPS was $3.17, up from $2.43 in the prior year.

Cash flow from operating activities of $189.1 million, up from $136.7 million in the prior year.

Outlook for the First Quarter 2019

The Company also provides guidance for the first quarter ending March 31, 2019 as follows:

Revenues to be within the range of $260 million to $270 million

Gross margins expected to be within the range of 30% to 32%

Revenues from solar products to be within the range of $245 million to $255 million

Gross margins from sale of solar products 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 Wednesday, February 20, 2019. 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 3109753. 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, batteries, 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, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

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 February 20, 2019. 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 December 31,						Year ended December 31,
	2018			2017			2018		2017
	Unaudited

Revenues	$	263,670		$	189,340		$	937,237	$	607,045
Cost of revenues		183,959			118,370			618,001		392,279

Gross profit		79,711			70,970			319,236		214,766

Operating expenses:

Research and development, net		24,710			16,420			82,245		54,966
Sales and marketing		19,210			14,079			68,307		50,032
General and administrative		11,402			5,900			28,829		18,682

Total operating expenses		55,322			36,399			179,381		123,680

Operating income		24,389			34,571			139,855		91,086

Other expenses		435						435
Financial expenses (income), net		(288	)		(1,487	)		2,297		(9,158	)

Income before taxes on income		24,242			36,058			137,123		100,244

Taxes on income (tax benefit)		12,093			16,556			9,077		16,072

Net income	$	12,149		$	19,502		$	128,046	$	84,172
Net loss attributable to non-controlling interests		787			-			787		-
Net income attributable to Solaredge Technologies Inc.	$	12,936		$	19,502		$	128,833	$	84,172

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	December 31,
	2018		2017
CURRENT ASSETS:
Cash and cash equivalents	$	191,633	$	163,163
Short-term bank deposits		6,001		-
Restricted cash		1,628		1,516
Marketable securities		118,680		77,264
Trade receivables, net		173,579		109,528
Prepaid expenses and other current assets		45,073		42,223
Inventories		141,519		82,992
Total current assets		678,113		476,686

LONG-TERM ASSETS:
Marketable securities		74,256		103,120
Property, plant and equipment , net		119,329		51,182
Deferred tax assets, net		14,698		8,340
Intangible assets, net		38,504		1,115
Goodwill		34,874		-
Other non-current assets		4,698		862
Total long term assets		286,359		164,619

Total assets	$	964,472	$	641,305


CURRENT LIABILITIES:
Trade payables, net	$	107,079		$	69,488
Employees and payroll accruals		29,053			22,544
Current maturities of bank loans		16,639			-
Warranty obligations		28,868			14,785
Deferred revenues		14,351			2,559
Accrued expenses and other current liabilities		29,728			20,378
Total current liabilities		225,718			129,754

LONG-TERM LIABILITIES:
Bank loans		3,510			-
Warranty obligations		92,958			64,026
Deferred revenues		60,670			31,453
Deferred tax liabilities, net		1,499			-
Other non-current liabilities		9,391			18,605
Total long-term liabilities		168,028			114,084

STOCKHOLDERS’ EQUITY:
Share capital		5			4
Additional paid-in capital		371,794			331,902
Accumulated other comprehensive loss		(524	)		(611	)
Retained earnings (accumulated deficit)		191,133			66,172
Total Solaredge Technologies Inc. stockholders’ equity		562,408			397,467
Non-controlling interests		8,318			-
Total stockholders’ equity		570,726			397,467

Total liabilities and stockholders’ equity	$	964,472		$	641,305

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year ended December 31,
	2018			2017

Cash flows provided by operating activities:
Net income	$	128,046		$	84,172
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment		12,441			7,011
Amortization of intangible assets		1,193			144
Amortization of premium and accretion of discount on available-for-sale marketable securities		1,241			2,061
Stock-based compensation		30,618			17,564
Capital loss from disposal of property		445			-
Realized loss from sale of available-for-sale marketable securities		137			-
Realized gain from cash flow hedge		(31	)		(994	)
Changes in assets and liabilities:
Inventories		(21,194	)		(15,690	)
Prepaid expenses and other assets		(2,712	)		(20,943	)
Trade receivables, net		(60,514	)		(38,139	)
Deferred tax assets and liabilities, net		(7,092	)		(5,455	)
Trade payables, net		31,482			35,455
Employees and payroll accruals		4,583			9,394
Warranty obligations		41,877			20,436
Deferred revenues		37,041			14,106
Accrued expenses, non-current tax liabilities and other liabilities		(8,484	)		27,543

Net cash provided by operating activities		189,077			136,665

Cash flows from investing activities:
Business combinations, net of cash acquired		(94,735	)		-
Purchase of property, plant and equipment		(38,608	)		(21,382	)
Purchase of intangible assets		-			-
Investment in short term bank deposits		(6,001	)		-
Investment in available-for-sale marketable securities		(142,627	)		(143,675	)
Proceed from sales and maturities of available-for-sale marketable securities		129,345			80,269

Net cash used in investing activities	$	(152,626	)	$	(84,788	)

Cash flows from financing activities:
Repayment of bank loan		(3,786	)		-
Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards		10,021			7,240
Change in noncontrolling interests		(14,190	)		-

Net cash provided by financing activities		(7,955	)		7,240

Increase (decrease) in cash, cash equivalents and restricted cash		28,496			59,117
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		86			(18	)

Cash, cash equivalents and restricted cash at the end of the period	$	193,261		$	164,679

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except gross profit and per share data)

(Unaudited)

	Reconciliation of GAAP to Non-GAAP Gross Profit
	Three months ended						12 months ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Gross profit (GAAP)		79,711		77,982		70,970		319,236		214,766
Stock-based compensation		1,323		1,127		703		4,342		2,251
Cost of product adjustment		398		208		----		606		----
Intangible assets amortization		----		193		----		193		----
Gross profit (Non-GAAP)		81,432		79,510		71,673		324,377		217,017

	Reconciliation of GAAP to Non-GAAP Gross Margin
	Three months ended									12 months ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Gross margin (GAAP)		30.2	%		33.0	%		37.5	%		34.1	%		35.4	%
Stock-based compensation		0.5	%		0.4	%		0.4	%		0.4	%		0.3	%
Cost of product adjustment		0.2	%		0.1	%		0.0	%		0.1	%		0.0	%
Intangible assets amortization		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%
Gross margin (Non-GAAP)		30.9	%		33.6	%		37.9	%		34.6	%		35.7	%

	Reconciliation of GAAP to Non-GAAP Operating expenses
	Three months ended									12 months ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Operating expenses (GAAP)		55,322			43,945			36,399			179,381			123,680
Stock-based compensation R&D		(3,230	)		(2,988	)		(1,795	)		(11,205	)		(5,703	)
Stock-based compensation S&M		(2,564	)		(2,250	)		(1,714	)		(9,112	)		(5,387	)
Stock-based compensation G&A		(1,574	)		(1,585	)		(1,170	)		(5,959	)		(4,224	)
Intangible assets amortization - R&D		(652	)		(110	)		----			(762	)		----
Intangible assets amortization - S&M		(101	)		(29	)		----			(130	)		----
Acquisition related expenses		(2,140	)		----			----			(2,140	)		----
Operating expenses (Non-GAAP)		45,061			36,983			31,720			150,073			108,366

	Reconciliation of GAAP to Non-GAAP Operating income
	Three months ended						12 months ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Operating income (GAAP)		24,389		34,037		34,571		139,855		91,086
Cost of product adjustment		398		208		----		606		----
Stock-based compensation		8,691		7,950		5,382		30,618		17,565
Intangible assets amortization		753		332		----		1,085		----
Acquisition related expenses		2,140		----		----		2,140		----
Operating income (Non-GAAP)		36,371		42,527		39,953		174,304		108,651

	Reconciliation of GAAP to Non-GAAP Financial expenses (income), net
	Three months ended									12 months ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Financial expenses (income), net (GAAP)		(288	)		689			(1,487	)		2,297			(9,158	)
Non cash interest		(769	)		(640	)		----			(2,489	)		----
Intangible assets amortization		528			----			----			528			----
Financial expenses (income), net (Non-GAAP)		(529	)		49			(1,487	)		336			(9,158	)

	Reconciliation of GAAP to Non-GAAP Other expenses
	Three months ended							12 months ended
	December 31, 2018			September 30, 2018		December 31, 2017		December 31, 2018			December 31, 2017
Other expenses (GAAP)		435			----		----		435			----
Fixed assets disposal		(435	)		----		----		(435	)		----
Other expenses (income) (Non-GAAP)		----			----		----		----			----

	Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
	Three months ended									12 months ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018		December 31, 2017
Tax on income (Tax benefit) (GAAP)		12,093			(12,295	)		16,556			9,077		16,072
Deferred tax asset		2,304			1,771			2,392			7,093		5,456
Transition tax of foreign earnings		(8,189	)		10,305			(18,735	)		1,296		(18,735	)
Tax on income (Tax benefit) (Non-GAAP)		6,208			(219	)		213			17,466		2,793

	Reconciliation of GAAP to Non-GAAP Net income attributable to Solaredge Technologies Inc.
	Three months ended									12 months ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Net income attributable to Solaredge Technologies Inc. (GAAP)		12,936			45,643			19,502			128,833			84,172
Cost of product adjustment		398			208			----			606			----
Stock-based compensation		8,691			7,950			5,382			30,618			17,565
Intangible assets amortization		225			332			----			557			----
Acquisition related expenses		2,140			----			----			2,140			----
Non cash interest		769			640			----			2,489			----
Fixed Assets disposal		435			----			----			435			----
Deferred tax asset		(2,304	)		(1,771	)		(2,392	)		(7,093	)		(5,456	)
Transition tax of foreign earnings		8,189			(10,305	)		18,735			(1,296	)		18,735
Net income attributable to Solaredge Technologies Inc. (Non-GAAP)		31,479			42,697			41,227			157,289			115,016

	Reconciliation of GAAP to Non-GAAP Net basic EPS
	Three months ended									12 months ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Net basic earnings per share (GAAP)		0.28			1.00			0.45			2.85			1.99
Cost of product adjustment		0.01			0.01			----			0.01			----
Stock-based compensation		0.19			0.17			0.12			0.68			0.42
Intangible assets amortization		0.01			0.01			----			0.01			----
Acquisition related expenses		0.04			----			----			0.05			----
Non cash interest		0.02			0.02			----			0.05			----
Fixed Assets disposal		0.01			----			----			0.01			----
Deferred tax asset		(0.05	)		(0.039	)		(0.05	)		(0.15	)		(0.13	)
Transition tax of foreign earnings		0.18			(0.226	)		0.43			(0.03	)		0.44
Net basic earnings per share (Non-GAAP)		0.69			0.94			0.95			3.48			2.72

	Reconciliation of GAAP to Non-GAAP Net diluted EPS
	Three months ended									12 months ended
	December 31, 2018			September 30, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Net diluted earnings per share (GAAP)		0.27			0.95			0.42			2.69			1.85
Cost of product adjustment		0.01			----			----			0.01			----
Stock-based compensation		0.16			0.13			0.10			0.53			0.30
Intangible assets amortization		0.01			0.01			----			0.01			----
Acquisition related expenses		0.04			----			----			0.04			----
Non cash interest		0.01			0.01			----			0.05			----
Fixed Assets disposal		0.01			----			----			0.01			----
Deferred tax asset		(0.04	)		(0.03	)		(0.05	)		(0.14	)		(0.12	)
Transition tax of foreign earnings		0.16			(0.21	)		0.38			(0.03	)		0.40
Net diluted earnings per share (Non-GAAP)		0.63			0.86			0.85			3.17			2.43

	Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
	Three months ended						12 months ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Number of shares used in computing net diluted earnings per share (GAAP)		47,637,478		48,281,240		46,876,328		47,980,002		45,425,307
Stock-based compensation		2,204,179		1,463,633		1,375,527		1,636,127		1,907,423
Number of shares used in computing net diluted earnings per share (Non-GAAP)		49,841,657		49,744,873		48,251,855		49,616,129		47,332,730