QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
| |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) | |
(Address of principal executive offices, zip code) |
||
|
||
(Registrant’s telephone number, including area code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
|
|
|
☒ |
Accelerated filer |
☐ |
Non-accelerated filer |
☐ (Do not check if a smaller reporting company) |
Smaller Reporting Company |
☐ |
Emerging growth company |
☐ |
2 | ||
2 | ||
F-2 - F-3 |
||
F-4 | ||
F-5 | ||
F-6 - F-7 |
||
F-8 - F-9 |
||
F-10 - F-27 |
||
4 | ||
17 | ||
19 | ||
19 | ||
19 | ||
20 | ||
20
|
||
20 | ||
20 | ||
20 | ||
21 | ||
21 |
Page | |
F-2 - F-3 | |
F-4 | |
F-5 | |
F-6 - F-7 | |
F-8 - F-9 | |
F-10 - F-27 |
June 30, |
December 31, |
|||||||
2019 |
2018 |
|||||||
Unaudited |
||||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
|
$ |
|
||||
Short-term bank deposit |
|
|
||||||
Restricted bank deposits |
|
|
||||||
Marketable securities |
|
|
||||||
Trade receivables, net |
|
|
||||||
Prepaid expenses and other assets |
|
|
||||||
Inventories, net |
|
|
||||||
Total current assets |
|
|
||||||
LONG-TERM ASSETS: |
||||||||
Marketable securities |
|
|
||||||
Operating lease right-of-use assets |
|
- |
||||||
Property, plant and equipment, net |
|
|
||||||
Deferred tax assets, net |
|
|
||||||
Intangible assets, net and goodwill |
|
|
||||||
Other long term assets |
|
|
||||||
Total long term assets |
|
|
||||||
Total assets |
$ |
|
$ |
|
June 30, |
December 31, |
|||||||
2019 |
2018 |
|||||||
Unaudited |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Trade payables, net |
$ |
|
$ |
|
||||
Employees and payroll accruals |
|
|
||||||
Current maturities of bank loans and accrued interest |
|
|
||||||
Warranty obligations |
|
|
||||||
Deferred revenues |
|
|
||||||
Accrued expenses and other liabilities |
|
|
||||||
Total current liabilities |
|
|
||||||
LONG-TERM LIABILITIES: |
||||||||
Bank loans |
|
|
||||||
Warranty obligations |
|
|
||||||
Deferred revenues |
|
|
||||||
Operating lease liabilities |
|
|
||||||
Deferred tax liabilities, net |
|
|
||||||
Other long term liabilities |
|
|
||||||
Total long-term liabilities |
|
|
||||||
COMMITMENTS AND CONTINGENT LIABILITIES |
||||||||
STOCKHOLDERS’ EQUITY: |
||||||||
Common stock of $ |
|
|
||||||
Additional paid-in capital |
|
|
||||||
Accumulated other comprehensive loss |
( |
) |
( |
) | ||||
Retained earnings |
|
|
||||||
Total SolarEdge Technologies, Inc. stockholders’ equity |
|
|
||||||
Non-controlling interests |
|
|
||||||
Total stockholders’ equity |
|
|
||||||
Total liabilities and stockholders’ equity |
$ |
|
$ |
|
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Unaudited |
Unaudited |
|||||||||||||||
Revenues |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Cost of revenues |
|
|
|
|
||||||||||||
Gross profit |
|
|
|
|
||||||||||||
Operating expenses: |
||||||||||||||||
Research and development |
|
|
|
|
||||||||||||
Sales and marketing |
|
|
|
|
||||||||||||
General and administrative |
|
|
|
|
||||||||||||
Total operating expenses |
|
|
|
|
||||||||||||
Operating income |
|
|
|
|
||||||||||||
Financial expenses (income), net |
( |
) |
|
|
|
|||||||||||
Income before taxes on income |
|
|
|
|
||||||||||||
Taxes on income |
|
|
|
|
||||||||||||
Net income |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Net loss attributable to non-controlling interests |
|
|
|
|
||||||||||||
Net income attributable to SolarEdge Technologies, Inc. |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Net basic earnings per share of common stock attributable to SolarEdge Technologies, Inc. |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Net diluted earnings per share of common stock attributable to SolarEdge Technologies, Inc. |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Weighted average number of shares used in computing net basic earnings per share of common stock |
|
|
|
|
||||||||||||
Weighted average number of shares used in computing net diluted earnings per share of common stock |
|
|
|
|
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Unaudited |
Unaudited |
|||||||||||||||
Net income |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Other comprehensive income (loss): |
||||||||||||||||
Available-for-sale securities: |
||||||||||||||||
Changes in unrealized gains (losses), net of tax |
|
( |
) |
|
( |
) | ||||||||||
Reclassification adjustments for losses included in net income |
( |
) |
|
|
|
|||||||||||
Net change |
|
( |
) |
|
( |
) | ||||||||||
Foreign currency translation adjustments, net |
( |
) |
|
( |
) |
( |
) | |||||||||
Total other comprehensive income (loss) |
|
( |
) |
( |
) |
( |
) | |||||||||
Comprehensive income |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Comprehensive income (loss) attributable to non-controlling interests |
|
|
( |
) |
|
|||||||||||
Comprehensive income attributable to SolarEdge Technologies, Inc. |
$ |
|
$ |
|
$ |
|
$ |
|
SolarEdge Technologies, Inc. Stockholders’ Equity |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid in
Capital |
Accumulated
Other comprehensive
Income (loss) |
Retained earnings |
Total |
Non-controlling interests |
Total stockholders’
equity |
||||||||||||||||||||||||||
Number |
Amount |
|||||||||||||||||||||||||||||||
Balance as of January 1, 2018 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
- |
$ |
|
||||||||||||||||
- |
||||||||||||||||||||||||||||||||
Cumulative effect of adopting ASC 606 |
- |
- |
- |
- |
( |
) |
( |
) |
- |
( |
) | |||||||||||||||||||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards |
|
* |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Equity based compensation expenses to employees and non-employee consultants |
- |
- |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Other comprehensive loss adjustments |
- |
- |
- |
( |
) |
- |
( |
) |
- |
( |
) | |||||||||||||||||||||
Net income |
- |
- |
- |
- |
|
|
- |
|
||||||||||||||||||||||||
Balance as of March 31, 2018 (unaudited) |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
- |
$ |
|
||||||||||||||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards |
|
* |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Equity based compensation expenses to employees and non-employee consultants |
- |
- |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Other comprehensive loss adjustments |
- |
- |
- |
( |
) |
- |
( |
) |
- |
( |
) | |||||||||||||||||||||
Net income |
- |
- |
- |
- |
|
|
- |
|
||||||||||||||||||||||||
Balance as of June 30, 2018 (unaudited) |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
- |
$ |
|
SolarEdge Technologies, Inc. Stockholders’ Equity |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid in
Capital |
Accumulated Other comprehensive loss |
Retained earnings |
Total |
Non-controlling interests |
Total stockholders’
equity |
||||||||||||||||||||||||||
Number |
Amount |
|||||||||||||||||||||||||||||||
Balance as of January 1, 2019 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||
- |
||||||||||||||||||||||||||||||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards |
|
* |
|
|
- |
|
- |
|
||||||||||||||||||||||||
Equity based compensation expenses to employees and non-employee consultants |
- |
- |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Consideration in common stock related to business combination |
|
* - |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Non-controlling interests related to business combination |
- |
- |
- |
- |
- |
- |
|
|
||||||||||||||||||||||||
Change to non-controlling interests |
- |
- |
|
- |
- |
|
( |
) |
( |
) | ||||||||||||||||||||||
Other comprehensive loss adjustments |
- |
- |
- |
( |
) |
- |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Net income |
- |
- |
- |
- |
|
|
( |
) |
|
|||||||||||||||||||||||
Balance as of March 31, 2019 (unaudited) |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards |
|
- |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Equity based compensation expenses to employees and non-employee consultants |
- |
- |
|
- |
- |
|
- |
|
||||||||||||||||||||||||
Change to non-controlling interests |
- |
- |
( |
) |
- |
- |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Other comprehensive income adjustments |
- |
- |
- |
|
- |
|
|
|
||||||||||||||||||||||||
Net income |
- |
- |
- |
- |
|
|
( |
) |
|
|||||||||||||||||||||||
Balance as of June 30, 2019 (unaudited) |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
$ |
|
* Represents an amount lower than $1
The accompanying notes are an integral part of the interim consolidated financial statements.
Six months ended
June 30, |
||||||||
2019 |
2018 |
|||||||
Unaudited |
||||||||
Cash flows provided by operating activities: |
||||||||
Net income |
$ |
|
$ |
|
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation of property, plant and equipment |
|
|
||||||
Amortization of intangible assets |
|
|
||||||
Amortization of premium and accretion of discount on available-for-sale marketable securities |
( |
) |
|
|||||
Stock-based compensation |
|
|
||||||
Loss from disposal of assets |
|
|
||||||
Realized loss from sale of available-for-sale marketable securities |
|
|
||||||
Changes in assets and liabilities: |
||||||||
Inventories, net |
|
( |
) | |||||
Prepaid expenses and other assets |
( |
) |
( |
) | ||||
Trade receivables, net |
( |
) |
( |
) | ||||
Operating lease right-of-use assets and liabilities, net and effect of exchange rate differences |
|
( |
) | |||||
Deferred tax assets and liabilities, net |
( |
) |
( |
) | ||||
Trade payables, net |
|
|
||||||
Employees and payroll accruals |
|
|
||||||
Warranty obligations |
|
|
||||||
Deferred revenues |
|
|
||||||
Other liabilities |
|
|
||||||
Net cash provided by operating activities |
|
|
||||||
Cash flows from investing activities: |
||||||||
Business combination, net of cash acquired |
( |
) |
|
|||||
Purchase of property, plant and equipment |
( |
) |
( |
) | ||||
Withdrawal from bank deposits |
|
( |
) | |||||
Investment in restricted bank deposits |
( |
) |
( |
) | ||||
Investment in available-for-sale marketable securities |
( |
) |
( |
) | ||||
Proceeds from sales and maturities of available-for-sale marketable securities |
|
|
||||||
Net cash used in investing activities |
$ |
( |
) |
$ |
( |
) |
The accompanying notes are an integral part of the interim consolidated financial statements.
Six months ended
June 30, |
||||||||
2019 |
2018 |
|||||||
Unaudited |
||||||||
Cash flows from financing activities: |
||||||||
Repayment of bank loans, net |
$ |
( |
) |
$ |
|
|||
Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards |
|
|
||||||
Change in non-controlling interests |
( |
) |
|
|||||
Net cash provided by (used in) financing activities |
$ |
( |
) |
$ |
|
|||
Increase in cash and cash equivalents and restricted cash |
( |
) |
|
|||||
Cash, cash equivalents and restricted cash at the beginning of the period |
|
|
||||||
Effect of exchange rate differences on cash, cash equivalents and restricted cash |
|
|
||||||
Cash, cash equivalents and restricted cash at the end of the period |
$ |
|
$ |
|
||||
Supplemental disclosure of non-cash activities: |
||||||||
Operating lease, right of use assets |
$ |
|
$ |
|
NOTE 1:- |
GENERAL |
a. |
SolarEdge Technologies, Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company’s products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current (DC) from the PV module to alternating current (AC), (iii) a related cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters of a solar PV system to enable customers and system owners as applicable, to monitor and manage the solar PV systems and (iv) a storage solution that is used to increase energy independence and maximize self-consumption for homeowners by utilizing a battery that is sold separately by third party manufacturers, to store and supply power as needed (the “StorEdge solution”). The StorEdge solution is designed to provide smart energy functions such as maximizing self-consumption, Time-of-Use programming for desired hours of the day, and home energy backup solutions. |
b. |
New accounting pronouncements not yet effective: |
In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". ASU 2017-04 was issued to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The amendments in ASU 2017-04 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company is in the process of evaluating the potential impact of this pronouncement.
NOTE 1:- |
GENERAL (Cont.) |
c. |
Recently issued and adopted pronouncements: |
d. |
Basis of Presentation: |
NOTE 1:- |
GENERAL (Cont.) |
e. |
Accounting for share-based compensation: |
f. |
Certain prior period amounts have been reclassified to conform to the current period presentation. |
NOTE 2:- |
BUSINESS COMBINATION |
NOTE 2:- |
BUSINESS COMBINATION (Cont.) |
Three months ended |
Six months ended |
|||||||
June 30, 2019 |
||||||||
Unaudited |
||||||||
Revenue |
$ |
|
$ |
|
||||
Net loss |
$ |
|
$ |
|
Components of Purchase Price: |
||||
Cash |
$ |
|
||
Less cash acquired |
( |
) | ||
Common stock |
|
|||
Total purchase price |
$ |
|
||
Allocation of Purchase Price: |
||||
Total net identifiable assets |
$ |
|
||
Total identifiable intangible assets, net and Goodwill (1) |
|
|||
Non-controlling interest |
$ |
( |
) | |
Total purchase price allocation (2) |
$ |
|
(1) |
|
(2) |
|
NOTE 2:- |
BUSINESS COMBINATION (Cont.) |
Three months ended June 30, |
Six months ended
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Unaudited |
Unaudited |
|||||||||||||||
Revenue |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Net income |
$ |
|
$ |
|
$ |
|
$ |
|
NOTE 3:- |
INTANGIBLE ASSETS AND GOODWILL |
As of June 30,
2019 |
As of December 31, 2018 |
|||||||
(unaudited) |
||||||||
Intangible assets with finite lived: |
||||||||
Current technology |
$ |
|
$ |
|
||||
Customer relationships |
|
|
||||||
Trade names |
|
|
||||||
Patents |
|
|
||||||
Gross intangible assets |
|
|
||||||
Less - accumulated amortization |
( |
) |
( |
) | ||||
Total intangible assets, net |
|
|
||||||
Goodwill: |
||||||||
Goodwill from business combinations |
|
|
||||||
Foreign currency translation |
( |
) |
|
|||||
Goodwill |
|
|
||||||
Intangible assets with finite lived, net and goodwill resulted from SMRE Acquisition |
|
|
||||||
Total Intangible assets with finite lived, net and goodwill |
$ |
|
$ |
|
NOTE 3:- |
INTANGIBLE ASSETS AND GOODWILL (Cont.) |
NOTE 4:- |
INVENTORIES |
June 30,
2019 |
December 31,
2018 |
|||||||
(unaudited) |
||||||||
Raw materials |
$ |
|
$ |
|
||||
Work in process |
|
|
||||||
Finished goods |
|
|
||||||
$ |
|
$ |
|
NOTE 5:- |
WARRANTY OBLIGATIONS |
Six months ended June 30, |
||||||||
2019 |
2018 |
|||||||
(unaudited) |
||||||||
Balance, at beginning of period |
$ |
|
$ |
|
||||
Additions and adjustments to cost of revenues |
|
|
||||||
Usage and current warranty expenses |
( |
) |
( |
) | ||||
Balance at end of period |
|
|
||||||
Less current portion |
( |
) |
( |
) | ||||
Long term portion |
$ |
|
$ |
|
NOTE 6:- |
FAIR VALUE MEASUREMENTS |
Fair value measurements as of |
|||||||||||
June 30, |
December 31, |
||||||||||
Description |
Fair Value Hierarchy |
2019 |
2018 |
||||||||
(unaudited) |
|||||||||||
Measured at fair value on a recurring basis: |
|||||||||||
Assets: |
|||||||||||
Cash equivalents: |
|||||||||||
Money market mutual funds |
Level 1 |
$ |
|
$ |
|
||||||
Short-term marketable securities: |
|||||||||||
Corporate bonds |
Level 2 |
|
|
||||||||
Governmental bonds |
Level 2 |
|
|
||||||||
Long-term marketable securities: |
|||||||||||
Corporate bonds |
Level 2 |
|
|
||||||||
Liabilities |
|||||||||||
Long-term Earn-out provision |
Level 3 |
$ |
( |
) |
$ |
( |
) |
NOTE 7:- |
LEASES |
NOTE 7:- |
LEASES (cont.) |
Classification on the condensed consolidated Balance Sheet |
As of June 30, 2019 |
|||||
(unaudited) |
||||||
Assets |
||||||
Operating lease assets, net of lease incentive obligation |
Operating lease right-of-use assets |
$ |
|
|||
Finance lease assets |
Property, plant and equipment, net |
|
||||
Total lease assets |
$ |
|
||||
Liabilities |
||||||
Operating and finance leases short term |
Accrued expenses and other current liabilities |
$ |
|
|||
Operating leases long term |
Operating lease liabilities |
|
||||
Finance leases long term |
Other non-current liabilities |
|
||||
Total lease liabilities |
$ |
|
||||
Weighted average remaining lease term in years |
||||||
Operating leases |
|
|||||
Finance leases |
|
|||||
Weighted average annual discount rate |
||||||
Operating leases |
|
% | ||||
Finance leases |
|
% |
Three months ended |
Six months ended |
|||||||
June 30, 2019 |
||||||||
(unaudited) |
||||||||
Finance lease cost |
||||||||
Amortization of leased assets |
$ |
|
$ |
|
||||
Interest on lease liabilities |
|
|
||||||
Operating lease cost |
|
|
||||||
Total lease cost |
$ |
|
$ |
|
NOTE 7:- |
LEASES (cont.) |
Three months ended |
Six months ended |
|||||||
June 30, 2019 | ||||||||
(unaudited) |
||||||||
Cash paid for amounts included in measurement of lease liabilities |
||||||||
Operating cash flows for operating leases |
$ |
|
$ |
|
Operating Lease |
Finance Leases |
|||||||
2019 |
$ |
|
$ |
|
||||
2020 |
|
|
||||||
2021 |
|
|
||||||
2022 |
|
|
||||||
2023 |
|
|
||||||
Thereafter |
|
|
||||||
Total lease payments |
|
|
||||||
Less: amount of lease payments representing interest |
( |
) |
( |
) | ||||
Present value of future lease payments |
|
|
||||||
Less: current obligations under leases |
( |
) |
( |
) | ||||
Long-term lease obligations |
$ |
|
$ |
|
NOTE 8:- |
COMMITMENTS AND CONTINGENT LIABILITIES |
a. |
Guarantees: |
NOTE 8:- |
COMMITMENTS AND CONTINGENT LIABILITIES (Cont.) |
c. |
Legal claims: |
NOTE 9:- |
STOCK CAPITAL |
a. |
Common Stock: |
Number of shares |
||||||||||||||||
Authorized |
Issued and outstanding |
|||||||||||||||
June 30, 2019 |
December 31, 2018 |
June 30, 2019 |
December 31, 2018 |
|||||||||||||
(unaudited) |
(unaudited) |
|||||||||||||||
Stock of $ |
||||||||||||||||
Common stock |
|
|
|
|
b. |
Stock Incentive plans: |
NOTE 9:- |
STOCK CAPITAL (Cont.) |
c. |
Options granted to employees and directors: |
Weighted |
||||||||||||||||
average |
||||||||||||||||
Weighted |
remaining |
|||||||||||||||
Number |
average |
contractual |
Aggregate |
|||||||||||||
of |
exercise |
term |
intrinsic |
|||||||||||||
Options |
price |
in years |
Value |
|||||||||||||
Outstanding as of December 31, 2018 |
|
|
|
|
||||||||||||
Granted |
|
|
||||||||||||||
Exercised |
( |
) |
|
|||||||||||||
Forfeited and expired |
( |
) |
|
|||||||||||||
Outstanding as of June 30, 2019 |
|
|
|
|
||||||||||||
Vested and expected to vest as of June 30, 2019 |
|
|
|
|
||||||||||||
Exercisable as of June 30, 2019 |
|
|
|
|
Number of
RSUs |
Weighted average
grant date fair value |
|||||||
Unvested as of December 31, 2018 |
|
|
||||||
Granted |
|
|
||||||
Vested |
( |
) |
|
|||||
Forfeited |
( |
) |
|
|||||
Unvested as of June 30, 2019 (unaudited) |
|
|
NOTE 9:- |
STOCK CAPITAL (Cont.) |
e. |
Options and RSUs issued to non-employee consultants: |
Outstanding |
Exercisable |
|||||||||
as of |
as of |
|||||||||
Issuance |
June 30, |
Exercise |
June 30, |
Options exercisable | ||||||
Date |
2019 |
price |
2019 |
through | ||||||
2014 |
|
$ |
|
October 29, 2024 | ||||||
2015 |
|
$ |
|
|||||||
2016 |
|
$ |
|
September 21, 2026 | ||||||
2017 |
|
$ |
|
March 15, 2027 | ||||||
2018 |
|
$ |
|
|||||||
2019 |
|
$ |
|
|||||||
|
|
f. |
Employee Stock Purchase Plan (“ESPP”): |
NOTE 9:- |
STOCK CAPITAL (Cont.) |
g. |
Stock-based compensation expense for employees and non-employee consultants: |
Three months ended June 30, |
Six months ended
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Unaudited |
Unaudited |
|||||||||||||||
Cost of revenues |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Research and development |
|
|
|
|
||||||||||||
Selling and marketing |
|
|
|
|
||||||||||||
General and administrative |
|
|
|
|
||||||||||||
Total stock-based compensation expense |
$ |
|
$ |
|
$ |
|
$ |
|
NOTE 10:- |
BASIC AND DILUTED NET EARNINGS PER SHARE |
NOTE 10:- |
BASIC AND DILUTED NET EARNINGS PER SHARE (Cont.) |
Three months ended June 30, |
Six months ended
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Unaudited |
Unaudited |
|||||||||||||||
Basic EPS: |
||||||||||||||||
Numerator: |
||||||||||||||||
Net income |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Net loss attributable to Non-controlling interests |
|
|
|
|
||||||||||||
Net income attributable to SolarEdge Technologies, Inc. |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Denominator: |
||||||||||||||||
Shares used in computing net earnings per share of common stock, basic |
|
|
|
|
||||||||||||
Diluted EPS: |
||||||||||||||||
Numerator: |
||||||||||||||||
Net income |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Net loss attributable to Non-controlling interests |
|
|
|
|
||||||||||||
Undistributed earnings reallocated to non-vested stockholders |
( |
) |
|
( |
) |
|
||||||||||
Net income attributable to SolarEdge Technologies, Inc. |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Denominator: |
||||||||||||||||
Shares used in computing net earnings per share of common stock, basic |
|
|
|
|
||||||||||||
Weighted average effect of dilutive securities: |
||||||||||||||||
Non-vested PSU’S |
( |
) |
|
( |
) |
|
||||||||||
Effect of stock-based awards |
|
|
|
|
||||||||||||
Shares used in computing net earnings per share of common stock, diluted |
|
|
|
|
NOTE 11:- |
INCOME TAXES |
a. |
Taxes on income are comprised as follows: |
Three months ended
June 30, |
Six months ended
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
(unaudited) |
(unaudited) |
|||||||||||||||
Current year taxes |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Deferred tax income net, and others |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Taxes on income |
$ |
|
$ |
|
$ |
|
$ |
|
b. |
Deferred income taxes: |
As of June 30,
2019 |
As of December 31, 2018 |
|||||||
(Unaudited) |
||||||||
Deferred tax assets, net: |
||||||||
Research and Development carryforward expenses |
$ |
|
$ |
|
||||
Carryforward tax losses |
|
|
||||||
Stock based compensation expenses |
|
|
||||||
Allowance and other reserves |
|
|
||||||
Total deferred tax assets |
$ |
|
$ |
|
||||
Deferred tax liabilities, net: |
||||||||
Intangible assets |
( |
) |
( |
) | ||||
Total deferred tax liabilities |
$ |
( |
) |
$ |
( |
) | ||
Recorded as: |
||||||||
Deferred tax assets, net |
$ |
|
$ |
|
||||
Deferred tax liabilities, net |
( |
) |
( |
) | ||||
Net deferred tax assets |
$ |
|
$ |
|
NOTE 11:- |
INCOME TAXES (Cont.) |
c. |
Uncertain tax positions: |
As of June 30,
2019 |
As of December 31,
2018 |
|||||||
(Unaudited) |
||||||||
Balance at January 1, |
$ |
|
$ |
|
||||
Increases related to current year tax positions |
|
|
||||||
Decreases related to prior year tax positions |
|
( |
) | |||||
$ |
|
$ |
|
NOTE 12:- |
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS |
a. |
For the three months period ended June 30, 2019 (unaudited) and 2018 (unaudited), the Company had one major customer that accounted for |
b. |
As of June 30, 2019 (unaudited) and as of December 31, 2018, two customers accounted for approximately |
NOTE 13:- |
SEGMENT INFORMATION |
As of June 30, |
As of December 31, |
|||||||
2019 |
2018 |
|||||||
(Unaudited) |
||||||||
Solar |
$ |
|
$ |
|
||||
Non-Solar |
|
|
||||||
Adjustments |
( |
) |
( |
) | ||||
Total assets |
$ |
|
$ |
|
NOTE 14:- | SUBSEQUENT EVENT |
• |
our limited history of profitability, which may not continue in the future;
|
• |
our limited operating history, which makes it difficult to predict future results;
|
• |
future demand for solar energy solutions;
|
• |
changes to net metering policies or the reduction, elimination or expiration of government subsidies and economic incentives for on‑grid solar energy applications;
|
• |
changes in the U.S. trade environment, including the recent imposition of import tariffs;
|
• |
federal, state and local regulations governing the electric utility industry with respect to solar energy;
|
• |
the retail price of electricity derived from the utility grid or alternative energy sources;
|
• |
interest rates and supply of capital in the global financial markets in general and in the solar market specifically;
|
• |
competition, including introductions of power optimizer, inverter and solar photovoltaic (“PV”) system monitoring products by our competitors;
|
• |
developments in alternative technologies or improvements in distributed solar energy generation;
|
• |
historic cyclicality of the solar industry and periodic downturns;
|
• |
defects or performance problems in our products;
|
• |
our ability to forecast demand for our products accurately and to match production with demand;
|
• |
our dependence on ocean transportation to deliver our products in a cost effective manner;
|
• |
our dependence upon a small number of outside contract manufacturers and suppliers;
|
• |
capacity constraints, delivery schedules, manufacturing yields and costs of our contract manufacturers and availability of components;
|
• |
delays, disruptions and quality control problems in manufacturing;
|
• |
shortages, delays, price changes or cessation of operations or production affecting our suppliers of key components;
|
• |
business practices and regulatory compliance of our raw material suppliers;
|
• |
performance of distributors and large installers in selling our products;
|
• |
our customers’ financial stability, creditworthiness and debt leverage ratio;
|
• |
our ability to retain key personnel and attract additional qualified personnel;
|
• |
our ability to effectively design, launch, market and sell new generations of our products and services;
|
• |
our ability to maintain our brand and to protect and defend our intellectual property;
|
• |
our ability to retain, and events affecting, our major customers;
|
• |
our ability to manage effectively the growth of our organization and expansion into new markets;
|
• |
our ability to integrate acquired businesses;
|
• |
fluctuations in global currency exchange rates;
|
• |
unrest, terrorism or armed conflict in Israel;
|
• |
general economic conditions in our domestic and international markets;
|
• |
consolidation in the solar industry among our customers and distributors; and
|
• |
the other factors set forth under “Item 1A. Risk Factors” in “Part II-OTHER INFORMATION” section of this report.
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Inverters shipped
|
160,117
|
113,767
|
290,789
|
213,413
|
||||||||||||
Power optimizers shipped
|
3,730,519
|
2,737,524
|
6,759,621
|
5,213,068
|
||||||||||||
Megawatts shipped (1)
|
1,335
|
985
|
2,479
|
1,785
|
(1) |
Calculated based on the aggregate nameplate capacity of inverters shipped during the applicable period. Nameplate capacity is the maximum rated power output capacity of an inverter as specified by the manufacturer.
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Revenues
|
$
|
325,010
|
$
|
227,118
|
$
|
596,881
|
$
|
436,989
|
||||||||
Cost of revenues
|
214,340
|
145,172
|
400,101
|
275,446
|
||||||||||||
Gross profit
|
110,670
|
81,946
|
196,780
|
161,543
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
29,505
|
19,551
|
55,704
|
37,426
|
||||||||||||
Sales and marketing
|
22,127
|
15,954
|
42,299
|
32,159
|
||||||||||||
General and administrative
|
13,685
|
5,776
|
25,376
|
10,529
|
||||||||||||
Total operating expenses
|
65,317
|
41,281
|
123,379
|
80,114
|
||||||||||||
Operating income
|
45,353
|
40,665
|
73,401
|
81,429
|
||||||||||||
Financial expenses (income), net
|
(773
|
)
|
2,480
|
5,378
|
1,896
|
|||||||||||
Income before taxes on income
|
46,126
|
38,185
|
68,023
|
79,533
|
||||||||||||
Taxes on income
|
13,213
|
3,617
|
17,135
|
9,279
|
||||||||||||
Net income
|
$
|
32,913
|
$
|
34,568
|
$
|
50,888
|
$
|
70,254
|
||||||||
Net loss attributable to non-controlling interests
|
215
|
-
|
1,256
|
-
|
||||||||||||
Net income attributable to SolarEdge Technologies, Inc.
|
$
|
33,128
|
$
|
34,568
|
$
|
52,144
|
$
|
70,254
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Revenues
|
$
|
325,010
|
$
|
227,118
|
$
|
97,892
|
43.1
|
%
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Cost of revenues
|
$
|
214,340
|
$
|
145,172
|
$
|
69,168
|
47.6
|
%
|
||||||||
Gross profit
|
$
|
110,670
|
$
|
81,946
|
$
|
28,724
|
35.1
|
%
|
• |
an increase in the volume of products sold;
|
• |
inclusion of variable costs related to the assembly of UPS products and the manufacturing of Kokam and SMRE products in the aggregate amount of $11.3 million, which were not included in the cost of goods sold for the three months
ended June 30, 2018, as those businesses were acquired after July 2018;
|
• |
increased warranty expenses and warranty accruals of $9.8 million associated primarily with the rapid increase of products in our install base;
|
• |
increased shipment and logistics costs of $7.0 million attributed to the growth in volume of products shipped and new customs tariff rules in the U.S.;
|
• |
increased personnel-related costs of $5.2 million connected to the expansion of our operations and support headcount which is growing in parallel to our growing install base worldwide and in connection with entering the UPS, battery
and integrated powertrain technology businesses; and
|
• |
increase of amortization of intangible assets and cost of product adjustment of $3.3 million related to the Gamatronic Acquisition, the Kokam Acquisition and the SMRE Acquisition.
|
• |
lower gross profit from our UPS, battery business and SMRE products and underutilization of production facilities in Korea;
|
• |
increased warranty and support services expenses and accruals due to the increase in our install base;
|
• |
increased shipment and logistics costs resulted from our expedited growth; and
|
• |
amortization of intangible assets and cost of product adjustment related to the Gamatronic Acquisition, the Kokam Acquisition and the SMRE Acquisition.
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Research and development
|
$
|
29,505
|
$
|
19,551
|
$
|
9,954
|
50.9
|
%
|
• |
an increase in personnel-related costs of $7.8 million resulting from an increase in our research and development headcount as well as salary expenses associated with employee equity-based compensation. The increase in headcount reflects
the inclusion of personnel costs from acquired businesses as well as our continuing investment in enhancements of existing products as well as research and development expenses associated with bringing new products to the market;
|
• |
increased expenses related to consultants and sub‑contractors in an amount of $1.2 million;
|
• |
increased expenses related to material consumption costs in an amount of $0.5 million;
|
• |
increased depreciation expenses related to lab equipment in an amount of $0.4 million; and
|
• |
increased expenses related to other overhead cost and other expenses in an amount of $0.1 million.
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Sales and marketing
|
$
|
22,127
|
$
|
15,954
|
$
|
6,173
|
38.7
|
%
|
• |
an increase in personnel-related costs of $4.6 million as a result of the inclusion of personnel costs from acquired businesses and an increase in headcount supporting our growth in the U.S., Europe, and Asia, as well as salary
expenses associated with employee equity-based compensation;
|
• |
expenses related to marketing activities that increased by $0.8 million;
|
• |
expenses related to other overhead costs and travel costs that increased by $0.6 million; and
|
• |
expenses related to external consultants and sub-contractors and depreciation expenses that increased by $0.2 million.
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
General and administrative
|
$
|
13,685
|
$
|
5,776
|
$
|
7,909
|
136.9
|
%
|
• |
an increase in personnel-related costs of $4.9 million related to (i) increased headcount resulting from the acquisitions of Gamatronic, Kokam and SMRE and the expansions of our legal, finance, human resources and information
technology departmentsy; and (ii) increased expenses related to equity-based compensation and changes in management compensation;
|
• |
an increase of $1.7 million in external consultants and sub-contractor expenses, mainly due to legal proceedings and various patent protection matters in which we are involved;
|
• |
an increase in costs related to doubtful debts of $0.7 million; and
|
• |
expenses related to other overhead costs, depreciation, public company related expenses and travel expenses, all of which increased by $0.6 million.
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Financial expenses (income), net
|
$
|
(773
|
)
|
$
|
2,480
|
$
|
(3,253
|
)
|
N/A
|
• |
a decrease of $6.3 million in foreign exchange expenses between the Euro, the New Israeli Shekel, the Australian Dollar and the South Korean Won against the U.S. Dollar; and
|
• |
an increase of $0.2 million in interest income and accretion (amortization) of discount (premium) on marketable securities.
|
• |
a decrease of $2.0 million in income related to hedging transactions;
|
• |
an increase of $0.6 million in foreign exchange fluctuations of lease agreements’ liabilities as part of the adoption of Accounting Standards Update No. 2016-02, (Topic 842) "Leases";
|
• |
an increase of $0.3 million in interest expenses related to advance payments received for performance obligations that extend for a period greater than one year, as part of the new revenue recognition standard adoption; and
|
• |
an increase of $0.3 million in bank charges and other financial expenses.
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Taxes on income
|
$
|
13,213
|
$
|
3,617
|
$
|
9,596
|
265.3
|
%
|
• |
an increase of $5.2 million in current tax expenses in Israel, mainly attributed to the termination of the two year tax exemption in Israel which ended on December 31, 2018;
|
• |
an increase of $2.6 million in current tax in the U.S. mainly attributed to an increase in Global Intangible Low Taxed Income (“GILTI”) tax;
|
• |
a decrease of $1.7 million deferred tax assets in Israel and the U.S.; and
|
• |
an increase of $1.1 million in current and prior year tax expenses in other jurisdictions.
|
Three Months Ended
June 30,
|
Three Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Net income
|
$
|
32,913
|
$
|
34,568
|
$
|
(1,655
|
)
|
(4.8
|
)%
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Revenues
|
$
|
596,881
|
$
|
436,989
|
$
|
159,892
|
36.6
|
%
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Cost of revenues
|
$
|
400,101
|
$
|
275,446
|
$
|
124,655
|
45.3
|
%
|
||||||||
Gross profit
|
$
|
196,780
|
$
|
161,543
|
$
|
35,237
|
21.8
|
%
|
• |
inclusion of variable costs related to the assembly of UPS products and the manufacturing of Kokam and SMRE products in the aggregate amount of $25.6 million, which were not included in the cost of goods sold for the six months ended
June 30, 2018 as those businesses were acquired after July 2018;
|
• |
an increase in the volume of products sold;
|
• |
increased warranty expenses and warranty accruals of $18.7 million associated primarily with the rapid increase in our install base;
|
• |
increased personnel-related costs of $9.5 million related to the expansion of our operations and support headcount which is growing in parallel to our growing install base worldwide and in connection with entering the UPS, battery
and integrated powertrain technology businesses;
|
• |
increased shipment and logistic costs of $8.9 million attributed, in part, to the growth in volumes shipped and new customs tariff rules in the U.S.; and
|
• |
increased of amortization of intangible assets and cost of product adjustment of $5.0 million related to the Gamatronic Acquisition, the Kokam Acquisition and the SMRE Acquisition.
|
• |
lower gross profit from our UPS, battery business and SMRE products and underutilization of production facilities;
|
• |
increased warranty and support services expenses and accruals due to the increase in our install base; and
|
• |
amortization of intangible assets and cost of product adjustment related to the Gamatronic Acquisition, the Kokam Acquisition and the SMRE Acquisition.
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Research and development
|
$
|
55,704
|
$
|
37,426
|
$
|
18,278
|
48.8
|
%
|
• |
an increase in personnel-related costs of $13.9 million resulting from an increase in our research and development headcount as well as salary expenses associated with employee equity compensation. The increase in headcount reflects
the inclusion of personnel costs from acquired businesses in addition to our continuing investment in enhancements of existing products and research and development expenses associated with bringing new products to the market;
|
• |
increased expenses related to consultants and sub‑contractors in an amount of $2.2 million;
|
• |
increased expenses related to material consumption costs in an amount of $1.0 million;
|
• |
increased depreciation expenses related to lab equipment in an amount of $0.7 million; and
|
• |
increased expenses related to other overhead cost in an amount of $0.5 million.
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Sales and marketing
|
$
|
42,299
|
$
|
32,159
|
$
|
10,140
|
31.5
|
%
|
• |
an increase in personnel-related costs of $7.0 million as a result of the inclusion of personnel costs from acquired businesses as well as from an increase in headcount supporting our growth in the U.S., Europe and Asia, as well as
salary expenses associated with employee equity compensation;
|
• |
increased expenses related to marketing activity in an amount of $1.0 million;
|
• |
increased expenses related to other overhead costs and travel expenses in an amount of $1.0 million;
|
• |
increased expenses related to amortization and depreciation expenses in an amount of $1.0 million; and
|
• |
increased expenses related to external consultants and sub-contractor and other expenses in an amount of $0.1 million.
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
General and administrative
|
$
|
25,376
|
$
|
10,529
|
$
|
14,847
|
141.0
|
%
|
• |
an increase in personnel costs of $8.5 million related to (i) increased headcount resulting from the acquisitions of Gamatronic, Kokam and SMRE and the expansions of our legal, finance, human resources and information technology
departmentsy; and (ii) increased expenses related to equity-based compensation and changes in management compensation;
|
• |
increased expenses related to consultants and sub‑contractors in an amount of $4.3 million due to legal proceedings in which we are involved and other legal expenses in relation to SMRE Acquisition costs;
|
• |
increased expenses related to other overhead costs and other expenses in an amount of $0.9 million;
|
• |
increased expenses related to doubtful debt in an amount of $0.6 million; and
|
• |
increased expenses related to depreciation expenses and public company related expenses in an amount of $0.5 million.
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Financial expenses (income), net
|
$
|
5,378
|
$
|
1,896
|
$
|
3,482
|
183.6
|
%
|
• |
an increase of $1.5 million in foreign exchange fluctuations of lease agreements’ liabilities as part of the adoption of Accounting Standards Update No. 2016-02, (Topic 842) "Leases";
|
• |
an increase of $1.1 million in interest expenses related to advance payments received for performance obligations that extend for a period greater than one year, as part of the new revenue recognition and lease accounting standards
adoption;
|
• |
a decrease of $ 0.6 million in finance income related to hedging transactions;
|
• |
an increase of $0.5 million in foreign exchange fluctuations, mainly between the Euro, the New Israeli Shekel, the Australian Dollar and the South Korean Won against the U.S. Dollar; and
|
• |
an increase of $0.3 million in other financial expenses and bank charges.
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Taxes on income
|
$
|
17,135
|
$
|
9,279
|
$
|
7,856
|
84.7
|
%
|
• |
an increase of $5.1 million in current tax expenses in Israel mainly attributed to the termination of the two year tax exemption in Israel which ended on December 31, 2018;
|
• |
a decrease of $3.4 million in deferred tax assets in Israel;
|
• |
an increase of $1.1 million in current and prior year tax expenses in other jurisdictions; and
|
• |
an increase of $0.6 million in current tax in the U.S.
|
• |
an increase of $1.9 million in deferred tax assets, net (presented as tax benefit) in other jurisdictions, mainly related to deferred tax assets as a result of the Kokam and SMRE acquisitions; and
|
• |
an increase of $0.4 million in deferred tax assets in the U.S.
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
2018 to 2019
|
|||||||||||||||
2019
|
2018
|
Change
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Net income
|
$
|
50,888
|
$
|
70,254
|
$
|
(19,366
|
)
|
(27.6
|
)%
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Net cash provided by operating activities
|
$
|
50,784
|
$
|
43,891
|
$
|
107,234
|
$
|
107,870
|
||||||||
Net cash used in investing activities
|
$
|
(35,176
|
)
|
$
|
(61,971
|
)
|
$
|
(52,221
|
)
|
$
|
(64,482
|
)
|
||||
Net cash provided by (used in) financing activities
|
$
|
(64,755
|
)
|
$
|
2,986
|
$
|
(67,385
|
)
|
$
|
7,591
|
||||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
(49,147
|
)
|
$
|
(15,094
|
)
|
$
|
(12,372
|
)
|
$
|
50,979
|
Exhibit No.
|
Description
|
Incorporation by Reference
(where a report is indicated below, that
document has been previously filed with
the SEC and the applicable exhibit is
incorporated by reference thereto)
|
Filed with this report.
|
||
Filed with this report.
|
||
Filed with this report.
|
||
Filed with this report.
|
||
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
Filed with this report.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Filed with this report.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Filed with this report.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Filed with this report.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
Filed with this report.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed with this report.
|
104
|
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 formatted in Inline XBRL
|
Included in Exhibit 101.
|
Date: August 8, 2019
|
SOLAREDGE TECHNOLOGIES, INC.
/s/ Guy Sella
|
|
Guy Sella
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer)
|
||
Date: August 8, 2019
|
/s/ Ronen Faier
|
|
|
Ronen Faier
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
/s/ Guy Sella | |
Guy Sella
|
|
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer)
|
/s/ Ronen Faier | |
Ronen Faier
|
|
Chief Financial Officer
(Principal Financial Officer)
|
/s/ Guy Sella |
|
Guy Sella
|
|
Chief Executive Officer and Chairman of the Board
|
/s/ Ronen Faier | |
Ronen Faier
|
|
Chief Financial Officer
|