2020 Q1 Form 10-Q Financial Statement

#000117891320001355 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $431.2M $271.9M
YoY Change 58.61% 29.52%
Cost Of Revenue $291.2M $185.8M
YoY Change 56.77% 42.56%
Gross Profit $140.0M $86.11M
YoY Change 62.59% 8.18%
Gross Profit Margin 32.47% 31.67%
Selling, General & Admin $40.44M $31.86M
YoY Change 26.91% 51.73%
% of Gross Profit 28.88% 37.0%
Research & Development $36.70M $26.20M
YoY Change 40.06% 46.36%
% of Gross Profit 26.21% 30.43%
Depreciation & Amortization $5.004M $3.870M
YoY Change 29.3% 61.25%
% of Gross Profit 3.57% 4.49%
Operating Expenses $72.23M $58.06M
YoY Change 24.41% 49.64%
Operating Profit $67.78M $28.05M
YoY Change 141.64% -31.25%
Interest Expense -$16.60M -$6.200M
YoY Change 167.74% -1133.33%
% of Operating Profit -24.49% -22.1%
Other Income/Expense, Net -$16.61M -$6.151M
YoY Change 169.96%
Pretax Income $51.17M $21.90M
YoY Change 133.68% -46.98%
Income Tax $8.922M $3.922M
% Of Pretax Income 17.44% 17.91%
Net Earnings $42.25M $19.02M
YoY Change 122.17% -46.71%
Net Earnings / Revenue 9.8% 6.99%
Basic Earnings Per Share $0.86 $0.40
Diluted Earnings Per Share $0.81 $0.39
COMMON SHARES
Basic Shares Outstanding 49.19M shares 47.02M shares
Diluted Shares Outstanding 52.17M shares 49.03M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $427.3M $339.6M
YoY Change 25.82% 9.41%
Cash & Equivalents $324.1M $226.5M
Short-Term Investments $95.10M $107.1M
Other Short-Term Assets $94.40M $39.60M
YoY Change 138.38% 13.14%
Inventory $198.6M $150.8M
Prepaid Expenses
Receivables $235.7M $187.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $955.9M $717.5M
YoY Change 33.23% 25.61%
LONG-TERM ASSETS
Property, Plant & Equipment $196.0M $163.8M
YoY Change 19.65% 167.65%
Goodwill $125.5M
YoY Change
Intangibles $69.11M
YoY Change
Long-Term Investments $103.9M $69.60M
YoY Change 49.28% -22.06%
Other Assets $8.454M $14.60M
YoY Change -42.1% 48.98%
Total Long-Term Assets $557.9M $459.4M
YoY Change 21.45% 186.41%
TOTAL ASSETS
Total Short-Term Assets $955.9M $717.5M
Total Long-Term Assets $557.9M $459.4M
Total Assets $1.514B $1.177B
YoY Change 28.63% 60.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $139.1M $90.20M
YoY Change 54.25% 8.54%
Accrued Expenses $134.6M $91.90M
YoY Change 46.46% 64.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $17.20M
YoY Change -12.79%
Total Short-Term Liabilities $389.7M $248.1M
YoY Change 57.07% 56.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $7.000M
YoY Change -100.0% 311.76%
Other Long-Term Liabilities $10.97M $215.8M
YoY Change -94.92% 64.61%
Total Long-Term Liabilities $257.7M $222.8M
YoY Change 15.68% 67.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $389.7M $248.1M
Total Long-Term Liabilities $257.7M $222.8M
Total Liabilities $647.4M $550.6M
YoY Change 17.58% 88.95%
SHAREHOLDERS EQUITY
Retained Earnings $379.9M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $866.4M $626.3M
YoY Change
Total Liabilities & Shareholders Equity $1.514B $1.177B
YoY Change 28.63% 60.87%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $42.25M $19.02M
YoY Change 122.17% -46.71%
Depreciation, Depletion And Amortization $5.004M $3.870M
YoY Change 29.3% 61.25%
Cash From Operating Activities $107.7M $56.45M
YoY Change 90.87% -11.8%
INVESTING ACTIVITIES
Capital Expenditures $27.05M $10.62M
YoY Change 154.74% -193.98%
Acquisitions $39.32M
YoY Change
Other Investing Activities -$36.00K -$10.10M
YoY Change -99.64% -210.99%
Cash From Investing Activities -$19.92M -$17.05M
YoY Change 16.89% 641.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.315M -$2.630M
YoY Change -226.05% -157.17%
NET CHANGE
Cash From Operating Activities $107.7M $56.45M
Cash From Investing Activities -$19.92M -$17.05M
Cash From Financing Activities $3.315M -$2.630M
Net Change In Cash $91.14M $36.78M
YoY Change 147.82% -44.53%
FREE CASH FLOW
Cash From Operating Activities $107.7M $56.45M
Capital Expenditures $27.05M $10.62M
Free Cash Flow $80.69M $45.83M
YoY Change 76.07% -39.14%

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WithdrawalFromInvestmentInRestrictedBankDeposit
182000 USD
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309000 USD
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ChangeInNoncontrollingInterests
1987000 USD
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CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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3315000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2019Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
1003000 USD
CY2020Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
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CY2019Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
51000 USD
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
91136000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
36775000 USD
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200095000 USD
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213000 USD
CY2018Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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EffectOfExchangeRateOnCashAndCashEquivalents
1939000 USD
CY2020Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CashEquivalentsAtCarryingValue
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OperatingLeaseOfRightOfUseAsset
2158000 USD
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OperatingLeaseOfRightOfUseAsset
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CY2020Q1 us-gaap Inventory Work In Process Net Of Reserves
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InventoryWorkInProcessNetOfReserves
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104774000 USD
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112000 USD
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1023000 USD
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336000 USD
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532000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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278000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
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ProductWarrantyAccrual
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26373000 USD
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ProductWarrantyAccrualWarrantiesIssued
22105000 USD
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ProductWarrantyAccrual
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ProductWarrantyAccrual
136746000 USD
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CY2019Q1 us-gaap Product Warranty Accrual Noncurrent
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101517000 USD
CY2020Q1 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
613000 USD
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
538000 USD
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
2473000 USD
CY2020Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
2442000 USD
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
406000 USD
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4509000 USD
CY2020Q1 us-gaap Contractual Obligation
ContractualObligation
500414000 USD
CY2020Q1 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
2119000 USD
CY2020Q1 us-gaap Purchase Obligation
PurchaseObligation
70961000 USD
CY2020Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
4250000 USD
CY2019Q3 sedg Difference Amount Of Tendered Shares For Shareholders Of Smre
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2950000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49193240 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47020218 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2979480 shares
CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000 shares
CY2020Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000 shares
CY2020Q1 us-gaap Common Stock Shares Issued
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49599493 shares
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
49599493 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
48898062 shares
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12773000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9704000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
141601000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
17975000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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1041000 USD
CY2019Q1 us-gaap Net Income Loss
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19016000 USD
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2006109 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52172720 shares
CY2020Q1 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
4900000 USD
CY2019Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1971000 USD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49026327 shares
CY2020Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
4900000 USD
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
12458000 USD
CY2019Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4895000 USD
CY2020Q1 sedg Deferred Income Tax And Others
DeferredIncomeTaxAndOthers
3536000 USD
CY2019Q1 sedg Deferred Income Tax And Others
DeferredIncomeTaxAndOthers
973000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8922000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3922000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8962000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8499000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
96000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
463000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9058000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8962000 USD
CY2020Q1 sedg Solar Profit
SolarProfit
87970000 USD
CY2019Q1 sedg Solar Profit
SolarProfit
44830000 USD
CY2020Q1 sedg All Other Loss
AllOtherLoss
9323000 USD
CY2019Q1 sedg All Other Loss
AllOtherLoss
3627000 USD
CY2020Q1 sedg Segments Operating Profit
SegmentsOperatingProfit
78647000 USD
CY2019Q1 sedg Segments Operating Profit
SegmentsOperatingProfit
41203000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
12773000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9704000 USD
CY2020Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
2686000 USD
CY2019Q1 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
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CY2020Q1 sedg Cost Of Products Adjustment
CostOfProductsAdjustment
313000 USD
CY2019Q1 sedg Cost Of Products Adjustment
CostOfProductsAdjustment
682000 USD
CY2020Q1 sedg Other Unallocated Amounts
OtherUnallocatedAmounts
USD
CY2019Q1 sedg Other Unallocated Amounts
OtherUnallocatedAmounts
798000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
67775000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
28048000 USD

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