2021 Q1 Form 10-Q Financial Statement

#000117891321001589 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $405.5M $431.2M
YoY Change -5.97% 58.61%
Cost Of Revenue $265.4M $291.2M
YoY Change -8.86% 56.77%
Gross Profit $140.1M $140.0M
YoY Change 0.05% 62.59%
Gross Profit Margin 34.54% 32.47%
Selling, General & Admin $46.76M $40.44M
YoY Change 15.63% 26.91%
% of Gross Profit 33.38% 28.88%
Research & Development $46.98M $36.70M
YoY Change 28.02% 40.06%
% of Gross Profit 33.54% 26.21%
Depreciation & Amortization $6.887M $5.004M
YoY Change 37.63% 29.3%
% of Gross Profit 4.92% 3.57%
Operating Expenses $95.95M $72.23M
YoY Change 32.83% 24.41%
Operating Profit $44.13M $67.78M
YoY Change -34.89% 141.64%
Interest Expense -$6.100M -$16.60M
YoY Change -63.25% 167.74%
% of Operating Profit -13.82% -24.49%
Other Income/Expense, Net -$6.097M -$16.61M
YoY Change -63.28% 169.96%
Pretax Income $38.03M $51.17M
YoY Change -25.68% 133.68%
Income Tax $7.955M $8.922M
% Of Pretax Income 20.92% 17.44%
Net Earnings $30.08M $42.25M
YoY Change -28.81% 122.17%
Net Earnings / Revenue 7.42% 9.8%
Basic Earnings Per Share $0.58 $0.86
Diluted Earnings Per Share $0.55 $0.81
COMMON SHARES
Basic Shares Outstanding 51.73M shares 49.19M shares
Diluted Shares Outstanding 56.00M shares 52.17M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $867.9M $427.3M
YoY Change 103.11% 25.82%
Cash & Equivalents $685.2M $324.1M
Short-Term Investments $139.1M $95.10M
Other Short-Term Assets $105.5M $94.40M
YoY Change 11.76% 138.38%
Inventory $340.0M $198.6M
Prepaid Expenses
Receivables $271.7M $235.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.585B $955.9M
YoY Change 65.82% 33.23%
LONG-TERM ASSETS
Property, Plant & Equipment $352.0M $196.0M
YoY Change 79.61% 19.65%
Goodwill $125.5M
YoY Change
Intangibles $69.11M
YoY Change
Long-Term Investments $294.8M $103.9M
YoY Change 183.73% 49.28%
Other Assets $33.80M $8.454M
YoY Change 299.81% -42.1%
Total Long-Term Assets $879.5M $557.9M
YoY Change 57.64% 21.45%
TOTAL ASSETS
Total Short-Term Assets $1.585B $955.9M
Total Long-Term Assets $879.5M $557.9M
Total Assets $2.465B $1.514B
YoY Change 62.8% 28.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.1M $139.1M
YoY Change -12.25% 54.25%
Accrued Expenses $174.9M $134.6M
YoY Change 29.94% 46.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.20M $15.00M
YoY Change 8.0% -12.79%
Total Short-Term Liabilities $397.7M $389.7M
YoY Change 2.06% 57.07%
LONG-TERM LIABILITIES
Long-Term Debt $644.3M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $13.33M $10.97M
YoY Change 21.47% -94.92%
Total Long-Term Liabilities $966.9M $257.7M
YoY Change 275.16% 15.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $397.7M $389.7M
Total Long-Term Liabilities $966.9M $257.7M
Total Liabilities $1.365B $647.4M
YoY Change 110.79% 17.58%
SHAREHOLDERS EQUITY
Retained Earnings $511.0M $379.9M
YoY Change 34.49%
Common Stock $5.000K $5.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.100B $866.4M
YoY Change
Total Liabilities & Shareholders Equity $2.465B $1.514B
YoY Change 62.8% 28.63%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $30.08M $42.25M
YoY Change -28.81% 122.17%
Depreciation, Depletion And Amortization $6.887M $5.004M
YoY Change 37.63% 29.3%
Cash From Operating Activities $24.08M $107.7M
YoY Change -77.65% 90.87%
INVESTING ACTIVITIES
Capital Expenditures $24.55M $27.05M
YoY Change -9.27% 154.74%
Acquisitions
YoY Change
Other Investing Activities -$571.0K -$36.00K
YoY Change 1486.11% -99.64%
Cash From Investing Activities -$153.6M -$19.92M
YoY Change 670.84% 16.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.062M $3.315M
YoY Change -162.2% -226.05%
NET CHANGE
Cash From Operating Activities $24.08M $107.7M
Cash From Investing Activities -$153.6M -$19.92M
Cash From Financing Activities -$2.062M $3.315M
Net Change In Cash -$131.6M $91.14M
YoY Change -244.36% 147.82%
FREE CASH FLOW
Cash From Operating Activities $24.08M $107.7M
Capital Expenditures $24.55M $27.05M
Free Cash Flow -$462.0K $80.69M
YoY Change -100.57% 76.07%

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DerivativeLiabilities
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538000 USD
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AmountAllocatedToConversionOption
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29971000 USD
CY2020Q1 us-gaap Product Warranty Accrual Warranties Issued
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26373000 USD
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CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
217953000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
186257000 USD
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63443000 USD
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70158000 USD
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36815 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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68.33
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
96.59
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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1982891 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
113.08
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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23153000 USD
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AllocatedShareBasedCompensationExpense
12773000 USD
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224436000 USD
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10757 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
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30076000 USD
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42248000 USD
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51726998 shares
CY2020Q1 sedg Weighted Average Number Of Shares Outstanding Basic1
WeightedAverageNumberOfSharesOutstandingBasic1
49193240 shares
CY2021Q1 us-gaap Profit Loss
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30076000 USD
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42248000 USD
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534000 USD
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30610000 USD
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42248000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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51726998 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49193240 shares
CY2021Q1 sedg Notes Due
NotesDue
2276818 shares
CY2020Q1 sedg Notes Due
NotesDue
shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1993320 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2979480 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55997136 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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52172720 shares
CY2021Q1 us-gaap Revenues
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405489000 USD
CY2020Q1 us-gaap Revenues
Revenues
431218000 USD
CY2021Q1 sedg Settlement Of Preacquisition Legal Claim Against Kokam
SettlementOfPreacquisitionLegalClaimAgainstKokam
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CY2020Q1 sedg Settlement Of Preacquisition Legal Claim Against Kokam
SettlementOfPreacquisitionLegalClaimAgainstKokam
-4900000 USD
CY2021Q1 sedg Writeoff Of Property Plant And Equipment
WriteoffOfPropertyPlantAndEquipment
2209000 USD
CY2020Q1 sedg Writeoff Of Property Plant And Equipment
WriteoffOfPropertyPlantAndEquipment
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OtherOperatingIncomeExpenseNet
-2209000 USD
CY2020Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
4900000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.209 pure
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.174 pure
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10630000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10564000 USD
CY2021Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
152000 USD
CY2020Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
127000 USD
CY2021Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
8937000 USD
CY2021Q1 sedg Solar Segment Profit
SolarSegmentProfit
85538000 USD
CY2020Q1 sedg Solar Segment Profit
SolarSegmentProfit
87970000 USD
CY2021Q1 sedg All Other Segment Loss
AllOtherSegmentLoss
13630000 USD
CY2020Q1 sedg All Other Segment Loss
AllOtherSegmentLoss
9323000 USD
CY2021Q1 sedg Segments Operating Profit
SegmentsOperatingProfit
71908000 USD
CY2020Q1 sedg Segments Operating Profit
SegmentsOperatingProfit
78647000 USD
CY2021Q1 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
23153000 USD
CY2020Q1 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
12773000 USD
CY2021Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-2569000 USD
CY2020Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-2686000 USD
CY2021Q1 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
USD
CY2020Q1 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
4900000 USD
CY2021Q1 sedg Cost Of Products Adjustment
CostOfProductsAdjustment
USD
CY2020Q1 sedg Cost Of Products Adjustment
CostOfProductsAdjustment
-313000 USD
CY2021Q1 sedg Other Unallocated Amounts
OtherUnallocatedAmounts
-2058000 USD
CY2020Q1 sedg Other Unallocated Amounts
OtherUnallocatedAmounts
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CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
44128000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
67775000 USD

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