2023 Q2 Form 10-Q Financial Statement
#000117891323001734 Filed on May 08, 2023
Income Statement
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
|---|---|---|---|
| Revenue | $991.3M | $943.9M | $655.1M |
| YoY Change | 36.21% | 44.09% | 61.55% |
| Cost Of Revenue | $674.0M | $643.8M | $476.1M |
| YoY Change | 23.64% | 35.21% | 79.4% |
| Gross Profit | $317.3M | $300.1M | $179.0M |
| YoY Change | 73.73% | 67.71% | 27.76% |
| Gross Profit Margin | 32.01% | 31.8% | 27.32% |
| Selling, General & Admin | $80.17M | $77.53M | $61.75M |
| YoY Change | 19.48% | 25.57% | 32.05% |
| % of Gross Profit | 25.27% | 25.83% | 34.5% |
| Research & Development | $86.24M | $79.87M | $66.35M |
| YoY Change | 15.22% | 20.38% | 41.24% |
| % of Gross Profit | 27.18% | 26.61% | 37.08% |
| Depreciation & Amortization | $13.26M | $13.46M | $11.66M |
| YoY Change | 6.28% | 15.47% | 69.3% |
| % of Gross Profit | 4.18% | 4.49% | 6.52% |
| Operating Expenses | $166.9M | $156.0M | $128.1M |
| YoY Change | 13.86% | 21.76% | 33.51% |
| Operating Profit | $150.4M | $144.2M | $50.86M |
| YoY Change | 317.52% | 183.41% | 15.26% |
| Interest Expense | $3.384M | $23.67M | -$5.449M |
| YoY Change | -123.65% | -534.47% | -10.67% |
| % of Operating Profit | 2.25% | 16.42% | -10.71% |
| Other Income/Expense, Net | $0.00 | -$125.0K | |
| YoY Change | -100.0% | ||
| Pretax Income | $153.7M | $167.7M | $45.42M |
| YoY Change | 608.46% | 269.27% | 19.42% |
| Income Tax | $34.23M | $29.33M | $12.29M |
| % Of Pretax Income | 22.27% | 17.49% | 27.07% |
| Net Earnings | $119.5M | $138.4M | $33.12M |
| YoY Change | 692.3% | 317.77% | 10.13% |
| Net Earnings / Revenue | 12.06% | 14.66% | 5.06% |
| Basic Earnings Per Share | $2.12 | $2.46 | $0.62 |
| Diluted Earnings Per Share | $2.03 | $2.46 | $588.2K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 56.34M shares | 56.15M shares | 52.82M shares |
| Diluted Shares Outstanding | 59.18M shares | 59.19M shares | 56.32M shares |
Balance Sheet
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $1.051B | $1.139B | $1.161B |
| YoY Change | 17.32% | -1.95% | 33.81% |
| Cash & Equivalents | $557.7M | $727.8M | $1.003B |
| Short-Term Investments | $493.2M | $410.8M | $158.6M |
| Other Short-Term Assets | $264.2M | $259.6M | $191.7M |
| YoY Change | 6.25% | 35.47% | 81.67% |
| Inventory | $984.2M | $874.2M | $432.5M |
| Prepaid Expenses | |||
| Receivables | $1.150B | $969.5M | $676.8M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $3.449B | $3.242B | $2.462B |
| YoY Change | 51.03% | 31.67% | 55.34% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $646.9M | $625.8M | $533.3M |
| YoY Change | 32.26% | 17.36% | 51.5% |
| Goodwill | $42.33M | $29.93M | |
| YoY Change | -63.56% | ||
| Intangibles | $43.66M | $17.93M | |
| YoY Change | -13.33% | ||
| Long-Term Investments | $435.8M | $509.1M | $449.7M |
| YoY Change | -38.58% | 13.22% | 52.53% |
| Other Assets | $78.77M | $71.52M | $54.79M |
| YoY Change | 146.37% | 30.54% | 62.09% |
| Total Long-Term Assets | $1.247B | $1.254B | $1.221B |
| YoY Change | -16.22% | 2.77% | 38.78% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $3.449B | $3.242B | $2.462B |
| Total Long-Term Assets | $1.247B | $1.254B | $1.221B |
| Total Assets | $4.697B | $4.496B | $3.683B |
| YoY Change | 24.49% | 22.09% | 49.43% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $434.6M | $408.5M | $241.6M |
| YoY Change | 71.51% | 69.07% | 97.9% |
| Accrued Expenses | $288.8M | $334.7M | $219.3M |
| YoY Change | 187.62% | 52.67% | 25.36% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $3.123M | ||
| YoY Change | |||
| Total Short-Term Liabilities | $897.7M | $900.0M | $568.7M |
| YoY Change | 46.65% | 58.25% | 43.01% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $668.1M | $668.9M | $675.7M |
| YoY Change | -0.23% | -1.0% | 4.87% |
| Other Long-Term Liabilities | $610.5M | $576.7M | $428.0M |
| YoY Change | 3310.37% | 34.75% | 3111.86% |
| Total Long-Term Liabilities | $1.279B | $1.246B | $1.104B |
| YoY Change | 12.85% | 12.86% | 14.14% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $897.7M | $900.0M | $568.7M |
| Total Long-Term Liabilities | $1.279B | $1.246B | $1.104B |
| Total Liabilities | $2.176B | $2.146B | $1.672B |
| YoY Change | 24.7% | 28.3% | 22.55% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $1.002B | $882.2M | |
| YoY Change | 43.46% | ||
| Common Stock | $6.000K | $6.000K | |
| YoY Change | 0.0% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $2.520B | $2.351B | $2.011B |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $4.697B | $4.496B | $3.683B |
| YoY Change | 24.49% | 22.09% | 49.43% |
Cashflow Statement
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $119.5M | $138.4M | $33.12M |
| YoY Change | 692.3% | 317.77% | 10.13% |
| Depreciation, Depletion And Amortization | $13.26M | $13.46M | $11.66M |
| YoY Change | 6.28% | 15.47% | 69.3% |
| Cash From Operating Activities | -$88.71M | $7.923M | -$163.0M |
| YoY Change | -214.59% | -104.86% | -776.78% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $55.74M | $38.34M | -$43.21M |
| YoY Change | -214.51% | -188.72% | -276.04% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$20.94M | -$3.440M | $28.08M |
| YoY Change | -92.01% | -112.25% | -5016.99% |
| Cash From Investing Activities | -$76.67M | -$67.78M | -$15.13M |
| YoY Change | -75.33% | 347.87% | -90.15% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -4.919M | -$5.222M | 652.3M |
| YoY Change | 25.2% | -100.8% | -31736.03% |
| NET CHANGE | |||
| Cash From Operating Activities | -88.71M | $7.923M | -163.0M |
| Cash From Investing Activities | -76.67M | -$67.78M | -15.13M |
| Cash From Financing Activities | -4.919M | -$5.222M | 652.3M |
| Net Change In Cash | -170.3M | -$65.08M | 474.2M |
| YoY Change | -28.24% | -113.72% | -460.45% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$88.71M | $7.923M | -$163.0M |
| Capital Expenditures | $55.74M | $38.34M | -$43.21M |
| Free Cash Flow | -$144.4M | -$30.42M | -$119.8M |
| YoY Change | -214.56% | -74.61% | 25826.19% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
75000 | usd |
| CY2023Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2022Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2023Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2023 | |
| CY2022Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
1478000 | usd |
| CY2022Q1 | sedg |
Tax Withholding In Connection With Stock Based Awards Net
TaxWithholdingInConnectionWithStockBasedAwardsNet
|
822000 | usd |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
|
10000000 | shares |
| CY2023Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
335864000 | usd |
| CY2023Q1 | us-gaap |
Contractual Obligation
ContractualObligation
|
1617376000 | usd |
| CY2023Q1 | us-gaap |
Provision For Loss On Contracts
ProvisionForLossOnContracts
|
8052000 | usd |
| CY2023Q1 | us-gaap |
Purchase Obligation
PurchaseObligation
|
121347000 | usd |
| CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
40070000 | usd |
| CY2023Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-4095000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
138378000 | usd |
| CY2022Q1 | sedg |
Underwriters Discounts And Commissions
UnderwritersDiscountsAndCommissions
|
27140000 | usd |
| CY2022Q1 | sedg |
Offering Costs
OfferingCosts
|
834000 | usd |
| CY2023Q1 | sedg |
Loss Gain From Exchange Rate Fluctuations
LossGainFromExchangeRateFluctuations
|
-20441000 | usd |
| CY2022Q1 | sedg |
Loss Gain From Exchange Rate Fluctuations
LossGainFromExchangeRateFluctuations
|
1725000 | usd |
| CY2023Q1 | sedg |
Investment In Privately Held Company
InvestmentInPrivatelyHeldCompany
|
5500000 | usd |
| CY2022Q1 | sedg |
Investment In Privately Held Company
InvestmentInPrivatelyHeldCompany
|
0 | usd |
| CY2023Q1 | sedg |
Proceeds From Exercise Of Stock Based Awards
ProceedsFromExerciseOfStockBasedAwards
|
75000 | usd |
| CY2022Q1 | sedg |
Proceeds From Exercise Of Stock Based Awards
ProceedsFromExerciseOfStockBasedAwards
|
1478000 | usd |
| CY2023Q1 | sedg |
Capitalized Stockbased Compensation Expenses Related To Erp
CapitalizedStockbasedCompensationExpensesRelatedToErp
|
430000 | usd |
| CY2023Q1 | us-gaap |
Inventory Adjustments
InventoryAdjustments
|
405000 | usd |
| CY2023Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
1434000 | usd |
| CY2023Q1 | sedg |
All Other Segment Loss
AllOtherSegmentLoss
|
22886000 | usd |
| CY2022Q1 | sedg |
All Other Segment Loss
AllOtherSegmentLoss
|
11522000 | usd |
| CY2023Q1 | sedg |
Other Unallocated Income Expenses Net
OtherUnallocatedIncomeExpensesNet
|
-414000 | usd |
| CY2022Q1 | sedg |
Other Unallocated Income Expenses Net
OtherUnallocatedIncomeExpensesNet
|
-2219000 | usd |
