$SEDG
Solaredge Technologies Inc

2023 Q4 Form 10-Q Financial Statement

#000117891323003538 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $316.0M $725.3M
YoY Change -64.52% -13.32%
Cost Of Revenue $372.5M $582.5M
YoY Change -40.85% -5.24%
Gross Profit -$56.43M $142.8M
YoY Change -121.61% -35.67%
Gross Profit Margin -17.85% 19.69%
Selling, General & Admin $73.22M $79.46M
YoY Change 0.74% 12.46%
% of Gross Profit 55.64%
Research & Development $74.94M $80.08M
YoY Change -5.09% 14.96%
% of Gross Profit 56.07%
Depreciation & Amortization $15.20M $15.30M
YoY Change 22.91% 16.14%
% of Gross Profit 10.71%
Operating Expenses $181.2M $159.5M
YoY Change -23.83% 15.95%
Operating Profit -$237.6M -$16.73M
YoY Change -1123.44% -119.82%
Interest Expense $22.06M -$7.900M
YoY Change -60.69% -76.08%
% of Operating Profit
Other Income/Expense, Net $291.0K -$484.0K
YoY Change 56.45% -106.43%
Pretax Income -$215.2M -$25.11M
YoY Change -521.01% -142.62%
Income Tax -$53.20M $36.07M
% Of Pretax Income
Net Earnings -$162.4M -$61.18M
YoY Change -879.6% -347.25%
Net Earnings / Revenue -51.38% -8.43%
Basic Earnings Per Share -$1.08
Diluted Earnings Per Share -$2.85 -$1.08
COMMON SHARES
Basic Shares Outstanding 56.81M shares 56.56M shares
Diluted Shares Outstanding 56.67M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $860.0M $1.028B
YoY Change -16.03% 16.74%
Cash & Equivalents $338.5M $551.1M
Short-Term Investments $521.6M $477.3M
Other Short-Term Assets $378.4M $44.50M
YoY Change 56.96% -80.15%
Inventory $1.443B $1.178B
Prepaid Expenses $2.018M
Receivables $622.4M $939.5M
Other Receivables $0.00 $173.3M
Total Short-Term Assets $3.304B $3.363B
YoY Change 13.96% 37.19%
LONG-TERM ASSETS
Property, Plant & Equipment $614.6M $604.8M
YoY Change 12.98% 23.07%
Goodwill $43.00M $41.20M
YoY Change 37.86% -62.15%
Intangibles $35.35M $41.95M
YoY Change 77.35% -9.37%
Long-Term Investments $407.8M $436.1M
YoY Change -36.82% -36.68%
Other Assets $37.60M $36.10M
YoY Change 99.94% 130.87%
Total Long-Term Assets $1.283B $1.288B
YoY Change -6.07% -11.3%
TOTAL ASSETS
Total Short-Term Assets $3.304B $3.363B
Total Long-Term Assets $1.283B $1.288B
Total Assets $4.588B $4.651B
YoY Change 7.54% 19.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $386.5M $399.3M
YoY Change -15.95% 28.15%
Accrued Expenses $142.1M $123.9M
YoY Change 20.82% 10.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.253M $3.000M
YoY Change
Total Short-Term Liabilities $893.2M $876.7M
YoY Change 0.39% 26.23%
LONG-TERM LIABILITIES
Long-Term Debt $669.3M $667.0M
YoY Change -0.08% -0.33%
Other Long-Term Liabilities $18.44M $16.84M
YoY Change 17.06% 8.12%
Total Long-Term Liabilities $1.283B $1.284B
YoY Change 6.89% 10.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $893.2M $876.7M
Total Long-Term Liabilities $1.283B $1.284B
Total Liabilities $2.176B $2.161B
YoY Change 4.13% 16.71%
SHAREHOLDERS EQUITY
Retained Earnings $778.2M $940.5M
YoY Change 4.62% 30.09%
Common Stock $6.000K $6.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $2.412B $2.490B
YoY Change
Total Liabilities & Shareholders Equity $4.588B $4.651B
YoY Change 7.54% 19.15%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$162.4M -$61.18M
YoY Change -879.6% -347.25%
Depreciation, Depletion And Amortization $15.20M $15.30M
YoY Change 22.91% 16.14%
Cash From Operating Activities -$139.9M $40.60M
YoY Change -225.71% 630.48%
INVESTING ACTIVITIES
Capital Expenditures $40.52M $46.50M
YoY Change -8.44% -240.06%
Acquisitions
YoY Change
Other Investing Activities -$40.17M $2.800M
YoY Change -619.95% -113.1%
Cash From Investing Activities -$80.69M -$43.70M
YoY Change 120.9% -19.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -656.0K -1.200M
YoY Change -108.78% -5.59%
NET CHANGE
Cash From Operating Activities -139.9M 40.60M
Cash From Investing Activities -80.69M -43.70M
Cash From Financing Activities -656.0K -1.200M
Net Change In Cash -221.3M -4.300M
YoY Change -369.04% -91.45%
FREE CASH FLOW
Cash From Operating Activities -$139.9M $40.60M
Capital Expenditures $40.52M $46.50M
Free Cash Flow -$180.4M -$5.900M
YoY Change -369.13% -115.22%

Facts In Submission

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us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
0 usd
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
24175000 usd
sedg Purchase Of Intangible Assets And Business Combinations
PurchaseOfIntangibleAssetsAndBusinessCombinations
11307000 usd
sedg Purchase Of Intangible Assets And Business Combinations
PurchaseOfIntangibleAssetsAndBusinessCombinations
0 usd
us-gaap Use Of Estimates
UseOfEstimates
<div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="vertical-align:top;font-family:Times New Roman, Times, serif;width:18pt"> </td> <td style="vertical-align:top;font-family:Times New Roman, Times, serif;width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d.</span></span></td> <td style="vertical-align:top;text-align:justify;font-family:Times New Roman, Times, serif;width:auto"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Use of estimates:</span></span></div> </td> </tr> </table> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25;color:rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.</span></span></div> </div>
CY2023Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
448000 usd
CY2023Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
-1837000 usd
CY2023Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
18346000 usd
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
2807000 usd
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
29235000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
125000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
723000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2663000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2464000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5901000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7741000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2351000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
7834000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
11612000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
41947000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
31189000 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
12266000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-2254000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
41201000 usd
CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
90104000 usd
CY2023Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
90104000 usd
CY2023Q1 us-gaap Other Investments
OtherInvestments
5500000 usd
CY2023Q1 sedg Percentage Of Common Stock Outstanding Shares
PercentageOfCommonStockOutstandingShares
0.348 pure
CY2023Q3 us-gaap Other Investments
OtherInvestments
2500000 usd
CY2023Q2 us-gaap Other Investments
OtherInvestments
2500000 usd
CY2023Q3 sedg Percentage Of Common Stock Outstanding Shares
PercentageOfCommonStockOutstandingShares
0.045 pure
CY2023Q2 sedg Percentage Of Common Stock Outstanding Shares
PercentageOfCommonStockOutstandingShares
0.045 pure
CY2023Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
85171000 usd
CY2023Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
57946000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
135617000 usd
CY2023Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
174125000 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
25819000 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
20974000 usd
CY2023Q3 us-gaap Deferred Revenue And Credits Current
DeferredRevenueAndCreditsCurrent
22064000 usd
CY2022Q3 us-gaap Deferred Revenue And Credits Current
DeferredRevenueAndCreditsCurrent
31896000 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.336 pure
CY2023Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-83949000 usd
CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-128266000 usd
CY2022Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2022Q3 sedg Write Off Of Property Plant And Equipment
WriteOffOfPropertyPlantAndEquipment
-19000 usd
CY2023Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 usd
CY2022Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2724000 usd
sedg Notes Due
NotesDue
2276818 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59297423 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57886041 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.34
us-gaap Revenues
Revenues
2219577000 usd
sedg Solar Segment Profit
SolarSegmentProfit
459400000 usd
sedg Solar Segment Profit
SolarSegmentProfit
324689000 usd
sedg All Other Segment Loss
AllOtherSegmentLoss
61581000 usd
sedg All Other Segment Loss
AllOtherSegmentLoss
32598000 usd
CY2023Q3 sedg Segments Operating Loss
SegmentsOperatingLoss
23065000 usd
CY2022Q3 sedg Segments Operating Loss
SegmentsOperatingLoss
120236000 usd
sedg Segments Operating Loss
SegmentsOperatingLoss
397819000 usd
sedg Segments Operating Loss
SegmentsOperatingLoss
292091000 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
36815000 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
35751000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
115015000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
106932000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-6164000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-8039000 usd
CY2023Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2022Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
4008000 usd
CY2023Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
CY2022Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
CY2023Q3 sedg Sale Of Critical Power Assets
SaleOfCriticalPowerAssets
0 usd
CY2022Q3 sedg Sale Of Critical Power Assets
SaleOfCriticalPowerAssets
1559000 usd
sedg Sale Of Critical Power Assets
SaleOfCriticalPowerAssets
0 usd
sedg Sale Of Critical Power Assets
SaleOfCriticalPowerAssets
1559000 usd
sedg Other Unallocated Income Expenses Net
OtherUnallocatedIncomeExpensesNet
-1146000 usd
sedg Other Unallocated Income Expenses Net
OtherUnallocatedIncomeExpensesNet
-926000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
277786000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
171283000 usd
ecd Trd Arr Adoption Date
TrdArrAdoptionDate
August 10, 2023
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true

Files In Submission

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sedg-20230930_pre.xml Edgar Link unprocessable
sedg-20230930_cal.xml Edgar Link unprocessable
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zk2330473_htm.xml Edgar Link completed