2024 Q2 Form 10-Q Financial Statement
#000117891324001670 Filed on May 09, 2024
Income Statement
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q4 |
|---|---|---|---|
| Revenue | $265.4M | $204.4M | $316.0M |
| YoY Change | -73.23% | -78.35% | -64.52% |
| Cost Of Revenue | $276.4M | $230.6M | $372.5M |
| YoY Change | -58.99% | -64.18% | -40.85% |
| Gross Profit | -$10.97M | -$26.19M | -$56.43M |
| YoY Change | -103.46% | -108.73% | -121.61% |
| Gross Profit Margin | -4.13% | -12.81% | -17.85% |
| Selling, General & Admin | $78.99M | $69.78M | $73.22M |
| YoY Change | -1.48% | -10.0% | 0.74% |
| % of Gross Profit | |||
| Research & Development | $69.28M | $75.35M | $74.94M |
| YoY Change | -19.67% | -5.66% | -5.09% |
| % of Gross Profit | |||
| Depreciation & Amortization | $15.44M | $14.99M | $15.20M |
| YoY Change | 16.45% | 11.32% | 22.91% |
| % of Gross Profit | |||
| Operating Expenses | $149.2M | $147.5M | $181.2M |
| YoY Change | -10.62% | -5.42% | -23.83% |
| Operating Profit | -$160.2M | -$173.7M | -$237.6M |
| YoY Change | -206.53% | -220.5% | -1123.44% |
| Interest Expense | -$865.0K | -$7.064M | $22.06M |
| YoY Change | -125.56% | -129.84% | -60.69% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $18.55M | $0.00 | $291.0K |
| YoY Change | -100.0% | 56.45% | |
| Pretax Income | -$142.5M | -$180.8M | -$215.2M |
| YoY Change | -192.69% | -207.79% | -521.01% |
| Income Tax | -$12.25M | -$23.75M | -$53.20M |
| % Of Pretax Income | |||
| Net Earnings | -$130.8M | -$157.3M | -$162.4M |
| YoY Change | -209.46% | -213.68% | -879.6% |
| Net Earnings / Revenue | -49.29% | -76.96% | -51.38% |
| Basic Earnings Per Share | -$2.31 | -$2.75 | |
| Diluted Earnings Per Share | -$2.31 | -$2.75 | -$2.85 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 57.30M shares | 57.13M shares | 56.81M shares |
| Diluted Shares Outstanding | 56.69M shares | 57.14M shares |
Balance Sheet
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $689.8M | $680.6M | $860.0M |
| YoY Change | -34.36% | -40.23% | -16.03% |
| Cash & Equivalents | $259.5M | $214.2M | $338.5M |
| Short-Term Investments | $430.3M | $466.4M | $521.6M |
| Other Short-Term Assets | $51.92M | $81.90M | $378.4M |
| YoY Change | -80.35% | -68.46% | 56.96% |
| Inventory | $1.505B | $1.549B | $1.443B |
| Prepaid Expenses | $33.81M | $2.018M | |
| Receivables | $295.6M | $404.4M | $622.4M |
| Other Receivables | $350.8M | $273.0M | $0.00 |
| Total Short-Term Assets | $2.893B | $2.989B | $3.304B |
| YoY Change | -16.12% | -7.8% | 13.96% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $595.6M | $605.2M | $614.6M |
| YoY Change | -7.93% | -3.3% | 12.98% |
| Goodwill | $52.04M | $41.47M | $43.00M |
| YoY Change | 22.94% | 38.54% | 37.86% |
| Intangibles | $36.79M | $33.04M | $35.35M |
| YoY Change | -15.73% | 84.22% | 77.35% |
| Long-Term Investments | $147.7M | $284.4M | $407.8M |
| YoY Change | -66.12% | -44.14% | -36.82% |
| Other Assets | $65.05M | $47.78M | $37.60M |
| YoY Change | -17.42% | -33.19% | 99.94% |
| Total Long-Term Assets | $1.055B | $1.178B | $1.283B |
| YoY Change | -15.43% | -6.11% | -6.07% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $2.893B | $2.989B | $3.304B |
| Total Long-Term Assets | $1.055B | $1.178B | $1.283B |
| Total Assets | $3.948B | $4.167B | $4.588B |
| YoY Change | -15.93% | -7.33% | 7.54% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $134.4M | $171.4M | $386.5M |
| YoY Change | -69.07% | -58.04% | -15.95% |
| Accrued Expenses | $98.76M | $126.4M | $142.1M |
| YoY Change | -65.81% | -62.23% | 20.82% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $3.257M | $3.253M | |
| YoY Change | |||
| Total Short-Term Liabilities | $566.8M | $658.9M | $893.2M |
| YoY Change | -36.86% | -26.79% | 0.39% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $677.9M | $668.7M | $669.3M |
| YoY Change | 1.47% | -0.02% | -0.08% |
| Other Long-Term Liabilities | $16.24M | $17.95M | $18.44M |
| YoY Change | -97.34% | -96.89% | 17.06% |
| Total Long-Term Liabilities | $1.275B | $1.267B | $1.283B |
| YoY Change | -0.27% | 1.75% | 6.89% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $566.8M | $658.9M | $893.2M |
| Total Long-Term Liabilities | $1.275B | $1.267B | $1.283B |
| Total Liabilities | $1.842B | $1.926B | $2.176B |
| YoY Change | -15.36% | -10.22% | 4.13% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $490.0M | $620.9M | $778.2M |
| YoY Change | -51.08% | -29.63% | 4.62% |
| Common Stock | $6.000K | $6.000K | $6.000K |
| YoY Change | 0.0% | 0.0% | 0.0% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $50.32M | $33.22M | $0.00 |
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $2.106B | $2.241B | $2.412B |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $3.948B | $4.167B | $4.588B |
| YoY Change | -15.93% | -7.33% | 7.54% |
Cashflow Statement
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$130.8M | -$157.3M | -$162.4M |
| YoY Change | -209.46% | -213.68% | -879.6% |
| Depreciation, Depletion And Amortization | $15.44M | $14.99M | $15.20M |
| YoY Change | 16.45% | 11.32% | 22.91% |
| Cash From Operating Activities | -$44.77M | -$217.0M | -$139.9M |
| YoY Change | -49.53% | -2839.1% | -225.71% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $32.19M | $26.35M | $40.52M |
| YoY Change | -42.25% | -31.28% | -8.44% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $126.4M | $323.0K | -$40.17M |
| YoY Change | -703.74% | -109.39% | -619.95% |
| Cash From Investing Activities | $94.22M | $149.0M | -$80.69M |
| YoY Change | -222.88% | -319.84% | 120.9% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 303.0K | -$50.99M | -656.0K |
| YoY Change | -106.16% | 876.39% | -108.78% |
| NET CHANGE | |||
| Cash From Operating Activities | -44.77M | -$217.0M | -139.9M |
| Cash From Investing Activities | 94.22M | $149.0M | -80.69M |
| Cash From Financing Activities | 303.0K | -$50.99M | -656.0K |
| Net Change In Cash | 49.75M | -$124.2M | -221.3M |
| YoY Change | -129.21% | 90.9% | -369.04% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$44.77M | -$217.0M | -$139.9M |
| Capital Expenditures | $32.19M | $26.35M | $40.52M |
| Free Cash Flow | -$76.96M | -$243.4M | -$180.4M |
| YoY Change | -46.72% | 700.15% | -369.13% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
2.46 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
2.35 | |
| CY2024Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
2749000 | usd |
| CY2024Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-2460000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
10227000 | usd |
| CY2024Q1 | sedg |
Available For Sale Securities Debt Maturities After One Through Five Years Gross Unrealized Losses
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsGrossUnrealizedLosses
|
-2908000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
|
407825000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
929395000 | usd |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
149008000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
|
468855000 | usd |
| CY2024Q1 | sedg |
Available For Sale Securities Debt Maturities Within One Year Gross Unrealized Gains
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearGrossUnrealizedGains
|
1666000 | usd |
| CY2024Q1 | sedg |
Available For Sale Securities Debt Maturities Within One Year Gross Unrealized Losses
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearGrossUnrealizedLosses
|
-4114000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
466407000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
|
270028000 | usd |
| CY2024Q1 | sedg |
Available For Sale Securities Debt Maturities After One Through Five Years Gross Unrealized Gains
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsGrossUnrealizedGains
|
1083000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
|
268203000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
738883000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
7022000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
734610000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
|
526355000 | usd |
| CY2023Q4 | sedg |
Available For Sale Securities Debt Maturities Within One Year Gross Unrealized Gains
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearGrossUnrealizedGains
|
1363000 | usd |
| CY2023Q4 | sedg |
Available For Sale Securities Debt Maturities Within One Year Gross Unrealized Losses
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearGrossUnrealizedLosses
|
-6148000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
521570000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
|
409241000 | usd |
| CY2023Q4 | sedg |
Available For Sale Securities Debt Maturities After One Through Five Years Gross Unrealized Gains
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsGrossUnrealizedGains
|
3171000 | usd |
| CY2023Q4 | sedg |
Available For Sale Securities Debt Maturities After One Through Five Years Gross Unrealized Losses
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsGrossUnrealizedLosses
|
-4587000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
935596000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
4534000 | usd |
| CY2024Q1 | sedg |
Accrual For Finance Lease
AccrualForFinanceLease
|
3257000 | usd |
| CY2023Q4 | sedg |
Accrual For Finance Lease
AccrualForFinanceLease
|
3253000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue
|
70.98 | |
| CY2024Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-2.75 | |
| CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-2.75 | |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
10735000 | usd |
| CY2024Q1 | sedg |
Interest From Marketable Securities
InterestFromMarketableSecurities
|
6141000 | usd |
| CY2023Q4 | sedg |
Interest From Marketable Securities
InterestFromMarketableSecurities
|
7515000 | usd |
| CY2024Q1 | us-gaap |
Other Receivables
OtherReceivables
|
0 | usd |
| CY2023Q4 | us-gaap |
Other Receivables
OtherReceivables
|
2438000 | usd |
| CY2023Q4 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
4887000 | usd |
| CY2024Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-2.75 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
2.46 | |
| CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-2.75 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
2.35 | |
| CY2023 | sedg |
Difference Amount Per Share Of Tendered Shares For Shareholders Of Smre
DifferenceAmountPerShareOfTenderedSharesForShareholdersOfSmre
|
6 | |
| CY2024Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2024Q1 | sedg |
Proceeds From Loan Receivables
ProceedsFromLoanReceivables
|
1625000 | usd |
| CY2023Q1 | sedg |
Proceeds From Loan Receivables
ProceedsFromLoanReceivables
|
0 | usd |
| CY2024Q1 | us-gaap |
Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
|
16778000 | usd |
| CY2023Q1 | us-gaap |
Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
|
0 | usd |
| CY2024Q1 | 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="width:18pt"> </td> <td style="width:18pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <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"><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> | |
| CY2024Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-296000 | usd |
| CY2024Q1 | us-gaap |
Provision For Other Credit Losses
ProvisionForOtherCreditLosses
|
2395000 | usd |
| CY2019Q3 | sedg |
Difference Amount Of Tendered Shares For Shareholders Of Smre
DifferenceAmountOfTenderedSharesForShareholdersOfSmre
|
3000000 | usd |
| CY2019Q3 | sedg |
Difference Amount Per Share Of Tendered Shares For Shareholders Of Smre
DifferenceAmountPerShareOfTenderedSharesForShareholdersOfSmre
|
6 | |
| CY2023 | us-gaap |
Litigation Settlement Expense
LitigationSettlementExpense
|
1700000 | usd |
| CY2024Q1 | us-gaap |
Restructuring Costs
RestructuringCosts
|
9284000 | usd |
| CY2024Q1 | us-gaap |
Restructuring Costs
RestructuringCosts
|
9284000 | usd |
| CY2023Q1 | us-gaap |
Restructuring Costs
RestructuringCosts
|
0 | usd |
