Slide 1: Fourth Fiscal Quarter 2015 Earnings Summary
Fourth Fiscal Quarter 2015 Earnings summary August 12, 2015 | 1 |
Slide 2: Safe Harbor
SAFE HARBOR Use of Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include information, among other things, concerning: our possible or assumed future results
Slide 3: Key Operating Metrics
KEY OPERATING METRICS $$ 1,138K optimizers 44K inverters 284 Megawatts $98.4M revenues shipped shipped shipped | 3 |
Slide 4: Fiscal Fourth Quarter Highlights
FISCAL FOURTH QUARTER HIGHLIGHTS Financial highlights for quarter Record revenue of $98.4 million, up 13.9% QoQ; 120.8% YoY GAAP gross margin of 28.7% GAAP net income of $9.3 million Non-GAAP net income of $13.8 million Cash generated from operations $15.7 million Business highlights for quarter ASP
Slide 5: Year Over Year Highlights
YEAR OVER YEAR HIGHLIGHTS Financial highlights for FY 2015 Annual revenues of $325.1 million, YoY growth of 144.0% GAAP gross margin of 25.2% GAAP net income of $21.1 million Non-GAAP net income of $29.4 million Business highlights for FY 2015 920 Megawatts AC inverters shipped 3,534K optimizers and
Slide 6: Noteworthy
NOTEWORTHY Continue growth in commercial markets in the U.S. and rest of world Launch of three phase 25-33kW inverters enables broader entry into large commercial markets SolarEdge-Tesla collaboration progresses; Tesla-ready products expected to arrive in market by fourth calendar quarter 2015 First
Slide 7: Financial Results
FINANCIAL RESULTS USD in millions* FYQ4 '15 FYQ3 '15 FYQ4 '14 Revenues 98.4 86.4 44.6 Gross margin 28.7% 27.4% 19.6% Operating expenses 16.4 13.9 11.2 Operating income (loss) 11.9 9.8 -2.4 Net income (loss) 9.3 6.0 -3.0 Net diluted earnings per share 0.21 0.01 -1.08 *with the exception of gross marg
Slide 8: Non-GAAP Financial Results
NON-GAAP FINANCIAL RESULTS USD in millions* FYQ4 '15 FYQ3 '15 FYQ4 '14 Revenues 98.4 86.4 44.6 Gross margin 28.9% 27.6% 19.6% Operating expenses 15.4 13.1 10.9 Operating income (loss) 13.1 10.8 -2.1 Net income (loss) 13.8 8.7 -2.8 Net diluted Earnings Per Share 0.31 0.20 -0.10 *with the exception of
Slide 9: Revenue Growth
REVENUE GROWTH USD millions 100.0 120.8% 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 - FYQ'4 14 FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 | 9 |
Slide 10: Units Shipped
UNITS SHIPPED Optimizers shipped Inverter shipped K units Units 1,200 45,000 40,000 1,000 35,000 800 30,000 25,000 600 20,000 400 15,000 10,000 200 5,000 - - FYQ4 FYQ1 FYQ2 FYQ3 FYQ4 FYQ1 FYQ2 FYQ3 FYQ4 FYQ4 FYQ1 FYQ2 FYQ3 FYQ4 FYQ1 FYQ2 FYQ3 FYQ4' '13 '14 '14 '14 '14 '15 '15 '15 '15 '13 '14 '14 '14
Slide 11: Gross Margins
GROSS MARGINS 28.7% 29.0% 27.4% 27.0% 25.0% 23.0% 21.5% 20.9% 21.0% 19.6% 19.0% 17.0% 15.0% FYQ4 '14 FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 | 11 |
Slide 12: Operating Expenses
OPERATING EXPENSES 30.0% 25.0% 25.0% 2.6% 17.4% 20.0% 15.8% 16.1%* 16.7% G&A 12.2% 1.7% 1.5% 2.3% 2.3% 15.0% S&M 8.2% 7.7% 7.4% 7.6% R&D 10.0% 10.3% 5.0% 7.6% 6.5% 6.4% 6.8% 0.0% FYQ4 '14 FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 * 15.4% excluding IPO related expenses | 12 |
Slide 13: Net Income
NET INCOME GAAP Non-GAAP USD thousands USD thousands 14,000 14,000 12,000 12,000 10,000 10,000 8,000 8,000 6,000 6,000 4,000 4,000 2,000 2,000 - - -2,000 -2,000 -4,000 -4,000 FYQ4 '14 FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 FYQ4 '14 FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 | 13 |
Slide 14: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW USD in millions FYQ4 '15 FYQ3 '15 FYQ4 '14 Cash and investments 148.4 138.8 11.4 Inventory 74.0 64.5 25.5 Capital Expenditures* 3.5 5.1 0.7 Total Debt - - 20.2 Cash Flow From Operations 15.7 -13.0 -5.0 *FYQ4 ‘15 and FYQ3 ‘15 includes $0.7M and $3.5M related to leasehold imp
Slide 15: Fiscal First Quarter Outlook
FISCAL FIRST QUARTER OUTLOOK Revenues to be within the range of $108-112 million Gross margin to be within the range of 27-29% | 15 |
Slide 16: Appendix
solarze{e-" Appendix
Slide 17: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Gross Profit FYQ4 '15 FYQ3 '15 FYQ4 '14 Gross profit (GAAP) 28,271 23,701 8,724 Stock-based compensation 188 140 28 Gross profit (Non-GAAP) 28,459 23,841 8,752 Reconciliation of GAAP to Non-GAAP Gross Margin FYQ4 '15 FYQ3 '15 FYQ4
Slide 18: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Operating income (loss) FYQ4 '15 FYQ3 '15 FYQ4 '14 Operating income (loss) (GAAP) 11,873 9,799 (2,440) Stock-based compensation 1,204 970 291 Operating income (loss) (Non-GAAP) 13,077 10,769 (2,149) Reconciliation of GAAP to Non-G
Slide 19: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Net basic EPS FYQ4 '15 FYQ3 '15 FYQ4 '14 Net basic earnings (loss) per share (GAAP) 0.24 0.01 (1.08) Stock-based compensation 0.03 0.03 0.01 Warrants remeasurement 0.08 0.04 ---- Additional shares giving effect to IPO and conversi
Slide 20: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Net diluted EPS FYQ4 '15 FYQ3 '15 FYQ4 '14 Net diluted earnings (loss) per share (GAAP) 0.21 0.01 (1.08) Stock-based compensation 0.02 0.02 0.01 Warrants remeasurement 0.08 0.04 ---- Additional shares giving effect to IPO and conv
Slide 21: NASDAQ | SEDG
solarze{e-" NASDAQ | SEDG