Slide 1: Fiscal First Quarter 2016 Earnings summary
Fiscal First Quarter 2016 Earnings summary November 4, 2015 | 1 |
Slide 2: Safe Harbor: Use of Forward-Looking Statements
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 $$ 1,460K optimizers 54K inverters 356 Megawatts $115.1M revenues shipped shipped shipped | 3 |
Slide 4: Fiscal First Quarter Highlights
FISCAL FIRST QUARTER HIGHLIGHTS Financial highlights for quarter Record revenue of $115.1 million, up 16.9% QoQ; 71.8% YoY GAAP gross margin of 29.1% GAAP net income of $14.4 million Non-GAAP net income of $16.3 million Continued to generate cash flow from operations Business highlights for quarter
Slide 5: Noteworthy
NOTEWORTHY Financial and business parameters are within plan and above guidance Gross margins expected to continue to increase while ASP erosion for calendar 2015 is expected to be 7.5-10%, within plan Expecting growth in business in Europe in 2016, despite expected significant changes in the U.K. m
Slide 6: Financial Results
FINANCIAL RESULTS USD in millions* FYQ1 '16 FYQ4 '15 FYQ1 '15 Revenues 115.1 98.4 67.0 Gross margin 29.1% 28.7% 20.9% Operating expenses 18.7 16.4 11.7 Operating income 14.9 11.9 2.4 Net income 14.4 9.3 2.5 Net diluted earnings per share 0.32 0.21 0.00 *with the exception of gross margin and per sha
Slide 7: Non-GAAP Financial Results
NON-GAAP FINANCIAL RESULTS USD in millions* FYQ1 '16 FYQ4 '15 FYQ1 '15 Revenues 115.1 98.4 67.0 Gross margin 29.3% 28.9% 21.0% Operating expenses 17.0 15.4 11.4 Operating income 16.7 13.1 2.7 Net income 16.3 13.8 2.8 Net diluted Earnings Per Share 0.36 0.31 0.09 *with the exception of gross margin a
Slide 8: Revenue Growth
REVENUE GROWTH USD millions 120.0 71.8% 100.0 80.0 60.0 40.0 20.0 - FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 FYQ1 '16 | 8 |
Slide 9: Units Shipped
UNITS SHIPPED Optimizers shipped Inverter shipped K units Units 1,600 60,000 1,400 50,000 1,200 40,000 1,000 800 30,000 600 20,000 400 200 10,000 - - FYQ1 FYQ2 FYQ3 FYQ4 FYQ1 FYQ2 FYQ3 FYQ4 FYQ1 FYQ1 FYQ2 FYQ3 FYQ4 FYQ1 FYQ2 FYQ3 FYQ4' FYQ1' '14 '14 '14 '14 '15 '15 '15 '15 '16 '14 '14 '14 '14 '15 '1
Slide 10: Gross Margins
GROSS MARGINS 31.0% 29.1% 28.7% 29.0% 27.4% 27.0% 25.0% 23.0% 21.5% 20.9% 21.0% 19.0% 17.0% 15.0% FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 FYQ1 '16 | 10 |
Slide 11: Operating Expenses
OPERATING EXPENSES 20.0% 17.4% 16.7% 16.2%* 18.0% 15.8% 16.1% 1.7% 16.0% 1.5% 2.3% 2.3% 3.0% 14.0% 12.0% 8.2% G&A 7.7% 7.4% 7.6% 10.0% 7.2% S&M 8.0% R&D 6.0% 4.0% 7.6% 6.5% 6.4% 6.8% 6.1% 2.0% 0.0% FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 FYQ'1 16 * G&A expenses includes $600K, or 0.5% of revenues, of ac
Slide 12: Net Income
NET INCOME GAAP Non-GAAP USD thousands USD thousands 18,000 18,000 16,000 16,000 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 - - FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 FYQ1 '16 FYQ1 '15 FYQ2 '15 FYQ3 '15 FYQ4 '15 FYQ1 '16 | 12 |
Slide 13: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW USD in millions FYQ1 '16 FYQ4 '15 FYQ1 '15 Cash and investments 150.3 148.4 36.3 Inventory 79.9 74.0 29.7 Capital Expenditures* 3.3 3.5 1.0 Total Debt - - 25.0 Cash Flow From Operations 5.9 15.7 (0.3) * FYQ1 ‘16 and FYQ4 ‘15 includes $0.9M and $0.7M related to leasehold imp
Slide 14: Fiscal First Quarter Outlook
FISCAL FIRST QUARTER OUTLOOK Revenues to be within the range of $118.0 million to $121.0 million Gross margin to be within the range of 28.0% to 30.0%. | 14 |
Slide 15: Appendix
solarze{e-" Appendix
Slide 16: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Gross Profit FYQ1 '16 FYQ4 '15 FYQ1 '15 (1) Gross profit (GAAP) 33,527 28,271 14,030 Stock-based compensation 180 188 37 Gross profit (Non-GAAP) 33,707 28,459 14,067 Reconciliation of GAAP to Non-GAAP Gross Margin FYQ1 '16 FYQ4 '1
Slide 17: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Operating income (loss) FYQ1 '16 FYQ4 '15 FYQ1 '15 (1) Operating income (GAAP) 14,874 11,873 2,351 Stock-based compensation 1,832 1,204 320 Operating income (Non-GAAP) 16,706 13,077 2,671 Reconciliation of GAAP to Non-GAAP Finance
Slide 18: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Net basic EPS FYQ1 '16 FYQ4 '15 FYQ1 '15 (1) Net basic earnings (loss) per share (GAAP) 0.37 0.24 ---- Stock-based compensation 0.04 0.03 0.01 Warrants remeasurement ---- 0.08 ---- Additional shares giving effect to IPO and conver
Slide 19: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Net diluted EPS FYQ1 '16 FYQ4 '15 FYQ1 '15 (1) Net diluted earnings (loss) per share (GAAP) 0.32 0.21 ---- Stock-based compensation 0.04 0.02 ---- Warrants remeasurement ---- 0.08 ---- Additional shares giving effect to IPO and co
Slide 20: NASDAQ | SEDG
solarze{e-" NASDAQ | SEDG