Slide 1: Fiscal Third Quarter 2016 Earnings Summary
Fiscal Third Quarter 2016 Earnings summary May 9, 2016 | 1 |
Slide 2: Use of Forward-Looking Statements
Use of Forward-Looking Statements SAFE HARBOR 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 revenue and gross margin outlook,
Slide 3: Key Operating Metrics
KEY OPERATING METRICS $$ 1,417K optimizers 52.3K inverters 416 Megawatts $125.2M revenues shipped shipped shipped | 3 |
Slide 4: Fiscal Third Quarter Highlights
FISCAL THIRD QUARTER HIGHLIGHTS Financial highlights for quarter Record revenue of $125.2 million, up 0.3% QoQ; 44.9% YoY GAAP gross margin of 32.5% GAAP net income of $20.8 million Non-GAAP net income of $23.3 million Continued to generate cash flow from operations Business highlights for quarter S
Slide 5: Noteworthy
NOTEWORTHY Gross margin is higher than anticipated Continue to increase market share in U.S. and Europe, while general slowdown of U.S. PV market is noticeable Continued growth of commercial sales Healthy demand for StorEdge solutions Product cost reduction continues HD Wave mass production is begin
Slide 6: Financial Results
FINANCIAL RESULTS *USD in millions FYQ3 '16 FYQ2 '16 FYQ3 '15 Revenues 125.2 124.8 86.4 Gross margin 32.5% 30.9% 27.4% Operating expenses 21.0 19.3 13.9 Operating income 19.7 19.3 9.8 Net income* 20.8 24.1 6.0 Net diluted earnings per share 0.47 0.55 0.01 *with the exception of gross margin and per
Slide 7: Non-GAAP Financial Results
NON-GAAP FINANCIAL RESULTS *USD in millions FYQ3 '16 FYQ2 '16 FYQ3 '15 Revenues 125.2 124.8 86.4 Gross margin 32.7% 31.1% 27.6% Operating expenses 18.6 17.3 13.1 Operating income 22.4 21.5 10.8 Net income 23.3 19.8 8.7 Net diluted earnings per share 0.51 0.44 0.24 *with the exception of gross margin
Slide 8: Revenue Growth
REVENUE GROWTH USD millions 140.0 44.9% 120.0 100.0 80.0 60.0 40.0 20.0 FYQ3'15 FYQ4'15 FYQ1'16 FYQ2'16 FYQ3'16 18] solar
Slide 9: Units Shipped
UNITS SHIPPED Optimizers shipped Inverters shipped K units Units 1,600 60,000 1,400 1,200 50,000 1,000 40,000 800 30,000 600 20,000 400 10,000 200 0 0 | 9 |
Slide 10: Gross Margin
| 10 | 35.0% 33.0% 31.0% 29.0% 27.0% 25.0% 23.0% 21.0% 19.0% 17.0% 15.0% GROSS MARGIN 32.5% 30.9% 28.7% 29.1% | | | FYQ3'15 FYQ4'15 FYQ1'16 FYQ2'16 FYQ3'16 solar
Slide 11: Operating Expenses
OPERATING EXPENSES 16.7% 16.8% 16.1% 15.5% * G&A expenses include $600K, or 0.5% of revenues, of accrual for doubtful account | 11 |
Slide 12: GAAP Net Income
GAAP NET INCOME USD thousands *FYQ2’ 16 included $6.6M tax asset | 12 |
Slide 13: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW USD in millions FYQ3 '16 FYQ2 '16 FYQ3 '15 Cash and investments 172.2 162.0 138.8 Inventory 85.5 87.4 64.5 Capital Expenditures 5.7 2.3 5.1 Total Debt - - - Cash Flow From Operations 15.3 13.1 13.0 | 13 |
Slide 14: Fiscal Fourth Quarter Outlook
FISCAL FOURTH QUARTER OUTLOOK Revenues expected to be within the range of $125 million to $134 million Gross margin expected to be within the range of 29.0% to 31.0% | 14 |
Slide 15: Appendix
solar ze{e(-" Appendix
Slide 16: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Gross Profit Three months ended Nine months ended Mar 31, 2016 Dec 31, 2015 Mar 31, 2015 (1) Mar 31, 2016 Mar 31, 2015 (1) Gross profit (GAAP) 40,734 38,582 23,701 112,843 53,512 Stock-based compensation 246 209 142 635 254 Gross
Slide 17: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Operating income Three months ended Nine months ended Mar 31, 2016 Dec 31, 2015 Mar 31, 2015 (1) Mar 31, 2016 Mar 31, 2015 (1) Operating income (GAAP) 19,739 19,262 9,799 53,875 16,384 Stock-based compensation 2,631 2,226 972 6,68
Slide 18: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Net income Three months ended Nine months ended Mar 31, 2016 Dec 31, 2015 Mar 31, 2015 (1) Mar 31, 2016 Mar 31, 2015 (1) Net income (GAAP) 20,799 24,105 5,965 59,336 11,860 Stock-based compensation 2,631 2,226 972 6,689 1,752 Warr
Slide 19: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP No. of shares used in net basic EPS Three months ended Nine months ended Mar 31, 2016 Dec 31, 2015 Mar 31, 2015 (1) Mar 31, 2016 Mar 31, 2015 (1) Number of shares used in computing net basic earnings per share (GAAP) 40,362,093 39
Slide 20: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS Three months ended Nine months ended Mar 31, 2016 Dec 31, 2015 Mar 31, 2015 (1) Mar 31, 2016 Mar 31, 2015 (1) Number of shares used in computing net diluted earnings per share (GAAP) 44,577,90
Slide 21: NASDAQ | SEDG
solar ze{e(-" NASDAQ | SEDG