Solaredge Technologies, Inc. · NASDAQ:SEDG
Solaredge Technologies — Q4 FY2016 Earnings Presentation
23 slides from Solaredge Technologies's earnings presentation, Aug 9, 2016
Slide 1: Fiscal Fourth Quarter 2016 Earnings summary
Fiscal Fourth Quarter 2016 Earnings summary August 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 possible or assumed future results
Slide 3: Key Operating Metrics
KEY OPERATING METRICS $$$ 1,487K optimizers 58K inverters 427 Megawatts $124.8M revenues shipped shipped shipped | 3 |
Slide 4: Fiscal Fourth Quarter Highlights
FISCAL FOURTH QUARTER HIGHLIGHTS Financial highlights for quarter Revenue of $124.8 million, up 26.8% YoY GAAP gross margin of 31.4% GAAP net income of $17.3 million Non-GAAP net income of $19.9 million Continue to increase generation of cash flow from operations Business highlights for quarter Cale
Slide 5: Fiscal Year 2016 Highlights
FISCAL YEAR 2016 HIGHLIGHTS Financial highlights for FY 2016 Revenue of $489.8 million, up 51% YoY GAAP gross margin of 31.0%, 5.8% higher than FY ‘15 GAAP net income of $76.6 million, up 263% YoY Non-GAAP net income of $79.3 million, up 270% YoY Annual cash flow from operations $52.4M Business high
Slide 6: Noteworthy
NOTEWORTHY Slowdown in U.S. residential market impacted quarterly revenues Growth in sales in all other regions ASP per watt erosion within plan despite price pressure HD-Wave technology inverter shipments ramping up as planned Introduction and first shipments of home energy management portfolio of
Slide 7: Financial Results
FINANCIAL RESULTS *USD in millions FYQ4 '16 FYQ3 '16 FYQ4 '15 Revenues 124.8 125.2 98.4 Gross margin 31.4% 32.5% 28.7% Operating expenses 21.2 21.0 16.4 Operating income 17.9 19.7 11.9 Net income 17.3 20.8 9.3 Net diluted earnings per share 0.39 *with the exception of gross margin and per share data
Slide 8: Non-GAAP Financial Results
NON-GAAP FINANCIAL RESULTS *USD in millions FYQ4 '16 FYQ3 '16 FYQ4 '15 Revenues 124.8 125.2 98.4 Gross margin 31.6% 32.7% 28.9% Operating expenses 19.1 18.6 15.4 Operating income 20.3 22.4 13.1 Net income 19.9 23.3 13.8 Net diluted earnings per share 0.44 0.51 0.31 *with the exception of gross margi
Slide 9: Revenue Growth
REVENUE GROWTH USD millions 26.8% 140.0 120.0 100.0 80.0 60.0 40.0 20.0 - FYQ4 '15 FYQ1 '16 FYQ2 '16 FYQ3 '16 FYQ4 '16 | 9 |
Slide 10: Units Shipped
UNITS SHIPPED Optimizers shipped Inverters shipped K units 1,600 K units 60,000 1,400 1,200 50,000 1,000 40,000 800 30,000 600 20,000 400 200 10,000 0 0 | 10 |
Slide 11: Gross Margin
GROSS MARGIN 35.0% 32.5% 33.0% 30.9% 31.4% 31.0% 28.7% 29.1% 29.0% 27.0% 25.0% 23.0% 21.0% 19.0% 17.0% 15.0% FYQ4 '15 FYQ1 '16 FYQ2 '16 FYQ3 '16 FYQ4 '16 | 11 |
Slide 12: Operating Expenses
OPERATING EXPENSES 16.7% 16.8% 17.0% 20.0% 16.2%* 15.5% 18.0% 16.0% 2.3% 2.8% 2.5% 3.0% 1.8% 14.0% 12.0% 7.2% G&A 7.6% 7.1% 7.0% 10.0% 7.2% S&M 8.0% R&D 6.0% 4.0% 6.8% 6.6% 7.0% 7.4% 6.1% 2.0% 0.0% FYQ'4 15 FYQ'1 16 FYQ'2 16 FYQ'3 16 FYQ'4 16 * G&A expenses include $600K, or 0.5% of revenues, of acc
Slide 13: GAAP Net Income
GAAP NET INCOME USD thousands 24,105 25,000 20,799 20,000 17,273 14,432 15,000 9,261 10,000 5,000 - FYQ'4 15 FYQ'1 16 FYQ'2 16 FYQ'3 16 FYQ'4 16 | 13 |
Slide 14: Non GAAP Net Income
NON GAAP NET INCOME USD thousands 23,330 25,000 19,804 19,921 20,000 16,264 13,750 15,000 10,000 5,000 - FYQ'4 15 FYQ'1 16 FYQ'2 16 FYQ'3 16 FYQ'4 16 | 14 |
Slide 15: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW USD in millions FYQ4 '16 FYQ3 '16 FYQ4 '15 Cash and investments 186.6 172.2 148.4 Inventory 81.6 85.5 74.0 Capital Expenditures 3.1 5.9 3.5 Total Debt - - - Cash Flow From Operations 17.3 15.3 15.7 | 15 |
Slide 16: Fiscal First Quarter Outlook
FISCAL FIRST QUARTER OUTLOOK Revenues expected to be within the range of $130 million to $139 million Gross margin expected to be within the range of 30% to 32% | 16 |
Slide 17: Appendix
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Slide 18: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Gross Profit Three months ended 12 months ended (1) June 30, 2016 Mar 31, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Gross profit (GAAP) 39,113 40,734 28,271 151,956 81,783 Stock-based compensation 310 246 188 945 442 Gross pr
Slide 19: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Operating expenses Three months ended 12 months ended June 30, 2016 Mar 31, 2016 June 30, 2015 June 30, 2016 June 30, 2015(1) Operating expenses (GAAP) 21,229 20,995 16,398 80,197 53,526 Stock-based compensation R&D 747 724 184 2,
Slide 20: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Finance expenses Three months ended 12 months ended June 30, 2016 Mar 31, 2016 June 30, 2015 June 30, 2016 June 30, 2015(1) Finance expenses (Income) (GAAP) 527 (2,029) 1,699 (471) 5,077 Warrants remeasurement ---- ---- 3,285 ----
Slide 21: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Net basic EPS Three months ended 12 months ended June 30, 2016 Mar 31, 2016 June 30, 2015 June 30, 2016 June 30, 2015(1) Net basic earnings per share (GAAP) 0.42 0.52 0.24 1.92 0.30 Stock-based compensation 0.06 0.06 0.03 0.22 0.0
Slide 22: Reconciliation of GAAP to Non-GAAP
RECONCILIATION OF GAAP TO NON-GAAP Reconciliation of GAAP to Non-GAAP Net diluted EPS Three months ended 12 months ended June 30, 2016 Mar 31, 2016 June 30, 2015 June 30, 2016 June 30, 2015(1) Net diluted earnings per share (GAAP) 0.39 0.47 0.21 1.73 0.27 Stock-based compensation 0.04 0.04 0.02 0.16
Slide 23: NASDAQ | SEDG
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