15. Feb 2018

SolarEdge: Announces Fourth Quarter and Full Year 2017 Financial Results - 2.5 GW of inverters shipped

(PM) “We ended the fourth quarter and full year of 2017 with record results in our key financial and operational metrics,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We grew our revenues in each of the geographies in which we operate and overcame a challenging year in terms of industry-wide component availability and growing our manufacturing capacity to support the growing demand for our products.  We expanded our gross margin by keeping our ASP stable, continuing our cost reduction initiatives and increased profitability and cash flow generation while maintaining and even increasing our investments in R&D and customer support and growing our geographic footprint.”


SolarEdge Technologies, a global leader in PV inverters, power optimizers, and module-level monitoring services, today announced its financial results for the fourth quarter and year ended December 31, 2017.

Fourth Quarter 2017 Highlights 

  • Total revenues of $189.3 million
  • GAAP gross margin of 37.5%
  • GAAP net diluted EPS of $0.42
  • Non-GAAP net diluted EPS of $0.85
  • 766 Megawatts (AC) of inverters shipped

Full Year 2017 Highlights

  • Total revenues of $607.0 million
  • GAAP gross margin of 35.4%
  • GAAP net diluted EPS of $1.85
  • Non-GAAP net diluted EPS of $2.43
  • 2.5 Gigawatts (AC) of inverters shipped

Fourth Quarter 2017 Summary
The Company reported record revenues of $189.3 million, up 14% from the prior quarter and up 70% year over year.

GAAP gross margin reached 37.5%, up from 34.9% in the prior quarter and up from 35.0% year over year.

GAAP operating expenses were $36.4 million, up 11% from the prior quarter and an increase of 52% year over year.

GAAP operating income was $34.6 million, up 36% from $25.4 million in the prior quarter and up 128% year over year.

GAAP net income was $19.5 million (including one-time transition tax of $18.7 million related to mandatory deemed repatriation of foreign earnings), down 30% from $28.0 million in the prior quarter and up from $9.8 million year over year.

Non-GAAP net income was $41.2 million, up 31% from $31.5 million in the prior quarter and up from $14.7 million year over year.

GAAP net diluted earnings per share (“EPS”) was $0.42, down from $0.61 in the prior quarter and up from $0.22 year over year.

Non-GAAP net diluted EPS was $0.85, up from $0.66 in the prior quarter and up from $0.32 year over year.

Cash flow from operating activities was $45.8 million, up from $33.6 million in the prior quarter and up from $24.7 million year over year.

As of December 31, 2017, cash, cash equivalents, restricted cash and marketable securities totaled $345.1 million, compared to $304.7 million on September 30, 2017.

Full Year 2017 Summary 

Total revenues of $607.0 million, up 24% from the prior year.

GAAP gross margin reached 35.4%, up from 32.8% in the prior year.

GAAP operating income was $91.1 million, up 28% from $71.0 million the prior year.

GAAP net income was $84.2 million, up 33% from $63.5 million in the prior year.

Non-GAAP net income was $115.0 million, up 46% from $78.9 million in the prior year.

GAAP net diluted earnings per share (“EPS”) was $1.85, up from $1.44 in the prior year.

Non-GAAP net diluted EPS was $2.43, up from $1.72 in the prior year.

Cash flow from operating activities of $136.7 million, up from $82.5 million in the prior year.

Outlook for the First Quarter 2018
The Company also provides guidance for the first quarter ending March 31, 2018 as follows:

  • Revenues to be within the range of $200 million to $210 million;
  • Gross margins expected to remain flat within the range of 36% to 38%

  Text: SolarEdge

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