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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