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SolarEdge Announces Fourth Quarter and Full Year 2021 Financial Results

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SolarEdge Technologies

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SolarEdge Technologies, Inc, a global leader in smart energy technology, announced its financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Highlights
• Record revenues of $551.9 million
• Record revenues from solar segment of $502.7 million
• GAAP gross margin of 29.1%
• Non-GAAP gross margin of 30.3%
• Gross margin from solar segment of 32.8%
• GAAP net income of $41.0 million
• Non-GAAP net income of $62.8 million
• GAAP net diluted earnings per share (“EPS”) of $0.74
• Non-GAAP net diluted EPS of $1.10
• 1.92 Gigawatts (AC) of inverters shipped

Full Year 2021 Highlights
• Record revenues of $1.96 billion, up 34.6% year over year from 2020
• Record revenues from solar segment of $1.79 billion
• GAAP gross margin of 32.0%
• Non-GAAP gross margin of 33.5%
• Gross margin from solar segment of 36.4%
• Record GAAP net income of $169.2 million
• Record Non-GAAP net income of $272.9 million
• Record GAAP net diluted earnings per share (“EPS”) of $3.06
• Record Non-GAAP net diluted EPS of $4.81
• 7.2 Gigawatts (AC) of inverters shipped

“We are ending 2021 with record revenues for the quarter and for the year,” said Zvi Lando, Chief Executive Officer of SolarEdge. “The global demand for solar energy across all segments and geographies is extremely strong and generating unprecedented demand for our products. In particular, we are excited about the strong momentum of the commercial market and the increasing rate of adoption of our innovative technology within this segment. Our focus is to ensure customers have the products they need to execute their projects and we are enabling this by ramping production in multiple sites and navigating supply chain and logistic challenges.”

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Fourth Quarter 2021 Summary

  1. The Company reported revenues of $551.9 million, up 5% from $526.4 million in the prior quarter and up 54% from $358.1 million in the same quarter last year.
  2. Revenues from the solar segment were $502.7 million, up 5% from $476.8 million in the prior quarter and up 54% from $327.1 million in the same quarter last year.
  3. GAAP gross margin was 29.1%, down from 32.8% in the prior quarter and down from 30.8% in the same quarter last year.
  4. Non-GAAP gross margin was 30.3%, down from 34.0% in the prior quarter and down from 32.5% in the same quarter last year.
  5. Gross margin from the solar segment was 32.8%, down from 36.6% in the prior quarter and down from 36.2% in the same quarter last year.
  6. GAAP operating expenses were $119.5 million, up 13% from $106.1 million in the prior quarter and up 25% from $95.9 million in the same quarter last year.
  7. Non-GAAP operating expenses were $94.1 million, up 12% from $83.8 million in the prior quarter and up 29% from $72.9 million in the same quarter last year.
  8. GAAP operating income was $41.0 million, down 38% from $66.4 million in the prior quarter and up 184% from $14.4 million in the same quarter last year.
  9. Non-GAAP operating income was $72.9 million, down 23% from $95.2 million in the prior quarter and up 68% from $43.5 million in the same quarter last year.
  10. GAAP net income was $41.0 million, down 23% from $53.0 million in the prior quarter and up 132% from $17.7 million in the same quarter last year.
  11. Non-GAAP net income was $62.8 million, down 24% from $82.1 million in the prior quarter and up 13% from $55.7 million in the same quarter last year.
  12. GAAP net diluted EPS was $0.74, down from $0.96 in the prior quarter and up from $0.33 in the same quarter last year.
  13. Non-GAAP net diluted EPS was $1.10, down from $1.45 in the prior quarter and up from $0.98 in the same quarter last year.
  14. Cash flow from operating activities was $89.6 million, up from $61.8 million in the prior quarter and up from $27.2 million in the same quarter last year.
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As of December 31, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $548.0 million, net of debt, compared to $524.1 million on September 30, 2021.

Full Year 2021 Summary

  1. Total revenues of $1.96 billion, up 34.6% from $1.46 billion in the prior year.
  2. GAAP gross margin was 32.0%, up from 31.6% in the prior year.
  3. Non-GAAP gross margin was 33.5%, up from 33.0% in the prior year.
  4. GAAP operating income was $207.1 million, up 45% from $142.6 million in the prior year.
  5. Non-GAAP operating income was $321.4 million, up 47% from $218.8 million in the prior year.
  6. GAAP net income was $169.2 million, up 21% from $140.3 million in the prior year.
  7. Non-GAAP net income was $272.9 million, up 22% from $224.4 million in the prior year.
  8. GAAP net diluted EPS was $3.06, up from $2.66 in the prior year.
  9. Non-GAAP net diluted EPS was $4.81, up from $4.11 in the prior year.
  10. Cash flow from operating activities of $214.1 million, down from $222.7 million in the prior year.
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Outlook for the First Quarter 2022

The Company also provides guidance for the fourth quarter ending March 31, 2022 as follows:

  1. Revenues to be within the range of $615 million to $645 million
  2. Non-GAAP gross margin expected to be within the range of 28% to 30%
  3. Revenues from solar segment to be within the range of $575 million to $595 million
  4. Gross margin from solar segment expected to be within the range of 30% to 32%

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