10-Q 1 zk2431757.htm 10-Q SOLAREDGE TECHNOLOGIES, INC. - 1419612 - 2024
Inventory write-down is included under Inventories, net on the balance sheet. Represents an amount less than $1. http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetshttp://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsIn conjunction with the issuance of the Notes 2029 in June 2024, the Company used approximately $25.2 million of the net proceeds from this offering to pay the cost of the capped call transactions. In accordance with FASB ASC 260, antidilutive contracts, such as purchased put options and purchased call options are excluded from the computation of diluted net income (loss) per share. Accordingly, any potential impact resulting from capped call transaction is excluded from our computation of diluted net income (loss) per share. Vendor non-trade receivables derived from the sale of components to manufacturing vendors who manufacture products, components and other testing equipment for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in its revenues. Loan receivables are loans to third parties. The loan repayments are expected on a monthly or annual basis as per the contractual terms of each loan agreement. The loan is measured at its amortized cost and is subjected to the Company's credit risk policy. The loans bear interest that represent market interest rate. As of June 30, 2024, the Company's provision for credit loss was $11,578 which was recorded under Financial income (expense), net. The amortized cost of the loan receivable approximates its fair value as of June 30, 2024. As of June 30, 2024 and December 31, 2023 the balance includes a loan granted to the Company’s customer at the amount of $80,000 and 43,000, respectively. 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UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
 
 ☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2024
 
OR
 
 
 ☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from _________ to __________
 
Commission File Number: 001-36894
 
 
SOLAREDGE TECHNOLOGIES, INC.
 
(Exact name of registrant as specified in its charter)
 
Delaware
 
20-5338862
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
 
 
1 HaMada Street
Herziliya Pituach, 4673335, Israel
(Address of Principal Executive Offices, zip code)
 
972 (9) 957-6620
 
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.0001 per share
SEDG
NASDAQ (Global Select Market)
 
Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
 
Yes ☒     No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Yes ☒     No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller Reporting Company
 ☐
   
Emerging growth company
 ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes ☐     No ☒
 
As of August 1, 2024, there were 57,299,404 shares of the registrant’s common stock, par value of $0.0001 per share, outstanding.
 
 
PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
(in thousands, except per share data)
 
   
June 30,
2024
    
December 31,
2023
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
259,498
    
$
338,468
  
Marketable securities
    
430,333
      
521,570
  
Trade receivables, net of allowances of $27,626 and $16,400, respectively
    
295,590
      
622,425
  
Inventories, net
    
1,505,101
      
1,443,449
  
Prepaid expenses and other current assets
    
402,673
      
378,394
  
Total current assets
    
2,893,195
      
3,304,306
  
LONG-TERM ASSETS:
                
   Marketable securities
    
120,260
      
407,825
  
   Deferred tax assets, net
    
131,748
      
80,912
  
   Property, plant and equipment, net
    
595,623
      
614,579
  
   Operating lease right-of-use assets, net
    
53,510
      
64,167
  
   Intangible assets, net
    
36,790
      
35,345
  
   Goodwill
    
52,042
      
42,996
  
   Other long-term assets
    
65,046
      
37,601
  
Total long-term assets
    
1,055,019
      
1,283,425
  
Total assets
  
$
3,948,214
    
$
4,587,731
  
 
F - 1
SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Cont.)
 
(in thousands, except per share data)
 
   
June 30,
2024
    
December 31,
2023
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
            
CURRENT LIABILITIES:
            
Trade payables, net
  
$
134,421
    
$
386,471
  
Employees and payroll accruals
    
67,810
      
76,966
  
Warranty obligations
    
169,214
      
183,047
  
Deferred revenues and customers advances
    
28,457
      
40,836
  
Accrued expenses and other current liabilities
    
166,922
      
205,911
  
Total current liabilities
    
566,824
      
893,231
  
LONG-TERM LIABILITIES:
                
Convertible senior notes, net
    
638,703
      
627,381
  
Warranty obligations
    
321,618
      
335,197
  
Deferred revenues
    
222,557
      
214,607
  
Finance lease liabilities
    
39,244
      
41,892
  
Operating lease liabilities
    
36,838
      
45,070
  
Other long-term liabilities
    
16,241
      
18,444
  
Total long-term liabilities
    
1,275,201
      
1,282,591
  

COMMITMENTS AND CONTINGENT LIABILITIES

     -       -  
STOCKHOLDERS’ EQUITY:
                
Common stock of $0.0001 par value - Authorized: 125,000,000 shares; issued: 57,705,386 shares at June 30, 2024 and 57,123,437 shares at December 31, 2023; outstanding: 56,952,022 shares at June 30, 2024 and 57,123,437 shares at December 31, 2023.
    
6
      
6
  
Additional paid-in capital
    
1,744,411
      
1,680,622
  
Treasury stock, at cost; 753,364 shares held
    
(50,315
)
    
-
  
Accumulated other comprehensive loss
    
(77,950
)
    
(46,885
)
Retained earnings
    
490,037
      
778,166
  
Total stockholders’ equity
    
2,106,189
      
2,411,909
  
Total liabilities and stockholders’ equity
  
$
3,948,214
    
$
4,587,731
  
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F - 2
SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)
 
(in thousands, except per share data)
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2024
    
2023
    
2024
    
2023
  
Revenues
  
$
265,405
    
$
991,290
    
$
469,804
    
$
1,935,179
  
Cost of revenues
    
276,374
      
673,985
      
506,960
      
1,317,748
  
Gross profit (loss)
    
(10,969
)
    
317,305
      
(37,156
)
    
617,431
  
Operating expenses:
                                
Research and development
    
69,276
      
86,526
      
144,627
      
166,399
  
Sales and marketing
    
39,978
      
44,222
      
78,889
      
85,188
  
General and administrative
    
39,008
      
36,199
      
69,873
      
72,766
  
Other operating expense (income), net
    
951
      
-
      
3,342
      
(1,434
)
Total operating expenses
    
149,213
      
166,947
      
296,731
      
322,919
  
Operating income (loss)
    
(160,182
)
    
150,358
      
(333,887
)
    
294,512
  
Financial income (expense), net
    
(865
)
    
3,384
      
(7,929
)
    
27,058
  
Other income (loss), net
    
18,551
      
-
      
18,551
      
(125
)
Income (loss) before income taxes
    
(142,496
)
    
153,742
      
(323,265
)
    
321,445
  
Tax benefits (income taxes)
    
12,245
      
(34,232
)
    
35,999
      
(63,557
)
Net loss from equity method investments
    
(567
)
    
-
      
(863
)
    
-
  
Net income (loss)
  
$
(130,818
)
  
$
119,510
    
$
(288,129
)
  
$
257,888
  
Net basic earnings (loss) per share of common stock
  
$
(2.31
)
  
$
2.12
    
$
(5.06
)
  
$
4.58
  
Net diluted earnings (loss) per share of common stock
  
$
(2.31
)
  
$
2.03
    
$
(5.06
)
  
$
4.38
  
Weighted average number of shares used in computing net basic earnings (loss) per share of common stock
    
56,687,006
      
56,415,636
      
56,913,569
      
56,316,116
  
Weighted average number of shares used in computing net diluted earnings (loss) per share of common stock
    
56,687,006
      
59,183,666
      
56,913,569
      
59,189,302
  
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F - 3
SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
 
(in thousands, except per share data)
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2024
    
2023
    
2024
    
2023
  
Net income (loss)
  
$
(130,818
)
  
$
119,510
    
$
(288,129
)
  
$
257,888
  
Other comprehensive income (loss), net of tax:
                                
Available-for-sale marketable securities
    
4
      
661
      
1,495
      
6,838
  
Cash flow hedges
    
(1,168
)
    
316
      
(3,533
)
    
(15
)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature
    
(7,581
)
    
(1,935
)
    
(20,963
)
    
(12,735
)
Foreign currency translation adjustments
    
(2,594
)
    
730
      
(8,064
)
    
1,589
  
Total other comprehensive loss
    
(11,339
)
    
(228
)
    
(31,065
)
    
(4,323
)
Comprehensive income (loss)
  
$
(142,157
)
  
$
119,282
    
$
(319,194
)
  
$
253,565
  
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F - 4
SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
 
(in thousands, except per share data)
 
   
 
    
 
    
Additional
paid in
Capital
    
Treasury stock
    
Accumulated
other comprehensive
loss
    
Retained
earnings
    
Total
  
Common stock
Number
     Amount
Balance as of January 1, 2024
    
57,123,437
    
$
6
    
$
1,680,622
    
$
-
    
$
(46,885
)
  
$
778,166
    
$
2,411,909
  
Issuance of common stock upon exercise of stock-based awards
    
175,254
      
*-
      
13
      
-
      
-
      
-
      
13
  
Stock based compensation
    
-
      
-
      
38,888
      
-
      
-
      
-
      
38,888
  
Repurchase of common stock
    
(505,896
)
    
*-
      
-
      
(33,222
)
    
-
      
-
      
(33,222
)
Other comprehensive loss adjustments
    
-
      
-
      
-
      
-
      
(19,726
)
    
-
      
(19,726
)
Net loss
    
-
      
-
      
-
      
-
      
-
      
(157,311
)
    
(157,311
)
Balance as of March 31, 2024
    
56,792,795
    
$
6
    
$
1,719,523
    
$
(33,222
)
  
$
(66,611
)
  
$
620,855
    
$
2,240,551
  
Issuance of common stock upon exercise of stock-based awards
    
161,549
      
*-
      
13
      
-
      
-
      
-
      
13
  
Issuance of common stock under employee stock purchase plan
    
245,146
      
*-
      
10,208
      
-
      
-
      
-
      
10,208
  
Stock based compensation
    
-
      
-
      
39,897
      
-
      
-
      
-
      
39,897
  
Repurchase of common stock
    
(247,468
)
    
*-
      
-
      
(17,093
)
    
-
      
-
      
(17,093
)
Capped call transactions related to notes 2029
    
-
      
-
      
(25,230
)
    
-
      
-
      
-
      
(25,230
)
Other comprehensive loss adjustments
    
-
      
-
      
-
      
-
      
(11,339
)
    
-
      
(11,339
)
Net loss
    
-
      
-
      
-
      
-
      
-
      
(130,818
)
    
(130,818
)
Balance as of June 30, 2024
    
56,952,022
    
$
6
    
$
1,744,411
    
$
(50,315
)
  
$
(77,950
)
  
$
490,037
    
$
2,106,189
  

 

F - 5

SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
 
(in thousands, except per share data)

 

   
 
    
 
    
Additional paid in
Capital
    
Accumulated
other comprehensive
loss
    
Retained earnings
    
Total
  
Common stock
Number     Amount
Balance as of January 1, 2023
    
56,133,404
    
$
6
    
$
1,505,632
    
$
(73,109
)
  
$
743,837
    
$
2,176,366
  
Issuance of common stock upon exercise of stock-based awards
    
209,760
      
*-
      
75
      
-
      
-
      
75
  
Stock based compensation
    
-
      
-
      
40,070
      
-
      
-
      
40,070
  
Other comprehensive loss adjustments
    
-
      
-
      
-
      
(4,095
)
    
-
      
(4,095
)
Net income
    
-
      
-
      
-
      
-
      
138,378
      
138,378
  
Balance as of March 31, 2023
    
56,343,164
    
$
6
    
$
1,545,777
    
$
(77,204
)
  
$
882,215
    
$
2,350,794
  
Issuance of common stock upon exercise of stock-based awards
    
171,682
      
*-
      
89
      
-
      
-
      
89
  
Issuance of common stock under employee stock purchase plan
    
41,494
      
*-
      
10,046
      
-
      
-
      
10,046
  
Stock based compensation
    
-
      
-
      
39,978
      
-
      
-
      
39,978
  
Other comprehensive loss adjustments
    
-
      
-
      
-
      
(228
)
    
-
      
(228
)
Net income
    
-
      
-
      
-
      
-
      
119,510
      
119,510
  
Balance as of June 30, 2023
    
56,556,340
    
$
6
    
$
1,595,890
    
$
(77,432
)
  
$
1,001,725
    
$
2,520,189
  
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F - 6
SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
(in thousands, except per share data)
 
   
Six Months Ended
June 30,
  
   
2024
    
2023
  
Cash flows from operating activities:
            
Net income (loss)
  
$
(288,129
)
  
$
257,888
  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                
Depreciation and amortization
    
30,430
      
26,725
  
Stock-based compensation expenses
    
76,177
      
78,200
  
Deferred income taxes, net
    
(50,843
)
    
(7,636
)
Gain from repurchasing of convertible notes
    
(15,455
)
    
-
  
Loss (gain) from exchange rate fluctuations
    
10,499
      
(23,214
)
Other items
    
3,340
      
4,783
  
Changes in assets and liabilities:
                
Trade receivables, net
    
317,574
      
(235,086
)
Inventories, net
    
(58,764
)
    
(246,193
)
Prepaid expenses and other assets
    
2,486
      
(33,285
)
Right-of-use assets
    
11,392
      
8,004
  
Trade payables, net
    
(245,612
)
    
(22,304
)
Warranty obligations
    
(27,178
)
    
103,524
  
Deferred revenues and customers advances
    
(4,028
)
    
17,222
  
Operating lease liabilities
    
(11,042
)
    
(7,928
)
Accrued expenses and other liabilities, net
    
(12,638
)
    
(1,488
)
Net cash used in operating activities
    
(261,791
)
    
(80,788
)
Cash flows from investing activities:
                
Investment in available-for-sale marketable securities
    
(155,334
)
    
(124,138
)
Proceeds from maturities of available-for-sale marketable securities
    
480,727
      
84,006
  
Proceeds from sales of available-for-sale marketable securities
    
51,918
      
2,807
  
Purchase of property, plant and equipment
    
(48,535
)
    
(84,075
)
Business combinations, net of cash acquired
    
(11,662
)
    
(16,653
)
Purchase of intangible assets
    
(10,000
)
    
(10,000
)
Disbursements for loans receivables
    
(37,500
)
    
-
  
Investment in privately-held companies
    
(25,650
)
    
(6,750
)
Other investing activities
    
(740
)
    
10,349
  
Net cash provided by (used in) investing activities
  
$
243,224
    
$
(144,454
)
 
F - 7
SOLAREDGE TECHNOLOGIES INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
(in thousands, except per share data)
 
   
Six Months Ended
June 30,
  
   
2024
    
2023
  
Cash flows from financing activities:
            
Repurchase of common stock
  
$
(50,015
)
  
$
-
  
Partial repurchase of Notes 2025
    
(267,900
)
    
-
  
Proceeds from issuance of Notes 2029, net of issuance costs
    
293,625
      
-
  
Capped call transactions related to Notes 2029
    
(25,230
)
    
-
  
Tax withholding in connection with stock-based awards, net
    
75
      
(8,811
)
Other financing activities
    
(1,239
)
    
(1,330
)
Net cash used in financing activities
    
(50,684
)
    
(10,141
)
                 
Effect of exchange rate differences on cash and cash equivalents
    
(9,719
)
    
10,015
  
                 
Decrease in cash and cash equivalents
    
(78,970
)
    
(225,368
)
Cash and cash equivalents at the beginning of the period
    
338,468
      
783,112
  
Cash and cash equivalents at the end of the period
  
$
259,498
    
$
557,744
  
                 
Supplemental disclosure of non-cash activities:
                
Purchase of intangible assets and business combinations
  
$
-
    
$
11,245
  
Right-of-use asset recognized with a corresponding lease liability
  
$
1,505
    
$
12,063
  
Purchase of property, plant and equipment
  
$
5,968
    
$
16,300
  
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F - 8

SOLAREDGE TECHNOLOGIES INC.
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 
(in thousands, except per share data)

 

NOTE 1:       GENERAL
 
  a.
SolarEdge Technologies Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company’s products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current ("DC") from the PV module to alternating current ("AC") including the Company’s future ready Energy Hub inverter which supports, among other things, connection to a DC-coupled battery for full or partial home backup capabilities, and optional connection to the Company's smart EV charger, (iii) a remote cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters to enable customers and system owners, to monitor and manage the solar PV system (iv) batteries for PV applications that are used to increase energy independence and maximize self-consumption for PV system's owners including a battery and (v) additional smart energy management solutions.
 
The Company and its subsidiaries sell products worldwide through large distributors, electrical equipment wholesalers, as well as directly to large solar installers and engineering, procurement, and construction firms.
 
  b.
The Company has expanded its activity to other areas of smart energy technology organically and through acquisitions. The Company offers a variety of energy solutions, which include lithium-ion cells, batteries, and energy storage systems (“Energy Storage”), automated machines for industrial use (“Automation Machines”), as well as cloud-based energy management solutions.
 
  c.
Basis of Presentation:
 
The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year.
 
The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2023, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2024, have been applied consistently in these unaudited interim condensed consolidated financial statements. Certain prior year amounts have been reclassified to conform to current year presentation.
 
  d.
Use of estimates:
 
The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.

 

  e.
In accordance with ASC 360-10, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. During the second quarter of 2024, and close to the issuance date of the convertible Notes 2029, although the Company's share price deteriorated and albeit the slowdown in the Company's operations, the Company determined that no impairment was recorded. In addition to other events and circumstances, the Company believes that it is reasonably possible to estimate that the undiscounted cash flows may change in the near term and could result in the impairment of those long-lived assets to fair value. The Company's estimate of cash flows may change in the near future because of the losses incurred by the group's assets related to the Solar and Energy Storage segments due to high inventory levels in the channels which leads to slower than expected sales.
 
  f.
Concentrations of supply risks:
 
The Company depends on two contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields, and costs.
 
As of June 30, 2024 one of our contract manufacturer accounts for 12.9% of the Company’s total trade payables, net.
 
As of December 31, 2023, two contract manufacturers collectively accounted for 58.5% of the Company’s total trade payables, net.
 
The Company's own manufacturing facility, Sella 1, located in the North of Israel, is primarily used in the Company's Solar segment operations. Additionally, Sella 2, a Company owned manufacturing facility in South Korea, together with a smaller Company owned facility, are used for the Energy Storage segment.

 

F - 9

SOLAREDGE TECHNOLOGIES INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

(in thousands, except per share data)

 

  g.
New accounting standards updates:
 
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Additional segment reporting information required by ASU 2023-07 includes: disclosing the title and position of the individual or the name of the group or committee identified as the CODM, provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually, and additional disclosures regarding significant segment expenses. ASU 2023-07 is effective for fiscal periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-07.
 
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional categories of information about federal, state and foreign income taxes to be included in effective tax rate reconciliation disclosure. Additionally, the newly added categories also apply to the income taxes paid disclosure. Implementation of said additions are subject to quantitative thresholds. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-09.

 

F - 10

SOLAREDGE TECHNOLOGIES INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

(in thousands, except per share data)

 

NOTE 2:       BUSINESS COMBINATIONS
 
In January 2023, the Company completed an investment of $5,500 in the common stock of Weev Energy B.F. Ltd., ("Wevo"), an Israel-based software startup, specializing in EV charging optimization and management for sites with large quantities of EV chargers, which represented 34.8% of Wevo's outstanding shares. Wevo's solution will also be part of the SolarEdge ONE energy optimization system for the Commercial and Industrial ("C&I") segment, designed to offer SolarEdge customers a single energy optimization solution that orchestrates and integrates between on-site solar generation, battery storage and large-scale EV charging.
 
On April 1, 2024, the Company completed the acquisition of all remaining outstanding shares of Wevo for approximately $13,331 in cash.
 
Pursuant to ASC 805, "Business Combination", the Company accounted for the Wevo acquisition as a business combination using the acquisition method of accounting. Identifiable assets and liabilities of Wevo, including identifiable intangible assets, were recorded based on their estimated fair values as of the date of the closing of the acquisition. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill. The Company recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date. Such preliminary valuation required estimates and assumptions including, but not limited to, estimating future cash flows and direct costs in addition to developing the appropriate discount rates and current market profit margins. The Company’s management believes the fair values recognized for the assets acquired and the liabilities assumed were based on reasonable estimates and assumptions.
 
From the initial investment through to the purchase of all remaining shares, the Company's share of net losses were $646.
 
The Company determined that the acquisition date fair value of the original investment on April 1, 2024 was $5,979, resulting in a gain of $1,125.
 
The following table summarizes the preliminary fair values estimation of assets acquired and liabilities assumed as of the date of the acquisition:
 
   
Amount
    
Weighted Average
Useful Life (In years)
  
Cash
  
$
2,914
        
Net liabilities assumed
    
(903
)
      
Identified intangible assets:
              
Technology
    
4,049
    
7
  
Customer relationships
    
1,241
    
1
  
Trade name
    
665
    
2
  
Goodwill
    
11,344
        
Total
  
$
19,310
        
 
Acquisition costs were immaterial and are included in general and administrative expenses in the consolidated statements of income (loss).
 
Goodwill generated from this acquisition was primarily attributable to expected post-acquisition synergies from combining Wevo's platform with the Company's product offering to its commercial and industrial customers. All of the Goodwill was assigned to the Solar segment (see Note 23). Goodwill is not deductible for tax purposes. The fair values of technology, customer relationships and trade name were derived by applying the multi-period excess earnings method, with-and-without method, and the relief-from-royalty method, respectively, all of which are under the income approach whose underlying inputs are considered Level 3. The fair values assigned to assets acquired and liabilities assumed were based on management's estimates and assumptions.
 
The results of Wevo have been included in the Company's consolidated statements of income (loss) since its acquisition date and are not material. Pro forma financial information has not been presented because the impact of the acquisition was not material to the Company's statement of income (loss).

 

F - 11

SOLAREDGE TECHNOLOGIES INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

(in thousands, except per share data)

 

NOTE 3:       INVESTMENTS IN PRIVATELY-HELD COMPANIES
 
In January 2024, the Company completed an investment of $6,075 in the preferred stock of Ivy Energy, Inc, ("Ivy"), a privately-held U.S. company. The Company accounted for the Ivy investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $6,075 as of June 30, 2024.
 
As of March 2024, the Company completed an investment of $5,000 in the preferred stock of Stardust Solution, Inc, ("Stardust"), a privately-held U.S. company. The Company accounted for the Stardust investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $5,000 as of June 30, 2024.
 
In April 2024, the Company completed an investment of approximately $17,000 in the preferred stock of Ampeers Energy GmbH ("Ampeers"), a privately-held German company, which represented 28.23% of Ampeers' outstanding shares.
 
The Company accounted for its investment in Ampeers using the equity method of accounting. Under this method, the investment, which was initially recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the investee as they occur, rather than when dividends or other distributions are received. The Company's share of net losses in the three and six months ended June 30, 2024 were $567.
 
Investments in privately-held companies are included within other long-term assets in the condensed consolidated balance sheets. As of June 30, 2024, the carrying value of investments in privately-held companies was $27,405.
 
There were no impairment charges for the three and six months ended June 30, 2024 and 2023 associated with this equity method investment.

 

F - 12

SOLAREDGE TECHNOLOGIES INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

(in thousands, except per share data)

 

NOTE 4:       MARKETABLE SECURITIES
 
The following is a summary of available-for-sale marketable securities as of June 30, 2024:
 
   
Amortized
cost
    
Gross
unrealized gains
    
Gross
unrealized losses
    
Fair value
  
Matures within one year:
                        
Corporate bonds
  
$
413,866
    
$
111
    
$
(4,007
)
  
$
409,970
  
U.S. Treasury securities
    
9,289
      
-
      
(38
)
    
9,251
  
U.S. Government agency securities
    
6,453
      
2
      
(13
)
    
6,442
  
Non-U.S. Government securities
    
4,710
      
-
      
(40
)
    
4,670
  
     
434,318
      
113
      
(4,098
)
    
430,333
  
Matures after one year:
                                
Corporate bonds
    
78,924
      
248
      
(674
)
    
78,498
  
U.S. Government agency securities
    
38,647
      
6
      
(98
)
    
38,555
  
Non-U.S. Government securities
    
3,179
      
28
      
-
      
3,207
  
     
120,750
      
282
      
(772
)
    
120,260
  
Total
  
$
555,068
    
$
395
    
$
(4,870
)
  
$
550,593
  
 
The following is a summary of available-for-sale marketable securities as of December 31, 2023:
 
   
Amortized
cost
    
Gross
unrealized gains
    
Gross
unrealized losses
    
Fair value
  
Matures within one year:
                        
Corporate bonds
  
$
487,083
    
$
679
    
$
(5,942
)
  
$
481,820
  
U.S. Treasury securities
    
15,324
      
-
      
(63
)
    
15,261
  
U.S. Government agency securities
    
8,787
      
11
      
(3
)
    
8,795
  
Non-U.S. Government securities
    
15,161
      
673
      
(140
)
    
15,694
  
     
526,355
      
1,363
      
(6,148
)
  
 
 521,570
Matures after one year:
                                
Corporate bonds
    
342,223
      
1,902
      
(4,444
)
    
339,681
  
U.S. Treasury securities
    
2,430
      
-
      
(22
)
    
2,408
  
U.S. Government agency securities
    
44,100
      
107
      
(121
)
    
44,086
  
Non-U.S. Government securities
    
20,488
      
1,162
      
-
      
21,650
  
     
409,241
      
3,171
      
(4,587
)
    
407,825
  
Total
  
$
935,596
    
$
4,534
    
$
(10,735
)
  
$
929,395
 
Proceeds from sales of available-for-sale marketable securities during the three months ended June 30, 2024 were $51,918 which led to realized gains of $1,970.
 
Proceeds from sales of available-for-sale marketable securities during the six months ended June 30, 2024 and 2023 were $51,918 and $2,807, which led to realized gains of $1,970 and losses of $125, respectively.
 
The Company did not sell any available-for-sale marketable securities during the three months ended June 30, 2023.
 
As of June 30, 2024, and December 31, 2023, the Company did not record an allowance for credit losses for its available-for-sale marketable securities.

 

F - 13

SOLAREDGE TECHNOLOGIES INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

(in thousands, except per share data)

 

NOTE 5:       INVENTORIES, NET
 
   
June 30,
2024
    
December 31,
2023
  
Raw materials
  
$
307,487
    
$
340,604
  
Work in process
    
19,361
      
20,885
  
Finished goods
    
1,178,253
      
1,081,960
  
Total inventories, net
  
$
1,505,101
    
$
1,443,449
  
 
NOTE 6:       PREPAID EXPENSES AND OTHER CURRENT ASSETS
 
   
June 30,
2024
    
December 31,
2023
  
Government authorities
    
202,806
      
167,221
  
Vendor non-trade receivables1
    
65,650
      
102,991
  
Loan receivables2
    
82,297
      
55,418
  
Prepayments
    
33,807
      
29,578
  
Other
    
18,113
      
23,186
  
Total prepaid expenses and other current assets
  
$
402,673
    
$
378,394
  
 
1 Vendor non-trade receivables derived from the sale of components to manufacturing vendors who manufacture products, components and other testing equipment for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in its revenues.
 
2 Loan receivables are loans to third parties. The loan repayments are expected on a monthly or annual basis as per the contractual terms of each loan agreement. The loan is measured at its amortized cost and is subjected to the Company's credit risk policy. The loans bear interest that represent market interest rate. As of June 30, 2024, the Company's provision for credit loss was $11,578 which was recorded under Financial income (expense), net. The amortized cost of the loan receivable approximates its fair value as of June 30, 2024. As of June 30, 2024 and December 31, 2023 the balance includes a loan granted to the Company’s customer at the amount of $80,000 and 43,000, respectively. Considering the loan amount the customer balance would potentially expose the Company to a concentration of credit risk.

 

F - 14

SOLAREDGE TECHNOLOGIES INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

(in thousands, except per share data)

 

NOTE 7:       INTANGIBLE ASSETS, NET
 
Acquired intangible assets consisted of the following as of June 30, 2024, and December 31, 2023:
 
   
June 30,
2024
    
December 31,
2023
  
Intangible assets with finite lives:
            
Technology
  
$
29,676
    
$
26,990
  
Customer relationships
    
4,233
      
3,193
  
Trade names
    
1,284
      
624
  
Assembled workforce
    
3,575
      
3,575
  
Patents and licenses
    
22,000
      
22,000
  
Gross intangible assets
    
60,768
      
56,382
  
Less - accumulated amortization
    
(23,978
)
    
(21,037
)
Total intangible assets, net
  
$
36,790
    
$
35,345
  
 
For the three months ended June 30, 2024 and 2023, the Company recorded amortization expenses related to intangible assets in the amount of $2,032 and $1,820, respectively.
 
For the six months ended June 30, 2024 and 2023, the Company recorded amortization expenses related to intangible assets in the amount of $3,929 and $3,238, respectively.
 
Expected future amortization expenses of intangible assets as of June 30, 2024 are as follows:
 
2024
  
$
4,789
  
2025
    
7,539
  
2026
    
6,413
  
2027
    
4,312
  
2028
    
3,443
  
2029 and thereafter
    
10,294
  
   
$
36,790
  

 

NOTE 8:       GOODWILL
 
Changes in the carrying amount of goodwill for the period ended June 30, 2024 were as follows:
 
   
Solar
    
Energy Storage
    
Total
  
Goodwill at December 31, 2023
  
$
40,632
    
$
2,364
    
$
42,996
  
Changes during the year:
                        
Acquisitions