SolarEdge Announces Second Quarter 2021 Financial Results

MILPITAS, Calif.–()–SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Revenues of $480.1 million
  • Revenues from solar segment of $431.5 million
  • GAAP gross margin of 32.5%
  • Non-GAAP gross margin of 33.9%
  • Gross margin from solar segment of 37.4%
  • GAAP net income of $45.1 million
  • Non-GAAP net income of $72.5 million
  • GAAP net diluted earnings per share (“EPS”) of $0.82
  • Non-GAAP net diluted EPS of $1.28
  • 1.64 Gigawatts (AC) of inverters shipped

“We are happy to finish the second quarter of 2021 with record revenues in both our solar and non-solar businesses and with continued strong demand for our products in the various geographies and across the different segments,” said Zvi Lando, Chief Executive Officer of SolarEdge. “We are successfully navigating through the challenging supply chain environment while continuing to support our customers’ growth and expansion with new and existing products.”

Second Quarter 2021 Summary

The Company reported revenues of $480.1 million, up 18% from $405.5 million in the prior quarter and up 45% from $331.9 million in the same quarter last year.

Revenues from the solar segment were $431.5 million, up 15% from $376.4 million in the prior quarter and up 39% from $310.1 million in the same quarter last year.

GAAP gross margin was 32.5%, down from 34.5% in the prior quarter and up from 31.0% in the same quarter last year.

Non-GAAP gross margin was 33.9%, down from 36.5% in the prior quarter and up from 32.4% in the same quarter last year.

Gross margin from the solar segment was 37.4%, down from 39.7% in the prior quarter and up from 33.8% in the same quarter last year.

GAAP operating expenses were $100.6 million, up 5% from $95.9 million in the prior quarter and up 38% from $73.0 million in the same quarter last year.

Non-GAAP operating expenses were $81.5 million, up 7% from $76.2 million in the prior quarter and up 33% from $61.1 million in the same quarter last year.

GAAP operating income was $55.6 million, up 26% from $44.1 million in the prior quarter and up 85% from $30.0 million in the same quarter last year.

Non-GAAP operating income was $81.3 million, up 13% from $71.9 million in the prior quarter and up 75% from $46.6 million in the same quarter last year.

GAAP net income was $45.1 million, up 50% from $30.1 million in the prior quarter and up 23% from $36.7 million in the same quarter last year.

Non-GAAP net income was $72.5 million, up 31% from $55.5 million in the prior quarter and up 39% from $52.1 million in the same quarter last year.

GAAP net diluted EPS was $0.82, up from $0.55 in the prior quarter and up from $0.70 in the same quarter last year.

Non-GAAP net diluted EPS was $1.28, up from $0.98 in the prior quarter and up from $0.97 in the same quarter last year.

Cash flow from operating activities was $38.7 million, up from $24.1 million in the prior quarter and down from $59.3 million in the same quarter last year.

As of June 30, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $509.3 million, net of debt, compared to $515.2 million on March 31, 2021.

Outlook for the Third Quarter 2021

The Company also provides guidance for the third quarter ending September 30, 2021 as follows:

  • Revenues to be within the range of $520 million to $540 million
  • Non-GAAP gross margin expected to be within the range of 32% to 34%
  • Revenues from solar segment to be within the range of $460 million to $480 million
  • Gross margin from solar segment expected to be within the range of 35% to 37%

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Monday, August 2, 2021. The call will be available, live, to interested parties by dialing 888-204-4368. For international callers, please dial +1 323-994-2093. The Conference ID number is 3169869. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com.

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com.

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions 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 of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K/A for the year ended December 31, 2020, filed on February 19, 2021 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 2, 2021. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands)

 

 

 

 

 

 

 

Three months ended

June 30,

 

Six months ended

June 30,

 

 

2021

 

2020

 

2021

 

2020

Revenues

 

$

480,057

 

 

$

331,851

 

$

885,546

 

 

$

763,069

 

Cost of revenues

 

 

323,865

 

 

 

228,888

 

 

589,280

 

 

 

520,098

 

Gross profit

 

 

156,192

 

 

 

102,963

 

 

296,266

 

 

 

242,971

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

52,664

 

 

 

38,098

 

 

99,641

 

 

 

74,793

 

Sales and marketing

 

 

29,458

 

 

 

20,936

 

 

56,369

 

 

 

45,189

 

General and administrative

 

 

19,370

 

 

 

13,964

 

 

39,219

 

 

 

30,149

 

Other operating expenses (income), net

 

 

(859

)

 

 

 

 

1,350

 

 

 

(4,900

)

Total operating expenses

 

 

100,633

 

 

 

72,998

 

 

196,579

 

 

 

145,231

 

Operating income

 

 

55,559

 

 

 

29,965

 

 

99,687

 

 

 

97,740

 

Financial income (expenses), net

 

 

(1,743

)

 

 

11,565

 

 

(7,840

)

 

 

(5,040

)

Income before income taxes

 

 

53,816

 

 

 

41,530

 

 

91,847

 

 

 

92,700

 

Income taxes

 

 

8,724

 

 

 

4,862

 

 

16,679

 

 

 

13,784

 

Net income

 

$

45,092

 

 

$

36,668

 

$

75,168

 

 

$

78,916

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

 

 

June 30,

 

December 31,

2021

2020

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $

524,112

 

$

827,146

Short-term bank deposits

13,562

 

60,096

Restricted bank deposits

2,504

 

2,611

Marketable securities

145,686

 

143,687

Trade receivables, net of allowances of $2,826 and $2,886, respectively

343,652

 

218,706

Inventories, net

321,915

 

331,696

Prepaid expenses and other current assets

137,480

 

135,399

Total current assets

1,488,911

 

1,719,341

LONG-TERM ASSETS:
Marketable securities

457,362

 

147,434

Deferred tax assets, net

19,962

 

11,676

Property, plant and equipment, net

340,319

 

303,408

Operating lease right-of-use assets, net

38,302

 

41,600

Intangible assets, net

61,855

 

67,818

Goodwill

135,981

 

140,479

Other long-term assets

21,633

 

5,353

Total long-term assets

1,075,414

 

717,768

Total assets $

2,564,325

 

$

2,437,109

 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables, net $

141,174

 

$

162,051

Employees and payroll accruals

58,340

 

63,738

Current maturities of bank loans and accrued interest

139

 

16,894

Warranty obligations

64,855

 

62,614

Deferred revenues and customers advances

16,144

 

24,648

Accrued expenses and other current liabilities

118,933

 

106,154

Total current liabilities

399,585

 

436,099

LONG-TERM LIABILITIES:
Convertible senior notes, net

620,082

 

573,350

Warranty obligations

167,312

 

142,380

Deferred revenues

128,109

 

115,372

Deferred tax liabilities, net

 

8,593

Finance lease liabilities

25,525

 

26,173

Operating lease liabilities

31,153

 

35,194

Other long-term liabilities

14,766

 

14,191

Total long-term liabilities

986,947

 

915,253

COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value – Authorized: 125,000,000 shares as of June 30, 2021 and December 31, 2020; issued and outstanding: 52,263,976 and 51,560,936 shares as of June 30, 2021 and December 31, 2020, respectively

5

 

5

Additional paid-in capital

625,268

 

603,891

Accumulated other comprehensive income (loss)

(3,536

)

3,857

Retained earnings

556,056

 

478,004

Total stockholders’ equity

1,177,793

 

1,085,757

Total liabilities and stockholders’ equity $

2,564,325

 

$

2,437,109

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

Six months ended

June 30,

 

 

2021

 

2020

Cash flows provided by operating activities:

 

 

 

 

 

Net income

 

$

75,168

 

 

$

78,916

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

14,008

 

 

 

10,646

 

Amortization of intangible assets

 

 

4,871

 

 

 

4,615

 

Amortization of debt discount and debt issuance costs

 

 

1,450

 

 

 

 

Amortization of premium and accretion of discount on available-for-sale marketable securities, net

 

 

3,558

 

 

 

373

 

Stock-based compensation expenses

 

 

47,205

 

 

 

26,734

 

Deferred income taxes, net

 

 

(3,931

)

 

 

(6,424

)

Loss from disposal of assets

 

 

2,051

 

 

 

 

Exchange rate fluctuations and other items, net

 

 

12,983

 

 

 

(452

)

Changes in assets and liabilities:

 

 

 

 

 

 

Inventories, net

 

 

13,229

 

 

 

(94,230

)

Prepaid expenses and other assets

 

 

(20,356

)

 

 

37,066

 

Trade receivables, net

 

 

(128,564

)

 

 

116,045

 

Trade payables, net

 

 

(20,120

)

 

 

(1,823

)

Employees and payroll accruals

 

 

9,734

 

 

 

1,457

 

Warranty obligations

 

 

27,298

 

 

 

20,198

 

Deferred revenues and customers advances

 

 

4,524

 

 

 

(31,834

)

Other liabilities

 

 

19,660

 

 

 

5,768

 

Net cash provided by operating activities

 

 

62,768

 

 

 

167,055

 

Cash flows from investing activities:

 

 

 

 

 

 

Investment in available-for-sale marketable

securities

 

 

(422,470

)

 

 

(36,815

)

Proceeds from sales and maturities of available-for-

sale marketable securities

 

 

103,763

 

 

 

89,739

 

Purchase of property, plant and equipment

 

 

(65,267

)

 

 

(53,706

)

Withdrawal from bank deposits, net

 

 

46,534

 

 

 

25,634

 

Other investing activities

 

 

1,442

 

 

 

2,024

 

Net cash provided by (used in) investing activities

 

$

(335,998

)

 

$

26,876

 

Cash flows from financing activities:

 

 

 

 

 

Repayment of bank loans

 

$

(16,385

)

 

$

(15,119

)

Proceeds from bank loans

 

 

 

 

 

15,113

 

Proceeds from exercise of stock-based awards and payment of withholding taxes

 

 

(4,196

)

 

 

9,114

 

Other financing activities

 

 

(625

)

 

 

(112

)

Net cash provided by (used in) financing activities

 

 

(21,206

)

 

 

8,996

 

Increase (decrease) in cash and cash equivalents

 

 

(294,436

)

 

 

202,927

 

Cash and cash equivalents at the beginning of the

period

 

 

827,146

 

 

 

223,901

 

Effect of exchange rate differences on cash and cash

equivalents

 

 

(8,598

)

 

 

1,544

 

Cash and cash equivalents at the end of the period

 

$

524,112

 

 

$

428,372

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands, except share and per share data)

 

Reconciliation of GAAP to Non-GAAP Gross Profit

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Gross profit (GAAP)

156,192

 

140,074

 

102,963

 

296,266

 

242,971

Revenues from finance component

(99)

 

(86)

 

—-

 

(185)

 

—-

Stock-based compensation

4,291

 

5,790

 

2,359

 

10,081

 

4,632

Cost of product adjustment

—-

 

—-

 

—-

 

—-

 

313

Amortization and depreciation of acquired assets

2,401

 

2,312

 

2,325

 

4,713

 

4,681

Gross profit (Non-GAAP)

162,785

 

148,090

 

107,647

 

310,875

 

252,597

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Gross Margin

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Gross margin (GAAP)

32.5%

 

34.5%

 

31.0%

 

33.5%

 

31.8%

Revenues from finance component

0.0%

 

0.0%

 

—-

 

0.0%

 

—-

Stock-based compensation

0.9%

 

1.4%

 

0.7%

 

1.1%

 

0.6%

Cost of product adjustment

—-

 

—-

 

—-

 

—-

 

0.0%

Amortization and depreciation of acquired assets

0.5%

 

0.6%

 

0.7%

 

0.5%

 

0.6%

Gross margin (Non-GAAP)

33.9%

 

36.5%

 

32.4%

 

35.1%

 

33.1%

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Operating expenses

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Operating expenses (GAAP)

100,633

 

95,946

 

72,998

 

196,579

 

145,231

Stock-based compensation – R&D

(9,805)

 

(8,798)

 

(5,847)

 

(18,603)

 

(11,225)

Stock-based compensation – S&M

(5,780)

 

(5,435)

 

(3,445)

 

(11,215)

 

(6,637)

Stock-based compensation – G&A

(4,176)

 

(3,130)

 

(2,310)

 

(7,306)

 

(4,240)

Amortization and depreciation of acquired assets – R&D

(9)

 

(12)

 

(25)

 

(21)

 

(51)

Amortization and depreciation of acquired assets – S&M

(236)

 

(237)

 

(292)

 

(473)

 

(588)

Amortization and depreciation of acquired assets – G&A

(7)

 

(8)

 

(9)

 

(15)

 

(17)

Assets sale (disposal)

—-

 

62

 

—-

 

62

 

—-

Other operating income (expenses)

859

 

(2,209)

 

—-

 

(1,350)

 

4,900

Operating expenses (Non-GAAP)

81,479

 

76,179

 

61,070

 

157,658

 

127,373

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands, except share and per share data)

 

Reconciliation of GAAP to Non-GAAP Operating income

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Operating income (GAAP)

55,559

 

44,128

 

29,965

 

99,687

 

97,740

Revenues from finance component

(99)

 

(86)

 

—-

 

(185)

 

—-

Cost of product adjustment

—-

 

—-

 

—-

 

—-

 

313

Stock-based compensation

24,052

 

23,153

 

13,961

 

47,205

 

26,734

Amortization and depreciation of acquired assets

2,653

 

2,569

 

2,651

 

5,222

 

5,337

Assets (sale) disposal

—-

 

(62)

 

—-

 

(62)

 

—-

Other operating (income) expenses

(859)

 

2,209

 

—-

 

1,350

 

(4,900)

Operating income (Non-GAAP)

81,306

 

71,911

 

46,577

 

153,217

 

125,224

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial expenses (income), net

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Financial expenses (income), net (GAAP)

1,743

 

6,097

 

(11,565)

 

7,840

 

5,040

Notes due 2025

(726)

 

(724)

 

—-

 

(1,450)

 

—-

Non cash interest

(1,439)

 

(1,336)

 

(1,200)

 

(2,775)

 

(2,328)

Currency fluctuation related to lease standard

(1,300)

 

2,289

 

(892)

 

989

 

141

Amortization and depreciation of acquired assets

—-

 

—-

 

—-

 

—-

 

(982)

Financial expenses (income), net (Non-GAAP)

(1,722)

 

6,326

 

(13,657)

 

4,604

 

1,871

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Tax on income

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Tax on income (GAAP)

8,724

 

7,955

 

4,862

 

16,679

 

13,784

Deferred taxes

1,789

 

2,141

 

3,236

 

3,930

 

6,772

Tax on income (Non-GAAP)

10,513

 

10,096

 

8,098

 

20,609

 

20,556

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands, except share and per share data)

 

Reconciliation of GAAP to Non-GAAP Net income

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Net income (GAAP)

45,092

 

30,076

 

36,668

 

75,168

 

78,916

Revenues from finance component

(99)

 

(86)

 

—-

 

(185)

 

—-

Cost of product adjustment

—-

 

—-

 

—-

 

—-

 

313

Stock-based compensation

24,052

 

23,153

 

13,961

 

47,205

 

26,734

Amortization and depreciation of acquired assets

2,653

 

2,569

 

2,651

 

5,222

 

6,319

Assets (sale) disposal

—-

 

(62)

 

—-

 

(62)

 

—-

Other operating (income) expenses

(859)

 

2,209

 

—-

 

1,350

 

(4,900)

Notes due 2025

726

 

724

 

—-

 

1,450

 

—-

Non cash interest

1,439

 

1,336

 

1,200

 

2,775

 

2,328

Currency fluctuation related to lease standard

1,300

 

(2,289)

 

892

 

(989)

 

(141)

Deferred taxes

(1,789)

 

(2,141)

 

(3,236)

 

(3,930)

 

(6,772)

Net income (Non GAAP)

72,515

 

55,489

 

52,136

 

128,004

 

102,797

 

 

 

 

Reconciliation of GAAP to Non-GAAP Net basic EPS

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

June 30, 2020

June 30, 2021

 

June 30, 2020

Net basic earnings per share (GAAP)

0.87

 

0.58

 

0.74

 

1.45

 

1.59

Revenues from finance component

(0.01)

 

0.00

 

—-

 

(0.01)

 

—-

Cost of product adjustment

—-

 

—-

 

—-

 

—-

 

0.01

Stock-based compensation

0.47

 

0.45

 

0.28

 

0.91

 

0.54

Amortization and depreciation of acquired assets

0.05

 

0.05

 

0.05

 

0.10

 

0.13

Assets (sale) disposal

—-

 

0.00

 

—-

 

—-

 

—-

Other operating (income) expenses

(0.02)

 

0.04

 

—-

 

0.03

 

(0.10)

Notes due 2025

0.01

 

0.01

 

—-

 

0.03

 

—-

Non cash interest

0.03

 

0.03

 

0.02

 

0.05

 

0.05

Currency fluctuation related to lease standard

0.03

 

(0.05)

 

0.02

 

(0.02)

 

0.00

Deferred taxes

(0.04)

 

(0.04)

 

(0.06)

 

(0.07)

 

(0.14)

Net basic earnings per share (Non-GAAP)

1.39

 

1.07

 

1.05

 

2.47

 

2.08

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands, except share and per share data)

 

Reconciliation of GAAP to Non-GAAP Net diluted EPS

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Net diluted earnings per share (GAAP)

0.82

 

0.55

 

0.70

 

1.36

 

1.51

Revenues from finance component

(0.01)

 

0.00

 

—-

 

0.00

 

—-

Cost of product adjustment

—-

 

—-

 

—-

 

—-

 

0.00

Stock-based compensation

0.42

 

0.40

 

0.24

 

0.81

 

0.47

Amortization and depreciation of acquired assets

0.04

 

0.04

 

0.05

 

0.09

 

0.11

Assets (sale) disposal

—-

 

0.00

 

—-

 

—-

 

—-

Other operating (income) expenses

(0.01)

 

0.04

 

—-

 

0.03

 

(0.09)

Notes due 2025

0.00

 

0.00

 

—-

 

0.00

 

—-

Non cash interest

0.03

 

0.03

 

0.02

 

0.05

 

0.05

Currency fluctuation related to lease standard

0.02

 

(0.04)

 

0.02

 

(0.01)

 

0.00

Deferred taxes

(0.03)

 

(0.04)

 

(0.06)

 

(0.07)

 

(0.13)

Net diluted earnings per share (Non-GAAP)

1.28

 

0.98

 

0.97

 

2.26

 

1.92

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS

Three months ended

 

Six months ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Number of shares used in computing net diluted earnings per share (GAAP)

52,076,208

 

55,997,136

 

52,536,437

 

51,903,123

 

52,357,838

Stock-based compensation

2,357,845

 

766,187

 

1,154,279

 

2,558,676

 

1,277,006

Notes due 2025

2,276,818

 

—-

 

—-

 

2,276,818

 

—-

Number of shares used in computing net diluted earnings per share (Non-GAAP)

56,710,871

 

56,763,323

 

53,690,716

 

56,738,617

 

53,634,844

 

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