Solaredge Technologies (SEDG) FY2020 results: revenue $1.5 billion, up 2.4% on the year
Solaredge Technologies, Inc. (SEDG) reported revenue of $1.5 billion for fiscal 2020, the year ended 31 December 2020, up 2.4% on the year before. Net income was $140 million, down 4.2%, and diluted earnings per share $2.66. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$1.5 billion
+2.4% on the year
FY2017FY2020
Operating margin
9.8%
13.3% a year earlier
FY2017FY2020
Net income
$140 million
-4.2% on the year
FY2017FY2020
Diluted EPS
$2.66
-8.3% on the year
FY2017FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,459
1,426
937
+2.4%
Cost of revenue
998
946
618
+5.5%
Gross profit
461
479
319
-3.8%
Gross margin
31.6%
33.6%
34.1%
Research and development
163
121
82.2
+34.4%
Operating income
143
190
139
-24.9%
Operating margin
9.8%
13.3%
14.9%
Interest expense
5.3
4.8
2.5
+10.9%
Pre-tax income
164
179
137
-8.4%
Income tax
23.3
33.6
9.1
-30.6%
Effective tax rate
14.3%
18.8%
6.6%
Net income
140
147
129
-4.2%
Net margin
9.6%
10.3%
13.7%
Diluted EPS
$2.66
$2.90
$2.69
-8.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
223
259
189
-14.0%
Capital expenditure
127
72.6
38.6
+74.7%
Free cash flow
95.9
186
150
-48.6%
Free cash flow margin
6.6%
13.1%
16.1%
Cash from investing
-237
-153
-157
Cash from financing
640
-73.0
-8.0
Depreciation and amortisation
31.8
17.3
11.4
+84.4%
Share-based compensation
67.3
60.4
30.6
+11.5%
Diluted shares, weighted
53m
50m
48m
+5.2%
Shares outstanding at period end
52m
49m
46m
+5.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,086
812
562
+33.8%
Non-controlling interest
n/a
n/a
8.3
Debt
590
n/a
n/a
Operating lease liabilities
35.2
30.2
n/a
+16.5%
Finance lease liabilities
26.2
2.4
n/a
+991.0%
Other liabilities
700
650
394
+7.6%
Total liabilities and equity
2,437
1,495
964
+63.1%
Fixed assets
303
177
119
+71.5%
Goodwill
140
130
34.9
+8.3%
Intangible assets
67.8
74.0
38.5
-8.4%
Investments
291
211
193
+38.0%
Cash and equivalents
827
224
188
+269.4%
Receivables
219
298
174
-26.7%
Inventory
332
171
142
+94.2%
Other assets
257
210
76.0
+22.3%
Total assets
2,437
1,495
964
+63.1%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.