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Solaredge Technologies (SEDG) FY2022 results: revenue $3.1 billion, up 58.4% on the year

Solaredge Technologies, Inc. (SEDG) reported revenue of $3.1 billion for fiscal 2022, the year ended 31 December 2022, up 58.4% on the year before. Net income was $442 million, up 161.1%, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue
$3.1 billion
+58.4% on the year
FY2017FY2022
Operating margin
5.3%
10.5% a year earlier
FY2017FY2022
Net income
$442 million
+161.1% on the year
FY2017FY2022
Diluted EPS
$1.65
-46.1% on the year
FY2017FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue3,1101,9641,459+58.4%
Cost of revenue2,2661,335998+69.8%
Gross profit845629461+34.2%
Gross margin27.2%32.0%31.6%
Research and development290220163+32.0%
Operating income166207143-19.8%
Operating margin5.3%10.5%9.8%
Interest expense1.50.65.3+152.9%
Pre-tax income177187164-5.4%
Income tax83.418.123.3+361.8%
Effective tax rate47.1%9.6%14.3%
Net income442169140+161.1%
Net margin14.2%8.6%9.6%
Diluted EPS$1.65$3.06$2.66-46.1%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow31.3214223-85.4%
Capital expenditure169149127+13.5%
Free cash flow-13864.995.9
Free cash flow margin-4.4%3.3%6.6%
Cash from investing-417-484-237
Cash from financing655-15.2640
Depreciation and amortisation49.739.531.8+25.7%
Share-based compensation14610367.3+41.9%
Buybacks0.0n/an/a
Diluted shares, weighted58m56m53m+3.8%
Shares outstanding at period end56m53m52m+6.3%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity2,1761,3101,086+66.1%
Debt624622590+0.5%
Operating lease liabilities46.338.935.2+18.9%
Finance lease liabilities45.440.526.2+12.0%
Other liabilities1,373890700+54.3%
Total liabilities and equity4,2662,9012,437+47.1%
Fixed assets544410303+32.6%
Goodwill31.2130140-75.9%
Intangible assets19.958.967.8-66.1%
Investments887650291+36.4%
Cash and equivalents783530827+47.7%
Receivables905456219+98.3%
Inventory729380332+91.8%
Other assets367286257+28.4%
Total assets4,2662,9012,437+47.1%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.