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SolarEdge Technologies Inc. (NASDAQ:SEDG)

This company has been moved to the archive! The financial data has not been updated since February 22, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

SolarEdge Technologies Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 18.36 17.38 19.76 27.23 18.33 19.82 20.44 27.80 33.94 46.00 26.68 21.41 14.98 18.49 14.45 19.24 19.87 22.63 27.39 31.33
Marketable securities 5.65 5.19 3.98 4.31 5.80 5.47 5.68 5.64 5.90 4.85 7.04 6.28 6.15 6.38 8.97 9.10 12.31 17.40 17.21 11.10
Trade receivables, net of allowances 21.22 20.12 17.73 18.38 15.78 15.67 13.40 11.02 8.97 8.04 11.32 15.57 19.96 21.85 19.47 15.93 18.00 17.73 15.08 17.43
Inventories, net 17.09 14.38 12.46 11.74 13.14 11.47 12.55 13.80 13.61 13.04 16.47 13.12 11.43 10.04 12.19 12.81 14.67 12.58 13.02 13.45
Prepaid expenses and other current assets 5.65 5.74 6.59 5.20 6.12 6.01 5.99 6.05 8.13 4.66 5.32 6.77 9.89 5.65 4.72 3.88 5.46 6.60 5.95 4.77
Current assets 67.97% 62.81% 60.53% 66.86% 59.17% 58.44% 58.06% 64.32% 70.55% 76.59% 66.82% 63.15% 62.41% 62.41% 59.80% 60.97% 70.31% 76.94% 78.65% 78.08%
Marketable securities 15.13 17.64 18.81 12.21 16.67 17.82 17.84 11.96 6.05 0.92 2.84 6.86 7.97 6.94 6.52 4.86 7.70 12.00 11.00 12.10
Deferred tax assets, net 1.04 0.98 0.89 0.85 0.95 0.82 0.78 0.70 0.48 0.47 1.19 1.13 1.09 1.28 1.21 1.24 1.52 1.55 1.47 1.35
Property, plant and equipment, net 12.75 12.59 12.96 12.86 14.19 13.30 13.27 12.67 12.45 11.31 14.10 12.95 11.84 11.19 11.48 11.30 12.37 8.61 8.75 8.36
Operating lease right-of-use assets, net 1.47 1.60 1.55 1.62 1.63 1.48 1.49 1.62 1.71 1.62 2.30 2.50 2.40 2.59 3.01 2.62 0.00 0.00 0.00 0.00
Intangible assets, net 0.47 1.19 1.34 1.51 2.04 2.32 2.41 2.60 2.78 2.99 4.25 4.57 4.95 12.58 14.54 15.06 3.99 0.44 0.00 0.00
Goodwill 0.73 2.79 3.08 3.45 4.48 4.96 5.30 5.46 5.76 5.85 7.99 8.29 8.67 2.44 2.76 2.91 3.62 0.33 0.00 0.00
Other long-term assets 0.44 0.40 0.85 0.64 0.86 0.87 0.84 0.67 0.22 0.25 0.51 0.56 0.66 0.57 0.69 1.05 0.49 0.13 0.12 0.11
Long-term assets 32.03% 37.19% 39.47% 33.14% 40.83% 41.56% 41.94% 35.68% 29.45% 23.41% 33.18% 36.85% 37.59% 37.59% 40.20% 39.03% 29.69% 23.06% 21.35% 21.92%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset structure of the organization demonstrates a high reliance on current assets throughout the analyzed period, although the composition of these assets shifted significantly. The overall balance sheet evolved from a highly liquid position in 2018 toward a more operationally intensive structure by late 2022, characterized by an increase in working capital components such as receivables and inventories.

Liquidity and Cash Management
Cash and cash equivalents showed substantial volatility, beginning at 31.33% of total assets in March 2018 and reaching a peak of 46.00% in September 2020. Following this peak, a general decline occurred, with the ratio settling at 18.36% by December 2022. Marketable securities, both current and long-term, served as a secondary liquidity buffer. Current marketable securities decreased from 11.10% to 5.65% over the period, while long-term marketable securities saw a late-stage increase, peaking at 18.81% in June 2022 before receding to 15.13%.
Working Capital Dynamics
Trade receivables exhibited a cyclical pattern, declining from 17.43% in early 2018 to a low of 8.04% in September 2020, before climbing steadily to 21.22% by December 2022. This suggests a significant expansion in credit extended to customers or an increase in sales volume toward the end of the period. Inventories remained relatively stable between 10% and 14% for several years but showed a marked upward trend in late 2022, reaching 17.09%, which may indicate strategic stockpiling or a slowdown in inventory turnover.
Long-Term Asset Evolution
Long-term assets increased from 21.92% in March 2018 to a peak of 41.94% in June 2021, before declining to 32.03% by December 2022. Property, plant, and equipment (PP&E) saw a gradual increase, rising from 8.36% to a peak of 14.19% in December 2021, reflecting consistent investment in physical infrastructure.
Intangible Assets and Goodwill
A notable shift is observed in intangible assets and goodwill. Intangible assets spiked to 15.06% in March 2019 but underwent a continuous decline to 0.47% by December 2022. Similarly, goodwill peaked at 8.67% in December 2019 before trending downward to 0.73% by the end of 2022. This consistent reduction suggests the impact of systematic amortization or significant impairment charges over the four-year period.

Overall, the transition from 2018 to 2022 is marked by a reduction in the proportion of cash and intangible assets, replaced by a larger allocation toward trade receivables and inventories. This indicates a shift in the balance sheet's focus from liquidity and acquired intangible value toward active operational deployment and working capital growth.

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