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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: Liabilities and Stockholders’ Equity

SolarEdge Technologies Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Trade payables, net 10.78 8.72 6.65 10.51 11.10
Employees and payroll accruals 2.00 2.57 2.62 3.17 3.01
Warranty obligations 2.44 2.47 2.57 4.36 2.99
Deferred revenues and customers advances 0.62 0.62 1.01 4.74 1.49
Accrued expenses 2.76 1.76 1.96 2.42 1.54
Government authorities 1.58 0.78 1.08 1.82 1.18
Short-term finance lease liabilities 0.08 0.06 0.07 0.02 0.00
Short-term operating lease liabilities 0.38 0.44 0.45 0.64 0.00
Accrual for sales incentives 0.16 0.00 0.00 0.00 0.00
Provision for legal claims 0.00 0.40 0.24 0.00 0.00
Other 0.06 0.33 1.25 1.54 2.09
Accrued expenses and other current liabilities 5.02% 3.78% 5.05% 6.44% 4.81%
Current liabilities 20.86% 18.16% 17.89% 29.22% 23.40%
Convertible senior notes, net 14.64 21.49 23.53 0.00 0.00
Warranty obligations 6.59 6.70 5.84 7.19 9.64
Deferred revenues 4.38 5.24 4.73 6.02 6.29
Long-term finance lease liabilities 1.06 1.40 1.07 0.16 0.00
Long-term operating lease liabilities 1.08 1.35 1.44 2.02 0.00
Tax liabilities 0.09 0.18 0.21 0.36 0.74
Accrued severance pay 0.23 0.06 0.06 0.31 0.04
Other 0.05 0.13 0.66 0.41 0.71
Other long-term liabilities 0.37% 0.37% 0.93% 1.08% 1.49%
Long-term liabilities 28.13% 36.54% 37.55% 16.48% 17.42%
Total liabilities 48.98% 54.70% 55.45% 45.69% 40.83%
Common stock of $0.0001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 35.29 23.76 24.78 31.83 38.55
Accumulated other comprehensive income (loss) -1.71 -0.94 0.16 -0.12 -0.05
Retained earnings 17.44 22.48 19.61 22.59 19.82
Total SolarEdge Technologies, Inc. stockholders’ equity 51.02% 45.30% 44.55% 54.31% 58.31%
Non-controlling interests 0.00 0.00 0.00 0.00 0.86
Total stockholders’ equity 51.02% 45.30% 44.55% 54.31% 59.17%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The capital structure exhibits a notable shift in financing strategy between 2018 and 2022, characterized by a period of increased leverage followed by a partial return to equity-based funding. Total liabilities peaked in 2020 at 55.45% of total liabilities and stockholders’ equity, before moderating to 48.98% by the end of 2022. Conversely, total stockholders’ equity declined from a high of 59.17% in 2018 to a low of 44.55% in 2020, recovering to 51.02% by 2022.

Long-Term Debt and Liability Trends
A significant escalation in long-term liabilities occurred in 2020, rising from 16.48% in 2019 to 37.55%. This increase was primarily driven by the introduction of convertible senior notes, which represented 23.53% of the total balance sheet in 2020. While these notes remained a substantial component of the liability structure through 2021, their relative weight decreased to 14.64% by 2022, contributing to the overall reduction in long-term liabilities to 28.13%.
Current Liabilities and Operational Obligations
Current liabilities showed volatility, peaking at 29.22% in 2019 before dropping to 17.89% in 2020 and stabilizing around 20.86% in 2022. Trade payables, net, remained a primary driver of current liabilities, fluctuating between 6.65% and 11.10%. Other operational obligations, such as warranty obligations and deferred revenues, remained relatively stable in the long term, although deferred revenues and customer advances saw a sharp, short-term spike to 4.74% in 2019 before declining to 0.62% by 2022.
Equity Composition and Capitalization
The equity structure is dominated by additional paid-in capital and retained earnings. Additional paid-in capital experienced a downward trend from 38.55% in 2018 to 23.76% in 2021, followed by a sharp increase to 35.29% in 2022, suggesting a significant infusion of capital through share issuance. Retained earnings remained relatively consistent, fluctuating within a range of 17.44% to 22.59%. A widening negative trend is observed in accumulated other comprehensive income, which moved from -0.05% in 2018 to -1.71% in 2022.

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