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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
Quarterly Data

SolarEdge Technologies Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Trade payables, net 10.78 7.98 6.72 6.56 8.72 5.18 5.51 4.95 6.65 5.36 9.86 9.19 10.51 9.89 9.56 7.66 11.10 9.79 10.42 11.36
Employees and payroll accruals 2.00 1.84 1.81 2.29 2.57 2.40 2.28 2.59 2.62 2.23 3.04 3.89 3.17 3.32 2.83 2.68 3.01 2.78 3.00 4.06
Warranty obligations 2.44 2.49 2.43 2.24 2.47 2.53 2.53 2.57 2.57 2.86 4.28 4.63 4.36 3.43 3.18 2.99 2.99 2.54 2.42 2.27
Deferred revenues and customers advances 0.62 0.82 0.81 0.69 0.62 0.64 0.63 0.85 1.01 1.20 1.60 2.03 4.74 1.12 1.29 1.15 1.49 0.68 0.43 0.41
Accrued expenses and other current liabilities 5.02 4.66 4.46 3.66 3.78 4.52 4.64 5.16 5.05 5.15 6.46 6.00 6.44 7.32 7.20 6.59 4.81 3.70 3.38 3.58
Current liabilities 20.86% 17.79% 16.23% 15.44% 18.16% 15.26% 15.58% 16.14% 17.89% 16.79% 25.22% 25.74% 29.22% 25.08% 24.05% 21.08% 23.40% 19.50% 19.66% 21.68%
Convertible senior notes, net 14.64 15.98 16.51 16.90 21.49 23.37 24.18 25.13 23.53 25.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Warranty obligations 6.59 6.38 6.16 5.71 6.70 6.77 6.52 6.27 5.84 5.73 7.72 7.67 7.19 9.38 9.15 8.63 9.64 10.10 10.00 9.79
Deferred revenues 4.38 4.53 4.51 4.31 5.24 5.13 5.00 4.96 4.73 4.80 6.43 6.48 6.02 6.13 6.04 5.61 6.29 6.30 6.08 5.72
Long-term finance lease liabilities 1.06 1.17 1.24 1.45 1.40 0.96 1.00 1.01 1.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-term operating lease liabilities 1.08 1.19 1.14 1.32 1.35 1.19 1.21 1.33 1.44 1.29 1.87 2.00 2.02 2.18 2.46 2.11 0.00 0.00 0.00 0.00
Other long-term liabilities 0.37 0.40 0.47 0.28 0.37 0.58 0.58 0.54 0.93 1.05 1.17 0.87 1.24 2.13 2.64 3.31 1.49 0.86 2.36 2.64
Long-term liabilities 28.13% 29.64% 30.03% 29.97% 36.54% 37.99% 38.49% 39.23% 37.55% 37.91% 17.18% 17.03% 16.48% 19.81% 20.29% 19.66% 17.42% 17.26% 18.43% 18.14%
Total liabilities 48.98% 47.43% 46.26% 45.41% 54.70% 53.25% 54.07% 55.37% 55.45% 54.70% 42.41% 42.77% 45.69% 44.89% 44.34% 40.73% 40.83% 36.75% 38.09% 39.83%
Common stock of $0.0001 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 35.29 37.33 37.61 37.29 23.76 24.54 24.38 24.17 24.78 25.21 31.86 32.49 31.83 33.68 35.33 35.46 38.55 42.45 45.13 46.93
Accumulated other comprehensive income (loss) -1.71 -3.29 -2.38 -1.25 -0.94 -0.72 -0.14 -0.27 0.16 -0.12 -0.21 -0.36 -0.12 -0.25 -0.07 -0.10 -0.05 -0.12 -0.15 -0.16
Retained earnings 17.44 18.52 18.51 18.55 22.48 22.93 21.68 20.73 19.61 20.21 25.94 25.10 22.59 21.30 19.91 17.86 19.82 20.91 16.92 13.39
Total SolarEdge Technologies, Inc. stockholders’ equity 51.02% 52.57% 53.74% 54.59% 45.30% 46.75% 45.93% 44.63% 44.55% 45.30% 57.59% 57.23% 54.31% 54.73% 55.18% 53.22% 58.31% 63.25% 61.91% 60.17%
Non-controlling interests 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.39 0.49 6.05 0.86 0.00 0.00 0.00
Total stockholders’ equity 51.02% 52.57% 53.74% 54.59% 45.30% 46.75% 45.93% 44.63% 44.55% 45.30% 57.59% 57.23% 54.31% 55.11% 55.66% 59.27% 59.17% 63.25% 61.91% 60.17%
Total liabilities and stockholders’ equity 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 capital structure exhibits a significant shift in composition between 2018 and 2022, transitioning from a predominantly equity-funded model to one with a higher reliance on long-term debt, before partially reverting toward equity in 2022.

Liability Composition and Trends
Total liabilities experienced a notable increase starting in the third quarter of 2020, rising from a range of 36% to 45% in 2018-2019 to a peak of 55.45% by December 2020. This increase was primarily driven by long-term liabilities rather than current obligations. Current liabilities, which peaked at 29.22% in December 2019, generally trended downward or stabilized between 15% and 20% throughout 2021 and 2022.
Impact of Long-Term Debt Instruments
A structural change occurred in September 2020 with the introduction of convertible senior notes, which immediately represented 25.03% of total liabilities and stockholders' equity. This instrument became the dominant component of the long-term liability profile. While the relative weight of these notes gradually declined to 14.64% by December 2022, they fundamentally altered the leverage profile of the balance sheet compared to the 2018-2019 period.
Analysis of Operational Liabilities
Trade payables showed a general downward trend in relative importance, falling from 11.36% in March 2018 to a low of 4.95% in March 2021, before increasing again to 10.78% by the end of 2022. Warranty obligations remained relatively stable, with the combined current and long-term portions consistently representing a significant portion of the liability structure, typically ranging between 11% and 14% of the total balance sheet.
Stockholders' Equity Dynamics
Total stockholders' equity saw a contraction in its relative share of the balance sheet coinciding with the issuance of long-term debt. Equity dropped from levels above 60% in early 2018 to a low of 44.55% in December 2020. However, a recovery trend is observed starting in 2022, with equity returning to 51.02% by December 2022. This recovery is characterized by a resurgence in additional paid-in capital, which rose from 23.76% in December 2021 to 35.29% by December 2022.
Retained Earnings and Comprehensive Income
Retained earnings grew steadily as a percentage of the total balance sheet from 13.39% in March 2018 to a peak of 25.94% in June 2020, indicating a period of strong internal capital accumulation. Following this peak, the relative weight of retained earnings declined and stabilized between 17% and 22%. Accumulated other comprehensive loss widened significantly in 2022, reaching -3.29% in September 2022 before moderating to -1.71% by year-end.

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