Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2015
- Operating Profit Margin since 2015
- Return on Equity (ROE) since 2015
- Current Ratio since 2015
- Price to Sales (P/S) since 2015
- Analysis of Debt
- Aggregate Accruals
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SolarEdge Technologies Inc., consolidated income statement (quarterly data)
US$ in thousands
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).
- Revenue Trends
- Revenues exhibit a consistent upward trajectory over the examined periods, increasing from approximately $210 million in the first quarter of 2018 to nearly $891 million by the fourth quarter of 2022. This growth reflects substantial expansion especially notable from 2019 onwards, with occasional decelerations in mid-2020 consistent with external market disruptions.
- Cost of Revenues
- The cost of revenues increased correspondingly with revenues, rising from approximately $130 million in early 2018 to over $629 million by the end of 2022. The cost trend closely follows revenue growth, indicating stable cost structure proportions, though specific quarters show sharper rises, suggesting increased investment or cost pressures in production.
- Gross Profit Analysis
- Gross profit generally grew from around $79.6 million to $261 million over the period. Despite some fluctuations, gross profit margins appear to have improved moderately, highlighted by increases especially during late 2020 and into 2021, indicating improved operational efficiency or pricing power during these periods.
- Research and Development Expenses
- Research and development (R&D) expenses steadily increased from approximately $17.9 million in early 2018 to nearly $79 million by late 2022. This steady increase indicates continual investment in innovation and product development, representing an important strategic focus. Periodic accelerations in R&D spending suggest phases of intensified research activity.
- Sales and Marketing Expenses
- Sales and marketing expenses remain relatively stable as a percentage of revenue but increased in absolute terms from about $16.2 million to roughly $42.7 million. Some variability is present, with slight reductions observed mid-2020 followed by steady rises thereafter, consistent with scaling efforts to support revenue expansion.
- General and Administrative Expenses
- General and administrative costs rose substantially from approximately $4.8 million to $30 million, reflecting organizational growth and potentially increased corporate overheads. Spikes in costs during certain quarters may indicate restructuring or one-time expenses impacting administrative functions.
- Other Operating Income (Expenses), Net
- This category shows sporadic entries including notable negative impacts in late 2019 and significant negative value in the last quarter of 2022. The irregular pattern suggests one-time charges or adjustments affecting operating income in some periods.
- Operating Expenses
- Total operating expenses increased consistently with revenue growth, from approximately $38.8 million to a peak of over $266 million in late 2022. The surge in the last quarter of 2022 suggests extraordinary spending or write-downs impacting operations substantially during that period.
- Operating Income
- Operating income displays volatility, initially growing to a peak of approximately $66 million in late 2019, declining sharply during 2020, and partially recovering thereafter. The sharp drop in operating income during the early pandemic period and weak performance in the last quarter of 2022 indicates operational challenges and possibly significant expenses or impairments.
- Financial Income (Expense), Net
- Financial income or expense exhibits significant fluctuations with periods of both gains and losses. Notably, large negative and positive swings occur, including substantial gains in late 2020 and losses in late 2022, suggesting exposure to financial market volatility or currency effects impacting net financial results.
- Income Before Income Taxes
- This measure follows a broadly upward trend similar to operating income but is less volatile, rising from about $41 million to peaks exceeding $58 million in some quarters, though with notable dips, particularly in 2022. This indicates that income-generating capacity is strong but impacted irregularly by non-operating items.
- Income Taxes
- Income tax expense fluctuates considerably, occasionally showing tax benefits (negative income tax) and other times significant tax charges. The fluctuations suggest variable profitability across geographies or changes in tax strategy and rates over time, with sharp tax expense increases noted towards late 2022.
- Net Income and Equity Holders’ Earnings
- Net income attributable to the company generally tracks the trends in income before taxes, with growth from approximately $35.7 million in early 2018 to highs above $53 million in 2021. However, in 2022, net income demonstrates volatility and a decline, reflecting operational and financial challenges. The presence of minor non-controlling interests has minimal impact on reported net income.