Common-Size Income Statement
Quarterly Data
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SolarEdge Technologies Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2015
- Return on Assets (ROA) since 2015
- Total Asset Turnover since 2015
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SolarEdge Technologies Inc., common-size consolidated income statement (quarterly data)
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 and Gross Profit Trends
- The revenue consistently represents 100% across all quarters, serving as a baseline for relative analysis. Gross profit margins display a declining trend from 37.93% in March 2018 to a low of 25.10% in September 2022, followed by a slight recovery to 29.31% by December 2022. This indicates increasing cost pressures affecting profitability over the observed period.
- Cost of Revenues
- Cost of revenues increases steadily from 62.07% in March 2018 to peaks above 74% during 2022, notably reaching 74.90% in June 2022. This upward trend is the primary driver behind the declining gross profit margin, suggesting rising production or procurement costs or decreased pricing power.
- Operating Expenses
- Operating expenses, inclusive of research and development (R&D), sales and marketing, general and administrative (G&A), and other operating items, reveal varied patterns:
- Research and Development
- R&D expenditure fluctuates but generally increases from approximately 8.5% of revenues in early 2018 to peaks over 13% in late 2020, followed by a reduction to around 8-9% by the end of 2022. This indicates a phase of intensified investment in innovation or product development followed by containment or efficiency improvements.
- Sales and Marketing
- Spending on sales and marketing remains relatively stable as a percentage of revenues, mostly between 5% and 8%, with a modest decline seen in the latter quarters of 2022, suggesting efforts to control customer acquisition or promotional costs.
- General and Administrative
- G&A expenses show mild volatility, increasing up to about 5% during 2020 but decreasing to around 3.3% to 4% by the end of 2022, indicating potential tightening of administrative overheads.
- Other Operating Income (Expenses), Net
- Other operating items exhibit irregular fluctuations with occasional negative spikes, including a significant -12.86% in December 2022, which may signal unusual or non-recurring operational expenses impacting profitability in that quarter.
- Total Operating Expenses
- The aggregate operating expenses vary between approximately 16.4% and 29.9%, with a pronounced increase around 2020 and again at the end of 2022, indicating phases of higher operating cost burdens.
- Operating Income
- Operating income margins decline from a high of 19.42% in March 2018 to near breakeven (-0.58%) in December 2022, with intermittent recovery periods. This trend reflects the combined effects of rising costs and fluctuating expenses, which have eroded operating profitability over time.
- Financial Income (Expense), Net
- Net financial income or expense demonstrates volatility, with swings from negative to positive values, including a notable positive spike of 6.3% in December 2022. This variability suggests fluctuating interest or investment income and expense components influencing overall profitability on an irregular basis.
- Income Before Income Taxes and Net Income
- Income before taxes follows a declining trajectory from nearly 20% in early 2018 to closer to 5-7% in 2022, suggesting diminished pre-tax profitability. Net income mirrors this downward trend, with decreases from 17% to under 3% of revenues by late 2022. Some quarters exhibit marked drops, indicating periods of reduced profitability or higher tax impacts.
- Income Taxes
- Income tax rates as a percentage of revenues oscillate between small positive and negative values, indicating fluctuations in tax provisioning or benefit recognition, without a clear trend. These variations impact the net income results accordingly.
- Summary of Key Insights
- Overall, the financial data reveals a gradual worsening of profitability margins primarily due to rising costs of revenues and elevated operating expenses at certain intervals. Despite investing in research and maintaining stable sales and marketing expenditures, the company experiences pressure on gross and operating profits. Variability in financial income and other operating expenses further contributes to earnings inconsistency. Net income margins show contraction over the period, emphasizing challenges in sustaining profitability amid evolving cost structures and market conditions.