SolarEdge Technologies, Inc. (NASDAQ:SEDG) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 09, 2018 • 04:30 pm ET

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SolarEdge Technologies, Inc. (NASDAQ:SEDG) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good day everyone and welcome to the SolarEdge Conference Call for the First Quarter ended March 31, 2018. This call is being webcast live on the company's website at www.solaredge.com in the Investors section, on the Event Calendar page. This call is sole property and copyright of SolarEdge with all rights reserved, and any recordings, reproduction or transmission of this call without the expressed written consent of SolarEdge is prohibited. You may listen to a webcast replay of this call by visiting the Event Calendar page of the SolarEdge investor website.

I would now like to turn the conference over to Erica Mannion, at Sapphire Investor Relations. Please go ahead, Investor Relations for SolarEdge.

Executive
Erica Mannion

Good afternoon. Thank you for joining us to discuss SolarEdge's operating results for the first quarter ended March 31, 2018, as well as the company's outlook for the second quarter of 2018. With me today are; Guy Sella, Founder, Chairman and CEO; and Ronen Faier, Chief Financial Officer.

Guy will begin with a brief review of the results for the first quarter ended March 31, 2018. Ronen will review the financial results for the first quarter and provide the company's outlook for the second quarter of 2018. Then we will open the call for questions.

Please note that this call will include forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations.

We encourage you to review the Safe Harbor Statements contained in our press release and the slides published today for a more complete description. All material contained in the webcast is a sole property and copyrights SolarEdge Technologies with all rights reserved.

Please note this presentation described certain non-GAAP measures, including non-GAAP net income and non-GAAP net diluted earnings per share, which are not measures prepared in accordance with US GAAP.

The non-GAAP measures are presented in this presentation as we believe it will provide investors with the means of evaluating and understanding how the Company's management evaluates the Company's operating performance.

These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with US GAAP. Listeners who do not have a copy of the quarter ended March 31, 2018 press release or the presentation may obtain a copy by visiting the Investor section of the Company's website.

Now, I will turn the call over to CEO, Guy Sella.

Executive
Guy Sella

Thank you Erica. Good afternoon and thank you for joining us on our conference call. We concluded our first quarter with revenues of approximately $210 million, up 11% from last quarter and an increase of 82% from the same quarter last year.

We're reporting GAAP gross margin of 37.9% and non GAAP net diluted earnings per share of $0.87 for the first quarter. In the quarter ended March 31, 2018, we shipped 800 megawatts of AC nameplate inverters. Overall, we ship 2.5 million power optimizers and 100,000 inverters.

We continue to see healthy diversification of