SolarEdge Technologies Q3 2024 10-Q: Receivables and Credit Loss

Ticker: SEDG · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: receivables, credit-risk, financial-reporting

Related Tickers: SEDG

TL;DR

**SOLAREDGE Q3 10-Q: $11.6K credit loss provision, vendor receivables detailed.**

AI Summary

SolarEdge Technologies, Inc. filed a 10-Q for the period ending September 30, 2024. The filing details vendor non-trade receivables and loan receivables, noting a provision for credit loss of $11,578 as of September 30, 2024, recorded under Financial income (expense), net.

Why It Matters

This filing provides insight into SolarEdge's financial health by detailing its receivables and the company's management of potential credit risks.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant financial distress.

Key Numbers

Key Players & Entities

FAQ

What are vendor non-trade receivables for SolarEdge?

These are receivables derived from the sale of components to manufacturing vendors who produce products, components, and testing equipment for SolarEdge. SolarEdge purchases these components from other suppliers and does not include these sales in its revenues.

How are loan receivables measured by SolarEdge?

Loan receivables are measured at their amortized cost and are subject to the Company's credit risk policy. They bear interest at market rates.

What was the provision for credit loss as of September 30, 2024?

The provision for credit loss was $11,578 as of September 30, 2024.

Where is the provision for credit loss recorded in the financial statements?

The provision for credit loss is recorded under Financial income (expense), net.

Does SolarEdge include sales of components to contract manufacturers in its revenues?

No, the Company does not reflect the sale of these components to contract manufacturers in its revenues.

From the Filing

0001178913-24-003529.txt : 20241107 0001178913-24-003529.hdr.sgml : 20241107 20241107133452 ACCESSION NUMBER: 0001178913-24-003529 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 118 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241107 DATE AS OF CHANGE: 20241107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOLAREDGE TECHNOLOGIES, INC. CENTRAL INDEX KEY: 0001419612 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 205338862 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36894 FILM NUMBER: 241434501 BUSINESS ADDRESS: STREET 1: 1 HAMADA STREET CITY: HERZILIYA PITUACH STATE: L3 ZIP: 4673335 BUSINESS PHONE: 972 (9) 957-6620 MAIL ADDRESS: STREET 1: 1 HAMADA STREET CITY: HERZILIYA PITUACH STATE: L3 ZIP: 4673335 FORMER COMPANY: FORMER CONFORMED NAME: SolarEdge Technologies Inc DATE OF NAME CHANGE: 20071128 10-Q 1 zk2432199.htm 10-Q SOLAREDGE TECHNOLOGIES, INC. - 1419612 - 2024 http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssets http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssets Represents an amount less than $1. 0001419612 --12-31 Q3 false Vendor non-trade receivables derived from the sale of components to manufacturing vendors who manufacture products, components and other testing equipment for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in its revenues. Loan receivables are loans to third parties. The loan repayments are expected on a monthly or annual basis as per the contractual terms of each loan agreement. The loan is measured at its amortized cost and is subjected to the Company's credit risk policy. The loans bear interest that represent market interest rate. As of September 30, 2024, the Company's provision for credit loss was $11,578 which was recorded under Financial income (expense), net. The amortized cost of the loan receivable approximates its fair value as of September 30, 2024. As of September 30, 2024 and December 31, 2023 the Company granted loans to a customer in the amounts of $80,000 and $43,000, respectively. Considering the loan amounts, the customer's balance would potentially expose the Company to a concentration of credit risk. See Note 10 for more information regarding the long-term portion of the loan. In conjunction with the issuance of the Notes 2029 in June 2024, the Company used approximately $25,230 of the net proceeds from this offering to pay the cost of the capped call transactions. In July 2024, following an additional issuance of the Notes 2029, $3,111 of net proceeds were used to pay the cost of capped call transactions. In accordance with FASB ASC 260, antidilutive contracts, such as purchased call options are excluded from the computation of diluted net income (loss) per share. Accordingly, any potential impact resulting from capped call transaction is excluded from our computation of diluted net income (loss) per share. Inventory write-down is included under Inventories, net on the balance sheet. 0001419612 2023-12-31 0001419612 sedg:EnergyStorageMember 2023-12-31 0001419612 sedg:SolarMember 2023-12-31 0001419612 2024-01-01 2024-09-30 0001419612 sedg:EnergyStorageMember 2024-01-01 2024-09-30 0001419612 sedg:SolarMember 2024-01-01 2024-09-30 0001419612 2024-09-30 0001419612 sedg:EnergyStorageMember 2024-09-30 0001419612 sedg:SolarMember 2024-09-30 0001419612 2024-07-01 2024-09-30 0001419612 us-gaap:NondesignatedMember 2024-01-01 2024-09-30 0001419612 us-gaap:NondesignatedMember 2023-01-01 2023-09-30 0001419612 us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-09-30 0001419612 us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-09-30 0001419612 us-gaap:ForeignExchangeForwardMember us-gaap:CallOptionMember 2024-09-30 0001419612 us-gaap:ForeignExchangeForwardMember us-gaap:PutOptionMember 2024-09-30 000141

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