SolarEdge Technologies Files 2024 10-K, Details Capped Call Transactions

Ticker: SEDG · Form: 10-K · Filed: 2025-02-25T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, debt-issuance, hedging, financial-reporting

TL;DR

SolarEdge's 2024 10-K is in. They spent ~$28M on capped calls for their 2029 notes.

AI Summary

SolarEdge Technologies, Inc. filed its 10-K for the fiscal year ending December 31, 2024. The filing details financial performance and business operations. Notably, the company used approximately $25.23 million in June 2024 and $3.111 million in July 2024 from the net proceeds of its Notes 2029 issuance to fund capped call transactions, which are excluded from diluted EPS calculations.

Why It Matters

This filing provides investors with a comprehensive overview of SolarEdge's financial health and strategic financial maneuvers, including the use of proceeds from debt offerings for hedging instruments.

Risk Assessment

Risk Level: medium — The company's financial disclosures, including debt issuance and hedging costs, indicate a level of financial complexity and potential market sensitivity.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of SolarEdge Technologies, Inc. as indicated by its SIC code?

SolarEdge Technologies, Inc. is classified under Standard Industrial Classification code 3674, which corresponds to SEMICONDUCTORS & RELATED DEVICES.

When did SolarEdge Technologies, Inc. file its 10-K report for the fiscal year ending December 31, 2024?

The 10-K report was filed on February 25, 2025.

What was the purpose of the capped call transactions mentioned in the filing?

The capped call transactions were funded by net proceeds from the issuance of the Notes 2029, serving as a financial instrument likely to hedge against potential increases in the value of the underlying notes.

How are capped call transactions treated in the calculation of diluted earnings per share?

In accordance with FASB ASC 260, antidilutive contracts such as purchased call options, including those from capped call transactions, are excluded from the computation of diluted net income (loss) per share.

What is the company's primary address and phone number listed in the filing?

The company's business address is 1 HAMADA STREET, HERZILIYA PITUACH, L3, 4673335, and the business phone number is 972 (9) 957-6620.

From the Filing

0001178913-25-000605.txt : 20250225 0001178913-25-000605.hdr.sgml : 20250225 20250225085157 ACCESSION NUMBER: 0001178913-25-000605 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 170 CONFORMED PERIOD OF REPORT: 20241231 FILED AS OF DATE: 20250225 DATE AS OF CHANGE: 20250225 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36894 FILM NUMBER: 25659633 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-K 1 zk2532709.htm 20-F SOLAREDGE TECHNOLOGIES, INC. - 1419612 - 2025 false FY 0001419612 Represents an amount less than $1. 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. 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 a subsequent 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. http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#FinanceLeaseLiabilityNoncurrent Except for Germany, Netherlands and Italy Long-lived assets are comprised of property and equipment, net and Operating lease right-of-use assets, net. Represents marketing, bad debt and other production related costs. http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrent Related to deferred tax assets that would only be realizable upon the generation of net income in certain foreign jurisdictions. http://fasb.org/us-gaap/2024#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember 0001419612 2024-01-01 2024-12-31 0001419612 2024-12-31 0001419612 2023-12-31 0001419612 2023-01-01 2023-12-31 0001419612 2022-01-01 2022-12-31 0001419612 us-gaap:LandMember 2024-12-31 0001419612 us-gaap:LandMember 2023-12-31 0001419612 us-gaap:BuildingMember 2024-12-31 0001419612 us-gaap:BuildingMember 2023-12-31 0001419612 us-gaap:ComputerEquipmentMember 2024-12-31 0001419612 us-gaap:ComputerEquipmentMember 2023-12-31 0001419612 us-gaap:OfficeEquipmentMember 2024-12-31 0001419612 us-gaap:OfficeEquipmentMember 2023-12-31 0001419612 sedg:LaboratoryAndTestingEquipmentMember 2024-12-31 0001419612 sedg:LaboratoryAndTestingEquipmentMember 2023-12-31 0001419612 us-gaap:OtherMachineryAndEquipmentMember 2024-12-31 0001419612 us-gaap:OtherMachineryAndEquipmentMember 2023-12-31 0001419612 us-gaap:LeaseholdImprovements

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