SolarEdge Technologies, Inc. (NASDAQ:SEDG) Q1 2024 Earnings Call Transcript May 8, 2024

SolarEdge Technologies, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Hello and welcome to the SolarEdge Conference Call for the First Quarter ended March 31, 2024. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Events Calendar page. This call is the sole property and copyright of SolarEdge with all rights reserved and any recording, reproduction or transmission of this call without the express 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 call over to JB Lowe, Head of Investor Relations for SolarEdge. Please begin.

JB Lowe: Thank you Chloe and good afternoon everyone. Thank you for joining us to discuss SolarEdge's operating results for the first quarter ended March 31, 2024, as well as the company's outlook for the second quarter of 2024. With me today are Zvi Lando, Chief Executive Officer, and Ronen Faier, Chief Financial Officer. Zvi will begin with a brief review of the results for the first quarter ended March 31, 2024. Ronen will review the financial results for the first quarter, followed by the company's outlook for the second quarter of 2024. We will then 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, the slides posted on our website ahead of this call today and our filings with the SEC for a more complete description of such risks and uncertainties. Please note this presentation describes 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 U.S. GAAP. The non-GAAP measures are presented in this presentation because we believe that they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance. Reconciliation of these measures can be found in our earnings release, presentation, and SEC filings.

These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to, financial measures prepared in accordance with U.S. GAAP. Listeners who do not have a copy of the quarter ended March 31, 2024 press release or the supplemental material may obtain a copy by visiting the Investor Relations section of the company's website. And I will now turn the call over to Zvi.

Zvi Lando: Thank you JB. Good afternoon and thank you all for joining us on our conference call. Starting with highlights of our first quarter results, we concluded the quarter with approximately $204 million in revenue. Revenues from our solar business were approximately $190 million, while revenues from our non-solar businesses were approximately $14 million. This quarter, we shipped 1.1 million power optimizers, 69,000 inverters, and 128 megawatt hour of batteries. As we have done on previous calls, I will start with the market dynamics we see in the various regions and end markets, our underlying demand in these markets, and the implications on sell-through and inventory clean-up. Starting with the U.S. Residential segment.

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