Item 8. Financial Statements and Supplementary Data
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Financial Statements
Reports of Independent Registered Public Accounting Firm
F-2
Consolidated Balance Sheets as of December 31, 2020 and 2019
F-5
Consolidated Statements of Income for the year ended December 31, 2020, 2019 and 2018
F-7
Consolidated Statements of Comprehensive Income for the year ended December 31, 2020, 2019 and 2018
F-8
Statements of Changes in Stockholders’ Equity for the year ended December 31, 2020, 2019 and 2018
F-9
Consolidated Statements of Cash Flows for the year ended December 31, 2020, 2019 and 2018
F-11
Notes to Consolidated Financial Statements
F-13
 
Unaudited Quarterly Results of Operations
The following table sets forth our unaudited quarterly consolidated statements of operations data for each of the fiscal years covered by the financial statements provided with this filing. The data presented below has been prepared on the same basis as the audited consolidated financial statements included elsewhere in this Annual Report and, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of this data. This information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. The results of historical periods are not necessarily indicative of the results of operations for a full year or any future period.
Mar. 31, 2019
June 30, 2019
Sept. 30, 2019
Dec. 31, 2019
Mar. 31, 2020
June 30, 2020
Sept. 30, 2020
Dec. 31, 2020
 
Revenues
$
271,871
$
325,010
$
410,556
$
418,223
$
431,218
$
331,851
$
338,095
$
358,107
 
Cost of revenues
185,761
214,340
271,247
274,974
291,210
228,888
230,032
247,782
 
Gross profit
86,110
110,670
139,309
143,249
140,008
102,963
108,063
110,325
 
Operating expenses
 
Research and development, net
26,199
29,505
30,747
34,900
36,695
38,098
40,817
47,513
 
Sales and marketing
20,172
22,127
22,026
23,659
24,253
20,936
21,924
28,872
 
General and administrative
11,691
13,685
12,214
11,771
16,185
13,964
14,928
18,042
 
Other operating expenses (income)
-
-
8,305
22,391
(4,900
)
-
-
1,471
 
Total operating expenses
58,062
65,317
73,292
92,721
72,233
72,998
77,669
95,898
 
Operating income
28,048
45,353
66,017
50,528
67,775
29,965
30,394
14,427
 
Financial expenses (income)
6,151
(773
)
17,023
(11,058
)
16,605
(11,565
)
(15,765
)
(10,380
)
Income before taxes on income
21,897
46,126
48,994
61,586
51,170
41,530
46,159
24,807
 
Taxes on income
3,922
13,213
7,270
9,241
8,922
4,862
2,408
7,152
 
Net income
$
17,975
$
32,913
$
41,724
$
52,345
$
42,248
$
36,668
$
43,571
$
17,655
 
Net income (loss) attributable to noncontrolling interests
(1,041
)
(215
)
97
(433
)
-
-
-
-
 
Net income attributable to SolarEdge Technologies Inc.
$
19,016
$
33,128
$
41,627
$
52,778
$
42,248
$
36,668
$
43,751
$
17,655
 
Subsequent Events
None.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
50