[August 02, 2017] |
|
SolarEdge Announces Second Quarter 2017 Financial Results
SolarEdge Technologies, Inc. (Nasdaq:SEDG), a global leader in PV
inverters, power optimizers, and module-level monitoring services, today
announced its financial results for the second quarter 2017 ended June
30, 2017.
Second Quarter 2017 Highlights
-
Record revenues for the quarter of $136.1 million
-
GAAP gross margin for the quarter of 34.6%
-
GAAP operating income for the quarter of $19.1 million
-
GAAP net income for the quarter of $22.5 million
-
Non-GAAP net income for the quarter of $25.8 million
-
GAAP net diluted earnings per share for the quarter of $0.50
-
Non-GAAP net diluted earnings per share for the quarter of $0.55
-
Cash flow from operating activities of $31.6 million
-
563 Megawatts (AC) of inverters shipped for the quarter
"The second quarter of 2017 was a record quarter for us with record
revenues, record non-GAAP profitability and record cash generation,"
said Guy Sella, Founder, Chairman and CEO of SolarEdge. "Our sales in
markets outside of the United States continued to grow this quarter
further strengthening our diversified revenue base. Our continued cost
reduction led by the HD-wave roll out allowed us to further increase
profitability and cash flow generation. This quarter we also unveiled
the next generation power optimizer, large capacity commercial inverter
and announced the launch of the first PV inverter-integrated EV
(electric vehicle) charger demonstrating our continued innovation and
technological leadership."
Quarter Ended June 30, 2017 Summary
The Company reported record revenues of $136.1 million, up 18% from the
prior quarter and up 9% year over year.
GAAP gross margin reached 34.6%, up from 33.6% in the prior quarter and
up from 31.4% year over year.
GAAP operating expenses were $28.0 million, an increase of 5% from the
prior quarter and 32% year over year.
GAAP operating income was $19.1 million, up 59% from $12.0 million in
the prior quarter and up from $17.9 million year over year.
GAAP net income was $22.5 million, up 59% from $14.2 million in the
prior quarter and up from $17.3 million year over year.
Record non-GAAP net income was $25.8 million, up 57% from $16.5 million
in the prior quarter and up from $19.9 million year over year.
GAAP net diluted earnings per shares ("EPS") was $0.50, up from $0.32 in
the prior quarter and up from $0.39 year over year.
Non-GAAP net diluted EPS was $0.55, up from $0.36 in the prior quarter
and up from $0.44 year over year.
As of June 30, 2017, cash, cash equivalents, restricted cash and
marketable securities totaled $274.7 million, compared to $247.6 million
on March 31, 2017.
Outlook for the Quarter Ending September 30, 2017
The Company also provides guidance for the quarter ending September 30,
2017 as follows:
-
Revenues to be within the range of $155 million to $165 million;
-
Gross margins to be within the range of 33% to 35%.
Conference Call
The Company will host a conference call to discuss these results at 4:30
P.M. EDT on Wednesday, August 2, 2017. The call will be available, live,
to interested parties by dialing 888-778-9065. For international
callers, please dial +1 719-457-2085. The Conference ID number is
6182964. A live webcast will also be available in the Investors
Relations section of the Company's website at: http://investors.solaredge.com
A replay of the webcast will be available in the Investor Relations
section of the Company's web site approximately two hours after the
conclusion of the call and will remain available for approximately 30
calendar days.
About SolarEdge
SolarEdge provides an intelligent inverter solution that has changed the
way power is harvested and managed in solar photovoltaic systems. The
SolarEdge DC optimized inverter system maximizes power generation at the
individual PV module-level while lowering the cost of energy produced by
the solar PV system. The SolarEdge system consists of power optimizers,
inverters, storage solutions and a cloud-based monitoring platform and
addresses a broad range of solar market segments, from residential solar
installations to commercial and small utility-scale solar installations.
SolarEdge is online at http://www.solaredge.com
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this
release. Generally, a non-GAAP financial measure is a numerical measure
of a company's performance, financial position, or cash flows that
either exclude or include amounts that are not normally excluded or
included in the most directly comparable measure calculated and
presented in accordance with generally accepted accounting principles in
the United States, or GAAP. Reconciliation of each non-GAAP financial
measure to the most directly comparable GAAP financial measure can be
found in the accompanying tables to this release. These non-GAAP
financial measures do not reflect a comprehensive system of accounting,
differ from GAAP measures with the same captions and may differ from
non-GAAP financial measures with the same or similar captions that are
used by other companies. As such, these non-GAAP measures should be
considered as a supplement to, and not as a substitute for, or superior
to, financial measures calculated in accordance with GAAP.
The Company uses these non-GAAP financial measures to analyze its
operating performance and future prospects, develop internal budgets and
financial goals, and to facilitate period-to-period comparisons. The
Company believes that these non-GAAP financial measures reflect an
additional way of viewing aspects of its operations that, when viewed
with its GAAP results, provide a more complete understanding of factors
and trends affecting its business.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
This release contains forward looking statements which are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
information, among other things, concerning: our possible or assumed
future results of operations; future demands for solar energy solutions;
business strategies; technology developments; financing and investment
plans; dividend policy; competitive position; industry and regulatory
environment; general economic conditions; potential growth
opportunities; and the effects of competition. These forward-looking
statements are often characterized by the use of words such as
"anticipate," "believe," "could," "seek," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project," "should,"
"will," "would" or similar expressions and the negative or plural of
those terms and other like terminology.
Forward-looking statements are only predictions based on our current
expectations and our projections about future events. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. Given these factors, you should not place undue reliance on
these forward-looking statements. These factors include, but are not
limited to, the matters discussed in the section entitled "Risk Factors"
of our Registration Statement on Form S-1 (including the related
prospectus), Annual Report on Form 10-KT for the year ended December 31,
2016, filed on February 21, 2017, Current Reports on Form 8-K and other
reports filed with the SEC. All information set forth in this release is
as of August 2, 2017. The Company undertakes no duty or obligation to
update any forward-looking statements contained in this release as a
result of new information, future events or changes in its expectations.
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (In thousands, except per share data)
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
136,099
|
|
$
|
124,752
|
|
|
$
|
251,153
|
|
|
$
|
249,957
|
Cost of revenues
|
|
|
|
89,033
|
|
|
85,639
|
|
|
|
165,411
|
|
|
|
170,110
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
47,066
|
|
|
39,113
|
|
|
|
85,742
|
|
|
|
79,847
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
|
12,725
|
|
|
9,232
|
|
|
|
24,183
|
|
|
|
17,941
|
Sales and marketing
|
|
|
|
11,961
|
|
|
8,930
|
|
|
|
22,736
|
|
|
|
17,756
|
General and administrative
|
|
|
|
3,265
|
|
|
3,067
|
|
|
|
7,704
|
|
|
|
6,527
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
27,951
|
|
|
21,229
|
|
|
|
54,623
|
|
|
|
42,224
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
19,115
|
|
|
17,884
|
|
|
|
31,119
|
|
|
|
37,623
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net
|
|
|
|
3,595
|
|
|
(527
|
)
|
|
|
5,005
|
|
|
|
1,502
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
|
22,710
|
|
|
17,357
|
|
|
|
36,124
|
|
|
|
39,125
|
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax benefit)
|
|
|
|
186
|
|
|
84
|
|
|
|
(575
|
)
|
|
|
1,053
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
22,524
|
|
$
|
17,273
|
|
|
$
|
36,699
|
|
|
$
|
38,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (In thousands)
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
113,452
|
|
|
$
|
104,683
|
|
Restricted cash
|
|
|
|
1,097
|
|
|
|
897
|
|
Marketable Securities
|
|
|
|
80,225
|
|
|
|
74,465
|
|
Trade receivables, net
|
|
|
|
79,851
|
|
|
|
71,041
|
|
Prepaid expenses and other accounts receivable
|
|
|
|
34,109
|
|
|
|
21,347
|
|
Inventories
|
|
|
|
56,205
|
|
|
|
67,363
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
364,939
|
|
|
|
339,796
|
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
Marketable securities
|
|
|
|
79,954
|
|
|
|
44,262
|
|
Property, equipment and intangible assets, net
|
|
|
|
41,991
|
|
|
|
37,381
|
|
Prepaid expenses and lease deposits
|
|
|
|
640
|
|
|
|
489
|
|
Deferred tax assets, net
|
|
|
|
4,898
|
|
|
|
2,815
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
|
127,483
|
|
|
|
84,947
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
492,422
|
|
|
$
|
424,743
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Trade payables, net
|
|
|
$
|
36,029
|
|
|
$
|
34,001
|
|
Employees and payroll accruals
|
|
|
|
14,286
|
|
|
|
13,018
|
|
Warranty obligations
|
|
|
|
12,501
|
|
|
|
13,616
|
|
Deferred revenues
|
|
|
|
3,038
|
|
|
|
1,202
|
|
Accrued expenses and other accounts payable
|
|
|
|
12,842
|
|
|
|
8,648
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
78,696
|
|
|
|
70,485
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
Warranty obligations
|
|
|
|
52,839
|
|
|
|
44,759
|
|
Deferred revenues
|
|
|
|
23,771
|
|
|
|
18,660
|
|
Lease incentive obligation
|
|
|
|
1,913
|
|
|
|
2,061
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
78,523
|
|
|
|
65,480
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
4
|
|
|
|
4
|
|
Additional paid-in capital
|
|
|
|
316,867
|
|
|
|
307,098
|
|
Accumulated other comprehensive loss
|
|
|
|
(367
|
)
|
|
|
(324
|
)
|
Retained earnings (accumulated deficit)
|
|
|
|
18,699
|
|
|
|
(18,000
|
)
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
335,203
|
|
|
|
288,778
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity
|
|
|
$
|
492,422
|
|
|
$
|
424,743
|
|
|
|
|
|
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (In thousands)
|
|
|
|
|
Six months ended
June 30,
|
|
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
Cash flows provided by operating activities:
|
|
|
|
|
|
Net income
|
|
|
$
|
36,699
|
|
|
$
|
38,072
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization of property, equipment and intangible
assets
|
|
|
|
3,130
|
|
|
|
2,176
|
|
Amortization of premiums on available-for-sale marketable securities
|
|
|
|
791
|
|
|
|
497
|
|
Stock-based compensation
|
|
|
|
7,646
|
|
|
|
5,032
|
|
Deferred tax assets, net
|
|
|
|
(2,105
|
)
|
|
|
147
|
|
Realized losses on Cash Flow Hedges
|
|
|
|
-
|
|
|
|
2
|
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
Inventories
|
|
|
|
11,153
|
|
|
|
6,096
|
|
Prepaid expenses and other accounts receivable
|
|
|
|
(12,547
|
)
|
|
|
4,038
|
|
Trade receivables, net
|
|
|
|
(8,399
|
)
|
|
|
(26,003
|
)
|
Trade payables
|
|
|
|
2,007
|
|
|
|
(13,499
|
)
|
Employees and payroll accruals
|
|
|
|
1,206
|
|
|
|
(2,795
|
)
|
Warranty obligations
|
|
|
|
6,965
|
|
|
|
10,298
|
|
Deferred revenues
|
|
|
|
6,935
|
|
|
|
5,132
|
|
Accrued expenses and other accounts payable
|
|
|
|
3,958
|
|
|
|
4,207
|
|
Lease incentive obligation
|
|
|
|
(148
|
)
|
|
|
(23
|
)
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
57,291
|
|
|
|
33,377
|
|
|
|
|
|
|
|
Cash flows used in investing activities:
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
(7,611
|
)
|
|
|
(10,054
|
)
|
Decrease (increase) in restricted cash
|
|
|
|
(200
|
)
|
|
|
2,489
|
|
Decrease (increase) in short and long-term lease deposits
|
|
|
|
(128
|
)
|
|
|
66
|
|
Investment in available-for-sale marketable securities
|
|
|
|
(74,106
|
)
|
|
|
(65,651
|
)
|
Maturities of available-for-sale marketable securities
|
|
|
|
31,674
|
|
|
|
6,350
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(50,371
|
)
|
|
|
(66,800
|
)
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Issuance costs related to initial public offering
|
|
|
|
-
|
|
|
|
(194
|
)
|
Proceeds from issuance of shares upon exercise of options
|
|
|
|
2,123
|
|
|
|
1,501
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
2,123
|
|
|
|
1,307
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
9,043
|
|
|
|
(32,116
|
)
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
104,683
|
|
|
|
106,150
|
|
Effect of exchange rate differences on cash and cash equivalents
|
|
|
|
(274
|
)
|
|
|
(2
|
)
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
113,452
|
|
|
|
74,032
|
|
|
|
|
|
|
|
|
|
|
|
|
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (In thousands, except gross profit and per
share data) (Unaudited)
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP)
|
|
|
47,066
|
|
38,676
|
|
39,113
|
|
85,742
|
|
79,847
|
Stock-based compensation
|
|
|
517
|
|
493
|
|
310
|
|
1,010
|
|
556
|
Gross profit (Non-GAAP)
|
|
|
47,583
|
|
39,169
|
|
39,423
|
|
86,752
|
|
80,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Gross Margin
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Gross margin (GAAP)
|
|
|
34.6%
|
|
33.6%
|
|
31.4%
|
|
34.1%
|
|
31.9%
|
Stock-based compensation
|
|
|
0.4%
|
|
0.4%
|
|
0.2%
|
|
0.4%
|
|
0.2%
|
Gross margin (Non-GAAP)
|
|
|
35.0%
|
|
34.0%
|
|
31.6%
|
|
34.5%
|
|
32.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Operating expenses
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Operating expenses (GAAP)
|
|
|
27,951
|
|
26,672
|
|
21,229
|
|
54,623
|
|
42,224
|
Stock-based compensation R&D
|
|
|
1,280
|
|
1,205
|
|
747
|
|
2,485
|
|
1,471
|
Stock-based compensation S&M
|
|
|
1,204
|
|
1,030
|
|
730
|
|
2,234
|
|
1,572
|
Stock-based compensation G&A
|
|
|
1,033
|
|
884
|
|
613
|
|
1,917
|
|
1,432
|
Operating expenses (Non-GAAP)
|
|
|
24,434
|
|
23,553
|
|
19,138
|
|
47,987
|
|
37,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Operating income
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Operating income (GAAP)
|
|
|
19,115
|
|
12,004
|
|
17,884
|
|
31,119
|
|
37,623
|
Stock-based compensation
|
|
|
4,034
|
|
3,612
|
|
2,401
|
|
7,646
|
|
5,032
|
Operating income (Non-GAAP)
|
|
|
23,149
|
|
15,616
|
|
20,285
|
|
38,765
|
|
42,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Tax on income (Tax benefit) (GAAP)
|
|
|
186
|
|
(761)
|
|
84
|
|
(575)
|
|
1,053
|
Deferred tax asset (realized)
|
|
|
773
|
|
1,332
|
|
(247)
|
|
2,105
|
|
(147)
|
Tax on income (Tax benefit) (Non-GAAP)
|
|
|
959
|
|
571
|
|
(163)
|
|
1,530
|
|
906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net income
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Net income (GAAP)
|
|
|
22,524
|
|
14,175
|
|
17,273
|
|
36,699
|
|
38,072
|
Stock-based compensation
|
|
|
4,034
|
|
3,612
|
|
2,401
|
|
7,646
|
|
5,032
|
Deferred tax realized (asset)
|
|
|
(773)
|
|
(1,332)
|
|
247
|
|
(2,105)
|
|
147
|
Net income (Non-GAAP)
|
|
|
25,785
|
|
16,455
|
|
19,921
|
|
42,240
|
|
43,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net basic EPS
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Net basic earnings per share (GAAP)
|
|
|
0.54
|
|
0.34
|
|
0.42
|
|
0.88
|
|
0.94
|
Stock-based compensation
|
|
|
0.10
|
|
0.09
|
|
0.06
|
|
0.19
|
|
0.12
|
Deferred tax realized (asset)
|
|
|
(0.02)
|
|
(0.03)
|
|
0.01
|
|
(0.05)
|
|
0.01
|
Net basic earnings per share (Non-GAAP)
|
|
|
0.62
|
|
0.40
|
|
0.49
|
|
1.02
|
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net diluted EPS
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Net diluted earnings per share (GAAP)
|
|
|
0.50
|
|
0.32
|
|
0.39
|
|
0.83
|
|
0.86
|
Stock-based compensation
|
|
|
0.06
|
|
0.06
|
|
0.04
|
|
0.12
|
|
0.08
|
Deferred tax realized (asset)
|
|
|
(0.01)
|
|
(0.02)
|
|
0.01
|
|
(0.05)
|
|
0.01
|
Net diluted earnings per share (Non-GAAP)
|
|
|
0.55
|
|
0.36
|
|
0.44
|
|
0.90
|
|
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP No. of shares used in Net
diluted EPS
|
|
|
|
Three months ended
|
|
6 months ended
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30,2016
|
|
June 30, 2017
|
|
June 30,2016
|
Number of shares used in computing net diluted earnings per share
(GAAP)
|
|
|
44,831,590
|
|
43,837,505
|
|
44,463,087
|
|
44,335,521
|
|
44,520,494
|
Stock-based compensation
|
|
|
2,228,246
|
|
2,490,662
|
|
1,216,866
|
|
2,359,454
|
|
1,144,371
|
Number of shares used in computing net diluted earnings per share
(Non-GAAP)
|
|
|
47,059,836
|
|
46,328,167
|
|
45,679,953
|
|
46,694,975
|
|
45,664,865
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802006314/en/
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