Exhibit 99.2
SolarEdge Announces Fiscal Fourth Quarter and Year End 2015
Financial Results
Fremont, CA — August 12, 2015. SolarEdge Technologies, Inc. (NASDAQ: SEDG) today announced its financial results for the fiscal fourth quarter and year ended June 30, 2015.
Fourth Quarter and Full Fiscal Year 2015 Highlights
| | · | Record revenue for fiscal Q4 2015 of $98.4 million, up 13.9% from the prior quarter and 120.8% from fiscal Q4 2014. Record revenue for fiscal year 2015 of $325.1 million, representing a 144.0% year-over-year growth |
| | · | GAAP gross margin of 28.7% for fiscal Q4 2015 and 25.2% for fiscal year 2015 |
| | · | GAAP net income for fiscal Q4 2015 of $9.3 million, and net income for fiscal year 2015 of $21.1 million |
| | · | Non-GAAP net income for fiscal Q4 2015 of $13.8 million and net income for fiscal year 2015 of $29.4 million |
| | · | 284 Megawatts (AC) of inverters shipped for fiscal Q4 2015 and 920 Megawatts (AC) for fiscal year 2015 |
“We completed fiscal 2015 with strong execution on all fronts. We successfully grew our business with our existing and new customers and generated record revenue for the fourth fiscal quarter and the entire fiscal year. Our increased manufacturing capacity coupled with continued cost reduction, brought gross margins to a quarterly and annual record. These revenue and cost reduction initiatives generated strong bottom line results; consecutive profits in each quarter of fiscal 2015 and strong cash flow from operations,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.
Fourth Quarter 2015 Summary
The Company reported revenues of $98.4 million for fiscal Q4 2015, an increase of 13.9% from the prior quarter and 120.8% from fiscal Q4 2014.
GAAP gross margin reached 28.7% for fiscal Q4 2015, up from 27.4% in the prior quarter and up from 19.6% in fiscal Q4 2014.
Non-GAAP gross margin was 28.9%for fiscal Q4 2015, up from 27.6% in the prior quarter and 19.6% in fiscal Q4 2014. This growth was mainly driven by cost reduction measures that were realized this quarter and reduced use of air shipments to a minimum.
GAAP operating expenses were $16.4 million for fiscal Q4 2015, or 16.7% of revenue, an increase from $13.9 million, or 16.1% of revenue from the prior quarter and an increase from $11.2 million, or 25.0% of revenue when compared to fiscal Q4 2014.
GAAP operating income was $11.9 million for fiscal Q4 2015, up from $9.8 million in the prior quarter and up from an operating loss of $2.4 million in fiscal Q4 2014.
GAAP net income was $9.3 million for fiscal Q4 2015, up from $6.0 million in the prior quarter and up from a net loss of $3.0 million in fiscal Q4 2014.
Non-GAAP net income was $13.8 million for fiscal Q4 2015, an increase from $8.7 million in the prior quarter and an increase from a net loss of $2.8 million in fiscal Q4 2014.
GAAP net diluted earnings per share (“EPS”) was $0.21 for fiscal Q4 2015, up from $0.01 in the prior quarter and up from a net diluted loss per share of $1.08 in fiscal Q4 2014.
Non-GAAP net diluted EPS was $0.31 for fiscal Q4 2015, an increase from $0.20 in the prior quarter and an increase from a net diluted loss per share of $0.10 in fiscal Q4 2014.
As of June 30, 2015, cash, cash equivalents and restricted cash, totaled $148.4 million, compared to $138.8 million on March 31, 2015. As of June 30, 2015, the Company did not have any debt.
Full Fiscal Year 2015 Summary
For the full fiscal year 2015, the Company reported:
| | · | Revenue of $325.1 million, representing a 144.0% increase from fiscal year 2014 |
| | · | Gross margin of 25.2%, compared to 16.5% in fiscal year 2014 |
| | · | Operating expenses of $53.5 million, up 32.7% from fiscal year 2014 |
| | · | Operating income of $28.3 million, compared to an operating loss of $18.4 million in fiscal year 2014 |
| | · | GAAP net income of $21.1 million, compared to a net loss of $21.4 million in fiscal year 2014 |
| | · | Non-GAAP net income of $29.4 million, compared to a non-GAAP net loss of $20.4 in fiscal year 2014 |
| | · | GAAP net diluted EPS of $0.27, compared to a net diluted loss per share of $7.64 in fiscal year 2014 |
| | · | Non-GAAP net diluted EPS of $0.77, compared to a net diluted loss per share of $0.76 in fiscal year 2014 |
Outlook for the First Fiscal Quarter 2016
The Company also provides guidance for the first fiscal quarter of 2016 as follows:
| | · | Revenues to be within the range of $108 million to $112 million; |
| | · | Gross margins to be within the range of 27% to 29%. |
Conference Call
The Company will host a conference call to discuss these results at 5:00 P.M. Eastern Time on Wednesday, August 12, 2015. The call will be available, live, to interested parties by dialing +1 877-675-4750. For international callers, please dial +1 719-325-4850. The Conference ID number is 7859651. 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 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.
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-K for the fiscal year ended June 30, 2015, when it becomes available, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 12, 2015. 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.
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
investors@solaredge.com
+1 510-498-3263
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
investors@solaredge.com
+1 415-471-2700
SOLAREDGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
| | | Three months ended June 30, | | | Fiscal year ended June 30, | |
| | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| | | (unaudited) | | | (unaudited) | | | (audited) | |
| Revenues | | $ | 98,420 | | | $ | 44,573 | | | $ | 325,078 | | | $ | 133,217 | |
| Cost of revenues | | | 70,149 | | | | 35,849 | | | | 243,295 | | | | 111,246 | |
| Gross profit | | | 28,271 | | | | 8,724 | | | | 81,783 | | | | 21,971 | |
| | | | | | | | | | | | | | | | | |
| Operating expenses: | | | | | | | | | | | | | | | | |
| Research and development, net | | | 6,701 | | | | 4,570 | | | | 22,018 | | | | 18,256 | |
| Sales and marketing | | | 7,432 | | | | 5,420 | | | | 24,973 | | | | 17,792 | |
| General and administrative | | | 2,265 | | | | 1,174 | | | | 6,535 | | | | 4,294 | |
Total operating expenses | | | 16,398 | | | | 11,164 | | | | 53,526 | | | | 40,342 | |
| | | | | | | | | | | | | | | | | |
| Operating income (loss) | | | 11,873 | | | | (2,440 | ) | | | 28,257 | | | | (18,371 | ) |
| Other expenses | | | 104 | | | | | | | | 104 | | | | | |
| Financial expenses, net | | | 1,699 | | | | 470 | | | | 5,077 | | | | 2,787 | |
| | | | | | | | | | | | | | | | | |
| Income (loss) before taxes on income | | | 10,070 | | | | (2,910 | ) | | | 23,076 | | | | (21,158 | ) |
| | | | | | | | | | | | | | | | | |
| Taxes on income | | | 809 | | | | 132 | | | | 1,955 | | | | 220 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 9,261 | | | $ | (3,042 | ) | | $ | 21,121 | | | $ | (21,378 | ) |
| | | | | | | | | | | | | | | | | |
Net basic earnings (loss) per share of common stock (1) | | $ | 0.24 | | | $ | (1.08 | ) | | $ | 0.30 | | | $ | (7.64 | ) |
| Net diluted earnings (loss) per share of common stock | | $ | 0.21 | | | $ | (1.08 | ) | | $ | 0.27 | | | $ | (7.64 | ) |
| | | | | | | | | | | | | | | | | |
| Number of shares used in computing net basic earnings (loss) per share of common stock | | | 39,160,372 | | | | 2,809,950 | | | | 11,902,911 | | | | 2,798,894 | |
| Number of shares used in computing net diluted earnings (loss) per share of common stock | | | 44,473,080 | | | | 2,809,950 | | | | 15,269,448 | | | | 2,798,894 | |
| | (1) | GAAP net basic and diluted earnings (loss) per share are materially different between fiscal 2015 and fiscal 2014 since under GAAP, preferred shares do not participate in losses and therefore the number of shares used in computing net diluted earnings (loss) per share is materially different between the fiscal years. In addition, under GAAP the conversion of preferred to common stock as of the IPO date reduces the net earnings available for distribution to common shareholders and reduces the number of shares used in computing net basic earnings (loss) per share of common stock. |
SOLAREDGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| | | June 30, | | | June 30, | |
| | | 2015 | | | 2014 | |
| | | unaudited | | | audited | |
| ASSETS | | | | | | |
| Current assets | | | | | | |
| Cash and cash equivalents | | $ | 144,750 | | | $ | 9,754 | |
| Restricted cash | | | 3,639 | | | | 1,602 | |
| Trade receivables, net | | | 35,428 | | | | 19,267 | |
| Prepaid expenses and other accounts receivable | | | 32,645 | | | | 13,151 | |
| Inventories | | | 73,950 | | | | 25,499 | |
| Total current assets | | | 290,412 | | | | 69,273 | |
| Property and equipment, net | | | 14,717 | | | | 5,351 | |
| Long-term lease deposit and prepaid expenses | | | 529 | | | | 367 | |
| Long-term deferred charges | | | - | | | | 7 | |
| Total assets | | $ | 305,658 | | | $ | 74,998 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFECIENCY) | | | | | | | | |
| | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Short term bank loan | | $ | - | | | $ | 13,326 | |
| Current maturities of term loan | | | - | | | | 3,474 | |
| Trade payables | | | 80,684 | | | | 39,438 | |
| Employees and payroll accruals | | | 6,814 | | | | 5,210 | |
| Warranty obligations | | | 9,431 | | | | 5,496 | |
| Deferred revenues | | | 1,676 | | | | 1,729 | |
| Accrued expenses and other accounts payable | | | 6,987 | | | | 4,270 | |
| Total current liabilities | | | 105,592 | | | | 72,943 | |
| | | | | | | | | |
| Long-term liabilities: | | | | | | | | |
| Warranty obligations | | | 22,448 | | | | 12,685 | |
| Deferred revenues | | | 8,289 | | | | 4,252 | |
| Warrants to purchase common stock | | | - | | | | 765 | |
| Term loan | | | - | | | | 3,444 | |
| Lease incentive obligation | | | 2,385 | | | | - | |
| Total long-term liabilities | | | 33,122 | | | | 21,146 | |
| | | | | | | | | |
| Commitments and Contingent liabilities | | | | | | | | |
| | | | | | | | | |
| Convertible Preferred Series A, B, C, D, D-1, D-2 and D-3 stock | | | - | | | | 116,203 | |
| | | | | | | | | |
| Stockholders’ equity (deficiency): | | | | | | | | |
| Share capital | | | | | | | | |
| Common stock | | | 4 | | | | * - | |
| Additional paid-in capital | | | 287,152 | | | | 5,878 | |
| Accumulated other comprehensive loss | | | (222 | ) | | | (61 | ) |
| Accumulated deficit | | | (119,990 | ) | | | (141,111 | ) |
| Total stockholders’ equity (deficiency) | | | 166,944 | | | | (135,294 | ) |
| | | | | | | | | |
| Total liabilities and stockholders’ equity (deficiency) | | $ | 305,658 | | | $ | 74,998 | |
SOLAREDGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| | | Year ended June 30, | |
| | | 2015 | | | 2014 | |
| | | unaudited | | | audited | |
| Cash flows from operating activities: | | | | | | |
| Net income (loss) | | $ | 21,121 | | | $ | (21,378 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | |
| Depreciation | | | 2,253 | | | | 1,978 | |
| Capital loss from disposal of property | | | 104 | | | | - | |
| Interest expenses related to short term bank loan | | | - | | | | 44 | |
| Stock-based compensation related to employees and non-employee stock options | | | 2,956 | | | | 1,082 | |
| Financial expenses (income), net related to term loan | | | (992 | ) | | | 431 | |
| Remeasurement of warrants to purchase convertible preferred stock | | | 5,350 | | | | (53 | ) |
| Changes in assets and liabilities: | | | | | | | | |
| Inventories | | | (48,507 | ) | | | (10,681 | ) |
| Prepaid expenses and other accounts receivable | | | (19,563 | ) | | | (7,409 | ) |
| Trade receivables, net | | | (16,333 | ) | | | (9,911 | ) |
| Trade payables | | | 41,111 | | | | 19,441 | |
| Employees and payroll accruals | | | 1,668 | | | | 1,726 | |
| Warranty obligations | | | 13,698 | | | | 7,803 | |
| Deferred revenues | | | 3,989 | | | | (500 | ) |
| Accrued expenses and other accounts payable | | | 2,530 | | | | (418 | ) |
| Lease incentive obligation | | | 2,669 | | | | - | |
| Net cash provided by (used in) operating activities | | | 12,054 | | | | (17,845 | ) |
| | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Purchase of property and equipment | | | (11,765 | ) | | | (2,990 | ) |
| Increase in restricted cash | | | (2,038 | ) | | | (156 | ) |
| Increase in long-term lease deposit | | | (134 | ) | | | (1 | ) |
| Net cash used in investing activities | | | (13,937 | ) | | | (3,147 | ) |
| | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | |
| Proceeds from short term bank loan | | | 23,000 | | | | 21,813 | |
| Repayment of short term bank loan | | | (36,326 | ) | | | (12,447 | ) |
| Repayments of term loan | | | (5,919 | ) | | | (2,401 | ) |
| Proceeds from issuance of Series D-2 Convertible Preferred stock, net | | | - | | | | 669 | |
| Proceeds from issuance of Series D-3 Convertible Preferred stock, net | | | - | | | | 9,991 | |
| Proceeds from issuance of Series E Convertible Preferred stock, net | | | 24,712 | | | | - | |
| Proceeds from initial public offering, net | | | 131,402 | | | | - | |
| Proceeds from exercise of employees and non-employee consultants stock options | | | 84 | | | | 51 | |
| Net cash provided by financing activities | | | 136,953 | | | | 17,676 | |
| | | | | | | | | |
| Increase (decrease) in cash and cash equivalents | | | 135,070 | | | | (3,316 | ) |
| Cash and cash equivalents at the beginning of the period | | | 9,754 | | | | 13,142 | |
| Effect of exchange rate differences on cash and cash equivalents | | | (74 | ) | | | (72 | ) |
| Cash and cash equivalents at the end of the period | | $ | 144,750 | | | $ | 9,754 | |
SOLAREDGE TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
| | | Three months ended June 30, | | | Fiscal Year ended | |
| | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| | | | | | | | | | | | | |
| Gross profit (GAAP) | | $ | 28,271 | | | $ | 8,724 | | | $ | 81,783 | | | $ | 21,971 | |
| Stock-based compensation | | | 188 | | | | 28 | | | | 442 | | | | 108 | |
| Gross profit (Non-GAAP) | | $ | 28,459 | | | $ | 8,752 | | | $ | 82,225 | | | $ | 22,079 | |
| | | | | | | | | | | | | | | | | |
| Gross margin (GAAP) | | | 28.7 | % | | | 19.6 | % | | | 25.2 | % | | | 16.5 | % |
| Stock-based compensation | | | 0.2 | % | | | 0.1 | % | | | 0.1 | % | | | 0.1 | % |
| Gross margin (Non-GAAP) | | | 28.9 | % | | | 19.6 | % | | | 25.3 | % | | | 16.6 | % |
| | | | | | | | | | | | | | | | | |
| Operating expenses (GAAP) | | $ | 16,398 | | | $ | 11,164 | | | $ | 53,526 | | | $ | 40,342 | |
| Stock-based compensation R&D | | | 184 | | | | 110 | | | | 634 | | | | 397 | |
| Stock-based compensation S&M | | | 263 | | | | 82 | | | | 809 | | | | 297 | |
| Stock-based compensation G&A | | | 569 | | | | 71 | | | | 1,071 | | | | 280 | |
| Operating expenses (Non-GAAP) | | $ | 15,382 | | | $ | 10,901 | | | $ | 51,012 | | | $ | 39,945 | |
| | | | | | | | | | | | | | | | | |
| Operating income (loss) (GAAP) | | $ | 11,873 | | | $ | (2,440 | ) | | $ | 28,257 | | | $ | (18,371 | ) |
| Stock-based compensation | | | 1,204 | | | | 291 | | | | 2,956 | | | | 1,082 | |
| Operating income (loss) (Non-GAAP) | | $ | 13,077 | | | $ | (2,149 | ) | | $ | 31,213 | | | $ | (17,289 | ) |
| | | | | | | | | | | | | | | | | |
| Finance expenses (GAAP) | | $ | 1,699 | | | $ | 470 | | | $ | 5,077 | | | $ | 2,787 | |
| Warrants remeasurement | | | 3,285 | | | | (8 | ) | | | 5,350 | | | | (53 | ) |
| Finance expenses (Non-GAAP) | | $ | (1,586 | ) | | $ | 478 | | | $ | (273 | ) | | $ | 2,840 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) (GAAP) | | $ | 9,261 | | | $ | (3,042 | ) | | $ | 21,128 | | | $ | (21,378 | ) |
| Stock-based compensation | | | 1,204 | | | | 291 | | | | 2,956 | | | | 1,082 | |
| Warrants remeasurement | | | 3,285 | | | | (8 | ) | | | 5,350 | | | | (53 | ) |
| Net income (loss) (Non-GAAP) | | $ | 13,750 | | | $ | (2,759 | ) | | $ | 29,434 | | | $ | (20,349 | ) |
| | | | | | | | | | | | | | | | | |
| Net basic earnings (loss) per share (GAAP) | | $ | 0.24 | | | $ | (1.08 | ) | | $ | 0.30 | | | $ | (7.64 | ) |
| Stock-based compensation | | | 0.03 | | | | 0.01 | | | | 0.09 | | | | 0.04 | |
| Warrants remeasurement | | | 0.08 | | | | ---- | | | | 0.15 | | | | ---- | |
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods (1) | | | ---- | | | | 0.97 | | | | 0.31 | | | | 6.84 | |
| Net basic earnings (loss) per share (Non-GAAP) | | $ | 0.35 | | | $ | (0.10 | ) | | $ | 0.85 | | | $ | (0.76 | ) |
| | | | | | | | | | | | | | | | | |
| Number of shares used in computing net basic earnings (loss) per share (GAAP) | | | 39,160,372 | | | | 2,809,950 | | | | 11,902,911 | | | | 2,798,894 | |
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods(1) | | | ---- | | | | 24,442,902 | | | | 22,518,959 | | | | 23,853,132 | |
| Number of shares used in computing net basic earnings (loss) per share (Non-GAAP) | | | 39,160,372 | | | | 27,252,852 | | | | 34,421,870 | | | | 26,652,026 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net diluted earnings (loss) per share (GAAP) | | $ | 0.21 | | | $ | (1.08 | ) | | $ | 0.27 | | | $ | (7.64 | ) |
| Stock-based compensation | | | 0.02 | | | | 0.01 | | | | 0.07 | | | | 0.04 | |
| Warrants remeasurement | | | 0.08 | | | | ---- | | | | 0.14 | | | | ---- | |
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods(1) | | | ---- | | | | 0.97 | | | | 0.29 | | | | 6.84 | |
| Net diluted earnings (loss) per share (Non-GAAP) | | $ | 0.31 | | | $ | (0.10 | ) | | $ | 0.77 | | | $ | (0.76 | ) |
| | | | | | | | | | | | | | | | | |
| Number of shares used in computing net diluted earnings (loss) per share (GAAP) | | | 44,473,080 | | | | 2,809,950 | | | | 15,269,448 | | | | 2,798,894 | |
| Stock-based compensation | | | 319,840 | | | | ---- | | | | 582,962 | | | | ---- | |
| Warrants remeasurement | | | 126,634 | | | | ---- | | | | 59,288 | | | | ---- | |
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods(1) | | | ---- | | | | 24,442,902 | | | | 22,518,959 | | | | 23,853,132 | |
| Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP) | | | 44,919,554 | | | | 27,252,852 | | | | 38,430,657 | | | | 26,652,026 | |
(1) Assumes shares of common stock outstanding after accounting for (i) the automatic conversion of the shares of preferred stock then outstanding into common stock at the beginning of fiscal year 2014; and (ii) the issuance of 8,050,000 shares of common stock (associated with our initial public offering) at the beginning of the third fiscal quarter instead of the IPO closing date, March 31, 2015.
