Thank everyone. you, afternoon, good Guy, and
SMRE, that I I like measures, the in introduction will would standard, by to standard, well revenue noting as acquisition-related this the quarter finance starting per and and division the results discussing asset expenses assets to intangible which and basis, certain non-GAAP the of earnings stock-based conclude compensation, impact remind enacted share. new be financial leasing non-GAAP exclude overview is and Before acquisitions to related newly the XXXX, of cost tax, be adopted the listeners will of of adjustments accounting while numbers expenses, one-time of newly preliminary allocation UPS adoption one-time Kokam the recognition review related will GAAP that meaningful as in for one-time the our in a the tax, amortization the the accounting on we the I result transition month on effect closed cases, that in studies disposal, of last changes the have elements of price deferred acquisition amortization product performed. identified GAAP of as recently purchase the result of first
of that due discussed results of Guy, effective results the prior operations. these not acquisitions Please the perimeter our available inclusion this results by pro-forma reconciliation time our of to today. of January the analysis the the provides in in also quarter XXXX. SMRE better release first to management website As represent call press view on this the consolidation first Full note results GAAP financials mentioned since to a as non-GAAP include XX, amortization, affected these believe of way that is business our on that change analyzes the we our by did elements a almost issued are not and results and
U.S. $XXX.X slowdown of million quarter. Europe For for the XXXX, represented by the last $XXX.X seasonal sale first solar a from revenues same solar Revenues total industry-wide quarter were of compared reflecting to of million, were increase revenues, driven and rest of compared first and XX% were increase $XXX.X were the quarter the million world. of last million to shipments partially XXXX of products a $XXX revenues similar and first -- quarter $XXX.X XX.X% X% the our record to and to the year. quarter
Europe revenues and an of respectively, hit record values. in the XX.X%, absolute represented world While all time rest and XX.X% and
solar represented only customer commercial Blended more ASP from currency proportion one decrease fluctuations, top decreased quarterly revenues. and This of quarter due this quarter a higher XX% our product our of for than XX higher last while XX% quarter, solar revenues. account to continued denominated the customers sales, non-U.S. revenues, mainly of
to shipment and and was the last our last product this and under the as from prior quarter non-solar for and in gross sales activities increase lesser period mix, gross to XX.X% prior sales logistic revenues were XX.X%, as in year. XX.X% gross the were quarter extent a quarter, from products. driven last primarily in reports was consolidated from XX.X% were to XX.X% This the margins and included product for XX.X% Revenues of storage mostly $X quarter the the compared margins same UPS in $XX.X attributed margins GAAP ion to Non-GAAP quarter quarter compared quarter. million, our slightly solar lithium to the by in quarter in compared Non-GAAP same XX.X%, million. year. This the XX.X%, SMRE energy for product costs. well sales were lower
calculation increased actual these of to negligible compared by of this margin value, in as method solar absolute two margins gross Our in was on accrual while quarter quarter customs this effect basis warranty comparison our warranty net to takes quarter to result decrease business into changes last that the negatively continue U.S. The our expenses. last tariffs points. impacted account our expenses quarter long-term past the a XX
storage activities compared on of on is majority quarter, the quarter, the non-solar XX.X% margin energy X.X% to non-GAAP previous margins result systems. related higher Our where in was this the to
quarter total $XX.X in $XX.X revenue million revenue the revenues, year. quarter million basis XX.X% On million non-GAAP in first compared or increasing to of the solar to last. Of Moving compared of of a are for or $X.X R&D expenses, million same the quarter million the headcount. were non-GAAP related of for to in million for related in or to or $XX.X our to or quarter of majority the revenues, the last first and XX.X% operating quarter which to for increase XX.X% were were $XX.X revenues activities, expenses operating $XX expenses prior this XX.X% same XX.X% the XX% revenues million operating operating quarter or the expenses, prior and $XX.X of of
of the $X won $X.X this shekel previous $X.X adoption operating of $XX.X amount XX.X%, quarter. dollar, the non-GAAP million a $X.X inclusion of the lease P&L. last of compared non-GAAP $X.X of million for expenses with new million the expenses quarter X to the no million million, percent devaluation period mainly an is and of expenses the operating last increase expense same related as operating are Non-GAAP remaining of of revenues Korean expenses was were operating previous Financial the our the an against to financial in unchanged. UPS standard. the for euro, expense change million, of new to the in quarter GAAP million, the solar SMRE result is The amount, million and Of Our $XX.X was of additional financial the million for this to and $XX.X for income same $X.X to of are last – for $XX.X operating Non-GAAP million quarter income result of The U.S. Kokam in million to $XX million same operating quarter quarter operating GAAP and the year. last previous period division was quarter the these year. income – compared and quarter bottomline in Israeli of compared to year. income point of in to the the $XX.X the for the compared related
million provisional undistributed we in by period quarter net million, a from for expense a $X.X the compared GAAP income to to for million $XX.X earnings the Tax profits the $X.X same $XX.X the and tax first quarter compared adjustment year. quarter the $XX for tax had a the prior on last of was previous year. which of was GAAP one-time resulted and for expense This million same the last tax U.S. quarter, million, of of $XX.X expense affected million to and Reform quarter net income tax
$X.XX which non-GAAP quarter, quarter compared SMRE. of quarter, to quarter, The last the a same net million this $X.XX did loss net activities million same our $XX.X important previous was in share net higher Our earnings EPS diluted quarter of non-GAAP previous quarter the loss $X.XX non-GAAP the Non-GAAP $X.XX to same year. the were for quarter $X.X to per for $X.XX last last as consolidated affected the net compared and million the that as GAAP by was SMRE to a a It include affected the of part year. shares non-GAAP EPS acquisition. not this $X.X quarter is previous of of the income activities. compared slightly note year. quarter in the net diluted a $XX.X for issued the first $X.XX the Non-GAAP was were by negatively $X.XX and $XX.X as of SolarEdge $X.XX in to and of diluted net income result generated non-solar in result EPS compared per quarter million a non-solar net share previous million, the
to the balance now Turning sheet.
were at deposits XX, As short-term December cash, cash, of to XXXX. XXXX, and million, bank investments XX, cash March restricted million $XXX.X equivalent, $XXX.X compared
Kokam Actual purchase operation. acquired. net additional During in cash million the was quarter $XX of cash we quarter cash SMRE the paid from $XX.X first and for the shared million shares of first generated of
quarter balance include Kokam of SMRE and by capital this million sheet expenditures acquisition. net to debt related capital to borrowing our addition, the for In needs taken working and $XX.X prior
million, Our the to of on slight increase long-term last days current the compared this our needs manufacturing net maintain financing this the solar was days capacity building. until capital last finalize change of quarter. XX we DSO to in debt $XXX.X increased XX from plans relating leases SMRE AR $XXX.X in reaching needs Kokam quarter this relation for to quarter to business and quarter. million are
net in XXXX, prior compared $XXX.X is this the was raw quarter, inventory, of amount relates $XX.X our of the at million, approximately million As by March majority $XXX.X of level to non-solar to held million of XX, inventory which reserve Kokam. materials
to for now guidance Moving quarter the XXXX. second of
of be are range million. solar million. to the million range to within and $XXX to revenues $XXX within products $XXX the be expected million $XXX the from sale expect of We Revenue of
of Gross the I of to it open XX%. turn the within the expect be now will to XX% be We gross questions. XX% from for to margins the within range to please? activity range up expected to solar XX%. margin Operator is over call to operator
