SolarEdge Technologies, Inc.

You are currently on hold for SolarEdge conference call for the second quarter ended June 30, 2022. At this time, we are assembling today's audience and plan to be underway shortly. We appreciate your patience and please remain on the line. Welcome to the SolarEdge conference call for the second quarter ended June 30, 2022. This call is being webcast live on the company's website at www.solaredge.com in the investor section on the event 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 Investors website. For participants that would like to ask questions, we ask that you limit to one question and one follow-up question only. I would now like to turn the call over to Ms. Erica Mannion at Sophia Investor Relations for SolarEdge. Thank you.

Good afternoon. Thank you for joining us to discuss SolarEdge's operating results for the second quarter ended June 30, 2022, as well as the company's outlook for the third quarter of 2022. With me today are C.V. Landau, Chief Executive Officer, and Ronan Fire, Chief Financial Officer. C.V. will begin with a brief review of the results for the second quarter ended June 30, 2022. Ronan will review the financial results for the second quarter, followed by the company's outlook for the third quarter of 2022. 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 and the slides published today for a more complete description. All material contained in the webcast is a sole property and copyright of SolarEdge Technologies with all rights reserved. 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 as we believe they provide investors with the means of evaluating and understanding how the company's management evaluates the company's operating performance. 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 June 30, 2022 press release or the supplemental material may obtain a copy by visiting the investor section of the company's website. Now, I will turn the call over to Stevie.

Thank you, Erica. Good afternoon, and thank you all for joining us on our conference call. This quarter, once again, we saw record revenues for the company led by record revenues from our solar business in the United States and Europe. Our growth in the United States reflects record megawatt shifts of commercial inverters, which is more than double from the previous quarter. This is a result of the strong commercial and community solar momentum in the U.S., where we are well positioned. We expect this market to continue to grow, especially in light of the most recently proposed bill and its favorable terms for commercial and community solar projects. Additionally, this quarter, we saw a 12% quarter-over-quarter increase in residential inverter megawatt shifts to the United States. In Europe, we hit record megawatt shipments of both commercial and residential inverters this quarter. The strength in Europe is led by record revenues in 14 countries, most notably in Italy and in Germany. Outside of Europe and the United States, we are seeing particularly positive momentum in Brazil Australia, South Africa, and India. While our shipment rate continues to increase, channel inventory remains low due to the very high rates of installations of our products. During this quarter, more than 160,000 new sites were added to our monitoring platform, bringing us to a total of more than 2.8 million monitored sites around the world. For clarification purposes, a single site can be anywhere from a residential home installation of 2.5 kilowatts to a 77 megawatt site like the one we discussed last quarter in Taiwan that was recently commissioned. The importance of this indicator and of getting these sites installed, sometimes at the cost of expedited shipments, is that many of these sites are potential for follow-on revenue in the future. as we expand our portfolio and offering of commercial storage, residential and commercial EV chargers, and other hardware and software products and services. Overall this quarter, we shipped 5.2 million power optimizers and approximately 230,000 inverters, both below our original plan for the quarter. The main cause for this was the extended lockdown in Shanghai impacting a supplier's backend manufacturing facility of a set of components used in our inverters and optimizers. The lockdown created discontinuity in our manufacturing, and when the facility finally opened, we expedited shipments of the components to our manufacturing facilities and the finished goods to our customers. Additionally, the event impacted our opening inventory for the third quarter, And as such, we will need to expedite some shipments this quarter as well to enable our customer installations to take place as planned. Our battery shipments through this quarter in line with our plans and reached 251 megawatt hour, more than doubling shipments from last quarter. We are receiving positive feedback on our battery, in particular relating to ease of installation and commissioning time. This quarter, we released a new software version that focuses on these elements, and we have heard from installers about installation times in the range of 10 to 15 minutes. Note that our average installation time is currently around half an hour, and we continue to roll out the new software and training to enable improved experience and installation times across the installer base. At the core of this simplified installation process is our SolarEdge Home Network, wireless technology that links the inverter, the battery, and all of the related components in a seamless way, eliminating the need to physically connect the various system elements with cables and connectors. Also related to our battery offering, at Intersolar in Munich in May, we highlighted our SolarEdge Home residential portfolio, which includes our newly introduced three-phase SolarEdge Home battery designed for the German and other three-phase European markets. We began shipments of this new battery this quarter. With a high attach rate for batteries in Germany, we anticipate healthy demand. The three-phase battery also includes the SolarEdge Home Network wireless technology discussed before. More on the product side. In residential, in addition to the battery focus that I discussed, we are working on releasing higher power inverters to address the global trend we are seeing for larger size installations. in particular in self-consumption-driven markets. In the U.S., we are ramping the 11.4-kilowatt inverter released a couple of quarters ago. And this quarter, we released a 10-kilowatt inverter designated for the Australian market. We expect this segment of large residential system, where we are particularly strong due to the favorable economics of our DC architecture, to continue to grow with a relatively high attached rate of batteries. In commercial, we began initial installations of our new S1400 power optimizer, which enables connection of two high-powered G12 modules to a single optimizer, thus significantly reducing system cost per watt, while ensuring full harvest of the power generated by the modules. Also in commercial, we recently commissioned a 13-megawatt floating system in Taiwan. As we discussed at the analyst day, a strength of our architecture is the adaptability to the different applications of the commercial market, one of which is the growing floating solar application, where in many cases the practice is to apply rapid shutdown safety protection, even in countries where it is not a regulatory requirement. Moving to our non-solar business. Our revenues from e-mobility declined this quarter relative to last quarter due to reduced demand from our customer, which is in line with the overall automotive industry's supply chain related instability. Considering the continued lack of visibility in this space, we believe that revenues for this project this year will be lower than originally expected. Moving to critical power. This quarter, we made and implemented a decision to discontinue our standalone UPS market-related activities. At the time of acquisition four years ago, we saw this market as an additional pillar for the growth of the company, expecting a potential inflection point in the UPS market. At this time, however, considering the rapid growth and magnitude of the opportunities we face in our core solar market, and as we believe that parts of the UPS market will eventually converge with the solar plus backup market, we judge that both the technology we developed and the teams we built are best utilized within our solar organization. As such, we are discontinuing the development of UPS-specific products and commercial operations in the standalone UPS market, and the already developed technologies will be integrated in solar products as uninterrupted power supply becomes required or relevant. In this and in recent earning calls, we have discussed the increase in demand we are seeing globally triggered by elevated power prices and general transition towards renewable energy by corporations, businesses, and individuals. Notably, over the last few weeks, multiple governments around the world have implemented or announced their intent to implement new policies aimed to accelerate installations of PV as part of their energy independence and climate control initiatives. This reiterates the exciting opportunities that lay ahead for us and for our industry as a whole. And with this, I hand it over to Onan who will review our financial results. Onan.