Forward-Looking Statements
Statements contained in this Form 10-Q or statements incorporated by reference
from documents we have filed with the Securities and Exchange Commission may
contain forward-looking statements that are based on our management's
expectations, estimates, projections, beliefs and assumptions in accordance with
information currently available to our management. Forward-looking statements
should be read in conjunction with our unaudited condensed consolidated
financial statements and related notes included in Part 1, Item 1 of this
report. This discussion contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements include information concerning our possible or assumed future results
of operations, business strategies, technology developments, new products and
services, financing and investment plans, competitive position, industry and
regulatory environment, effects of acquisitions, growth opportunities and the
effects of competition. Forward-looking statements include statements that are
not historical facts and can be identified by terms such as "anticipate,"
"believe," "could," "seek," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "will," "would" or similar
expressions and the negatives of those terms.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements to
be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Given these
uncertainties, you should not place undue reliance on forward looking
statements. Also, forward-looking statements represent our management's beliefs
and assumptions only as of the date of this filing. Important factors that could
cause actual results to differ materially from our expectations include:
•
the duration, scope and effects of the ongoing COVID-19 pandemic, government and
other third party responses to it and the related macroeconomic effects,
including to our business and the business of our suppliers and customers;
•
future demand for renewable energy including solar energy solutions;
•
changes to net metering policies or the reduction, elimination or expiration of
government subsidies and economic incentives for ongrid solar energy
applications;
•
changes in the U.S. trade environment, including the imposition of import
tariffs;
•
federal, state and local regulations governing the electric utility industry
with respect to solar energy;
•
the retail price of electricity derived from the utility grid or alternative
energy sources;
•
interest rates and supply of capital in the global financial markets in general
and in the solar market specifically;
•
competition, including introductions of power optimizer, inverter and solar
photovoltaic ("PV") system monitoring products by our competitors;
•
developments in alternative technologies or improvements in distributed solar
energy generation;
•
historic cyclicality of the solar industry and periodic downturns;
•
defects or performance problems in our products;
•
our ability to forecast demand for our products accurately and to match
production with demand;
4
--------------------------------------------------------------------------------
•
our dependence on ocean transportation to deliver our products in a cost
effective manner;
•
our dependence upon a small number of outside contract manufacturers and
suppliers;
•
capacity constraints, delivery schedules, manufacturing yields and costs of our
contract manufacturers and availability of components;
•
delays, disruptions and quality control problems in manufacturing;
•
shortages, delays, price changes or cessation of operations or production
affecting our suppliers of key components;
•
business practices and regulatory compliance of our raw material suppliers;
•
performance of distributors and large installers in selling our products;
•
our customers' financial stability, creditworthiness and debt leverage ratio;
•
our ability to retain key personnel and attract additional qualified personnel;
•
our ability to effectively design, launch, market and sell new generations of
our products and services;
•
our ability to maintain our brand and to protect and defend our intellectual
property;
•
our ability to retain, and events affecting, our major customers;
•
our ability to manage effectively the growth of our organization and expansion
into new markets;
•
our ability to integrate acquired businesses;
•
fluctuations in global currency exchange rates;
•
unrest, terrorism or armed conflict in Israel;
•
general economic conditions in our domestic and international markets;
•
our ability to service our debt; and
•
the other factors set forth under "Item 1A. Risk Factors" in "Part II-OTHER
INFORMATION" section of this report.
Except as required by law, we assume no obligation to update these forward
looking statements, or to update the reasons actual results could differ
materially from those anticipated in these forward looking statements, even if
new information becomes available in the future.
Overview
We are a leading provider of an optimized inverter solution that has changed the
way power is harvested and managed in a solar photovoltaic, known as PV system.
Our direct current or 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, for improved return on investment, or RoI. Additional benefits
of the DC optimized inverter system include comprehensive and advanced safety
features, improved design flexibility, and improved operating and maintenance,
or O&M with module-level and remote monitoring. The typical SolarEdge optimized
inverter system consists of power optimizers, inverters, a communication device
which enables access to a cloud based monitoring platform and in many cases,
additional smart energy management solutions. Our solutions address a broad
range of solar market segments, from residential solar installations to
commercial and small utility-scale solar installations.
5
--------------------------------------------------------------------------------
Since introducing the optimized inverter solution in 2010, SolarEdge has
expanded its activity to other areas of smart energy technology, both through
organic growth and through acquisitions. SolarEdge now offers energy solutions
which include not only residential, commercial and small utility scale PV
systems but also product offerings in the areas of energy storage systems or ESS
and backup, electric vehicle, or EV components and charging capabilities, home
energy management, grid services and virtual power plants, lithium-ion batteries
and uninterrupted power supply, known as UPS solutions.
As part of our non-organic growth, we have completed three acquisitions during
2018 and 2019, each of which address our growth in the area of smart energy
technology and power optimization.
During the year ended December 31, 2018, we expanded our product offering by
completing the acquisition of the assets of a business for the development,
manufacturing and sale of uninterrupted power supply or UPSs ("Critical Power")
as well as the acquisition of Kokam Co., Ltd. ("Kokam"), a provider of
Lithium-ion cells, batteries and energy storage solutions. In January 2019, we
further expanded our product offering by completing the acquisition of
approximately 99.9% of SolarEdge Automation Machines SPA ("SolarEdge Automation
Machines") and its wholly owned subsidiary SolarEdge eMobility SPA ("SolarEdge
e-Mobility") (formerly S.M.R.E Spa and I.E.T Spa, respectively). SolarEdge
Automation Machines manufactures automated machinery for industrial applications
and SolarEdge e-Mobility develops, manufactures and sells end-to-end e-Mobility
solutions for electric and hybrid vehicles used in motorcycles and light
commercial vehicles. These acquisitions allow us to offer a variety of products
and solutions in addition to the SolarEdge solution, in adjacent markets.
In the third quarter of 2020 we began commercial shipments to the U.S from our
manufacturing facility in the North of Israel, "Sella 1". The proximity of Sella
1 to our R&D team and labs, enables us to accelerate new product development
cycles as well as define equipment and manufacturing processes of newly
developed products which can then be adopted by our contract manufacturers
world-wide. During the second quarter of 2021, Sella 1 is expected to reach its
full manufacturing capacity. In 2020, we began construction of "Sella 2", a 2GWh
Li-Ion cell factory in Korea. The new factory is being constructed to meet the
growing global demand for Li-Ion cells and batteries, specifically in the energy
storage system (ESS) and e-mobility markets. Sella 2 is expected to begin
operation in the first half of 2022.
We are a leader in the global module-level power electronics ("MLPE") market. As
of March 31, 2021, we have shipped approximately 69.1 million power optimizers
and 2.9 million inverters. Over 2 million installations, many of which may
include multiple inverters, are currently connected to, and monitored through,
our cloudbased monitoring platform. As of March 31, 2021, we have shipped
approximately 24.0 GW of our DC optimized inverter systems.
Our revenues for the three months ended March 31, 2021 and 2020 were $405.5
million and $431.2 million, respectively. Gross margin was 34.5% and 32.5% for
the three months ended March 31, 2021 and 2020, respectively. Net income was
$30.1 million and $42.2 million for the three months ended March 31, 2021 and
2020, respectively.
COVID-19 Impact
We continue to monitor the evolving impact of COVID-19 on our operations and
business. Our first priority continues to be protecting and supporting our
employees while maintaining company operations and support of our customers with
as few disruptions as possible. We follow the guidance issued by applicable
local authorities and health officials in each region in which we do business,
including in our headquarters located in Israel, and have been able to continue
our operations remotely or from our offices. We have maintained a flexible
attendance policy that has allowed our employees to work remotely, where
possible, in order to reduce the number of people who are in our offices while
our labs and manufacturing facilities remain fully operational. Our
manufacturing facilities in Korea, Italy and Israel and our contract
manufacturers facilities in China, Vietnam and Hungary have remained operational
and at almost full capacity, with some interruptions on a case-by-case basis in
compliance with local laws and in order to minimize the spread of the COVID-19
virus. Our customer support centers are working at full capacity, partially from
home. Our operations and operating expenses have not been significantly impacted
by these adjustments. Continued travel restrictions however continue to have an
impact on our operations.
As anticipated, our first quarter revenues of $405.5 million reflect continued
recovery from the impacts of the global pandemic, with an increase of 13.2% from
the $358.1 million of revenues in the fourth quarter of 2020. This increase
reflects an increase in demand in the United States which has not fully returned
to pre-COVID installation rates.
6
--------------------------------------------------------------------------------
Key Operating Metrics
In managing our business and assessing financial performance, we supplement the
information provided by the financial statements with other operating metrics.
These operating metrics are utilized by our management to evaluate our business,
measure our performance, identify trends affecting our business and formulate
projections. We use metrics relating to shipments (inverters shipped, power
optimizers shipped and megawatts shipped) to evaluate our sales performance and
to track market acceptance of our products. We use metrics relating to
monitoring (systems monitored) to evaluate market acceptance of our products and
usage of our solution.
We provide the "megawatts shipped" metric, which is calculated based on
nameplate capacity shipped, to show adoption of our system on a nameplate
capacity basis. Nameplate capacity shipped is the maximum rated power output
capacity of an inverter and corresponds to our financial results in that higher
total capacities shipped are generally associated with higher total revenues.
However, revenues increase with each additional unit, not necessarily each
additional MW of capacity sold. Accordingly, we also provide the "inverters
shipped" and "power optimizers shipped" operating metrics.
Three Months Ended
March 31,
2021 2020
Inverters shipped 181,905 202,009
Power optimizers shipped 3,734,790 5,060,391
Megawatts shipped (1) 1,691 1,850
(1) Calculated based on the aggregate nameplate capacity of inverters shipped
during the applicable period. Nameplate capacity is the maximum rated power
output capacity of an inverter as specified by the manufacturer.
Results of Operations
The results of operations presented below should be reviewed in conjunction with
the condensed consolidated financial statements and related notes included
elsewhere in this report.
The following table sets forth selected consolidated statements of income data
for each of the periods indicated.
Three Months Ended
March 31,
2021 2020
(in thousands)
Revenues $ 405,489 $ 431,218
Cost of revenues 265,415 291,210
Gross profit 140,074 140,008
Operating expenses:
Research and development 46,977 36,695
Sales and marketing 26,911 24,253
General and administrative 19,849 16,185
Other operating expenses (income) 2,209 (4,900 )
Total operating expenses 95,946 72,233
Operating income 44,128 67,775
Financial expenses, net 6,097 16,605
Income before taxes on income 38,031 51,170
Taxes on income 7,955 8,922
Net income $ 30,076 $ 42,248
7
--------------------------------------------------------------------------------
Comparison of the Three Months Ended March 31, 2021 and 2020
Revenues
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
Revenues $ 405,489 $ 431,218 $ (25,729 ) (6.0 )%
Revenues decreased by $25.7 million, or 6.0%, for the three months ended March
31, 2021 as compared to the three months ended March 31, 2020, partially due to
decreased sales of $84.3 million in the U.S. which we attribute principally to
the high level of safe harbor-related revenues in the amount of $51.4 million
generated in the United States in the first quarter of 2020 which did not occur
in 2021 due to the expected extension of the Solar Investment Tax Credits, as
well as to the negative impact of COVID-19 on the economy in the United States
which has not yet returned to pre-COVID installation rates and a change in our
customer mix in the United States towards larger customers that enjoy preferable
pricing. The lower revenues from the United States were partially offset by an
increase of $46.1 million and $12.5 million of revenues from Europe and the rest
of world, respectively where the COVID effect on demand was smaller. Revenues
from outside of the U.S. comprised 59.7% of our revenues for the three months
ended March 31, 2021 compared to 42.6% for the three months ended March 31,
2020.
The number of power optimizers and inverters recognized as revenues:
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
Power optimizers 3,789,291 4,796,434 (1,007,143 ) (21.0 )%
Inverters 182,914 197,090 (14,176 ) (7.2 )%
Our blended ASP per watt for solar products shipped decreased by $0.008, or
3.6%, in the three months ended March 31, 2021 as compared to the three months
ended March 31, 2020. This reduction is primarily attributed to a change in our
customer mix in the United States toward larger customers that enjoy preferable
pricing. This ASP erosion was partially offset by an increased rate of shipments
generated from the sale of residential products, mainly in Europe that are
characterized with higher ASP per watt, as well as the strengthening of the Euro
and the Australian Dollar against the U.S. Dollar.
8
--------------------------------------------------------------------------------
Cost of Revenues and Gross Profit
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
Cost of revenues $ 265,415 $ 291,210 $ (25,795 ) (8.9 )%
Gross profit $ 140,074 $ 140,008 $ 66 -
Cost of revenues decreased by $25.8 million, or 8.9%, in the three months ended
March 31, 2021, as compared to the three months ended March 31, 2020, primarily
due to:
•
a decrease in the volume of products sold;
•
decreased shipment and logistics costs of $24.6 million mainly attributed to
lower United States tariff charges due to a higher portion of our products for
the United States manufactured outside of China as well as a decrease in
revenues from the United States compared to the three months ended March 31,
2020. In addition, we incurred less air shipment costs resulting from higher
inventory levels;
These were partially offset by:
•
an increase in warranty expenses and warranty accruals of $3.6 million
associated with different elements of our warranty expenses which include the
cost of the products, shipment and other related expenses; and
•
an increase of $5.2 million in inventory accrual which is mainly attributed to
changes in raw material inventory valuations related to manufacturing volumes,
anticipated future use of such raw materials and inventory write-offs.
Gross profit as a percentage of revenue increased from 32.5% in the three months
ended March 31, 2020 to 34.5% in the three months ended March 31, 2021,
primarily due to:
•
the absence of safe harbor related sales, that were characterized with a lower
gross margin in the first quarter of 2020;
•
decreased shipment and logistics costs mainly attributed to a decrease in the
portion of products made in China resulting in reduced custom tariffs, a
decrease in revenues in the U.S. and a decrease in air shipments costs resulting
from higher inventory levels;
•
favorable exchange rates on our sales outside of the Unites States; and
•
continued cost reduction efforts.
9
--------------------------------------------------------------------------------
These factors were partially offset by:
•
an increase in support costs related to our warranty obligations due to an
increase in our install base which affects the calculation of such costs as a
percentage of our revenues since our install base grew in 2021 while revenues
decreased compared to the same quarter in 2020, resulting in a higher rate of
warranty expenses to revenues;
•
an increase in inventory valuation accruals; and
•
lower gross profit from our Critical Power, Automation Machines and Kokam
businesses.
Research and Development
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
Research and development $ 46,977 $ 36,695 $ 10,282 28.0 %
Research and development costs increased by $10.3 million, or 28.0%, in the
three months ended March 31, 2021, as compared to the three months ended March
31, 2020, primarily due to:
•
an increase in personnel-related costs of $8.8 million resulting from an
increase in our research and development headcount which returned to growth
after the stabilization of the business environment and the roll back of the
hiring freeze imposed at the beginning of the COVID pandemic, as well as salary
expenses associated with employee equity-based compensation. The increase in
headcount reflects our continuing investment in the enhancement of existing
products as well as research and development expenses associated with bringing
new products to the market; and
•
increased expenses related to consultants and subcontractors in an amount of
$2.4 million.
These were partially offset by a payment of $2.5 million, received by SolarEdge
e-Mobility from a customer in connection with research and development
activities.
Sales and Marketing
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
Sales and marketing $ 26,911 $ 24,253 $ 2,658 11.0 %
Sales and marketing expenses increased by $2.7 million, or 11.0 %, in the three
months ended March 31, 2021, as compared to the three months ended March 31,
2020, primarily due to increased personnel-related costs of $4.0 million as a
result of an increase in salary expenses associated with employee equity-based
compensation.
This increase was partially offset by a decrease in expenses related to travel
in an amount of $1.0 million.
10
--------------------------------------------------------------------------------
General and Administrative
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
General and administrative $ 19,849 $ 16,185 $ 3,664 22.6 %
General and administrative expenses increased by $3.7 million, or 22.6%, in the
three months ended March 31, 2021, as compared to the three months ended March
31, 2020, primarily due to:
•
increased personnel-related costs of $3.1 million resulting from an increase in
headcount due to hiring of senior executives during 2020, the roll back of the
hiring freeze that we implemented at the start of COVID-19 and the expansion of
certain general and administrative functions in the non-solar businesses, as
well as salary expenses associated with employee equity-based compensation; and
•
increased provision of $3.6 million in connection with legal claims.
These were partially offset by a decrease in expenses related to accrual for
doubtful debts in an amount of $1.9 million.
Other operating expenses
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(In thousands)
Other operating expenses $ 2,209 $ (4,900 ) $ 7,109 (145.1 )%
Other operating expenses was $2.2 million in the three months ended March 31,
2021, compared to other operating income of $4.9 million in three months ended
March 31, 2020, primarily due to:
•
a decrease in income in the amount of $4.9 million incurred in the first quarter
of 2020 related to an acquired legal claim as part of the Kokam acquisition
which was settled in arbitration;
•
an increase of $2.2 million in expenses related to write-offs of tangible assets
in our solar business, which we ceased to use during the first quarter of 2021.
11
--------------------------------------------------------------------------------
Financial expenses, net
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
Financial expenses, net $ 6,097 $ 16,605 $ (10,508 ) (63.3 )%
Financial expenses were $6.1 million in the three months ended March 31, 2021
compared to $16.6 million in financial expenses in the three months ended March
31, 2020, primarily due to:
•
a decrease of $7.1 million in foreign exchange fluctuations, mainly between the
Euro, the New Israeli Shekel and the South Korean Won against the U.S. Dollar;
and
•
an increase of $3.5 million in finance income related to hedging transactions.
Taxes on Income
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
Taxes on income $ 7,955 $ 8,922 $ (967 ) (10.8 )%
Taxes on income decreased by $1.0 million, or 10.8%, in the three months ended
March 31, 2021, as compared to the three months ended March 31, 2020, primarily
due to a decrease of $2.3 million of current tax expenses mainly attributed to a
decrease in taxable income and Global Intangible Low-Taxed Income or GILTI
taxes, both due to higher deductible expenses in the three months ended March
31, 2021, as compared to the three months ended March 31, 2020.
This decrease was partially offset by a decrease of $1.4 million in deferred tax
assets, net.
Net Income
Three Months Ended
Three Months Ended March 31,
March 31, 2020 to 2021
2021 2020 Change
(in thousands)
Net income $ 30,076 $ 42,248 $ (12,172 ) (28.8 )%
As a result of the factors discussed above, net income decreased by $12.2
million, or 28.8%, in the three months ended March 31, 2021, as compared to the
three months ended March 31, 2020.
12
--------------------------------------------------------------------------------
Liquidity and Capital Resources
The following table shows our cash flow from operating activities, investing
activities and financing activities for the stated periods:
Three Months Ended
March 31,
2021 2020
(in thousands)
Net cash provided by operating activities $ 24,083 $ 107,745
Net cash used in investing activities (153,582 ) (19,924 )
Net cash provided by (used in) financing activities (2,062 ) 3,315
Increase (decrease) in cash and cash equivalents $ (131,561 ) $ 91,136
As of March 31, 2021, our cash and cash equivalents were $685.2 million. This
amount does not include $433.9 million invested in available for sale marketable
securities, $2.5 million invested in restricted bank deposits and $43.6 million
invested in short-term bank deposits. Our principal uses of cash are for funding
our operations and other working capital requirements. As of March 31, 2021, we
have open commitments for capital expenditures in an amount of approximately
$84.8 million. These commitments reflect purchases of automated assembly lines
and other machinery related to our manufacturing operations. We also have
purchase obligations in the amount of $699.3 million related to raw materials
and commitments for the future manufacturing of our products. We believe that
cash provided by operating activities as well as our cash and cash equivalents
will be sufficient to meet our anticipated cash needs for at least the next 12
months including the self-funding of our capital expenditure commitments.
Operating Activities
During the three months ended March 31, 2021, cash provided by operating
activities was $24.1 million, derived mainly from a net income of $30.1 million
that included $47.8 million of non-cash expenses, a decrease of $20.2 million in
prepaid expenses and other accounts receivable, an increase of $6.6 million in
accrued expenses and other accounts payable, $13.1 million in warranty
obligations, $7.5 million in accruals for employees and $3.6 million in deferred
revenues. This was offset by an increase of $57.4 million in trade receivables,
$8.4 million in inventories and a decrease of $39.0 million in trade payables.
During the three months, ended March 31, 2020, cash provided by operating
activities was $107.7 million derived mainly from a net income of $42.2 million
that included $16.4 million of non-cash expenses, a decrease of $59.4 million in
trade receivables and $49.9 million in prepaid expenses and other accounts
receivable, and an increase of $13.8 million in warranty obligations and $11.8
million in accruals for employees. This was offset by a decrease of $31.7
million in deferred revenues and $17.6 million in trade payables, and an
increase of $29.0 million in inventories and $7.5 million in accrued expenses.
13
--------------------------------------------------------------------------------
Investing Activities
During the three months ended March 31, 2021, net cash used in investing
activities was $153.6 million, of which $186.5 million which was invested in
available-for-sale marketable securities and $24.5 million was related to
capital investments in laboratory equipment, end of line testing equipment,
automated assembly lines, manufacturing tools and leasehold improvements. This
was offset by $40.4 million from maturities of available-for-sale marketable
securities, $16.5 million from the withdrawal from bank deposits and $0.5
million related to other investing activities.
During the three months ended March 31, 2020 net cash used in investing
activities was $19.9 million, of which $31.9 million was invested in
available-for-sale marketable securities, $27.0 million related to capital
investments in laboratory equipment, end of line testing equipment, automated
assembly lines, manufacturing tools and leasehold improvements and $3.3 million
was invested in bank deposits. This was offset by $42.3 million from maturities
of available-for-sale marketable securities.
Financing Activities
During the three months ended March 31, 2021, net cash used in financing
activities was $2.1 million, of which $1.7 million attributed to cash received
from the exercise of employee and non-employee stock-based awards net of
withholding taxes effect and $0.4 million related to other financing activities.
During the three months ended March 31, 2020, net cash provided by financing
activities was $3.3 million, of which, $15.2 million was used for repayment of
loans we acquired as part of the Kokam Acquisition and $0.1 million used for
payments related to finance lease. This was offset by $15.3 million related to
proceeds from new bank loans of Kokam and $3.3 million attributed to cash
received from the exercise of employee and non-employee stock-based awards.
Convertible Senior Note
On September 25, 2020, we issued $632.5 million aggregate principal amount of
our Notes in a transaction exempt from registration pursuant to Rule 144A and
Regulation S under the Securities Act. Net proceeds from the offering, after
underwriters' discount and commissions and offering expenses, was $617.9
million. We intend to use the proceeds of the Notes for general corporate
purposes. See Note 7 to our interim financial statements for more information.
Debt Obligations
During 2020, we redeemed all outstanding loans, including the bank loan
obligations acquired as part of the acquisition of Kokam and entered into new
bank loans in an aggregate amount of $15.2 million. The new bank loans mature in
two installments through June 30, 2021, with a monthly interest rate of 1.54%.
As of March 31, 2021, the aggregate outstanding amount of the new bank loans was
$16.1 million. In addition, during 2020, we entered into a second bank loan in
an aggregate amount of $1.4 million. The second bank loan matures in September
2030, with a monthly interest rate of 2.5%. As of March 31, 2021, the aggregate
outstanding amount of the second bank loan was $1.4 million.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
© Edgar Online, source Glimpses