Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology
company and the world’s leading supplier of microinverter-based
solar and battery systems, announced today financial results for
the third quarter of 2022, which included the summary below
from its President and CEO, Badri Kothandaraman.
We reported record quarterly revenue of $634.7 million in
the third quarter of 2022, along with 42.9% for non-GAAP gross
margin. We shipped 4,342,805 microinverters, or approximately
1,709 megawatts DC, and 133.6 megawatt hours of Enphase® IQ™
Batteries.
Financial highlights for the third quarter of 2022 are listed
below.
- Record quarterly
revenue of $634.7 million
- GAAP gross margin
of 42.2%; non-GAAP gross margin of 42.9%
- GAAP operating
income of $135.4 million; non-GAAP operating income of
$194.0 million
- GAAP net income of $114.8 million;
non-GAAP net income of $175.5 million
- GAAP diluted
earnings per share of $0.80; non-GAAP diluted earnings per share of
$1.25
- Free cash flow of
$179.1 million; ending cash, cash equivalents, and marketable
securities of $1.42 billion
Our revenue and earnings for the third quarter
of 2022 are provided below, compared with the prior quarter and the
year ago quarter:
(In thousands, except per share and percentage
data)
|
GAAP |
|
Non-GAAP |
|
Q3 2022 |
|
Q2 2022 |
|
Q3 2021 |
|
Q3 2022 |
|
Q2 2022 |
|
Q3 2021 |
Revenue |
$ |
634,713 |
|
|
$ |
530,196 |
|
|
$ |
351,519 |
|
|
$ |
634,713 |
|
|
$ |
530,196 |
|
|
$ |
351,519 |
|
Gross
margin |
|
42.2 |
% |
|
|
41.3 |
% |
|
|
39.9 |
% |
|
|
42.9 |
% |
|
|
42.2 |
% |
|
|
40.8 |
% |
Operating expenses |
$ |
132,475 |
|
|
$ |
124,969 |
|
|
$ |
103,007 |
|
|
$ |
78,587 |
|
|
$ |
71,169 |
|
|
$ |
57,341 |
|
Operating income |
$ |
135,441 |
|
|
$ |
94,036 |
|
|
$ |
37,351 |
|
|
$ |
193,962 |
|
|
$ |
152,412 |
|
|
$ |
85,932 |
|
Net
income |
$ |
114,812 |
|
|
$ |
76,976 |
|
|
$ |
21,809 |
|
|
$ |
175,513 |
|
|
$ |
149,852 |
|
|
$ |
84,157 |
|
Basic
EPS |
$ |
0.85 |
|
|
$ |
0.57 |
|
|
$ |
0.16 |
|
|
$ |
1.29 |
|
|
$ |
1.11 |
|
|
$ |
0.62 |
|
Diluted
EPS |
$ |
0.80 |
|
|
$ |
0.54 |
|
|
$ |
0.15 |
|
|
$ |
1.25 |
|
|
$ |
1.07 |
|
|
$ |
0.60 |
|
Our total revenue increased 20%, compared to the
second quarter of 2022. Demand was strong in our markets worldwide,
particularly in North America and Europe. Our revenue in Europe for
the third quarter of 2022 increased approximately 70%, compared to
the second quarter of 2022, as countries in the region are
accelerating their efforts to address rising energy prices and
reliance on fossil fuels. Our IQ Battery shipments increased 1%,
compared to the second quarter of 2022. Our non-GAAP gross margin
was 42.9% in the third quarter of 2022, compared to 42.2% in the
second quarter of 2022, driven by IQ8™ Microinverter product
mix.
Our non-GAAP operating expenses were
$78.6 million in the third quarter of 2022, compared to
$71.2 million in the second quarter of 2022, primarily due to
increased investment in R&D, customer service, and sales. Our
non-GAAP operating income was $194.0 million in the third
quarter of 2022, compared to $152.4 million in the second
quarter of 2022.
We exited the third quarter of 2022 with
$1.42 billion in cash, cash equivalents, and marketable
securities and generated $188.0 million in cash flow from
operations in the third quarter of 2022. Our capital expenditures
were $8.9 million in the third quarter of 2022, compared to
$8.7 million in the second quarter of 2022.
IQ8 Microinverters constituted approximately 47%
of all our microinverter shipments during the third quarter of
2022. IQ8 Microinverters can form a microgrid and provide Sunlight
Backup™ during an outage, even without a battery. With our Sunlight
Jump Start™ feature, IQ8 Microinverters can restart a home energy
system using sunlight only after prolonged grid outages that may
result in a fully depleted battery. This eliminates the need for a
manual restart of the system and gives homeowners greater
resilience.
Our IQ Battery shipments were 133.6 megawatt
hours in the third quarter of 2022, compared to 132.4 megawatt
hours in the second quarter of 2022. We shipped batteries to the
United States, Germany, and Belgium during the third quarter. We
now have approximately 2,100 installers worldwide that are
certified to install our IQ Batteries.
We recently acquired GreenCom Networks AG based
in Munich, Germany. The company provides Internet of Things (IoT)
software solutions for customers to connect and manage a wide range
of distributed energy devices within the home, thereby enabling
sector convergence. This acquisition allows us to add a local
engineering team to service the accelerating clean energy
transition in Europe, provide installers with a complete home
energy management system integrating Enphase microinverters and
batteries with third-party electric vehicle (EV) chargers and heat
pumps, and enable homeowners to monitor and control their devices
from the Enphase® App.
BUSINESS HIGHLIGHTS
On Aug. 1, 2022, Enphase Energy announced that
Salcomp, a global high-precision manufacturer, shipped more than
five million Enphase IQ® Microinverters.
On Aug. 11, 2022, Enphase Energy announced that
ClipperCreek™, a division of Enphase offering EV charging
solutions, is expanding product deployments amidst rising consumer
interest in EVs and electrification.
On Aug. 31, 2022, Enphase Energy announced a new
agreement with Home Connect, an open digital platform that allows
home appliances of various brands to be managed with a single app.
Home Connect is available for nine well-known home appliance brands
including Bosch, Siemens, Gaggenau, Neff, and Thermador.
In Aug. 2022, Enphase Energy announced that
Complete Solar, a leading technology-enabled residential solar
company in the United States, is seeing increased deployments of
Enphase Energy Systems™ powered by IQ8 Microinverters and IQ
Batteries. Enphase Energy also announced that Meraki Solar,
headquartered in Florida, is expanding the adoption of Enphase
IQ Microinverters as homeowners across the United States
are hit with extreme weather and rising energy prices.
On Sept. 6, 2022, Enphase Energy announced that
it expanded its global relationship with renewable energy company
BayWa r.e., a leading global developer and solar photovoltaic (PV)
distributor, to distribute Enphase’s IQ7™ family of microinverters
and IQ Batteries in Germany and Benelux.
On Sept. 17, 2022 Enphase Energy announced that
Gaslicht.com, a Netherlands-based leading energy platform and
part of the Bencom Group, is seeing an increase in deployments
of residential solar energy systems powered by the Enphase IQ7
family of microinverters.
In Oct. 2022, Enphase Energy announced that
Energiekonzepte Deutschland GmbH (EKD), one of the leading
residential solar and battery storage service providers in Germany,
will now offer Enphase IQ Batteries to its customers. Enphase
Energy also announced that CREATON GmbH, one of the leading
residential roof manufacturers in Europe, is now exclusively
offering Enphase IQ Batteries as CREATON is now able to integrate
battery installations into solar roofing projects.
Enphase Energy recently announced that
installers in Hawaii, Rhode Island, Massachusetts, and New
Jersey have seen growing deployments of Enphase Energy Systems
powered by IQ8 Microinverters and IQ Batteries.
FOURTH QUARTER 2022 FINANCIAL
OUTLOOK
For the fourth quarter of 2022, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
-
Revenue to be within a range of $680 million to $720 million, which
includes shipments of 120 to 135 megawatt hours of Enphase IQ
Batteries
-
GAAP gross margin to be within a range of 39.0% to 42.0%; non-GAAP
gross margin to be within a range of 40.0% to 43.0%, excluding
stock-based compensation expenses and acquisition related
amortization
-
GAAP operating expenses to be within a range of $152.0 million
to $156.0 million
- Non-GAAP operating
expenses to be within a range of $87.0 million to $91.0 million,
excluding $65.0 million estimated for stock-based compensation
expenses, restructuring charges for site consolidation, and
acquisition related costs and amortization
Follow Enphase Online
- Read the Enphase blog.
- Follow @Enphase on Twitter.
- Visit us on Facebook and
LinkedIn.
- Watch Enphase videos on
YouTube.
Use of Non-GAAP Financial Measures
Enphase Energy has presented certain non-GAAP
financial measures in this press release. To view a description of
non-GAAP financial measures used and the non-GAAP reconciliation
schedule for the periods presented, click here.
Conference Call Information
Enphase Energy will host a conference call for
analysts and investors to discuss its third quarter 2022 results
and fourth quarter 2022 business outlook today at 4:30 p.m. Eastern
Time (1:30 p.m. Pacific Time). The call is open to the public by
dialing (833) 634-5018. A live webcast of the conference call will
also be accessible from the “Investor Relations” section of Enphase
Energy’s website at investor.enphase.com. Following the webcast, an
archived version will be available on the website for approximately
one year. In addition, an audio replay of the conference call will
be available by calling (877) 344-7529; replay access code
3730150, beginning approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements related to Enphase Energy’s
expectations as to its fourth quarter of 2022 financial outlook and
expense levels; the capabilities, advantages, features and
performance of its technology and products; the anticipated
benefits of its acquisition of GreenCom Networks; the anticipated
demand for and availability of its products and services; and
growth in deployments of Enphase Energy Systems. These
forward-looking statements are based on Enphase Energy’s current
expectations and inherently involve significant risks and
uncertainties. Enphase Energy’s actual results and the timing of
events could differ materially from those anticipated in such
forward-looking statements as a result of certain risks and
uncertainties including those risks described in more detail in its
most recent Quarterly Report on Form 10-Q for the quarter ended
June 30, 2022, its most recent Annual Report on Form 10-K for the
year ended December 31, 2021 and other documents on file with the
SEC from time to time and available on the SEC’s website at
www.sec.gov. Enphase Energy 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, except as required by law.
A copy of this press release can be found on the
investor relations page of Enphase Energy’s website at
investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology
company based in Fremont, CA, is the world's leading supplier of
microinverter-based solar and battery systems that enable people to
harness the sun to make, use, save, and sell their own power—and
control it all with a smart mobile app. The company revolutionized
the solar industry with its microinverter-based technology and
builds all-in-one solar, battery, and software solutions. Enphase
has shipped more than 52 million microinverters, and over 2.7
million Enphase-based systems have been deployed in more than 145
countries. For more information, visit www.enphase.com.
© 2022 Enphase Energy, Inc. All rights reserved.
Enphase Energy, Enphase, the “e” logo, IQ, IQ7, IQ8, IQ Battery,
Enphase Energy Systems, Sunlight Backup, Sunlight Jump Start,
ClipperCreek, and certain other names and marks are trademarks of
Enphase Energy, Inc. Other names are for informational purposes and
may be trademarks of their respective owners.
Contact:Karen SagotEnphase
Energy, Inc.Investor Relationsir@enphaseenergy.com
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)(Unaudited)
|
Three Months Ended |
Nine Months Ended |
|
September 30,2022 |
|
June 30,2022 |
|
September 30,2021 |
|
September 30,2022 |
|
September 30,2021 |
Net revenues |
$ |
634,713 |
|
|
$ |
530,196 |
|
|
$ |
351,519 |
|
|
$ |
1,606,201 |
|
|
$ |
969,330 |
|
Cost of revenues |
|
366,797 |
|
|
|
311,191 |
|
|
|
211,161 |
|
|
|
942,307 |
|
|
|
578,222 |
|
Gross profit |
|
267,916 |
|
|
|
219,005 |
|
|
|
140,358 |
|
|
|
663,894 |
|
|
|
391,108 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
44,188 |
|
|
|
39,256 |
|
|
|
29,411 |
|
|
|
119,163 |
|
|
|
73,937 |
|
Sales and marketing |
|
55,257 |
|
|
|
53,588 |
|
|
|
39,296 |
|
|
|
150,189 |
|
|
|
84,504 |
|
General and administrative |
|
32,436 |
|
|
|
32,125 |
|
|
|
34,300 |
|
|
|
102,647 |
|
|
|
74,530 |
|
Restructuring charges |
|
594 |
|
|
|
— |
|
|
|
— |
|
|
|
594 |
|
|
|
— |
|
Total operating expenses |
|
132,475 |
|
|
|
124,969 |
|
|
|
103,007 |
|
|
|
372,593 |
|
|
|
232,971 |
|
Income from operations |
|
135,441 |
|
|
|
94,036 |
|
|
|
37,351 |
|
|
|
291,301 |
|
|
|
158,137 |
|
Other income (expense),
net |
|
|
|
|
|
|
|
|
|
Interest income |
|
3,680 |
|
|
|
796 |
|
|
|
110 |
|
|
|
4,936 |
|
|
|
281 |
|
Interest expense |
|
(2,255 |
) |
|
|
(2,168 |
) |
|
|
(12,628 |
) |
|
|
(7,159 |
) |
|
|
(32,463 |
) |
Other income (expense), net |
|
(2,611 |
) |
|
|
(456 |
) |
|
|
874 |
|
|
|
(5,208 |
) |
|
|
814 |
|
Loss on partial settlement of convertible notes (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(56,382 |
) |
Total other expense, net |
|
(1,186 |
) |
|
|
(1,828 |
) |
|
|
(11,644 |
) |
|
|
(7,431 |
) |
|
|
(87,750 |
) |
Income before income
taxes |
|
134,255 |
|
|
|
92,208 |
|
|
|
25,707 |
|
|
|
283,870 |
|
|
|
70,387 |
|
Income tax benefit
(provision) |
|
(19,443 |
) |
|
|
(15,232 |
) |
|
|
(3,898 |
) |
|
|
(40,261 |
) |
|
|
22,471 |
|
Net income |
$ |
114,812 |
|
|
$ |
76,976 |
|
|
$ |
21,809 |
|
|
$ |
243,609 |
|
|
$ |
92,858 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.85 |
|
|
$ |
0.57 |
|
|
$ |
0.16 |
|
|
$ |
1.80 |
|
|
$ |
0.69 |
|
Diluted |
$ |
0.80 |
|
|
$ |
0.54 |
|
|
$ |
0.15 |
|
|
$ |
1.70 |
|
|
$ |
0.65 |
|
Shares used in per share
calculation: |
|
|
|
|
|
|
|
|
|
Basic |
|
135,633 |
|
|
|
135,196 |
|
|
|
134,721 |
|
|
|
135,056 |
|
|
|
133,719 |
|
Diluted |
|
145,962 |
|
|
|
143,725 |
|
|
|
141,220 |
|
|
|
144,058 |
|
|
|
143,091 |
|
(1) |
Loss on partial settlement of convertible notes of $56.4 million
for the nine months ended September 30, 2021, primarily related to
the $9.5 million non-cash loss on partial settlement of $87.1
million aggregate principal amount of the Notes due 2024, $9.5
million non-cash loss on partial settlement of $217.8 million
aggregate principal amount of the Notes due 2025 and $37.5 million
non-cash inducement loss incurred on repurchase of Notes due
2025. |
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS(In
thousands)(Unaudited)
|
September 30,2022 |
|
December 31,2021 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
337,583 |
|
$ |
119,316 |
Marketable securities |
|
1,079,713 |
|
|
897,335 |
Accounts receivable, net |
|
367,647 |
|
|
333,626 |
Inventory |
|
146,451 |
|
|
74,400 |
Prepaid expenses and other assets |
|
51,270 |
|
|
37,784 |
Total current assets |
|
1,982,664 |
|
|
1,462,461 |
Property and equipment,
net |
|
91,801 |
|
|
82,167 |
Operating lease, right of use
asset, net |
|
18,128 |
|
|
14,420 |
Intangible assets, net |
|
90,924 |
|
|
97,758 |
Goodwill |
|
195,508 |
|
|
181,254 |
Other assets |
|
140,439 |
|
|
118,726 |
Deferred tax assets, net |
|
178,371 |
|
|
122,470 |
Total assets |
$ |
2,697,835 |
|
$ |
2,079,256 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
92,823 |
|
$ |
113,767 |
Accrued liabilities |
|
255,800 |
|
|
157,912 |
Deferred revenues, current |
|
79,609 |
|
|
62,670 |
Warranty obligations, current |
|
32,350 |
|
|
19,395 |
Debt, current |
|
89,654 |
|
|
86,052 |
Total current liabilities |
|
550,236 |
|
|
439,796 |
Long-term liabilities: |
|
|
|
Deferred revenues, noncurrent |
|
239,971 |
|
|
187,186 |
Warranty obligations, noncurrent |
|
73,530 |
|
|
53,982 |
Other liabilities |
|
25,418 |
|
|
16,530 |
Debt, noncurrent |
|
1,198,627 |
|
|
951,594 |
Total liabilities |
|
2,087,782 |
|
|
1,649,088 |
Total stockholders’ equity |
|
610,053 |
|
|
430,168 |
Total liabilities and
stockholders’ equity |
$ |
2,697,835 |
|
$ |
2,079,256 |
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(In
thousands)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2022 |
|
June 30,2022 |
|
September 30,2021 |
|
September 30,2022 |
|
September 30,2021 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
114,812 |
|
|
$ |
76,976 |
|
|
$ |
21,809 |
|
|
$ |
243,609 |
|
|
$ |
92,858 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
14,664 |
|
|
|
13,999 |
|
|
|
8,255 |
|
|
|
42,766 |
|
|
|
21,409 |
|
Amortization of marketable securities premiums, net of accretion of
purchase discounts |
|
(612 |
) |
|
|
1,248 |
|
|
|
58 |
|
|
|
2,091 |
|
|
|
58 |
|
Provision for doubtful accounts |
|
(79 |
) |
|
|
(16 |
) |
|
|
179 |
|
|
|
52 |
|
|
|
450 |
|
Asset impairment |
|
— |
|
|
|
1,200 |
|
|
|
— |
|
|
|
1,200 |
|
|
|
— |
|
Loss on partial settlement of convertibles notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
56,382 |
|
Deemed repayment of convertible notes attributable to accreted debt
discount |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,585 |
) |
Non-cash interest expense |
|
2,065 |
|
|
|
2,046 |
|
|
|
12,430 |
|
|
|
6,090 |
|
|
|
31,893 |
|
Change in fair value of debt securities |
|
(519 |
) |
|
|
(987 |
) |
|
|
(784 |
) |
|
|
(390 |
) |
|
|
(3,153 |
) |
Stock-based compensation |
|
52,296 |
|
|
|
53,064 |
|
|
|
46,954 |
|
|
|
153,157 |
|
|
|
77,110 |
|
Deferred income taxes |
|
115 |
|
|
|
12,452 |
|
|
|
1,337 |
|
|
|
15,732 |
|
|
|
(28,790 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(46,226 |
) |
|
|
51,770 |
|
|
|
5,462 |
|
|
|
(18,680 |
) |
|
|
(93,069 |
) |
Inventory |
|
(16,185 |
) |
|
|
(33,830 |
) |
|
|
(27,648 |
) |
|
|
(72,051 |
) |
|
|
(23,640 |
) |
Prepaid expenses and other assets |
|
526 |
|
|
|
(18,310 |
) |
|
|
(3,568 |
) |
|
|
(20,826 |
) |
|
|
(18,762 |
) |
Accounts payable, accrued and other liabilities |
|
32,060 |
|
|
|
12,033 |
|
|
|
24,897 |
|
|
|
42,288 |
|
|
|
71,787 |
|
Warranty obligations |
|
9,329 |
|
|
|
12,972 |
|
|
|
7,574 |
|
|
|
32,207 |
|
|
|
21,599 |
|
Deferred revenues |
|
25,764 |
|
|
|
16,033 |
|
|
|
16,399 |
|
|
|
63,858 |
|
|
|
64,308 |
|
Net cash provided by operating activities |
|
188,010 |
|
|
|
200,650 |
|
|
|
113,354 |
|
|
|
491,103 |
|
|
|
254,855 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(8,948 |
) |
|
|
(8,691 |
) |
|
|
(12,682 |
) |
|
|
(30,014 |
) |
|
|
(39,050 |
) |
Purchases of marketable securities |
|
(512,176 |
) |
|
|
(60,061 |
) |
|
|
(545,490 |
) |
|
|
(572,237 |
) |
|
|
(545,490 |
) |
Maturities of marketable securities |
|
184,123 |
|
|
|
116,298 |
|
|
|
35,000 |
|
|
|
377,156 |
|
|
|
35,000 |
|
Investments in private companies |
|
(1,000 |
) |
|
|
— |
|
|
|
(13,000 |
) |
|
|
(1,000 |
) |
|
|
(58,000 |
) |
Business acquisitions, net of cash acquired |
|
— |
|
|
|
(3,055 |
) |
|
|
— |
|
|
|
(27,680 |
) |
|
|
(55,239 |
) |
Purchase of intangible asset |
|
— |
|
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
|
|
(250 |
) |
Net cash provided by (used in) investing activities |
|
(338,001 |
) |
|
|
44,491 |
|
|
|
(536,422 |
) |
|
|
(253,775 |
) |
|
|
(663,029 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Issuance of convertible notes, net of issuance costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,188,439 |
|
Purchase of convertible note hedges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(286,235 |
) |
Sale of warrants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
220,800 |
|
Principal payments and financing fees on debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,422 |
) |
Partial repurchase of convertible notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(289,312 |
) |
Repurchase of common stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(200,000 |
) |
Proceeds from exercise of equity awards and employee stock purchase
plan |
|
693 |
|
|
|
4,183 |
|
|
|
42 |
|
|
|
5,280 |
|
|
|
3,684 |
|
Payment of withholding taxes related to net share settlement of
equity awards |
|
(4,589 |
) |
|
|
(5,463 |
) |
|
|
(3,313 |
) |
|
|
(19,396 |
) |
|
|
(20,311 |
) |
Net cash provided by (used in) financing activities |
|
(3,896 |
) |
|
|
(1,280 |
) |
|
|
(3,271 |
) |
|
|
(14,116 |
) |
|
|
615,643 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(4,003 |
) |
|
|
(238 |
) |
|
|
(376 |
) |
|
|
(4,945 |
) |
|
|
(1,302 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
(157,890 |
) |
|
|
243,623 |
|
|
|
(426,715 |
) |
|
|
218,267 |
|
|
|
206,167 |
|
Cash and cash
equivalents—Beginning of period |
|
495,473 |
|
|
|
251,850 |
|
|
|
1,312,261 |
|
|
|
119,316 |
|
|
|
679,379 |
|
Cash and cash equivalents —End
of period |
$ |
337,583 |
|
|
$ |
495,473 |
|
|
$ |
885,546 |
|
|
$ |
337,583 |
|
|
$ |
885,546 |
|
ENPHASE ENERGY,
INC.RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(In thousands, except per share data and
percentages)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2022 |
|
June 30,2022 |
|
September 30,2021 |
|
September 30,2022 |
|
September 30,2021 |
Gross profit (GAAP) |
$ |
267,916 |
|
|
$ |
219,005 |
|
|
$ |
140,358 |
|
|
$ |
663,894 |
|
|
$ |
391,108 |
|
Stock-based compensation |
|
3,188 |
|
|
|
3,131 |
|
|
|
2,915 |
|
|
|
8,826 |
|
|
|
4,957 |
|
Acquisition related amortization |
|
1,445 |
|
|
|
1,445 |
|
|
|
— |
|
|
|
4,189 |
|
|
|
— |
|
Gross profit
(Non-GAAP) |
$ |
272,549 |
|
|
$ |
223,581 |
|
|
$ |
143,273 |
|
|
$ |
676,909 |
|
|
$ |
396,065 |
|
|
|
|
|
|
|
|
|
|
|
Gross margin
(GAAP) |
|
42.2 |
% |
|
|
41.3 |
% |
|
|
39.9 |
% |
|
|
41.3 |
% |
|
|
40.3 |
% |
Stock-based compensation |
|
0.5 |
% |
|
|
0.6 |
% |
|
|
0.9 |
% |
|
|
0.5 |
% |
|
|
0.6 |
% |
Acquisition related amortization |
|
0.2 |
% |
|
|
0.3 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
— |
% |
Gross margin
(Non-GAAP) |
|
42.9 |
% |
|
|
42.2 |
% |
|
|
40.8 |
% |
|
|
42.1 |
% |
|
|
40.9 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
132,475 |
|
|
$ |
124,969 |
|
|
$ |
103,007 |
|
|
$ |
372,593 |
|
|
$ |
232,971 |
|
Stock-based compensation (1) |
|
(49,108 |
) |
|
|
(49,933 |
) |
|
|
(44,039 |
) |
|
|
(144,331 |
) |
|
|
(72,153 |
) |
Acquisition related expenses and amortization |
|
(4,186 |
) |
|
|
(3,867 |
) |
|
|
(1,627 |
) |
|
|
(11,662 |
) |
|
|
(8,082 |
) |
Restructuring and asset impairment charges |
|
(594 |
) |
|
|
— |
|
|
|
— |
|
|
|
(594 |
) |
|
|
— |
|
Operating expenses
(Non-GAAP) |
$ |
78,587 |
|
|
$ |
71,169 |
|
|
$ |
57,341 |
|
|
$ |
216,006 |
|
|
$ |
152,736 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows: |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
17,400 |
|
|
$ |
16,266 |
|
|
$ |
10,999 |
|
|
$ |
47,395 |
|
|
$ |
22,215 |
|
Sales and marketing |
|
20,069 |
|
|
|
22,176 |
|
|
|
15,472 |
|
|
|
55,302 |
|
|
|
24,344 |
|
General and administrative |
|
11,639 |
|
|
|
11,491 |
|
|
|
17,568 |
|
|
|
41,634 |
|
|
|
25,594 |
|
Total |
$ |
49,108 |
|
|
$ |
49,933 |
|
|
$ |
44,039 |
|
|
$ |
144,331 |
|
|
$ |
72,153 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations
(GAAP) |
$ |
135,441 |
|
|
$ |
94,036 |
|
|
$ |
37,351 |
|
|
$ |
291,301 |
|
|
$ |
158,137 |
|
Stock-based compensation |
|
52,296 |
|
|
|
53,064 |
|
|
|
46,954 |
|
|
|
153,157 |
|
|
|
77,110 |
|
Acquisition related expenses and amortization |
|
5,631 |
|
|
|
5,312 |
|
|
|
1,627 |
|
|
|
15,851 |
|
|
|
8,082 |
|
Restructuring and asset impairment charges |
|
594 |
|
|
|
— |
|
|
|
— |
|
|
|
594 |
|
|
|
— |
|
Income from operations
(Non-GAAP) |
$ |
193,962 |
|
|
$ |
152,412 |
|
|
$ |
85,932 |
|
|
$ |
460,903 |
|
|
$ |
243,329 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
$ |
114,812 |
|
|
$ |
76,976 |
|
|
$ |
21,809 |
|
|
$ |
243,609 |
|
|
$ |
92,858 |
|
Stock-based compensation |
|
52,296 |
|
|
|
53,064 |
|
|
|
46,954 |
|
|
|
153,157 |
|
|
|
77,110 |
|
Acquisition related expenses and amortization |
|
5,631 |
|
|
|
5,312 |
|
|
|
1,627 |
|
|
|
15,851 |
|
|
|
8,082 |
|
Restructuring and asset impairment charges |
|
594 |
|
|
|
— |
|
|
|
— |
|
|
|
594 |
|
|
|
— |
|
Non-cash interest expense |
|
2,065 |
|
|
|
2,048 |
|
|
|
12,430 |
|
|
|
6,092 |
|
|
|
31,893 |
|
Loss on partial settlement of convertible notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
56,382 |
|
Non-GAAP income tax adjustment |
|
115 |
|
|
|
12,452 |
|
|
|
1,337 |
|
|
|
15,732 |
|
|
|
(28,790 |
) |
Net income
(Non-GAAP) |
$ |
175,513 |
|
|
$ |
149,852 |
|
|
$ |
84,157 |
|
|
$ |
435,035 |
|
|
$ |
237,535 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic (GAAP) |
$ |
0.85 |
|
|
$ |
0.57 |
|
|
$ |
0.16 |
|
|
$ |
1.80 |
|
|
$ |
0.69 |
|
Stock-based compensation |
|
0.39 |
|
|
|
0.39 |
|
|
|
0.35 |
|
|
|
1.13 |
|
|
|
0.58 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
0.06 |
|
Restructuring and asset impairment charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-cash interest expense |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.09 |
|
|
|
0.05 |
|
|
|
0.24 |
|
Loss on partial settlement of convertible notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.42 |
|
Non-GAAP income tax adjustment |
|
— |
|
|
|
0.09 |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
(0.21 |
) |
Net income per share,
basic (Non-GAAP) |
$ |
1.29 |
|
|
$ |
1.11 |
|
|
$ |
0.62 |
|
|
$ |
3.22 |
|
|
$ |
1.78 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic per share calculation GAAP and Non-GAAP |
|
135,633 |
|
|
|
135,196 |
|
|
|
134,721 |
|
|
|
135,056 |
|
|
|
133,719 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
diluted (GAAP) |
$ |
0.80 |
|
|
$ |
0.54 |
|
|
$ |
0.15 |
|
|
$ |
1.70 |
|
|
$ |
0.65 |
|
Stock-based compensation |
|
0.37 |
|
|
|
0.38 |
|
|
|
0.34 |
|
|
|
1.11 |
|
|
|
0.55 |
|
Acquisition related expenses and amortization |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
0.06 |
|
Restructuring and asset impairment charges |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.09 |
|
|
|
0.05 |
|
|
|
0.23 |
|
Loss on partial settlement of convertible notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.40 |
|
Non-GAAP income tax adjustment |
|
— |
|
|
|
0.09 |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
(0.21 |
) |
Net income per share,
diluted (Non-GAAP) (2) |
$ |
1.25 |
|
|
$ |
1.07 |
|
|
$ |
0.60 |
|
|
$ |
3.11 |
|
|
$ |
1.68 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted per share calculation GAAP |
|
145,962 |
|
|
|
143,725 |
|
|
|
141,220 |
|
|
|
144,058 |
|
|
|
143,091 |
|
Shares used in diluted per share calculation Non-GAAP (3) |
|
140,634 |
|
|
|
139,650 |
|
|
|
140,516 |
|
|
|
139,983 |
|
|
|
141,101 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP) |
$ |
188,010 |
|
|
$ |
200,650 |
|
|
$ |
113,354 |
|
|
$ |
491,103 |
|
|
$ |
254,855 |
|
Purchases of property and equipment |
|
(8,948 |
) |
|
|
(8,691 |
) |
|
|
(12,682 |
) |
|
|
(30,014 |
) |
|
|
(39,050 |
) |
Deemed repayment of convertible notes due 2024 and notes due 2025
attributable to accreted debt discount |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,585 |
|
Free cash flow
(Non-GAAP) |
$ |
179,062 |
|
|
$ |
191,959 |
|
|
$ |
100,672 |
|
|
$ |
461,089 |
|
|
$ |
231,390 |
|
(2) |
Calculation of non-GAAP diluted net income per share for the three
months ended September 30, 2022, June 30, 2022 and
September 30, 2021, excludes convertible notes due 2023
interest expense, net of tax of less than $0.1 million in each
period from non-GAAP net income. Calculation of non-GAAP diluted
net income per share for the nine months ended September 30,
2022 and 2021 excludes convertible notes due 2023 interest expense,
net of tax of approximately $0.1 million in each period from
non-GAAP net income. |
(3) |
Effect of dilutive in-the-money portion of convertible senior notes
and warrants are included in the GAAP weighted-average diluted
shares in periods where we have GAAP net income. We excluded the
in-the-money portion of convertible notes due 2024 totaling 46
thousand shares and 1,014 thousand shares in the three months and
nine months ended September 30, 2021 from non-GAAP
weighted-average diluted shares as we entered into convertible note
hedge transactions that reduce potential dilution to our common
stock upon any conversion of the notes due 2024. We excluded the
in-the-money portion of convertible notes due 2025 totaling 1,253
thousand shares and 658 thousand shares in the three months ended
September 30, 2022 and 2021, respectively, and 976 thousand
shares in the nine months ended September 30, 2021 from non-GAAP
weighted-average diluted shares. We excluded in-the-money portion
of convertible notes due 2026 and notes due 2028 totaling 2,057
thousand shares and 2,018 thousand shares, respectively, each in
the three months and nine months ended September 30, 2022 from
non-GAAP weighted-average diluted shares as we entered into
convertible note hedge transactions that reduce potential dilution
to our common stock upon any conversion of the notes due 2026 and
notes due 2028. |
Enphase Energy (NASDAQ:ENPH)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Enphase Energy (NASDAQ:ENPH)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024