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 2023, which included the summary below
from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of
$551.1 million in the third quarter of 2023, along with 48.4%
for non-GAAP gross margin. We shipped 3,905,239 microinverters, or
approximately 1,585.6 megawatts DC, and 86.2 megawatt hours of
IQ™ Batteries.
Financial highlights for the third quarter of
2023 are listed below:
- Quarterly revenue
of $551.1 million
- GAAP gross margin
of 47.5%; non-GAAP gross margin of 48.4%, inclusive of net IRA
benefit of 2.6%
- GAAP operating
income of $118.0 million; non-GAAP operating income of
$167.6 million
- GAAP net income of
$114.0 million; non-GAAP net income of
$141.8 million
- GAAP diluted
earnings per share of $0.80; non-GAAP diluted earnings per share of
$1.02
- Free cash flow of
$122.0 million; ending cash, cash equivalents, and marketable
securities of $1.78 billion
Our revenue and earnings for the third quarter
of 2023 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage
data)
|
GAAP |
|
Non-GAAP |
|
Q3 2023 |
|
Q2 2023 |
|
Q3 2022 |
|
Q3 2023 |
|
Q2 2023 |
|
Q3 2022 |
Revenue |
$ |
551,082 |
|
|
$ |
711,118 |
|
|
$ |
634,713 |
|
|
$ |
551,082 |
|
|
$ |
711,118 |
|
|
$ |
634,713 |
|
Gross margin |
|
47.5 |
% |
|
|
45.5 |
% |
|
|
42.2 |
% |
|
|
48.4 |
% |
|
|
46.2 |
% |
|
|
42.9 |
% |
Operating expenses |
$ |
144,024 |
|
|
$ |
153,022 |
|
|
$ |
132,475 |
|
|
$ |
99,027 |
|
|
$ |
98,162 |
|
|
$ |
78,587 |
|
Operating income |
$ |
117,989 |
|
|
$ |
170,320 |
|
|
$ |
135,441 |
|
|
$ |
167,593 |
|
|
$ |
230,468 |
|
|
$ |
193,962 |
|
Net income |
$ |
113,953 |
|
|
$ |
157,191 |
|
|
$ |
114,812 |
|
|
$ |
141,849 |
|
|
$ |
205,599 |
|
|
$ |
175,513 |
|
Basic EPS |
$ |
0.84 |
|
|
$ |
1.15 |
|
|
$ |
0.85 |
|
|
$ |
1.04 |
|
|
$ |
1.51 |
|
|
$ |
1.29 |
|
Diluted EPS |
$ |
0.80 |
|
|
$ |
1.09 |
|
|
$ |
0.80 |
|
|
$ |
1.02 |
|
|
$ |
1.47 |
|
|
$ |
1.25 |
|
Total revenue for the third quarter of 2023 was
$551.1 million, compared to $711.1 million in the second
quarter of 2023. Due to macroeconomic conditions, our revenue in
the United States for the third quarter of 2023 decreased
approximately 16%, compared to the second quarter of 2023. Our
revenue in Europe decreased approximately 34%, compared to the
second quarter of 2023 due to high inventory at our distribution
partners along with a softening in demand in our key markets – the
Netherlands, France, and Germany.
Our non-GAAP gross margin was 48.4% in the third
quarter of 2023, compared to 46.2% in the second quarter of 2023,
driven by increased net IRA benefit. Our non-GAAP operating
expenses were $99.0 million in the third quarter of 2023,
compared to $98.2 million in the second quarter of 2023. Our
non-GAAP operating income was $167.6 million in the third
quarter of 2023, compared to $230.5 million in the second
quarter of 2023.
We exited the third quarter of 2023 with
$1.78 billion in cash, cash equivalents, and marketable
securities and generated $145.9 million in cash flow from
operations in the third quarter of 2023.
In July 2023, our Board of Directors approved a
share repurchase program with authorization to purchase up to $1.0
billion of shares of our common stock. In the third quarter of
2023, we repurchased 846,648 shares of our common stock at an
average price of $129.92 per share for a total of approximately
$110.0 million.
Our capital expenditures were $23.8 million
in the third quarter of 2023, compared to $44.0 million in the
second quarter of 2023. Capital expenditure requirements decreased
as we largely completed building out our U.S. manufacturing
lines.
IQ8™ Microinverters constituted approximately
86% of all our microinverter shipments during the third quarter of
2023. We recently started shipping IQ8 Microinverters into the
United Kingdom, Brazil, Sweden, Denmark, South Africa, India, and
Greece, and are now shipping IQ8 Microinverters in 15 countries
worldwide.
Our IQ Battery shipments increased to 86.2
megawatt hours in the third quarter of 2023, from 82.3 megawatt
hours in the second quarter of 2023. We recently introduced IQ
Batteries into Sweden, Denmark, and Greece, and launched the IQ™
Battery 5P in the United Kingdom during the third quarter. We now
ship the IQ Battery 5P to Australia, the United States, Puerto
Rico, and the United Kingdom. More than 4,100 installers worldwide
are certified to install our IQ Batteries.
We began shipments of our microinverters in the
third quarter of 2023 from our contract manufacturer Salcomp in
Arlington, Texas, our third contract manufacturer in the United
States. We shipped approximately 531,000 microinverters to
customers in the third quarter from our three contract
manufacturers – Flex in South Carolina, Foxconn in Wisconsin, and
Salcomp in Texas.
Solargraf℠, our cloud-based design and proposal
software platform, now provides NEM 3.0 functionality for solar and
battery systems in California. We began offering 3D and shading
features and continue to make progress on new features and
functions. The software platform is now available to installers in
the United States, Brazil, Germany, and Austria.
BUSINESS HIGHLIGHTS
On Oct. 23, 2023, Enphase Energy announced that
it entered the solar market in Greece with the introduction of IQ8
Microinverters, with peak output AC power of 384 W, and IQ
Batteries.
On Oct. 19, 2023, Enphase Energy announced the
availability in the United States and Canada of the Enphase® IQ® EV
Charger, which is Wi-Fi equipped, includes smart control and
monitoring capabilities, and can seamlessly integrate into
Enphase’s solar and battery system.
On Oct. 16, 2023, Enphase Energy announced that
it started shipping IQ8 Microinverters, with peak output AC power
of 480 W, in India to support newer high-powered solar modules.
On Oct. 12, 2023, Enphase Energy announced that
it entered the solar market in South Africa with the introduction
of IQ8 Microinverters for grid-tied residential and small
commercial applications, with peak output AC power of 480 W, to
support newer high-powered solar modules.
On Oct. 9, 2023, Enphase Energy announced that
it entered the solar markets in Sweden and Denmark through an
expanded agreement with German-based climate tech startup 1KOMMA5
to offer Enphase Energy System™, powered by IQ8 Microinverters and
IQ Batteries.
On Oct. 2, 2023, Enphase Energy announced the
launch of the IQ™ Combiner 3P in nine European countries to
dramatically improve the experience of installing an Enphase Energy
System and deliver significant installation time savings.
On Sept. 21, 2023, Enphase Energy announced the
launch of its most powerful Enphase Energy System to-date,
featuring the new IQ Battery 5P and IQ8 Microinverters, for
customers in the United Kingdom.
On Aug. 15, 2023, Enphase Energy announced a
comprehensive solution that can maximize return-on-investment (ROI)
for homeowners under California’s new net billing tariff, NEM
3.0.
Enphase Energy recently announced the growing
deployments of Enphase systems powered by IQ Microinverters in
Italy; IQ Microinverters in South Carolina; and IQ8 Microinverters
and the IQ Battery 5P in Australia.
FOURTH QUARTER 2023 FINANCIAL
OUTLOOK
For the fourth quarter of 2023, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
-
Revenue to be within a range of $300.0 million to $350.0 million,
which includes shipments of 80 to 100 megawatt hours of IQ
Batteries
-
GAAP gross margin to be within a range of 46.0% to 49.0% with net
IRA benefit and 38.0% to 41.0% before net IRA benefit
- Non-GAAP gross margin to be within
a range of 48.0% to 51.0% with net IRA benefit and 40.0% to 43.0%
before net IRA benefit. Non-GAAP gross margin excludes stock-based
compensation expense and acquisition related amortization
-
Net IRA benefit to be within a range of $26.0 to $28.0 million
based on estimated shipments of one million units of U.S.
manufactured microinverters
-
GAAP operating expenses to be within a range of $142.0 million to
$146.0 million
-
Non-GAAP operating expenses to be within a range of $85.0 million
to $89.0 million, excluding $57.0 million estimated for stock-based
compensation expense and acquisition related expenses and
amortization
- GAAP and non-GAAP annualized
effective tax rate with IRA benefit is expected to be within a
range of 21.0% to 23.0%
Follow Enphase Online
-
Read the Enphase blog.
-
Follow @Enphase on X (formerly 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. 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 (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 press release. Non-GAAP
financial measures presented by Enphase Energy include non-GAAP
gross profit, gross margin, operating expenses, income from
operations, net income, net income per share (basic and diluted),
and free cash flow.
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. In addition, these non-GAAP measures have limitations in
that they do not reflect all of the amounts associated with Enphase
Energy’s results of operations as determined in accordance with
GAAP. 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. Enphase
Energy 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. Enphase Energy 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.
As presented in the “Reconciliation of Non-GAAP
Financial Measures” tables below, each of the non-GAAP financial
measures excludes one or more of the following items for purposes
of calculating non-GAAP financial measures to facilitate an
evaluation of Enphase Energy’s current operating performance and a
comparison to its past operating performance:
Stock-based compensation expense. Enphase Energy
excludes stock-based compensation expense from its non-GAAP
measures primarily because they are non-cash in nature. Moreover,
the impact of this expense is significantly affected by Enphase
Energy’s stock price at the time of an award over which management
has limited to no control.
Acquisition related expenses and amortization.
This item represents expenses incurred related to Enphase Energy’s
business acquisitions, which are non-recurring in nature, and
amortization of acquired intangible assets, which is a non-cash
expense. Acquisition related expenses and amortization of acquired
intangible assets are not reflective of Enphase Energy’s ongoing
financial performance.
Restructuring and asset impairment charges.
Enphase Energy excludes restructuring and asset impairment related
charges due to the nature of the expenses being unplanned and
arising outside the ordinary course of continuing operations. These
costs primarily consist of fees paid for cash-based severance costs
and asset write-downs of property and equipment, and other contract
termination costs resulting from restructuring initiatives.
Non-cash interest expense. This item consists
primarily of amortization of debt issuance costs and accretion of
debt discount because these expenses do not represent a cash
outflow for Enphase Energy except in the period the financing was
secured and such amortization expense is not reflective of Enphase
Energy’s ongoing financial performance.
Non-GAAP income tax adjustment. This item
represents the amount adjusted to Enphase Energy’s GAAP tax
provision or benefit to report the non-GAAP tax amount based on
cash tax expense and reserves for periods prior to 2023. Effective
January 1, 2023, Enphase Energy updated its methodology of
computing the non-GAAP income tax adjustment from reporting cash
tax expense and reserves to the projected non-GAAP annualized
effective tax rate as Enphase Energy utilized most of its net
operating loss and tax credit carryforwards in the year ended
December 31, 2022 and became a significant cash taxpayer in the
United States. Going forward, Enphase Energy will exclude the
income tax effects of GAAP adjustments such as stock-based
compensation, amortization of purchased intangibles, and other
non-recurring items that are not reflective of Enphase Energy
ongoing financial performance.
Free cash flow. This item represents net cash
flows from operating activities less purchases of property and
equipment.
Conference Call Information
Enphase Energy will host a conference call for
analysts and investors to discuss its third quarter 2023 results
and fourth quarter 2023 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
1347879, 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 2023 financial outlook,
including revenue, storage shipments, gross margin before and after
net IRA benefit, operating expenses, and annualized effective tax
rate; its expectations regarding the expected net IRA benefit; its
expectations on the timing of the introduction of new products into
new countries globally; the capabilities, advantages, features, and
performance of its technology and products; the anticipated demand
for and availability of its products and services; and growth in
deployments of Enphase products. 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 recently filed Annual Report
on Form 10-K 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 approximately 72 million microinverters, and
approximately 3.8 million Enphase-based systems have been
deployed in over 145 countries. For more information, visit
https://enphase.com/.
© 2023 Enphase Energy, Inc. All rights reserved.
Enphase Energy, Enphase, the “e” logo, IQ, IQ8, Solargraf, and
certain other marks listed at
https://enphase.com/trademark-usage-guidelines are trademarks or
service marks of Enphase Energy, Inc. Other names are for
informational purposes and may be trademarks of their respective
owners.
Contact:
Zach FreedmanEnphase 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 30,2023 |
|
June 30,2023 |
|
September 30,2022 |
|
September 30,2023 |
|
September 30,2022 |
Net revenues |
$ |
551,082 |
|
|
$ |
711,118 |
|
|
$ |
634,713 |
|
|
$ |
1,988,216 |
|
|
$ |
1,606,201 |
|
Cost of revenues |
|
289,069 |
|
|
|
387,776 |
|
|
|
366,797 |
|
|
|
1,076,490 |
|
|
|
942,307 |
|
Gross profit |
|
262,013 |
|
|
|
323,342 |
|
|
|
267,916 |
|
|
|
911,726 |
|
|
|
663,894 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
54,873 |
|
|
|
60,043 |
|
|
|
44,188 |
|
|
|
172,045 |
|
|
|
119,163 |
|
Sales and marketing |
|
55,357 |
|
|
|
58,405 |
|
|
|
55,257 |
|
|
|
178,383 |
|
|
|
150,189 |
|
General and administrative |
|
33,794 |
|
|
|
34,397 |
|
|
|
32,436 |
|
|
|
104,456 |
|
|
|
102,647 |
|
Restructuring charges |
|
— |
|
|
|
177 |
|
|
|
594 |
|
|
|
870 |
|
|
|
594 |
|
Total operating expenses |
|
144,024 |
|
|
|
153,022 |
|
|
|
132,475 |
|
|
|
455,754 |
|
|
|
372,593 |
|
Income from operations |
|
117,989 |
|
|
|
170,320 |
|
|
|
135,441 |
|
|
|
455,972 |
|
|
|
291,301 |
|
Other income (expense),
net |
|
|
|
|
|
|
|
|
|
Interest income |
|
19,669 |
|
|
|
16,526 |
|
|
|
3,680 |
|
|
|
49,235 |
|
|
|
4,936 |
|
Interest expense |
|
(2,196 |
) |
|
|
(2,219 |
) |
|
|
(2,255 |
) |
|
|
(6,571 |
) |
|
|
(7,159 |
) |
Other income (expense), net |
|
1,883 |
|
|
|
(33 |
) |
|
|
(2,611 |
) |
|
|
2,276 |
|
|
|
(5,208 |
) |
Total other income (expense), net |
|
19,356 |
|
|
|
14,274 |
|
|
|
(1,186 |
) |
|
|
44,940 |
|
|
|
(7,431 |
) |
Income before income
taxes |
|
137,345 |
|
|
|
184,594 |
|
|
|
134,255 |
|
|
|
500,912 |
|
|
|
283,870 |
|
Income tax provision |
|
(23,392 |
) |
|
|
(27,403 |
) |
|
|
(19,443 |
) |
|
|
(82,895 |
) |
|
|
(40,261 |
) |
Net income |
$ |
113,953 |
|
|
$ |
157,191 |
|
|
$ |
114,812 |
|
|
$ |
418,017 |
|
|
$ |
243,609 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.84 |
|
|
$ |
1.15 |
|
|
$ |
0.85 |
|
|
$ |
3.06 |
|
|
$ |
1.80 |
|
Diluted |
$ |
0.80 |
|
|
$ |
1.09 |
|
|
$ |
0.80 |
|
|
$ |
2.92 |
|
|
$ |
1.70 |
|
Shares used in per share
calculation: |
|
|
|
|
|
|
|
|
|
Basic |
|
136,165 |
|
|
|
136,607 |
|
|
|
135,633 |
|
|
|
136,491 |
|
|
|
135,056 |
|
Diluted |
|
143,863 |
|
|
|
145,098 |
|
|
|
145,962 |
|
|
|
145,081 |
|
|
|
144,058 |
|
ENPHASE ENERGY, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(In
thousands)(Unaudited)
|
September 30,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
290,075 |
|
$ |
473,244 |
Marketable securities |
|
1,493,809 |
|
|
1,139,599 |
Accounts receivable, net |
|
560,286 |
|
|
440,896 |
Inventory |
|
174,114 |
|
|
149,708 |
Prepaid expenses and other assets |
|
80,346 |
|
|
60,824 |
Total current assets |
|
2,598,630 |
|
|
2,264,271 |
Property and equipment,
net |
|
173,005 |
|
|
111,367 |
Operating lease, right of use
asset, net |
|
21,164 |
|
|
21,379 |
Intangible assets, net |
|
79,147 |
|
|
99,541 |
Goodwill |
|
213,193 |
|
|
213,559 |
Other assets |
|
215,275 |
|
|
169,291 |
Deferred tax assets, net |
|
253,528 |
|
|
204,872 |
Total assets |
$ |
3,553,942 |
|
$ |
3,084,280 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
90,116 |
|
$ |
125,085 |
Accrued liabilities |
|
434,825 |
|
|
295,939 |
Deferred revenues, current |
|
114,031 |
|
|
90,747 |
Warranty obligations, current |
|
40,750 |
|
|
35,556 |
Debt, current |
|
94,665 |
|
|
90,892 |
Total current liabilities |
|
774,387 |
|
|
638,219 |
Long-term liabilities: |
|
|
|
Deferred revenues, non-current |
|
366,032 |
|
|
281,613 |
Warranty obligations, non-current |
|
148,116 |
|
|
95,890 |
Other liabilities |
|
53,762 |
|
|
43,520 |
Debt, non-current |
|
1,196,947 |
|
|
1,199,465 |
Total liabilities |
|
2,539,244 |
|
|
2,258,707 |
Total stockholders’ equity |
|
1,014,698 |
|
|
825,573 |
Total liabilities and
stockholders’ equity |
$ |
3,553,942 |
|
$ |
3,084,280 |
ENPHASE ENERGY, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2023 |
|
June 30,2023 |
|
September 30,2022 |
|
September 30,2023 |
|
September 30,2022 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
113,953 |
|
|
$ |
157,191 |
|
|
$ |
114,812 |
|
|
$ |
418,017 |
|
|
$ |
243,609 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
19,448 |
|
|
|
17,828 |
|
|
|
14,664 |
|
|
|
53,867 |
|
|
|
42,766 |
|
Net amortization (accretion) of premium (discount) on marketable
securities |
|
5,094 |
|
|
|
(10,157 |
) |
|
|
(612 |
) |
|
|
(12,611 |
) |
|
|
2,091 |
|
Provision for doubtful accounts |
|
653 |
|
|
|
449 |
|
|
|
(79 |
) |
|
|
1,282 |
|
|
|
52 |
|
Asset impairment |
|
903 |
|
|
|
— |
|
|
|
— |
|
|
|
903 |
|
|
|
1,200 |
|
Non-cash interest expense |
|
2,114 |
|
|
|
2,106 |
|
|
|
2,065 |
|
|
|
6,254 |
|
|
|
6,090 |
|
Net gain from change in fair value of debt securities |
|
(1,910 |
) |
|
|
(1,754 |
) |
|
|
(519 |
) |
|
|
(5,408 |
) |
|
|
(390 |
) |
Stock-based compensation |
|
43,814 |
|
|
|
54,166 |
|
|
|
52,296 |
|
|
|
157,635 |
|
|
|
153,157 |
|
Deferred income taxes |
|
(11,499 |
) |
|
|
(10,615 |
) |
|
|
115 |
|
|
|
(38,295 |
) |
|
|
15,732 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(34,752 |
) |
|
|
(3,968 |
) |
|
|
(46,226 |
) |
|
|
(118,249 |
) |
|
|
(18,680 |
) |
Inventory |
|
(8,003 |
) |
|
|
(15,548 |
) |
|
|
(16,185 |
) |
|
|
(24,406 |
) |
|
|
(72,051 |
) |
Prepaid expenses and other assets |
|
(15,383 |
) |
|
|
(20,536 |
) |
|
|
526 |
|
|
|
(57,376 |
) |
|
|
(20,826 |
) |
Accounts payable, accrued and other liabilities |
|
9,903 |
|
|
|
24,685 |
|
|
|
32,060 |
|
|
|
117,128 |
|
|
|
42,288 |
|
Warranty obligations |
|
8,151 |
|
|
|
34,681 |
|
|
|
9,329 |
|
|
|
57,420 |
|
|
|
32,207 |
|
Deferred revenues |
|
13,369 |
|
|
|
40,715 |
|
|
|
25,764 |
|
|
|
105,169 |
|
|
|
63,858 |
|
Net cash provided by operating activities |
|
145,855 |
|
|
|
269,243 |
|
|
|
188,010 |
|
|
|
661,330 |
|
|
|
491,103 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(23,848 |
) |
|
|
(44,002 |
) |
|
|
(8,948 |
) |
|
|
(90,326 |
) |
|
|
(30,014 |
) |
Purchases of marketable securities |
|
(470,766 |
) |
|
|
(577,521 |
) |
|
|
(512,176 |
) |
|
|
(1,743,674 |
) |
|
|
(572,237 |
) |
Maturities and sale of marketable securities |
|
494,804 |
|
|
|
557,471 |
|
|
|
184,123 |
|
|
|
1,406,608 |
|
|
|
377,156 |
|
Investments in private companies |
|
(15,000 |
) |
|
|
— |
|
|
|
(1,000 |
) |
|
|
(15,000 |
) |
|
|
(1,000 |
) |
Business acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27,680 |
) |
Net cash provided by (used in) investing activities |
|
(14,810 |
) |
|
|
(64,052 |
) |
|
|
(338,001 |
) |
|
|
(442,392 |
) |
|
|
(253,775 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from exercise of equity awards and employee stock purchase
plan |
|
719 |
|
|
|
556 |
|
|
|
693 |
|
|
|
1,315 |
|
|
|
5,280 |
|
Repurchase of common stock |
|
(110,000 |
) |
|
|
(200,000 |
) |
|
|
— |
|
|
|
(310,000 |
) |
|
|
— |
|
Payment of withholding taxes related to net share settlement of
equity awards |
|
(8,465 |
) |
|
|
(12,790 |
) |
|
|
(4,589 |
) |
|
|
(93,100 |
) |
|
|
(19,396 |
) |
Net cash used in financing activities |
|
(117,746 |
) |
|
|
(212,234 |
) |
|
|
(3,896 |
) |
|
|
(401,785 |
) |
|
|
(14,116 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(1,900 |
) |
|
|
(326 |
) |
|
|
(4,003 |
) |
|
|
(322 |
) |
|
|
(4,945 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
11,399 |
|
|
|
(7,369 |
) |
|
|
(157,890 |
) |
|
|
(183,169 |
) |
|
|
218,267 |
|
Cash and cash
equivalents—Beginning of period |
|
278,676 |
|
|
|
286,045 |
|
|
|
495,473 |
|
|
|
473,244 |
|
|
|
119,316 |
|
Cash and cash equivalents —End
of period |
$ |
290,075 |
|
|
$ |
278,676 |
|
|
$ |
337,583 |
|
|
$ |
290,075 |
|
|
$ |
337,583 |
|
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 30,2023 |
|
June 30,2023 |
|
September 30,2022 |
|
September 30,2023 |
|
September 30,2022 |
Gross profit (GAAP) |
$ |
262,013 |
|
|
$ |
323,342 |
|
|
$ |
267,916 |
|
|
$ |
911,726 |
|
|
$ |
663,894 |
|
Stock-based compensation |
|
2,708 |
|
|
|
3,398 |
|
|
|
3,188 |
|
|
|
9,775 |
|
|
|
8,826 |
|
Acquisition related amortization |
|
1,899 |
|
|
|
1,890 |
|
|
|
1,445 |
|
|
|
5,686 |
|
|
|
4,189 |
|
Gross profit
(Non-GAAP) |
$ |
266,620 |
|
|
$ |
328,630 |
|
|
$ |
272,549 |
|
|
$ |
927,187 |
|
|
$ |
676,909 |
|
|
|
|
|
|
|
|
|
|
|
Gross margin
(GAAP) |
|
47.5 |
% |
|
|
45.5 |
% |
|
|
42.2 |
% |
|
|
45.9 |
% |
|
|
41.3 |
% |
Stock-based compensation |
|
0.6 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
0.5 |
|
Acquisition related amortization |
|
0.3 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Gross margin
(Non-GAAP) |
|
48.4 |
% |
|
|
46.2 |
% |
|
|
42.9 |
% |
|
|
46.6 |
% |
|
|
42.1 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
144,024 |
|
|
$ |
153,022 |
|
|
$ |
132,475 |
|
|
$ |
455,754 |
|
|
$ |
372,593 |
|
Stock-based compensation (1) |
|
(41,106 |
) |
|
|
(50,768 |
) |
|
|
(49,108 |
) |
|
|
(147,860 |
) |
|
|
(144,331 |
) |
Acquisition related expenses and amortization |
|
(3,891 |
) |
|
|
(3,884 |
) |
|
|
(4,186 |
) |
|
|
(11,429 |
) |
|
|
(11,662 |
) |
Restructuring and asset impairment charges |
|
— |
|
|
|
(208 |
) |
|
|
(594 |
) |
|
|
(901 |
) |
|
|
(594 |
) |
Operating expenses
(Non-GAAP) |
$ |
99,027 |
|
|
$ |
98,162 |
|
|
$ |
78,587 |
|
|
$ |
295,564 |
|
|
$ |
216,006 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows: |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
19,285 |
|
|
$ |
23,765 |
|
|
$ |
17,400 |
|
|
$ |
64,528 |
|
|
$ |
47,395 |
|
Sales and marketing |
|
13,297 |
|
|
|
14,515 |
|
|
|
20,069 |
|
|
|
49,231 |
|
|
|
55,302 |
|
General and administrative |
|
8,524 |
|
|
|
12,488 |
|
|
|
11,639 |
|
|
|
34,101 |
|
|
|
41,634 |
|
Total |
$ |
41,106 |
|
|
$ |
50,768 |
|
|
$ |
49,108 |
|
|
$ |
147,860 |
|
|
$ |
144,331 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations
(GAAP) |
$ |
117,989 |
|
|
$ |
170,320 |
|
|
$ |
135,441 |
|
|
$ |
455,972 |
|
|
$ |
291,301 |
|
Stock-based compensation |
|
43,814 |
|
|
|
54,166 |
|
|
|
52,296 |
|
|
|
157,635 |
|
|
|
153,157 |
|
Acquisition related expenses and amortization |
|
5,790 |
|
|
|
5,774 |
|
|
|
5,631 |
|
|
|
17,115 |
|
|
|
15,851 |
|
Restructuring and asset impairment charges |
|
— |
|
|
|
208 |
|
|
|
594 |
|
|
|
901 |
|
|
|
594 |
|
Income from operations
(Non-GAAP) |
$ |
167,593 |
|
|
$ |
230,468 |
|
|
$ |
193,962 |
|
|
$ |
631,623 |
|
|
$ |
460,903 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
$ |
113,953 |
|
|
$ |
157,191 |
|
|
$ |
114,812 |
|
|
$ |
418,017 |
|
|
$ |
243,609 |
|
Stock-based compensation |
|
43,814 |
|
|
|
54,166 |
|
|
|
52,296 |
|
|
|
157,635 |
|
|
|
153,157 |
|
Acquisition related expenses and amortization |
|
5,790 |
|
|
|
5,774 |
|
|
|
5,631 |
|
|
|
17,115 |
|
|
|
15,851 |
|
Restructuring and asset impairment charges |
|
— |
|
|
|
208 |
|
|
|
594 |
|
|
|
901 |
|
|
|
594 |
|
Non-cash interest expense |
|
2,114 |
|
|
|
2,106 |
|
|
|
2,065 |
|
|
|
6,254 |
|
|
|
6,092 |
|
Non-GAAP income tax adjustment |
|
(23,822 |
) |
|
|
(13,846 |
) |
|
|
115 |
|
|
|
(61,413 |
) |
|
|
15,732 |
|
Net income
(Non-GAAP) |
$ |
141,849 |
|
|
$ |
205,599 |
|
|
$ |
175,513 |
|
|
$ |
538,509 |
|
|
$ |
435,035 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic (GAAP) |
$ |
0.84 |
|
|
$ |
1.15 |
|
|
$ |
0.85 |
|
|
$ |
3.06 |
|
|
$ |
1.80 |
|
Stock-based compensation |
|
0.32 |
|
|
|
0.40 |
|
|
|
0.39 |
|
|
|
1.15 |
|
|
|
1.13 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.13 |
|
|
|
0.12 |
|
Restructuring and asset impairment charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.05 |
|
Non-GAAP income tax adjustment |
|
(0.18 |
) |
|
|
(0.10 |
) |
|
|
— |
|
|
|
(0.44 |
) |
|
|
0.12 |
|
Net income per share,
basic (Non-GAAP) |
$ |
1.04 |
|
|
$ |
1.51 |
|
|
$ |
1.29 |
|
|
$ |
3.95 |
|
|
$ |
3.22 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic per share calculation GAAP and Non-GAAP |
|
136,165 |
|
|
|
136,607 |
|
|
|
135,633 |
|
|
|
136,491 |
|
|
|
135,056 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
diluted (GAAP) |
$ |
0.80 |
|
|
$ |
1.09 |
|
|
$ |
0.80 |
|
|
$ |
2.92 |
|
|
$ |
1.70 |
|
Stock-based compensation |
|
0.32 |
|
|
|
0.39 |
|
|
|
0.37 |
|
|
|
1.17 |
|
|
|
1.11 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.12 |
|
|
|
0.12 |
|
Restructuring and asset impairment charges |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.05 |
|
Non-GAAP income tax adjustment |
|
(0.16 |
) |
|
|
(0.09 |
) |
|
|
— |
|
|
|
(0.40 |
) |
|
|
0.12 |
|
Net income per share,
diluted (Non-GAAP) (2) |
$ |
1.02 |
|
|
$ |
1.47 |
|
|
$ |
1.25 |
|
|
$ |
3.86 |
|
|
$ |
3.11 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted per share calculation GAAP |
|
143,863 |
|
|
|
145,098 |
|
|
|
145,962 |
|
|
|
145,081 |
|
|
|
144,058 |
|
Shares used in diluted per share calculation Non-GAAP (3) |
|
138,535 |
|
|
|
139,770 |
|
|
|
140,634 |
|
|
|
139,753 |
|
|
|
139,983 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP) |
$ |
145,855 |
|
|
$ |
269,243 |
|
|
$ |
188,010 |
|
|
$ |
661,330 |
|
|
$ |
491,103 |
|
Purchases of property and equipment |
|
(23,848 |
) |
|
|
(44,002 |
) |
|
|
(8,948 |
) |
|
|
(90,326 |
) |
|
|
(30,014 |
) |
Free cash flow
(Non-GAAP) |
$ |
122,007 |
|
|
$ |
225,241 |
|
|
$ |
179,062 |
|
|
$ |
571,004 |
|
|
$ |
461,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Calculation of non-GAAP diluted net income
per share for the three months ended September 30, 2023,
June 30, 2023 and September 30, 2022 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, 2023 and 2022 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 convertible Notes due 2025, Notes due 2026 and
Notes due 2028 totaling 5,328 thousand shares in each of the three
months ended September 30, 2023, June 30, 2023 and September 30,
2022, and nine months ended September 30, 2023 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 2025, Notes due 2026 and
Notes due 2028. We excluded convertible Notes due 2026 and Notes
due 2028 totaling 4,075 thousand shares in the 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.
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