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 2024, which included the summary below
from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of
$380.9 million in the third quarter of 2024, along with 48.1%
for non-GAAP gross margin. We shipped 1,731,768 microinverters, or
approximately 730.0 megawatts DC, and 172.9 megawatt hours of IQ®
Batteries.
Financial highlights for the third quarter of 2024 are listed
below:
- Quarterly revenue of $380.9 million
- GAAP gross margin of 46.8%; non-GAAP gross margin of 48.1% with
net IRA benefit
- Non-GAAP gross margin of 38.9%, excluding net IRA benefit of
9.2%
- GAAP operating income of $49.8 million; non-GAAP operating
income of $101.4 million
- GAAP net income of $45.8 million; non-GAAP net income of
$88.4 million
- GAAP diluted earnings per share of $0.33, non-GAAP diluted
earnings per share of $0.65
- Free cash flow of $161.6 million; ending cash, cash
equivalents, and marketable securities of $1.77 billion
Our revenue and earnings for the third quarter
of 2024 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage
data)
|
GAAP |
|
Non-GAAP |
|
Q3 2024 |
|
Q2 2024 |
|
Q3 2023 |
|
Q3 2024 |
|
Q2 2024 |
|
Q3 2023 |
Revenue |
$ |
380,873 |
|
|
$ |
303,458 |
|
|
$ |
551,082 |
|
|
$ |
380,873 |
|
|
$ |
303,458 |
|
|
$ |
551,082 |
|
Gross margin |
|
46.8 |
% |
|
|
45.2 |
% |
|
|
47.5 |
% |
|
|
48.1 |
% |
|
|
47.1 |
% |
|
|
48.4 |
% |
Operating expenses |
$ |
128,383 |
|
|
$ |
135,367 |
|
|
$ |
144,024 |
|
|
$ |
81,612 |
|
|
$ |
81,706 |
|
|
$ |
99,027 |
|
Operating income |
$ |
49,788 |
|
|
$ |
1,799 |
|
|
$ |
117,989 |
|
|
$ |
101,411 |
|
|
$ |
61,080 |
|
|
$ |
167,593 |
|
Net income |
$ |
45,762 |
|
|
$ |
10,833 |
|
|
$ |
113,953 |
|
|
$ |
88,402 |
|
|
$ |
58,824 |
|
|
$ |
141,849 |
|
Basic EPS |
$ |
0.34 |
|
|
$ |
0.08 |
|
|
$ |
0.84 |
|
|
$ |
0.65 |
|
|
$ |
0.43 |
|
|
$ |
1.04 |
|
Diluted EPS |
$ |
0.33 |
|
|
$ |
0.08 |
|
|
$ |
0.80 |
|
|
$ |
0.65 |
|
|
$ |
0.43 |
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue for the third quarter of 2024 was
$380.9 million, compared to $303.5 million in the second
quarter of 2024. Our revenue in the United States for the third
quarter of 2024 increased approximately 43%, compared to the second
quarter of 2024. The increase was due to higher shipments to
distributors as inventory returned to normal levels. Our revenue in
Europe decreased approximately 15% for the third quarter of 2024,
compared to the second quarter of 2024. The decline in revenue was
the result of a further softening in European demand.
Our non-GAAP gross margin was 48.1% in the third
quarter of 2024, compared to 47.1% in the second quarter of 2024.
Our non-GAAP gross margin, excluding net IRA benefit, was 38.9% in
the third quarter of 2024, compared to 41.0% in the second quarter
of 2024.
Our non-GAAP operating expenses were
$81.6 million in the third quarter of 2024, compared to
$81.7 million in the second quarter of 2024. Our non-GAAP
operating income was $101.4 million in the third quarter of
2024, compared to $61.1 million in the second quarter of
2024.
We exited the third quarter of 2024 with
$1.77 billion in cash, cash equivalents, and marketable
securities and generated $170.1 million in cash flow from
operations in the third quarter of 2024. Our capital expenditures
were $8.5 million in the third quarter of 2024, compared to
$9.6 million in the second quarter of 2024.
In the third quarter of 2024, we repurchased
434,947 shares of our common stock at an average price of $114.48
per share for a total of approximately $49.8 million. We also
spent approximately $6.3 million dollars by withholding shares to
cover taxes for employee stock vesting that reduced the diluted
shares by 59,607 shares.
We shipped 172.9 megawatt hours of IQ Batteries
in the third quarter of 2024, compared to 120.2 megawatt hours in
the second quarter of 2024. We are now shipping our third
generation of IQ Batteries, the IQ® Battery 5P™, to the United
States, Puerto Rico, Mexico, Canada, Australia, the United Kingdom,
Italy, France, the Netherlands, Luxembourg, and Belgium. More than
9,000 installers worldwide are certified to install our IQ
Batteries, compared to more than 7,400 installers worldwide in the
second quarter of 2024.
During the third quarter of 2024, we shipped
approximately 1,176,000 microinverters from our contract
manufacturing facilities in the United States that we booked for
45X production tax credits. We began shipping IQ8HC™ Microinverters
with higher domestic content, produced at our contract
manufacturing facilities in the United States. We expect to begin
shipping our commercial microinverters, and batteries with higher
domestic content, produced at our United States contract
manufacturing facilities in the fourth quarter of 2024.
During the third quarter of 2024, we launched
AI-based software that is designed to optimize energy use by
integrating solar and consumption forecasting with electricity
tariff. This is intended to help consumers maximize savings as
energy markets become increasingly complex, such as with dynamic
electricity rates in parts of Europe and NEM 3.0 in California. We
are gearing up to launch our second-generation IQ® EV charger, the
3-Phase IQ Battery with backup, and the IQ® Balcony Solar Kit all
for the European market – pushing the boundaries of innovation.
Finally, our fourth-generation energy system, featuring the IQ®
Meter Collar, 10 kWh IQ Battery, and enhanced IQ® Combiner, is
expected to debut in the United States in early 2025, targeting a
substantial reduction in installation costs.
BUSINESS HIGHLIGHTS
On Oct. 16, 2024, Enphase Energy announced that
it started shipping IQ8™ Microinverters to support newer,
high-powered solar panels in select countries and territories,
including the Netherlands, Austria, New Caledonia, and Malta.
On Oct. 9, 2024, Enphase Energy announced that
it is expanding its support for grid services programs – or virtual
power plants (VPPs) – in New Hampshire, North Carolina, and
California, powered by the new IQ Battery 5P.
On Oct. 3, 2024, Enphase Energy announced the
launch of its IQ8X™ Microinverters in Australia, and that all IQ8
Microinverters activated starting Oct. 1, 2024 in Australia come
with an industry-leading 25-year limited warranty, currently the
longest standard residential warranty in the Australian market.
On Sept. 24, 2024, 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 India.
On Sept. 16, 2024, Enphase Energy announced that
it started shipping the IQ Battery 5P in Belgium. Enphase also
introduced IQ® Energy Management, its new AI-based energy
management software to enable support for dynamic electricity rates
and the integration of third-party EV chargers and heat pumps in
Belgium.
On Sept. 10, 2024, Enphase Energy announced
initial shipments of IQ8HC Microinverters supplied from contract
manufacturing facilities in the United States with higher domestic
content than previous models. The microinverters have SKUs with a
“DOM” suffix, indicating the increased amount of domestic
content.
On Sept. 4, 2024, Enphase Energy announced a
solution for expanding legacy net energy metering (NEM) solar
energy systems in California without penalty using new Enphase
Energy Systems configurations with IQ® Microinverters, IQ
Batteries, and Enphase Power Control.
On Aug. 27, 2024, Enphase Energy announced the
availability of pre-orders for IQ Battery 5Ps produced in the
United States. Pre-orders are also available for IQ8HC
Microinverters, IQ8P-3P™ Microinverters, and IQ8X Microinverters
produced in the United States with higher domestic content.
On Aug. 19, 2024, Enphase Energy announced that
it started shipping the IQ Battery 5P in the Netherlands. Enphase
also introduced IQ Energy Management, its new energy management
software to enable support for dynamic electricity rates and the
integration of third-party EV chargers and heat pumps in the
Netherlands.
On Aug. 8, 2024, Enphase Energy announced the
launch of its new North American Charging Standard (NACS)
connectors for its entire line of IQ EV Chargers. NACS connectors
and charger ports have recently become the industry standard
embraced by several major automakers for electric vehicles
(EVs).
On Aug. 5, 2024, Enphase Energy announced that
it started shipping IQ8P™ and IQ8HC Microinverters to support
newer, high-powered solar panels in select countries throughout the
Caribbean.
On Aug. 1, 2024, Enphase Energy announced that
it started shipping IQ8 Microinverters to support newer,
high-powered solar modules in select countries throughout Europe,
including France, Germany, Spain, Bulgaria, Estonia, Slovakia, and
Croatia.
FOURTH QUARTER 2024 FINANCIAL
OUTLOOK
For the fourth quarter of 2024, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of $360.0 million to $400.0
million, which includes shipments of 140 to 160 megawatt hours of
IQ Batteries
- GAAP gross margin to be within a range of 47.0% to 50.0% with
net IRA benefit
- Non-GAAP gross margin to be within a range of 49.0% to 52.0%
with net IRA benefit and 39.0% to 42.0% excluding 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 $38.0 million to $41.0
million based on estimated shipments of 1,300,000 units of U.S.
manufactured microinverters
- GAAP operating expenses to be within a range of $135.0 million
to $139.0 million
- Non-GAAP operating expenses to be within a range of $81.0
million to $85.0 million, excluding $54.0 million estimated for
stock-based compensation expense, acquisition related expenses and
amortization
For 2024, GAAP and non-GAAP annualized effective
tax rate with IRA benefit, excluding discrete items, is expected to
be within a range of 17.0% to 19.0%.
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- 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),
net IRA benefit, 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 charges
due to the nature of the expenses being unusual 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 acquired intangible
assets, 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 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.
Non-GAAP net income per share, diluted. Enphase
Energy excludes the dilutive effect of in-the-money portion of
convertible senior notes as they are covered by convertible note
hedge transactions that reduce potential dilution to our common
stock upon conversion of the Notes due 2025, Notes due 2026, and
Notes due 2028, and includes the dilutive effect of employee’s
stock-based awards and the dilutive effect of warrants. Enphase
Energy believes these adjustments provide useful supplemental
information to the ongoing financial performance.
Net IRA benefit. This item represents the
advanced manufacturing production tax credit (AMPTC) from the IRA
for manufacturing microinverters in the United States, partially
offset by the incremental manufacturing cost incurred in the United
States relative to manufacturing in Mexico, India, and China. The
AMPTC is accounted for by Enphase Energy as an income-based
government grants that reduces cost of revenues in the condensed
consolidated statements of operations.
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 2024 results
and fourth quarter 2024 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 https://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 2677879, 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 2024 financial outlook,
including revenue, shipments of IQ Batteries by megawatt hours,
gross margin with net IRA benefit and excluding net IRA benefit,
estimated shipments of U.S. manufactured microinverters, operating
expenses, and annualized effective tax rate with IRA benefit; its
expectations regarding the expected net IRA benefit; its
expectations on the timing and introduction of new products and
updates to existing products; its expectations for global capacity
of microinverters; its ability to support grid services in new
locations; the ability of its AI-based software to help consumers
maximize savings as energy markets become increasingly complex; and
the capabilities, advantages, features, and performance of its
technology and 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,
Quarterly Report on Form 10-Q, 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
https://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 78.0 million microinverters, and
over 4.5 million Enphase-based systems have been deployed
in more than 160 countries. For more information, visit
https://enphase.com/.
© 2024 Enphase Energy, Inc. All rights reserved.
Enphase Energy, Enphase, the “e” logo, IQ, IQ8, 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 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
Net revenues |
$ |
380,873 |
|
|
$ |
303,458 |
|
|
$ |
551,082 |
|
|
$ |
947,670 |
|
|
$ |
1,988,216 |
|
Cost of revenues |
|
202,702 |
|
|
|
166,292 |
|
|
|
289,069 |
|
|
|
516,825 |
|
|
|
1,076,490 |
|
Gross profit |
|
178,171 |
|
|
|
137,166 |
|
|
|
262,013 |
|
|
|
430,845 |
|
|
|
911,726 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
47,843 |
|
|
|
48,871 |
|
|
|
54,873 |
|
|
|
150,925 |
|
|
|
172,045 |
|
Sales and marketing |
|
49,671 |
|
|
|
51,775 |
|
|
|
55,357 |
|
|
|
154,753 |
|
|
|
178,383 |
|
General and administrative |
|
30,192 |
|
|
|
33,550 |
|
|
|
33,794 |
|
|
|
98,924 |
|
|
|
104,456 |
|
Restructuring and asset impairment charges |
|
677 |
|
|
|
1,171 |
|
|
|
— |
|
|
|
3,755 |
|
|
|
870 |
|
Total operating expenses |
|
128,383 |
|
|
|
135,367 |
|
|
|
144,024 |
|
|
|
408,357 |
|
|
|
455,754 |
|
Income from operations |
|
49,788 |
|
|
|
1,799 |
|
|
|
117,989 |
|
|
|
22,488 |
|
|
|
455,972 |
|
Other income, net |
|
|
|
|
|
|
|
|
|
Interest income |
|
19,977 |
|
|
|
19,203 |
|
|
|
19,669 |
|
|
|
58,889 |
|
|
|
49,235 |
|
Interest expense |
|
(2,237 |
) |
|
|
(2,220 |
) |
|
|
(2,196 |
) |
|
|
(6,653 |
) |
|
|
(6,571 |
) |
Other income (expense), net |
|
(16,785 |
) |
|
|
(7,566 |
) |
|
|
1,883 |
|
|
|
(24,264 |
) |
|
|
2,276 |
|
Total other income, net |
|
955 |
|
|
|
9,417 |
|
|
|
19,356 |
|
|
|
27,972 |
|
|
|
44,940 |
|
Income before income
taxes |
|
50,743 |
|
|
|
11,216 |
|
|
|
137,345 |
|
|
|
50,460 |
|
|
|
500,912 |
|
Income tax provision |
|
(4,981 |
) |
|
|
(383 |
) |
|
|
(23,392 |
) |
|
|
(9,962 |
) |
|
|
(82,895 |
) |
Net income |
$ |
45,762 |
|
|
$ |
10,833 |
|
|
$ |
113,953 |
|
|
$ |
40,498 |
|
|
$ |
418,017 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.34 |
|
|
$ |
0.08 |
|
|
$ |
0.84 |
|
|
$ |
0.30 |
|
|
$ |
3.06 |
|
Diluted |
$ |
0.33 |
|
|
$ |
0.08 |
|
|
$ |
0.80 |
|
|
$ |
0.30 |
|
|
$ |
2.92 |
|
Shares used in per share
calculation: |
|
|
|
|
|
|
|
|
|
Basic |
|
135,329 |
|
|
|
135,646 |
|
|
|
136,165 |
|
|
|
135,621 |
|
|
|
136,491 |
|
Diluted |
|
139,914 |
|
|
|
136,123 |
|
|
|
143,863 |
|
|
|
136,236 |
|
|
|
145,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
September 30, 2024 |
|
December 31, 2023 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
256,325 |
|
$ |
288,748 |
Marketable securities |
|
1,510,299 |
|
|
1,406,286 |
Accounts receivable, net |
|
232,225 |
|
|
445,959 |
Inventory |
|
158,837 |
|
|
213,595 |
Prepaid expenses and other assets |
|
203,195 |
|
|
88,930 |
Total current assets |
|
2,360,881 |
|
|
2,443,518 |
Property and equipment, net |
|
148,444 |
|
|
168,244 |
Operating lease, right of use asset, net |
|
28,120 |
|
|
19,887 |
Intangible assets, net |
|
51,152 |
|
|
68,536 |
Goodwill |
|
214,292 |
|
|
214,562 |
Other assets |
|
185,448 |
|
|
215,895 |
Deferred tax assets, net |
|
275,854 |
|
|
252,370 |
Total assets |
$ |
3,264,191 |
|
$ |
3,383,012 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
112,417 |
|
$ |
116,164 |
Accrued liabilities |
|
189,819 |
|
|
261,919 |
Deferred revenues, current |
|
129,556 |
|
|
118,300 |
Warranty obligations, current |
|
35,755 |
|
|
36,066 |
Debt, current |
|
99,931 |
|
|
— |
Total current liabilities |
|
567,478 |
|
|
532,449 |
Long-term liabilities: |
|
|
|
Deferred revenues, non-current |
|
354,210 |
|
|
369,172 |
Warranty obligations, non-current |
|
148,477 |
|
|
153,021 |
Other liabilities |
|
62,392 |
|
|
51,008 |
Debt, non-current |
|
1,200,261 |
|
|
1,293,738 |
Total liabilities |
|
2,332,818 |
|
|
2,399,388 |
Total stockholders’ equity |
|
931,373 |
|
|
983,624 |
Total liabilities and stockholders’ equity |
$ |
3,264,191 |
|
$ |
3,383,012 |
|
|
|
|
|
|
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
45,762 |
|
|
$ |
10,833 |
|
|
$ |
113,953 |
|
|
$ |
40,498 |
|
|
$ |
418,017 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
20,103 |
|
|
|
20,484 |
|
|
|
19,448 |
|
|
|
60,724 |
|
|
|
53,867 |
|
Net amortization (accretion) of premium (discount) on marketable
securities |
|
(2,904 |
) |
|
|
(1,030 |
) |
|
|
5,094 |
|
|
|
(1,109 |
) |
|
|
(12,611 |
) |
Provision for doubtful accounts |
|
2,704 |
|
|
|
1,897 |
|
|
|
653 |
|
|
|
4,471 |
|
|
|
1,282 |
|
Asset impairment |
|
17,568 |
|
|
|
6,241 |
|
|
|
903 |
|
|
|
24,141 |
|
|
|
903 |
|
Non-cash interest expense |
|
2,173 |
|
|
|
2,157 |
|
|
|
2,114 |
|
|
|
6,462 |
|
|
|
6,254 |
|
Net loss (gain) from change in fair value of debt securities |
|
741 |
|
|
|
1,931 |
|
|
|
(1,910 |
) |
|
|
1,730 |
|
|
|
(5,408 |
) |
Stock-based compensation |
|
45,940 |
|
|
|
52,757 |
|
|
|
43,814 |
|
|
|
159,530 |
|
|
|
157,635 |
|
Deferred income taxes |
|
(5,276 |
) |
|
|
(14,076 |
) |
|
|
(11,499 |
) |
|
|
(27,644 |
) |
|
|
(38,295 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
49,414 |
|
|
|
82,183 |
|
|
|
(34,752 |
) |
|
|
208,956 |
|
|
|
(118,249 |
) |
Inventory |
|
17,231 |
|
|
|
31,825 |
|
|
|
(8,003 |
) |
|
|
54,758 |
|
|
|
(24,406 |
) |
Prepaid expenses and other assets |
|
(64,149 |
) |
|
|
(42,810 |
) |
|
|
(15,383 |
) |
|
|
(117,856 |
) |
|
|
(57,376 |
) |
Accounts payable, accrued and other liabilities |
|
32,088 |
|
|
|
(23,944 |
) |
|
|
9,903 |
|
|
|
(58,140 |
) |
|
|
117,128 |
|
Warranty obligations |
|
7,053 |
|
|
|
15 |
|
|
|
8,151 |
|
|
|
(4,855 |
) |
|
|
57,420 |
|
Deferred revenues |
|
1,690 |
|
|
|
(1,401 |
) |
|
|
13,369 |
|
|
|
(5,265 |
) |
|
|
105,169 |
|
Net cash provided by operating activities |
|
170,138 |
|
|
|
127,062 |
|
|
|
145,855 |
|
|
|
346,401 |
|
|
|
661,330 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(8,533 |
) |
|
|
(9,636 |
) |
|
|
(23,848 |
) |
|
|
(25,540 |
) |
|
|
(90,326 |
) |
Purchases of marketable securities |
|
(319,190 |
) |
|
|
(300,053 |
) |
|
|
(470,766 |
) |
|
|
(1,091,511 |
) |
|
|
(1,743,674 |
) |
Maturities and sale of marketable securities |
|
215,241 |
|
|
|
282,063 |
|
|
|
494,804 |
|
|
|
994,677 |
|
|
|
1,406,608 |
|
Investments in private companies |
|
— |
|
|
|
— |
|
|
|
(15,000 |
) |
|
|
— |
|
|
|
(15,000 |
) |
Net cash used in investing activities |
|
(112,482 |
) |
|
|
(27,626 |
) |
|
|
(14,810 |
) |
|
|
(122,374 |
) |
|
|
(442,392 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Partial settlement of convertible notes |
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
Repurchase of common stock |
|
(49,794 |
) |
|
|
(99,908 |
) |
|
|
(110,000 |
) |
|
|
(191,698 |
) |
|
|
(310,000 |
) |
Proceeds from issuance of common stock under employee equity
plans |
|
14 |
|
|
|
6,769 |
|
|
|
719 |
|
|
|
7,969 |
|
|
|
1,315 |
|
Payment of withholding taxes related to net share settlement of
equity awards |
|
(6,286 |
) |
|
|
(7,473 |
) |
|
|
(8,465 |
) |
|
|
(73,801 |
) |
|
|
(93,100 |
) |
Net cash used in financing activities |
|
(56,071 |
) |
|
|
(100,612 |
) |
|
|
(117,746 |
) |
|
|
(257,537 |
) |
|
|
(401,785 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
2,638 |
|
|
|
(374 |
) |
|
|
(1,900 |
) |
|
|
1,087 |
|
|
|
(322 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
4,223 |
|
|
|
(1,550 |
) |
|
|
11,399 |
|
|
|
(32,423 |
) |
|
|
(183,169 |
) |
Cash and cash
equivalents—Beginning of period |
|
252,102 |
|
|
|
253,652 |
|
|
|
278,676 |
|
|
|
288,748 |
|
|
|
473,244 |
|
Cash and cash equivalents —End
of period |
$ |
256,325 |
|
|
$ |
252,102 |
|
|
$ |
290,075 |
|
|
$ |
256,325 |
|
|
$ |
290,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
Gross profit (GAAP) |
$ |
178,171 |
|
|
$ |
137,166 |
|
|
$ |
262,013 |
|
|
$ |
430,845 |
|
|
$ |
911,726 |
|
Stock-based compensation |
|
2,948 |
|
|
|
3,730 |
|
|
|
2,708 |
|
|
|
10,860 |
|
|
|
9,775 |
|
Acquisition related amortization |
|
1,904 |
|
|
|
1,890 |
|
|
|
1,899 |
|
|
|
5,685 |
|
|
|
5,686 |
|
Gross profit
(Non-GAAP) |
$ |
183,023 |
|
|
$ |
142,786 |
|
|
$ |
266,620 |
|
|
$ |
447,390 |
|
|
$ |
927,187 |
|
|
|
|
|
|
|
|
|
|
|
Gross margin
(GAAP) |
|
46.8 |
% |
|
|
45.2 |
% |
|
|
47.5 |
% |
|
|
45.5 |
% |
|
|
45.9 |
% |
Stock-based compensation |
|
0.8 |
|
|
|
1.3 |
|
|
|
0.6 |
|
|
|
1.1 |
|
|
|
0.5 |
|
Acquisition related amortization |
|
0.5 |
|
|
|
0.6 |
|
|
|
0.3 |
|
|
|
0.6 |
|
|
|
0.2 |
|
Gross margin
(Non-GAAP) |
|
48.1 |
% |
|
|
47.1 |
% |
|
|
48.4 |
% |
|
|
47.2 |
% |
|
|
46.6 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
128,383 |
|
|
$ |
135,367 |
|
|
$ |
144,024 |
|
|
$ |
408,357 |
|
|
$ |
455,754 |
|
Stock-based compensation(1) |
|
(42,992 |
) |
|
|
(49,027 |
) |
|
|
(41,106 |
) |
|
|
(148,670 |
) |
|
|
(147,860 |
) |
Acquisition related expenses and amortization |
|
(3,102 |
) |
|
|
(3,463 |
) |
|
|
(3,891 |
) |
|
|
(10,027 |
) |
|
|
(11,429 |
) |
Restructuring and asset impairment charges |
|
(677 |
) |
|
|
(1,171 |
) |
|
|
— |
|
|
|
(3,755 |
) |
|
|
(901 |
) |
Operating expenses
(Non-GAAP) |
$ |
81,612 |
|
|
$ |
81,706 |
|
|
$ |
99,027 |
|
|
$ |
245,905 |
|
|
$ |
295,564 |
|
|
|
|
|
|
|
|
|
|
|
(1)Includes stock-based
compensation as follows: |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
19,790 |
|
|
$ |
20,210 |
|
|
$ |
19,285 |
|
|
$ |
64,550 |
|
|
$ |
64,528 |
|
Sales and marketing |
|
14,237 |
|
|
|
16,784 |
|
|
|
13,297 |
|
|
|
49,199 |
|
|
|
49,231 |
|
General and administrative |
|
8,965 |
|
|
|
12,033 |
|
|
|
8,524 |
|
|
|
34,921 |
|
|
|
34,101 |
|
Total |
$ |
42,992 |
|
|
$ |
49,027 |
|
|
$ |
41,106 |
|
|
$ |
148,670 |
|
|
$ |
147,860 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations
(GAAP) |
$ |
49,788 |
|
|
$ |
1,799 |
|
|
$ |
117,989 |
|
|
$ |
22,488 |
|
|
$ |
455,972 |
|
Stock-based compensation |
|
45,940 |
|
|
|
52,757 |
|
|
|
43,814 |
|
|
|
159,530 |
|
|
|
157,635 |
|
Acquisition related expenses and amortization |
|
5,006 |
|
|
|
5,353 |
|
|
|
5,790 |
|
|
|
15,712 |
|
|
|
17,115 |
|
Restructuring and asset impairment charges |
|
677 |
|
|
|
1,171 |
|
|
|
— |
|
|
|
3,755 |
|
|
|
901 |
|
Income from operations
(Non-GAAP) |
$ |
101,411 |
|
|
$ |
61,080 |
|
|
$ |
167,593 |
|
|
$ |
201,485 |
|
|
$ |
631,623 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
$ |
45,762 |
|
|
$ |
10,833 |
|
|
$ |
113,953 |
|
|
$ |
40,498 |
|
|
$ |
418,017 |
|
Stock-based compensation |
|
45,940 |
|
|
|
52,757 |
|
|
|
43,814 |
|
|
|
159,530 |
|
|
|
157,635 |
|
Acquisition related expenses and amortization |
|
5,006 |
|
|
|
5,353 |
|
|
|
5,790 |
|
|
|
15,712 |
|
|
|
17,115 |
|
Restructuring and asset impairment charges |
|
677 |
|
|
|
1,171 |
|
|
|
— |
|
|
|
3,755 |
|
|
|
901 |
|
Non-cash interest expense |
|
2,173 |
|
|
|
2,157 |
|
|
|
2,114 |
|
|
|
6,462 |
|
|
|
6,254 |
|
Non-GAAP income tax adjustment |
|
(11,156 |
) |
|
|
(13,447 |
) |
|
|
(23,822 |
) |
|
|
(30,775 |
) |
|
|
(61,413 |
) |
Net income
(Non-GAAP) |
$ |
88,402 |
|
|
$ |
58,824 |
|
|
$ |
141,849 |
|
|
$ |
195,182 |
|
|
$ |
538,509 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic (GAAP) |
$ |
0.34 |
|
|
$ |
0.08 |
|
|
$ |
0.84 |
|
|
$ |
0.30 |
|
|
$ |
3.06 |
|
Stock-based compensation |
|
0.34 |
|
|
|
0.39 |
|
|
|
0.32 |
|
|
|
1.17 |
|
|
|
1.15 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.12 |
|
|
|
0.13 |
|
Restructuring and asset impairment charges |
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.01 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.04 |
|
Non-GAAP income tax adjustment |
|
(0.10 |
) |
|
|
(0.11 |
) |
|
|
(0.18 |
) |
|
|
(0.23 |
) |
|
|
(0.44 |
) |
Net income per share,
basic (Non-GAAP) |
$ |
0.65 |
|
|
$ |
0.43 |
|
|
$ |
1.04 |
|
|
$ |
1.44 |
|
|
$ |
3.95 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic per share calculation GAAP and Non-GAAP |
|
135,329 |
|
|
|
135,646 |
|
|
|
136,165 |
|
|
|
135,621 |
|
|
|
136,491 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
diluted (GAAP) |
$ |
0.33 |
|
|
$ |
0.08 |
|
|
$ |
0.80 |
|
|
$ |
0.30 |
|
|
$ |
2.92 |
|
Stock-based compensation |
|
0.33 |
|
|
|
0.38 |
|
|
|
0.32 |
|
|
|
1.17 |
|
|
|
1.17 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.12 |
|
|
|
0.12 |
|
Restructuring and asset impairment charges |
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.01 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.04 |
|
Non-GAAP income tax adjustment |
|
(0.08 |
) |
|
|
(0.10 |
) |
|
|
(0.16 |
) |
|
|
(0.24 |
) |
|
|
(0.40 |
) |
Net income per share,
diluted (Non-GAAP)(2) |
$ |
0.65 |
|
|
$ |
0.43 |
|
|
$ |
1.02 |
|
|
$ |
1.43 |
|
|
$ |
3.86 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted per share calculation GAAP |
|
139,914 |
|
|
|
136,123 |
|
|
|
143,863 |
|
|
|
136,236 |
|
|
|
145,081 |
|
Shares used in diluted per share calculation Non-GAAP |
|
135,839 |
|
|
|
136,123 |
|
|
|
138,535 |
|
|
|
136,236 |
|
|
|
139,753 |
|
|
|
|
|
|
|
|
|
|
|
Income-based
government grants (GAAP) |
$ |
46,552 |
|
|
$ |
24,329 |
|
|
$ |
18,532 |
|
|
$ |
89,498 |
|
|
$ |
20,583 |
|
Incremental cost for manufacturing in U.S. |
|
(11,396 |
) |
|
|
(5,950 |
) |
|
|
(4,085 |
) |
|
|
(22,228 |
) |
|
|
(4,491 |
) |
Net IRA benefit
(Non-GAAP) |
$ |
35,156 |
|
|
$ |
18,379 |
|
|
$ |
14,447 |
|
|
$ |
67,270 |
|
|
$ |
16,092 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP) |
$ |
170,138 |
|
|
$ |
127,062 |
|
|
$ |
145,855 |
|
|
$ |
346,401 |
|
|
$ |
661,330 |
|
Purchases of property and equipment |
|
(8,533 |
) |
|
|
(9,636 |
) |
|
|
(23,848 |
) |
|
|
(25,540 |
) |
|
|
(90,326 |
) |
Free cash flow
(Non-GAAP) |
$ |
161,605 |
|
|
$ |
117,426 |
|
|
$ |
122,007 |
|
|
$ |
320,861 |
|
|
$ |
571,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Calculation of non-GAAP diluted net income
per share for the three and nine months ended September 30,
2023 excludes convertible Notes due 2023 interest expense, net of
tax of less than $0.1 million from non-GAAP net income.
This press release was published by a CLEAR® Verified
individual.
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