Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology
company and the world’s leading supplier of solar microinverters,
announced today financial results for the second quarter
of 2019, which included the summary below from its President
and CEO, Badri Kothandaraman.
Highlights for the second quarter of 2019 included:
- Revenue of $134.1 million; IQ 7 shipments at 98% of all
microinverters
- Cash flows from operating activities of $14.8 million;
ending cash balance of $206.0 million
- GAAP gross margin of 33.8%; non-GAAP gross margin of 34.1%
- GAAP operating expenses of $27.9 million; non-GAAP
operating expenses of $22.5 million
- GAAP operating income of $17.4 million; non-GAAP operating
income of $23.2 million
- GAAP net income of $10.6 million; non-GAAP net income of
$23.2 million
- GAAP diluted EPS of $0.08; non-GAAP diluted EPS of $0.18
Our revenue and earnings for the second quarter are given below,
compared with those of the prior quarter and the year ago
quarter:
(In thousands, except per share data and percentages)
|
GAAP |
|
Non-GAAP |
|
Q2 2019 |
|
Q1 2019 |
|
Q2 2018 |
|
Q2 2019 |
|
Q1 2019 |
|
Q2 2018 |
Revenue |
$ |
134,094 |
|
|
$ |
100,150 |
|
|
$ |
75,896 |
|
|
$ |
134,094 |
|
|
$ |
100,150 |
|
|
$ |
75,896 |
|
Gross margin |
33.8 |
% |
|
33.3 |
% |
|
29.9 |
% |
|
34.1 |
% |
|
33.5 |
% |
|
30.5 |
% |
Operating income
(loss) |
$ |
17,447 |
|
|
$ |
7,134 |
|
|
$ |
(558 |
) |
|
$ |
23,227 |
|
|
$ |
11,282 |
|
|
$ |
4,133 |
|
Net income
(loss) |
$ |
10,618 |
|
|
$ |
2,765 |
|
|
$ |
(3,738 |
) |
|
$ |
23,173 |
|
|
$ |
9,528 |
|
|
$ |
1,550 |
|
Basic EPS |
$ |
0.09 |
|
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.20 |
|
|
$ |
0.09 |
|
|
$ |
0.02 |
|
Diluted EPS |
$ |
0.08 |
|
|
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.01 |
|
Our second quarter revenue was $134.1 million, an increase
of 34% sequentially and an increase of 77% year-over year. We
shipped approximately 416 megawatts DC, or
1,283,680 microinverters. We continued to see strong demand
across the board from our customers. While demand continued to
outstrip available supply, we were able to increase capacity to
better support our customers. As stated before, we are on track to
have a supply of approximately two million microinverters in the
fourth quarter of 2019.
Our non-GAAP gross margin was 34.1%, an increase of
60 basis points from 33.5% in the first quarter of 2019. The
non-GAAP gross margin was negatively impacted by approximately
330 basis points due to expedite fees related to component
shortages, compared to approximately 280 basis points in the prior
quarter. The expedite fees were in the form of air shipments that
we chose to make in order to service our customers. Non-GAAP
operating expenses were $22.5 million, compared to
$22.3 million in the prior quarter.
We exited the second quarter with $206.0 million in cash
and generated $14.8 million in cash flows from operations. The
second quarter cash balance included net proceeds of approximately
$115.5 million on June 5, 2019 associated with the issuance of
$132.0 million aggregate principal amount of convertible
senior notes due 2024 and the repurchase of $60.0 million
aggregate principal amount of convertible notes due 2023 in
exchange for shares of Enphase Energy common stock and separate
cash payments. Inventory was $20.1 million in the second
quarter, compared to $13.0 million in the first quarter of
2019 and $17.5 million in the second quarter of 2018.
BUSINESS HIGHLIGHTS
On June 10, 2019, Enphase Energy announced that more than 500
solar installation companies in the U.S. have benefitted from
significantly reduced solar design complexity and logistics by
adopting Enphase Energized™ AC Modules (ACMs). Enphase Energized AC
Modules, first released in October 2017, are
factory-assembled, tested and sold by Enphase ACM partners,
including SunPower, Panasonic and Solaria. Enphase Energized
AC Modules are built by strategic module partners who integrate
Enphase microinverters with PV modules on the manufacturing line.
ACMs are tested for performance, reliability, and quality right on
the manufacturing line and allow solar installers to offer premium
solutions to homeowners.
On June 17, 2019, Enphase Energy announced that it renewed its
low-income solar partnership with GRID Alternatives, a national
leader in making renewable energy technology and job training
accessible to underserved communities. Through the donation of
microinverters, Enphase will help GRID Alternatives meet its goal
of installing more than 10 megawatts of solar power in 2019,
helping families and affordable housing providers save millions of
dollars in energy costs and providing hands-on solar installation
training to over 4,000 individuals.
On July 1, 2019, Enphase Energy announced the first shipment of
seventh-generation Enphase IQ™ microinverters produced
in Mexico as part of its expanded manufacturing agreement
with Flex. As previously announced, Enphase plans to sell products
produced in Mexico into the U.S. market to mitigate
tariffs, increase global capacity and improve customer delivery
times.
THIRD QUARTER 2019 FINANCIAL
OUTLOOK
For the third quarter of 2019, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of $170 million to $180 million,
including a range of $6 million to $10 million for ITC safe
harbor
- GAAP and non-GAAP gross margin to be within a range of 33% to
36%
- GAAP operating expenses to be within a range of
$28.5 million to $30.5 million, including a total of
approximately $5.0 million estimated for stock-based compensation
expenses and acquisition related expenses and amortization
- Non-GAAP operating expenses to be within a range of
$23.5 million to $25.5 million, excluding a total of
approximately $5.0 million estimated for stock-based compensation
expenses and acquisition related expenses 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
The Company 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 second quarter 2019 results and third
quarter 2019 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
(877) 644-1284; participant passcode 1397564. A live webcast of the
conference call will also be accessible from the “Investor
Relations” section of the Company's website at
investor.enphase.com. Following the webcast, an archived version
will be available on the website for one year. In addition, an
audio replay of the conference call will be available by calling
(855) 859-2056; participant passcode 1397564, beginning
approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements related to Enphase Energy’s expected future
financial performance; the capabilities and performance of our
technology and products, including the anticipated market adoption
of current and future products; the reduction in design complexity
and logistics, and the potential for savings in energy costs;
performance in operations, including reducing cycle times,
mitigating tariff risks, product availability and component supply
management, and product quality and reliability. These
forward-looking statements are based on the Company’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 the
Company’s most recent Annual Report on Form 10-K and other
documents on file with the SEC 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, delivers
smart, easy-to-use solutions that connect solar generation, storage
and management on one intelligent platform. The Company
revolutionized the solar industry with its microinverter
technology, and we produce a fully-integrated solar plus storage
solution. Enphase has shipped more than 21 million
microinverters, and over 940,000 Enphase systems have been
deployed in 130 countries. For more information, visit
www.enphase.com.
Enphase Energy®, the Enphase logo and other trademarks or
service names are the trademarks of Enphase Energy, Inc. Other
names are for informational purposes and may be trademarks of their
respective owners.
Contact:Christina
CarrabinoEnphase Energy, Inc.Investor
Relationsir@enphaseenergy.com+1-707-763-4784 x7354
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net revenues |
$ |
134,094 |
|
|
$ |
75,896 |
|
|
$ |
234,244 |
|
|
$ |
145,868 |
|
Cost of
revenues |
88,775 |
|
|
53,195 |
|
|
155,586 |
|
|
104,851 |
|
Gross
profit |
45,319 |
|
|
22,701 |
|
|
78,658 |
|
|
41,017 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
9,604 |
|
|
9,462 |
|
|
18,128 |
|
|
17,082 |
|
Sales and marketing |
9,054 |
|
|
6,828 |
|
|
16,487 |
|
|
13,055 |
|
General and administrative |
8,583 |
|
|
6,969 |
|
|
18,463 |
|
|
13,913 |
|
Restructuring charges |
631 |
|
|
— |
|
|
999 |
|
|
— |
|
Total operating expenses |
27,872 |
|
|
23,259 |
|
|
54,077 |
|
|
44,050 |
|
Income (loss)
from operations |
17,447 |
|
|
(558 |
) |
|
24,581 |
|
|
(3,033 |
) |
Other expense,
net |
|
|
|
|
|
|
|
Interest income |
593 |
|
|
154 |
|
|
804 |
|
|
247 |
|
Interest expense |
(1,351 |
) |
|
(2,423 |
) |
|
(5,102 |
) |
|
(4,809 |
) |
Other expense, net |
(5,480 |
) |
|
(572 |
) |
|
(5,961 |
) |
|
(698 |
) |
Total other expense, net |
(6,238 |
) |
|
(2,841 |
) |
|
(10,259 |
) |
|
(5,260 |
) |
Income (loss)
before income taxes |
11,209 |
|
|
(3,399 |
) |
|
14,322 |
|
|
(8,293 |
) |
Provision for
income taxes |
(591 |
) |
|
(339 |
) |
|
(939 |
) |
|
(573 |
) |
Net income
(loss) |
$ |
10,618 |
|
|
$ |
(3,738 |
) |
|
$ |
13,383 |
|
|
$ |
(8,866 |
) |
Net income
(loss) per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.09 |
|
|
$ |
(0.04 |
) |
|
$ |
0.12 |
|
|
$ |
(0.09 |
) |
Diluted |
$ |
0.08 |
|
|
$ |
(0.04 |
) |
|
$ |
0.11 |
|
|
$ |
(0.09 |
) |
Shares used in
per share calculation: |
|
|
|
|
|
|
|
Basic |
113,677 |
|
|
97,321 |
|
|
110,951 |
|
|
94,026 |
|
Diluted |
130,737 |
|
|
97,321 |
|
|
129,400 |
|
|
94,026 |
|
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
June 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
205,959 |
|
|
$ |
106,237 |
|
Accounts receivable, net |
97,537 |
|
|
78,938 |
|
Inventory |
20,094 |
|
|
16,267 |
|
Prepaid expenses and other assets |
26,261 |
|
|
20,860 |
|
Total current assets |
349,851 |
|
|
222,302 |
|
Property and equipment, net |
21,532 |
|
|
20,998 |
|
Operating lease, right of use asset |
12,304 |
|
|
— |
|
Intangible assets, net |
32,943 |
|
|
35,306 |
|
Goodwill |
24,783 |
|
|
24,783 |
|
Other assets |
40,105 |
|
|
36,548 |
|
Total assets |
$ |
481,518 |
|
|
$ |
339,937 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
65,989 |
|
|
$ |
48,794 |
|
Accrued liabilities |
33,536 |
|
|
29,010 |
|
Deferred revenues, current |
33,577 |
|
|
33,119 |
|
Warranty obligations, current |
7,468 |
|
|
8,083 |
|
Debt, current |
3,043 |
|
|
28,155 |
|
Total current liabilities |
143,613 |
|
|
147,161 |
|
Long-term liabilities: |
|
|
|
Deferred revenues, noncurrent |
82,288 |
|
|
76,911 |
|
Warranty obligations, noncurrent |
25,526 |
|
|
23,211 |
|
Other liabilities |
12,930 |
|
|
3,250 |
|
Debt, noncurrent |
99,890 |
|
|
81,628 |
|
Total liabilities |
364,247 |
|
|
332,161 |
|
Total stockholders’ equity |
117,271 |
|
|
7,776 |
|
Total liabilities and stockholders’
equity |
$ |
481,518 |
|
|
$ |
339,937 |
|
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
Cash
flows from operating activities: |
|
|
|
Net income (loss) |
$ |
13,383 |
|
|
$ |
(8,866 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
7,694 |
|
|
4,469 |
|
Provision for doubtful accounts |
207 |
|
|
753 |
|
Non-cash interest expense |
2,266 |
|
|
1,133 |
|
Financing fees on extinguishment of debt |
2,152 |
|
|
— |
|
Fees paid for repurchase and exchange of convertible notes due
2023 |
6,000 |
|
|
— |
|
Stock-based compensation |
8,224 |
|
|
5,860 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
(19,104 |
) |
|
5,897 |
|
Inventory |
(3,827 |
) |
|
8,528 |
|
Prepaid expenses and other assets |
(9,568 |
) |
|
(1,551 |
) |
Accounts payable, accrued and other liabilities |
16,805 |
|
|
(3,817 |
) |
Warranty obligations |
1,699 |
|
|
1,826 |
|
Deferred revenues |
5,904 |
|
|
(6,791 |
) |
Net cash provided by operating activities |
31,835 |
|
|
7,441 |
|
Cash
flows from investing activities: |
|
|
|
Purchases of property and equipment |
(3,176 |
) |
|
(1,475 |
) |
Net cash used in investing activities |
(3,176 |
) |
|
(1,475 |
) |
Cash
flows from financing activities: |
|
|
|
Issuance of convertible notes due 2024, net of issuance costs |
128,040 |
|
|
— |
|
Purchase of convertible note hedges |
(36,313 |
) |
|
— |
|
Sale of warrants |
29,819 |
|
|
— |
|
Fees paid for repurchase and exchange of convertible notes due
2023 |
(6,000 |
) |
|
— |
|
Principal payments and financing fees on debt |
(45,122 |
) |
|
(3,129 |
) |
Proceeds from issuance of common stock, net of issuance costs |
— |
|
|
19,923 |
|
Proceeds from debt, net of issuance costs |
— |
|
|
5,580 |
|
Proceeds from issuance of common stock under employee stock plans,
net |
532 |
|
|
1,370 |
|
Net cash provided by financing activities |
70,956 |
|
|
23,744 |
|
Effect of exchange rate changes on cash |
107 |
|
|
(383 |
) |
Net increase
in cash and cash equivalents |
99,722 |
|
|
29,327 |
|
Cash and cash
equivalents—Beginning of period |
106,237 |
|
|
29,144 |
|
Cash and cash
equivalents—End of period |
$ |
205,959 |
|
|
$ |
58,471 |
|
ENPHASE ENERGY, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2019 |
|
March 31, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
Gross
profit (GAAP) |
$ |
45,319 |
|
|
$ |
33,339 |
|
|
$ |
22,701 |
|
|
$ |
78,658 |
|
|
$ |
41,017 |
|
Stock-based compensation |
386 |
|
|
231 |
|
|
417 |
|
|
617 |
|
|
615 |
|
Gross
profit (Non-GAAP) |
$ |
45,705 |
|
|
$ |
33,570 |
|
|
$ |
23,118 |
|
|
$ |
79,275 |
|
|
$ |
41,632 |
|
|
|
|
|
|
|
|
|
|
|
Gross
margin (GAAP) |
33.8 |
% |
|
33.3 |
% |
|
29.9 |
% |
|
33.6 |
% |
|
28.1 |
% |
Stock-based compensation |
0.3 |
% |
|
0.2 |
% |
|
0.6 |
% |
|
0.2 |
% |
|
0.4 |
% |
Gross
margin (Non-GAAP) |
34.1 |
% |
|
33.5 |
% |
|
30.5 |
% |
|
33.8 |
% |
|
28.5 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses (GAAP) |
$ |
27,872 |
|
|
$ |
26,205 |
|
|
$ |
23,259 |
|
|
$ |
54,077 |
|
|
$ |
44,050 |
|
Stock-based compensation (1) |
(4,217 |
) |
|
(3,003 |
) |
|
(3,871 |
) |
|
(7,220 |
) |
|
(5,245 |
) |
Restructuring |
(631 |
) |
|
(368 |
) |
|
— |
|
|
(999 |
) |
|
— |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,765 |
) |
Acquisition related expenses and amortization |
(546 |
) |
|
(546 |
) |
|
(403 |
) |
|
(1,092 |
) |
|
(403 |
) |
Operating expenses (Non-GAAP) |
$ |
22,478 |
|
|
$ |
22,288 |
|
|
$ |
18,985 |
|
|
$ |
44,766 |
|
|
$ |
36,637 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
1,128 |
|
|
$ |
716 |
|
|
$ |
1,149 |
|
|
$ |
1,844 |
|
|
$ |
1,767 |
|
Sales and marketing |
1,360 |
|
|
999 |
|
|
997 |
|
|
2,359 |
|
|
1,358 |
|
General and administrative |
1,729 |
|
|
1,288 |
|
|
1,725 |
|
|
3,017 |
|
|
2,120 |
|
Total |
$ |
4,217 |
|
|
$ |
3,003 |
|
|
$ |
3,871 |
|
|
$ |
7,220 |
|
|
$ |
5,245 |
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations (GAAP) |
$ |
17,447 |
|
|
$ |
7,134 |
|
|
$ |
(558 |
) |
|
$ |
24,581 |
|
|
$ |
(3,033 |
) |
Stock-based compensation |
4,603 |
|
|
3,234 |
|
|
4,288 |
|
|
7,837 |
|
|
5,860 |
|
Restructuring |
631 |
|
|
368 |
|
|
— |
|
|
999 |
|
|
— |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,765 |
|
Acquisition related expenses and amortization |
546 |
|
|
546 |
|
|
403 |
|
|
1,092 |
|
|
403 |
|
Income
from operations (Non-GAAP) |
$ |
23,227 |
|
|
$ |
11,282 |
|
|
$ |
4,133 |
|
|
$ |
34,509 |
|
|
$ |
4,995 |
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) (GAAP) |
$ |
10,618 |
|
|
$ |
2,765 |
|
|
$ |
(3,738 |
) |
|
$ |
13,383 |
|
|
$ |
(8,866 |
) |
Stock-based compensation |
4,603 |
|
|
3,234 |
|
|
4,288 |
|
|
7,837 |
|
|
5,860 |
|
Restructuring |
631 |
|
|
368 |
|
|
— |
|
|
999 |
|
|
— |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,765 |
|
Acquisition related expenses and amortization |
546 |
|
|
546 |
|
|
403 |
|
|
1,092 |
|
|
403 |
|
Non-recurring debt prepayment fees and non-cash interest |
6,775 |
|
|
2,615 |
|
|
597 |
|
|
9,390 |
|
|
1,132 |
|
Net
income (Non-GAAP) |
$ |
23,173 |
|
|
$ |
9,528 |
|
|
$ |
1,550 |
|
|
$ |
32,701 |
|
|
$ |
294 |
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share, basic (GAAP) |
$ |
0.09 |
|
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.12 |
|
|
$ |
(0.09 |
) |
Stock-based compensation |
0.04 |
|
|
0.03 |
|
|
0.04 |
|
|
0.07 |
|
|
0.06 |
|
Restructuring |
0.01 |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
Acquisition related expenses and amortization |
— |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
— |
|
Non-recurring debt prepayment fees and non-cash interest |
0.06 |
|
|
0.02 |
|
|
0.01 |
|
|
0.08 |
|
|
0.01 |
|
Net
income per share, basic (Non-GAAP) |
$ |
0.20 |
|
|
$ |
0.09 |
|
|
$ |
0.02 |
|
|
$ |
0.29 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Shares used in
basic per share calculation GAAP and Non-GAAP |
113,677 |
|
|
108,195 |
|
|
97,321 |
|
|
110,951 |
|
|
94,026 |
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share, diluted (GAAP) |
$ |
0.08 |
|
|
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
$ |
0.11 |
|
|
$ |
(0.09 |
) |
Stock-based compensation |
0.04 |
|
|
0.03 |
|
|
0.04 |
|
|
0.06 |
|
|
0.06 |
|
Restructuring |
0.01 |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
Acquisition related expenses and amortization |
— |
|
|
0.01 |
|
|
— |
|
|
0.01 |
|
|
— |
|
Non-recurring debt prepayment fees and non-cash interest |
0.05 |
|
|
0.02 |
|
|
0.01 |
|
|
0.07 |
|
|
0.01 |
|
Net
income per share, diluted (Non-GAAP) (2) |
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.01 |
|
|
$ |
0.26 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Shares used in
diluted per share calculation GAAP |
130,737 |
|
|
115,863 |
|
|
97,321 |
|
|
129,400 |
|
|
94,026 |
|
Shares used in
diluted per share calculation Non-GAAP |
130,737 |
|
|
127,564 |
|
|
105,169 |
|
|
129,400 |
|
|
100,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
Calculation of
non-GAAP diluted net income per share for the three months ended
June 30, 2019 and March 31, 2019 excludes convertible
notes due 2023 interest expense, net of tax of $0.4 million
and $0.5 million, respectively, from non-GAAP net income.
Calculation of non-GAAP diluted net income per share for the six
months ended June 30, 2019 excludes convertible notes due 2023
interest expense, net of tax of $0.8 million from non-GAAP net
income. |
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