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 third quarter
of 2019, which included the summary below from its President
and CEO, Badri Kothandaraman.
Highlights for the third quarter of 2019 included:
- Revenue of $180.1 million, including approximately $8.0
million of safe harbor revenue
- Cash flows from operating activities of $5.0 million;
ending cash balance of $203.0 million
- GAAP gross margin of 35.9%; non-GAAP gross margin of
36.2%
- GAAP operating expenses of $31.0 million; non-GAAP
operating expenses of $25.0 million
- GAAP operating income of $33.7 million; non-GAAP operating
income of $40.2 million
- GAAP net income of $31.1 million; non-GAAP net income of
$39.5 million
- GAAP diluted EPS of $0.23; non-GAAP diluted EPS of $0.30
Our revenue and earnings for the third 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 |
|
Q3 2019 |
|
Q2 2019 |
|
Q3 2018 |
|
Q3 2019 |
|
Q2 2019 |
|
Q3 2018 |
Revenue |
$ |
180,057 |
|
|
$ |
134,094 |
|
|
$ |
78,002 |
|
|
$ |
180,057 |
|
|
$ |
134,094 |
|
|
$ |
78,002 |
|
Gross margin |
35.9 |
% |
|
33.8 |
% |
|
32.4 |
% |
|
36.2 |
% |
|
34.1 |
% |
|
32.8 |
% |
Operating income (loss) |
$ |
33,706 |
|
|
$ |
17,447 |
|
|
$ |
(374 |
) |
|
$ |
40,166 |
|
|
$ |
23,227 |
|
|
$ |
6,975 |
|
Net income (loss) |
$ |
31,099 |
|
|
$ |
10,618 |
|
|
$ |
(3,470 |
) |
|
$ |
39,466 |
|
|
$ |
23,173 |
|
|
$ |
4,626 |
|
Basic EPS |
$ |
0.25 |
|
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
|
$ |
0.32 |
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
Diluted EPS |
$ |
0.23 |
|
|
$ |
0.08 |
|
|
$ |
(0.03 |
) |
|
$ |
0.30 |
|
|
$ |
0.18 |
|
|
$ |
0.04 |
|
Our third quarter revenue was
$180.1 million, including approximately $8.0 million of safe
harbor revenue. Third quarter revenue increased 34% sequentially
and 131% year-over year. We shipped approximately
584 megawatts DC, or 1,795,653 microinverters. Demand was
strong as our customers continued to appreciate our differentiated
products, services and quality. We effectively stabilized our
component supply in the third quarter of 2019.
Our non-GAAP gross margin was 36.2%, an increase
of 210 basis points from 34.1% in the second quarter of 2019.
The non-GAAP gross margin was negatively impacted by approximately
220 basis points due to expedite fees related to component
shortages, compared to approximately 330 basis points in the prior
quarter. Non-GAAP operating expenses were $25.0 million,
compared to $22.5 million in the prior quarter. Non-GAAP
operating income was $40.2 million compared to
$23.2 million in the prior quarter.
We exited the third quarter with
$203.0 million in cash and generated $5.0 million in cash
flows from operations. Inventory was $30.2 million at the end of
the third quarter of 2019, compared to $20.1 million at the end of
the second quarter of 2019, and $17.9 million at the end of the
third quarter of 2018. We increased inventory on hand in the third
quarter to better serve our customers.
BUSINESS HIGHLIGHTS
On August 5, 2019, Enphase Energy announced that
more than 5,300 homeowners have joined the Enphase Upgrade Program,
a service program that gives homeowners several options for
upgrading to the latest, more efficient and reliable microinverters
from Enphase. This program is for warranty holders of legacy
Enphase microinverters and represents the Company’s continued
commitment to quality and service. Participation in the Enphase
Upgrade Program is entirely voluntary, and Enphase continues to
stand by its warranties for existing products in the field.
On September 3, 2019, Enphase Energy announced
that it has shipped more than one million microinverters to
Australia and New Zealand. Enphase has experienced steady growth in
the two countries since entering their solar markets in 2013, as
the Company’s technology is an ideal fit for Australia and New
Zealand’s evolving distributed landscape.
On September 25, 2019, Enphase Energy announced
that the Enphase Home Energy Solution with IQ™ makes solar simple
to design, install and manage for small and midsized solar
installation companies. Installers can now also leverage a more
efficient way to help ensure that Enphase-based solar systems are
always connected by using the Enphase IQ Combiner 3C™, which
includes an integrated Enphase CELLMODEM-M1. The IQ Combiner 3C is
designed to provide uninterrupted connectivity to the Enphase
Enlighten™ monitoring and service platform.
On October 28, 2019, Enphase Energy announced
the general availability of its Enphase IQ™ 7A microinverters for
solar modules up to 450 W, targeting high-power residential and
commercial applications. Enphase customers should be able to
pair the IQ 7A microinverter with monofacial or bifacial solar
modules, up to 450 W, from solar module manufacturers who are
expected to introduce high-power variants of their products in the
next three years. Enphase plans to begin shipping the IQ 7A
microinverters to customers in North America in November 2019.
FOURTH QUARTER 2019 FINANCIAL
OUTLOOK
For the fourth quarter of 2019, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of $200 million to $210 million,
including approximately $35 million of shipments for ITC safe
harbor to a new customer
- GAAP and non-GAAP gross margin to be within a range of 34% to
37%
- GAAP operating expenses to be within a range of
$31.5 million to $33.5 million, including a total of
approximately $7 million estimated for stock-based
compensation expenses, restructuring and acquisition related
amortization
- Non-GAAP operating expenses to be within a range of
$24.5 million to $26.5 million, excluding a total of
approximately $7 million estimated for stock-based
compensation expenses, restructuring and acquisition related
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 third quarter 2019 results
and fourth 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 3497849. 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 3497849, 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,
advantages, and performance of our technology and products,
including the anticipated market adoption of current and future
products; the simplicity and efficiency in design, installation and
management of PV systems with our products and the ability for PV
systems to always be connected; our performance in operations,
including 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 23 million
microinverters, and over 997,000 Enphase systems have been
deployed in 130 countries. For more information, visit
www.enphase.com.
Enphase Energy®, the Enphase logo, Enphase IQ,
Enphase IQ Combiner 3C, Enphase Enlighten, 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 September 30, |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net revenues |
$ |
180,057 |
|
|
$ |
78,002 |
|
|
$ |
414,301 |
|
|
$ |
223,870 |
|
Cost of revenues |
115,351 |
|
|
52,738 |
|
|
270,937 |
|
|
157,589 |
|
Gross profit |
64,706 |
|
|
25,264 |
|
|
143,364 |
|
|
66,281 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
11,085 |
|
|
8,165 |
|
|
29,213 |
|
|
25,247 |
|
Sales and marketing |
9,551 |
|
|
7,375 |
|
|
26,038 |
|
|
20,430 |
|
General and administrative |
9,895 |
|
|
7,510 |
|
|
28,358 |
|
|
21,423 |
|
Restructuring charges |
469 |
|
|
2,588 |
|
|
1,468 |
|
|
2,588 |
|
Total operating expenses |
31,000 |
|
|
25,638 |
|
|
85,077 |
|
|
69,688 |
|
Income (loss) from
operations |
33,706 |
|
|
(374 |
) |
|
58,287 |
|
|
(3,407 |
) |
Other expense, net |
|
|
|
|
|
|
|
Interest income |
894 |
|
|
321 |
|
|
1,698 |
|
|
568 |
|
Interest expense |
(2,286 |
) |
|
(2,790 |
) |
|
(7,388 |
) |
|
(7,599 |
) |
Other expense, net |
(943 |
) |
|
(379 |
) |
|
(6,904 |
) |
|
(1,077 |
) |
Total other expense, net |
(2,335 |
) |
|
(2,848 |
) |
|
(12,594 |
) |
|
(8,108 |
) |
Income (loss) before income
taxes |
31,371 |
|
|
(3,222 |
) |
|
45,693 |
|
|
(11,515 |
) |
Provision for income
taxes |
(272 |
) |
|
(248 |
) |
|
(1,211 |
) |
|
(821 |
) |
Net income (loss) |
$ |
31,099 |
|
|
$ |
(3,470 |
) |
|
$ |
44,482 |
|
|
$ |
(12,336 |
) |
Net income (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.25 |
|
|
$ |
(0.03 |
) |
|
$ |
0.39 |
|
|
$ |
(0.13 |
) |
Diluted |
$ |
0.23 |
|
|
$ |
(0.03 |
) |
|
$ |
0.35 |
|
|
$ |
(0.13 |
) |
Shares used in per share
calculation: |
|
|
|
|
|
|
|
Basic |
122,123 |
|
|
102,798 |
|
|
114,720 |
|
|
97,257 |
|
Diluted |
133,611 |
|
|
102,798 |
|
|
131,114 |
|
|
97,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ENPHASE ENERGY, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS(In thousands)
(Unaudited)
|
September 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
203,046 |
|
|
$ |
106,237 |
|
Accounts receivable, net |
133,689 |
|
|
78,938 |
|
Inventory |
30,231 |
|
|
16,267 |
|
Prepaid expenses and other assets |
24,551 |
|
|
20,860 |
|
Total current assets |
391,517 |
|
|
222,302 |
|
Property and equipment, net |
23,532 |
|
|
20,998 |
|
Operating lease, right of use asset |
11,407 |
|
|
— |
|
Intangible assets, net |
31,761 |
|
|
35,306 |
|
Goodwill |
24,783 |
|
|
24,783 |
|
Other assets |
40,669 |
|
|
36,548 |
|
Total assets |
$ |
523,669 |
|
|
$ |
339,937 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
60,692 |
|
|
$ |
48,794 |
|
Accrued liabilities |
39,991 |
|
|
29,010 |
|
Deferred revenues, current |
34,295 |
|
|
33,119 |
|
Warranty obligations, current |
8,757 |
|
|
8,083 |
|
Debt, current |
3,084 |
|
|
28,155 |
|
Total current liabilities |
146,819 |
|
|
147,161 |
|
Long-term liabilities: |
|
|
|
Deferred revenues, noncurrent |
85,746 |
|
|
76,911 |
|
Warranty obligations, noncurrent |
25,867 |
|
|
23,211 |
|
Other liabilities |
11,970 |
|
|
3,250 |
|
Debt, noncurrent |
100,978 |
|
|
81,628 |
|
Total liabilities |
371,380 |
|
|
332,161 |
|
Total stockholders’ equity |
152,289 |
|
|
7,776 |
|
Total liabilities and stockholders’ equity |
$ |
523,669 |
|
|
$ |
339,937 |
|
|
|
|
|
|
|
|
|
ENPHASE ENERGY, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands) (Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
31,099 |
|
|
$ |
10,618 |
|
|
$ |
(3,470 |
) |
|
$ |
44,482 |
|
|
$ |
(12,336 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
3,857 |
|
|
4,122 |
|
|
2,481 |
|
|
11,551 |
|
|
6,950 |
|
Provision for doubtful accounts |
201 |
|
|
207 |
|
|
(85 |
) |
|
408 |
|
|
668 |
|
Asset impairment |
— |
|
|
— |
|
|
1,636 |
|
|
— |
|
|
1,636 |
|
Non-cash interest expense |
1,907 |
|
|
776 |
|
|
747 |
|
|
4,173 |
|
|
1,880 |
|
Financing fees on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
2,152 |
|
|
— |
|
Fees paid for repurchase and exchange of convertible notes due
2023 |
— |
|
|
6,000 |
|
|
— |
|
|
6,000 |
|
|
— |
|
Stock-based compensation |
5,776 |
|
|
4,934 |
|
|
4,051 |
|
|
14,000 |
|
|
9,911 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
(37,035 |
) |
|
(15,838 |
) |
|
4,774 |
|
|
(56,139 |
) |
|
10,671 |
|
Inventory |
(10,137 |
) |
|
(7,123 |
) |
|
(416 |
) |
|
(13,964 |
) |
|
8,112 |
|
Prepaid expenses and other assets |
934 |
|
|
(7,155 |
) |
|
(2,444 |
) |
|
(8,634 |
) |
|
(3,995 |
) |
Intangible assets |
— |
|
|
— |
|
|
(6,000 |
) |
|
— |
|
|
(6,000 |
) |
Accounts payable, accrued and other liabilities |
1,851 |
|
|
11,954 |
|
|
8,489 |
|
|
18,656 |
|
|
4,672 |
|
Warranty obligations |
1,631 |
|
|
1,951 |
|
|
542 |
|
|
3,330 |
|
|
2,368 |
|
Deferred revenues |
4,877 |
|
|
4,326 |
|
|
(3,489 |
) |
|
10,781 |
|
|
(10,280 |
) |
Net cash provided by operating activities |
4,961 |
|
|
14,772 |
|
|
6,816 |
|
|
36,796 |
|
|
14,257 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
(4,192 |
) |
|
(2,518 |
) |
|
(909 |
) |
|
(7,368 |
) |
|
(2,384 |
) |
Acquisition |
— |
|
|
— |
|
|
(9,000 |
) |
|
— |
|
|
(9,000 |
) |
Net cash used in investing activities |
(4,192 |
) |
|
(2,518 |
) |
|
(9,909 |
) |
|
(7,368 |
) |
|
(11,384 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Issuance of convertible notes due 2024, net of issuance costs |
(559 |
) |
|
128,040 |
|
|
— |
|
|
127,481 |
|
|
— |
|
Purchase of convertible note hedges |
— |
|
|
(36,313 |
) |
|
— |
|
|
(36,313 |
) |
|
— |
|
Sale of warrants |
— |
|
|
29,819 |
|
|
— |
|
|
29,819 |
|
|
— |
|
Fees paid for repurchase and exchange of convertible notes due
2023 |
— |
|
|
(6,000 |
) |
|
— |
|
|
(6,000 |
) |
|
— |
|
Principal payments and financing fees on debt |
(536 |
) |
|
(391 |
) |
|
(2,535 |
) |
|
(45,658 |
) |
|
(5,664 |
) |
Proceeds from issuance of common stock, net of issuance costs |
— |
|
|
— |
|
|
(152 |
) |
|
— |
|
|
19,771 |
|
Proceeds from debt, net of issuance costs |
— |
|
|
— |
|
|
62,772 |
|
|
— |
|
|
68,352 |
|
Proceeds from exercise of equity awards |
303 |
|
|
958 |
|
|
781 |
|
|
2,925 |
|
|
2,151 |
|
Payment of withholding taxes related to net share settlement of
equity awards |
(2,348 |
) |
|
(735 |
) |
|
— |
|
|
(4,438 |
) |
|
— |
|
Net cash provided by (used in) financing activities |
(3,140 |
) |
|
115,378 |
|
|
60,866 |
|
|
67,816 |
|
|
84,610 |
|
Effect of exchange rate changes on cash |
(542 |
) |
|
240 |
|
|
(80 |
) |
|
(435 |
) |
|
(463 |
) |
Net increase (decrease) in
cash and cash equivalents |
(2,913 |
) |
|
127,872 |
|
|
57,693 |
|
|
96,809 |
|
|
87,020 |
|
Cash and cash
equivalents—Beginning of period |
205,959 |
|
|
78,087 |
|
|
58,471 |
|
|
106,237 |
|
|
29,144 |
|
Cash and cash equivalents—End
of period |
$ |
203,046 |
|
|
$ |
205,959 |
|
|
$ |
116,164 |
|
|
$ |
203,046 |
|
|
$ |
116,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENPHASE ENERGY,
INC.RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(In thousands, except per share
data)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
Gross profit (GAAP) |
$ |
64,706 |
|
|
$ |
45,319 |
|
|
$ |
25,264 |
|
|
$ |
143,364 |
|
|
$ |
66,281 |
|
Stock-based compensation |
497 |
|
|
386 |
|
|
330 |
|
|
1,114 |
|
|
945 |
|
Gross profit
(Non-GAAP) |
$ |
65,203 |
|
|
$ |
45,705 |
|
|
$ |
25,594 |
|
|
$ |
144,478 |
|
|
$ |
67,226 |
|
|
|
|
|
|
|
|
|
|
|
Gross margin
(GAAP) |
35.9 |
% |
|
33.8 |
% |
|
32.4 |
% |
|
34.6 |
% |
|
29.6 |
% |
Stock-based compensation |
0.3 |
% |
|
0.3 |
% |
|
0.4 |
% |
|
0.3 |
% |
|
0.4 |
% |
Gross margin
(Non-GAAP) |
36.2 |
% |
|
34.1 |
% |
|
32.8 |
% |
|
34.9 |
% |
|
30.0 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
31,000 |
|
|
$ |
27,872 |
|
|
$ |
25,638 |
|
|
$ |
85,077 |
|
|
$ |
69,688 |
|
Stock-based compensation (1) |
(4,948 |
) |
|
(4,217 |
) |
|
(3,721 |
) |
|
(12,168 |
) |
|
(8,966 |
) |
Restructuring and asset impairment charges |
(469 |
) |
|
(631 |
) |
|
(2,588 |
) |
|
(1,468 |
) |
|
(2,588 |
) |
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,765 |
) |
Acquisition related expenses and amortization |
(546 |
) |
|
(546 |
) |
|
(710 |
) |
|
(1,638 |
) |
|
(1,113 |
) |
Operating expenses
(Non-GAAP) |
$ |
25,037 |
|
|
$ |
22,478 |
|
|
$ |
18,619 |
|
|
$ |
69,803 |
|
|
$ |
55,256 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows: |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
1,411 |
|
|
$ |
1,128 |
|
|
$ |
878 |
|
|
$ |
3,255 |
|
|
$ |
2,645 |
|
Sales and marketing |
1,541 |
|
|
1,360 |
|
|
1,151 |
|
|
3,900 |
|
|
2,509 |
|
General and administrative |
1,996 |
|
|
1,729 |
|
|
1,692 |
|
|
5,013 |
|
|
3,812 |
|
Total |
$ |
4,948 |
|
|
$ |
4,217 |
|
|
$ |
3,721 |
|
|
$ |
12,168 |
|
|
$ |
8,966 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations (GAAP) |
$ |
33,706 |
|
|
$ |
17,447 |
|
|
$ |
(374 |
) |
|
$ |
58,287 |
|
|
$ |
(3,407 |
) |
Stock-based compensation |
5,445 |
|
|
4,603 |
|
|
4,051 |
|
|
13,282 |
|
|
9,911 |
|
Restructuring and asset impairment charges |
469 |
|
|
631 |
|
|
2,588 |
|
|
1,468 |
|
|
2,588 |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,765 |
|
Acquisition related expenses and amortization |
546 |
|
|
546 |
|
|
710 |
|
|
1,638 |
|
|
1,113 |
|
Income from operations
(Non-GAAP) |
$ |
40,166 |
|
|
$ |
23,227 |
|
|
$ |
6,975 |
|
|
$ |
74,675 |
|
|
$ |
11,970 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(GAAP) |
$ |
31,099 |
|
|
$ |
10,618 |
|
|
$ |
(3,470 |
) |
|
$ |
44,482 |
|
|
$ |
(12,336 |
) |
Stock-based compensation |
5,445 |
|
|
4,603 |
|
|
4,051 |
|
|
13,282 |
|
|
9,911 |
|
Restructuring and asset impairment charges |
469 |
|
|
631 |
|
|
2,588 |
|
|
1,468 |
|
|
2,588 |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,765 |
|
Acquisition related expenses and amortization |
546 |
|
|
546 |
|
|
710 |
|
|
1,638 |
|
|
1,113 |
|
Non-recurring debt prepayment fees and non-cash interest |
1,907 |
|
|
6,775 |
|
|
747 |
|
|
11,297 |
|
|
1,880 |
|
Net income
(Non-GAAP) |
$ |
39,466 |
|
|
$ |
23,173 |
|
|
$ |
4,626 |
|
|
$ |
72,167 |
|
|
$ |
4,921 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share, basic (GAAP) |
$ |
0.25 |
|
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
|
$ |
0.39 |
|
|
$ |
(0.13 |
) |
Stock-based compensation |
0.05 |
|
|
0.04 |
|
|
0.03 |
|
|
0.12 |
|
|
0.10 |
|
Restructuring and asset impairment charges |
— |
|
|
0.01 |
|
|
0.02 |
|
|
0.01 |
|
|
0.03 |
|
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 |
0.02 |
|
|
0.06 |
|
|
0.01 |
|
|
0.10 |
|
|
0.02 |
|
Net income per share,
basic (Non-GAAP) |
$ |
0.32 |
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
|
$ |
0.63 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic per share
calculation GAAP and Non-GAAP |
122,123 |
|
|
113,677 |
|
|
102,798 |
|
|
114,720 |
|
|
97,257 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share, diluted (GAAP) |
$ |
0.23 |
|
|
$ |
0.08 |
|
|
$ |
(0.03 |
) |
|
$ |
0.35 |
|
|
$ |
(0.13 |
) |
Stock-based compensation |
0.04 |
|
|
0.04 |
|
|
0.03 |
|
|
0.10 |
|
|
0.10 |
|
Restructuring and asset impairment charges |
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.01 |
|
|
0.03 |
|
Reserve for non-recurring legal matter |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
Acquisition related expenses and amortization |
0.01 |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
Non-recurring debt prepayment fees and non-cash interest |
0.01 |
|
|
0.05 |
|
|
0.01 |
|
|
0.09 |
|
|
0.02 |
|
Net income per share,
diluted (Non-GAAP) (2) |
$ |
0.30 |
|
|
$ |
0.18 |
|
|
$ |
0.04 |
|
|
$ |
0.56 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted per
share calculation GAAP |
133,611 |
|
|
130,737 |
|
|
102,798 |
|
|
131,114 |
|
|
97,257 |
|
Shares used in diluted per
share calculation Non-GAAP (3) |
132,323 |
|
|
130,737 |
|
|
110,900 |
|
|
130,729 |
|
|
104,746 |
|
(2) Calculation of non-GAAP diluted net income
per share for the three months ended September 30, 2019,
June 30, 2019 and September 30, 2018 excludes convertible
notes due 2023 interest expense, net of tax of less than
$0.1 million, $0.4 million and $0.2 million,
respectively, from non-GAAP net income. Calculation of non-GAAP
diluted net income per share for the nine months ended
September 30, 2019 and September 30, 2018 excludes
convertible notes due 2023 interest expense, net of tax of
$0.9 million and $0.2 million, respectively, 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 1,288 thousand shares and 385 thousand shares in
the three and nine months ended September 30, 2019,
respectively, for non-GAAP weighted-average diluted shares as the
Company entered into convertible note hedge transactions that
reduce potential dilution to the Company’s common stock upon any
conversion of the Notes due 2024.
Enphase Energy (NASDAQ:ENPH)
Historical Stock Chart
From Apr 2024 to May 2024
Enphase Energy (NASDAQ:ENPH)
Historical Stock Chart
From May 2023 to May 2024