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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH


Exhibit 99.1
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Enphase Energy Reports Financial Results for the Second Quarter of 2017
PETALUMA, Calif., August 8, 2017—
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 ended June 30, 2017.
Enphase Energy reported total revenue for the second quarter of 2017 of $74.7 million, an increase of 36 percent compared to the first quarter of 2017. During the second quarter of 2017, Enphase sold approximately 224MW (DC) or 775,000 microinverters, an increase in MW of 39 percent compared to the first quarter of 2017. GAAP gross margin for the second quarter of 2017 was 18.1 percent and non-GAAP gross margin was 18.4 percent.
GAAP operating expenses for the second quarter of 2017 were $22.8 million, a decrease of 22 percent compared to the first quarter of 2017 and a decrease of 24 percent compared to the second quarter of 2016. Non-GAAP operating expenses were $17.8 million, a decrease of 12 percent compared to the first quarter of 2017 and a decrease of 35 percent compared to the second quarter of 2016. GAAP net loss for the second quarter of 2017 was $12.1 million, or a net loss of $0.14 per share, compared to a second quarter of 2016 net loss of $16.7 million, or a net loss of $0.36 per share. On a non-GAAP basis, net loss in the second quarter of 2017 was $6.6 million, or a net loss of $0.08 per share, compared to a second quarter of 2016 net loss of $13.9 million, or a net loss of $0.30 per share.
The Company generated $1.0 million of cash in the second quarter of 2017 and exited the quarter with a total cash balance of $31.0 million.
“The ongoing rollout of our sixth-generation IQ Microinverter System continued to gain traction during the second quarter, and we expect to fully transition our U.S. customer base to the IQ platform by the end of the third quarter of 2017,” said Badri Kothandaraman, COO of Enphase Energy. “In addition, we are excited by the recent U.S. launch of our Enphase Energized™ AC Modules that directly integrate the IQ Microinverter with the module, creating an even simpler, more consolidated solution.”
“The actions we have taken over the past year to improve our operational efficiency resulted in a 35 percent year-over-year decrease in non-GAAP operating expenses,” said Bert Garcia, CFO of Enphase Energy. “We believe the combination of operating expense reduction, supply chain optimization and the transition to our sixth-generation IQ Microinverter System will enable us to achieve non-GAAP operating income profitability by the fourth quarter of 2017.”
Business Outlook
“We expect our revenue for the third quarter of 2017 to be within a range of $72 million to $80 million,” stated Bert Garcia. “We expect GAAP and non-GAAP gross margin for the third quarter to be within a range of 18 percent to 21 percent. Non-GAAP gross margin excludes approximately $200,000 of stock-based compensation expense. We expect our GAAP operating expense for the third quarter to be within a range of $22.5 million to $24.5 million and non-GAAP operating expense to be within a range of $16.5 million to $18.5 million, excluding an estimated $1.7 million of stock-based compensation expense and approximately $4.3 million of additional restructuring expense.”
Enphase Energy also announced today that Paul Nahi is stepping down as president and CEO. Nahi’s final day with Enphase is today; however, he will continue to assist Enphase as it transitions to a new leader. The Company’s Board of Directors is conducting an internal and external search for a permanent replacement, with the intention to name a successor by August 31, 2017. In the interim, the Board has created an Office of the CEO, consisting of Bert Garcia, CFO, and Badri Kothandaraman, COO, to oversee and provide leadership for the Company’s day-to day activities.
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this 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 of America, or 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


The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, August 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Enphase Energy, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Commitments And Contingencies
Debt
Debt (tables)
Debt - Long Term Debt (details)
Debt - Maturities (details)
Debt - Narrative (details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (details)
Description Of Business And Basis Of Presentation (policies)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Narrative (details)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (details)
Fair Value Measurements - Schedule Of Changes In Nonfinancial Liabilities Related To Warrant Obligations Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (details)
Fair Value Measurements - Summary Of Significant Unobservable Inputs Used In The Fair Value Measurement Of Liabilities Designated As Level 3 (details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Narrative (details)
Goodwill And Intangible Assets - Schedule Of Estimated Future Amortization Expense Related To Finite-lived Intangible Assets (details)
Goodwill And Intangible Assets - Schedule Of Goodwill And Intangible Assets (details)
Income Taxes
Inventory
Inventory (tables)
Inventory - Summary Of Inventory (details)
Net Loss Per Share
Net Loss Per Share (tables)
Net Loss Per Share - Schedule Of Computation Of Basic And Diluted Net Loss Per Share (details)
Net Loss Per Share - Schedule Of Potentially Dilutive Securities Excluded From The Computation Of Diluted Net Loss Per Share (details)
Restructuring
Restructuring (details)
Restructuring (tables)
Restructuring - Rollforward (details)
Sale Of Common Stock
Sale Of Common Stock (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Narrative (details)
Stock-based Compensation - Summary Of Restricted Stock Unit Activity (details)
Stock-based Compensation - Summary Of Stock Option Activity (details)
Stock-based Compensation - Summary Of Stock-based Compensation Associated With Each Type Of Award (details)
Stock-based Compensation - Summary Of The Components Of Total Stock-based Compensation Expense (details)
Stock-based Compensation - Summary Of The Weighted-average Grant Date Fair Value Of Options Granted (details)
Warranty Obligations
Warranty Obligations (tables)
Warranty Obligations - Narrative (details)
Warranty Obligations - Summary Of Warranty Activities (details)
Ticker: ENPH
CIK: 1463101
Form Type: 10-Q Quarterly Report
Accession Number: 0001463101-17-000091
Submitted to the SEC: Wed Aug 09 2017 4:08:24 PM EST
Accepted by the SEC: Wed Aug 09 2017
Period: Friday, June 30, 2017
Industry: Semiconductors And Related Devices

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