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

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH


Exhibit 99.1
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Enphase Energy Reports Financial Results for the Third Quarter of 2017
PETALUMA, Calif., November 7, 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 third quarter ended September 30, 2017.
Enphase Energy reported total revenue for the third quarter of 2017 of $77.0 million, an increase of 3 percent compared to the second quarter of 2017. During the third quarter of 2017, Enphase sold approximately 231MW (DC) or 790,000 microinverters. GAAP gross margin for the third quarter of 2017 was 21.4 percent and non-GAAP gross margin was 21.8 percent.
GAAP operating expenses for the third quarter of 2017 were $22.4 million, a decrease of 33 percent compared to the third quarter of 2016. Non-GAAP operating expenses were $16.9 million, a decrease of 41 percent compared to the third quarter of 2016. GAAP operating loss was $5.9 million and non-GAAP operating loss was $102,000 for the third quarter of 2017, compared to a GAAP operating loss of $17.7 million and a non-GAAP operating loss of $12.4 million for the third quarter of 2016. GAAP net loss for the third quarter of 2017 was $6.9 million, or a net loss of $0.08 per share, compared to a third quarter of 2016 net loss of $18.8 million, or a net loss of $0.40 per share. On a non-GAAP basis, net loss in the third quarter of 2017 was $964,000, or a net loss of $0.01 per share, compared to a third quarter of 2016 net loss of $13.4 million, or a net loss of $0.28 per share.
The Company exited the quarter with a total cash balance of $28.9 million.
“We completed the transition to our sixth-generation IQ Microinverter System for our North American customers during the third quarter, and we expect to introduce our seventh-generation IQ product worldwide in the first quarter of 2018,” said Badri Kothandaraman, president and CEO of Enphase Energy. “These transitions, along with our continued focus on operational excellence, will help drive further gross margin improvement.”
“The fiscal discipline across all areas of our business in the third quarter resulted in a 41 percent year-over-year decrease in non-GAAP operating expenses and a sequential 340 basis point improvement in non-GAAP gross margin,” said Bert Garcia, CFO of Enphase Energy. “We were close to breakeven on a non-GAAP operating income basis in the third quarter, demonstrating our commitment to achieving non-GAAP operating profitability in the fourth quarter of 2017.”
Business Outlook
“We expect our revenue for the fourth 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 fourth quarter to be within a range of 21.5 percent to 24.5 percent. Non-GAAP gross margin excludes approximately $300,000 of stock-based compensation expense. We expect our GAAP operating expense for the fourth quarter to be within a range of $19.5 million to $21.5 million and non-GAAP operating expense to be within a range of $16 million to $18 million, excluding an estimated $1.4 million of stock-based compensation expense and approximately $2.1 million of additional restructuring expense.”
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 press release. Non-GAAP financial measures presented by the Company include non-GAAP gross profit, gross margin, operating expenses, income (loss) from operations, net loss and net loss per share.
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 the Company’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


The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, November 7, 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: 0001463101-17-000110
Submitted to the SEC: Wed Nov 08 2017 3:22:01 PM EST
Accepted by the SEC: Wed Nov 08 2017
Period: Saturday, September 30, 2017
Industry: Semiconductors And Related Devices

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