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Enphase Energy, Inc. (ENPH) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH

Exhibit 99.1
 enph12312017earningsp_image1.jpg

Enphase Energy Reports Strong Gross Margin Expansion in the Fourth Quarter of 2017
PETALUMA, Calif., February 27, 2018 —
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 fourth quarter and year-end 2017, which included the summary below from its President and CEO, Badri Kothandaraman. Highlights for the quarter included:
Revenue of $79.7 million, at the higher end of guidance
GAAP gross margin of 23.8%; non-GAAP gross margin of 24.2%
GAAP operating loss of $2.1 million; non-GAAP operating income of $1.3 million
GAAP EPS of $(0.03); non-GAAP EPS of $0.01
Ending cash balance of $29.1 million
Our revenue and earnings for the fourth quarter are given below, compared with those of the prior quarter and the year ago quarter:
(In thousands, except per share data)
 
GAAP
 
Non-GAAP
 
Q4 2017
 
Q3 2017
 
Q4 2016
 
Q4 2017
 
Q3 2017
 
Q4 2016
Revenue
$79,674
 
$77,038
 
$90,601
 
$79,674
 
$77,038
 
$90,601
Gross margin
23.8
%
 
21.4
%
 
17.9
%
 
24.2
%
 
21.8
%
 
18.2
%
Operating income (loss)
$(2,133)
 
$(5,901)
 
$(10,092)
 
$1,307
 
$(102)
 
$(6,930)
Net income (loss)
$(2,940)
 
$(6,854)
 
$(13,188)
 
$683
 
$(964)
 
$(9,329)
Basic EPS
$(0.03)
 
$(0.08)
 
$(0.21)
 
$0.01
 
$(0.01)
 
$(0.15)
Our revenue and earnings for the fiscal year 2017 are given below, compared with those of the prior year:
(In thousands, except per share data)
 
GAAP
 
Non-GAAP
 
FY 2017
 
FY 2016
 
FY 2017
 
FY 2016
Revenue
$286,166
 
$322,591
 
$286,166
 
$322,591
Gross margin
19.6
%
 
18.0
%
 
20.0
%
 
18.4
%
Operating income (loss)
$(39,378)
 
$(62,700)
 
$(15,733)
 
$(48,447)
Net income (loss)
$(45,192)
 
$(67,462)
 
$(20,530)
 
$(52,411)
Basic EPS
$(0.54)
 
$(1.34)
 
$(0.25)
 
$(1.06)
Our fourth quarter revenue was $79.7 million, an increase of 3% sequentially from $77.0 million. We shipped 221 megawatts DC and 755,000 microinverters. Our non-GAAP gross margin was 24.2%, an increase of 240 basis points from 21.8% in the prior quarter. The increase was primarily due to the IQ 6 transition in North America, supply chain optimization and pricing management. Our non-GAAP operating expenses were $18.0 million, an increase of 6% compared to the prior quarter, due to investments in IQ 8 platform development. We are very pleased to report non-GAAP operating income of $1.3 million and net income of $683,000, which resulted in basic and diluted earnings per share of $0.01. This return to profitability represents a significant milestone for the company.


The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, February 27, 2018 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accrued Liabilities
Accrued Liabilities (tables)
Accrued Liabilities - Schedule Of Accrued Liabilities (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Narrative (details)
Commitments And Contingencies - Schedule Of Minimum Lease Payments Under Noncancelable Operating Leases (details)
Concentration Of Credit Risk And Major Customers
Concentration Of Credit Risk And Major Customers - Narrative (details)
Debt
Debt - (tables)
Debt - Long-term Debt (details)
Debt - Maturity Schedule (details)
Debt - Revolving Credit Facility (details)
Debt - Sale Of Long Term Financing Receivables (details)
Debt - Term Loan (details)
Description Of Business
Description Of Business - Narrative (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Narrative (details)
Fair Value Measurements - Schedule Of Financial Instruments Measured At Fair Value On A Recurring Basis (details)
Fair Value Measurements - Schedule Of Reconciliation Of Beginning And Ending Balances Of Warranty Obligations Measured At Fair Value (details)
Fair Value Measurements - Summary Of Significant Unobservable Inputs Used In The Fair Value Measurements Of The Company's 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 - Summary Of Goodwill And Purchased Intangible Assets (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Narrative (details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (details)
Income Taxes - Schedule Of Domestic And Foreign Components Of Loss Before Provision For Income Taxes (details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (details)
Income Taxes - Schedule Of Provision For Income Taxes (details)
Income Taxes - Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits (details)
Inventory
Inventory (tables)
Inventory - Summary Of Inventory (details)
Net Loss Per Share
Net Loss Per Share (tables)
Net Loss Per Share - Schedule Of Potential Common Shares Outstanding Excluded From The Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders (details)
Property And Equipment, Net
Property And Equipment, Net (tables)
Property And Equipment, Net - Narrative (details)
Property And Equipment, Net - Summary Of Property And Equipment (details)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (tables)
Quarterly Financial Information (unaudited) - Schedule Of Quarterly Financial Information (details)
Restructuring And Other
Restructuring And Other (tables)
Restructuring And Other - Gain On Business Divestiture (details)
Restructuring And Other - Rollforward (details)
Restructuring And Other - Schedule Restructuring Charges (details)
Sale Of Common Stock
Sale Of Common Stock (details)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Narrative (details)
Segment And Geographic Information - Summary Of Long-lived Assets By Geographic Region (details)
Segment And Geographic Information - Summary Of Net Revenues By Geographic Region (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Narrative (details)
Stock-based Compensation - Schedule Of Weighted Average Assumptions Used To Estimate Fair Value Of Stock Options Granted (details)
Stock-based Compensation - Summary Of Espp Activity (details)
Stock-based Compensation - Summary Of Restricted Stock Unit Activity (details)
Stock-based Compensation - Summary Of Stock Based Compensation Expense Associated With Each Type Of Award (details)
Stock-based Compensation - Summary Of Stock Option Activity (details)
Stock-based Compensation - Summary Of Stock Options Outstanding (details)
Stock-based Compensation - Summary Of Total Stock Based Compensation Expense Components (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Narrative (details)
Summary Of Significant Accounting Policies - Schedule Of Activity In Allowance For Doubtful Accounts (details)
Warranty Obligations
Warranty Obligations (tables)
Warranty Obligations - Narrative (details)
Warranty Obligations - Summary Of Warranty Activity (details)
Ticker: ENPH
CIK: 1463101
Form Type: 10-K Annual Report
Accession Number: 0001463101-18-000030
Submitted to the SEC: Mon Apr 02 2018 4:37:17 PM EST
Accepted by the SEC: Mon Apr 02 2018
Period: Sunday, December 31, 2017
Industry: Semiconductors And Related Devices

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