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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH
Exhibit 99.1
 enphearningsp_image1a04.jpg
Enphase Energy Reports Financial Results for the Second Quarter of 2018
PETALUMA, Calif., July 31, 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 second quarter of 2018, which included the summary below from its President and CEO, Badri Kothandaraman. Highlights for the quarter included:
Revenue of $75.9 million, including a $2.0 million milestone payment from a partner on IQ 8
IQ 7 shipments at 22% of all microinverters
GAAP gross margin of 29.9%; non-GAAP gross margin of 30.5%
GAAP operating loss of $0.6 million; non-GAAP operating income of $4.1 million
GAAP EPS of $(0.04); non-GAAP EPS of $0.02
Ending cash balance of $58.5 million
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)
 
GAAP
 
Non-GAAP
 
Q2 2018
 
Q1 2018
 
Q2 2017
 
Q2 2018
 
Q1 2018
 
Q2 2017
Revenue
$75,896
 
$69,972
 
$74,704
 
$75,896
 
$69,972
 
$74,704
Gross margin
29.9
%
 
26.2
%
 
18.1
%
 
30.5
%
 
26.5
%
 
18.4
%
Operating income (loss)
$(558)
 
$(2,475)
 
$(9,247)
 
$4,133
 
$861
 
$(4,017)
Net income (loss)
$(3,738)
 
$(5,128)
 
$(12,093)
 
$1,550
 
$(1,255)
 
$(6,632)
Basic EPS
$(0.04)
 
$(0.06)
 
$(0.14)
 
$0.02
 
$(0.01)
 
$(0.08)

Our second quarter revenue was $75.9 million, an increase of 8% sequentially from $70.0 million, and an increase of 2% year-over-year. We shipped 203 megawatts DC, or 675,000 microinverters. Our non-GAAP gross margin was 30.5%, an increase of 400 basis points from 26.5% in the prior quarter. The increase was primarily due to pricing management, supply chain optimization, transition to IQ 7, and the IQ 8 milestone payment. Our non-GAAP operating expenses were $19.0 million, an increase of 7% compared to the prior quarter. We are very pleased to report non-GAAP operating income of $4.1 million, our third consecutive quarter of non-GAAP operating income. Non-GAAP net income was $1.6 million, which resulted in basic non-GAAP earnings per share of $0.02.
We exited the quarter with $58.5 million in cash. Inventory was $17.5 million in the second quarter, at the lowest point since 2014, compared to $18.5 million in the first quarter and $20.8 million in the second quarter of 2017.
In summary, we are pleased with our continued progress towards our 30-20-10 target operating model, which we expect to achieve in the fourth quarter of 2018.



The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, July 31, 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-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 (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
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 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 (Tables)
Restructuring - Rollforward (Details)
Restructuring - Summary Of Restructuring Charges (Details)
Revenue Recognision
Revenue Recognision (Tables)
Revenue Recognision - Narrative (Details)
Revenue Recognision - Summary Of Contract Assets And Contract Liabilities From Contracts With Customers (Details)
Revenue Recognision - Summary Of Disaggregated Revenue By Primary Geographical Market And Timing Of Revenue Recognition (Details)
Revenue Recognision - Summary Of Estimated Revenue Expected To Be Recognized In Future Periods (Details)
Revenue Recognision - Summary Of New Accounting Adoption Impact On Condensed Consolidated Balance Sheets (Details)
Revenue Recognision - Summary Of New Accounting Adoption Impact On Consolidated Statements Of Income (Details)
Revenue Recognision - Summary Of Significant Changes In The Balances Of Contract Liabilities (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: 0001463101-18-000075
Submitted to the SEC: Mon Aug 06 2018 1:28:19 PM EST
Accepted by the SEC: Mon Aug 06 2018
Period: Saturday, June 30, 2018
Industry: Semiconductors And Related Devices

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