Exhibit 99.1
enph.jpg
Enphase Energy Reports Financial Results for the Fourth Quarter of 2018
FREMONT, Calif., Feb. 26, 2019 —
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-ended 2018, which included the summary below from its President and CEO, Badri Kothandaraman.
Highlights for the quarter included:
Revenue of $92.3 million; IQ 7 shipments at 84% of all microinverters
GAAP gross margin of 30.5%; non-GAAP gross margin of 30.7%
GAAP operating expenses of $23.2 million; non-GAAP operating expenses of $19.7 million
GAAP operating income of $5.0 million; non-GAAP operating income of $8.6 million
GAAP net income of $0.7 million; non-GAAP net income of $5.1 million
GAAP diluted EPS of $0.01; non-GAAP diluted EPS of $0.04
Ending cash balance of $106.2 million, net of a $10 million final payment to SunPower
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 and percentages)
 
GAAP
 
Non-GAAP
 
Q4 2018
 
Q3 2018
 
Q4 2017
 
Q4 2018
 
Q3 2018
 
Q4 2017
Revenue
$
92,289

 
$
78,002

 
$
79,674

 
$
92,289

 
$
78,002

 
$
79,674

Gross margin
30.5
%
 
32.4
%
 
23.8
%
 
30.7
%
 
32.8
%
 
24.2
%
Operating income (loss)
$
5,003

 
$
(374
)
 
$
(2,133
)
 
$
8,565

 
$
6,975

 
$
1,307

Net income (loss)
$
709

 
$
(3,470
)
 
$
(2,940
)
 
$
5,092

 
$
4,626

 
$
683

Basic EPS
$
0.01

 
$
(0.03
)
 
$
(0.03
)
 
$
0.05

 
$
0.05

 
$
0.01

Diluted EPS
$
0.01

 
$
(0.03
)
 
$
(0.03
)
 
$
0.04

 
$
0.04

 
$
0.01


Our revenue and earnings for the fiscal year 2018 are given below, compared with those of the prior year:
(In thousands, except per share data and percentages)
 
GAAP
 
Non-GAAP
 
FY 2018
 
FY 2017
 
FY 2018
 
FY 2017
Revenue
$
316,159

 
$
286,166

 
$
316,159

 
$
286,166

Gross margin
29.9
%
 
19.6
%
 
30.2
%
 
20.0
%
Operating income (loss)
$
1,596

 
$
(39,378
)
 
$
20,535

 
$
(15,733
)
Net income (loss)
$
(11,627
)
 
$
(45,192
)
 
$
10,013

 
$
(20,530
)
Basic EPS
$
(0.12
)
 
$
(0.54
)
 
$
0.10

 
$
(0.25
)
Diluted EPS
$
(0.12
)
 
$
(0.54
)
 
$
0.10

 
$
(0.25
)
Our fourth quarter revenue was $92.3 million, an increase of 18% sequentially and an increase of 16% year-over year. We shipped 257 megawatts DC, or approximately 820,000 microinverters. Our non-GAAP gross margin was 30.7%, a decrease of 210 basis points from 32.8% in the third quarter. The non-GAAP gross margin was negatively impacted by 4.3%, due to expedite fees related to component shortages. The expedite fees were in the form of air shipments that we chose to make in order to service our customers. Non-GAAP operating expenses were $19.7 million, compared to $18.6 million in the prior quarter.


The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, February 26, 2019 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.

View differences made from one year to another to evaluate Enphase Energy, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Enphase Energy, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

FREE Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account