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Enphase Energy, Inc. (ENPH) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Enphase Energy, Inc.

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CIK: 1463101 Ticker: ENPH
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.

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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)
Acquisition
Acquisition (Tables)
Acquisition - Narrative (Details)
Acquisition - Summary Of Allocation Of Purchase Price To Intangible Assets And Goodwill (Details)
Acquisition - Summary Of Consideration Transfered For Business Acquisition (Details)
Acquisition - Summary Of Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Acquisition - Summary Of Identifiable Intangible Assets Acquired (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 (Details)
Debt
Debt (Tables)
Debt - Long Term Debt (Details)
Debt - Maturities (Details)
Debt - Narrative (Details)
Description Of Business And Basis Of Presentation
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
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 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)
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)
Related Party
Related Party Narrative (Details)
Restructuring
Restructuring (Tables)
Restructuring - Gain On Business Divestiture (Details)
Restructuring - Rollforward (Details)
Restructuring - Summary Of Restructuring Charges (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Summary Of Contract Assets And Contract Liabilities From Contracts With Customers (Details)
Revenue Recognition - Summary Of Disaggregated Revenue By Primary Geographical Market And Timing Of Revenue Recognition (Details)
Revenue Recognition - Summary Of Estimated Revenue Expected To Be Recognized In Future Periods (Details)
Revenue Recognition - Summary Of New Accounting Adoption Impact On Condensed Consolidated Balance Sheets (Details)
Revenue Recognition - Summary Of New Accounting Adoption Impact On Consolidated Statements Of Income (Details)
Revenue Recognition - Summary Of Significant Changes In The Balances Of Contract Liabilities And Assets (Details)
Sale Of Common Stock
Sale Of Common Stock (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
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)
Selected Unaudited Quarterly Financial Information
Selected Unaudited Quarterly Financial Information (Tables)
Selected Unaudited Quarterly Financial Information - Schedule Of Quarterly Financial Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation Narrative (Details)
Stock-Based Compensation Summary Of Espp Activity (Details)
Stock-Based Compensation Summary Of Performance Stock Unit Activity (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 Options Outstanding (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)
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 Activities (Details)
Ticker: ENPH
CIK: 1463101
Form Type: 10-K Annual Report
Accession Number: 0001463101-19-000033
Submitted to the SEC: Fri Mar 15 2019 9:07:20 AM EST
Accepted by the SEC: Fri Mar 15 2019
Period: Monday, December 31, 2018
Industry: Semiconductors And Related Devices

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