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Exhibit 99.1
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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