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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH
Exhibit 99.1
enpha06.jpg
Enphase Energy Reports Financial Results for the Third Quarter of 2019
FREMONT, Calif., Oct. 29, 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 third quarter of 2019, which included the summary below from its President and CEO, Badri Kothandaraman.
Highlights for the third quarter of 2019 included:
Revenue of $180.1 million, including approximately $8.0 million of safe harbor revenue
Cash flows from operating activities of $5.0 million; ending cash balance of $203.0 million
GAAP gross margin of 35.9%; non-GAAP gross margin of 36.2%
GAAP operating expenses of $31.0 million; non-GAAP operating expenses of $25.0 million
GAAP operating income of $33.7 million; non-GAAP operating income of $40.2 million
GAAP net income of $31.1 million; non-GAAP net income of $39.5 million
GAAP diluted EPS of $0.23; non-GAAP diluted EPS of $0.30
Our revenue and earnings for the third 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
 
Q3 2019
 
Q2 2019
 
Q3 2018
 
Q3 2019
 
Q2 2019
 
Q3 2018
Revenue
$
180,057

 
$
134,094

 
$
78,002

 
$
180,057

 
$
134,094

 
$
78,002

Gross margin
35.9
%
 
33.8
%
 
32.4
%
 
36.2
%
 
34.1
%
 
32.8
%
Operating income (loss)
$
33,706

 
$
17,447

 
$
(374
)
 
$
40,166

 
$
23,227

 
$
6,975

Net income (loss)
$
31,099

 
$
10,618

 
$
(3,470
)
 
$
39,466

 
$
23,173

 
$
4,626

Basic EPS
$
0.25

 
$
0.09

 
$
(0.03
)
 
$
0.32

 
$
0.20

 
$
0.04

Diluted EPS
$
0.23

 
$
0.08

 
$
(0.03
)
 
$
0.30

 
$
0.18

 
$
0.04

Our third quarter revenue was $180.1 million, including approximately $8.0 million of safe harbor revenue. Third quarter revenue increased 34% sequentially and 131% year-over year. We shipped approximately 584 megawatts DC, or 1,795,653 microinverters. Demand was strong as our customers continued to appreciate our differentiated products, services and quality. We effectively stabilized our component supply in the third quarter of 2019.
Our non-GAAP gross margin was 36.2%, an increase of 210 basis points from 34.1% in the second quarter of 2019. The non-GAAP gross margin was negatively impacted by approximately 220 basis points due to expedite fees related to component shortages, compared to approximately 330 basis points in the prior quarter. Non-GAAP operating expenses were $25.0 million, compared to $22.5 million in the prior quarter. Non-GAAP operating income was $40.2 million compared to $23.2 million in the prior quarter.
We exited the third quarter with $203.0 million in cash and generated $5.0 million in cash flows from operations. Inventory was $30.2 million at the end of the third quarter of 2019, compared to $20.1 million at the end of the second quarter of 2019, and $17.9 million at the end of the third quarter of 2018. We increased inventory on hand in the third quarter to better serve our customers.

1

The following information was filed by Enphase Energy, Inc. (ENPH) on Wednesday, October 30, 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-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

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholder's Equity (Deficit)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Lease Expense Components (Details)
Commitments And Contingent Liabilities - Lease Liabilities (Details)
Commitments And Contingent Liabilities - Narrative (Details)
Commitments And Contingent Liabilities - Non-Cancelable Operating Leases (Details)
Commitments And Contingent Liabilities - Schedule Of Minimum Lease Payments Under Noncancelable Operating Leases (Details)
Commitments And Contingent Liabilities - Supplemental Cash Flow And Other Information (Details)
Debt
Debt (Tables)
Debt - Convertible Senior Notes Due 2023 (Details)
Debt - Convertible Senior Notes Due 2024 (Details)
Debt - Long-Term Debt (Details)
Debt - Schedule Of Convertible Senior Notes Due 2023 (Details)
Debt - Schedule Of Convertible Senior Notes Due 2024 (Details)
Debt - Term Loan (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Policies)
Description Of Business And Basis Of Presentation - Impact Of Recently Adopted Accounting Pronouncements (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (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 - Schedule Of Liabilities Measured At Fair Value On A Recurring Basis (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 - Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill And Intangible Assets (Details)
Income Taxes
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Schedule Of Computation Of Basic And Diluted Net Loss Per Share (Details)
Net Income (Loss) Per Share - Schedule Of Potentially Dilutive Securities Excluded From The Computation Of Diluted Net Loss Per Share (Details)
Net Income (Loss) Per Share Narrative (Details)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Accounts Receivable (Details)
Other Financial Information - Accrued Liabilities (Details)
Other Financial Information - Inventory (Details)
Related Party
Related Party Narrative (Details)
Restructuring
Restructuring (Tables)
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 Significant Changes In The Balances Of Contract Liabilities And Assets (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
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)
Warranty Obligations
Warranty Obligations (Tables)
Warranty Obligations - Summary Of Warranty Activities (Details)

Material Contracts, Statements, Certifications & more

Enphase Energy, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ENPH
CIK: 1463101
Form Type: 10-Q Quarterly Report
Accession Number: 0001463101-19-000157
Submitted to the SEC: Tue Oct 29 2019 3:41:49 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Semiconductors And Related Devices

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