Last10K.com

Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

ENPH Quarterly Reports

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH

Exhibit 99.1
enpha061.jpg
Enphase Energy Reports Financial Results for the First Quarter of 2020
FREMONT, Calif., May 5, 2020
- 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 first quarter of 2020, which included the summary below from its President and CEO, Badri Kothandaraman.
We are pleased to report revenue of $205.5 million in the first quarter of 2020, along with an all-time record for gross margin, despite COVID-19. Our first quarter revenue increased 105% year-over-year. We shipped approximately 643 megawatts DC, or 2,012,476 microinverters, as our worldwide teams did an excellent job of ensuring product availability and on-time customer deliveries.
Highlights for the first quarter of 2020 included:
Revenue of $205.5 million, including approximately $44.5 million of safe harbor revenue
Cash flow from operations of $39.2 million; ending cash balance of $593.8 million
GAAP gross margin of 39.2%; non-GAAP gross margin of 39.5%
GAAP operating expenses of $36.0 million; non-GAAP operating expenses of $28.5 million
GAAP operating income of $44.7 million; non-GAAP operating income of $52.8 million
GAAP net income of $68.9 million, including a gain of $15.3 million from changes in fair value of derivatives and an income tax benefit of $11.9 million; non-GAAP net income of $51.9 million
GAAP diluted EPS of $0.50; non-GAAP diluted EPS of $0.38
Our revenue and earnings for the first quarter of 2020 are given below, compared with those of the prior quarter and the year ago quarter:
(In thousands, except per share data and percentages)
GAAPNon-GAAP
Q1 2020Q4 2019Q1 2019Q1 2020Q4 2019Q1 2019
Revenue$205,545  $210,032  $100,150  $205,545  $210,032  $100,150  
Gross margin39.2 %37.1 %33.3 %39.5 %37.3 %33.5 %
Operating expenses  $35,963  $33,439  $26,205  $28,508  $26,140  $22,288  
Operating income  $44,712  $44,442  $7,134  $52,773  $52,277  $11,282  
Net income  $68,936  $116,666  $2,765  $51,875  $52,038  $9,528  
Basic EPS$0.56  $0.95  $0.03  $0.42  $0.42  $0.09  
Diluted EPS$0.50  $0.88  $0.02  $0.38  $0.39  $0.08  
Our non-GAAP gross margin increased to 39.5% from 37.3% in the fourth quarter of 2019, driven by disciplined pricing and cost management. Non-GAAP operating expenses were $28.5 million, compared to $26.1 million in the prior quarter. Non-GAAP operating income was $52.8 million, compared to $52.3 million in the prior quarter.
We exited the first quarter with $593.8 million in cash, including restricted cash, and generated $39.2 million in cash flow from operations. The restricted cash was related to the first quarter of 2020 safe harbor deliveries and became unrestricted at the end of April. The first quarter cash balance increased $295.5 million from the issuance in early March of $320.0 million aggregate principal amount of convertible senior notes due 2025, after deducting $7.0 million in fees and $17.5 million for the call spread transaction. Inventory was $34.6 million at the end of the first quarter of 2020, compared to $32.1 million at the end of the fourth quarter of 2019.
As a result of global shelter-in-place rules, our engineering and certification activities experienced a slowdown. Consequently, we were unable to ship our Encharge™ battery storage system during the first quarter of 2020 as planned. We now expect shipments to begin in June 2020. To support the launch, we are ramping online installer training and tools while shelter-in-place and social distancing measures remain in force.
1

The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, May 5, 2020 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.

View differences made from one quarter 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-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Enphase Energy, Inc..

Continue

Assess how Enphase Energy, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Enphase Energy, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Earnings
Income
Product
Expense
Geography
Cash Flow
Shares
Other
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
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholder's Equity
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 - 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 Note Embedded Derivative (Details)
Debt - Convertible Notes Hedge And Warrant Liability (Details)
Debt - Convertible Senior Notes Due 2023 (Details)
Debt - Convertible Senior Notes Due 2024 (Details)
Debt - Convertible Senior Notes Due In 2025 (Details)
Debt - Long-Term Debt (Details)
Debt - Sale Of Long - Term Financing Receivables (Details)
Debt - Schedule Of Convertible Senior Notes Due 2023 (Details)
Debt - Schedule Of Convertible Senior Notes Due 2024 (Details)
Debt - Schedule Of Convertible Senior Notes Due In 2025 (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation Policy (Policies)
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
Income Taxes - Narrative (Details)
Net Income Per Share
Net Income Per Share (Tables)
Net Income Per Share - Narrative (Details)
Net Income Per Share - Schedule Of Computation Of Basic And Diluted Net Loss Per Share (Details)
Net Income Per Share - Schedule Of Potentially Dilutive Securities Excluded From The Computation Of Diluted Net Loss Per Share (Details)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Accounts Receivable (Details)
Other Financial Information - Accounts Receivable, Allowance For Doubtful Accounts (Details)
Other Financial Information - Accrued Liabilities (Details)
Other Financial Information - Inventory (Details)
Related Party
Related Party - Narrative (Details)
Restructuring
Restructuring (Tables)
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 Expense (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense Associated With Each Type Of Award (Details)
Stock-Based Compensation - Valuation Of Equity Awards - Narrative (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: 0001463101-20-000068
Submitted to the SEC: Tue May 05 2020 4:22:02 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Semiconductors And Related Devices

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/enph/0001463101-20-000068.htm