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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH

Exhibit 99.1
enpha061.jpg
Enphase Energy Reports Financial Results for the Third Quarter of 2020
FREMONT, Calif., Oct. 27, 2020
- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, announced today financial results for the third quarter of 2020, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported revenue of $178.5 million in the third quarter of 2020, along with a record 41.0% for non-GAAP gross margin. We shipped approximately 478 megawatts DC, or 1,442,743 microinverters.
The financial highlights for the third quarter of 2020 are listed below. The GAAP numbers include an approximate $23 million refund on tariffs which were previously paid on microinverters imported to the U.S. from China. The non-GAAP numbers do not include the tariff refund:
Revenue of $178.5 million
Cash flow from operations of $67.5 million; ending cash balance of $661.8 million
GAAP gross margin of 53.2%; record non-GAAP gross margin of 41.0%
GAAP operating income of $51.8 million; non-GAAP operating income of $43.7 million
GAAP net income of $39.4 million; non-GAAP net income of $41.8 million
GAAP diluted earnings per share of $0.28; non-GAAP diluted earnings per share of $0.30
Our revenue and earnings for the third quarter of 2020 are provided below, compared with those of the prior quarter and the year ago quarter:
(In thousands, except per share data and percentages)
GAAPNon-GAAP
Q3 2020Q2 2020Q3 2019*Q3 2020Q2 2020Q3 2019*
Revenue$178,503 $125,538 $180,057 $178,503 $125,538 $180,057 
Gross margin53.2 %38.5 %35.9 %41.0 %39.6 %36.2 %
Operating expenses$43,222 $37,533 $31,000 $29,571 $26,024 $25,037 
Operating income$51,759 $10,854 $33,706 $43,675 $23,700 $40,166 
Net income (loss)$39,362 $(47,294)$31,099 $41,760 $23,549 $39,466 
Basic EPS$0.31 $(0.38)$0.25 $0.33 $0.19 $0.32 
Diluted EPS$0.28 $(0.38)$0.23 $0.30 $0.17 $0.30 
* Revenue for the third quarter of 2019 of $180.1 million included approximately $8.0 million of safe harbor revenue.
Our non-GAAP gross margin increased to 41.0% from 39.6% in the second quarter of 2020, driven by disciplined pricing and cost management. Non-GAAP operating expenses increased to $29.6 million in the third quarter of 2020, compared to $26.0 million in the prior quarter, primarily due to an increase in our engineering and sales headcount to support innovation and growth. Non-GAAP operating income was $43.7 million, compared to $23.7 million in the prior quarter.
We exited the third quarter with $661.8 million in cash and generated $67.5 million in cash flow from operations. Inventory was $37.5 million at the end of the third quarter of 2020, compared to $31.2 million at the end of the second quarter of 2020. The sequential increase in inventory was driven by the purchase of battery cell packs to support the increased shipments of Encharge™ storage systems in the fourth quarter of 2020, along with the expected increase in microinverter shipments.
1

The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, October 27, 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.

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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
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholder's Equity
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Lease Expense Components (Details)
Commitments And Contingencies - Lease Liabilities (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Minimum Lease Payments Under Noncancelable Operating Leases (Details)
Commitments And Contingencies - 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 Narrative (Details)
Debt - Convertible Senior Notes Due 2024 Narrative (Details)
Debt - Convertible Senior Notes Due In 2025 Narrative (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 (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 Income Per Share (Details)
Net Income Per Share - Schedule Of Potentially Dilutive Securities Excluded From The Computation Of Diluted Net Income 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 - Summary Of The Weighted-Average Grant Date Fair Value Of Options Granted (Details)
Subsequent Events
Warranty Obligations
Warranty Obligations (Tables)
Warranty Obligations - Narrative (Details)
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: 0001463101-20-000127
Submitted to the SEC: Tue Oct 27 2020 4:18:45 PM EST
Accepted by the SEC: Tue Oct 27 2020
Period: Wednesday, September 30, 2020
Industry: Semiconductors And Related Devices

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