Enphase Energy, Inc. (ENPH) 10-K Annual Report Tue Feb 16 2021

- 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 fourth quarter of 2020, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported revenue of $264.8 million in the fourth quarter of 2020, along with 40.2% for non-GAAP gross margin. We shipped approximately 762 megawatts DC, or 2,292,132 microinverters.

The financial highlights for the fourth quarter of 2020 are listed below. The GAAP numbers include an approximate $16.5 million approved refund on tariffs that were previously paid on microinverters imported to the U.S. from China. The tariff refund is excluded from all non-GAAP numbers.

•Revenue of $264.8 million

•Cash flow from operations of $84.2 million; ending cash balance of $679.4 million

•GAAP gross margin of 46.0%; non-GAAP gross margin of 40.2%

•GAAP operating income of $79.1 million; non-GAAP operating income of $72.4 million

•GAAP net income of $73.0 million; non-GAAP net income of $71.3 million

•GAAP diluted earnings per share of $0.50; non-GAAP diluted earnings per share of $0.51

Our revenue and earnings for the fourth 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)


	GAAP									Non-GAAP
	Q4 2020			Q3 2020			Q4 2019*			Q4 2020			Q3 2020			Q4 2019*
Revenue	$	264,839		$	178,503		$	210,032		$	264,839		$	178,503		$	210,032

Gross margin	46.0		%	53.2		%	37.1		%	40.2		%	41.0		%	37.3		%
Operating expenses	$	42,824		$	43,222		$	33,439		$	34,193		$	29,571		$	26,140
Operating income	$	79,114		$	51,759		$	44,442		$	72,356		$	43,675		$	52,277
Net income	$	72,991		$	39,362		$	116,666		$	71,342		$	41,760		$	52,038
Basic EPS	$	0.57		$	0.31		$	0.95		$	0.56		$	0.33		$	0.42
Diluted EPS	$	0.50		$	0.28		$	0.88		$	0.51		$	0.30		$	0.39

* Revenue for the fourth quarter of 2019 of $210.0 million included approximately $36.4 million of safe harbor revenue.

Our revenue and earnings for the fiscal year 2020 are given below, compared with those of the prior year:

(In thousands, except per share data and percentages)


	GAAP						Non-GAAP
	FY 2020			FY 2019			FY 2020			FY 2019
Revenue	$	774,425		$	624,333		$	774,425		$	624,333

Gross margin	44.7		%	35.4		%	40.1		%	35.7		%
Operating expenses	$	159,542		$	118,516		$	118,296		$	95,943
Operating income	$	186,439		$	102,729		$	192,504		$	126,952
Net income	$	133,995		$	161,148		$	188,526		$	124,205
Basic EPS	$	1.07		$	1.38		$	1.50		$	1.06
Diluted EPS	$	0.95		$	1.23		$	1.37		$	0.95

The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, February 9, 2021 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:

Other - Other Highlight
An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the consolidated financial statements.

Financial - Cash Flow Highlight
Cash Flows from Investing Activities For the year ended December 31, 2020 net cash used in investing activities was primarily from $20.6 million used in purchases of test and assembly equipment to expand our supply capacity, related facility improvements and information technology enhancements, and capitalized costs related to internal-use software and $5.0 million payment related to the acquisition of equity investment in a private company.
Revenue - Product Highlight
However, our liquidity may be negatively impacted if sales decline significantly for an extended period due to the impact of the ongoing COVID-19 pandemic.
Financial - Expense Highlight
Our product costs are impacted by technological innovations, such as advances in semiconductor integration and new product introductions, economies of scale resulting in lower component costs, and improvements in production processes and automation.
Financial - Expense Highlight
We devote substantial resources to research and development programs that focus on enhancements to, and cost efficiencies in, our existing products and timely development of new products that utilize technological innovation to drive down product costs, improve functionality, and enhance reliability.
Financial - Expense
The increase in personnel-related expenses...Read more
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The increase was primarily due...Read more
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Cost of Revenues and Gross...Read more
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Cash from operations could be...Read more
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Sales and marketing expense include...Read more
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However, shortages in the supply...Read more
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Gross margin increased by 9.3...Read more
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On May 20, 2020, at...Read more
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Enphase Energy, Inc. | 2020...Read more
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For the year ended December...Read more
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Enphase Energy, Inc. | 2020...Read more
M & A - Other
We record upfront contract acquisition...Read more
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To establish initial failure rate...Read more
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Under the 2018 Plan, costs...Read more
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Estimated costs to ship replacement...Read more
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The most significant near-term impacts...Read more
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Net Revenues Net revenues increased...Read more
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Revenues are recognized when control...Read more
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(2)Purchase obligations include amounts related...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.8: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.11: Material Contract

Exhibit 10.21: Material Contract

Exhibit 10.22: Material Contract

Exhibit 10.23: Material Contract

Exhibit 10.24: Material Contract

Exhibit 10.26: Material Contract

Exhibit 10.27: Material Contract

Exhibit 10.33: Material Contract

Exhibit 10.34: Material Contract

Exhibit 10.35: Material Contract

Exhibit 10.36: Material Contract

Exhibit 10.37: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: ENPH
CIK: 1463101
Form Type: 10-K Annual Report
Accession Number: 0001463101-21-000016
Submitted to the SEC: Fri Feb 12 2021 5:59:37 PM EST
Accepted by the SEC: Tue Feb 16 2021
Period: Thursday, December 31, 2020
Industry: Semiconductors And Related Devices

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Enphase Energy, Inc. (ENPH) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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