Last10K.com

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

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH

Exhibit 99.1
enpha061.jpg
Enphase Energy Reports Financial Results for the Fourth Quarter of 2020
FREMONT, Calif., Feb. 9, 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)
GAAPNon-GAAP
Q4 2020Q3 2020Q4 2019*Q4 2020Q3 2020Q4 2019*
Revenue$264,839 $178,503 $210,032 $264,839 $178,503 $210,032 
Gross margin46.0 %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)
GAAPNon-GAAP
FY 2020FY 2019FY 2020FY 2019
Revenue$774,425 $624,333 $774,425 $624,333 
Gross margin44.7 %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 

1

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.

View differences made from one year 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-K Annual 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 2021 10-K Annual Report includes:

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

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
M & A
Legal
Other
Filter by Subcategory:
All
Cash Flow
Product
Expense
Earnings
Shares
Geography
Income
Other
Inside Enphase Energy, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accrued Liabilities
Accrued Liabilities (Tables)
Accrued Liabilities - Schedule Of Accrued Liabilities (Details)
Acquisition
Acquisition (Tables)
Acquisition - Narrative (Details)
Acquisition - Summary Of Allocation Of Purchase Price To Intangible Assets And Goodwill (Details)
Acquisition - Summary Of Consideration Transferred For Business Acquisition (Details)
Acquisition - Summary Of Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Acquisition - Summary Of Identifiable Intangible Assets Acquired (Details)
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)
Concentration Of Credit Risk And Major Customers
Concentration Of Credit Risk And Major Customers (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
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 (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Domestic And Foreign Components Of Loss Before Provision For Income Taxes (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Provision For Income Taxes (Details)
Income Taxes - Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits (Details)
Inventory
Inventory (Tables)
Inventory - Summary Of Inventory (Details)
Net Income (Loss) 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)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Narrative (Details)
Property And Equipment, Net - Summary Of Property And Equipment (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)
Sale Of Common Stock
Sale Of Common Stock (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Narrative (Details)
Segment And Geographic Information - Summary Of Long-Lived Assets By Geographic Region (Details)
Selected Unaudited Quarterly Financial Information
Selected Unaudited Quarterly Financial Information (Tables)
Selected Unaudited Quarterly Financial Information - Schedule Of Quarterly Financial Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Summary Of Espp Activity (Details)
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)
Stock-Based Compensation Narrative (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Activity In Allowance For Doubtful Accounts (Details)
Warranty Obligations
Warranty Obligations (Tables)
Warranty Obligations - Narrative (Details)
Warranty Obligations - Summary Of Warranty Activities (Details)
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

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/enph/0001463101-21-000016.htm