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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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-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 Stockholders' Equity
Business Combination
Business Combination (Tables)
Business Combination - Narrative (Details)
Business Combination - Summary Of Consideration Transferred For Business Acquisition (Details)
Business Combination - Summary Of Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Business Combination - 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)
Debt
Debt (Tables)
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 - Convertible Senior Notes Due In 2026 Narrative (Details)
Debt - Convertible Senior Notes Due In 2028 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)
Debt - Schedule Of Convertible Senior Notes Due In 2026 (Details)
Debt - Schedule Of Convertible Senior Notes Due In 2028 (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 - Contingent Consideration Schedule Of Fair Value (Details)
Fair Value Measurements - Debt Securities Schedule Of Fair Value (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (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 - 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 - Accrued Liabilities (Details)
Other Financial Information - Inventory (Details)
Related Party
Related Party - Narrative (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 Narrative (Details)
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: 0001463101-21-000066
Submitted to the SEC: Tue Apr 27 2021 4:14:25 PM EST
Accepted by the SEC: Tue Apr 27 2021
Period: Wednesday, March 31, 2021
Industry: Semiconductors And Related Devices

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