Enphase Energy, Inc. (ENPH) 10-Q Quarterly Report Tue Apr 27 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-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:

Other - Other Highlight
We consider an accounting policy 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 condensed consolidated financial statements.

Revenue - Product Highlight
Enphase Energy, Inc. | 2021 Form 10-Q | 44 Table of Contents Results of Operations Net Revenues Net revenues increased by 47% or $96.2 million in three months ended March 31, 2021, as compared to the same period in 2020, primarily due to the 22% increase in the microinverter units volume shipped primarily as a result of business growth in the U.S., favorable product mix as we sold more IQ 7+ microinverters relative to IQ 7 microinverters, increases in the average selling price due to customer mix, as well as shipments of our Enphase Encharge storage systems to customers in North America starting in the second quarter of 2020.
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.
Other - Other Highlight
Cash from operations could be affected by various risks and uncertainties, including, but not limited to, the effects of COVID-19 and other risk factors discussed in the section entitled "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed on February 16, 2021.
Financial - Cash Flow Highlight
Cash Flows from Investing Activities For the three months ended March 31, 2021, net cash used in investing activities was primarily from approximately $30.5 million, net of cash acquired from the acquisition of Sofdesk, approximately $24.8 million from the acquisition of DIN's solar design services business, $25.0 million from the investment in a debt security, and $9.9 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.
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Gross margin increased by 1.5%...Read more
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Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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-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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