Enphase Energy, Inc. (ENPH) 10-Q Quarterly Report July 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 second quarter of 2021, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $316.1 million in the second quarter of 2021, along with 40.8% for non-GAAP gross margin. We shipped approximately 2,362,401 microinverters, or 796 megawatts DC, and 43 megawatt hours of Enphase Storage systems.

Financial highlights for the second quarter of 2021 are listed below.

•Revenue of $316.1 million

•GAAP gross margin of 40.4%; non-GAAP gross margin of 40.8%

•GAAP operating income of $59.4 million; non-GAAP operating income of $77.2 million

•GAAP net income of $39.4 million, non-GAAP net income of $74.7 million

•GAAP diluted earnings per share of $0.28; non-GAAP diluted earnings per share of $0.53

•Cash flow from operations of $65.6 million

•Ending cash balance of $1.3 billion, net of $200.0 million of common stock repurchases in May 2021

Our revenue and earnings for the second quarter of 2021 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
	Q2 2021			Q1 2021			Q2 2020			Q2 2021			Q1 2021			Q2 2020
Revenue	$	316,057		$	301,754		$	125,538		$	316,057		$	301,754		$	125,538

Gross margin	40.4		%	40.7		%	38.5		%	40.8		%	41.1		%	39.6		%
Operating expenses	$	68,401		$	61,563		$	37,533		$	51,696		$	43,699		$	26,024
Operating income	$	59,400		$	61,386		$	10,854		$	77,165		$	80,232		$	23,700
Net income (loss)	$	39,351		$	31,698		$	(47,294)		$	74,676		$	78,702		$	23,549
Basic EPS	$	0.29		$	0.24		$	(0.38)		$	0.55		$	0.60		$	0.19
Diluted EPS	$	0.28		$	0.22		$	(0.38)		$	0.53		$	0.56		$	0.17

Total revenue increased 5% compared to the first quarter of 2021. Demand for our microinverter systems remained well ahead of supply in the second quarter of 2021, as component availability continued to be constrained. Our operations team did an excellent job of navigating these component supply constraints to best service our customer demand, while our sales team focused on managing the channel and working closely with our installers and distributors.

The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, July 27, 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
The increase in net revenues is also due to 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 increase in shipments of our Enphase Encharge storage systems to customers in North America and Europe.
Revenue - Product Highlight
The increase in net revenues is also due to 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 increase in shipments of our Enphase Encharge storage systems to customers in North America and Europe.
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.
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

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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: 0001463101-21-000108
Submitted to the SEC: Tue Jul 27 2021 4:50:53 PM EST
Accepted by the SEC: Tue Jul 27 2021
Period: Wednesday, June 30, 2021
Industry: Semiconductors And Related Devices

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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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