Enphase Energy, Inc. (ENPH) 10-Q Quarterly Report Tue Oct 26 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 IQ7+ microinverters relative to IQ7 microinverters, increases in the average selling price due to customer mix and price increase, 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 IQ7+ microinverters relative to IQ7 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.
Financial - Cash Flow Highlight
Cash Flows from Investing Activities For the nine months ended September 30, 2021, net cash used in investing activities was primarily from approximately $545.5 million used in purchases of marketable securities, approximately $58.0 million from the investment in debt securities, 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, and approximately $39.1 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, partially offset by approximately $35.0 million maturities of marketable securities.
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Financial Statements, Disclosures and Schedules

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: 0001463101-21-000125
Submitted to the SEC: Tue Oct 26 2021 4:10:04 PM EST
Accepted by the SEC: Tue Oct 26 2021
Period: Thursday, September 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 Thursday, September 30, 2021

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