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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

ENPH Quarterly Reports

Enphase Energy, Inc.

CIK: 1463101 Ticker: ENPH

Exhibit 99.1
enpha06a.jpg
Enphase Energy Reports Financial Results for the Fourth Quarter of 2021
FREMONT, Calif., Feb. 8, 2022
- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2021, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported record quarterly revenue of $412.7 million in the fourth quarter of 2021, along with 40.2% for non-GAAP gross margin. We shipped approximately 3,033,891 microinverters, or 1,082 megawatts DC, and 100.2 megawatt hours of Enphase IQ™ Batteries.
Financial highlights for the fourth quarter of 2021 are listed below.
Record revenue of $412.7 million
GAAP gross margin of 39.6%; non-GAAP gross margin of 40.2%
GAAP operating income of $57.7 million; non-GAAP operating income of $97.7 million
GAAP net income of $52.6 million; non-GAAP net income of $102.8 million
GAAP diluted earnings per share of $0.37; non-GAAP diluted earnings per share of $0.73
Cash flow from operations of $97.2 million
Ending cash, cash equivalents and marketable securities balance of $1.0 billion after completing $300.0 million of common stock repurchases in December 2021
Our revenue and earnings for the fourth 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)
GAAPNon-GAAP
Q4 2021Q3 2021Q4 2020Q4 2021Q3 2021Q4 2020
Revenue$412,719 $351,519 $264,839 $412,719 $351,519 $264,839 
Gross margin39.6 %39.9 %46.0 %40.2 %40.8 %40.2 %
Operating expenses$105,619 $103,007 $42,824 $68,182 $57,341 $34,193 
Operating income$57,695 $37,351 $79,114 $97,725 $85,932 $72,356 
Net income$52,591 $21,809 $72,991 $102,779 $84,157 $71,342 
Basic EPS$0.39 $0.16 $0.57 $0.76 $0.62 $0.56 
Diluted EPS$0.37 $0.15 $0.50 $0.73 $0.60 $0.51 
Our revenue and earnings for the fiscal year 2021 are given below, compared with those of the prior year:
(In thousands, except per share data and percentages)
GAAPNon-GAAP
FY 2021FY 2020FY 2021FY 2020
Revenue$1,382,049 $774,425 $1,382,049 $774,425 
Gross margin40.1 %44.7 %40.7 %40.1 %
Operating expenses$338,590 $159,542 $220,918 $118,296 
Operating income$215,832 $186,439 $341,054 $192,504 
Net income$145,449 $133,995 $340,314 $188,526 
Basic EPS$1.09 $1.07 $2.54 $1.50 
Diluted EPS$1.02 $0.95 $2.41 $1.37 

1

The following information was filed by Enphase Energy, Inc. (ENPH) on Tuesday, February 8, 2022 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 Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Business Combination (Tables)
Business Combinations
Business Combinations - Narrative (Details)
Business Combinations - Summary Of Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Business Combinations - Summary Of Identifiable Intangible Assets Acquired (Details)
Cash Equivalents And Marketable Securities
Cash Equivalents And Marketable Securities (Tables)
Cash Equivalents And Marketable Securities - Schedule Of Contractual Maturity (Details)
Cash Equivalents And Marketable Securities - Schedule Of Investments (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 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 - Schedule Of Convertible Senior Notes Due 2023 (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 (Details)
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 - Expected Future Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Acquired Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (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 - Narrative (Details)
Stock-Based Compensation - Summary Of Restricted Stock Unit Activity And Performance Stock Units (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)
Warranty Obligations
Warranty Obligations (Tables)
Warranty Obligations - Narrative (Details)
Warranty Obligations - Summary Of Warranty Activities (Details)
Ticker: ENPH
CIK: 1463101
Form Type: 10-Q Quarterly Report
Accession Number: 0001463101-22-000053
Submitted to the SEC: Tue Apr 26 2022 4:10:50 PM EST
Accepted by the SEC: Tue Apr 26 2022
Period: Thursday, March 31, 2022
Industry: Semiconductors And Related Devices

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