Enphase Energy, Inc. (ENPH) 10-Q Quarterly Report Tue Apr 26 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)


	GAAP									Non-GAAP
	Q4 2021			Q3 2021			Q4 2020			Q4 2021			Q3 2021			Q4 2020
Revenue	$	412,719		$	351,519		$	264,839		$	412,719		$	351,519		$	264,839

Gross margin	39.6		%	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)


	GAAP						Non-GAAP
	FY 2021			FY 2020			FY 2021			FY 2020
Revenue	$	1,382,049		$	774,425		$	1,382,049		$	774,425

Gross margin	40.1		%	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

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:

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 was also due to a favorable product mix as we sold more IQ8 and IQ7+ microinverters relative to IQ7 microinverters in the three months ended March 31, 2022.
Financial - Cash Flow Highlight
Cash Flows from Investing Activities For the three months ended March 31, 2022, net cash provided from investing activities of $39.7 million was primarily from $76.7 million maturities of marketable securities, partially offset by $24.6 million net cash used to acquire SolarLeadFactory and $12.4 million used in purchases of test and assembly equipment to expand our supply capacity, related facility improvements and information technology enhancements including capitalized costs related to internal-use software.
M & A - Other Highlight
For the three months ended March 31, 2021, net cash used in investing activities of $90.2 million was primarily from $55.3 million net cash used to acquire Sofdesk Inc. and DIN Engineer Service LLP'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 including capitalized costs related to internal-use software.
M & A - Other Highlight
Our cash, cash equivalents and marketable securities decreased by $425.5 million in the three months ended March 31, 2022, compared to the same period in 2021, primarily due to use of cash to fund acquisitions, repurchase of common stock, investments in private companies, and payments of withholding taxes related to net share settlement of equity awards, partially offset by cash generated from operations.
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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 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

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: 0001463101-22-000053
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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Enphase Energy, Inc. (ENPH) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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