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 second quarter of 2024, which included the summary below
from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of
$303.5 million in the second quarter of 2024, along with 47.1%
for non-GAAP gross margin. We shipped 1,402,602 microinverters, or
approximately 608.3 megawatts DC, and 120.2 megawatt hours of
IQ® Batteries.
Financial highlights for the second quarter of 2024 are listed
below:
- Quarterly revenue
of $303.5 million
- GAAP gross margin
of 45.2%; non-GAAP gross margin of 47.1% with net IRA benefit
- Non-GAAP gross
margin of 41.0%, excluding net IRA benefit of 6.1%
- GAAP operating
income of $1.8 million; non-GAAP operating income of
$61.1 million
- GAAP net income of $10.8 million;
non-GAAP net income of $58.8 million
- GAAP diluted
earnings per share of $0.08; non-GAAP diluted earnings per share of
$0.43
- Free cash flow of
$117.4 million; ending cash, cash equivalents, and marketable
securities of $1.65 billion
Our revenue and earnings for the second quarter
of 2024 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage
data)
|
GAAP |
|
Non-GAAP |
|
Q2 2024 |
|
Q1 2024 |
|
Q2 2023 |
|
Q2 2024 |
|
Q1 2024 |
|
Q2 2023 |
Revenue |
$ |
303,458 |
|
|
$ |
263,339 |
|
|
$ |
711,118 |
|
|
$ |
303,458 |
|
|
$ |
263,339 |
|
|
$ |
711,118 |
|
Gross margin |
|
45.2 |
% |
|
|
43.9 |
% |
|
|
45.5 |
% |
|
|
47.1 |
% |
|
|
46.2 |
% |
|
|
46.2 |
% |
Operating expenses |
$ |
135,367 |
|
|
$ |
144,607 |
|
|
$ |
153,022 |
|
|
$ |
81,706 |
|
|
$ |
82,587 |
|
|
$ |
98,162 |
|
Operating income (loss) |
$ |
1,799 |
|
|
$ |
(29,099 |
) |
|
$ |
170,320 |
|
|
$ |
61,080 |
|
|
$ |
38,994 |
|
|
$ |
230,468 |
|
Net income (loss) |
$ |
10,833 |
|
|
$ |
(16,097 |
) |
|
$ |
157,191 |
|
|
$ |
58,824 |
|
|
$ |
47,956 |
|
|
$ |
205,599 |
|
Basic EPS |
$ |
0.08 |
|
|
$ |
(0.12 |
) |
|
$ |
1.15 |
|
|
$ |
0.43 |
|
|
$ |
0.35 |
|
|
$ |
1.51 |
|
Diluted EPS |
$ |
0.08 |
|
|
$ |
(0.12 |
) |
|
$ |
1.09 |
|
|
$ |
0.43 |
|
|
$ |
0.35 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue for the second quarter of 2024 was
$303.5 million, compared to $263.3 million in the first
quarter of 2024. Our revenue in the United States for the second
quarter of 2024 increased approximately 32%, compared to the first
quarter of 2024. Our revenue in Europe for the second quarter of
2024 remained flat when compared to the first quarter of 2024. Our
global channel inventory returned to normal levels as we exited the
second quarter of 2024.
Our non-GAAP gross margin was 47.1% in the
second quarter of 2024, compared to 46.2% in the first quarter of
2024. Our non-GAAP gross margin, excluding net IRA benefit, was
flat at 41.0% in the second quarter of 2024, compared to the first
quarter of 2024. Our non-GAAP operating expenses were
$81.7 million in the second quarter of 2024, compared to
$82.6 million in the first quarter of 2024. Our non-GAAP
operating income was $61.1 million in the second quarter of
2024, compared to $39.0 million in the first quarter of
2024.
We exited the second quarter of 2024 with
$1.65 billion in cash, cash equivalents, and marketable
securities and generated $127.0 million in cash flow from
operations in the second quarter of 2024. Our capital expenditures
were $9.6 million in the second quarter of 2024, compared to
$7.4 million in the first quarter of 2024.
In the second quarter of 2024, we repurchased
891,896 shares of our common stock at an average price of $112.02
per share for a total of approximately $99.9 million. We also
spent approximately $7.5 million dollars by withholding shares to
cover taxes for employee stock vesting and options in the second
quarter of 2024 that reduced the diluted shares by 66,126
shares.
We shipped 120.2 megawatt hours of IQ Batteries
in the second quarter of 2024, compared to 75.5 megawatt hours in
the first quarter of 2024. We saw higher battery attach rates in
California in the second quarter of 2024 driven by the increasing
adoption of NEM 3.0. We are now shipping our third generation of IQ
Batteries, the IQ® Battery 5P™, to the United States, Mexico,
Canada, Puerto Rico, Australia, the United Kingdom, Italy, France,
the Netherlands, and Luxembourg. More than 7,400 installers
worldwide are certified to install our IQ Batteries, compared to
more than 4,900 installers worldwide in the first quarter of
2024.
We showcased several new product innovations at
Intersolar Europe in June 2024, including the IQ Battery 5P with
FlexPhase backup, the IQ® Balcony Solar Kit solution, and the IQ®
EV charger. We expect to introduce these products into select
European markets later this year. We also introduced our AI-based
IQ® Energy Management software to manage dynamic electricity rates
in the Netherlands and Belgium that can maximize savings for
homeowners. We also recently launched Solargraf®, our design and
proposal software platform, in the Netherlands. Solargraf is now
available to residential and commercial installers in the United
States, Canada, Brazil, Germany, Austria, and the Netherlands.
The Inflation Reduction Act (IRA) has enabled us
to manufacture in the United States, supporting jobs and advancing
the country's renewable energy economy. During the second quarter
of 2024, we shipped approximately 574,000 microinverters from our
contract manufacturing facilities in the United States that we
booked for 45X production tax credits.
We recently started shipping our IQ8™ Commercial
Microinverters from our contract manufacturing facility in Texas.
The IQ8P-3P™ Commercial three-phase Microinverters are designed to
support 208 V small commercial buildings and are compatible with a
wide range of solar panels up to 640 W.
BUSINESS HIGHLIGHTS
On July 18, 2024, Enphase Energy announced that
it started shipping the IQ Battery 5P and IQ8 Microinverters to
customers in Luxembourg.
On July 15, 2024, Enphase Energy announced the
launch of the CS-100 EV Charger, its most powerful EV charger to
date, for customers with commercial fleet EVs in the United
States.
On July 11, 2024, Enphase Energy announced
residential and commercial products that could qualify for the
Domestic Content Bonus Tax Credit. This tax credit, part of the
IRA, encourages manufacturing and clean energy projects in the
United States. It is only available to commercial asset owners,
which includes commercial businesses adding solar and PPA/lease
providers who own residential solar projects.
On May 30, 2024, Enphase Energy announced
expanded deployments of its NEM 3.0 product solution with the
Enphase Energy System, powered by IQ8 Microinverters, IQ Batteries,
and advanced software, with installers across California.
On May 21, 2024, Enphase Energy announced that
it entered the solar market in Finland with the introduction of IQ8
Microinverters, with peak output AC power of up to 384 W.
On May 15, 2024, Enphase Energy released its 2023 Environmental,
Social, and Governance (ESG) Report, which provides an update on
Enphase ESG policies, initiatives, and performance.
THIRD QUARTER 2024 FINANCIAL
OUTLOOK
For the third quarter of 2024, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
-
Revenue to be within a range of $370.0 million to $410.0 million,
which includes shipments of 160 to 180 megawatt hours of IQ
Batteries
-
GAAP gross margin to be within a range of 45.0% to 48.0% with net
IRA benefit
-
Non-GAAP gross margin to be within a range of 47.0% to 50.0% with
net IRA benefit and 39.0% to 42.0% excluding net IRA benefit.
Non-GAAP gross margin excludes stock-based compensation expense and
acquisition related amortization
-
Net IRA benefit to be within a range of $30.0 million to $33.0
million based on estimated shipments of 1,100,000 units of U.S.
manufactured microinverters
-
GAAP operating expenses to be within a range of $138.0 million to
$142.0 million
-
Non-GAAP operating expenses to be within a range of $79.0 million
to $83.0 million, excluding $59.0 million estimated for stock-based
compensation expense, acquisition related amortization and
restructuring
For 2024, GAAP and non-GAAP annualized effective
tax rate with IRA benefit, excluding discrete items, is expected to
be within a range of 17.0% to 19.0%.
Follow Enphase Online
-
Read the Enphase blog.
-
Follow @Enphase on X (formerly Twitter).
-
Visit us on Facebook and LinkedIn.
-
Watch Enphase videos on YouTube.
Use of non-GAAP Financial
Measures
Enphase Energy has presented certain non-GAAP
financial measures in this press release. Generally, a non-GAAP
financial measure is a numerical measure of a company’s
performance, financial position, or cash flows that either exclude
or include amounts that are not normally excluded or included in
the most directly comparable measure calculated and presented in
accordance with generally accepted accounting principles in the
United States (GAAP). Reconciliation of each non-GAAP financial
measure to the most directly comparable GAAP financial measure can
be found in the accompanying tables to this press release. Non-GAAP
financial measures presented by Enphase Energy include non-GAAP
gross profit, gross margin, operating expenses, income from
operations, net income, net income per share (basic and diluted),
net IRA benefit, and free cash flow.
These non-GAAP financial measures do not reflect
a comprehensive system of accounting, differ from GAAP measures
with the same captions and may differ from non-GAAP financial
measures with the same or similar captions that are used by other
companies. In addition, these non-GAAP measures have limitations in
that they do not reflect all of the amounts associated with Enphase
Energy’s results of operations as determined in accordance with
GAAP. As such, these non-GAAP measures should be considered as a
supplement to, and not as a substitute for, or superior to,
financial measures calculated in accordance with GAAP. Enphase
Energy uses these non-GAAP financial measures to analyze its
operating performance and future prospects, develop internal
budgets and financial goals, and to facilitate period-to-period
comparisons. Enphase Energy believes that these non-GAAP financial
measures reflect an additional way of viewing aspects of its
operations that, when viewed with its GAAP results, provide a more
complete understanding of factors and trends affecting its
business.
As presented in the “Reconciliation of Non-GAAP
Financial Measures” tables below, each of the non-GAAP financial
measures excludes one or more of the following items for purposes
of calculating non-GAAP financial measures to facilitate an
evaluation of Enphase Energy’s current operating performance and a
comparison to its past operating performance:
Stock-based compensation expense. Enphase Energy
excludes stock-based compensation expense from its non-GAAP
measures primarily because they are non-cash in nature. Moreover,
the impact of this expense is significantly affected by Enphase
Energy’s stock price at the time of an award over which management
has limited to no control.
Acquisition related expenses and amortization.
This item represents expenses incurred related to Enphase Energy’s
business acquisitions, which are non-recurring in nature, and
amortization of acquired intangible assets, which is a non-cash
expense. Acquisition related expenses and amortization of acquired
intangible assets are not reflective of Enphase Energy’s ongoing
financial performance.
Restructuring and asset impairment charges.
Enphase Energy excludes restructuring and asset impairment charges
due to the nature of the expenses being unusual and arising outside
the ordinary course of continuing operations. These costs primarily
consist of fees paid for cash-based severance costs and asset
write-downs of property and equipment and acquired intangible
assets, and other contract termination costs resulting from
restructuring initiatives.
Non-cash interest expense. This item consists
primarily of amortization of debt issuance costs and accretion of
debt discount because these expenses do not represent a cash
outflow for Enphase Energy except in the period the financing was
secured and such amortization expense is not reflective of Enphase
Energy’s ongoing financial performance.
Non-GAAP income tax adjustment. This item
represents the amount adjusted to Enphase Energy’s GAAP tax
provision or benefit to exclude the income tax effects of GAAP
adjustments such as stock-based compensation, amortization of
purchased intangibles, and other non-recurring items that are not
reflective of Enphase Energy ongoing financial performance.
Non-GAAP net income per share, diluted. Enphase
Energy excludes the dilutive effect of in-the-money portion of
convertible senior notes as they are covered by convertible note
hedge transactions that reduce potential dilution to our common
stock upon conversion of the Notes due 2025, Notes due 2026, and
Notes due 2028, and includes the dilutive effect of employee’s
stock-based awards and the dilutive effect of warrants. Enphase
Energy believes these adjustments provide useful supplemental
information to the ongoing financial performance.
Net IRA benefit. This item represents the
advanced manufacturing production tax credit (AMPTC) from the IRA
for manufacturing microinverters in the United States, partially
offset by the incremental manufacturing cost incurred in the United
States relative to manufacturing in Mexico, India, and China. The
AMPTC is accounted for by Enphase Energy as an income-based
government grants that reduces cost of revenues in the consolidated
statements of operations.
Free cash flow. This item represents net cash
flows from operating activities less purchases of property and
equipment.
Conference Call Information
Enphase Energy will host a conference call for
analysts and investors to discuss its second quarter 2024 results
and third quarter 2024 business outlook today at 4:30 p.m. Eastern
Time (1:30 p.m. Pacific Time). The call is open to the public by
dialing (833) 634-5018. A live webcast of the conference call will
also be accessible from the “Investor Relations” section of Enphase
Energy’s website at https://investor.enphase.com. Following the
webcast, an archived version will be available on the website for
approximately one year. In addition, an audio replay of the
conference call will be available by calling (877) 344-7529;
replay access code 9131915, beginning approximately one hour after
the call.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements related to Enphase Energy’s
expectations as to its third quarter of 2024 financial outlook,
including revenue, shipments of IQ Batteries by megawatt hours,
gross margin with net IRA benefit and excluding net IRA benefit,
estimated shipments of U.S. manufactured microinverters, operating
expenses, and annualized effective tax rate with IRA benefit; its
expectations regarding the expected net IRA benefit; its
expectations on the timing of the introduction of new products into
new countries; its expectations regarding the Domestic Content
Bonus Tax Credit; and the capabilities, advantages, features, and
performance of its technology and products. These forward-looking
statements are based on Enphase Energy’s current expectations and
inherently involve significant risks and uncertainties. Enphase
Energy’s actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of certain risks and uncertainties including
those risks described in more detail in its most recently filed
Annual Report on Form 10-K and other documents on file with the SEC
from time to time and available on the SEC’s website at
www.sec.gov. Enphase Energy undertakes no duty or obligation to
update any forward-looking statements contained in this release as
a result of new information, future events or changes in its
expectations, except as required by law.
A copy of this press release can be found on the
investor relations page of Enphase Energy’s website at
https://investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology
company based in Fremont, CA, is the world's leading supplier of
microinverter-based solar and battery systems that enable people to
harness the sun to make, use, save, and sell their own power—and
control it all with a smart mobile app. The company revolutionized
the solar industry with its microinverter-based technology and
builds all-in-one solar, battery, and software solutions. Enphase
has shipped approximately 76.3 million microinverters, and
over 4.3 million Enphase-based systems have been deployed
in more than 150 countries. For more information, visit
https://enphase.com/.
© 2024 Enphase Energy, Inc. All rights reserved.
Enphase Energy, Enphase, the “e” logo, IQ, IQ8, Solargraf, and
certain other marks listed at
https://enphase.com/trademark-usage-guidelines are trademarks or
service marks of Enphase Energy, Inc. Other names are for
informational purposes and may be trademarks of their respective
owners.
Contact:
Zach FreedmanEnphase Energy, Inc.Investor
Relationsir@enphaseenergy.com
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
Three Months Ended |
Six Months Ended |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
Net revenues |
$ |
303,458 |
|
|
$ |
263,339 |
|
|
$ |
711,118 |
|
|
$ |
566,797 |
|
|
$ |
1,437,134 |
|
Cost of revenues |
|
166,292 |
|
|
|
147,831 |
|
|
|
387,776 |
|
|
|
314,123 |
|
|
|
787,421 |
|
Gross profit |
|
137,166 |
|
|
|
115,508 |
|
|
|
323,342 |
|
|
|
252,674 |
|
|
|
649,713 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
48,871 |
|
|
|
54,211 |
|
|
|
60,043 |
|
|
|
103,082 |
|
|
|
117,172 |
|
Sales and marketing |
|
51,775 |
|
|
|
53,307 |
|
|
|
58,405 |
|
|
|
105,082 |
|
|
|
123,026 |
|
General and administrative |
|
33,550 |
|
|
|
35,182 |
|
|
|
34,397 |
|
|
|
68,732 |
|
|
|
70,662 |
|
Restructuring and asset impairment charges |
|
1,171 |
|
|
|
1,907 |
|
|
|
177 |
|
|
|
3,078 |
|
|
|
870 |
|
Total operating expenses |
|
135,367 |
|
|
|
144,607 |
|
|
|
153,022 |
|
|
|
279,974 |
|
|
|
311,730 |
|
Income (loss) from
operations |
|
1,799 |
|
|
|
(29,099 |
) |
|
|
170,320 |
|
|
|
(27,300 |
) |
|
|
337,983 |
|
Other income, net |
|
|
|
|
|
|
|
|
|
Interest income |
|
19,203 |
|
|
|
19,709 |
|
|
|
16,526 |
|
|
|
38,912 |
|
|
|
29,566 |
|
Interest expense |
|
(2,220 |
) |
|
|
(2,196 |
) |
|
|
(2,219 |
) |
|
|
(4,416 |
) |
|
|
(4,375 |
) |
Other income (expense), net |
|
(7,566 |
) |
|
|
87 |
|
|
|
(33 |
) |
|
|
(7,479 |
) |
|
|
393 |
|
Total other income, net |
|
9,417 |
|
|
|
17,600 |
|
|
|
14,274 |
|
|
|
27,017 |
|
|
|
25,584 |
|
Income (loss) before income
taxes |
|
11,216 |
|
|
|
(11,499 |
) |
|
|
184,594 |
|
|
|
(283 |
) |
|
|
363,567 |
|
Income tax provision |
|
(383 |
) |
|
|
(4,598 |
) |
|
|
(27,403 |
) |
|
|
(4,981 |
) |
|
|
(59,503 |
) |
Net income (loss) |
$ |
10,833 |
|
|
$ |
(16,097 |
) |
|
$ |
157,191 |
|
|
$ |
(5,264 |
) |
|
$ |
304,064 |
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.08 |
|
|
$ |
(0.12 |
) |
|
$ |
1.15 |
|
|
$ |
(0.04 |
) |
|
$ |
2.23 |
|
Diluted |
$ |
0.08 |
|
|
$ |
(0.12 |
) |
|
$ |
1.09 |
|
|
$ |
(0.04 |
) |
|
$ |
2.11 |
|
Shares used in per share
calculation: |
|
|
|
|
|
|
|
|
|
Basic |
|
135,646 |
|
|
|
135,891 |
|
|
|
136,607 |
|
|
|
135,768 |
|
|
|
136,650 |
|
Diluted |
|
136,123 |
|
|
|
135,891 |
|
|
|
145,098 |
|
|
|
135,768 |
|
|
|
145,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
June 30, 2024 |
|
December 31, 2023 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
252,102 |
|
$ |
288,748 |
Marketable securities |
|
1,394,302 |
|
|
1,406,286 |
Accounts receivable, net |
|
277,475 |
|
|
445,959 |
Inventory |
|
176,068 |
|
|
213,595 |
Prepaid expenses and other assets |
|
141,702 |
|
|
88,930 |
Total current assets |
|
2,241,649 |
|
|
2,443,518 |
Property and equipment,
net |
|
152,070 |
|
|
168,244 |
Operating lease, right of use
asset, net |
|
19,394 |
|
|
19,887 |
Intangible assets, net |
|
56,715 |
|
|
68,536 |
Goodwill |
|
213,239 |
|
|
214,562 |
Other assets |
|
204,202 |
|
|
215,895 |
Deferred tax assets, net |
|
279,307 |
|
|
252,370 |
Total assets |
$ |
3,166,576 |
|
$ |
3,383,012 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
79,646 |
|
$ |
116,164 |
Accrued liabilities |
|
197,556 |
|
|
261,919 |
Deferred revenues, current |
|
123,577 |
|
|
118,300 |
Warranty obligations, current |
|
30,261 |
|
|
36,066 |
Debt, current |
|
98,592 |
|
|
— |
Total current liabilities |
|
529,632 |
|
|
532,449 |
Long-term liabilities: |
|
|
|
Deferred revenues, non-current |
|
353,199 |
|
|
369,172 |
Warranty obligations, non-current |
|
146,918 |
|
|
153,021 |
Other liabilities |
|
52,872 |
|
|
51,008 |
Debt, non-current |
|
1,199,432 |
|
|
1,293,738 |
Total liabilities |
|
2,282,053 |
|
|
2,399,388 |
Total stockholders’ equity |
|
884,523 |
|
|
983,624 |
Total liabilities and
stockholders’ equity |
$ |
3,166,576 |
|
$ |
3,383,012 |
|
|
|
|
|
|
ENPHASE ENERGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
10,833 |
|
|
$ |
(16,097 |
) |
|
$ |
157,191 |
|
|
$ |
(5,264 |
) |
|
$ |
304,064 |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
20,484 |
|
|
|
20,137 |
|
|
|
17,828 |
|
|
|
40,621 |
|
|
|
34,419 |
|
Net amortization (accretion) of premium (discount) on marketable
securities |
|
(1,030 |
) |
|
|
2,825 |
|
|
|
(10,157 |
) |
|
|
1,795 |
|
|
|
(17,705 |
) |
Provision (benefit) for doubtful accounts |
|
1,897 |
|
|
|
(130 |
) |
|
|
449 |
|
|
|
1,767 |
|
|
|
629 |
|
Asset impairment |
|
6,241 |
|
|
|
332 |
|
|
|
— |
|
|
|
6,573 |
|
|
|
— |
|
Non-cash interest expense |
|
2,157 |
|
|
|
2,132 |
|
|
|
2,106 |
|
|
|
4,289 |
|
|
|
4,140 |
|
Net loss (gain) from change in fair value of debt securities |
|
1,931 |
|
|
|
(942 |
) |
|
|
(1,754 |
) |
|
|
989 |
|
|
|
(3,498 |
) |
Stock-based compensation |
|
52,757 |
|
|
|
60,833 |
|
|
|
54,166 |
|
|
|
113,590 |
|
|
|
113,821 |
|
Deferred income taxes |
|
(14,076 |
) |
|
|
(8,292 |
) |
|
|
(10,615 |
) |
|
|
(22,368 |
) |
|
|
(26,796 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
82,183 |
|
|
|
77,359 |
|
|
|
(3,968 |
) |
|
|
159,542 |
|
|
|
(83,497 |
) |
Inventory |
|
31,825 |
|
|
|
5,702 |
|
|
|
(15,548 |
) |
|
|
37,527 |
|
|
|
(16,403 |
) |
Prepaid expenses and other assets |
|
(42,810 |
) |
|
|
(10,897 |
) |
|
|
(20,536 |
) |
|
|
(53,707 |
) |
|
|
(41,993 |
) |
Accounts payable, accrued and other liabilities |
|
(23,944 |
) |
|
|
(66,284 |
) |
|
|
24,685 |
|
|
|
(90,228 |
) |
|
|
107,225 |
|
Warranty obligations |
|
15 |
|
|
|
(11,923 |
) |
|
|
34,681 |
|
|
|
(11,908 |
) |
|
|
49,269 |
|
Deferred revenues |
|
(1,401 |
) |
|
|
(5,554 |
) |
|
|
40,715 |
|
|
|
(6,955 |
) |
|
|
91,800 |
|
Net cash provided by operating activities |
|
127,062 |
|
|
|
49,201 |
|
|
|
269,243 |
|
|
|
176,263 |
|
|
|
515,475 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(9,636 |
) |
|
|
(7,371 |
) |
|
|
(44,002 |
) |
|
|
(17,007 |
) |
|
|
(66,478 |
) |
Purchases of marketable securities |
|
(300,053 |
) |
|
|
(472,268 |
) |
|
|
(577,521 |
) |
|
|
(772,321 |
) |
|
|
(1,272,908 |
) |
Maturities and sale of marketable securities |
|
282,063 |
|
|
|
497,373 |
|
|
|
557,471 |
|
|
|
779,436 |
|
|
|
911,804 |
|
Net cash provided by (used in) investing activities |
|
(27,626 |
) |
|
|
17,734 |
|
|
|
(64,052 |
) |
|
|
(9,892 |
) |
|
|
(427,582 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Partial settlement of convertible notes |
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
Repurchase of common stock |
|
(99,908 |
) |
|
|
(41,996 |
) |
|
|
(200,000 |
) |
|
|
(141,904 |
) |
|
|
(200,000 |
) |
Proceeds from issuance of common stock under employee equity
plans |
|
6,769 |
|
|
|
1,186 |
|
|
|
556 |
|
|
|
7,955 |
|
|
|
596 |
|
Payment of withholding taxes related to net share settlement of
equity awards |
|
(7,473 |
) |
|
|
(60,042 |
) |
|
|
(12,790 |
) |
|
|
(67,515 |
) |
|
|
(84,635 |
) |
Net cash used in financing activities |
|
(100,612 |
) |
|
|
(100,854 |
) |
|
|
(212,234 |
) |
|
|
(201,466 |
) |
|
|
(284,039 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(374 |
) |
|
|
(1,177 |
) |
|
|
(326 |
) |
|
|
(1,551 |
) |
|
|
1,578 |
|
Net decrease in cash and cash equivalents |
|
(1,550 |
) |
|
|
(35,096 |
) |
|
|
(7,369 |
) |
|
|
(36,646 |
) |
|
|
(194,568 |
) |
Cash and cash equivalents—Beginning of period |
|
253,652 |
|
|
|
288,748 |
|
|
|
286,045 |
|
|
|
288,748 |
|
|
|
473,244 |
|
Cash and cash equivalents —End of period |
$ |
252,102 |
|
|
$ |
253,652 |
|
|
$ |
278,676 |
|
|
$ |
252,102 |
|
|
$ |
278,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENPHASE ENERGY, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(In thousands, except per share data and
percentages) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
Gross profit (GAAP) |
$ |
137,166 |
|
|
$ |
115,508 |
|
|
$ |
323,342 |
|
|
$ |
252,674 |
|
|
$ |
649,713 |
|
Stock-based compensation |
|
3,730 |
|
|
|
4,182 |
|
|
|
3,398 |
|
|
|
7,912 |
|
|
|
7,067 |
|
Acquisition related amortization |
|
1,890 |
|
|
|
1,891 |
|
|
|
1,890 |
|
|
|
3,781 |
|
|
|
3,787 |
|
Gross profit
(Non-GAAP) |
$ |
142,786 |
|
|
$ |
121,581 |
|
|
$ |
328,630 |
|
|
$ |
264,367 |
|
|
$ |
660,567 |
|
|
|
|
|
|
|
|
|
|
|
Gross margin
(GAAP) |
|
45.2 |
% |
|
|
43.9 |
% |
|
|
45.5 |
% |
|
|
44.6 |
% |
|
|
45.2 |
% |
Stock-based compensation |
|
1.3 |
|
|
|
1.6 |
|
|
|
0.5 |
|
|
|
1.3 |
|
|
|
0.5 |
|
Acquisition related amortization |
|
0.6 |
|
|
|
0.7 |
|
|
|
0.2 |
|
|
|
0.7 |
|
|
|
0.3 |
|
Gross margin
(Non-GAAP) |
|
47.1 |
% |
|
|
46.2 |
% |
|
|
46.2 |
% |
|
|
46.6 |
% |
|
|
46.0 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
135,367 |
|
|
$ |
144,607 |
|
|
$ |
153,022 |
|
|
$ |
279,974 |
|
|
$ |
311,730 |
|
Stock-based compensation (1) |
|
(49,027 |
) |
|
|
(56,651 |
) |
|
|
(50,768 |
) |
|
|
(105,678 |
) |
|
|
(106,754 |
) |
Acquisition related expenses and amortization |
|
(3,463 |
) |
|
|
(3,462 |
) |
|
|
(3,884 |
) |
|
|
(6,925 |
) |
|
|
(7,538 |
) |
Restructuring and asset impairment charges |
|
(1,171 |
) |
|
|
(1,907 |
) |
|
|
(208 |
) |
|
|
(3,078 |
) |
|
|
(901 |
) |
Operating expenses
(Non-GAAP) |
$ |
81,706 |
|
|
$ |
82,587 |
|
|
$ |
98,162 |
|
|
$ |
164,293 |
|
|
$ |
196,537 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows: |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
20,210 |
|
|
$ |
24,550 |
|
|
$ |
23,765 |
|
|
$ |
44,760 |
|
|
$ |
45,243 |
|
Sales and marketing |
|
16,784 |
|
|
|
18,178 |
|
|
|
14,515 |
|
|
|
34,962 |
|
|
|
35,934 |
|
General and administrative |
|
12,033 |
|
|
|
13,923 |
|
|
|
12,488 |
|
|
|
25,956 |
|
|
|
25,577 |
|
Total |
$ |
49,027 |
|
|
$ |
56,651 |
|
|
$ |
50,768 |
|
|
$ |
105,678 |
|
|
$ |
106,754 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations (GAAP) |
$ |
1,799 |
|
|
$ |
(29,099 |
) |
|
$ |
170,320 |
|
|
$ |
(27,300 |
) |
|
$ |
337,983 |
|
Stock-based compensation |
|
52,757 |
|
|
|
60,833 |
|
|
|
54,166 |
|
|
|
113,590 |
|
|
|
113,821 |
|
Acquisition related expenses and amortization |
|
5,353 |
|
|
|
5,353 |
|
|
|
5,774 |
|
|
|
10,706 |
|
|
|
11,325 |
|
Restructuring and asset impairment charges |
|
1,171 |
|
|
|
1,907 |
|
|
|
208 |
|
|
|
3,078 |
|
|
|
901 |
|
Income from operations
(Non-GAAP) |
$ |
61,080 |
|
|
$ |
38,994 |
|
|
$ |
230,468 |
|
|
$ |
100,074 |
|
|
$ |
464,030 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(GAAP) |
$ |
10,833 |
|
|
$ |
(16,097 |
) |
|
$ |
157,191 |
|
|
$ |
(5,264 |
) |
|
$ |
304,064 |
|
Stock-based compensation |
|
52,757 |
|
|
|
60,833 |
|
|
|
54,166 |
|
|
|
113,590 |
|
|
|
113,821 |
|
Acquisition related expenses and amortization |
|
5,353 |
|
|
|
5,353 |
|
|
|
5,774 |
|
|
|
10,706 |
|
|
|
11,325 |
|
Restructuring and asset impairment charges |
|
1,171 |
|
|
|
1,907 |
|
|
|
208 |
|
|
|
3,078 |
|
|
|
901 |
|
Non-cash interest expense |
|
2,157 |
|
|
|
2,132 |
|
|
|
2,106 |
|
|
|
4,289 |
|
|
|
4,140 |
|
Non-GAAP income tax adjustment |
|
(13,447 |
) |
|
|
(6,172 |
) |
|
|
(13,846 |
) |
|
|
(19,619 |
) |
|
|
(36,333 |
) |
Net income
(Non-GAAP) |
$ |
58,824 |
|
|
$ |
47,956 |
|
|
$ |
205,599 |
|
|
$ |
106,780 |
|
|
$ |
397,918 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share, basic (GAAP) |
$ |
0.08 |
|
|
$ |
(0.12 |
) |
|
$ |
1.15 |
|
|
$ |
(0.04 |
) |
|
$ |
2.23 |
|
Stock-based compensation |
|
0.39 |
|
|
|
0.45 |
|
|
|
0.40 |
|
|
|
0.84 |
|
|
|
0.83 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.08 |
|
|
|
0.08 |
|
Restructuring and asset impairment charges |
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Non-GAAP income tax adjustment |
|
(0.11 |
) |
|
|
(0.05 |
) |
|
|
(0.10 |
) |
|
|
(0.14 |
) |
|
|
(0.27 |
) |
Net income per share,
basic (Non-GAAP) |
$ |
0.43 |
|
|
$ |
0.35 |
|
|
$ |
1.51 |
|
|
$ |
0.79 |
|
|
$ |
2.91 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic per share calculation GAAP and Non-GAAP |
|
135,646 |
|
|
|
135,891 |
|
|
|
136,607 |
|
|
|
135,768 |
|
|
|
136,650 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share, diluted (GAAP) |
$ |
0.08 |
|
|
$ |
(0.12 |
) |
|
$ |
1.09 |
|
|
$ |
(0.04 |
) |
|
$ |
2.11 |
|
Stock-based compensation |
|
0.38 |
|
|
|
0.44 |
|
|
|
0.39 |
|
|
|
0.84 |
|
|
|
0.81 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.08 |
|
|
|
0.08 |
|
Restructuring and asset impairment charges |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Non-GAAP income tax adjustment |
|
(0.10 |
) |
|
|
(0.04 |
) |
|
|
(0.09 |
) |
|
|
(0.15 |
) |
|
|
(0.20 |
) |
Net income per share,
diluted (Non-GAAP) (2) |
$ |
0.43 |
|
|
$ |
0.35 |
|
|
$ |
1.47 |
|
|
$ |
0.78 |
|
|
$ |
2.84 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted per share calculation GAAP |
|
136,123 |
|
|
|
135,891 |
|
|
|
145,098 |
|
|
|
135,768 |
|
|
|
145,608 |
|
Shares used in diluted per share calculation Non-GAAP |
|
136,123 |
|
|
|
136,730 |
|
|
|
139,770 |
|
|
|
136,439 |
|
|
|
140,280 |
|
|
|
|
|
|
|
|
|
|
|
Income-based
government grants (GAAP) |
$ |
24,329 |
|
|
$ |
18,617 |
|
|
$ |
2,050 |
|
|
$ |
42,946 |
|
|
$ |
2,050 |
|
Incremental cost for manufacturing in U.S. |
|
(5,950 |
) |
|
|
(4,882 |
) |
|
|
(405 |
) |
|
|
(10,832 |
) |
|
|
(405 |
) |
Net IRA benefit
(Non-GAAP) |
$ |
18,379 |
|
|
$ |
13,735 |
|
|
$ |
1,645 |
|
|
$ |
32,114 |
|
|
$ |
1,645 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP) |
$ |
127,062 |
|
|
$ |
49,201 |
|
|
$ |
269,243 |
|
|
$ |
176,263 |
|
|
$ |
515,475 |
|
Purchases of property and equipment |
|
(9,636 |
) |
|
|
(7,371 |
) |
|
|
(44,002 |
) |
|
|
(17,007 |
) |
|
|
(66,478 |
) |
Free cash flow
(Non-GAAP) |
$ |
117,426 |
|
|
$ |
41,830 |
|
|
$ |
225,241 |
|
|
$ |
159,256 |
|
|
$ |
448,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Calculation of non-GAAP diluted net income
per share for the three and six months ended June 30, 2023
excludes convertible Notes due 2023 interest expense, net of tax of
less than $0.1 million from non-GAAP net income.
Grafico Azioni Enphase Energy (NASDAQ:ENPH)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Enphase Energy (NASDAQ:ENPH)
Storico
Da Set 2023 a Set 2024