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 first quarter of 2024, which included the summary below
from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of
$263.3 million in the first quarter of 2024, along with 46.2%
for non-GAAP gross margin. We shipped 1,382,195 microinverters, or
approximately 603.6 megawatts DC, and 75.5 megawatt hours of
IQ® Batteries.
Financial highlights for the first quarter of 2024 are listed
below:
- Quarterly revenue
of $263.3 million
- GAAP gross margin
of 43.9%; non-GAAP gross margin of 46.2% with net IRA benefit
- Non-GAAP gross
margin of 41.0%, excluding net IRA benefit of 5.2%
- GAAP operating loss
of $29.1 million; non-GAAP operating income of
$39.0 million, which excludes $60.8 million of stock-based
compensation and $7.3 million for amortization of intangible assets
and restructuring
- GAAP net loss of $16.1 million;
non-GAAP net income of $48.0 million
- GAAP diluted loss
per share of $0.12; non-GAAP diluted earnings per share of
$0.35
- Free cash flow of
$41.8 million; ending cash, cash equivalents, and marketable
securities of $1.63 billion
Our revenue and earnings for the first quarter
of 2024 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage
data)
|
GAAP |
|
Non-GAAP |
|
Q1 2024 |
|
Q4 2023 |
|
Q1 2023 |
|
Q1 2024 |
|
Q4 2023 |
|
Q1 2023 |
Revenue |
$ |
263,339 |
|
|
$ |
302,570 |
|
|
$ |
726,016 |
|
|
$ |
263,339 |
|
|
$ |
302,570 |
|
|
$ |
726,016 |
|
Gross margin |
|
43.9 |
% |
|
|
48.5 |
% |
|
|
45.0 |
% |
|
|
46.2 |
% |
|
|
50.3 |
% |
|
|
45.7 |
% |
Operating expenses |
$ |
144,607 |
|
|
$ |
156,893 |
|
|
$ |
158,708 |
|
|
$ |
82,587 |
|
|
$ |
86,551 |
|
|
$ |
98,375 |
|
Operating income (loss) |
$ |
(29,099 |
) |
|
$ |
(10,231 |
) |
|
$ |
167,663 |
|
|
$ |
38,994 |
|
|
$ |
65,587 |
|
|
$ |
233,562 |
|
Net income (loss) |
$ |
(16,097 |
) |
|
$ |
20,919 |
|
|
$ |
146,873 |
|
|
$ |
47,956 |
|
|
$ |
73,474 |
|
|
$ |
192,319 |
|
Basic EPS |
$ |
(0.12 |
) |
|
$ |
0.15 |
|
|
$ |
1.07 |
|
|
$ |
0.35 |
|
|
$ |
0.54 |
|
|
$ |
1.41 |
|
Diluted EPS |
$ |
(0.12 |
) |
|
$ |
0.15 |
|
|
$ |
1.02 |
|
|
$ |
0.35 |
|
|
$ |
0.54 |
|
|
$ |
1.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue for the first quarter of 2024 was
$263.3 million, compared to $302.6 million in the fourth
quarter of 2023. Our revenue in the United States for the first
quarter of 2024 decreased approximately 34%, compared to the fourth
quarter of 2023. Our revenue in Europe increased approximately 70%,
compared to the fourth quarter of 2023. The decline in revenue for
the first quarter of 2024 compared to the fourth quarter of 2023
was the result of seasonality and a further softening in U.S.
demand, while we continued to reduce shipments to manage channel
inventory.
Our non-GAAP gross margin was 46.2% in the first
quarter of 2024, compared to 50.3% in the fourth quarter of 2023,
primarily driven by lower net IRA benefit. Our non-GAAP gross
margin, excluding net IRA benefit, was 41.0% in the first quarter
of 2024, compared to 41.8% in the fourth quarter of 2023, primarily
driven by lower volume. Our non-GAAP operating expenses were
$82.6 million in the first quarter of 2024, compared to
$86.6 million in the fourth quarter of 2023. Our non-GAAP
operating income was $39.0 million in the first quarter of
2024, compared to $65.6 million in the fourth quarter of
2023.
We exited the first quarter of 2024 with
$1.63 billion in cash, cash equivalents, and marketable
securities and generated $49.2 million in cash flow from operations
in the first quarter of 2024. Our capital expenditures were $7.4
million in the first quarter of 2024, compared to
$20.1 million in the fourth quarter of 2023. Capital
expenditure requirements decreased due to a reduction in our U.S.
manufacturing spending.
In the first quarter of 2024, we repurchased
332,735 shares of our common stock at an average price of $126.21
per share for a total of approximately $42.0 million. We also
spent approximately $60.0 million dollars by withholding shares to
cover taxes for employee stock vesting and options in the first
quarter of 2024 that reduced the diluted shares by 480,735
shares.
We are now shipping IQ8P™ Microinverters with
peak output AC power of 480 W for the small-commercial market in
North America, and grid-tied residential applications in South
Africa, Mexico, Brazil, India, Thailand, the Philippines, France,
and Spain. We currently ship IQ8™ Microinverters into 24 countries
worldwide.
We shipped 75.5 megawatt hours of IQ Batteries
in the first quarter of 2024. We now ship our third generation of
IQ Batteries, the IQ® Battery 5P™, to the United States, Puerto
Rico, Australia, the United Kingdom, and Italy. More than 4,900
installers worldwide are certified to install our IQ Batteries.
During the first quarter of 2024, we shipped
approximately 506,000 microinverters from our contract
manufacturing facilities in the United States that qualified for
45X production tax credits. Once fully ramped, we expect to have a
global capacity of approximately 7.25 million microinverter units
per quarter, of which 5 million units of capacity will be in the
United States.
BUSINESS HIGHLIGHTS
On April 22, 2024, Enphase Energy announced a
new strategic relationship with Octopus Energy Group, a global
energy and tech company, focused on deploying Enphase IQ8
Microinverters and IQ Battery 5P in the United Kingdom.
On April 18, 2024, Enphase Energy announced the
launch of the IQ® Combiner Lite in the Netherlands to simplify
installation and commissioning of small-scale solar installations
on homes categorized as “social housing,” where rent is capped by
the Dutch government to increase accessibility for people with low
incomes.
On April 11, 2024, Enphase Energy announced the
launch of Enphase Power Control software that can integrate with
the Enphase® Energy System™ in North America, enabling Enphase
Power Control to dynamically control the power produced by an
Enphase Energy System.
On April 2, 2024, Enphase Energy announced that
it started shipping IQ8P Microinverters, with a peak output AC
power of 480 W, in France and Spain to support newer, high-powered
solar modules.
On March 28, 2024, Enphase Energy announced that
it started shipping IQ8P Microinverters, with a peak output AC
power of 480 W, in Thailand and the Philippines to support newer,
high-powered solar modules.
On March 7, 2024, Enphase Energy announced an
expanded strategic relationship with Semper Solaris focused on
deploying Enphase’s IQ8 Microinverters and the IQ Battery
5P.
On Feb. 26, 2024, Enphase Energy announced that
it started shipping the IQ Battery 5P and IQ8 Microinverters, to
customers in Italy.
On Feb. 20, 2024, Enphase Energy announced key
improvements and new features for Solargraf®, its cloud-based
design, proposal, and permitting software platform which is used by
solar installers to create system proposals and design documents
for residential and commercial customers.
On Feb. 14, 2024, Enphase Energy applauded
the Dutch Senate’s decision on Feb. 13, 2024 to
provide certainty for the solar energy market in the
Netherlands by rejecting a bill that would have phased out net
energy metering (NEM).
SECOND QUARTER 2024 FINANCIAL
OUTLOOK
For the second quarter of 2024, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
-
Revenue to be within a range of $290.0 million to $330.0 million,
which includes shipments of 100 to 120 megawatt hours of IQ
Batteries
-
GAAP gross margin to be within a range of 42.0% to 45.0% with net
IRA benefit
-
Non-GAAP gross margin to be within a range of 44.0% to 47.0% 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 $14.0 million to $17.0
million based on estimated shipments of 500,000 units of U.S.
manufactured microinverters
-
GAAP operating expenses to be within a range of $134.0 million to
$138.0 million
-
Non-GAAP operating expenses to be within a range of $78.0 million
to $82.0 million, excluding $56.0 million estimated for stock-based
compensation expense and acquisition related amortization, and
restructuring and asset impairment charges
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
-
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 first quarter 2024 results
and second 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 9400626, 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 second 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 about the global capacity of microinverter units per
quarter; its expectations on the timing of the introduction of new
products into new countries globally; 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 75 million microinverters, and over
4.1 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 |
|
March 31,2024 |
|
December 31,2023 |
|
March 31,2023 |
Net revenues |
$ |
263,339 |
|
|
$ |
302,570 |
|
|
$ |
726,016 |
|
Cost of revenues |
|
147,831 |
|
|
|
155,908 |
|
|
|
399,645 |
|
Gross profit |
|
115,508 |
|
|
|
146,662 |
|
|
|
326,371 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
54,211 |
|
|
|
55,291 |
|
|
|
57,129 |
|
Sales and marketing |
|
53,307 |
|
|
|
53,409 |
|
|
|
64,621 |
|
General and administrative |
|
35,182 |
|
|
|
33,379 |
|
|
|
36,265 |
|
Restructuring and asset impairment charges |
|
1,907 |
|
|
|
14,814 |
|
|
|
693 |
|
Total operating expenses |
|
144,607 |
|
|
|
156,893 |
|
|
|
158,708 |
|
Income (loss) from
operations |
|
(29,099 |
) |
|
|
(10,231 |
) |
|
|
167,663 |
|
Other income, net |
|
|
|
|
|
Interest income |
|
19,709 |
|
|
|
20,493 |
|
|
|
13,040 |
|
Interest expense |
|
(2,196 |
) |
|
|
(2,268 |
) |
|
|
(2,156 |
) |
Other income, net |
|
87 |
|
|
|
4,233 |
|
|
|
426 |
|
Total other income, net |
|
17,600 |
|
|
|
22,458 |
|
|
|
11,310 |
|
Income (loss) before income
taxes |
|
(11,499 |
) |
|
|
12,227 |
|
|
|
178,973 |
|
Income tax (provision)
benefit |
|
(4,598 |
) |
|
|
8,692 |
|
|
|
(32,100 |
) |
Net income (loss) |
$ |
(16,097 |
) |
|
$ |
20,919 |
|
|
$ |
146,873 |
|
Net income (loss) per
share: |
|
|
|
|
|
Basic |
$ |
(0.12 |
) |
|
$ |
0.15 |
|
|
$ |
1.07 |
|
Diluted |
$ |
(0.12 |
) |
|
$ |
0.15 |
|
|
$ |
1.02 |
|
Shares used in per share
calculation: |
|
|
|
|
|
Basic |
|
135,891 |
|
|
|
136,092 |
|
|
|
136,689 |
|
Diluted |
|
135,891 |
|
|
|
139,205 |
|
|
|
145,986 |
|
ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(In
thousands)(Unaudited) |
|
|
March 31,2024 |
|
December 31,2023 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
253,652 |
|
|
$ |
288,748 |
|
Marketable securities |
|
1,375,941 |
|
|
|
1,406,286 |
|
Accounts receivable, net |
|
364,364 |
|
|
|
445,959 |
|
Inventory |
|
207,893 |
|
|
|
213,595 |
|
Prepaid expenses and other assets |
|
100,721 |
|
|
|
88,930 |
|
Total current assets |
|
2,302,571 |
|
|
|
2,443,518 |
|
Property and equipment,
net |
|
158,303 |
|
|
|
168,244 |
|
Operating lease, right of use
asset, net |
|
19,875 |
|
|
|
19,887 |
|
Intangible assets, net |
|
62,625 |
|
|
|
68,536 |
|
Goodwill |
|
213,625 |
|
|
|
214,562 |
|
Other assets |
|
214,119 |
|
|
|
215,895 |
|
Deferred tax assets, net |
|
261,862 |
|
|
|
252,370 |
|
Total assets |
$ |
3,232,980 |
|
|
$ |
3,383,012 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
71,751 |
|
|
$ |
116,164 |
|
Accrued liabilities |
|
234,391 |
|
|
|
261,919 |
|
Deferred revenues, current |
|
119,821 |
|
|
|
118,300 |
|
Warranty obligations, current |
|
30,868 |
|
|
|
36,066 |
|
Debt, current |
|
97,264 |
|
|
|
— |
|
Total current liabilities |
|
554,095 |
|
|
|
532,449 |
|
Long-term liabilities: |
|
|
|
Deferred revenues, non-current |
|
359,300 |
|
|
|
369,172 |
|
Warranty obligations, non-current |
|
146,296 |
|
|
|
153,021 |
|
Other liabilities |
|
51,962 |
|
|
|
51,008 |
|
Debt, non-current |
|
1,198,604 |
|
|
|
1,293,738 |
|
Total liabilities |
|
2,310,257 |
|
|
|
2,399,388 |
|
Total stockholders’ equity |
|
922,723 |
|
|
|
983,624 |
|
Total liabilities and
stockholders’ equity |
$ |
3,232,980 |
|
|
$ |
3,383,012 |
|
ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(In
thousands)(Unaudited) |
|
|
Three Months Ended |
|
March 31,2024 |
|
December 31,2023 |
|
March 31,2023 |
Cash flows from
operating activities: |
|
|
|
|
|
Net income (loss) |
$ |
(16,097 |
) |
|
$ |
20,919 |
|
|
$ |
146,873 |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
20,137 |
|
|
|
20,841 |
|
|
|
16,591 |
|
Net amortization (accretion) of premium (discount) on marketable
securities |
|
2,825 |
|
|
|
(2,950 |
) |
|
|
(7,548 |
) |
Provision (benefit) for doubtful accounts |
|
(130 |
) |
|
|
(129 |
) |
|
|
180 |
|
Asset impairment |
|
332 |
|
|
|
9,700 |
|
|
|
— |
|
Non-cash interest expense |
|
2,132 |
|
|
|
2,126 |
|
|
|
2,034 |
|
Net gain from change in fair value of debt securities |
|
(942 |
) |
|
|
(2,670 |
) |
|
|
(1,744 |
) |
Stock-based compensation |
|
60,833 |
|
|
|
55,222 |
|
|
|
59,655 |
|
Deferred income taxes |
|
(8,292 |
) |
|
|
(5,053 |
) |
|
|
(16,181 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
77,359 |
|
|
|
105,771 |
|
|
|
(79,529 |
) |
Inventory |
|
5,702 |
|
|
|
(39,481 |
) |
|
|
(855 |
) |
Prepaid expenses and other assets |
|
(10,897 |
) |
|
|
(2,401 |
) |
|
|
(21,457 |
) |
Accounts payable, accrued and other liabilities |
|
(66,284 |
) |
|
|
(139,277 |
) |
|
|
82,540 |
|
Warranty obligations |
|
(11,923 |
) |
|
|
221 |
|
|
|
14,588 |
|
Deferred revenues |
|
(5,554 |
) |
|
|
12,611 |
|
|
|
51,085 |
|
Net cash provided by operating activities |
|
49,201 |
|
|
|
35,450 |
|
|
|
246,232 |
|
Cash flows from
investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(7,371 |
) |
|
|
(20,075 |
) |
|
|
(22,476 |
) |
Purchases of marketable securities |
|
(472,268 |
) |
|
|
(337,757 |
) |
|
|
(695,387 |
) |
Maturities and sale of marketable securities |
|
497,373 |
|
|
|
433,869 |
|
|
|
354,333 |
|
Net cash provided by (used in) investing activities |
|
17,734 |
|
|
|
76,037 |
|
|
|
(363,530 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
Partial settlement of convertible notes |
|
(2 |
) |
|
|
— |
|
|
|
— |
|
Repurchase of common stock |
|
(41,996 |
) |
|
|
(99,998 |
) |
|
|
— |
|
Proceeds from issuance of common stock under employee equity
plans |
|
1,186 |
|
|
|
12,555 |
|
|
|
40 |
|
Payment of withholding taxes related to net share settlement of
equity awards |
|
(60,042 |
) |
|
|
(27,546 |
) |
|
|
(71,845 |
) |
Net cash used in financing activities |
|
(100,854 |
) |
|
|
(114,989 |
) |
|
|
(71,805 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(1,177 |
) |
|
|
2,175 |
|
|
|
1,904 |
|
Net decrease in cash and cash
equivalents |
|
(35,096 |
) |
|
|
(1,327 |
) |
|
|
(187,199 |
) |
Cash and cash
equivalents—Beginning of period |
|
288,748 |
|
|
|
290,075 |
|
|
|
473,244 |
|
Cash and cash equivalents —End
of period |
$ |
253,652 |
|
|
$ |
288,748 |
|
|
$ |
286,045 |
|
ENPHASE ENERGY, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(In thousands, except
per share data and
percentages)(Unaudited) |
|
|
Three Months Ended |
|
March 31,2024 |
|
December 31,2023 |
|
March 31,2023 |
Gross profit (GAAP) |
$ |
115,508 |
|
|
$ |
146,662 |
|
|
$ |
326,371 |
|
Stock-based compensation |
|
4,182 |
|
|
|
3,582 |
|
|
|
3,669 |
|
Acquisition related amortization |
|
1,891 |
|
|
|
1,894 |
|
|
|
1,897 |
|
Gross profit
(Non-GAAP) |
$ |
121,581 |
|
|
$ |
152,138 |
|
|
$ |
331,937 |
|
|
|
|
|
|
|
Gross margin
(GAAP) |
|
43.9 |
% |
|
|
48.5 |
% |
|
|
45.0 |
% |
Stock-based compensation |
|
1.6 |
|
|
|
1.2 |
|
|
|
0.5 |
|
Acquisition related amortization |
|
0.7 |
|
|
|
0.6 |
|
|
|
0.2 |
|
Gross margin
(Non-GAAP) |
|
46.2 |
% |
|
|
50.3 |
% |
|
|
45.7 |
% |
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
144,607 |
|
|
$ |
156,893 |
|
|
$ |
158,708 |
|
Stock-based compensation(1) |
|
(56,651 |
) |
|
|
(51,640 |
) |
|
|
(55,986 |
) |
Acquisition related expenses and amortization |
|
(3,462 |
) |
|
|
(3,888 |
) |
|
|
(3,654 |
) |
Restructuring and asset impairment charges |
|
(1,907 |
) |
|
|
(14,814 |
) |
|
|
(693 |
) |
Operating expenses
(Non-GAAP) |
$ |
82,587 |
|
|
$ |
86,551 |
|
|
$ |
98,375 |
|
|
|
|
|
|
|
(1)Includes stock-based
compensation as follows: |
|
|
|
|
|
Research and development |
$ |
24,550 |
|
|
$ |
23,839 |
|
|
$ |
21,478 |
|
Sales and marketing |
|
18,178 |
|
|
|
16,472 |
|
|
|
21,419 |
|
General and administrative |
|
13,923 |
|
|
|
11,329 |
|
|
|
13,089 |
|
Total |
$ |
56,651 |
|
|
$ |
51,640 |
|
|
$ |
55,986 |
|
|
|
|
|
|
|
Income (loss) from
operations (GAAP) |
$ |
(29,099 |
) |
|
$ |
(10,231 |
) |
|
$ |
167,663 |
|
Stock-based compensation |
|
60,833 |
|
|
|
55,222 |
|
|
|
59,655 |
|
Acquisition related expenses and amortization |
|
5,353 |
|
|
|
5,782 |
|
|
|
5,551 |
|
Restructuring and asset impairment charges |
|
1,907 |
|
|
|
14,814 |
|
|
|
693 |
|
Income from operations
(Non-GAAP) |
$ |
38,994 |
|
|
$ |
65,587 |
|
|
$ |
233,562 |
|
|
|
|
|
|
|
Net income (loss)
(GAAP) |
$ |
(16,097 |
) |
|
$ |
20,919 |
|
|
$ |
146,873 |
|
Stock-based compensation |
|
60,833 |
|
|
|
55,222 |
|
|
|
59,655 |
|
Acquisition related expenses and amortization |
|
5,353 |
|
|
|
5,782 |
|
|
|
5,551 |
|
Restructuring and asset impairment charges |
|
1,907 |
|
|
|
14,814 |
|
|
|
693 |
|
Non-cash interest expense |
|
2,132 |
|
|
|
2,126 |
|
|
|
2,034 |
|
Non-GAAP income tax adjustment |
|
(6,172 |
) |
|
|
(25,389 |
) |
|
|
(22,487 |
) |
Net income
(Non-GAAP) |
$ |
47,956 |
|
|
$ |
73,474 |
|
|
$ |
192,319 |
|
|
|
|
|
|
|
Net income (loss) per
share, basic (GAAP) |
$ |
(0.12 |
) |
|
$ |
0.15 |
|
|
$ |
1.07 |
|
Stock-based compensation |
|
0.45 |
|
|
|
0.40 |
|
|
|
0.44 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.08 |
|
|
|
0.04 |
|
Restructuring and asset impairment charges |
|
0.01 |
|
|
|
0.11 |
|
|
|
0.01 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Non-GAAP income tax adjustment |
|
(0.05 |
) |
|
|
(0.22 |
) |
|
|
(0.16 |
) |
Net income per share,
basic (Non-GAAP) |
$ |
0.35 |
|
|
$ |
0.54 |
|
|
$ |
1.41 |
|
|
|
|
|
|
|
Shares used in basic per share calculation GAAP and Non-GAAP |
|
135,891 |
|
|
|
136,092 |
|
|
|
136,689 |
|
|
|
|
|
|
|
Net income (loss) per
share, diluted (GAAP) |
$ |
(0.12 |
) |
|
$ |
0.15 |
|
|
$ |
1.02 |
|
Stock-based compensation |
|
0.44 |
|
|
|
0.39 |
|
|
|
0.43 |
|
Acquisition related expenses and amortization |
|
0.04 |
|
|
|
0.08 |
|
|
|
0.04 |
|
Restructuring and asset impairment charges |
|
0.01 |
|
|
|
0.10 |
|
|
|
0.01 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.02 |
|
Non-GAAP income tax adjustment |
|
(0.04 |
) |
|
|
(0.19 |
) |
|
|
(0.15 |
) |
Net income per share,
diluted (Non-GAAP)(2) |
$ |
0.35 |
|
|
$ |
0.54 |
|
|
$ |
1.37 |
|
|
|
|
|
|
|
Shares used in diluted per share calculation GAAP |
|
135,891 |
|
|
|
139,205 |
|
|
|
145,986 |
|
Shares used in diluted per share calculation Non-GAAP |
|
136,730 |
|
|
|
137,187 |
|
|
|
140,658 |
|
|
|
|
|
|
|
Income-based
government grants (GAAP) |
$ |
18,617 |
|
|
$ |
32,887 |
|
|
$ |
— |
|
Incremental cost for manufacturing in U.S. |
|
(4,882 |
) |
|
|
(7,112 |
) |
|
|
— |
|
Net IRA benefit
(Non-GAAP) |
$ |
13,735 |
|
|
$ |
25,775 |
|
|
$ |
— |
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP) |
$ |
49,201 |
|
|
$ |
35,450 |
|
|
$ |
246,232 |
|
Purchases of property and equipment |
|
(7,371 |
) |
|
|
(20,075 |
) |
|
|
(22,476 |
) |
Free cash flow
(Non-GAAP) |
$ |
41,830 |
|
|
$ |
15,375 |
|
|
$ |
223,756 |
|
|
(2) Calculation
of non-GAAP diluted net income per share for the three months ended
March 31, 2023 excludes convertible Notes due 2023 interest
expense, net of tax of less than $0.1 million from non-GAAP
net income. |
Enphase Energy (NASDAQ:ENPH)
過去 株価チャート
から 4 2024 まで 5 2024
Enphase Energy (NASDAQ:ENPH)
過去 株価チャート
から 5 2023 まで 5 2024