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 2023, which included the summary below
from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of
$302.6 million in the fourth quarter of 2023, along with 50.3%
for non-GAAP gross margin. We shipped 1,595,677 microinverters, or
approximately 660.1 megawatts DC, and 80.7 megawatt hours of IQ®
Batteries.
Financial highlights for the fourth quarter of 2023 are listed
below:
- Quarterly revenue
of $302.6 million
- GAAP gross margin
of 48.5%; non-GAAP gross margin of 50.3%, with net IRA benefit
- Non-GAAP gross
margin of 41.8%, excluding net IRA benefit of 8.5%
- GAAP operating loss
of $10.2 million; non-GAAP operating income of
$65.6 million
- GAAP net income of $20.9 million;
non-GAAP net income of $73.5 million
- GAAP diluted
earnings per share of $0.15; non-GAAP diluted earnings per share of
$0.54
- Free cash flow of
$15.4 million; ending cash, cash equivalents, and marketable
securities of $1.70 billion
Our revenue and earnings for the fourth quarter
of 2023 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage
data)
|
GAAP |
|
Non-GAAP |
|
Q4 2023 |
|
Q3 2023 |
|
Q4 2022 |
|
Q4 2023 |
|
Q3 2023 |
|
Q4 2022 |
Revenue |
$ |
302,570 |
|
|
$ |
551,082 |
|
|
$ |
724,652 |
|
|
$ |
302,570 |
|
|
$ |
551,082 |
|
|
$ |
724,652 |
|
Gross margin |
|
48.5 |
% |
|
|
47.5 |
% |
|
|
42.9 |
% |
|
|
50.3 |
% |
|
|
48.4 |
% |
|
|
43.8 |
% |
Operating expenses |
$ |
156,893 |
|
|
$ |
144,024 |
|
|
$ |
153,741 |
|
|
$ |
86,551 |
|
|
$ |
99,027 |
|
|
$ |
87,718 |
|
Operating income (loss) |
$ |
(10,231 |
) |
|
$ |
117,989 |
|
|
$ |
156,960 |
|
|
$ |
65,587 |
|
|
$ |
167,593 |
|
|
$ |
229,389 |
|
Net income |
$ |
20,919 |
|
|
$ |
113,953 |
|
|
$ |
153,753 |
|
|
$ |
73,474 |
|
|
$ |
141,849 |
|
|
$ |
212,389 |
|
Basic EPS |
$ |
0.15 |
|
|
$ |
0.84 |
|
|
$ |
1.13 |
|
|
$ |
0.54 |
|
|
$ |
1.04 |
|
|
$ |
1.56 |
|
Diluted EPS |
$ |
0.15 |
|
|
$ |
0.80 |
|
|
$ |
1.06 |
|
|
$ |
0.54 |
|
|
$ |
1.02 |
|
|
$ |
1.51 |
|
Our revenue and earnings for the fiscal year
2023 are provided below, compared with the prior year:
(In thousands, except per share and percentage
data)
|
GAAP |
|
Non-GAAP |
|
FY 2023 |
|
FY 2022 |
|
FY 2023 |
|
FY 2022 |
Revenue |
$ |
2,290,786 |
|
|
$ |
2,330,853 |
|
|
$ |
2,290,786 |
|
|
$ |
2,330,853 |
|
Gross margin |
|
46.2 |
% |
|
|
41.8 |
% |
|
|
47.1 |
% |
|
|
42.6 |
% |
Operating expenses |
$ |
612,647 |
|
|
$ |
526,334 |
|
|
$ |
382,115 |
|
|
$ |
303,724 |
|
Operating income |
$ |
445,741 |
|
|
$ |
448,261 |
|
|
$ |
697,210 |
|
|
$ |
690,292 |
|
Net income |
$ |
438,936 |
|
|
$ |
397,362 |
|
|
$ |
613,241 |
|
|
$ |
647,424 |
|
Basic EPS |
$ |
3.22 |
|
|
$ |
2.94 |
|
|
$ |
4.50 |
|
|
$ |
4.78 |
|
Diluted EPS |
$ |
3.08 |
|
|
$ |
2.77 |
|
|
$ |
4.41 |
|
|
$ |
4.62 |
|
Total revenue for the fourth quarter of 2023 was
$302.6 million, compared to $551.1 million in the third
quarter of 2023. Our revenue in the United States for the fourth
quarter of 2023 decreased approximately 35%, compared to the third
quarter of 2023. Our revenue in Europe decreased approximately 70%,
compared to the third quarter of 2023. The declines were primarily
the result of reduced shipments to manage high inventory at our
distribution partners along with a further softening in demand.
Our non-GAAP gross margin was 50.3% in the
fourth quarter of 2023, compared to 48.4% in the third quarter of
2023, driven by increased net IRA benefit. Our non-GAAP gross
margin, excluding net IRA benefit, was 41.8% in the fourth quarter
of 2023, compared to 45.8% in the third quarter of 2023, driven by
product mix. Our non-GAAP operating expenses were
$86.6 million in the fourth quarter of 2023, compared to
$99.0 million in the third quarter of 2023. Our non-GAAP
operating income was $65.6 million in the fourth quarter of
2023, compared to $167.6 million in the third quarter of
2023.
We exited the fourth quarter of 2023 with
$1.70 billion in cash, cash equivalents, and marketable
securities and generated $35.5 million in cash flow from
operations in the fourth quarter of 2023. Our capital expenditures
were $20.1 million in the fourth quarter of 2023, compared to
$23.8 million in the third quarter of 2023. Capital
expenditure requirements decreased due to a reduction in our U.S.
manufacturing spending.
In July 2023, our Board of Directors approved a
share repurchase program with authorization to purchase up to $1.0
billion of shares of our common stock. In the fourth quarter of
2023, we repurchased 1,183,246 shares of our common stock at an
average price of $84.51 per share for a total of approximately
$100.0 million.
We started 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, and India. We introduced IQ8™
Microinverters into more countries in Europe – Austria, Italy and
Belgium. Our newest product, the IQ8X™ microinverter with peak
output AC power of 384 W for panels with high DC voltage, is
shipping to customers in the United States. We now ship IQ8
Microinverters into 21 countries worldwide.
We shipped 80.7 megawatt hours of IQ Batteries
in the fourth quarter of 2023. We now ship our third generation of
IQ Batteries, the IQ® Battery 5P, to the United States, Puerto
Rico, Australia, and the United Kingdom. We launched this battery
in Italy during the fourth quarter of 2023. More than 4,700
installers worldwide are certified to install our IQ Batteries.
We continued to release new features in
Solargraf℠, our cloud-based design and proposal software platform
during the fourth quarter of 2023. We began offering electrical
design and single line diagram features while continuing to offer
NEM 3.0 functionality for solar and battery systems in California.
The software platform is currently available to installers in the
United States, Germany, Austria, and Brazil.
We shipped approximately 913,000 microinverters
manufactured in the United States to customers in the fourth
quarter of 2023. As part of our plan to streamline manufacturing,
we are ceasing operations at our contract manufacturing locations
in Romania and Wisconsin. We will focus on manufacturing
microinverters in the United States with our two existing contract
manufacturing partners in South Carolina and Texas. Once these two
U.S. sites have fully ramped production, 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 Jan. 29, 2024, Enphase Energy announced that
it started shipping IQ8HC™ and IQ8X Microinverters with peak output
AC power of 384 W designed to seamlessly pair with a full range of
solar modules up to 540 W DC.
On Jan. 23, 2024, Enphase Energy announced that
it started shipping IQ8 Microinverters in Belgium, with peak
output AC power of 384 W, to support newer, high-powered solar
modules.
On Dec. 13, 2023, Enphase Energy announced that
it is expanding its support for virtual power plants (VPPs)
through grid services programs across the United
States powered by the IQ Battery 5P.
On Dec. 5, 2023, Enphase Energy announced the
launch of the IQ Battery 5P and IQ8 Microinverters, for
customers in Italy.
On Nov. 30, 2023, Enphase Energy announced that
it started shipping IQ8P Microinverters, with a peak output AC
power of 480 W, in Mexico to support newer, high-powered
solar modules.
On Nov. 16, 2023, Enphase Energy announced the
launch of its new IQ8 Commercial Microinverters, featuring the
IQ8P-3P™ Microinverter which enables a peak output AC power of 480
W, for the small commercial solar market in North America.
On Nov. 13, 2023, Enphase Energy announced that
it started shipping IQ8P Microinverters, with peak output AC power
of 480 W, in Brazil to support newer, high-powered solar
modules.
On Nov. 2, 2023, Enphase Energy announce that it
started shipping IQ8 Microinverters, with peak output AC power of
384 W, in Austria to support newer, high-powered solar
modules.
On Oct. 30, 2023, Enphase Energy announced the
launch of IQ8 Microinverters to support high-powered modules and
the IQ Energy Router™ family of devices in Switzerland.
FIRST QUARTER 2024 FINANCIAL
OUTLOOK
For the first quarter of 2024, Enphase Energy estimates both
GAAP and non-GAAP financial results as follows:
-
Revenue to be within a range of $260.0 million to $300.0 million,
which includes shipments of 70 to 90 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 40.0% to 43.0% 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 $12.0 to $14.0 million
based on estimated shipments of 500,000 units of U.S. manufactured
microinverters
-
GAAP operating expenses to be within a range of $144.0 million to
$148.0 million
-
Non-GAAP operating expenses to be within a range of $80.0 million
to $84.0 million, excluding $64.0 million estimated for stock-based
compensation expense, acquisition related expenses and
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 19.0% to 21.0%
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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 report the non-GAAP tax amount based on
cash tax expense and reserves for periods prior to 2023. Effective
January 1, 2023, Enphase Energy updated its methodology of
computing the non-GAAP income tax adjustment from reporting cash
tax expense and reserves to the projected non-GAAP annualized
effective tax rate as Enphase Energy utilized most of its net
operating loss and tax credit carryforwards in the year ended
December 31, 2022 and became a significant cash taxpayer in the
United States. Going forward, Enphase Energy will 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 fourth quarter 2023 results
and first 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 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
5859211, 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 first quarter of 2024 financial outlook,
including revenue, shipments of IQ Batteries, gross margin before
and with 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 globally; the capabilities,
advantages, features, and performance of its technology and
products; and the anticipated demand for and availability of its
products and services. 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
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 more than 73 million microinverters, and
approximately 4.0 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 |
Year Ended |
|
December 31,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2022 |
Net revenues |
$ |
302,570 |
|
|
$ |
551,082 |
|
|
$ |
724,652 |
|
|
$ |
2,290,786 |
|
|
$ |
2,330,853 |
|
Cost of revenues |
|
155,908 |
|
|
|
289,069 |
|
|
|
413,951 |
|
|
|
1,232,398 |
|
|
|
1,356,258 |
|
Gross profit |
|
146,662 |
|
|
|
262,013 |
|
|
|
310,701 |
|
|
|
1,058,388 |
|
|
|
974,595 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
55,291 |
|
|
|
54,873 |
|
|
|
49,683 |
|
|
|
227,336 |
|
|
|
168,846 |
|
Sales and marketing |
|
53,409 |
|
|
|
55,357 |
|
|
|
64,913 |
|
|
|
231,792 |
|
|
|
215,102 |
|
General and administrative |
|
33,379 |
|
|
|
33,794 |
|
|
|
37,355 |
|
|
|
137,835 |
|
|
|
140,002 |
|
Restructuring and asset impairment charges |
|
14,814 |
|
|
|
— |
|
|
|
1,790 |
|
|
|
15,684 |
|
|
|
2,384 |
|
Total operating expenses |
|
156,893 |
|
|
|
144,024 |
|
|
|
153,741 |
|
|
|
612,647 |
|
|
|
526,334 |
|
Income (loss) from
operations |
|
(10,231 |
) |
|
|
117,989 |
|
|
|
156,960 |
|
|
|
445,741 |
|
|
|
448,261 |
|
Other income (expense),
net |
|
|
|
|
|
|
|
|
|
Interest income |
|
20,493 |
|
|
|
19,669 |
|
|
|
8,720 |
|
|
|
69,728 |
|
|
|
13,656 |
|
Interest expense |
|
(2,268 |
) |
|
|
(2,196 |
) |
|
|
(2,279 |
) |
|
|
(8,839 |
) |
|
|
(9,438 |
) |
Other income (expense), net |
|
4,233 |
|
|
|
1,883 |
|
|
|
4,777 |
|
|
|
6,509 |
|
|
|
(431 |
) |
Total other income (expense), net |
|
22,458 |
|
|
|
19,356 |
|
|
|
11,218 |
|
|
|
67,398 |
|
|
|
3,787 |
|
Income before income
taxes |
|
12,227 |
|
|
|
137,345 |
|
|
|
168,178 |
|
|
|
513,139 |
|
|
|
452,048 |
|
Income tax (provision)
benefit |
|
8,692 |
|
|
|
(23,392 |
) |
|
|
(14,425 |
) |
|
|
(74,203 |
) |
|
|
(54,686 |
) |
Net income |
$ |
20,919 |
|
|
$ |
113,953 |
|
|
$ |
153,753 |
|
|
$ |
438,936 |
|
|
$ |
397,362 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.15 |
|
|
$ |
0.84 |
|
|
$ |
1.13 |
|
|
$ |
3.22 |
|
|
$ |
2.94 |
|
Diluted |
$ |
0.15 |
|
|
$ |
0.80 |
|
|
$ |
1.06 |
|
|
$ |
3.08 |
|
|
$ |
2.77 |
|
Shares used in per share
calculation: |
|
|
|
|
|
|
|
|
|
Basic |
|
136,092 |
|
|
|
136,165 |
|
|
|
136,167 |
|
|
|
136,376 |
|
|
|
135,349 |
|
Diluted |
|
139,205 |
|
|
|
143,863 |
|
|
|
146,311 |
|
|
|
143,290 |
|
|
|
144,390 |
|
ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands)(Unaudited) |
|
December 31,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
288,748 |
|
|
$ |
473,244 |
|
Marketable securities |
|
1,406,286 |
|
|
|
1,139,599 |
|
Accounts receivable, net |
|
445,959 |
|
|
|
440,896 |
|
Inventory |
|
213,595 |
|
|
|
149,708 |
|
Prepaid expenses and other assets |
|
88,930 |
|
|
|
60,824 |
|
Total current assets |
|
2,443,518 |
|
|
|
2,264,271 |
|
Property and equipment,
net |
|
168,244 |
|
|
|
111,367 |
|
Operating lease, right of use
asset, net |
|
19,887 |
|
|
|
21,379 |
|
Intangible assets, net |
|
68,536 |
|
|
|
99,541 |
|
Goodwill |
|
214,562 |
|
|
|
213,559 |
|
Other assets |
|
215,895 |
|
|
|
169,291 |
|
Deferred tax assets, net |
|
252,370 |
|
|
|
204,872 |
|
Total assets |
$ |
3,383,012 |
|
|
$ |
3,084,280 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
116,164 |
|
|
$ |
125,085 |
|
Accrued liabilities |
|
261,919 |
|
|
|
295,939 |
|
Deferred revenues, current |
|
118,300 |
|
|
|
90,747 |
|
Warranty obligations, current |
|
36,066 |
|
|
|
35,556 |
|
Debt, current |
|
— |
|
|
|
90,892 |
|
Total current liabilities |
|
532,449 |
|
|
|
638,219 |
|
Long-term liabilities: |
|
|
|
Deferred revenues, non-current |
|
369,172 |
|
|
|
281,613 |
|
Warranty obligations, non-current |
|
153,021 |
|
|
|
95,890 |
|
Other liabilities |
|
51,008 |
|
|
|
43,520 |
|
Debt, non-current |
|
1,293,738 |
|
|
|
1,199,465 |
|
Total liabilities |
|
2,399,388 |
|
|
|
2,258,707 |
|
Total stockholders’ equity |
|
983,624 |
|
|
|
825,573 |
|
Total liabilities and
stockholders’ equity |
$ |
3,383,012 |
|
|
$ |
3,084,280 |
|
ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(In
thousands)(Unaudited) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2022 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
20,919 |
|
|
$ |
113,953 |
|
|
$ |
153,753 |
|
|
$ |
438,936 |
|
|
$ |
397,362 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
20,841 |
|
|
|
19,448 |
|
|
|
16,009 |
|
|
|
74,708 |
|
|
|
58,775 |
|
Net amortization (accretion) of premium (discount) on marketable
securities |
|
(2,950 |
) |
|
|
5,094 |
|
|
|
(4,723 |
) |
|
|
(15,561 |
) |
|
|
(2,632 |
) |
Provision for doubtful accounts |
|
(129 |
) |
|
|
653 |
|
|
|
67 |
|
|
|
1,153 |
|
|
|
119 |
|
Asset impairment |
|
9,700 |
|
|
|
903 |
|
|
|
— |
|
|
|
10,603 |
|
|
|
1,200 |
|
Non-cash interest expense |
|
2,126 |
|
|
|
2,114 |
|
|
|
2,077 |
|
|
|
8,380 |
|
|
|
8,167 |
|
Net gain from change in fair value of debt securities |
|
(2,670 |
) |
|
|
(1,910 |
) |
|
|
(345 |
) |
|
|
(8,078 |
) |
|
|
(735 |
) |
Stock-based compensation |
|
55,222 |
|
|
|
43,814 |
|
|
|
63,645 |
|
|
|
212,857 |
|
|
|
216,802 |
|
Deferred income taxes |
|
(5,053 |
) |
|
|
(11,499 |
) |
|
|
(12,099 |
) |
|
|
(43,348 |
) |
|
|
3,633 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
105,771 |
|
|
|
(34,752 |
) |
|
|
(88,876 |
) |
|
|
(12,478 |
) |
|
|
(107,556 |
) |
Inventory |
|
(39,481 |
) |
|
|
(8,003 |
) |
|
|
(3,222 |
) |
|
|
(63,887 |
) |
|
|
(75,273 |
) |
Prepaid expenses and other assets |
|
(2,401 |
) |
|
|
(15,383 |
) |
|
|
(47,597 |
) |
|
|
(59,777 |
) |
|
|
(68,423 |
) |
Accounts payable, accrued and other liabilities |
|
(139,277 |
) |
|
|
9,903 |
|
|
|
91,128 |
|
|
|
(22,149 |
) |
|
|
133,416 |
|
Warranty obligations |
|
221 |
|
|
|
8,151 |
|
|
|
25,566 |
|
|
|
57,641 |
|
|
|
57,773 |
|
Deferred revenues |
|
12,611 |
|
|
|
13,369 |
|
|
|
58,331 |
|
|
|
117,780 |
|
|
|
122,189 |
|
Net cash provided by operating activities |
|
35,450 |
|
|
|
145,855 |
|
|
|
253,714 |
|
|
|
696,780 |
|
|
|
744,817 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(20,075 |
) |
|
|
(23,848 |
) |
|
|
(16,429 |
) |
|
|
(110,401 |
) |
|
|
(46,443 |
) |
Purchases of marketable securities |
|
(337,757 |
) |
|
|
(470,766 |
) |
|
|
(335,193 |
) |
|
|
(2,081,431 |
) |
|
|
(907,430 |
) |
Maturities and sale of marketable securities |
|
433,869 |
|
|
|
494,804 |
|
|
|
282,973 |
|
|
|
1,840,477 |
|
|
|
660,129 |
|
Investments in private companies |
|
— |
|
|
|
(15,000 |
) |
|
|
(15,000 |
) |
|
|
(15,000 |
) |
|
|
(16,000 |
) |
Business acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(34,482 |
) |
|
|
— |
|
|
|
(62,162 |
) |
Net cash provided by (used in) investing activities |
|
76,037 |
|
|
|
(14,810 |
) |
|
|
(118,131 |
) |
|
|
(366,355 |
) |
|
|
(371,906 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Repurchase of common stock |
|
(99,998 |
) |
|
|
(110,000 |
) |
|
|
— |
|
|
|
(409,998 |
) |
|
|
— |
|
Proceeds from exercise of equity awards and employee stock purchase
plan |
|
12,555 |
|
|
|
719 |
|
|
|
5,090 |
|
|
|
13,870 |
|
|
|
10,370 |
|
Payment of withholding taxes related to net share settlement of
equity awards |
|
(27,546 |
) |
|
|
(8,465 |
) |
|
|
(8,100 |
) |
|
|
(120,646 |
) |
|
|
(27,496 |
) |
Net cash used in financing activities |
|
(114,989 |
) |
|
|
(117,746 |
) |
|
|
(3,010 |
) |
|
|
(516,774 |
) |
|
|
(17,126 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
2,175 |
|
|
|
(1,900 |
) |
|
|
3,088 |
|
|
|
1,853 |
|
|
|
(1,857 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
(1,327 |
) |
|
|
11,399 |
|
|
|
135,661 |
|
|
|
(184,496 |
) |
|
|
353,928 |
|
Cash and cash
equivalents—Beginning of period |
|
290,075 |
|
|
|
278,676 |
|
|
|
337,583 |
|
|
|
473,244 |
|
|
|
119,316 |
|
Cash and cash equivalents —End
of period |
$ |
288,748 |
|
|
$ |
290,075 |
|
|
$ |
473,244 |
|
|
$ |
288,748 |
|
|
$ |
473,244 |
|
ENPHASE ENERGY, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(In thousands, except
per share data and
percentages)(Unaudited) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2022 |
Gross profit (GAAP) |
$ |
146,662 |
|
|
$ |
262,013 |
|
|
$ |
310,701 |
|
|
$ |
1,058,388 |
|
|
$ |
974,595 |
|
Stock-based compensation |
|
3,582 |
|
|
|
2,708 |
|
|
|
4,271 |
|
|
|
13,357 |
|
|
|
13,097 |
|
Acquisition related amortization |
|
1,894 |
|
|
|
1,899 |
|
|
|
2,135 |
|
|
|
7,580 |
|
|
|
6,324 |
|
Gross profit
(Non-GAAP) |
$ |
152,138 |
|
|
$ |
266,620 |
|
|
$ |
317,107 |
|
|
$ |
1,079,325 |
|
|
$ |
994,016 |
|
|
|
|
|
|
|
|
|
|
|
Gross margin
(GAAP) |
|
48.5 |
% |
|
|
47.5 |
% |
|
|
42.9 |
% |
|
|
46.2 |
% |
|
|
41.8 |
% |
Stock-based compensation |
|
1.2 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
0.5 |
|
Acquisition related amortization |
|
0.6 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.3 |
|
Gross margin
(Non-GAAP) |
|
50.3 |
% |
|
|
48.4 |
% |
|
|
43.8 |
% |
|
|
47.1 |
% |
|
|
42.6 |
% |
|
|
|
|
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
156,893 |
|
|
$ |
144,024 |
|
|
$ |
153,741 |
|
|
$ |
612,647 |
|
|
$ |
526,334 |
|
Stock-based compensation(1) |
|
(51,640 |
) |
|
|
(41,106 |
) |
|
|
(59,374 |
) |
|
|
(199,500 |
) |
|
|
(203,705 |
) |
Acquisition related expenses and amortization |
|
(3,888 |
) |
|
|
(3,891 |
) |
|
|
(4,859 |
) |
|
|
(15,317 |
) |
|
|
(16,521 |
) |
Restructuring and asset impairment charges |
|
(14,814 |
) |
|
|
— |
|
|
|
(1,790 |
) |
|
|
(15,715 |
) |
|
|
(2,384 |
) |
Operating expenses
(Non-GAAP) |
$ |
86,551 |
|
|
$ |
99,027 |
|
|
$ |
87,718 |
|
|
$ |
382,115 |
|
|
$ |
303,724 |
|
|
|
|
|
|
|
|
|
|
|
(1)Includes stock-based
compensation as follows: |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
23,839 |
|
|
$ |
19,285 |
|
|
$ |
21,687 |
|
|
$ |
88,367 |
|
|
$ |
69,082 |
|
Sales and marketing |
|
16,472 |
|
|
|
13,297 |
|
|
|
23,517 |
|
|
|
65,703 |
|
|
|
78,819 |
|
General and administrative |
|
11,329 |
|
|
|
8,524 |
|
|
|
14,170 |
|
|
|
45,430 |
|
|
|
55,804 |
|
Total |
$ |
51,640 |
|
|
$ |
41,106 |
|
|
$ |
59,374 |
|
|
$ |
199,500 |
|
|
$ |
203,705 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations (GAAP) |
$ |
(10,231 |
) |
|
$ |
117,989 |
|
|
$ |
156,960 |
|
|
$ |
445,741 |
|
|
$ |
448,261 |
|
Stock-based compensation |
|
55,222 |
|
|
|
43,814 |
|
|
|
63,645 |
|
|
|
212,857 |
|
|
|
216,802 |
|
Acquisition related expenses and amortization |
|
5,782 |
|
|
|
5,790 |
|
|
|
6,994 |
|
|
|
22,897 |
|
|
|
22,845 |
|
Restructuring and asset impairment charges |
|
14,814 |
|
|
|
— |
|
|
|
1,790 |
|
|
|
15,715 |
|
|
|
2,384 |
|
Income from operations
(Non-GAAP) |
$ |
65,587 |
|
|
$ |
167,593 |
|
|
$ |
229,389 |
|
|
$ |
697,210 |
|
|
$ |
690,292 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP) |
$ |
20,919 |
|
|
$ |
113,953 |
|
|
$ |
153,753 |
|
|
$ |
438,936 |
|
|
$ |
397,362 |
|
Stock-based compensation |
|
55,222 |
|
|
|
43,814 |
|
|
|
63,645 |
|
|
|
212,857 |
|
|
|
216,802 |
|
Acquisition related expenses and amortization |
|
5,782 |
|
|
|
5,790 |
|
|
|
6,994 |
|
|
|
22,897 |
|
|
|
22,845 |
|
Restructuring and asset impairment charges |
|
14,814 |
|
|
|
— |
|
|
|
1,790 |
|
|
|
15,715 |
|
|
|
2,384 |
|
Non-cash interest expense |
|
2,126 |
|
|
|
2,114 |
|
|
|
2,077 |
|
|
|
8,380 |
|
|
|
8,169 |
|
Non-GAAP income tax adjustment |
|
(25,389 |
) |
|
|
(23,822 |
) |
|
|
(15,870 |
) |
|
|
(85,544 |
) |
|
|
(138 |
) |
Net income
(Non-GAAP) |
$ |
73,474 |
|
|
$ |
141,849 |
|
|
$ |
212,389 |
|
|
$ |
613,241 |
|
|
$ |
647,424 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic (GAAP) |
$ |
0.15 |
|
|
$ |
0.84 |
|
|
$ |
1.13 |
|
|
$ |
3.22 |
|
|
$ |
2.94 |
|
Stock-based compensation |
|
0.40 |
|
|
|
0.32 |
|
|
|
0.47 |
|
|
|
1.56 |
|
|
|
1.60 |
|
Acquisition related expenses and amortization |
|
0.08 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.17 |
|
|
|
0.17 |
|
Restructuring and asset impairment charges |
|
0.11 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
0.02 |
|
Non-cash interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.06 |
|
Non-GAAP income tax adjustment |
|
(0.22 |
) |
|
|
(0.18 |
) |
|
|
(0.12 |
) |
|
|
(0.63 |
) |
|
|
(0.01 |
) |
Net income per share,
basic (Non-GAAP) |
$ |
0.54 |
|
|
$ |
1.04 |
|
|
$ |
1.56 |
|
|
$ |
4.50 |
|
|
$ |
4.78 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic per share calculation GAAP and Non-GAAP |
|
136,092 |
|
|
|
136,165 |
|
|
|
136,167 |
|
|
|
136,376 |
|
|
|
135,349 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
diluted (GAAP) |
$ |
0.15 |
|
|
$ |
0.80 |
|
|
$ |
1.06 |
|
|
$ |
3.08 |
|
|
$ |
2.77 |
|
Stock-based compensation |
|
0.39 |
|
|
|
0.32 |
|
|
|
0.46 |
|
|
|
1.57 |
|
|
|
1.55 |
|
Acquisition related expenses and amortization |
|
0.08 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.16 |
|
|
|
0.16 |
|
Restructuring and asset impairment charges |
|
0.10 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.11 |
|
|
|
0.02 |
|
Non-cash interest expense |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.06 |
|
Non-GAAP income tax adjustment |
|
(0.19 |
) |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.57 |
) |
|
|
0.06 |
|
Net income per share,
diluted (Non-GAAP)(2) |
$ |
0.54 |
|
|
$ |
1.02 |
|
|
$ |
1.51 |
|
|
$ |
4.41 |
|
|
$ |
4.62 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted per share calculation GAAP |
|
139,205 |
|
|
|
143,863 |
|
|
|
146,311 |
|
|
|
143,290 |
|
|
|
144,390 |
|
Shares used in diluted per share calculation Non-GAAP |
|
137,187 |
|
|
|
138,535 |
|
|
|
140,983 |
|
|
|
139,214 |
|
|
|
140,315 |
|
|
|
|
|
|
|
|
|
|
|
Income-based
government grants (GAAP) |
$ |
32,887 |
|
|
$ |
18,532 |
|
|
$ |
— |
|
|
$ |
53,470 |
|
|
$ |
— |
|
Incremental cost for manufacturing in U.S. |
|
(7,112 |
) |
|
|
(4,085 |
) |
|
|
— |
|
|
|
(11,603 |
) |
|
|
— |
|
Net IRA benefit
(Non-GAAP) |
$ |
25,775 |
|
|
$ |
14,447 |
|
|
$ |
— |
|
|
$ |
41,867 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP) |
$ |
35,450 |
|
|
$ |
145,855 |
|
|
$ |
253,714 |
|
|
$ |
696,780 |
|
|
$ |
744,817 |
|
Purchases of property and equipment |
|
(20,075 |
) |
|
|
(23,848 |
) |
|
|
(16,429 |
) |
|
|
(110,401 |
) |
|
|
(46,443 |
) |
Free cash flow
(Non-GAAP) |
$ |
15,375 |
|
|
$ |
122,007 |
|
|
$ |
237,285 |
|
|
$ |
586,379 |
|
|
$ |
698,374 |
|
(2) |
Calculation of non-GAAP diluted net income per share for the three
months ended September 30, 2023 and December 31, 2022
excludes convertible Notes due 2023 interest expense, net of tax of
less than $0.1 million in each period from non-GAAP net
income. Calculation of non-GAAP diluted net income per share for
the year ended December 31, 2023 and 2022 excludes convertible
Notes due 2023 interest expense, net of tax of approximately $0.1
million in each period from non-GAAP net income. |
Enphase Energy (NASDAQ:ENPH)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Enphase Energy (NASDAQ:ENPH)
Gráfica de Acción Histórica
De May 2023 a May 2024