Delaware | 001-35480 | 20-4645388 | ||
(State of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
(d) | Exhibits. |
Exhibit Number | Description | |
99.1 | Press release of the Company, dated May 7, 2013, entitled “Enphase Energy Reports First Quarter 2013 Financial Results.” |
Date: | May 7, 2013 | ENPHASE ENERGY, INC. | |
By: | /s/ Kris Sennesael | ||
Kris Sennesael | |||
Vice President and Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release of the Company, dated May 7, 2013, entitled “Enphase Energy Reports First Quarter 2013 Financial Results.” |
• | Revenue of $45.6 million |
• | Non-GAAP gross margin of 27%, up 510 basis points year-over-year |
• | Non-GAAP operating expenses flat sequentially at $20.4 million |
• | Renewal of inverter solution agreement with Vivint Solar to be their inverter supplier for 2013. |
• | New European leadership established with the appointment of a single Managing Director for Enphase Europe, Middle East and Africa (EMEA) to oversee the execution and future expansion of the business. |
• | Product availability announced in Switzerland and Greece through existing distribution partnerships, bringing the number of countries served in the European region to eight. |
• | First installation featuring Enphase Microinverters and Phono Solar AC Modules by San Diego Solar Install following the Enphase and Phono Solar partnership announcement in the fall of 2012. |
• | Announced 2013 philanthropic partnership with non-profit GRID Alternatives, a collaboration bringing over $14 million in expected lifetime energy savings to low-income families since 2010. |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Net revenues | $ | 45,577 | $ | 42,600 | |||
Cost of revenues | 33,376 | 33,293 | |||||
Gross profit | 12,201 | 9,307 | |||||
Operating expenses: | |||||||
Research and development | 9,026 | 7,842 | |||||
Sales and marketing | 6,850 | 5,049 | |||||
General and administrative | 6,036 | 5,696 | |||||
Total operating expenses | 21,912 | 18,587 | |||||
Loss from operations | (9,711 | ) | (9,280 | ) | |||
Other income (expense), net: | |||||||
Interest expense | (464 | ) | (1,479 | ) | |||
Other income (expense) | (49 | ) | 640 | ||||
Total other expense, net | (513 | ) | (839 | ) | |||
Loss before income taxes | (10,224 | ) | (10,119 | ) | |||
Provision for income taxes | (182 | ) | (65 | ) | |||
Net loss attributable to common stockholders | $ | (10,406 | ) | $ | (10,184 | ) | |
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.25 | ) | $ | (5.97 | ) | |
Shares used in computing net loss per share attributable to common stockholders, basic and diluted | 41,149 | 1,706 |
March 31, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 36,434 | $ | 45,294 | |||
Accounts receivable, net | 24,908 | 27,743 | |||||
Inventory | 22,309 | 19,843 | |||||
Prepaid expenses and other | 2,492 | 2,118 | |||||
Total current assets | 86,143 | 94,998 | |||||
Property and equipment, net | 25,281 | 25,541 | |||||
Other assets | 1,641 | 1,752 | |||||
Total assets | $ | 113,065 | $ | 122,291 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 9,057 | $ | 11,272 | |||
Accrued liabilities | 18,521 | 19,266 | |||||
Deferred revenues | 1,068 | 933 | |||||
Current portion of term loans | 2,440 | 2,384 | |||||
Total current liabilities | 31,086 | 33,855 | |||||
Long-term liabilities: | |||||||
Deferred revenues | 8,378 | 7,537 | |||||
Warranty obligations | 17,094 | 15,260 | |||||
Other liabilities | 352 | 307 | |||||
Term loans | 8,046 | 8,677 | |||||
Total liabilities | 64,956 | 65,636 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | — | — | |||||
Additional paid-in capital | 185,667 | 183,629 | |||||
Accumulated deficit | (137,432 | ) | (127,026 | ) | |||
Accumulated other comprehensive income (loss) | (126 | ) | 52 | ||||
Total stockholders’ equity | 48,109 | 56,655 | |||||
Total liabilities and stockholders’ equity | $ | 113,065 | $ | 122,291 |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (10,406 | ) | $ | (10,184 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 1,660 | 1,085 | |||||
Non-cash interest expense | 108 | 937 | |||||
Stock-based compensation | 1,435 | 706 | |||||
Change in fair value of convertible preferred stock warrants | — | (623 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 2,835 | 4,324 | |||||
Inventory | (2,466 | ) | (14,433 | ) | |||
Prepaid expenses and other assets | (355 | ) | (913 | ) | |||
Accounts payable, accrued and other liabilities | (759 | ) | 11,222 | ||||
Deferred revenues | 976 | (6,192 | ) | ||||
Net cash used in operating activities | (6,972 | ) | (14,071 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (1,682 | ) | (4,605 | ) | |||
Net cash used in investing activities | (1,682 | ) | (4,605 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from term loans and debt | — | 2,600 | |||||
Repayments of term loans | (591 | ) | (3,287 | ) | |||
Principal payments under capital leases | (40 | ) | (31 | ) | |||
Proceeds from the exercise of stock options | 603 | 24 | |||||
Payment of offering costs | — | (279 | ) | ||||
Net cash used in financing activities | (28 | ) | (973 | ) | |||
Effect of exchange rate changes on cash | (178 | ) | 28 | ||||
Net decrease in cash and cash equivalents | (8,860 | ) | (19,621 | ) | |||
Cash and cash equivalents—Beginning of period | 45,294 | 51,524 | |||||
Cash and cash equivalents—End of period | $ | 36,434 | $ | 31,903 |
Three Months Ended March 31, | ||||||||
2013 | 2012 | |||||||
Reconciliation of Gross Profit and Gross Margin on a GAAP Basis to Gross Profit and Gross Margin on a Non-GAAP Basis: | ||||||||
Gross profit on a GAAP basis | $ | 12,201 | $ | 9,307 | ||||
Stock-based compensation | 108 | 20 | ||||||
Gross profit on a non-GAAP basis | $ | 12,309 | $ | 9,327 | ||||
Gross margin on a GAAP basis | 26.8 | % | 21.8 | % | ||||
Gross margin on a non-GAAP basis | 27.0 | % | 21.9 | % | ||||
Reconciliation of Operating Expenses on a GAAP Basis to Operating Expenses on a Non-GAAP Basis: | ||||||||
Operating expenses on a GAAP basis | $ | 21,912 | $ | 18,587 | ||||
Stock-based compensation(1) | (1,327 | ) | (686 | ) | ||||
Severance costs | (156 | ) | — | |||||
Operating expenses on a non-GAAP basis | $ | 20,429 | $ | 17,901 | ||||
(1) Includes stock-based compensation as follows: | ||||||||
Research and development | $ | 478 | $ | 273 | ||||
Sales and marketing | 378 | 195 | ||||||
General and administrative | 471 | 218 | ||||||
Total | $ | 1,327 | $ | 686 | ||||
Reconciliation of Loss from Operations on a GAAP Basis to Loss from Operations on a Non-GAAP Basis: | ||||||||
Loss from operations on a GAAP basis | $ | (9,711 | ) | $ | (9,280 | ) | ||
Stock-based compensation | 1,435 | 706 | ||||||
Severance costs | 156 | — | ||||||
Loss from operations on a non-GAAP basis | $ | (8,120 | ) | $ | (8,574 | ) | ||
Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis: | ||||||||
Net loss on a GAAP basis | $ | (10,406 | ) | $ | (10,184 | ) | ||
Stock-based compensation | 1,435 | 706 | ||||||
Severance costs | 156 | — | ||||||
Non-cash interest expense | 108 | 937 | ||||||
(Gains) losses from convertible preferred stock warrant liability revaluation | — | (623 | ) | |||||
Net loss on a non-GAAP basis | $ | (8,707 | ) | $ | (9,164 | ) | ||
Reconciliation of Basic and Diluted Net Loss per Share on a GAAP Basis to Basic and Diluted Net Loss per Share on a Non-GAAP Basis: | ||||||||
Basic and diluted net loss per share on a GAAP basis | $ | (0.25 | ) | $ | (5.97 | ) | ||
Stock-based compensation | 0.04 | 0.41 | ||||||
Severance costs | — | — | ||||||
Non-cash interest expense | — | 0.55 | ||||||
(Gains) losses from convertible preferred stock warrant liability revaluation | — | (0.37 | ) | |||||
Basic and diluted net loss per share on a non-GAAP basis | $ | (0.21 | ) | $ | (5.37 | ) |
Quarterly Period | ||||||||||||||||||||
1Q13 | 4Q12 | 3Q12 | 2Q12 | 1Q12 | ||||||||||||||||
Net revenues (in thousands) | $ | 45,577 | $ | 57,568 | $ | 60,813 | $ | 55,697 | $ | 42,600 | ||||||||||
Gross profit (in thousands) | 12,201 | 16,056 | 16,324 | 13,601 | 9,307 | |||||||||||||||
Gross margin | 26.8 | % | 27.9 | % | 26.8 | % | 24.4 | % | 21.8 | % | ||||||||||
Microinverter units shipped (in thousands) | 315 | 384 | 431 | 403 | 292 | |||||||||||||||
Megawatts shipped(1) | 67.7 | 82.6 | 92.4 | 86.0 | 62.5 | |||||||||||||||
(1) Represents the productive capacity of microinverters shipped. |
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