Delaware | 001-35480 | 20-4645388 | ||
(State of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
Nominee: | Votes For | Votes Withheld | Broker Non-Votes | |||
Neal Dempsey | 28,237,621 | 266,787 | 8,771,284 | |||
Benjamin Kortlang | 28,073,936 | 430,472 | 8,771,284 | |||
Robert Schwartz | 28,237,724 | 266,684 | 8,771,284 |
Votes For | Votes Against | Abstentions | ||
37,177,203 | 86,249 | 12,290 |
(d) | Exhibits. |
Exhibit Number | Description | |
99.1 | Press release of the Company, dated May 6, 2014, entitled “Enphase Energy Reports First Quarter 2014 Financial Results.” |
Date: | May 6, 2014 | 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 6, 2014, entitled “Enphase Energy Reports First Quarter 2014 Financial Results.” |
• | Revenue of $57.6 million, up 26 percent year-over-year |
• | Shipped 93MW (AC) of microinverter systems, up 37 percent year-over-year |
• | Record non-GAAP gross margin of 32.7 percent, up 570 basis points year-over-year |
• | Strong positive cash flow from operations of $4.3 million |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Net revenues | $ | 57,580 | $ | 45,577 | |||
Cost of revenues | 38,925 | 33,376 | |||||
Gross profit | 18,655 | 12,201 | |||||
Operating expenses: | |||||||
Research and development | 9,086 | 9,026 | |||||
Sales and marketing | 8,828 | 6,850 | |||||
General and administrative | 6,526 | 6,036 | |||||
Total operating expenses | 24,440 | 21,912 | |||||
Loss from operations | (5,785 | ) | (9,711 | ) | |||
Other income (expense), net: | |||||||
Interest expense | (449 | ) | (464 | ) | |||
Other income (expense) | 107 | (49 | ) | ||||
Total other expense, net | (342 | ) | (513 | ) | |||
Loss before income taxes | (6,127 | ) | (10,224 | ) | |||
Provision for income taxes | (109 | ) | (182 | ) | |||
Net loss | $ | (6,236 | ) | $ | (10,406 | ) | |
Net loss per share, basic and diluted | $ | (0.15 | ) | $ | (0.25 | ) | |
Shares used in computing net loss per share, basic and diluted | 42,205 | 41,149 |
March 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 39,935 | $ | 38,190 | |||
Accounts receivable, net | 28,450 | 32,084 | |||||
Inventory | 14,113 | 16,580 | |||||
Prepaid expenses and other | 4,283 | 3,655 | |||||
Total current assets | 86,781 | 90,509 | |||||
Property and equipment, net | 24,809 | 24,853 | |||||
Other assets | 1,570 | 1,307 | |||||
Total assets | $ | 113,160 | $ | 116,669 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 9,353 | $ | 7,363 | |||
Accrued liabilities | 19,472 | 19,722 | |||||
Deferred revenues | 1,900 | 2,773 | |||||
Term loans, current portion | 3,370 | 3,507 | |||||
Total current liabilities | 34,095 | 33,365 | |||||
Long-term liabilities: | |||||||
Deferred revenues, noncurrent | 12,064 | 11,284 | |||||
Warranty obligations, noncurrent | 24,834 | 25,490 | |||||
Other liabilities | 1,272 | 1,154 | |||||
Term loans, noncurrent | 4,457 | 5,170 | |||||
Total liabilities | 76,722 | 76,463 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | — | — | |||||
Additional paid-in capital | 195,383 | 192,916 | |||||
Accumulated deficit | (159,175 | ) | (152,939 | ) | |||
Accumulated other comprehensive income | 230 | 229 | |||||
Total stockholders’ equity | 36,438 | 40,206 | |||||
Total liabilities and stockholders’ equity | $ | 113,160 | $ | 116,669 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (6,236 | ) | $ | (10,406 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 1,910 | 1,660 | |||||
Provision for doubtful accounts | 26 | — | |||||
Net loss on disposal of assets | 6 | — | |||||
Non-cash interest expense | 102 | 108 | |||||
Stock-based compensation | 2,013 | 1,435 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 3,608 | 2,835 | |||||
Inventory | 2,467 | (2,466 | ) | ||||
Prepaid expenses and other assets | (977 | ) | (355 | ) | |||
Accounts payable, accrued compensation and other accrued liabilities | 1,455 | (759 | ) | ||||
Deferred revenues | (93 | ) | 976 | ||||
Net cash provided by (used in) operating activities | 4,281 | (6,972 | ) | ||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (2,172 | ) | (1,682 | ) | |||
Net cash used in investing activities | (2,172 | ) | (1,682 | ) | |||
Cash flows from financing activities: | |||||||
Repayments of term loans | (866 | ) | (591 | ) | |||
Principal payments under capital leases | — | (40 | ) | ||||
Proceeds from issuance of common stock under employee stock plans | 454 | 603 | |||||
Net cash used in financing activities | (412 | ) | (28 | ) | |||
Effect of exchange rate changes on cash | 48 | (178 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 1,745 | (8,860 | ) | ||||
Cash and cash equivalents—Beginning of period | 38,190 | 45,294 | |||||
Cash and cash equivalents—End of period | $ | 39,935 | $ | 36,434 |
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
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 | $ | 18,655 | $ | 12,201 | ||||
Stock-based compensation | 149 | 108 | ||||||
Gross profit on a non-GAAP basis | $ | 18,804 | $ | 12,309 | ||||
Gross margin on a GAAP basis | 32.4 | % | 26.8 | % | ||||
Gross margin on a non-GAAP basis | 32.7 | % | 27.0 | % | ||||
Reconciliation of Operating Expenses on a GAAP Basis to Operating Expenses on a Non-GAAP Basis: | ||||||||
Operating expenses on a GAAP basis | $ | 24,440 | $ | 21,912 | ||||
Stock-based compensation(1) | (1,864 | ) | (1,327 | ) | ||||
Severance costs | — | (156 | ) | |||||
Operating expenses on a non-GAAP basis | $ | 22,576 | $ | 20,429 | ||||
(1) Includes stock-based compensation as follows: | ||||||||
Research and development | $ | 613 | $ | 478 | ||||
Sales and marketing | 532 | 378 | ||||||
General and administrative | 719 | 471 | ||||||
Total | $ | 1,864 | $ | 1,327 | ||||
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 | $ | (5,785 | ) | $ | (9,711 | ) | ||
Stock-based compensation | 2,013 | 1,435 | ||||||
Severance costs | — | 156 | ||||||
Loss from operations on a non-GAAP basis | $ | (3,772 | ) | $ | (8,120 | ) | ||
Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis: | ||||||||
Net loss on a GAAP basis | $ | (6,236 | ) | $ | (10,406 | ) | ||
Stock-based compensation | 2,013 | 1,435 | ||||||
Severance costs | — | 156 | ||||||
Non-cash interest expense | 102 | 108 | ||||||
Net loss on a non-GAAP basis | $ | (4,121 | ) | $ | (8,707 | ) | ||
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 | $ | (0.15 | ) | $ | (0.25 | ) | ||
Stock-based compensation | 0.05 | 0.04 | ||||||
Severance costs | — | — | ||||||
Non-cash interest expense | — | — | ||||||
Basic and diluted net loss per share on a non-GAAP basis | $ | (0.10 | ) | $ | (0.21 | ) |
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