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 August 4, 2015, entitled “Enphase Energy Reports Financial Results for the Second Quarter of 2015.” |
Date: | August 4, 2015 | 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 August 4, 2015, entitled “Enphase Energy Reports Financial Results for the Second Quarter of 2015.” |
• | Revenue of $102.1 million, up 25 percent year-over-year |
• | Shipped a record 195MW (AC) of microinverter systems, up 48 percent year-over-year |
• | Non-GAAP gross margin of 32.7 percent |
• | Non-GAAP operating income of $3.0 million |
• | Non-GAAP net income of $2.8 million |
• | Non-GAAP diluted earnings per share of $0.06 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net revenues | $ | 102,093 | $ | 82,004 | $ | 188,746 | $ | 139,584 | |||||||
Cost of revenues | 69,066 | 55,172 | 127,695 | 94,097 | |||||||||||
Gross profit | 33,027 | 26,832 | 61,051 | 45,487 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 12,786 | 11,148 | 26,216 | 20,234 | |||||||||||
Sales and marketing | 12,508 | 10,493 | 24,445 | 19,321 | |||||||||||
General and administrative | 8,102 | 7,679 | 16,307 | 14,205 | |||||||||||
Total operating expenses | 33,396 | 29,320 | 66,968 | 53,760 | |||||||||||
Loss from operations | (369 | ) | (2,488 | ) | (5,917 | ) | (8,273 | ) | |||||||
Other income (expense), net: | |||||||||||||||
Interest expense | (87 | ) | (486 | ) | (165 | ) | (935 | ) | |||||||
Other income (expense) | 79 | 58 | (448 | ) | 165 | ||||||||||
Total other expense, net | (8 | ) | (428 | ) | (613 | ) | (770 | ) | |||||||
Loss before income taxes | (377 | ) | (2,916 | ) | (6,530 | ) | (9,043 | ) | |||||||
Provision for income taxes | (226 | ) | (115 | ) | (393 | ) | (224 | ) | |||||||
Net loss | $ | (603 | ) | $ | (3,031 | ) | $ | (6,923 | ) | $ | (9,267 | ) | |||
Net loss per share, basic and diluted | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.16 | ) | $ | (0.22 | ) | |||
Shares used in computing net loss per share, basic and diluted | 44,319 | 42,648 | 44,136 | 42,428 |
June 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 31,887 | $ | 42,032 | |||
Accounts receivable, net | 67,315 | 45,119 | |||||
Inventory | 34,054 | 21,590 | |||||
Prepaid expenses and other assets | 8,076 | 6,155 | |||||
Total current assets | 141,332 | 114,896 | |||||
Property and equipment, net | 31,633 | 30,824 | |||||
Goodwill | 3,745 | 3,745 | |||||
Intangibles, net | 1,596 | 1,811 | |||||
Other assets | 2,992 | 916 | |||||
Total assets | $ | 181,298 | $ | 152,192 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 34,467 | $ | 22,316 | |||
Accrued liabilities | 28,278 | 33,643 | |||||
Deferred revenues | 3,943 | 2,747 | |||||
Borrowings under revolving credit facility | 17,000 | — | |||||
Total current liabilities | 83,688 | 58,706 | |||||
Long-term liabilities: | |||||||
Deferred revenues, noncurrent | 20,465 | 16,612 | |||||
Warranty obligations, noncurrent | 26,512 | 26,333 | |||||
Other liabilities | 1,885 | 3,589 | |||||
Total liabilities | 132,550 | 105,240 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | — | — | |||||
Additional paid-in capital | 217,062 | 208,022 | |||||
Accumulated deficit | (167,914 | ) | (160,991 | ) | |||
Accumulated other comprehensive loss | (400 | ) | (79 | ) | |||
Total stockholders’ equity | 48,748 | 46,952 | |||||
Total liabilities and stockholders’ equity | $ | 181,298 | $ | 152,192 |
Six Months Ended June 30, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (6,923 | ) | $ | (9,267 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 5,054 | 3,902 | |||||
Provision for doubtful accounts | 99 | 711 | |||||
Net loss on disposal of assets | 275 | 28 | |||||
Non-cash interest expense | 80 | 191 | |||||
Stock-based compensation | 6,296 | 4,507 | |||||
Revaluation of contingent consideration liability | (900 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (22,295 | ) | (15,164 | ) | |||
Inventory | (12,464 | ) | 856 | ||||
Prepaid expenses and other assets | (4,077 | ) | (2,272 | ) | |||
Accounts payable, accrued and other liabilities | 6,535 | 19,119 | |||||
Deferred revenues | 5,049 | 1,523 | |||||
Net cash (used in) provided by operating activities | (23,271 | ) | 4,134 | ||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (6,260 | ) | (4,333 | ) | |||
Net cash used in investing activities | (6,260 | ) | (4,333 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings under revolving credit facility | 17,000 | — | |||||
Repayments of term loans | — | (2,177 | ) | ||||
Proceeds from issuance of common stock under employee stock plans | 2,744 | 1,701 | |||||
Net cash provided by (used in) financing activities | 19,744 | (476 | ) | ||||
Effect of exchange rate changes on cash | (358 | ) | 106 | ||||
Net decrease in cash and cash equivalents | (10,145 | ) | (569 | ) | |||
Cash and cash equivalents—Beginning of period | 42,032 | 38,190 | |||||
Cash and cash equivalents—End of period | $ | 31,887 | $ | 37,621 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Gross profit (GAAP) | $ | 33,027 | $ | 26,832 | $ | 61,051 | $ | 45,487 | ||||||||
Stock-based compensation | 318 | 194 | 582 | 343 | ||||||||||||
Gross profit (Non-GAAP) | $ | 33,345 | $ | 27,026 | $ | 61,633 | $ | 45,830 | ||||||||
Gross margin (GAAP) | 32.3 | % | 32.7 | % | 32.3 | % | 32.6 | % | ||||||||
Stock-based compensation | 0.4 | % | 0.3 | % | 0.4 | % | 0.2 | % | ||||||||
Gross margin (Non-GAAP) | 32.7 | % | 33.0 | % | 32.7 | % | 32.8 | % | ||||||||
Operating expenses (GAAP) | $ | 33,396 | $ | 29,320 | $ | 66,968 | $ | 53,760 | ||||||||
Stock-based compensation(1) | (2,989 | ) | (2,300 | ) | (5,714 | ) | (4,164 | ) | ||||||||
Amortization of acquisition-related intangibles | (90 | ) | — | (90 | ) | — | ||||||||||
Revaluation of contingent consideration liability | 1,004 | — | 900 | — | ||||||||||||
Severance costs | (1,008 | ) | — | (1,008 | ) | — | ||||||||||
Operating expenses (Non-GAAP) | $ | 30,313 | $ | 27,020 | $ | 61,056 | $ | 49,596 | ||||||||
(1) Includes stock-based compensation as follows: | ||||||||||||||||
Research and development | $ | 1,158 | $ | 778 | $ | 2,238 | $ | 1,391 | ||||||||
Sales and marketing | 942 | 649 | 1,707 | 1,181 | ||||||||||||
General and administrative | 889 | 873 | 1,769 | 1,592 | ||||||||||||
Total | $ | 2,989 | $ | 2,300 | $ | 5,714 | $ | 4,164 | ||||||||
Income (loss) from operations (GAAP) | $ | (369 | ) | $ | (2,488 | ) | $ | (5,917 | ) | $ | (8,273 | ) | ||||
Stock-based compensation | 3,307 | 2,494 | 6,296 | 4,507 | ||||||||||||
Amortization of acquisition-related intangibles | 90 | — | 90 | — | ||||||||||||
Revaluation of contingent consideration liability | (1,004 | ) | — | (900 | ) | — | ||||||||||
Severance costs | 1,008 | — | 1,008 | — | ||||||||||||
Income (loss) from operations (Non-GAAP) | $ | 3,032 | $ | 6 | $ | 577 | $ | (3,766 | ) | |||||||
Net income (loss) (GAAP) | $ | (603 | ) | $ | (3,031 | ) | $ | (6,923 | ) | $ | (9,267 | ) | ||||
Stock-based compensation | 3,307 | 2,494 | 6,296 | 4,507 | ||||||||||||
Amortization of acquisition-related intangibles | 90 | — | 90 | — | ||||||||||||
Revaluation of contingent consideration liability | (1,004 | ) | — | (900 | ) | — | ||||||||||
Severance costs | 1,008 | — | 1,008 | — | ||||||||||||
Non-cash interest expense | 41 | 89 | 80 | 191 | ||||||||||||
Net income (loss) (Non-GAAP) | $ | 2,839 | $ | (448 | ) | $ | (349 | ) | $ | (4,569 | ) | |||||
Net income (loss) per share, diluted (GAAP) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.16 | ) | $ | (0.22 | ) | ||||
Stock-based compensation | 0.07 | 0.06 | 0.15 | 0.11 | ||||||||||||
Amortization of acquisition-related intangibles | — | — | — | — | ||||||||||||
Revaluation of contingent consideration liability | (0.02 | ) | — | (0.02 | ) | — | ||||||||||
Severance costs | 0.02 | — | 0.02 | — | ||||||||||||
Non-cash interest expense | — | — | — | — | ||||||||||||
Net income (loss) per share, diluted (Non-GAAP) | $ | 0.06 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.11 | ) | |||||
Shares used in per share calculation, diluted (Non-GAAP) | 49,102 | 42,648 | 44,136 | 42,428 |
D!\@'Z @,"# (4 AT")@(O
M C@"00)+ E0"70)G G$">@*$ HX"F *B JP"M@+! LL"U0+@ NL"]0, PL#
M%@,A RT#. -# T\#6@-F W(#?@.* Y8#H@.N [H#QP/3 ^ #[ /Y! 8$$P0@
M!"T$.P1(!%4$8P1Q!'X$C 2:!*@$M@3$!-,$X03P!/X%#044%]@8&!A8&)P8W!D@&609J!GL&C :=!J\&P ;1
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M&G<:GAK%&NP;%!L[&V,;BANR&]H< APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB 5($$@;""8(,0@\"$<(4@A=2&A
M( &YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]
M07VA?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"](-7@[J$'82 A..%1X6K
MA@Z&_[7_P!;]-)3
MQO1L?KHZKUK-Z)92;*\Z^J_%R)#+&FVY['A[#[;:G.?L6OA="ZYU#K%'5_K#
M94T80!YJ'I0>OA[I'Q,?/A]I
M'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B4Q[;+;T-5S^FIH#55/O:S+3094B\