(State or other jurisdiction of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
Date: | April 25, 2023 | ENPHASE ENERGY, INC. | |||||||||
By: | /s/ Mandy Yang | ||||||||||
Mandy Yang | |||||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||
Q1 2023 | Q4 2022 | Q1 2022 | Q1 2023 | Q4 2022 | Q1 2022 | ||||||||||||||||||||||||||||||
Revenue | $ | 726,016 | $ | 724,652 | $ | 441,292 | $ | 726,016 | $ | 724,652 | $ | 441,292 | |||||||||||||||||||||||
Gross margin | 45.0 | % | 42.9 | % | 40.1 | % | 45.7 | % | 43.8 | % | 41.0 | % | |||||||||||||||||||||||
Operating expenses | $ | 158,708 | $ | 153,741 | $ | 115,149 | $ | 98,375 | $ | 87,718 | $ | 66,250 | |||||||||||||||||||||||
Operating income | $ | 167,663 | $ | 156,960 | $ | 61,824 | $ | 233,562 | $ | 229,389 | $ | 114,529 | |||||||||||||||||||||||
Net income | $ | 146,873 | $ | 153,753 | $ | 51,821 | $ | 192,319 | $ | 212,389 | $ | 109,670 | |||||||||||||||||||||||
Basic EPS | $ | 1.07 | $ | 1.13 | $ | 0.39 | $ | 1.41 | $ | 1.56 | $ | 0.82 | |||||||||||||||||||||||
Diluted EPS | $ | 1.02 | $ | 1.06 | $ | 0.37 | $ | 1.37 | $ | 1.51 | $ | 0.79 |
Three Months Ended | |||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
Net revenues | $ | 726,016 | $ | 724,652 | $ | 441,292 | |||||||||||
Cost of revenues | 399,645 | 413,951 | 264,319 | ||||||||||||||
Gross profit | 326,371 | 310,701 | 176,973 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 57,129 | 49,683 | 35,719 | ||||||||||||||
Sales and marketing | 64,621 | 64,913 | 41,344 | ||||||||||||||
General and administrative | 36,265 | 37,355 | 38,086 | ||||||||||||||
Restructuring charges | 693 | 1,790 | — | ||||||||||||||
Total operating expenses | 158,708 | 153,741 | 115,149 | ||||||||||||||
Income from operations | 167,663 | 156,960 | 61,824 | ||||||||||||||
Other income (expense), net | |||||||||||||||||
Interest income | 13,040 | 8,720 | 460 | ||||||||||||||
Interest expense | (2,156) | (2,279) | (2,736) | ||||||||||||||
Other income (expense), net | 426 | 4,777 | (2,141) | ||||||||||||||
Total other income (expense), net | 11,310 | 11,218 | (4,417) | ||||||||||||||
Income before income taxes | 178,973 | 168,178 | 57,407 | ||||||||||||||
Income tax provision | (32,100) | (14,425) | (5,586) | ||||||||||||||
Net income | $ | 146,873 | $ | 153,753 | $ | 51,821 | |||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 1.07 | $ | 1.13 | $ | 0.39 | |||||||||||
Diluted | $ | 1.02 | $ | 1.06 | $ | 0.37 | |||||||||||
Shares used in per share calculation: | |||||||||||||||||
Basic | 136,689 | 136,167 | 134,327 | ||||||||||||||
Diluted | 145,986 | 146,311 | 144,617 |
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 286,045 | $ | 473,244 | |||||||
Marketable securities | 1,492,352 | 1,139,599 | |||||||||
Accounts receivable, net | 516,106 | 440,896 | |||||||||
Inventory | 150,563 | 149,708 | |||||||||
Prepaid expenses and other assets | 67,567 | 60,824 | |||||||||
Total current assets | 2,512,633 | 2,264,271 | |||||||||
Property and equipment, net | 133,268 | 111,367 | |||||||||
Operating lease, right of use asset, net | 21,647 | 21,379 | |||||||||
Intangible assets, net | 92,756 | 99,541 | |||||||||
Goodwill | 213,882 | 213,559 | |||||||||
Other assets | 184,138 | 169,291 | |||||||||
Deferred tax assets, net | 222,529 | 204,872 | |||||||||
Total assets | $ | 3,380,853 | $ | 3,084,280 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 106,154 | $ | 125,085 | |||||||
Accrued liabilities | 396,688 | 295,939 | |||||||||
Deferred revenues, current | 99,819 | 90,747 | |||||||||
Warranty obligations, current | 34,513 | 35,556 | |||||||||
Debt, current | 92,115 | 90,892 | |||||||||
Total current liabilities | 729,289 | 638,219 | |||||||||
Long-term liabilities: | |||||||||||
Deferred revenues, noncurrent | 322,487 | 281,613 | |||||||||
Warranty obligations, noncurrent | 111,521 | 95,890 | |||||||||
Other liabilities | 47,187 | 43,520 | |||||||||
Debt, noncurrent | 1,200,276 | 1,199,465 | |||||||||
Total liabilities | 2,410,760 | 2,258,707 | |||||||||
Total stockholders’ equity | 970,093 | 825,573 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,380,853 | $ | 3,084,280 |
Three Months Ended | |||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 146,873 | $ | 153,753 | $ | 51,821 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 16,591 | 16,009 | 14,103 | ||||||||||||||
Amortization of marketable securities premiums, net of accretion of purchase (discounts) | (7,548) | (4,723) | 1,455 | ||||||||||||||
Provision for doubtful accounts | 180 | 67 | 147 | ||||||||||||||
Non-cash interest expense | 2,034 | 2,077 | 1,979 | ||||||||||||||
Change in fair value of debt securities | (1,744) | (345) | 1,116 | ||||||||||||||
Stock-based compensation | 59,655 | 63,645 | 47,797 | ||||||||||||||
Deferred income taxes | (16,181) | (12,099) | 3,165 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (79,529) | (88,876) | (24,224) | ||||||||||||||
Inventory | (855) | (3,222) | (22,036) | ||||||||||||||
Prepaid expenses and other assets | (21,457) | (47,597) | (3,042) | ||||||||||||||
Accounts payable, accrued and other liabilities | 82,540 | 91,128 | (1,805) | ||||||||||||||
Warranty obligations | 14,588 | 25,566 | 9,906 | ||||||||||||||
Deferred revenues | 51,085 | 58,331 | 22,061 | ||||||||||||||
Net cash provided by operating activities | 246,232 | 253,714 | 102,443 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment | (22,476) | (16,429) | (12,375) | ||||||||||||||
Purchases of marketable securities | (695,387) | (335,193) | — | ||||||||||||||
Maturities and sale of marketable securities | 354,333 | 282,973 | 76,735 | ||||||||||||||
Investments in private companies | — | (15,000) | — | ||||||||||||||
Business acquisitions, net of cash acquired | — | (34,482) | (24,625) | ||||||||||||||
Net cash provided by (used in) investing activities | (363,530) | (118,131) | 39,735 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from exercise of equity awards and employee stock purchase plan | 40 | 5,090 | 404 | ||||||||||||||
Payment of withholding taxes related to net share settlement of equity awards | (71,845) | (8,100) | (9,344) | ||||||||||||||
Net cash used in financing activities | (71,805) | (3,010) | (8,940) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,904 | 3,088 | (704) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (187,199) | 135,661 | 132,534 | ||||||||||||||
Cash and cash equivalents—Beginning of period | 473,244 | 337,583 | 119,316 | ||||||||||||||
Cash and cash equivalents —End of period | $ | 286,045 | $ | 473,244 | $ | 251,850 | |||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
Gross profit (GAAP) | $ | 326,371 | $ | 310,701 | $ | 176,973 | |||||||||||
Stock-based compensation | 3,669 | 4,271 | 2,507 | ||||||||||||||
Acquisition related amortization | 1,897 | 2,135 | 1,299 | ||||||||||||||
Gross profit (Non-GAAP) | $ | 331,937 | $ | 317,107 | $ | 180,779 | |||||||||||
Gross margin (GAAP) | 45.0 | % | 42.9 | % | 40.1 | % | |||||||||||
Stock-based compensation | 0.5 | % | 0.6 | % | 0.6 | % | |||||||||||
Acquisition related amortization | 0.2 | % | 0.3 | % | 0.3 | % | |||||||||||
Gross margin (Non-GAAP) | 45.7 | % | 43.8 | % | 41.0 | % | |||||||||||
Operating expenses (GAAP) | $ | 158,708 | $ | 153,741 | $ | 115,149 | |||||||||||
Stock-based compensation (1) | (55,986) | (59,374) | (45,290) | ||||||||||||||
Acquisition related expenses and amortization | (3,654) | (4,859) | (3,609) | ||||||||||||||
Restructuring and asset impairment charges | (693) | (1,790) | — | ||||||||||||||
Operating expenses (Non-GAAP) | $ | 98,375 | $ | 87,718 | $ | 66,250 | |||||||||||
(1) Includes stock-based compensation as follows: | |||||||||||||||||
Research and development | $ | 21,478 | $ | 21,687 | $ | 13,729 | |||||||||||
Sales and marketing | 21,419 | 23,517 | 13,057 | ||||||||||||||
General and administrative | 13,089 | 14,170 | 18,504 | ||||||||||||||
Total | $ | 55,986 | $ | 59,374 | $ | 45,290 | |||||||||||
Income from operations (GAAP) | $ | 167,663 | $ | 156,960 | $ | 61,824 | |||||||||||
Stock-based compensation | 59,655 | 63,645 | 47,797 | ||||||||||||||
Acquisition related expenses and amortization | 5,551 | 6,994 | 4,908 | ||||||||||||||
Restructuring and asset impairment charges | 693 | 1,790 | — | ||||||||||||||
Income from operations (Non-GAAP) | $ | 233,562 | $ | 229,389 | $ | 114,529 | |||||||||||
Net income (GAAP) | $ | 146,873 | $ | 153,753 | $ | 51,821 | |||||||||||
Stock-based compensation | 59,655 | 63,645 | 47,797 | ||||||||||||||
Acquisition related expenses and amortization | 5,551 | 6,994 | 4,908 | ||||||||||||||
Restructuring and asset impairment charges | 693 | 1,790 | — | ||||||||||||||
Non-cash interest expense | 2,034 | 2,077 | 1,979 | ||||||||||||||
Non-GAAP income tax adjustment | (22,487) | (15,870) | 3,165 | ||||||||||||||
Net income (Non-GAAP) | $ | 192,319 | $ | 212,389 | $ | 109,670 | |||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
Net income per share, basic (GAAP) | $ | 1.07 | $ | 1.13 | $ | 0.39 | |||||||||||
Stock-based compensation | 0.44 | 0.47 | 0.36 | ||||||||||||||
Acquisition related expenses and amortization | 0.04 | 0.05 | 0.04 | ||||||||||||||
Restructuring and asset impairment charges | 0.01 | 0.01 | — | ||||||||||||||
Non-cash interest expense | 0.01 | 0.02 | 0.01 | ||||||||||||||
Non-GAAP income tax adjustment | (0.16) | (0.12) | 0.02 | ||||||||||||||
Net income per share, basic (Non-GAAP) | $ | 1.41 | $ | 1.56 | $ | 0.82 | |||||||||||
Shares used in basic per share calculation GAAP and Non-GAAP | 136,689 | 136,167 | 134,327 | ||||||||||||||
Net income per share, diluted (GAAP) | $ | 1.02 | $ | 1.06 | $ | 0.37 | |||||||||||
Stock-based compensation | 0.43 | 0.46 | 0.34 | ||||||||||||||
Acquisition related expenses and amortization | 0.04 | 0.05 | 0.04 | ||||||||||||||
Restructuring and asset impairment charges | 0.01 | 0.02 | — | ||||||||||||||
Non-cash interest expense | 0.02 | 0.02 | 0.02 | ||||||||||||||
Non-GAAP income tax adjustment | (0.15) | (0.10) | 0.02 | ||||||||||||||
Net income per share, diluted (Non-GAAP) (2) | $ | 1.37 | $ | 1.51 | $ | 0.79 | |||||||||||
Shares used in diluted per share calculation GAAP | 145,986 | 146,311 | 144,617 | ||||||||||||||
Shares used in diluted per share calculation Non-GAAP (3) | 140,658 | 140,983 | 139,289 | ||||||||||||||
Net cash provided by operating activities (GAAP) | $ | 246,232 | $ | 253,714 | $ | 102,443 | |||||||||||
Purchases of property and equipment | (22,476) | (16,429) | (12,375) | ||||||||||||||
Free cash flow (Non-GAAP) | $ | 223,756 | $ | 237,285 | $ | 90,068 | |||||||||||
D# 2( A$! Q$!_\0 'P 04! 0$! 0$
M $" P0%!@<("0H+_\0 M1 @$# P($ P4%! 0 %] 0(# 01
M!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*%A<8&1HE)B
D# 2( A$! Q$!_\0 'P 04! 0$! 0$
M $" P0%!@<("0H+_\0 M1 @$# P($ P4%! 0 %] 0(# 01
M!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*%A<8&1HE)B
Cover Page Cover Page |
Apr. 25, 2023 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0001463101 |
Document Type | 8-K |
Document Period End Date | Apr. 25, 2023 |
Entity Registrant Name | ENPHASE ENERGY, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35480 |
Entity Tax Identification Number | 20-4645388 |
Entity Address, Address Line One | 47281 Bayside Parkway |
Entity Address, City or Town | Fremont |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94538 |
City Area Code | 877 |
Local Phone Number | 774-7000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.00001 par value per share |
Trading Symbol | ENPH |
Security Exchange Name | NASDAQ |
Security Exchange Name | false |
Amendment Flag | false |
&ULW5=M:]LP$/XK0C]@;F)JXI$8MD!AL(U"\V%?E5AV!'KQ9+ES^NNG
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MA\EC%'S8 Y?R 5KXK;J*W5RHY_U=3_ 102P,$% @ U("95I>*NQS $P(
M L !?
K5FNB0UKV]LU]TASM6MQ?>@SQ&.J&7 GOM'"_:;^. WS
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MGJ=IM#1ER=LNL06QDK( /0I)+XQX]=B3[XF4I>/ P< ][ \EBA9B=*+2I1_[QML-@+^GO 6;:Q[ %>%^W%?&+=Q^G%O
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MP_:$&Q8L+>'0X
M/.;T@OC-]CJVUUWYL];15_ZV;EI=[UB>M=.TZW^S;;58:W.$U4=(KHZ8/*H
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M^E'D>_1-ZQU[V^161;Z*?&79M-;I[ABV5GVJ5$RG9B/WT%1LG6RM9W
VCI#,^X_9L*YTG3]@M]-E<5ES!GJ_2*,MS=%NU
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M^XS)V-(]#]N$BR/)TI"C>$4DK^1B=A[)(0-4DR9#?2!7=(>MXI)O5L/G0C
MHCQNP) [1YXXW06HAF#K,7%98^OH-4@10,A@[3UN+O>2>)KU>?AAS(]C28HH
M\V$*40B 1QZ0)NGH9NF>ZXH]*MKCT0GSO3AQ6G8.1 F!,2\AP _8Q4A@%&'E
MEK%N*P.T&I2',JZ?6QNVO&MEE9>"I_H=>_Z-<:C7$L[,LS"7BSX1:S[*E_P6
MR5R/9+:J\4A.LT
MHL-7&^A E 4)C))7L1TXDMF?E8[:A_ *W[8+A9;PJ&EMCE;9J7>.LHM#+QL/
M,XG^UZV]7_5:MAM8^%D[+50=0,/<.1?J+R;??*OPI
MK4X[!+=N]Z#\CYR]
/BV>8I@V>.9K13N?Y/EC:UN7
M(!;(81@C=B^9FJUM.X.J#HLR.W%+[:P#I(ZC^VJRZGTC
*&IF [.J;)ND.8
ML,BS[9!'I-::LXFS:3N,=@+ML#$7Y7
=93/5Z]JE.GXLO!J&3_J*S>G.7BN6JG5%,V8]GTY$ETJNH'))*
M*<2YX$C%&)"T/G-<9\HK_N_ED;/><6\PXH9",RD]4HX(N$H:A0W%@NJ^T[*H
M/A]U']8T80:#JYK^[_%\U;:;H\7BYN;F\-:F\K!.RP7%F"T>6\\?FM\^:W_#
M^M9$:[WHSWYMVA0O-81NR>+/WRX^NE58&U1436LJUQEHBJ.F/WA1.]/VFO^M
M7[-76W3_T&,SU!U"A")F\;/S\YF,WNY4AU&3Z$..N^__AP_M5DJ#8KN/#0
MU>M%=VYQ5@,)EV89OOX E_LNVKM-.)XWQ7I3?CVV2B$>S[M.4!=;S&G6&?[I
MA5X6WYS9I- /_W@+^# 0V>=_>T="[=MJ'RX'_2CI;)V3QJ5G>1U>KRR-#:4
M_='