0001463101-20-000010.txt : 20200218 0001463101-20-000010.hdr.sgml : 20200218 20200218160819 ACCESSION NUMBER: 0001463101-20-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200218 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200218 DATE AS OF CHANGE: 20200218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Enphase Energy, Inc. CENTRAL INDEX KEY: 0001463101 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 204645388 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35480 FILM NUMBER: 20625354 BUSINESS ADDRESS: STREET 1: 47281 BAYSIDE PARKWAY CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: (707) 763-4784 MAIL ADDRESS: STREET 1: 47281 BAYSIDE PARKWAY CITY: FREMONT STATE: CA ZIP: 94538 8-K 1 a2019q48-kearningsrele.htm 8-K 2019 Q4 EARNINGS RELEASE Document
false0001463101 0001463101 2020-02-18 2020-02-18


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 8-K
________________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2020
________________________________________________
enpha06.jpg
ENPHASE ENERGY, INC.
(Exact name of registrant as specified in its charter)
________________________________________________

Delaware
 
001-35480
 
20-4645388
(State or other Jurisdiction of Incorporation)
 
(Commission File No.)
 
(IRS Employer Identification No.)

47281 Bayside Parkway
Fremont, CA 94538
(Address of principal executive offices, including zip code)
(707) 774-7000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.00001 par value per share
 
ENPH
 
NASDAQ Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 







Item 2.02. Results of Operations and Financial Condition.
On February 18, 2020, Enphase Energy, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter ended December 31, 2019. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in Item 2.02 of this Form 8-K and the exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and shall not be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits. 






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:
February 18, 2020
ENPHASE ENERGY, INC.
 
 
By:
/s/ Eric Branderiz
 
 
 
Eric Branderiz
 
 
 
Executive Vice President and Chief Financial Officer




EX-99.1 2 a2019q48-kexx991pressr.htm EXHIBIT 99.1 2019 Q4 EARNINGS RELEASE Exhibit
Exhibit 99.1
enpha06.jpg
Enphase Energy Reports Financial Results for the Fourth Quarter of 2019
FREMONT, Calif., Feb. 18, 2020 - Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced today financial results for the fourth quarter of 2019, which included the summary below from its President and CEO, Badri Kothandaraman.
Highlights for the fourth quarter of 2019 included:
Revenue of $210.0 million, including approximately $36.4 million of safe harbor revenue
Cash flow from operations of $102.3 million; ending cash balance of $296.1 million, including restricted cash
GAAP gross margin of 37.1%; non-GAAP gross margin of 37.3%
GAAP operating expenses of $33.4 million; non-GAAP operating expenses of $26.1 million
GAAP operating income of $44.4 million; non-GAAP operating income of $52.3 million
GAAP net income of $116.7 million, including an income tax benefit of $72.2 million; non-GAAP net income of $52.0 million
GAAP diluted EPS of $0.88, including an income tax benefit of $0.54; non-GAAP diluted EPS of $0.39
Our revenue and earnings for the fourth quarter of 2019 are given below, compared with those of the prior quarter and the year ago quarter:
(In thousands, except per share data and percentages)
 
GAAP
 
Non-GAAP
 
Q4 2019
 
Q3 2019
 
Q4 2018
 
Q4 2019
 
Q3 2019
 
Q4 2018
Revenue
$
210,032

 
$
180,057

 
$
92,289

 
$
210,032

 
$
180,057

 
$
92,289

Gross margin
37.1
%
 
35.9
%
 
30.5
%
 
37.3
%
 
36.2
%
 
30.7
%
Operating income
$
44,442

 
$
33,706

 
$
5,003

 
$
52,277

 
$
40,166

 
$
8,565

Net income
$
116,666

 
$
31,099

 
$
709

 
$
52,038

 
$
39,466

 
$
5,092

Basic EPS
$
0.95

 
$
0.25

 
$
0.01

 
$
0.42

 
$
0.32

 
$
0.05

Diluted EPS
$
0.88

 
$
0.23

 
$
0.01

 
$
0.39

 
$
0.30

 
$
0.04

Our revenue and earnings for the fiscal year 2019 are given below, compared with those of the prior year:
(In thousands, except per share data and percentages)
 
GAAP
 
Non-GAAP
 
FY 2019
 
FY 2018
 
FY 2019
 
FY 2018
Revenue
$
624,333

 
$
316,159

 
$
624,333

 
$
316,159

Gross margin
35.4
%
 
29.9
%
 
35.7
%
 
30.2
%
Operating income
$
102,729

 
$
1,596

 
$
126,952

 
$
20,535

Net income (loss)
$
161,148

 
$
(11,627
)
 
$
124,205

 
$
10,013

Basic EPS
$
1.38

 
$
(0.12
)
 
$
1.06

 
$
0.10

Diluted EPS
$
1.23

 
$
(0.12
)
 
$
0.95

 
$
0.10

Our fourth quarter revenue was $210.0 million, including approximately $36.4 million of safe harbor revenue. We shipped approximately 677 megawatts DC, or 2,112,725 microinverters. Fourth quarter revenue increased 17% sequentially and 128% year-over year. Product innovation and customer experience remain the cornerstones of our growth strategy. We achieved volume shipments of IQ 7A™, our highest power microinverter, during the fourth quarter as our customers continued to seek module-level power electronics optimal for high-efficiency solar modules.

1


Our non-GAAP gross margin was 37.3%, an increase of 110 basis points from 36.2% in the third quarter of 2019. Expedite fees were within the range expected in the normal course of business, as component supply remained stable. Non-GAAP operating expenses were $26.1 million, compared to $25.0 million in the prior quarter. Non-GAAP operating income was $52.3 million, compared to $40.2 million in the prior quarter.
We exited the fourth quarter with $296.1 million in cash, including restricted cash, and generated $102.3 million in cash flow from operations. The restricted cash is related to the first quarter of 2020 safe harbor deliveries and is expected to become unrestricted at the end of April 2020. Inventory was $32.1 million at the end of the fourth quarter of 2019, compared to $30.2 million at the end of the third quarter of 2019, and $16.3 million at the end of the fourth quarter of 2018.
For the full year 2019, revenue was $624.3 million, compared to $316.2 million in 2018. We generated $139.1 million of cash flow from operations in 2019, compared to $16.1 million in 2018. GAAP net income was $161.1 million, resulting in diluted earnings per share of $1.23. Non-GAAP net income was $124.2 million, resulting in diluted earnings per share of $0.95. We are pleased to report that 2019 was the first full year of GAAP profitability in Enphase’s history.
Shipments of our Encharge™ battery storage system utilizing our Ensemble™ energy management technology remain on track for March 2020. We are pleased with the pre-orders received and are ramping installer training to support the product launch.

BUSINESS HIGHLIGHTS
On November 18, 2019 Enphase Energy announced it signed a strategic supply agreement with Sunrun Inc., the nation’s leading home solar, battery storage and energy services company. As part of the agreement, Enphase will provide its seventh-generation Enphase IQ™ microinverters to Sunrun for use in its residential solar business. Sunrun’s customers will benefit from Enphase’s IQ 7™ and IQ 7+™ microinverters, which leverage Enphase’s unique software-defined architecture and semiconductor integration for excellent reliability and economies of scale.
On November 20, 2019, Enphase Energy announced the availability of pre-orders for battery storage systems based on its Ensemble energy management technology. Solar installers can place pre-orders for Encharge 3™ or Encharge 10™ storage systems, which offer usable and scalable capacity of 3.4 kWh and 10.1 kWh, respectively. The storage systems feature Enphase embedded grid-forming microinverters that enable the Always-On functionality. These systems are compatible with both new and existing Enphase IQ solar systems with IQ 6™ or IQ 7 microinverters and provide a simple upgrade path for Enphase’s existing solar customers.
On December 12, 2019, Enphase Energy hosted an Analyst Day and announced a new baseline financial model of 35% gross margin, 15% operating expenses and 20% operating income, all as a percentage of revenue on a non-GAAP basis. Enphase discussed several new products, including Encharge storage systems, IQ 8™ microinverters for the residential market, IQ 8D™ microinverters for the small commercial market, and Ensemble-in-a-Box for the India off-grid market. Enphase also forecasted its served available market growing from $3.3 billion in 2019 to $12.5 billion in 2022, which the company believes provides an opportunity for profitable growth.
On January 21, 2020, Enphase Energy announced that Petersen-Dean, Inc., one of the largest full-service, privately held roofing and solar companies in the U.S., selected Enphase as its premier supplier of solar inverters and battery storage systems. Per this agreement, Enphase will provide Petersen-Dean with turnkey energy solutions for new residential and commercial construction. Petersen-Dean selected Enphase for its all-in-one smart energy system consisting of solar microinverters, battery storage, and energy management.
On February 10, 2020, Enphase Energy announced it has joined forces with CREATON GmbH, one of the leading residential roof manufacturers in Europe, to deliver photovoltaic (PV) in-roof systems to residential solar customers throughout Germany. CREATON offers an extensive range of products for pitched roof solutions, including both clay and concrete roof tiles, and system accessories. Its newly developed PV in-roof systems with Enphase Energy include Enphase IQ 7 and IQ 7+ microinverters, along with Enphase Envoy™ communications gateways, which connect the system to the Enphase Enlighten™ monitoring platform and makes per-panel energy monitoring and insights for operations and maintenance easy.

2



FIRST QUARTER 2020 FINANCIAL OUTLOOK
For the first quarter of 2020, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
Revenue to be within a range of $200 million to $210 million, including $44.5 million of revenue for ITC safe harbor shipments
GAAP and non-GAAP gross margin to be within a range of 36% to 39%
GAAP operating expenses to be within a range of $35 million to $37 million, including a total of approximately $7 million estimated for stock-based compensation expenses and acquisition related amortization
Non-GAAP operating expenses to be within a range of $28 million to $30 million, excluding a total of approximately $7 million estimated for stock-based compensation expenses and acquisition related amortization

Follow Enphase Online
Read the Enphase blog.
Follow @Enphase on Twitter.
Visit us on Facebook and LinkedIn.
Watch Enphase videos on YouTube.

Use of Non-GAAP Financial Measures
The Company 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 of America, or 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 the Company include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income (loss) and net income (loss) per share.
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 the Company’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. The Company 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. The Company 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 in the accompanying press release, 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 the Company’s current operating performance and a comparison to its past operating performance:
Stock-based compensation expense. The Company 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 the Company’s stock price at the time of an award over which management has limited to no control.

3


Restructuring charges. The Company excludes restructuring charges due to the nature of the expenses being unplanned and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for restructuring-related management consulting services, cash-based severance costs and modification of stock-based compensation related to workforce reduction actions, asset write-downs of property and equipment and lease loss reserves, and other contract termination costs resulting from restructuring initiatives.
Reserve for non-recurring legal matter. This item represents a charge taken for the potential settlement cost related to a dispute with a vendor. This item is excluded as it relates to a specific matter and is not reflective of the Company’s ongoing financial performance.
Acquisition related expenses and amortization. This item represents expenses incurred related to the Company’s acquisition of SunPower’s microinverter business, 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 the Company's ongoing financial performance.
Non-recurring debt prepayment fees and non-cash interest. This item consists primarily of amortization of debt issuance costs, accretion of debt discount and non-recurring debt settlement costs, because these expenses does not represent a cash outflow for the Company except in the period the financing was secured or when the financing was settled, and such amortization expense or settlement of debt costs is not reflective of the Company’s ongoing financial performance.
Non-GAAP income tax adjustment. This item represents the amount adjusted to the Company’s GAAP tax provision or benefit to present the non-GAAP tax amount based on cash tax expense and reserves.

Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2019 results and first quarter 2020 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 (877) 644-1284; participant passcode 5285143. A live webcast of the conference call will also be accessible from the “Investor Relations” section of the Company’s website at investor.enphase.com. Following the webcast, an archived version will be available on the website for one year. In addition, an audio replay of the conference call will be available by calling (855) 859-2056; participant passcode 5285143, beginning approximately one hour after the call.

Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expected future financial performance; the capabilities, advantages, and performance of our technology and products, including the anticipated market adoption of current and future products; the compatibility and scalability of our products; the served available market; and the ease of monitoring PV systems. These forward-looking statements are based on the Company’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 the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC 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.


4


About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform. The Company revolutionized the solar industry with its microinverter technology and produces a fully integrated solar-plus-storage solution. Enphase has shipped more than 25 million microinverters, and over one million Enphase systems have been deployed in more than 130 countries. For more information, visit www.enphase.com.
Enphase Energy®, the Enphase logo, IQ, IQ 6, IQ 7, IQ 7+, IQ 7A, Encharge, Ensemble, Envoy, Enlighten, IQ 8, IQ 8D, and other trademarks or service names are the trademarks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:
Adam Hinckley
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
+1-707-763-4784 x7354

5


ENPHASE ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

 
Three Months Ended
December 31,
 
Year Ended December 31,
 
2019
 
2018
 
2019
 
2018
Net revenues
$
210,032

 
$
92,289

 
$
624,333

 
$
316,159

Cost of revenues
132,151

 
64,124

 
403,088

 
221,714

Gross profit
77,881

 
28,165

 
221,245

 
94,445

Operating expenses:
 
 
 
 
 
 
 
Research and development
11,168

 
7,340

 
40,381

 
32,587

Sales and marketing
10,690

 
6,617

 
36,728

 
27,047

General and administrative
10,450

 
7,664

 
38,808

 
29,086

Restructuring charges
1,131

 
1,541

 
2,599

 
4,129

Total operating expenses
33,439

 
23,162

 
118,516

 
92,849

Income from operations
44,442

 
5,003

 
102,729

 
1,596

Other expense, net
 
 
 
 
 
 
 
Interest income
815

 
490

 
2,513

 
1,058

Interest expense
(2,303
)
 
(3,094
)
 
(9,691
)
 
(10,693
)
Other (expense) income, net
1,467

 
(1,114
)
 
(5,437
)
 
(2,190
)
Total other expense, net
(21
)
 
(3,718
)
 
(12,615
)
 
(11,825
)
Income (loss) before income taxes
44,421

 
1,285

 
90,114

 
(10,229
)
Income tax benefit (provision)
72,245

 
(576
)
 
71,034

 
(1,398
)
Net income (loss)
$
116,666

 
$
709

 
$
161,148

 
$
(11,627
)
Net income (loss) per share:
 
 
 
 
 
 
 
Basic
$
0.95

 
$
0.01

 
$
1.38

 
$
(0.12
)
Diluted
$
0.88

 
$
0.01

 
$
1.23

 
$
(0.12
)
Shares used in per share calculation:
 
 
 
 
 
 
 
Basic
122,630

 
106,638

 
116,713

 
99,619

Diluted
132,872

 
113,888

 
131,644

 
99,619



6


ENPHASE ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
December 31,
2019
 
December 31,
2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
251,409

 
$
106,237

Restricted cash
44,700

 

Accounts receivable, net
145,413

 
78,938

Inventory
32,056

 
16,267

Prepaid expenses and other assets
26,079

 
20,860

Total current assets
499,657

 
222,302

Property and equipment, net
28,936

 
20,998

Operating lease, right of use asset
10,117

 

Intangible assets, net
30,579

 
35,306

Goodwill
24,783

 
24,783

Other assets
44,620

 
36,548

Deferred tax assets, net
74,531

 

Total assets
$
713,223

 
$
339,937

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
57,474

 
$
48,794

Accrued liabilities
47,092

 
29,010

Deferred revenues, current
81,783

 
33,119

Warranty obligations, current
10,078

 
8,083

Debt, current
2,884

 
28,155

Total current liabilities
199,311

 
147,161

Long-term liabilities:
 
 
 
Deferred revenues, noncurrent
100,204

 
76,911

Warranty obligations, noncurrent
27,020

 
23,211

Other liabilities
11,817

 
3,250

Debt, noncurrent
102,659

 
81,628

Total liabilities
441,011

 
332,161

Total stockholders’ equity
272,212

 
7,776

Total liabilities and stockholders’ equity
$
713,223

 
$
339,937




7


ENPHASE ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
Three Months Ended
 
Year Ended
 
December 31,
2019
 
September 30,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
116,666

 
$
31,099

 
$
709

 
$
161,148

 
$
(11,627
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
2,568

 
3,857

 
2,717

 
14,119

 
9,667

Provision for doubtful accounts
(191
)
 
201

 
43

 
217

 
711

Asset impairment
1,124

 

 
(35
)
 
1,124

 
1,601

Non-cash interest expense
1,908

 
1,907

 
821

 
6,081

 
2,701

Financing fees on extinguishment of debt

 

 

 
2,152

 

Fees paid for repurchase and exchange of convertible notes due 2023

 

 

 
6,000

 

Stock-based compensation
6,176

 
5,776

 
1,521

 
20,176

 
11,432

Deferred income taxes
(73,375
)
 

 
123

 
(73,375
)
 
123

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable
(12,606
)
 
(37,035
)
 
(24,186
)
 
(68,745
)
 
(13,515
)
Inventory
(1,825
)
 
(10,137
)
 
1,620

 
(15,789
)
 
9,732

Prepaid expenses and other assets
(5,659
)
 
934

 
865

 
(14,293
)
 
(3,130
)
Intangible assets

 

 
(4,000
)
 

 
(10,000
)
Accounts payable, accrued and other liabilities
3,544

 
1,851

 
18,410

 
22,200

 
23,082

Warranty obligations
2,474

 
1,631

 
(890
)
 
5,804

 
1,478

Deferred revenues
61,467

 
4,877

 
4,157

 
72,248

 
(6,123
)
Net cash provided by operating activities
102,271

 
4,961

 
1,875

 
139,067

 
16,132

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
(7,420
)
 
(4,192
)
 
(1,767
)
 
(14,788
)
 
(4,151
)
Acquisition

 

 
(6,000
)
 

 
(15,000
)
Net cash used in investing activities
(7,420
)
 
(4,192
)
 
(7,767
)
 
(14,788
)
 
(19,151
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Issuance of convertible notes due 2024, net of issuance costs
(68
)
 
(559
)
 

 
127,413

 

Purchase of convertible note hedges

 

 

 
(36,313
)
 

Sale of warrants

 

 

 
29,818

 

Fees paid for repurchase and exchange of convertible notes due 2023

 

 

 
(6,000
)
 

Principal payments and financing fees on debt
(198
)
 
(536
)
 
(4,312
)
 
(45,855
)
 
(9,976
)
Proceeds from issuance of common stock, net of issuance costs

 

 
(5
)
 

 
19,766

Proceeds from debt, net of issuance costs

 

 
(328
)
 

 
68,024

Proceeds from exercise of equity awards and employee stock purchase plan
2,060

 
303

 
649

 
4,985

 
2,800

Payment of withholding taxes related to net share settlement of equity awards
(3,760
)
 
(2,348
)
 

 
(8,198
)
 

Net cash provided by (used in) financing activities
(1,966
)
 
(3,140
)
 
(3,996
)
 
65,850

 
80,614

Effect of exchange rate changes on cash and cash equivalents
178

 
(542
)
 
(39
)
 
(257
)
 
(502
)
Net increase in cash, cash equivalents, and restricted cash
93,063

 
(2,913
)
 
(9,927
)
 
189,872

 
77,093

Cash, cash equivalents and restricted cash—Beginning of period
203,046

 
205,959

 
116,164

 
106,237

 
29,144

Cash, cash equivalents and restricted cash—End of period
$
296,109

 
$
203,046

 
$
106,237

 
$
296,109

 
$
106,237




8


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,
2019

September 30,
2019
 
December 31,
2018
 
December 31,
2019
 
December 31,
2018
Gross profit (GAAP)
$
77,881


$
64,706

 
$
28,165

 
$
221,245

 
$
94,445

Stock-based compensation
536


497

 
126

 
1,650

 
1,071

Gross profit (Non-GAAP)
$
78,417


$
65,203

 
$
28,291

 
$
222,895

 
$
95,516




 
 

 
 
 
 
Gross margin (GAAP)
37.1
%

35.9
%
 
30.5
%
 
35.4
%
 
29.9
%
Stock-based compensation
0.2
%

0.3
%
 
0.2
%
 
0.3
%
 
0.3
%
Gross margin (Non-GAAP)
37.3
%

36.2
%
 
30.7
%
 
35.7
%
 
30.2
%




 
 


 
 
 
 
Operating expenses (GAAP)
$
33,439


$
31,000

 
$
23,162

 
$
118,516

 
$
92,849

Stock-based compensation (1)
(5,623
)

(4,948
)
 
(1,395
)
 
(17,791
)
 
(10,361
)
Restructuring and asset impairment charges
(1,131
)

(469
)
 
(1,540
)
 
(2,599
)
 
(4,128
)
Reserve for non-recurring legal matter



 

 

 
(1,765
)
Acquisition related expenses and amortization
(545
)

(546
)
 
(501
)
 
(2,183
)
 
(1,614
)
Operating expenses (Non-GAAP)
$
26,140


$
25,037

 
$
19,726

 
$
95,943

 
$
74,981





 
 


 
 
 
 
(1) Includes stock-based compensation as follows:



 
 


 
 
 
 
Research and development
$
1,642


$
1,411

 
$
295

 
$
4,897

 
$
2,940

Sales and marketing
1,778


1,541

 
565

 
5,678

 
3,074

General and administrative
2,203


1,996

 
535

 
7,216

 
4,347

Total
$
5,623


$
4,948

 
$
1,395

 
$
17,791

 
$
10,361




 
 

 
 
 
 
Income from operations (GAAP)
$
44,442


$
33,706

 
$
5,003

 
$
102,729

 
$
1,596

Stock-based compensation
6,159


5,445

 
1,521

 
19,441

 
11,432

Restructuring and asset impairment charges
1,131


469

 
1,540

 
2,599

 
4,128

Reserve for non-recurring legal matter



 

 

 
1,765

Acquisition related expenses and amortization
545


546

 
501

 
2,183

 
1,614

Income from operations (Non-GAAP)
$
52,277


$
40,166

 
$
8,565

 
$
126,952

 
$
20,535




 
 

 
 
 
 
Net income (loss) (GAAP)
$
116,666


$
31,099

 
$
709

 
$
161,148

 
$
(11,627
)
Stock-based compensation
6,159


5,445

 
1,521

 
19,441

 
11,432

Restructuring and asset impairment charges
1,131


469

 
1,540

 
2,599

 
4,128

Reserve for non-recurring legal matter



 

 

 
1,765

Acquisition related expenses and amortization
545


546

 
501

 
2,183

 
1,614

Non-recurring debt prepayment fees and non-cash interest
1,908


1,907

 
821

 
13,205

 
2,701

Non-GAAP income tax adjustment
(74,371
)
 

 

 
(74,371
)
 

Net income (Non-GAAP)
$
52,038


$
39,466

 
$
5,092

 
$
124,205

 
$
10,013




 
 

 
 
 
 
Net income (loss) per share, basic (GAAP)
$
0.95

 
$
0.25

 
$
0.01

 
$
1.38

 
$
(0.12
)
Stock-based compensation
0.05

 
0.05

 
0.01

 
0.17

 
0.11

Restructuring and asset impairment charges
0.01

 

 
0.01

 
0.02

 
0.04

Reserve for non-recurring legal matter

 

 

 

 
0.02

Acquisition related expenses and amortization

 

 
0.01

 
0.02

 
0.02

Non-recurring debt prepayment fees and non-cash interest
0.02

 
0.02

 
0.01

 
0.11

 
0.03

Non-GAAP income tax adjustment
(0.61
)
 

 

 
(0.64
)
 

Net income per share, basic (Non-GAAP)
$
0.42

 
$
0.32

 
$
0.05

 
$
1.06

 
$
0.10

 
 
 
 
 
 
 
 
 
 
Shares used in basic per share calculation GAAP and Non-GAAP
122,630

 
122,123

 
106,638

 
116,713

 
99,619

 
 
 
 
 
 
 
 
 
 
Net income (loss) per share, diluted (GAAP)
$
0.88

 
$
0.23

 
$
0.01

 
$
1.23

 
(0.12
)
Stock-based compensation
0.05


0.04

 
0.01

 
0.15

 
0.11

Restructuring and asset impairment charges
0.01


0.01

 
0.01

 
0.02

 
0.04

Reserve for non-recurring legal matter



 

 

 
0.02

Acquisition related expenses and amortization


0.01

 

 
0.02

 
0.02

Non-recurring debt prepayment fees and non-cash interest
0.01


0.01

 
0.01

 
0.10

 
$
0.03

Non-GAAP income tax adjustment
(0.56
)
 

 

 
(0.57
)
 
$

Net income per share, diluted (Non-GAAP) (2)
$
0.39


$
0.30

 
$
0.04

 
$
0.95

 
$
0.10





 
 


 
 
 
 
Shares used in diluted per share calculation GAAP
132,872

 
133,611

 
113,888

 
131,644

 
99,619

Shares used in diluted per share calculation Non-GAAP (3)
132,233

 
132,323

 
125,589

 
131,193

 
111,696



9


(2)
Calculation of non-GAAP diluted net income per share for the three months ended December 31, 2019, September 30, 2019 and December 31, 2018 excludes convertible notes due 2023 interest expense, net of tax of less than $0.1 million, $0.1 million and $0.5 million, respectively, from non-GAAP net income. Calculation of non-GAAP diluted net income per share for the twelve months ended December 31, 2019 and December 31, 2018 excludes convertible notes due 2023 interest expense, net of tax of $0.9 million and $0.7 million, respectively, from non-GAAP net income.

(3)
Effect of dilutive in-the-money portion of convertible senior notes and warrants are included in the GAAP weighted-average diluted shares in periods where we have GAAP net income. We excluded the in-the-money portion of convertible notes due 2024 totaling 639 thousand shares, 1288 thousand shares and 451 thousand shares in the three months ended December 31, 2019, three months ended September 30, 2019 and twelve months ended December 31, 2019, respectively, for non-GAAP weighted-average diluted shares as the Company entered into convertible note hedge transactions that reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2024.

10
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Cover Page Cover Page
Feb. 18, 2020
Cover page.  
Entity Central Index Key 0001463101
Document Type 8-K
Document Period End Date Feb. 18, 2020
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 707
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

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