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OFFON

ENPHASE ENERGY, INC.

(ENPH)
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Enphase Energy : Q2'21Supplemental Data

07/27/2021 | 04:40pm EDT

Supplemental Operating Performance Information

July 27, 2021

All $ figures in millions, except per share; other metrics specified below

Operating Metrics & Revenue Detail

Metric

Q2'20

Q3'20

Q4'20

Q1'21

Q2'21

Guidance

Q3'21

Microinverter System Shipments

Units, k

1,088

1,443

2,292

2,453

2,362

GAAP

Microinverter System Shipments

MW (DC)

355

478

767

830

796

Revenue

$335 - $355

Enphase Storage System Shipments

MWh

-

24

32

42

43

Storage Shipments (MWh)

60 - 70

Total Revenue

$

125.5

$

178.5

$

264.8

$

301.8

$

316.1

Gross Margin

37.0% - 40.0%

Safe Harbor Revenue

-

-

-

-

-

Operating Expenses

$105 - $108

Revenue by Geography

United States

100.8

139.9

217.5

247.8

254.6

Non-GAAP

International

24.7

38.6

47.3

54.0

61.5

Revenue

$335 - $355

Storage Shipments (MWh)

60 - 70

Supplementary Income Statement Information

Q2'20

Q3'20

Q4'20

Q1'21

Q2'21

Gross Margin

38.0% - 41.0%

Gross Profit (GAAP)

$

48.4

$

95.0

$

121.9

$

122.9

$

127.8

Operating Expenses

$57 - $60

Stock-based Compensation

1.3

1.2

0.5

1.0

1.1

Tariff Refunds

-

(23.0)

(15.9)

-

-

Gross Profit (Non-GAAP)

$

49.7

$

73.2

$

106.5

$

123.9

$

128.9

Gross Margin (GAAP)

38.5%

53.2%

46.0%

40.7%

40.4%

Stock-based Compensation

1.1%

0.7%

0.2%

0.4%

0.4%

Tariff Refunds

0.0%

-12.9%

-6.0%

0.0%

0.0%

Gross Margin (Non-GAAP)

39.6%

41.0%

40.2%

41.1%

40.8%

Income from Operations (GAAP)

$

10.9

$

51.8

$

79.1

$

61.4

$

59.4

Stock-based Compensation

12.3

14.4

8.3

14.8

15.3

Tariff Refunds

-

(23.0)

(15.9)

-

-

Acquisition Related Expenses & Amortization

0.5

0.5

0.9

4.0

2.5

Income from Operations (Non-GAAP)

$

23.7

$

43.7

$

72.4

$

80.2

$

77.2

Income from Operations (Non-GAAP) Margin

18.9%

24.5%

27.3%

26.6%

24.4%

Income Tax Benefit (Provision) (GAAP)

$

6.6

$

(5.5)

$

1.6

$

33.4

$

(7.0)

Non-GAAP Income Tax Adjustment

(7.1)

5.1

(2.6)

(35.4)

5.2

Income Tax Benefit (Provision) (Non-GAAP)

$

(0.5)

$

(0.4)

$

(1.0)

$

(2.0)

$

(1.8)

Net Income (GAAP)

$

(47.3)

$

39.4

$

73.0

$

31.7

$

39.4

Stock-based Compensation

12.3

14.4

8.2

14.8

15.3

Tariff Refunds

-

(23.0)

(16.5)

-

-

Acquisition Related Expenses & Amortization

0.5

0.5

0.9

4.0

2.5

Non-Cash Interest Expense

5.4

5.4

5.3

7.2

12.3

Change in Fair Value of Derivatives

59.7

-

-

-

-

Loss on partial settlement of convertible notes

-

-

3.0

56.4

-

Non-GAAP Income Tax Adjustment

(7.1)

5.1

(2.6)

(35.4)

5.2

Net Income (Non-GAAP)

$

23.5

$

41.8

$

71.3

$

78.7

$

74.7

Weighted Avg Basic Shares Outstanding (GAAP)

000s

125,603

126,109

126,980

131,303

135,094

RSU/PSU/Options

6,228

6,330

6,200

5,735

4,554

2023 Convert

900

900

900

900

900

2024 Convert + Warrants

6,716

8,481

9,894

5,490

88

2025 Convert + Warrants

-

-

2,016

3,014

897

Elimination of In-the-Money 2024 and 2025 Convert Shares

(3,677)

(4,468)

(6,463)

(4,696)

(602)

Weighted Avg Diluted shares Outstanding (Non-GAAP)

000s

135,770

137,352

139,527

141,746

140,931

Net Income per Share, Diluted (GAAP)

$

(0.38)

$

0.28

$

0.50

$

0.22

$

0.28

Net Income per Share, Diluted (Non-GAAP)

$

0.17

$

0.30

$

0.51

$

0.56

$

0.53

Supplementary Balance Sheet Information

Q2'20

Q3'20

Q4'20

Q1'21

Q2'21

Cash and Cash Equivalents*

$

607.3

$

661.8

$

679.4

$

1,489.0

$ 1,312.3

Debt (GAAP)

$

355.5

$

360.1

$

330.9

$

1,002.2

$ 1,014.1

Add: Debt Discount and Issuance Cost

104.4

99.1

84.2

314.5

302.2

Debt (Non-GAAP)

$

459.9

$

459.2

$

415.1

$

1,316.7

$ 1,316.3

Supplementary Cash Flow Information

Q2'20

Q3'20

Q4'20

Q1'21

Q2'21

Cash flow from Operations (GAAP)

$

25.4

$

67.5

$

84.2

$

75.8

$

65.6

Add: Repayment of Convertible Notes Due 2024 and 2025

-

-

3.1

15.6

-

Attributable to Debt Discount

Less: Purchase of Property and Equipment

(4.4)

(3.9)

(8.9)

(9.9)

(16.4)

Free Cash Flow (Non-GAAP)

$

21.0

$

63.6

$

78.5

$

81.5

$

49.2

This supplemental information contains forward-looking statements, including statements related to Enphase Energy's expectations as to projected revenue, gross margin, and operating expenses. 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.

Disclaimer

Enphase Energy Inc. published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 20:39:20 UTC.


© Publicnow 2021
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Sales 2021 1 334 M - -
Net income 2021 125 M - -
Net cash 2021 396 M - -
P/E ratio 2021 183x
Yield 2021 -
Capitalization 21 298 M 21 298 M -
EV / Sales 2021 15,7x
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Nbr of Employees 850
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Number of Analysts 25
Last Close Price 158,21 $
Average target price 196,90 $
Spread / Average Target 24,5%
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Badrinarayanan Kothandaraman President, Chief Executive Officer & Director
Eric Branderiz Chief Financial Officer & Executive Vice President
Martin Fornage Chief Technology Officer
Jeff McNeil Chief Operating Officer & Executive VP
Ben Kortlang Independent Director
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