ENPHASE ENERGY, INC. 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.
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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.
