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ENPHASE ENERGY, INC.

(ENPH)
  Report
Real-time Estimate Cboe BZX  -  09:38 2022-09-26 am EDT
285.26 USD   +2.06%
09/19Enphase Energy and Gaslicht.com Expand IQ Microinverter Deployments in the Netherlands
AQ
09/15INSIDER SELL : Enphase Energy
MT
09/12INSIDER SELL : Enphase Energy
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Enphase Energy : Q2'22 Supplemental Data

07/26/2022 | 06:12pm EDT

Supplemental Operating Performance Information

July 26, 2022

Enphase Q2'22 Supplemental Information

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

Operating Metrics & Revenue Detail

Metric

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Financial Outlook

Q3'22

Microinverter System Shipments

Units, k

2,362

2,600

3,034

2,839

3,349

GAAP

Microinverter System Shipments

MW (DC)

796

913

1,082

1,029

1,213

Revenue

$590 - $630

Enphase Storage System Shipments

MWh

43.4

65.4

100.2

120.4

132.4

Storage Shipments (MWh)

130 - 145

Total Revenue

$

316.1

$

351.5

$

412.7

$

441.3

$

530.2

Gross Margin

38.0% - 41.0%

Operating Expenses

$137.0 - $141.0

Revenue by Geography

United States

$

254.6

$

267.6

$

338.9

$

369.5

$

422.6

Non-GAAP

International

$

61.5

$

83.9

$

73.8

$

71.8

$

107.6

Revenue

$590 - $630

Storage Shipments (MWh)

130 - 145

Supplementary Income Statement Information

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Gross Margin

39.0% - 42.0%

Gross Profit (GAAP)

$

127.8

$

140.4

$

163.3

$

177.0

$

219.0

Operating Expenses

$77.0 - $81.0

Stock-based compensation

1.1

2.9

2.4

2.5

3.1

Acquisition related amortization

-

-

0.2

1.3

1.5

Gross Profit (Non-GAAP)

$

128.9

$

143.3

$

165.9

$

180.8

$

223.6

Gross Margin (GAAP)

40.4%

39.9%

39.6%

40.1%

41.3%

Stock-based compensation

0.4%

0.9%

0.6%

0.6%

0.6%

Acquisition related amortization

0.0%

0.0%

0.0%

0.3%

0.3%

Gross Margin (Non-GAAP)

40.8%

40.8%

40.2%

41.0%

42.2%

Income from Operations (GAAP)

$

59.4

$

37.4

$

57.7

$

61.8

$

94.0

Stock-based compensation

15.3

46.9

37.2

47.8

53.1

Acquisition related expenses & amortization

2.5

1.6

2.8

4.9

5.3

Income from Operations (Non-GAAP)

$

77.2

$

85.9

$

97.7

$

114.5

$

152.4

Income from Operations (Non-GAAP) Margin

24.4%

24.4%

23.7%

25.9%

28.7%

Income Tax Benefit (Provision) (GAAP)

$

(7.0)

$

(3.9)

$

2.0

$

(5.6)

$

(15.2)

Non-GAAP income tax adjustment

5.2

1.4

(2.4)

3.2

12.5

Income Tax Benefit (Provision) (Non-GAAP)

$

(1.8)

$

(2.5)

$

(0.4)

$

(2.4)

$

(2.7)

Net Income (GAAP)

$

39.4

$

21.8

$

52.6

$

51.8

$

77.0

Stock-based compensation

15.3

46.9

37.2

47.8

53.1

Acquisition related expenses & amortization

2.5

1.6

2.8

4.9

5.3

Non-cash interest expense

12.3

12.5

12.5

2.0

2.0

Loss on partial settlement of convertible notes

-

-

0.1

-

-

Non-GAAP income tax adjustment

5.2

1.4

(2.4)

3.2

12.5

Net Income (Non-GAAP)

$

74.7

$

84.2

$

102.8

$

109.7

$

149.9

Weighted Avg Basic Shares Outstanding (GAAP)

000s

135,094

134,721

134,920

134,327

135,196

RSU/PSU/Options

4,554

4,379

4,221

3,661

3,042

2023 Convert

900

900

900

900

900

2024 Convert + Warrants

88

90

65

-

-

2025 Convert + Warrants

897

1,130

1,374

1,654

512

2026 Convert

-

-

-

2,057

2,057

2028 Convert

-

-

-

2,018

2,018

Elimination of 2024, 2025, 2026, and 2028 Convert Shares covered by hedges

(602)

(704)

(800)

(5,328)

(4,075)

Weighted Avg Diluted shares Outstanding (Non-GAAP)

000s

140,931

140,516

140,680

139,289

139,650

Net Income per Share, Diluted (GAAP)

$

0.28

$

0.15

$

0.37

$

0.37

$

0.54

Net Income per Share, Diluted (Non-GAAP)

$

0.53

$

0.60

$

0.73

$

0.79

$

1.07

Supplementary Balance Sheet Information

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Cash, cash equivalents and marketable securities

$

1,312.3

$

1,394.1

$

1,016.7

$

1,063.5

$ 1,247.8

Debt (GAAP) *

$

1,014.1

$

1,026.3

$

1,037.6

$

1,284.2

$ 1,286.2

Add: Debt discount and issuance costs *

302.2

289.7

277.1

30.5

28.5

Debt (Non-GAAP)

$

1,316.3

$

1,316.0

$

1,314.7

$

1,314.7

$ 1,314.7

Supplementary Cash Flow Information

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Cash flow from Operations (GAAP)

$

65.7

$

113.4

$

97.2

$

102.4

$

200.7

Add: Repayment of convertible notes due 2024 and 2025 attributable to

-

-

0.1

-

-

debt discount

Less: Purchases of property and equipment

(16.5)

(12.7)

(13.2)

(12.3)

(8.7)

Free cash flow (Non-GAAP)

$

49.2

$

100.7

$

84.1

$

90.1

$

192.0

*In Q1'22, the Debt (GAAP) balance increased and debt discounts and issuance costs decreased as a result of the adoption of ASU 2020-06 on January 1, 2022.

This supplemental information contains forward-looking statements, including statements related to Enphase Energy's expectations as to revenue, storage shipments, gross margin, and operating expenses for the third quarter of 2022. These forward-looking statements are based on Enphase Energy'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 Enphase Energy's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with the SEC from time to time 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 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 22:11:07 UTC.


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Financials (USD)
Sales 2022 2 247 M - -
Net income 2022 309 M - -
Net cash 2022 223 M - -
P/E ratio 2022 130x
Yield 2022 -
Capitalization 37 859 M 37 859 M -
EV / Sales 2022 16,8x
EV / Sales 2023 12,3x
Nbr of Employees 2 260
Free-Float 98,0%
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Richard Mora Independent Director
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