ENPHASE ENERGY, INC. 
Supplemental Operating Performance Information
October 27, 2020
All $ figures in millions, except per share; other metrics specified below | |||||||||||||
Operating Metrics & Revenue Detail | Metric | Q3'19 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | Guidance | Q4'20 | |||||
Shipments | Units, k | 1,796 | 2,113 | 2,012 | 1,088 | 1,443 | GAAP | ||||||
Shipments | MW (DC) | 584 | 677 | 643 | 355 | 478 | Revenue | $245 - $260 | |||||
Total Revenue | $ | 180.1 | $ | 210.0 | $ | 205.5 | $ | 125.5 | $ | 178.5 | Gross Margin** | 37% - 40% | |
Safe Harbor Revenue | 8.0 | 36.4 | 44.5 | - | - | Operating Expenses | $51 - $54 | ||||||
Revenue by Geography | |||||||||||||
United States | 150.7 | 195.3 | 179.6 | 100.8 | 139.9 | Non-GAAP | |||||||
International | 29.4 | 14.7 | 25.9 | 24.7 | 38.6 | Revenue | $245 - $260 | ||||||
Gross Margin** | 38% - 41% | ||||||||||||
Supplementary Income Statement Information | Q3'19 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | Operating Expenses | $35 - $38 | ||||||
Gross Profit (GAAP) | $ | 64.7 | $ | 77.9 | $ | 80.7 | $ | 48.4 | $ | 95.0 | |||
Stock-based Compensation | 0.5 | 0.5 | 0.6 | 1.3 | 1.2 | ||||||||
Tariff Refund | - | - | - | - | (23.0) | ||||||||
Gross Profit (Non-GAAP) | $ | 65.2 | $ | 78.4 | $ | 81.3 | $ | 49.7 | $ | 73.2 | |||
Gross Margin (GAAP) | 35.9% | 37.1% | 39.2% | 38.5% | 53.2% | ||||||||
Stock-based Compensation | 0.3% | 0.2% | 0.3% | 1.1% | 0.7% | ||||||||
Tariff Refund | 0.0% | 0.0% | 0.0% | 0.0% | -12.9% | ||||||||
Gross Margin (Non-GAAP) | 36.2% | 37.3% | 39.5% | 39.6% | 41.0% | ||||||||
Income from Operations (GAAP) | $ | 33.7 | $ | 44.4 | $ | 44.7 | $ | 10.9 | $ | 51.8 | |||
Stock-based Compensation | 5.4 | 6.2 | 7.5 | 12.3 | 14.4 | ||||||||
Tariff Refund | - | - | - | - | (23.0) | ||||||||
Restructuring & Asset Impairment Charges | 0.5 | 1.1 | - | - | - | ||||||||
Acquisition Related Expenses & Amortization | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | ||||||||
Income from Operations (Non-GAAP) | $ | 40.2 | $ | 52.3 | $ | 52.8 | $ | 23.7 | $ | 43.7 | |||
Income from Operations (Non-GAAP) Margin | 22% | 25% | 26% | 19% | 24% | ||||||||
Income Tax Benefit (Provision) (GAAP) | $ | (0.3) | $ | 72.2 | $ | 11.9 | $ | 6.6 | $ | (5.5) | |||
Non-GAAP Income Tax Adjustment | - | (74.4) | (12.5) | (7.1) | 5.1 | ||||||||
Income Tax Benefit (Provision) (Non-GAAP) | $ | (0.3) | $ | (2.1) | $ | (0.6) | $ | (0.5) | $ | (0.4) | |||
Net Income (GAAP) | $ | 31.1 | $ | 116.7 | $ | 68.9 | $ | (47.3) | $ | 39.4 | |||
Stock-based Compensation | 5.4 | 6.2 | 7.5 | 12.3 | 14.4 | ||||||||
Tariff Refund | - | - | - | - | (23.0) | ||||||||
Restructuring & Asset Impairment Charges | 0.5 | 1.1 | - | - | - | ||||||||
Acquisition Related Expenses & Amortization | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | ||||||||
Non-Recurring Debt Prepayment Fees & Non-Cash Interest | 1.9 | 1.9 | 2.7 | 5.4 | 5.4 | ||||||||
Change in Fair Value of Derivatives | - | - | (15.3) | 59.7 | - | ||||||||
Non-GAAP Income Tax Adjustment | - | (74.4) | (12.5) | (7.1) | 5.1 | ||||||||
Net Income (Non-GAAP) | $ | 39.5 | $ | 52.0 | $ | 51.9 | $ | 23.5 | $ | 41.8 | |||
Weighted Avg Basic Shares Outstanding (GAAP) | 000s | 122,123 | 122,630 | 123,531 | 125,603 | 126,109 | |||||||
RSU/PSU/Options | 9,200 | 8,703 | 8,609 | 6,228 | 6,330 | ||||||||
2023 Convert | 900 | 900 | 900 | 900 | 900 | ||||||||
2024 Convert + Warrants | 1,388 | 639 | 5,064 | 6,716 | 8,481 | ||||||||
Elimination of In-the-Money 2024 Convert Shares | (1,288) | (639) | (2,936) | (3,677) | (4,468) | ||||||||
Weighted Avg Diluted shares Outstanding (Non-GAAP) | 000s | 132,323 | 132,233 | 135,168 | 135,770 | 137,352 | |||||||
Net Income per Share, Diluted (GAAP) | $ | 0.23 | $ | 0.88 | $ | 0.50 | $ | (0.38) | $ | 0.28 | |||
Net Income per Share, Diluted (Non-GAAP) | $ | 0.30 | $ | 0.39 | $ | 0.38 | $ | 0.17 | $ | 0.30 | |||
Supplementary Balance Sheet Information | Q3'19 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | ||||||||
Cash and Cash Equivalents* | $ | 203.0 | $ | 296.1 | $ | 593.8 | $ | 607.3 | $ | 661.8 | |||
Debt (GAAP) | $ | 104.1 | $ | 105.5 | $ | 395.8 | $ | 355.5 | $ | 360.1 | |||
Add: Debt Discount and Issuance Cost | 37.6 | 36.0 | 109.7 | 104.4 | 99.1 | ||||||||
Less: Convertible Debt Derivative | (45.1) | - | - | ||||||||||
Debt (Non-GAAP) | $ | 141.7 | $ | 141.5 | $ | 460.4 | $ | 459.9 | $ | 459.2 | |||
Supplementary Cash Flow Information | Q3'19 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | ||||||||
Cash flow from Operations (GAAP) | $ | 5.0 | $ | 102.3 | $ | 39.2 | $ | 25.4 | $ | 67.5 | |||
Less: Purchase of Property and Equipment | (4.2) | (7.4) | (3.4) | (4.4) | (3.9) | ||||||||
Free Cash Flow (Non-GAAP) | $ | 0.8 | $ | 94.9 | $ | 35.8 | $ | 21.0 | $ | 63.6 | |||
*Quarter ended Q4'19 and Q1'20 Cash and cash equivalents include restricted cash of $44.7 million | |||||||||||||
**Excludes $16m of requested tariff refund that has not yet been approved |
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 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 01:59:02 UTC
