Supplemental Operating Performance Information
October 26, 2023
Enphase Energy, Inc. Q3'23 Supplemental Information
All $ figures in millions, except per share; other metrics specified
Operating Metrics & Revenue Detail | Metric | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 | Financial Outlook | Q4'23 | ||||
IQ Microinverter Shipments | Units, k | 4,343 | 4,874 | 4,831 | 5,198 | 3,905 | GAAP | |||||
IQ Microinverter Shipments | MW (DC) | 1,709 | 1,937 | 1,957 | 2,121 | 1,586 | Net Revenues | $300.0 - $350.0 | ||||
IQ Battery Shipments | MWh | 133.6 | 122.1 | 102.4 | 82.3 | 86.2 | Storage Shipments (MWh) | 80 - 100 | ||||
Net Revenues | $ | 634.7 | $ | 724.7 | $ | 726.0 | $ | 711.1 | $ | 551.1 | Gross Margin after net IRA benefit | 46.0% - 49.0% |
Gross Margin before net IRA benefit | 38.0% - 41.0% | |||||||||||
Net Revenues by Geography | Operating Expenses | $142.0 - $146.0 | ||||||||||
United States | $ | 451.8 | $ | 518.0 | $ | 473.0 | $ | 417.6 | $ | 350.5 | ||
International | $ | 182.9 | $ | 206.7 | $ | 253.0 | $ | 293.5 | $ | 200.6 | Non-GAAP | |
Net Revenues | $300.0 - $350.0 | |||||||||||
Supplementary Income Statement Information | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 | Storage Shipments (MWh) | 80 - 100 | |||||
Gross Profit (GAAP) | $ | 267.9 | $ | 310.7 | $ | 326.4 | $ | 323.3 | $ | 262.0 | Gross Margin after net IRA benefit | 48.0% - 51.0% |
Stock-based compensation | 3.2 | 4.3 | 3.7 | 3.4 | 2.7 | Gross Margin before net IRA benefit | 40.0% - 43.0% | |||||
Acquisition related amortization | 1.4 | 2.1 | 1.8 | 1.9 | 1.9 | Operating Expenses | $85.0 - $89.0 | |||||
Gross Profit (Non-GAAP) | $ | 272.5 | $ | 317.1 | $ | 331.9 | $ | 328.6 | $ | 266.6 | ||
Gross Margin (GAAP) | 42.2 % | 42.9 % | 45.0 % | 45.5 % | 47.5 % | |||||||
Stock-based compensation | 0.5 % | 0.6 % | 0.5 % | 0.5 % | 0.6 % | |||||||
Acquisition related amortization | 0.2 % | 0.3 % | 0.2 % | 0.2 % | 0.3 % | |||||||
Gross Margin (Non-GAAP) | 42.9 % | 43.8 % | 45.7 % | 46.2 % | 48.4 % | |||||||
Income from Operations (GAAP) | $ | 135.4 | $ | 157.0 | $ | 167.7 | $ | 170.3 | $ | 118.0 | ||
Stock-based compensation | 52.3 | 63.6 | 59.7 | 54.2 | 43.8 | |||||||
Acquisition related expenses and amortization | 5.6 | 7.0 | 5.5 | 5.8 | 5.8 | |||||||
Restructuring and asset impairment charges | 0.6 | 1.8 | 0.7 | 0.2 | - | |||||||
Income from Operations (Non-GAAP) | $ | 193.9 | $ | 229.4 | $ | 233.6 | $ | 230.5 | $ | 167.6 | ||
Income from Operations (Non-GAAP) Margin | 30.5 % | 31.7 % | 32.2 % | 32.4 % | 30.4 % | |||||||
Income Tax Provision (GAAP) | $ | (19.4) | $ | (14.4) | $ | (32.1) | $ | (27.4) | $ | (23.4) | ||
Non-GAAP income tax adjustment | 0.1 | (15.9) | (22.5) | (13.8) | (23.9) | |||||||
Income Tax Provision (Non-GAAP) | $ | (19.3) | $ | (30.3) | $ | (54.6) | $ | (41.2) | $ | (47.3) | ||
Net Income (GAAP) | $ | 114.8 | $ | 153.8 | $ | 146.9 | $ | 157.1 | $ | 114.0 | ||
Stock-based compensation | $ | 52.3 | $ | 63.6 | $ | 59.7 | $ | 54.2 | $ | 43.8 | ||
Acquisition related expenses and amortization | $ | 5.6 | $ | 7.0 | $ | 5.5 | $ | 5.8 | $ | 5.8 | ||
Restructuring and asset impairment charges | $ | 0.6 | $ | 1.8 | $ | 0.7 | $ | 0.2 | $ | - | ||
Non-cash interest expense | $ | 2.1 | $ | 2.1 | $ | 2.0 | $ | 2.1 | $ | 2.1 | ||
Non-GAAP income tax adjustment | $ | 0.1 | $ | (15.9) | $ | (22.5) | $ | (13.8) | $ | (23.9) | ||
Net Income (Non-GAAP) | $ | 175.5 | $ | 212.4 | $ | 192.3 | $ | 205.6 | $ | 141.8 | ||
Weighted Average Basic Shares Outstanding (GAAP) | 000s | 135,633 | 136,167 | 136,689 | 136,607 | 136,165 | ||||||
RSU/PSU/Options | 3,344 | 3,123 | 2,434 | 1,760 | 1,307 | |||||||
2023 Convert | 900 | 900 | 900 | 900 | 750 | |||||||
2025 Convert + Warrants | 2,010 | 2,046 | 1,888 | 1,756 | 1,566 | |||||||
2026 Convert | 2,057 | 2,057 | 2,057 | 2,057 | 2,057 | |||||||
2028 Convert | 2,018 | 2,018 | 2,018 | 2,018 | 2,018 | |||||||
Elimination of 2025, 2026, and 2028 Convert Shares | ||||||||||||
covered by hedges | (5,328) | (5,328) | (5,328) | (5,328) | (5,328) | |||||||
Weighted Average Diluted Shares Outstanding (Non- | ||||||||||||
GAAP) | 000s | 140,634 | 140,983 | 140,658 | 139,770 | 138,535 | ||||||
Net Income per Share, Diluted (GAAP) | $ | 0.80 | $ | 1.06 | $ | 1.02 | $ | 1.09 | $ | 0.80 | ||
Net Income per Share, Diluted (Non-GAAP) | $ | 1.25 | $ | 1.51 | $ | 1.37 | $ | 1.47 | $ | 1.02 | ||
Supplementary Balance Sheet Information | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 | |||||||
Cash, cash equivalents and marketable securities | $ | 1,417.3 | $ | 1,612.8 | $ | 1,778.4 | $ | 1,800.5 | $ | 1,783.9 | ||
Debt (GAAP) | $ | 1,288.3 | $ | 1,290.4 | $ | 1,292.4 | $ | 1,294.5 | $ | 1,291.6 | ||
Add: Debt discount and issuance costs | $ | 26.4 | $ | 24.3 | $ | 22.3 | $ | 20.2 | $ | 18.1 | ||
Debt (Non-GAAP) | $ | 1,314.7 | $ | 1,314.7 | $ | 1,314.7 | $ | 1,314.7 | $ | 1,309.7 | ||
Supplementary Cash Flow Information | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 | |||||||
Cash flow from Operations (GAAP) | $ | 188.0 | $ | 253.7 | $ | 246.2 | $ | 269.2 | $ | 145.8 | ||
Less: Purchases of property and equipment | $ | (8.9) | $ | (16.4) | $ | (22.4) | $ | (44.0) | $ | (23.8) | ||
Free Cash Flow (Non-GAAP) | $ | 179.1 | $ | 237.3 | $ | 223.8 | $ | 225.2 | $ | 122.0 |
This supplemental information contains forward-looking statements, including statements related to Enphase Energy's expectations as to revenue, storage shipments, gross margin before and after net IRA benefit, and operating expenses for the fourth quarter of 2023. 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.
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Enphase Energy Inc. published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 20:39:58 UTC.