ENPHASE ENERGY, INC. Supplemental Operating Performance Information
October 26, 2021
Enphase Q3'21 Supplemental Information
All $ figures in millions, except per share; other metrics specified below
Operating Metrics & Revenue Detail | Metric | Q3'20 | Q4'20 | Q1'21 | Q2'21 | Q3'21 | Guidance | Q4'21 | |||||
Microinverter Systems Shipments | Units, k | 1,443 | 2,292 | 2,453 | 2,362 | 2,600 | GAAP | ||||||
Microinverter System Shipments | MW (DC) | 478 | 767 | 830 | 796 | 913 | Revenue | $390 - $410 | |||||
Enphase Storage System Shipments | MWh | 24 | 32 | 42 | 43 | 65 | Storage Shipments (MWh) | 90 - 100 | |||||
Total Revenue | $ | 178.5 | $ | 264.8 | $ | 301.8 | $ | 316.1 | $ | 351.5 | Gross Margin | 37.0% - 40.0% | |
Safe Harbor Revenue | - | - | - | - | - | Operating Expenses | $119 - $122 | ||||||
Revenue by Geography | |||||||||||||
United States | 139.9 | 217.5 | 247.8 | 254.6 | 267.6 | Non-GAAP | |||||||
International | 38.6 | 47.3 | 54.0 | 61.5 | 83.9 | Revenue | $390 - $410 | ||||||
Storage Shipments (MWh) | 90 - 100 | ||||||||||||
Supplementary Income Statement Information | Q3'20 | Q4'20 | Q1'21 | Q2'21 | Q3'21 | Gross Margin | 38.0% - 41.0% | ||||||
Gross Profit (GAAP) | $ | 95.0 | $ | 121.9 | $ | 122.9 | $ | 127.8 | $ | 140.4 | Operating Expenses | $67 - $70 | |
Stock-based Compensation | 1.2 | 0.5 | 1.0 | 1.1 | 2.9 | ||||||||
Tariff Refunds | (23.0) | (15.9) | - | - | - | ||||||||
Gross Profit (Non-GAAP) | $ | 73.2 | $ | 106.5 | $ | 123.9 | $ | 128.9 | $ | 143.3 | |||
Gross Margin (GAAP) | 53.2% | 46.0% | 40.7% | 40.4% | 39.9% | ||||||||
Stock-based Compensation | 0.7% | 0.2% | 0.4% | 0.4% | 0.9% | ||||||||
Tariff Refunds | -12.9% | -6.0% | 0.0% | 0.0% | 0.0% | ||||||||
Gross Margin (Non-GAAP) | 41.0% | 40.2% | 41.1% | 40.8% | 40.8% | ||||||||
Income from Operations (GAAP) | $ | 51.8 | $ | 79.1 | $ | 61.4 | $ | 59.4 | $ | 37.4 | |||
Stock-based Compensation | 14.4 | 8.3 | 14.8 | 15.3 | 46.9 | ||||||||
Tariff Refunds | (23.0) | (15.9) | - | - | - | ||||||||
Acquisition Related Expenses & Amortization | 0.5 | 0.9 | 4.0 | 2.5 | 1.6 | ||||||||
Income from Operations (Non-GAAP) | $ | 43.7 | $ | 72.4 | $ | 80.2 | $ | 77.2 | $ | 85.9 | |||
Income from Operations (Non-GAAP) Margin | 24.5% | 27.3% | 26.6% | 24.4% | 24.4% | ||||||||
Income Tax Benefit (Provision) (GAAP) | $ | (5.5) | $ | 1.6 | $ | 33.4 | $ | (7.0) | $ | (3.9) | |||
Non-GAAP Income Tax Adjustment | 5.1 | (2.6) | (35.4) | 5.2 | 1.4 | ||||||||
Income Tax Benefit (Provision) (Non-GAAP) | $ | (0.4) | $ | (1.0) | $ | (2.0) | $ | (1.8) | $ | (2.5) | |||
Net Income (GAAP) | $ | 39.4 | $ | 73.0 | $ | 31.7 | $ | 39.4 | $ | 21.8 | |||
Stock-based Compensation | 14.4 | 8.2 | 14.8 | 15.3 | 46.9 | ||||||||
Tariff Refunds | (23.0) | (16.5) | - | - | - | ||||||||
Acquisition Related Expenses & Amortization | 0.5 | 0.9 | 4.0 | 2.5 | 1.6 | ||||||||
Non-Cash Interest Expense | 5.4 | 5.3 | 7.2 | 12.3 | 12.5 | ||||||||
Loss on partial settlement of convertible notes | - | 3.0 | 56.4 | - | - | ||||||||
Non-GAAP Income Tax Adjustment | 5.1 | (2.6) | (35.4) | 5.2 | 1.4 | ||||||||
Net Income (Non-GAAP) | $ | 41.8 | $ | 71.3 | $ | 78.7 | $ | 74.7 | $ | 84.2 | |||
Weighted Avg Basic Shares Outstanding (GAAP) | 000s | 126,109 | 126,980 | 131,303 | 135,094 | 134,721 | |||||||
RSU/PSU/Options | 6,330 | 6,200 | 5,735 | 4,554 | 4,379 | ||||||||
2023 Convert | 900 | 900 | 900 | 900 | 900 | ||||||||
2024 Convert + Warrants | 8,481 | 9,894 | 5,490 | 88 | 90 | ||||||||
2025 Convert + Warrants | - | 2,016 | 3,014 | 897 | 1,130 | ||||||||
Elimination of In-the-Money 2024 and 2025 Convert Shares | (4,468) | (6,463) | (4,696) | (602) | (704) | ||||||||
Weighted Avg Diluted shares Outstanding (Non-GAAP) | 000s | 137,352 | 139,527 | 141,746 | 140,931 | 140,516 | |||||||
Net Income per Share, Diluted (GAAP) | $ | 0.28 | $ | 0.50 | $ | 0.22 | $ | 0.28 | $ | 0.15 | |||
Net Income per Share, Diluted (Non-GAAP) | $ | 0.30 | $ | 0.51 | $ | 0.56 | $ | 0.53 | $ | 0.60 | |||
Supplementary Balance Sheet Information | Q3'20 | Q4'20 | Q1'21 | Q2'21 | Q3'21 | ||||||||
Cash, Cash Equivalents and Marketable Securities | $ | 661.8 | $ | 679.4 | $ | 1,489.0 | $ | 1,312.3 | $ | 1,394.1 | |||
Debt (GAAP) | $ | 360.1 | $ | 330.9 | $ | 1,002.2 | $ | 1,014.1 | $ 1,026.3 | ||||
Add: Debt Discount and Issuance Cost | 99.1 | 84.2 | 314.5 | 302.2 | 289.7 | ||||||||
Debt (Non-GAAP) | $ | 459.2 | $ | 415.1 | $ | 1,316.7 | $ | 1,316.3 | $ 1,316.0 | ||||
Supplementary Cash Flow Information | Q3'20 | Q4'20 | Q1'21 | Q2'21 | Q3'21 | ||||||||
Cash flow from Operations (GAAP) | $ | 67.5 | $ | 84.2 | $ | 75.8 | $ | 65.7 | $ | 113.4 | |||
Add: Repayment of Convertible Notes Due 2024 and 2025 | - | 3.1 | 15.6 | - | - | ||||||||
Attributable to Debt Discount | |||||||||||||
Less: Purchase of Property and Equipment | (3.9) | (8.9) | (9.9) | (16.5) | (12.7) | ||||||||
Free Cash Flow (Non-GAAP) | $ | 63.6 | $ | 78.5 | $ | 81.5 | $ | 49.2 | $ | 100.7 |
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 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 21:07:06 UTC.
