Enphase Energy Reports Financial Results for the Second Quarter of 2021
Enphase Energy, Inc. (NASDAQ: ENPH) reported strong financials for Q2 2021, with revenue of $316.1 million and a non-GAAP gross margin of 40.8%. The company shipped approximately 2.36 million microinverters and 43 MWh of storage systems. Operating income was $77.2 million, with a cash flow from operations of $65.6 million and an ending cash balance of $1.3 billion. For Q3 2021, Enphase expects revenue between $335 million and $355 million, with gross margins projected between 37% and 41%.
- Q2 2021 revenue increased by 5% compared to Q1 2021.
- Non-GAAP operating income of $77.2 million.
- Ending cash balance of $1.3 billion post stock repurchase.
- Accelerated demand for Enphase Storage systems post new feature launch.
- Successful integration of recent acquisitions with record revenue.
- Non-GAAP gross margin decreased from 41.1% in Q1 2021 to 40.8% in Q2 2021.
- Operating expenses rose significantly to $51.7 million, impacting margins.
FREMONT, Calif., July 27, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, announced today financial results for the second quarter of 2021, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of
Financial highlights for the second quarter of 2021 are listed below.
- Revenue of
$316.1 million - GAAP gross margin of
40.4% ; non-GAAP gross margin of40.8% - GAAP operating income of
$59.4 million ; non-GAAP operating income of$77.2 million - GAAP net income of
$39.4 million , non-GAAP net income of$74.7 million - GAAP diluted earnings per share of
$0.28 ; non-GAAP diluted earnings per share of$0.53 - Cash flow from operations of
$65.6 million - Ending cash balance of
$1.3 billion , net of$200.0 million of common stock repurchases in May 2021
Our revenue and earnings for the second quarter of 2021 are provided below, compared with those of the prior quarter and the year ago quarter:
(In thousands, except per share data and percentages)
| GAAP | Non-GAAP | |||||||||||||||||||||||
| Q2 2021 | Q1 2021 | Q2 2020 | Q2 2021 | Q1 2021 | Q2 2020 | |||||||||||||||||||
| Revenue | $ | 316,057 | $ | 301,754 | $ | 125,538 | $ | 316,057 | $ | 301,754 | $ | 125,538 | ||||||||||||
| Gross margin | 40.4 | % | 40.7 | % | 38.5 | % | 40.8 | % | 41.1 | % | 39.6 | % | ||||||||||||
| Operating expenses | $ | 68,401 | $ | 61,563 | $ | 37,533 | $ | 51,696 | $ | 43,699 | $ | 26,024 | ||||||||||||
| Operating income | $ | 59,400 | $ | 61,386 | $ | 10,854 | $ | 77,165 | $ | 80,232 | $ | 23,700 | ||||||||||||
| Net income (loss) | $ | 39,351 | $ | 31,698 | $ | (47,294 | ) | $ | 74,676 | $ | 78,702 | $ | 23,549 | |||||||||||
| Basic EPS | $ | 0.29 | $ | 0.24 | $ | (0.38 | ) | $ | 0.55 | $ | 0.60 | $ | 0.19 | |||||||||||
| Diluted EPS | $ | 0.28 | $ | 0.22 | $ | (0.38 | ) | $ | 0.53 | $ | 0.56 | $ | 0.17 | |||||||||||
Total revenue increased
Our non-GAAP gross margin was
We exited the second quarter of 2021 with
Strong demand for our microinverter systems across all regions continued in the second quarter of 2021. We introduced our Load Control feature for our Enphase Storage systems in late May, which provides homeowners the ability to conserve their energy consumption by shedding non-essential loads during an outage and thereby extending the backup duration. We optimized our storage pricing for installers and continued to improve the installer experience by simplifying the commissioning process and reducing installation times. As a result, since June we have seen accelerating demand for our Enphase Storage systems.
We are making good progress on digital transformation. Both of our recent acquisitions are fully integrated and exceeded our expectations with record revenue and installer counts in Q2. The Montreal team, which provides design and proposal software, added a significant number of new installers, while the Noida team, which provides proposal and permitting services, also experienced a significant increase in new requests. Both teams plan to release new products that will improve the customer experience and enable our installer base to leverage them as soon as possible.
Our Enphase Storage customers in Connecticut, Massachusetts and Rhode Island can now participate and earn money through the ConnectedSolutions program, a utility-run incentive program to reduce electrical demand during high-use periods. Customers can sign-up, monitor, and control participation in the program using our Enlighten™ mobile app. We are excited to participate in a grid services program for the first time and expect to do more in the future.
BUSINESS HIGHLIGHTS
On April 19, 2021, Enphase Energy announced that Transdev, a multinational transit operator, selected Enphase microinverters for the first public transport depot in Australia to feature a fully solar-powered bus. Transdev plans to electrify the public transport network in Australia to show that it is more economical both financially and environmentally to transition to solar-powered electrical vehicle (EV) buses.
On May 25, 2021, Enphase Energy announced Load Control, a new feature for its Enphase Storage system. Load Control enables a homeowner to designate four loads and prioritize them for what gets power in the event of a grid outage. All of this is done through the Enlighten mobile app, providing homeowners more control over their energy consumption while driving an improved installer experience.
On June 29, 2021, Enphase Energy announced the launch of its Encharge™ storage system in Germany, the product’s first expansion into a market outside of the U.S. The Encharge storage system offers configurations ranging from 3.5kWh to 42kWh, along with the option to upgrade and expand through the lifetime of the system. Homeowners can also use the Enphase Enlighten mobile app to intelligently manage their solar energy in self-consumption mode to minimize the use of electricity from the grid, which saves on energy bills.
THIRD QUARTER 2021 FINANCIAL OUTLOOK
For the third quarter of 2021, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of
$335.0 million to$355.0 million , which includes shipments of 60 to 70 megawatt hours of Enphase Storage systems - GAAP gross margin to be within a range of
37.0% to40.0% ; non-GAAP gross margin to be within a range of38.0% to41.0% , excluding stock-based compensation expenses - GAAP operating expenses to be within a range of
$105.0 million to$108.0 million , including$48.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization - Non-GAAP operating expenses to be within a range of
$57.0 million to$60.0 million , excluding$48.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization. The non-GAAP estimates include increased investments in new products, software, and marketing, and a$3.4 million accrual for post combination expenses from prior acquisition
Follow Enphase Online
- Read the Enphase blog.
- Follow @Enphase on Twitter.
- Visit us on Facebook and LinkedIn.
- Watch Enphase videos on YouTube.
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this press release. To view a description of non-GAAP financial measures used and the non-GAAP reconciliation schedule for the periods presented, click here.
Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its second quarter 2021 results and third quarter 2021 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (877) 644-1284; participant passcode 5415938. A live webcast of the conference call will also be accessible from the “Investor Relations” section of the Company’s website at investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (855) 859-2056; participant passcode 5415938, beginning approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to future financial performance, expense levels, liquidity sources, the capabilities, advantages, features and performance of our technology and products, including the ability to simplify and reduce installation time, our business strategies and anticipated demand for our products, the capabilities and performance of our partners, and the impact to homeowners. 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.
A copy of this press release can be found on the investor relations page of Enphase Energy’s website at investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform. The Company revolutionized the solar industry with its microinverter-based technology and produces a fully integrated solar-plus-storage solution. Enphase has shipped more than 36 million microinverters, and over 1.5 million Enphase-based systems have been deployed in more than 130 countries. For more information, visit www.enphase.com.
Enphase Energy, Enphase, the E logo, Enlighten, Encharge, and other trademarks or service names are the trademarks of Enphase Energy, Inc.
Contact:
Adam Hinckley
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||
| Net revenues | $ | 316,057 | $ | 301,754 | $ | 125,538 | $ | 617,811 | $ | 331,083 | ||||||||||
| Cost of revenues | 188,256 | 178,805 | 77,151 | 367,061 | 202,021 | |||||||||||||||
| Gross profit | 127,801 | 122,949 | 48,387 | 250,750 | 129,062 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 22,708 | 21,818 | 13,192 | 44,526 | 25,068 | |||||||||||||||
| Sales and marketing | 25,586 | 19,622 | 12,371 | 45,208 | 24,143 | |||||||||||||||
| General and administrative | 20,107 | 20,123 | 11,970 | 40,230 | 24,285 | |||||||||||||||
| Total operating expenses | 68,401 | 61,563 | 37,533 | 129,964 | 73,496 | |||||||||||||||
| Income from operations | 59,400 | 61,386 | 10,854 | 120,786 | 55,566 | |||||||||||||||
| Other income (expense), net | ||||||||||||||||||||
| Interest income | 98 | 73 | 282 | 171 | 1,373 | |||||||||||||||
| Interest expense | (12,506 | ) | (7,329 | ) | (5,952 | ) | (19,835 | ) | (9,107 | ) | ||||||||||
| Other income (expense), net | (633 | ) | 573 | 653 | (60 | ) | (271 | ) | ||||||||||||
| Loss on partial settlement of convertible notes (1) | (13 | ) | (56,369 | ) | — | (56,382 | ) | — | ||||||||||||
| Change in fair value of derivatives (2) | — | — | (59,692 | ) | — | (44,348 | ) | |||||||||||||
| Total other expense, net | (13,054 | ) | (63,052 | ) | (64,709 | ) | (76,106 | ) | (52,353 | ) | ||||||||||
| Income (loss) before income taxes | 46,346 | (1,666 | ) | (53,855 | ) | 44,680 | 3,213 | |||||||||||||
| Income tax benefit (provision) | (6,995 | ) | 33,364 | 6,561 | 26,369 | 18,429 | ||||||||||||||
| Net income (loss) | $ | 39,351 | $ | 31,698 | $ | (47,294 | ) | $ | 71,049 | $ | 21,642 | |||||||||
| Net income (loss) per share: | ||||||||||||||||||||
| Basic | $ | 0.29 | $ | 0.24 | $ | (0.38 | ) | $ | 0.53 | $ | 0.17 | |||||||||
| Diluted | $ | 0.28 | $ | 0.22 | $ | (0.38 | ) | $ | 0.49 | $ | 0.16 | |||||||||
| Shares used in per share calculation: | ||||||||||||||||||||
| Basic | 135,094 | 131,303 | 125,603 | 133,209 | 124,567 | |||||||||||||||
| Diluted | 141,533 | 146,442 | 125,603 | 144,022 | 138,910 | |||||||||||||||
(1) Loss on partial settlement of convertible notes of less than
(2) Change in fair value of derivatives of
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| June 30, 2021 | December 31, 2020 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 1,312,261 | $ | 679,379 | |||
| Accounts receivable, net | 281,154 | 182,165 | |||||
| Inventory | 37,756 | 41,764 | |||||
| Prepaid expenses and other assets | 34,748 | 29,756 | |||||
| Total current assets | 1,665,919 | 933,064 | |||||
| Property and equipment, net | 63,211 | 42,985 | |||||
| Operating lease, right of use asset, net | 15,693 | 17,683 | |||||
| Intangible assets, net | 45,409 | 28,808 | |||||
| Goodwill | 61,321 | 24,783 | |||||
| Other assets | 118,532 | 59,875 | |||||
| Deferred tax assets, net | 130,571 | 92,904 | |||||
| Total assets | $ | 2,100,656 | $ | 1,200,102 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 82,141 | $ | 72,609 | |||
| Accrued liabilities | 119,234 | 76,542 | |||||
| Deferred revenues, current | 55,084 | 47,665 | |||||
| Warranty obligations, current | 15,009 | 11,260 | |||||
| Debt, current | 85,125 | 325,967 | |||||
| Total current liabilities | 356,593 | 534,043 | |||||
| Long-term liabilities: | |||||||
| Deferred revenues, noncurrent | 165,645 | 125,473 | |||||
| Warranty obligations, noncurrent | 44,929 | 34,653 | |||||
| Other liabilities | 20,075 | 17,042 | |||||
| Debt, noncurrent | 929,015 | 4,898 | |||||
| Total liabilities | 1,516,257 | 716,109 | |||||
| Total stockholders’ equity | 584,399 | 483,993 | |||||
| Total liabilities and stockholders’ equity | $ | 2,100,656 | $ | 1,200,102 | |||
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income (loss) | $ | 39,351 | $ | 31,698 | $ | (47,294 | ) | $ | 71,049 | $ | 21,642 | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 7,596 | 5,558 | 4,141 | 13,154 | 7,985 | ||||||||||||||
| Provision for doubtful accounts | 257 | 14 | 81 | 271 | 185 | ||||||||||||||
| Loss on partial settlement of convertibles notes | 13 | 56,369 | — | 56,382 | — | ||||||||||||||
| Deemed repayment of convertible notes attributable to accreted debt discount | (6 | ) | (15,579 | ) | — | (15,585 | ) | — | |||||||||||
| Non-cash interest expense | 12,307 | 7,156 | 5,372 | 19,463 | 8,094 | ||||||||||||||
| Change in fair value of debt securities | (932 | ) | (1,437 | ) | — | (2,369 | ) | — | |||||||||||
| Stock-based compensation | 15,312 | 14,844 | 12,300 | 30,156 | 19,815 | ||||||||||||||
| Change in fair value of derivatives | — | — | 59,692 | — | 44,348 | ||||||||||||||
| Deferred income taxes | 5,240 | (35,367 | ) | (7,067 | ) | (30,127 | ) | (19,567 | ) | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||
| Accounts receivable | (44,812 | ) | (53,719 | ) | 6,529 | (98,531 | ) | 56,166 | |||||||||||
| Inventory | (2,880 | ) | 6,888 | 3,430 | 4,008 | 870 | |||||||||||||
| Prepaid expenses and other assets | (10,154 | ) | (5,040 | ) | (4,525 | ) | (15,194 | ) | (9,534 | ) | |||||||||
| Accounts payable, accrued and other liabilities | 10,514 | 36,376 | (13,323 | ) | 46,890 | (35,389 | ) | ||||||||||||
| Warranty obligations | 5,385 | 8,640 | 406 | 14,025 | 809 | ||||||||||||||
| Deferred revenues | 28,469 | 19,440 | 5,689 | 47,909 | (30,771 | ) | |||||||||||||
| Net cash provided by operating activities | 65,660 | 75,841 | 25,431 | 141,501 | 64,653 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Purchases of property and equipment | (16,428 | ) | (9,940 | ) | (4,451 | ) | (26,368 | ) | (7,804 | ) | |||||||||
| Investments in private companies | (20,000 | ) | (25,000 | ) | — | (45,000 | ) | — | |||||||||||
| Business acquisitions, net of cash acquired | — | (55,239 | ) | — | (55,239 | ) | — | ||||||||||||
| Net cash used in investing activities | (36,428 | ) | (90,179 | ) | (4,451 | ) | (126,607 | ) | (7,804 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Issuance of convertible notes, net of issuance costs | (949 | ) | 1,189,388 | (591 | ) | 1,188,439 | 312,420 | ||||||||||||
| Purchase of convertible note hedges | — | (286,235 | ) | — | (286,235 | ) | (89,056 | ) | |||||||||||
| Sale of warrants | — | 220,800 | — | 220,800 | 71,552 | ||||||||||||||
| Principal payments and financing fees on debt | (344 | ) | (1,078 | ) | (485 | ) | (1,422 | ) | (1,633 | ) | |||||||||
| Partial repurchase of convertible notes | (79 | ) | (289,233 | ) | — | (289,312 | ) | — | |||||||||||
| Repurchase of common stock | (200,000 | ) | — | — | (200,000 | ) | — | ||||||||||||
| Proceeds from exercise of equity awards and employee stock purchase plan | 3,428 | 214 | 2,867 | 3,642 | 4,846 | ||||||||||||||
| Payment of withholding taxes related to net share settlement of equity awards | (7,813 | ) | (9,185 | ) | (9,385 | ) | (16,998 | ) | (43,652 | ) | |||||||||
| Net cash provided by (used in) financing activities | (205,757 | ) | 824,671 | (7,594 | ) | 618,914 | 254,477 | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (224 | ) | (702 | ) | 24 | (926 | ) | (181 | ) | ||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (176,749 | ) | 809,631 | 13,410 | 632,882 | 311,145 | |||||||||||||
| Cash, cash equivalents and restricted cash—Beginning of period | 1,489,010 | 679,379 | 593,844 | 679,379 | 296,109 | ||||||||||||||
| Cash, cash equivalents and restricted cash—End of period | $ | 1,312,261 | $ | 1,489,010 | $ | 607,254 | $ | 1,312,261 | $ | 607,254 | |||||||||
| ENPHASE ENERGY, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except per share data and percentages) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||
| Gross profit (GAAP) | $ | 127,801 | $ | 122,949 | $ | 48,387 | $ | 250,750 | $ | 129,062 | |||||||||
| Stock-based compensation | 1,060 | 982 | 1,337 | 2,042 | 1,943 | ||||||||||||||
| Gross profit (Non-GAAP) | $ | 128,861 | $ | 123,931 | $ | 49,724 | $ | 252,792 | $ | 131,005 | |||||||||
| Gross margin (GAAP) | 40.4 | % | 40.7 | % | 38.5 | % | 40.6 | % | 39.0 | % | |||||||||
| Stock-based compensation | 0.4 | % | 0.4 | % | 1.1 | % | 0.3 | % | 0.6 | % | |||||||||
| Gross margin (Non-GAAP) | 40.8 | % | 41.1 | % | 39.6 | % | 40.9 | % | 39.6 | % | |||||||||
| Operating expenses (GAAP) | $ | 68,401 | $ | 61,563 | $ | 37,533 | $ | 129,964 | $ | 73,496 | |||||||||
| Stock-based compensation (1) | (14,252 | ) | (13,862 | ) | (10,963 | ) | (28,114 | ) | (17,872 | ) | |||||||||
| Acquisition related expenses and amortization | (2,453 | ) | (4,002 | ) | (546 | ) | (6,455 | ) | (1,092 | ) | |||||||||
| Operating expenses (Non-GAAP) | $ | 51,696 | $ | 43,699 | $ | 26,024 | $ | 95,395 | $ | 54,532 | |||||||||
| (1) Includes stock-based compensation as follows: | |||||||||||||||||||
| Research and development | $ | 5,467 | $ | 5,749 | $ | 3,263 | $ | 11,216 | $ | 5,182 | |||||||||
| Sales and marketing | 5,335 | 3,537 | 3,610 | 8,872 | 5,552 | ||||||||||||||
| General and administrative | 3,450 | 4,576 | 4,090 | 8,026 | 7,138 | ||||||||||||||
| Total | $ | 14,252 | $ | 13,862 | $ | 10,963 | $ | 28,114 | $ | 17,872 | |||||||||
| Income from operations (GAAP) | $ | 59,400 | $ | 61,386 | $ | 10,854 | $ | 120,786 | $ | 55,566 | |||||||||
| Stock-based compensation | 15,312 | 14,844 | 12,300 | 30,156 | 19,815 | ||||||||||||||
| Acquisition related expenses and amortization | 2,453 | 4,002 | 546 | 6,455 | 1,092 | ||||||||||||||
| Income from operations (Non-GAAP) | $ | 77,165 | $ | 80,232 | $ | 23,700 | $ | 157,397 | $ | 76,473 | |||||||||
| Net income (loss) (GAAP) | $ | 39,351 | $ | 31,698 | $ | (47,294 | ) | $ | 71,049 | $ | 21,642 | ||||||||
| Stock-based compensation | 15,312 | 14,844 | 12,300 | 30,156 | 19,815 | ||||||||||||||
| Acquisition related expenses and amortization | 2,453 | 4,002 | 546 | 6,455 | 1,092 | ||||||||||||||
| Non-cash interest expense | 12,307 | 7,156 | 5,372 | 19,463 | 8,094 | ||||||||||||||
| Loss on partial settlement of convertible notes | 13 | 56,369 | — | 56,382 | — | ||||||||||||||
| Change in fair value of derivatives | — | — | 59,692 | — | 44,348 | ||||||||||||||
| Non-GAAP income tax adjustment | 5,240 | (35,367 | ) | (7,067 | ) | (30,127 | ) | (19,567 | ) | ||||||||||
| Net income (Non-GAAP) | $ | 74,676 | $ | 78,702 | $ | 23,549 | $ | 153,378 | $ | 75,424 | |||||||||
| Net income (loss) per share, basic (GAAP) | $ | 0.29 | $ | 0.24 | $ | (0.38 | ) | $ | 0.53 | $ | 0.17 | ||||||||
| Stock-based compensation | 0.11 | 0.11 | 0.10 | 0.23 | 0.16 | ||||||||||||||
| Acquisition related expenses and amortization | 0.02 | 0.03 | — | 0.05 | 0.01 | ||||||||||||||
| Non-cash interest expense | 0.09 | 0.05 | 0.05 | 0.15 | 0.07 | ||||||||||||||
| Loss on partial settlement of convertible notes | — | 0.43 | — | 0.42 | — | ||||||||||||||
| Change in fair value of derivatives | — | — | 0.48 | — | 0.36 | ||||||||||||||
| Non-GAAP income tax adjustment | 0.04 | (0.26 | ) | (0.06 | ) | (0.23 | ) | (0.16 | ) | ||||||||||
| Net income per share, basic (Non-GAAP) | $ | 0.55 | $ | 0.60 | $ | 0.19 | $ | 1.15 | $ | 0.61 | |||||||||
| Shares used in basic per share calculation GAAP and Non-GAAP | 135,094 | 131,303 | 125,603 | 133,209 | 124,567 | ||||||||||||||
| Net income (loss) per share, diluted (GAAP) | $ | 0.28 | $ | 0.22 | $ | (0.38 | ) | $ | 0.49 | $ | 0.16 | ||||||||
| Stock-based compensation | 0.11 | 0.11 | 0.09 | 0.21 | 0.14 | ||||||||||||||
| Acquisition related expenses and amortization | 0.02 | 0.03 | — | 0.05 | 0.01 | ||||||||||||||
| Non-cash interest expense | 0.09 | 0.05 | 0.04 | 0.14 | 0.06 | ||||||||||||||
| Loss on partial settlement of convertible notes | — | 0.40 | — | 0.40 | — | ||||||||||||||
| Change in fair value of derivatives | — | — | 0.48 | 0.01 | $ | 0.33 | |||||||||||||
| Non-GAAP income tax adjustment | 0.03 | (0.25 | ) | (0.06 | ) | (0.21 | ) | (0.14 | ) | ||||||||||
| Net income per share, diluted (Non-GAAP) (2) | $ | 0.53 | $ | 0.56 | $ | 0.17 | $ | 1.09 | $ | 0.56 | |||||||||
| Shares used in diluted per share calculation GAAP | 141,533 | 146,442 | 125,603 | 144,022 | 138,910 | ||||||||||||||
| Shares used in diluted per share calculation Non-GAAP (3) | 140,931 | 141,746 | 135,770 | 141,379 | 135,557 | ||||||||||||||
| Net cash provided by operating activities (GAAP) | $ | 65,660 | $ | 75,841 | $ | 25,431 | $ | 141,501 | $ | 64,653 | |||||||||
| Purchases of property and equipment | (16,428 | ) | (9,940 | ) | (4,451 | ) | (26,368 | ) | (7,804 | ) | |||||||||
| Deemed repayment of convertible notes due 2024 and notes due 2025 attributable to accreted debt discount | 6 | 15,579 | — | 15,585 | — | ||||||||||||||
| Free cash flow (Non-GAAP) | $ | 49,238 | $ | 81,480 | $ | 20,980 | $ | 130,718 | $ | 56,849 | |||||||||
(2) Calculation of non-GAAP diluted net income per share for the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, as well as the six months ended June 30, 2021 and 2020, excludes convertible notes due 2023 interest expense, net of tax of less than
(3) Effect of dilutive in-the-money portion of convertible senior notes and warrants are included in the GAAP weighted-average diluted shares in periods where the Company has GAAP net income. The Company excluded the in-the-money portion of convertible notes due 2024 totaling 45 thousand shares, 2,984 thousand shares and 3,677 thousand shares in the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively, and 1,506 thousand and 3,353 thousand shares for the six months ended June 30, 2021, and 2020, respectively from non-GAAP weighted-average diluted shares as the Company entered into convertible note hedge transactions that reduce potential dilution to the Company’s common stock upon any conversion of the notes due 2024. The Company excluded the in-the-money portion of convertible notes due 2025 totaling 557 thousand shares and 1,713 thousand shares in the three months ended June 30, 2021 and March 31, 2021, respectively, and 1,137 thousand shares for the six months ended June 30, 2021, respectively, from non-GAAP weighted-average diluted shares as the Company entered into convertible note hedge transactions that reduce potential dilution to the Company’s common stock upon any conversion of the notes due 2025.
FAQ
What were Enphase Energy's financial results for Q2 2021?
What is the revenue outlook for Enphase Energy in Q3 2021?
How many microinverters did Enphase ship in Q2 2021?
What was the cash flow from operations for Enphase in Q2 2021?
Did Enphase Energy report any changes in gross margins in Q2 2021?
