Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology
company and the world’s leading supplier of solar microinverters,
announced today financial results for the first quarter
of 2020, which included the summary below from its President
and CEO, Badri Kothandaraman.
We are pleased to report revenue of
$205.5 million in the first quarter of 2020, along with an
all-time record for gross margin, despite COVID-19. Our first
quarter revenue increased 105% year-over-year. We shipped
approximately 643 megawatts DC, or
2,012,476 microinverters, as our worldwide teams did an
excellent job of ensuring product availability and on-time customer
deliveries.
Highlights for the first quarter of 2020
included:
- Revenue of $205.5 million,
including approximately $44.5 million of safe harbor revenue
- Cash flow from operations of
$39.2 million; ending cash balance of $593.8 million
- GAAP gross margin of 39.2%;
non-GAAP gross margin of 39.5%
- GAAP operating expenses of
$36.0 million; non-GAAP operating expenses of
$28.5 million
- GAAP operating income of
$44.7 million; non-GAAP operating income of
$52.8 million
- GAAP net income of
$68.9 million, including a gain of $15.3 million from changes
in fair value of derivatives and an income tax benefit of
$11.9 million; non-GAAP net income of $51.9 million
- GAAP diluted EPS of $0.50; non-GAAP
diluted EPS of $0.38
Our revenue and earnings for the first quarter
of 2020 are given below, compared with those of the prior quarter
and the year ago quarter:
(In thousands, except per share data and
percentages)
|
GAAP |
|
Non-GAAP |
|
Q1 2020 |
|
Q4 2019 |
|
Q1 2019 |
|
Q1 2020 |
|
Q4 2019 |
|
Q1 2019 |
Revenue |
$ |
205,545 |
|
|
$ |
210,032 |
|
|
$ |
100,150 |
|
|
$ |
205,545 |
|
|
$ |
210,032 |
|
|
$ |
100,150 |
|
Gross margin |
39.2 |
% |
|
37.1 |
% |
|
33.3 |
% |
|
39.5 |
% |
|
37.3 |
% |
|
33.5 |
% |
Operating expenses |
$ |
35,963 |
|
|
$ |
33,439 |
|
|
$ |
26,205 |
|
|
$ |
28,508 |
|
|
$ |
26,140 |
|
|
$ |
22,288 |
|
Operating income |
$ |
44,712 |
|
|
$ |
44,442 |
|
|
$ |
7,134 |
|
|
$ |
52,773 |
|
|
$ |
52,277 |
|
|
$ |
11,282 |
|
Net income |
$ |
68,936 |
|
|
$ |
116,666 |
|
|
$ |
2,765 |
|
|
$ |
51,875 |
|
|
$ |
52,038 |
|
|
$ |
9,528 |
|
Basic EPS |
$ |
0.56 |
|
|
$ |
0.95 |
|
|
$ |
0.03 |
|
|
$ |
0.42 |
|
|
$ |
0.42 |
|
|
$ |
0.09 |
|
Diluted EPS |
$ |
0.50 |
|
|
$ |
0.88 |
|
|
$ |
0.02 |
|
|
$ |
0.38 |
|
|
$ |
0.39 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our non-GAAP gross margin increased to 39.5%
from 37.3% in the fourth quarter of 2019, driven by disciplined
pricing and cost management. Non-GAAP operating expenses were
$28.5 million, compared to $26.1 million in the prior
quarter. Non-GAAP operating income was $52.8 million, compared
to $52.3 million in the prior quarter.
We exited the first quarter with $593.8 million
in cash, including restricted cash, and generated
$39.2 million in cash flow from operations. The restricted
cash was related to the first quarter of 2020 safe harbor
deliveries and became unrestricted at the end of April. The first
quarter cash balance increased $295.5 million from the issuance in
early March of $320.0 million aggregate principal amount of
convertible senior notes due 2025, after deducting $7.0 million in
fees and $17.5 million for the call spread transaction. Inventory
was $34.6 million at the end of the first quarter of 2020, compared
to $32.1 million at the end of the fourth quarter of 2019.
As a result of global shelter-in-place rules,
our engineering and certification activities experienced a
slowdown. Consequently, we were unable to ship our Encharge™
battery storage system during the first quarter of 2020 as planned.
We now expect shipments to begin in June 2020. To support the
launch, we are ramping online installer training and tools while
shelter-in-place and social distancing measures remain in
force.
Our Board of Directors has authorized the
repurchase of up to $200 million of Enphase Energy common stock to
minimize shareholder dilution related to employee equity issuances.
Purchases will be completed from time to time in the open market or
through structured repurchase agreements with third parties. Such
purchases are expected to continue through March 2022 unless
otherwise extended or shortened by our Board of Directors.
Although there is short-term uncertainty due to
COVID-19, we have tremendous confidence in the strength of our
business in the long term. We have a flexible and resilient supply
chain, aided by our strong contract manufacturing partners. We are
laser-focused on operational excellence and customer experience.
Our balance sheet is strong, enabling us to invest in organic and
inorganic growth even in today’s difficult times. We are investing
heavily in new products that create unmatched value, based on our
three pillars of differentiation: semiconductors, software and
Ensemble™.
BUSINESS HIGHLIGHTS
On March 16, 2020, Enphase Energy announced it
has forged an alliance with Amicus Solar Cooperative, a
Certified B Corporation and Public Benefit Corporation, to
become a supplier-of-record for its membership of values-driven,
independently owned solar energy developers, EPCs, and installers.
Amicus member companies install solar in all 50 U.S. states,
the District of Columbia, Puerto Rico, and Canada,
and include over 3,000 experienced solar professionals with more
than 500 MW of solar installations in 2019.
On March 25, 2020, Enphase Energy announced an
expanded partnership with Rexel Group, a global multichannel
solar distributor of products and services, to
include Australia-wide distribution. Rexel Australia will
provide solar installers with the full suite of Enphase IQ™
products, to ensure one-stop-shop convenience at its nearly 50
specialist solar branches across the country.
On April 2, 2020, Enphase Energy unveiled a
comprehensive portfolio of training options to ensure that
installers are trained and ready for Enphase Ensemble technology.
To serve installers with hands-on training when COVID-19 social
distancing measures subside, Enphase is preparing turn-key training
centers around the U.S. Enphase is also introducing online
training resources to ensure installer training continues while
social distancing measures are in place.
On April 7, 2020, Enphase Energy announced it
has collaborated with Courant Naturel, a fast-growing residential
solar installer with headquarters in Soual, France, to deliver
solar solutions to customers in southwest France. The company
has chosen Enphase as its exclusive inverter supplier, using
Enphase IQ 7X™ microinverters, along with SunPower® X-Series, an
Enphase Energized ™ AC Module leveraging IQ 7X microinverters.
On April 20, 2020, Enphase Energy announced that
over 8,300 homeowners have joined the Enphase Upgrade Program, a
service initiative that gives homeowners several options for
upgrading to the latest, more efficient and reliable microinverters
from Enphase. The Upgrade Program is for warranty holders of legacy
Enphase microinverters and represents the Company’s continued
commitment to quality and service.
SECOND QUARTER 2020 FINANCIAL
OUTLOOK
For the second quarter of 2020, Enphase Energy
estimates both GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of
$115 million to $130 million
- GAAP and non-GAAP gross margin to
be within a range of 37% to 40%
- GAAP operating expenses to be
within a range of $33 million to $35 million, including
$7.5 million estimated for stock-based compensation expenses
and acquisition related amortization
- Non-GAAP operating expenses to be
within a range of $25.5 million to $27.5 million,
excluding $7.5 million estimated for stock-based compensation
expenses and acquisition related amortization
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 first quarter 2020 results
and second quarter 2020 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 2664545. 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 one year. In addition, an
audio replay of the conference call will be available by calling
(855) 859-2056; participant passcode 2664545, 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; the capabilities,
advantages, and performance of our technology and products; the
availability of our products and their market adoption; the quality
and ease of maintaining and monitoring our products; the training
and capabilities of installers; and the impact of the COVID-19
pandemic. 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 technology and produces a fully integrated
solar-plus-storage solution. Enphase has shipped more than
27 million microinverters, and over 1.1 million Enphase
systems have been deployed in more than 130 countries. For
more information, visit www.enphase.com.
Enphase Energy®, the Enphase logo, Encharge,
Ensemble, IQ, IQ 7X, Enphase Energized, and other trademarks or
service names are the trademarks of Enphase Energy, Inc. Other
names are for informational purposes and may be trademarks of their
respective owners.
Contact:Adam HinckleyEnphase
Energy, Inc.Investor Relationsir@enphaseenergy.com+1-707-763-4784
x7354
|
ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands, except per
share data) (Unaudited) |
|
|
|
Three Months Ended
March 31, |
|
2020 |
|
2019 |
Net revenues |
$ |
205,545 |
|
|
$ |
100,150 |
|
Cost of revenues |
124,870 |
|
|
66,811 |
|
Gross profit |
80,675 |
|
|
33,339 |
|
Operating expenses: |
|
|
|
Research and development |
11,876 |
|
|
8,524 |
|
Sales and marketing |
11,772 |
|
|
7,433 |
|
General and administrative |
12,315 |
|
|
9,880 |
|
Restructuring charges |
— |
|
|
368 |
|
Total operating expenses |
35,963 |
|
|
26,205 |
|
Income from operations |
44,712 |
|
|
7,134 |
|
Other income (expense),
net |
|
|
|
Interest income |
1,091 |
|
|
211 |
|
Interest expense |
(3,155 |
) |
|
(3,751 |
) |
Other expense, net |
(924 |
) |
|
(481 |
) |
Change in fair value of derivatives (1) |
15,344 |
|
|
— |
|
Total other income (expense), net |
12,356 |
|
|
(4,021 |
) |
Income before income
taxes |
57,068 |
|
|
3,113 |
|
Income tax benefit
(provision) |
11,868 |
|
|
(348 |
) |
Net income |
$ |
68,936 |
|
|
$ |
2,765 |
|
Net income per share: |
|
|
|
Basic |
$ |
0.56 |
|
|
$ |
0.03 |
|
Diluted |
$ |
0.50 |
|
|
$ |
0.02 |
|
Shares used in per share
calculation: |
|
|
|
Basic |
123,531 |
|
|
108,195 |
|
Diluted |
138,104 |
|
|
115,863 |
|
(1) $15.3 million change in fair value of
derivatives represents changes in fair value of the conversion
option in the convertible notes due 2025, as well as the
convertible note hedge and warrant transactions. Initially,
conversion of the convertible notes due 2025 will be settled solely
in cash as a result of the Company not having the necessary number
of authorized but unissued shares of its common stock available to
settle the conversion option of the Notes due 2025 in shares;
therefore, the conversion option, convertible note hedge and
warrant transactions are currently classified as derivatives that
require marked-to-market accounting. On the date the Company
increases its authorized shares of common stock and satisfies the
share reservation condition as defined in the relevant Indenture,
the derivatives will not be classified as derivative financial
instruments and will be reclassified to additional paid-in capital
as the equity classification criteria is met.
|
ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(In
thousands)(Unaudited) |
|
|
|
|
|
March
31, 2020 |
|
December
31, 2019 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
549,144 |
|
|
$ |
251,409 |
|
Restricted cash |
44,700 |
|
|
44,700 |
|
Accounts receivable, net |
95,484 |
|
|
145,413 |
|
Inventory |
34,617 |
|
|
32,056 |
|
Prepaid expenses and other assets |
27,752 |
|
|
26,079 |
|
Total current assets |
751,697 |
|
|
499,657 |
|
Property and equipment, net |
30,500 |
|
|
28,936 |
|
Operating lease, right of use asset |
11,986 |
|
|
10,117 |
|
Intangible assets, net |
29,332 |
|
|
30,579 |
|
Goodwill |
24,783 |
|
|
24,783 |
|
Other assets |
47,798 |
|
|
44,620 |
|
Deferred tax assets, net |
86,806 |
|
|
74,531 |
|
Convertible notes hedge |
47,885 |
|
|
— |
|
Total assets |
$ |
1,030,787 |
|
|
$ |
713,223 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
34,538 |
|
|
$ |
57,474 |
|
Accrued liabilities |
49,817 |
|
|
47,092 |
|
Deferred revenues, current |
39,022 |
|
|
81,783 |
|
Warranty obligations, current |
9,678 |
|
|
10,078 |
|
Debt, current |
100,567 |
|
|
2,884 |
|
Total current liabilities |
233,622 |
|
|
199,311 |
|
Long-term liabilities: |
|
|
|
Deferred revenues, noncurrent |
106,205 |
|
|
100,204 |
|
Warranty obligations, noncurrent |
27,823 |
|
|
27,020 |
|
Other liabilities |
13,077 |
|
|
11,817 |
|
Debt, noncurrent |
295,216 |
|
|
102,659 |
|
Warrants liability |
38,637 |
|
|
— |
|
Total liabilities |
714,580 |
|
|
441,011 |
|
Total stockholders’ equity |
316,207 |
|
|
272,212 |
|
Total liabilities and stockholders’ equity |
$ |
1,030,787 |
|
|
$ |
713,223 |
|
|
|
|
|
|
|
|
|
|
ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(In thousands)
(Unaudited) |
|
|
|
Three Months Ended |
|
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
Cash flows from
operating activities: |
|
|
|
|
|
Net income |
$ |
68,936 |
|
|
$ |
116,666 |
|
|
$ |
2,765 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation and amortization |
3,844 |
|
|
2,568 |
|
|
3,572 |
|
Provision for doubtful accounts |
104 |
|
|
(191 |
) |
|
— |
|
Asset impairment |
— |
|
|
1,124 |
|
|
— |
|
Non-cash interest expense |
2,722 |
|
|
1,908 |
|
|
1,490 |
|
Financing fees on extinguishment of debt |
— |
|
|
— |
|
|
2,152 |
|
Stock-based compensation |
7,515 |
|
|
6,176 |
|
|
3,290 |
|
Change in fair value of derivatives |
(15,344 |
) |
|
— |
|
|
— |
|
Deferred income taxes |
(12,500 |
) |
|
(73,375 |
) |
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
49,637 |
|
|
(12,606 |
) |
|
(3,266 |
) |
Inventory |
(2,560 |
) |
|
(1,825 |
) |
|
3,296 |
|
Prepaid expenses and other assets |
(5,009 |
) |
|
(5,659 |
) |
|
(2,413 |
) |
Accounts payable, accrued and other liabilities |
(22,066 |
) |
|
3,544 |
|
|
4,851 |
|
Warranty obligations |
403 |
|
|
2,474 |
|
|
(252 |
) |
Deferred revenues |
(36,460 |
) |
|
61,467 |
|
|
1,578 |
|
Net cash provided by operating activities |
39,222 |
|
|
102,271 |
|
|
17,063 |
|
Cash flows from
investing activities: |
|
|
|
|
|
Purchases of property and equipment |
(3,353 |
) |
|
(7,420 |
) |
|
(658 |
) |
Net cash used in investing activities |
(3,353 |
) |
|
(7,420 |
) |
|
(658 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
Issuance of convertible notes, net of issuance costs (1) |
313,011 |
|
|
(68 |
) |
|
— |
|
Purchase of convertible note hedges (1) |
(89,056 |
) |
|
— |
|
|
— |
|
Sale of warrants (1) |
71,552 |
|
|
— |
|
|
— |
|
Principal payments and financing fees on debt |
(1,148 |
) |
|
(198 |
) |
|
(44,731 |
) |
Proceeds from exercise of equity awards and employee stock purchase
plan |
1,979 |
|
|
2,060 |
|
|
1,664 |
|
Payment of withholding taxes related to net share settlement of
equity awards |
(34,267 |
) |
|
(3,760 |
) |
|
(1,355 |
) |
Net cash provided by (used in) financing activities |
262,071 |
|
|
(1,966 |
) |
|
(44,422 |
) |
Effect of exchange rate changes on cash and cash equivalents |
(205 |
) |
|
178 |
|
|
(133 |
) |
Net increase (decrease) in
cash, cash equivalents, and restricted cash |
297,735 |
|
|
93,063 |
|
|
(28,150 |
) |
Cash, cash equivalents and
restricted cash—Beginning of period |
296,109 |
|
|
203,046 |
|
|
106,237 |
|
Cash, cash equivalents and
restricted cash—End of period |
$ |
593,844 |
|
|
$ |
296,109 |
|
|
$ |
78,087 |
|
(1) $295.5 million of net proceeds received from issuance
of convertible senior notes due 2025 reflects $7.0 million of fees
and $17.5 million to enter into the call spread transaction.
|
ENPHASE ENERGY, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(In thousands, except
per share data and
percentages)(Unaudited) |
|
|
|
Three Months Ended |
|
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
Gross profit (GAAP) |
$ |
80,675 |
|
|
$ |
77,881 |
|
|
$ |
33,339 |
|
Stock-based compensation |
606 |
|
|
536 |
|
|
231 |
|
Gross profit
(Non-GAAP) |
$ |
81,281 |
|
|
$ |
78,417 |
|
|
$ |
33,570 |
|
|
|
|
|
|
|
Gross margin
(GAAP) |
39.2 |
% |
|
37.1 |
% |
|
33.3 |
% |
Stock-based compensation |
0.3 |
% |
|
0.2 |
% |
|
0.2 |
% |
Gross margin
(Non-GAAP) |
39.5 |
% |
|
37.3 |
% |
|
33.5 |
% |
|
|
|
|
|
|
Operating expenses
(GAAP) |
$ |
35,963 |
|
|
$ |
33,439 |
|
|
$ |
26,205 |
|
Stock-based compensation (1) |
(6,909 |
) |
|
(5,623 |
) |
|
(3,003 |
) |
Restructuring and asset impairment charges |
— |
|
|
(1,131 |
) |
|
(368 |
) |
Acquisition related expenses and amortization |
(546 |
) |
|
(545 |
) |
|
(546 |
) |
Operating expenses
(Non-GAAP) |
$ |
28,508 |
|
|
$ |
26,140 |
|
|
$ |
22,288 |
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows: |
|
|
|
|
|
Research and development |
$ |
1,919 |
|
|
$ |
1,642 |
|
|
$ |
716 |
|
Sales and marketing |
1,942 |
|
|
1,778 |
|
|
999 |
|
General and administrative |
3,048 |
|
|
2,203 |
|
|
1,288 |
|
Total |
$ |
6,909 |
|
|
$ |
5,623 |
|
|
$ |
3,003 |
|
|
|
|
|
|
|
Income from operations
(GAAP) |
$ |
44,712 |
|
|
$ |
44,442 |
|
|
$ |
7,134 |
|
Stock-based compensation |
7,515 |
|
|
6,159 |
|
|
3,234 |
|
Restructuring and asset impairment charges |
— |
|
|
1,131 |
|
|
368 |
|
Acquisition related expenses and amortization |
546 |
|
|
545 |
|
|
546 |
|
Income from operations
(Non-GAAP) |
$ |
52,773 |
|
|
$ |
52,277 |
|
|
$ |
11,282 |
|
|
|
|
|
|
|
Net income
(GAAP) |
$ |
68,936 |
|
|
$ |
116,666 |
|
|
$ |
2,765 |
|
Stock-based compensation |
7,515 |
|
|
6,159 |
|
|
3,234 |
|
Restructuring and asset impairment charges |
— |
|
|
1,131 |
|
|
368 |
|
Acquisition related expenses and amortization |
546 |
|
|
545 |
|
|
546 |
|
Non-recurring debt prepayment fees and non-cash interest |
2,722 |
|
|
1,908 |
|
|
2,615 |
|
Change in fair value of derivatives |
(15,344 |
) |
|
— |
|
|
— |
|
Non-GAAP income tax adjustment |
(12,500 |
) |
|
(74,371 |
) |
|
— |
|
Net income
(Non-GAAP) |
$ |
51,875 |
|
|
$ |
52,038 |
|
|
$ |
9,528 |
|
|
|
|
|
|
|
Net income per share,
basic (GAAP) |
$ |
0.56 |
|
|
$ |
0.95 |
|
|
$ |
0.03 |
|
Stock-based compensation |
0.06 |
|
|
0.05 |
|
|
0.03 |
|
Restructuring and asset impairment charges |
— |
|
|
0.01 |
|
|
— |
|
Acquisition related expenses and amortization |
— |
|
|
— |
|
|
0.01 |
|
Non-recurring debt prepayment fees and non-cash interest |
0.02 |
|
|
0.02 |
|
|
0.02 |
|
Change in fair value of derivatives |
(0.12 |
) |
|
— |
|
|
— |
|
Non-GAAP income tax adjustment |
(0.10 |
) |
|
(0.61 |
) |
|
— |
|
Net income per share, basic (Non-GAAP) |
$ |
0.42 |
|
|
$ |
0.42 |
|
|
$ |
0.09 |
|
Shares used in basic per share
calculation GAAP and Non-GAAP |
123,531 |
|
|
122,630 |
|
|
108,195 |
|
|
|
|
|
|
|
Net income per share,
diluted (GAAP) |
$ |
0.50 |
|
|
$ |
0.88 |
|
|
$ |
0.02 |
|
Stock-based compensation |
0.06 |
|
|
0.05 |
|
|
0.03 |
|
Restructuring and asset impairment charges |
— |
|
|
0.01 |
|
|
— |
|
Acquisition related expenses and amortization |
— |
|
|
— |
|
|
0.01 |
|
Non-recurring debt prepayment fees and non-cash interest |
0.02 |
|
|
0.01 |
|
|
0.02 |
|
Change in fair value of derivatives |
(0.11 |
) |
|
— |
|
|
— |
|
Non-GAAP income tax adjustment |
(0.09 |
) |
|
(0.56 |
) |
|
— |
|
Net income per share,
diluted (Non-GAAP) (2) |
$ |
0.38 |
|
|
$ |
0.39 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
Shares used in diluted per
share calculation GAAP |
138,104 |
|
|
132,872 |
|
|
115,863 |
|
Shares used in diluted per
share calculation Non-GAAP (3) |
135,168 |
|
|
132,233 |
|
|
127,564 |
|
(2) Calculation of non-GAAP diluted net
income per share for the three months ended March 31, 2020,
December 31, 2019 and March 31, 2019 excludes convertible
notes due 2023 interest expense, net of tax of less than
$0.1 million, $0.1 million and $0.5 million,
respectively, from non-GAAP net income.
(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 we have
GAAP net income. We excluded the in-the-money portion of
convertible notes due 2024 totaling 2,936 thousand shares and
639 thousand shares in the three months ended March 31, 2020
and three months ended December 31, 2019, respectively, for
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.
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