ENPH FY 2019 Earnings Report — Enphase Energy, Inc. Revenue & Financial Results | Market Cap Arena

Enphase Energy, Inc.ENPH

FY 2019 Earnings

Reported February 21, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$624M	—	$316M	—	97.5%
Op. Income	$103M	—	$2M	—	6336.7%
Gross Margin	35.4%	—	29.9%	—	5.6pp
Net Margin	25.8%	—	-3.7%	—	29.5pp
EPS (Diluted)	$1.23	—	$-0.12	—	1125.0%
Free Cash Flow	$124M	—	$12M	—	937.3%

Revenue Flow

Item	Amount
REVENUE	$624M
Cost of Revenue	$403M
GROSS PROFIT	$221M
R&D Expenses	$40M
Selling & Marketing	$37M
General & Administrative	$39M
SG&A Expenses	$76M
Other Expenses	$3M
Operating Expenses	$119M
Cost & Expenses	$522M
OPERATING INCOME	$103M
Interest Income	$3M
Interest Expense	$10M
Other Income/Expenses	-$13M
INCOME BEFORE TAX	$90M
Income Tax Expense	-$71M
Net Income from Continuing Ops	$161M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$161M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$161M
D&A	$14M
EBIT	$100M
EBITDA	$114M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$624M
Cost of Revenue	$403M
GROSS PROFIT	$221M
R&D Expenses	$40M
Selling & Marketing	$37M
General & Administrative	$39M
SG&A Expenses	$76M
Other Expenses	$3M
Operating Expenses	$119M
Cost & Expenses	$522M
OPERATING INCOME	$103M
Interest Income	$3M
Interest Expense	$10M
Other Income/Expenses	-$13M
INCOME BEFORE TAX	$90M
Income Tax Expense	-$71M
Net Income from Continuing Ops	$161M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$161M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$161M
D&A	$14M
EBIT	$100M
EBITDA	$114M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$161M
Depreciation & Amortization	$14M
Stock-Based Compensation	$20M
Deferred Income Tax	-$73M
Other Non-Cash Items	$16M
Change in Working Capital	$1M
OPERATING CASH FLOW	$139M
Capital Expenditure	-$15M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$15M
Net Debt Issuance	$82M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$16M
NET CASH FROM FINANCING	$66M
FREE CASH FLOW	$124M
Net Change in Cash	$190M

Balance Sheet

Item	Amount
Cash & Equivalents	$251M
Short-Term Investments	$0
Net Receivables	$145M
Inventory	$32M
Other Current Assets	$45M
TOTAL CURRENT ASSETS	$500M
PP&E (Net)	$39M
Goodwill	$25M
Intangible Assets	$31M
Long-Term Investments	$0
Tax Assets	$75M
Other Non-Current Assets	$45M
TOTAL NON-CURRENT ASSETS	$214M
TOTAL ASSETS	$713M
Account Payables	$57M
Short-Term Debt	$3M
Deferred Revenue	$82M
Other Current Liabilities	$10M
TOTAL CURRENT LIABILITIES	$199M
Long-Term Debt	$103M
Deferred Revenue NC	$100M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$39M
TOTAL NON-CURRENT LIABILITIES	$242M
TOTAL LIABILITIES	$441M
Common Stock	$1.0K
Additional Paid-In Capital	$458M
Retained Earnings	-$185M
Treasury Stock	$0
Accum. Other Comp. Income	-$923.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$272M
Minority Interest	$0
TOTAL EQUITY	$272M
TOTAL LIABILITIES & EQUITY	$713M
Total Debt	$109M
Net Debt	-$143M