FREMONT, Calif. – February 19, 2020 Investorideas.com (www.investorideas.com) Solar Stock News Bites – Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced yesterday at the close, the financial results for the fourth quarter of 2019, which included the summary below from its President and CEO, Badri Kothandaraman.
Highlights for the fourth quarter of 2019 included:
- Revenue of $210.0 million, including approximately $36.4 million of safe harbor revenue
- Cash flow from operations of $102.3 million; ending cash balance of $296.1 million, including restricted cash
- GAAP gross margin of 37.1%; non-GAAP gross margin of 37.3%
- GAAP operating expenses of $33.4 million; non-GAAP operating expenses of $26.1 million
- GAAP operating income of $44.4 million; non-GAAP operating income of $52.3 million
- GAAP net income of $116.7 million, including an income tax benefit of $72.2 million; non-GAAP net income of $52.0 million
- GAAP diluted EPS of $0.88, including an income tax benefit of $0.54; non-GAAP diluted EPS of $0.39
- Our fourth quarter revenue was $210.0 million, including approximately $36.4 million of safe harbor revenue. We shipped approximately 677 megawatts DC, or 2,112,725 microinverters. Fourth quarter revenue increased 17% sequentially and 128% year-over year. Product innovation and customer experience remain the cornerstones of our growth strategy. We achieved volume shipments of IQ 7A™, our highest power microinverter, during the fourth quarter as our customers continued to seek module-level power electronics optimal for high-efficiency solar modules.
- Our non-GAAP gross margin was 37.3%, an increase of 110 basis points from 36.2% in the third quarter of 2019. Expedite fees were within the range expected in the normal course of business, as component supply remained stable. Non-GAAP operating expenses were $26.1 million, compared to $25.0 million in the prior quarter. Non-GAAP operating income was $52.3 million, compared to $40.2 million in the prior quarter.
- We exited the fourth quarter with $296.1 million in cash, including restricted cash, and generated $102.3 million in cash flow from operations. The restricted cash is related to the first quarter of 2020 safe harbor deliveries and is expected to become unrestricted at the end of April 2020. Inventory was $32.1 million at the end of the fourth quarter of 2019, compared to $30.2 million at the end of the third quarter of 2019, and $16.3 million at the end of the fourth quarter of 2018.
- For the full year 2019, revenue was $624.3 million, compared to $316.2 million in 2018. We generated $139.1 million of cash flow from operations in 2019, compared to $16.1 million in 2018. GAAP net income was $161.1 million, resulting in diluted earnings per share of $1.23. Non-GAAP net income was $124.2 million, resulting in diluted earnings per share of $0.95. We are pleased to report that 2019 was the first full year of GAAP profitability in Enphase’s history.
- Shipments of our Encharge™ battery storage system utilizing our Ensemble™ energy management technology remain on track for March 2020. We are pleased with the pre-orders received and are ramping installer training to support the product launch.
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