Loading...
•
Mar 31, 2020
Enphase Q1 2020 Earnings Report
Reported revenue of $205.5 million and an all-time record for gross margin, despite COVID-19.
Key Takeaways
Enphase Energy reported a strong first quarter in 2020 with revenue of $205.5 million, a 105% increase year-over-year, and record gross margins. The company shipped approximately 643 MW DC, equivalent to 2,012,476 microinverters. Despite challenges from COVID-19, Enphase maintained product availability and on-time customer deliveries.
Revenue was $205.5 million, including approximately $44.5 million of safe harbor revenue.
Cash flow from operations was $39.2 million, with an ending cash balance of $593.8 million.
GAAP gross margin was 39.2%, and non-GAAP gross margin was 39.5%.
GAAP net income was $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 was $51.9 million.
Forward Guidance
For the second quarter of 2020, Enphase Energy estimates revenue to be within a range of $115 million to $130 million and GAAP and non-GAAP gross margin to be within a range of 37% to 40%.
Positive Outlook
- 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%
Challenges Ahead
- 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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...