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Dec 31, 2019
Enphase Q4 2019 Earnings Report
Enphase Energy reported financial results, achieving record revenue and profitability.
Key Takeaways
Enphase Energy reported record revenue of $210.0 million for Q4 2019, a 17% increase sequentially and 128% year-over-year. The company achieved GAAP net income of $116.7 million, including an income tax benefit of $72.2 million, and non-GAAP net income of $52.0 million.
Revenue reached $210.0 million, including $36.4 million from safe harbor revenue.
Cash flow from operations was $102.3 million, with an ending cash balance of $296.1 million.
GAAP gross margin was 37.1%, and non-GAAP gross margin was 37.3%.
GAAP diluted EPS was $0.88, and non-GAAP diluted EPS was $0.39.
Forward Guidance
For the first quarter of 2020, Enphase Energy estimates revenue to be within a range of $200 million to $210 million, including $44.5 million of revenue for ITC safe harbor shipments. GAAP and non-GAAP gross margin are expected to be within a range of 36% to 39%.
Positive Outlook
- Revenue to be within a range of $200 million to $210 million.
- Includes $44.5 million of revenue for ITC safe harbor shipments
- GAAP gross margin to be within a range of 36% to 39%.
- Non-GAAP gross margin to be within a range of 36% to 39%.
- Shipments of Encharge battery storage system remain on track for March 2020
Challenges Ahead
- GAAP operating expenses to be within a range of $35 million to $37 million, including a total of approximately $7 million estimated for stock-based compensation expenses and acquisition related amortization
- Non-GAAP operating expenses to be within a range of $28 million to $30 million, excluding a total of approximately $7 million estimated for stock-based compensation expenses and acquisition related amortization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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