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Dec 31, 2020
Enphase Q4 2020 Earnings Report
Enphase reported strong Q4 2020 results with revenue of $264.8 million and non-GAAP gross margin of 40.2%.
Key Takeaways
Enphase Energy announced financial results for the fourth quarter of 2020, reporting revenue of $264.8 million and non-GAAP gross margin of 40.2%. The company shipped approximately 762 megawatts DC, equivalent to 2,292,132 microinverters. They exited the quarter with $679.4 million in cash and generated $84.2 million in cash flow from operations.
Revenue of $264.8 million
GAAP gross margin of 46.0%; non-GAAP gross margin of 40.2%
GAAP net income of $73.0 million; non-GAAP net income of $71.3 million
Cash flow from operations of $84.2 million; ending cash balance of $679.4 million
Forward Guidance
For the first quarter of 2021, Enphase Energy estimates revenue to be within a range of $280.0 million to $300.0 million and non-GAAP gross margin to be within a range of 38.0% to 41.0%.
Positive Outlook
- Revenue to be within a range of $280.0 million to $300.0 million
- GAAP gross margin to be within a range of 37.0% to 40.0%, as there are no remaining tariff refunds pending approval
- Non-GAAP gross margin to be within a range of 38.0% to 41.0%, excluding stock-based compensation expenses
- Estimates for the first quarter of 2021 include Sofdesk
- Non-GAAP operating expenses to be within a range of $42.0 million to $45.0 million, excluding $22.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
Challenges Ahead
- Revenue guidance does not include any safe harbor shipments
- GAAP operating expenses to be within a range of $64.0 million to $67.0 million, including $22.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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