Enphase Energy Announces Restructuring Initiatives and Quarterly Outlook Update
Enphase is reducing approximately 11 percent of its global workforce and eliminating certain non-core projects. The Company expects to incur aggregate restructuring charges in the third quarter of 2016 of approximately
"We made these decisions as part of our efforts to increase our competitiveness in an environment where industry dynamics are constantly evolving," said
Business Outlook for Third and Fourth Quarters of 2016
"As previously reported, we expect revenue for the third quarter of 2016 to be within a range of
"We expect our revenue for the fourth quarter of 2016 to be within a range of
Enphase Energy, a global energy technology company, delivers simple, innovative and reliable energy management solutions that advance the worldwide potential of renewable energy. Enphase has shipped approximately 12 million microinverters, and over 500,000 Enphase residential and commercial systems have been deployed in more than 100 countries.
Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of
This press release contains forward-looking statements, including, but not limited to, statements related to the expected costs associated with restructuring initiatives, the financial impact of the restructuring initiatives, and future financial performance. These forward-looking statements are based on the Company's current expectations and inherently involve significant risks and uncertainties. The Company's actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to cost reduction efforts, market demands for solar energy solutions and the Company's products, and the development of the Company's pipeline products. These and other risk factors are discussed under the heading "Risk Factors" in the Company's Quarterly
Report on Form 10-Q for the quarter ended
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in
These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and facilitate period-to-period comparisons. Enphase believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
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