Press Release
Enphase Energy Reports Financial Results for the Fourth Quarter of 2023
We reported quarterly revenue of
Financial highlights for the fourth quarter of 2023 are listed below:
- Quarterly revenue of
$302 .6 million - GAAP gross margin of 48.5%; non-GAAP gross margin of 50.3%, with net
IRA benefit - Non-GAAP gross margin of 41.8%, excluding net
IRA benefit of 8.5% - GAAP operating loss of
$10 .2 million; non-GAAP operating income of$65 .6 million - GAAP net income of
$20 .9 million; non-GAAP net income of$73 .5 million - GAAP diluted earnings per share of
$0.15 ; non-GAAP diluted earnings per share of$0.54 - Free cash flow of
$15 .4 million; ending cash, cash equivalents, and marketable securities of$1 .70 billion
Our revenue and earnings for the fourth quarter of 2023 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
| GAAP | Non-GAAP | ||||||||||||||||||||||
| Q4 2023 | Q3 2023 | Q4 2022 | Q4 2023 | Q3 2023 | Q4 2022 | ||||||||||||||||||
| Revenue | $ | 302,570 | $ | 551,082 | $ | 724,652 | $ | 302,570 | $ | 551,082 | $ | 724,652 | |||||||||||
| Gross margin | 48.5 | % | 47.5 | % | 42.9 | % | 50.3 | % | 48.4 | % | 43.8 | % | |||||||||||
| Operating expenses | $ | 156,893 | $ | 144,024 | $ | 153,741 | $ | 86,551 | $ | 99,027 | $ | 87,718 | |||||||||||
| Operating income (loss) | $ | (10,231 | ) | $ | 117,989 | $ | 156,960 | $ | 65,587 | $ | 167,593 | $ | 229,389 | ||||||||||
| Net income | $ | 20,919 | $ | 113,953 | $ | 153,753 | $ | 73,474 | $ | 141,849 | $ | 212,389 | |||||||||||
| Basic EPS | $ | 0.15 | $ | 0.84 | $ | 1.13 | $ | 0.54 | $ | 1.04 | $ | 1.56 | |||||||||||
| Diluted EPS | $ | 0.15 | $ | 0.80 | $ | 1.06 | $ | 0.54 | $ | 1.02 | $ | 1.51 | |||||||||||
Our revenue and earnings for the fiscal year 2023 are provided below, compared with the prior year:
(In thousands, except per share and percentage data)
| GAAP | Non-GAAP | ||||||||||||||
| FY 2023 | FY 2022 | FY 2023 | FY 2022 | ||||||||||||
| Revenue | $ | 2,290,786 | $ | 2,330,853 | $ | 2,290,786 | $ | 2,330,853 | |||||||
| Gross margin | 46.2 | % | 41.8 | % | 47.1 | % | 42.6 | % | |||||||
| Operating expenses | $ | 612,647 | $ | 526,334 | $ | 382,115 | $ | 303,724 | |||||||
| Operating income | $ | 445,741 | $ | 448,261 | $ | 697,210 | $ | 690,292 | |||||||
| Net income | $ | 438,936 | $ | 397,362 | $ | 613,241 | $ | 647,424 | |||||||
| Basic EPS | $ | 3.22 | $ | 2.94 | $ | 4.50 | $ | 4.78 | |||||||
| Diluted EPS | $ | 3.08 | $ | 2.77 | $ | 4.41 | $ | 4.62 | |||||||
Total revenue for the fourth quarter of 2023 was
Our non-GAAP gross margin was 50.3% in the fourth quarter of 2023, compared to 48.4% in the third quarter of 2023, driven by increased net
We exited the fourth quarter of 2023 with
In
We started shipping IQ8P™ Microinverters with peak output AC power of 480 W for the small-commercial market in
We shipped 80.7 megawatt hours of IQ Batteries in the fourth quarter of 2023. We now ship our third generation of IQ Batteries, the IQ® Battery 5P, to
We continued to release new features in Solargraf℠, our cloud-based design and proposal software platform during the fourth quarter of 2023. We began offering electrical design and single line diagram features while continuing to offer NEM 3.0 functionality for solar and battery systems in
We shipped approximately 913,000 microinverters manufactured in
BUSINESS HIGHLIGHTS
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FIRST QUARTER 2024 FINANCIAL OUTLOOK
For the first quarter of 2024, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of
$260.0 million to$300.0 million , which includes shipments of 70 to 90 megawatt hours of IQ Batteries - GAAP gross margin to be within a range of 42.0% to 45.0%, with net
IRA benefit - Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net
IRA benefit and 40.0% to 43.0% excluding netIRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization - Net
IRA benefit to be within a range of$12.0 to$14.0 million based on estimated shipments of 500,000 units ofU.S. manufactured microinverters - GAAP operating expenses to be within a range of
$144.0 million to$148.0 million - Non-GAAP operating expenses to be within a range of
$80.0 million to$84.0 million , excluding$64.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, and restructuring and asset impairment charges
For 2024, GAAP and non-GAAP annualized effective tax rate with
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Use of non-GAAP Financial Measures
Enphase Energy 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 flows that either exclude or include 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 Enphase Energy’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. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy 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.
As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:
Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.
Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.
Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.
Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.
Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to report the non-GAAP tax amount based on cash tax expense and reserves for periods prior to 2023. Effective
Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026 and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.
Net
Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.
Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2023 results and first quarter 2024 business outlook today at
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its first quarter of 2024 financial outlook, including revenue, shipments of IQ Batteries, gross margin before and with net
A copy of this press release can be found on the investor relations page of Enphase Energy’s website at investor.enphase.com.
About
Enphase Energy, a global energy technology company based in
© 2024
Contact:
Investor Relations
ir@enphaseenergy.com
| ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
|||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
2023 |
2023 |
2022 |
2023 |
2022 |
|||||||||||||||
| Net revenues | $ | 302,570 | $ | 551,082 | $ | 724,652 | $ | 2,290,786 | $ | 2,330,853 | |||||||||
| Cost of revenues | 155,908 | 289,069 | 413,951 | 1,232,398 | 1,356,258 | ||||||||||||||
| Gross profit | 146,662 | 262,013 | 310,701 | 1,058,388 | 974,595 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 55,291 | 54,873 | 49,683 | 227,336 | 168,846 | ||||||||||||||
| Sales and marketing | 53,409 | 55,357 | 64,913 | 231,792 | 215,102 | ||||||||||||||
| General and administrative | 33,379 | 33,794 | 37,355 | 137,835 | 140,002 | ||||||||||||||
| Restructuring and asset impairment charges | 14,814 | — | 1,790 | 15,684 | 2,384 | ||||||||||||||
| Total operating expenses | 156,893 | 144,024 | 153,741 | 612,647 | 526,334 | ||||||||||||||
| Income (loss) from operations | (10,231 | ) | 117,989 | 156,960 | 445,741 | 448,261 | |||||||||||||
| Other income (expense), net | |||||||||||||||||||
| Interest income | 20,493 | 19,669 | 8,720 | 69,728 | 13,656 | ||||||||||||||
| Interest expense | (2,268 | ) | (2,196 | ) | (2,279 | ) | (8,839 | ) | (9,438 | ) | |||||||||
| Other income (expense), net | 4,233 | 1,883 | 4,777 | 6,509 | (431 | ) | |||||||||||||
| Total other income (expense), net | 22,458 | 19,356 | 11,218 | 67,398 | 3,787 | ||||||||||||||
| Income before income taxes | 12,227 | 137,345 | 168,178 | 513,139 | 452,048 | ||||||||||||||
| Income tax (provision) benefit | 8,692 | (23,392 | ) | (14,425 | ) | (74,203 | ) | (54,686 | ) | ||||||||||
| Net income | $ | 20,919 | $ | 113,953 | $ | 153,753 | $ | 438,936 | $ | 397,362 | |||||||||
| Net income per share: | |||||||||||||||||||
| Basic | $ | 0.15 | $ | 0.84 | $ | 1.13 | $ | 3.22 | $ | 2.94 | |||||||||
| Diluted | $ | 0.15 | $ | 0.80 | $ | 1.06 | $ | 3.08 | $ | 2.77 | |||||||||
| Shares used in per share calculation: | |||||||||||||||||||
| Basic | 136,092 | 136,165 | 136,167 | 136,376 | 135,349 | ||||||||||||||
| Diluted | 139,205 | 143,863 | 146,311 | 143,290 | 144,390 | ||||||||||||||
| ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||||||
2023 |
2022 |
||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 288,748 | $ | 473,244 | |||
| Marketable securities | 1,406,286 | 1,139,599 | |||||
| Accounts receivable, net | 445,959 | 440,896 | |||||
| Inventory | 213,595 | 149,708 | |||||
| Prepaid expenses and other assets | 88,930 | 60,824 | |||||
| Total current assets | 2,443,518 | 2,264,271 | |||||
| Property and equipment, net | 168,244 | 111,367 | |||||
| Operating lease, right of use asset, net | 19,887 | 21,379 | |||||
| Intangible assets, net | 68,536 | 99,541 | |||||
| 214,562 | 213,559 | ||||||
| Other assets | 215,895 | 169,291 | |||||
| Deferred tax assets, net | 252,370 | 204,872 | |||||
| Total assets | $ | 3,383,012 | $ | 3,084,280 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 116,164 | $ | 125,085 | |||
| Accrued liabilities | 261,919 | 295,939 | |||||
| Deferred revenues, current | 118,300 | 90,747 | |||||
| Warranty obligations, current | 36,066 | 35,556 | |||||
| Debt, current | — | 90,892 | |||||
| Total current liabilities | 532,449 | 638,219 | |||||
| Long-term liabilities: | |||||||
| Deferred revenues, non-current | 369,172 | 281,613 | |||||
| Warranty obligations, non-current | 153,021 | 95,890 | |||||
| Other liabilities | 51,008 | 43,520 | |||||
| Debt, non-current | 1,293,738 | 1,199,465 | |||||
| Total liabilities | 2,399,388 | 2,258,707 | |||||
| Total stockholders’ equity | 983,624 | 825,573 | |||||
| Total liabilities and stockholders’ equity | $ | 3,383,012 | $ | 3,084,280 | |||
| ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
|||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
2023 |
2023 |
2022 |
2023 |
2022 |
|||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income | $ | 20,919 | $ | 113,953 | $ | 153,753 | $ | 438,936 | $ | 397,362 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 20,841 | 19,448 | 16,009 | 74,708 | 58,775 | ||||||||||||||
| Net amortization (accretion) of premium (discount) on marketable securities | (2,950 | ) | 5,094 | (4,723 | ) | (15,561 | ) | (2,632 | ) | ||||||||||
| Provision for doubtful accounts | (129 | ) | 653 | 67 | 1,153 | 119 | |||||||||||||
| Asset impairment | 9,700 | 903 | — | 10,603 | 1,200 | ||||||||||||||
| Non-cash interest expense | 2,126 | 2,114 | 2,077 | 8,380 | 8,167 | ||||||||||||||
| Net gain from change in fair value of debt securities | (2,670 | ) | (1,910 | ) | (345 | ) | (8,078 | ) | (735 | ) | |||||||||
| Stock-based compensation | 55,222 | 43,814 | 63,645 | 212,857 | 216,802 | ||||||||||||||
| Deferred income taxes | (5,053 | ) | (11,499 | ) | (12,099 | ) | (43,348 | ) | 3,633 | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||
| Accounts receivable | 105,771 | (34,752 | ) | (88,876 | ) | (12,478 | ) | (107,556 | ) | ||||||||||
| Inventory | (39,481 | ) | (8,003 | ) | (3,222 | ) | (63,887 | ) | (75,273 | ) | |||||||||
| Prepaid expenses and other assets | (2,401 | ) | (15,383 | ) | (47,597 | ) | (59,777 | ) | (68,423 | ) | |||||||||
| Accounts payable, accrued and other liabilities | (139,277 | ) | 9,903 | 91,128 | (22,149 | ) | 133,416 | ||||||||||||
| Warranty obligations | 221 | 8,151 | 25,566 | 57,641 | 57,773 | ||||||||||||||
| Deferred revenues | 12,611 | 13,369 | 58,331 | 117,780 | 122,189 | ||||||||||||||
| Net cash provided by operating activities | 35,450 | 145,855 | 253,714 | 696,780 | 744,817 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Purchases of property and equipment | (20,075 | ) | (23,848 | ) | (16,429 | ) | (110,401 | ) | (46,443 | ) | |||||||||
| Purchases of marketable securities | (337,757 | ) | (470,766 | ) | (335,193 | ) | (2,081,431 | ) | (907,430 | ) | |||||||||
| Maturities and sale of marketable securities | 433,869 | 494,804 | 282,973 | 1,840,477 | 660,129 | ||||||||||||||
| Investments in private companies | — | (15,000 | ) | (15,000 | ) | (15,000 | ) | (16,000 | ) | ||||||||||
| Business acquisitions, net of cash acquired | — | — | (34,482 | ) | — | (62,162 | ) | ||||||||||||
| Net cash provided by (used in) investing activities | 76,037 | (14,810 | ) | (118,131 | ) | (366,355 | ) | (371,906 | ) | ||||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Repurchase of common stock | (99,998 | ) | (110,000 | ) | — | (409,998 | ) | — | |||||||||||
| Proceeds from exercise of equity awards and employee stock purchase plan | 12,555 | 719 | 5,090 | 13,870 | 10,370 | ||||||||||||||
| Payment of withholding taxes related to net share settlement of equity awards | (27,546 | ) | (8,465 | ) | (8,100 | ) | (120,646 | ) | (27,496 | ) | |||||||||
| Net cash used in financing activities | (114,989 | ) | (117,746 | ) | (3,010 | ) | (516,774 | ) | (17,126 | ) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 2,175 | (1,900 | ) | 3,088 | 1,853 | (1,857 | ) | ||||||||||||
| Net increase (decrease) in cash and cash equivalents | (1,327 | ) | 11,399 | 135,661 | (184,496 | ) | 353,928 | ||||||||||||
| Cash and cash equivalents—Beginning of period | 290,075 | 278,676 | 337,583 | 473,244 | 119,316 | ||||||||||||||
| Cash and cash equivalents —End of period | $ | 288,748 | $ | 290,075 | $ | 473,244 | $ | 288,748 | $ | 473,244 | |||||||||
| ENPHASE ENERGY, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except per share data and percentages) (Unaudited) |
|||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
2023 |
2023 |
2022 |
2023 |
2022 |
|||||||||||||||
| Gross profit (GAAP) | $ | 146,662 | $ | 262,013 | $ | 310,701 | $ | 1,058,388 | $ | 974,595 | |||||||||
| Stock-based compensation | 3,582 | 2,708 | 4,271 | 13,357 | 13,097 | ||||||||||||||
| Acquisition related amortization | 1,894 | 1,899 | 2,135 | 7,580 | 6,324 | ||||||||||||||
| Gross profit (Non-GAAP) | $ | 152,138 | $ | 266,620 | $ | 317,107 | $ | 1,079,325 | $ | 994,016 | |||||||||
| Gross margin (GAAP) | 48.5 | % | 47.5 | % | 42.9 | % | 46.2 | % | 41.8 | % | |||||||||
| Stock-based compensation | 1.2 | 0.6 | 0.6 | 0.6 | 0.5 | ||||||||||||||
| Acquisition related amortization | 0.6 | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||||
| Gross margin (Non-GAAP) | 50.3 | % | 48.4 | % | 43.8 | % | 47.1 | % | 42.6 | % | |||||||||
| Operating expenses (GAAP) | $ | 156,893 | $ | 144,024 | $ | 153,741 | $ | 612,647 | $ | 526,334 | |||||||||
| Stock-based compensation(1) | (51,640 | ) | (41,106 | ) | (59,374 | ) | (199,500 | ) | (203,705 | ) | |||||||||
| Acquisition related expenses and amortization | (3,888 | ) | (3,891 | ) | (4,859 | ) | (15,317 | ) | (16,521 | ) | |||||||||
| Restructuring and asset impairment charges | (14,814 | ) | — | (1,790 | ) | (15,715 | ) | (2,384 | ) | ||||||||||
| Operating expenses (Non-GAAP) | $ | 86,551 | $ | 99,027 | $ | 87,718 | $ | 382,115 | $ | 303,724 | |||||||||
| (1)Includes stock-based compensation as follows: | |||||||||||||||||||
| Research and development | $ | 23,839 | $ | 19,285 | $ | 21,687 | $ | 88,367 | $ | 69,082 | |||||||||
| Sales and marketing | 16,472 | 13,297 | 23,517 | 65,703 | 78,819 | ||||||||||||||
| General and administrative | 11,329 | 8,524 | 14,170 | 45,430 | 55,804 | ||||||||||||||
| Total | $ | 51,640 | $ | 41,106 | $ | 59,374 | $ | 199,500 | $ | 203,705 | |||||||||
| Income (loss) from operations (GAAP) | $ | (10,231 | ) | $ | 117,989 | $ | 156,960 | $ | 445,741 | $ | 448,261 | ||||||||
| Stock-based compensation | 55,222 | 43,814 | 63,645 | 212,857 | 216,802 | ||||||||||||||
| Acquisition related expenses and amortization | 5,782 | 5,790 | 6,994 | 22,897 | 22,845 | ||||||||||||||
| Restructuring and asset impairment charges | 14,814 | — | 1,790 | 15,715 | 2,384 | ||||||||||||||
| Income from operations (Non-GAAP) | $ | 65,587 | $ | 167,593 | $ | 229,389 | $ | 697,210 | $ | 690,292 | |||||||||
| Net income (GAAP) | $ | 20,919 | $ | 113,953 | $ | 153,753 | $ | 438,936 | $ | 397,362 | |||||||||
| Stock-based compensation | 55,222 | 43,814 | 63,645 | 212,857 | 216,802 | ||||||||||||||
| Acquisition related expenses and amortization | 5,782 | 5,790 | 6,994 | 22,897 | 22,845 | ||||||||||||||
| Restructuring and asset impairment charges | 14,814 | — | 1,790 | 15,715 | 2,384 | ||||||||||||||
| Non-cash interest expense | 2,126 | 2,114 | 2,077 | 8,380 | 8,169 | ||||||||||||||
| Non-GAAP income tax adjustment | (25,389 | ) | (23,822 | ) | (15,870 | ) | (85,544 | ) | (138 | ) | |||||||||
| Net income (Non-GAAP) | $ | 73,474 | $ | 141,849 | $ | 212,389 | $ | 613,241 | $ | 647,424 | |||||||||
| Net income per share, basic (GAAP) | $ | 0.15 | $ | 0.84 | $ | 1.13 | $ | 3.22 | $ | 2.94 | |||||||||
| Stock-based compensation | 0.40 | 0.32 | 0.47 | 1.56 | 1.60 | ||||||||||||||
| Acquisition related expenses and amortization | 0.08 | 0.04 | 0.05 | 0.17 | 0.17 | ||||||||||||||
| Restructuring and asset impairment charges | 0.11 | — | 0.01 | 0.12 | 0.02 | ||||||||||||||
| Non-cash interest expense | 0.02 | 0.02 | 0.02 | 0.06 | 0.06 | ||||||||||||||
| Non-GAAP income tax adjustment | (0.22 | ) | (0.18 | ) | (0.12 | ) | (0.63 | ) | (0.01 | ) | |||||||||
| Net income per share, basic (Non-GAAP) | $ | 0.54 | $ | 1.04 | $ | 1.56 | $ | 4.50 | $ | 4.78 | |||||||||
| Shares used in basic per share calculation GAAP and Non-GAAP | 136,092 | 136,165 | 136,167 | 136,376 | 135,349 | ||||||||||||||
| Net income per share, diluted (GAAP) | $ | 0.15 | $ | 0.80 | $ | 1.06 | $ | 3.08 | $ | 2.77 | |||||||||
| Stock-based compensation | 0.39 | 0.32 | 0.46 | 1.57 | 1.55 | ||||||||||||||
| Acquisition related expenses and amortization | 0.08 | 0.04 | 0.05 | 0.16 | 0.16 | ||||||||||||||
| Restructuring and asset impairment charges | 0.10 | — | 0.02 | 0.11 | 0.02 | ||||||||||||||
| Non-cash interest expense | 0.01 | 0.02 | 0.02 | 0.06 | 0.06 | ||||||||||||||
| Non-GAAP income tax adjustment | (0.19 | ) | (0.16 | ) | (0.10 | ) | (0.57 | ) | 0.06 | ||||||||||
| Net income per share, diluted (Non-GAAP)(2) | $ | 0.54 | $ | 1.02 | $ | 1.51 | $ | 4.41 | $ | 4.62 | |||||||||
| Shares used in diluted per share calculation GAAP | 139,205 | 143,863 | 146,311 | 143,290 | 144,390 | ||||||||||||||
| Shares used in diluted per share calculation Non-GAAP | 137,187 | 138,535 | 140,983 | 139,214 | 140,315 | ||||||||||||||
| Income-based government grants (GAAP) | $ | 32,887 | $ | 18,532 | $ | — | $ | 53,470 | $ | — | |||||||||
| Incremental cost for manufacturing in |
(7,112 | ) | (4,085 | ) | — | (11,603 | ) | — | |||||||||||
| Net |
$ | 25,775 | $ | 14,447 | $ | — | $ | 41,867 | $ | — | |||||||||
| Net cash provided by operating activities (GAAP) | $ | 35,450 | $ | 145,855 | $ | 253,714 | $ | 696,780 | $ | 744,817 | |||||||||
| Purchases of property and equipment | (20,075 | ) | (23,848 | ) | (16,429 | ) | (110,401 | ) | (46,443 | ) | |||||||||
| Free cash flow (Non-GAAP) | $ | 15,375 | $ | 122,007 | $ | 237,285 | $ | 586,379 | $ | 698,374 | |||||||||
| (2) | Calculation of non-GAAP diluted net income per share for the three months ended |
Source: Enphase Energy, Inc.