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Enphase Energy Reports Financial Results for the Second Quarter of 2021

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FREMONT, Calif., July 27, 2021 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, announced today financial results for the second quarter of 2021, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $316.1 million in the second quarter of 2021, along with 40.8% for non-GAAP gross margin. We shipped approximately 2,362,401 microinverters, or 796 megawatts DC, and 43 megawatt hours of Enphase Storage systems.

Financial highlights for the second quarter of 2021 are listed below.

  • Revenue of $316.1 million

  • GAAP gross margin of 40.4%; non-GAAP gross margin of 40.8%

  • GAAP operating income of $59.4 million; non-GAAP operating income of $77.2 million

  • GAAP net income of $39.4 million, non-GAAP net income of $74.7 million

  • GAAP diluted earnings per share of $0.28; non-GAAP diluted earnings per share of $0.53

  • Cash flow from operations of $65.6 million

  • Ending cash balance of $1.3 billion, net of $200.0 million of common stock repurchases in May 2021

Our revenue and earnings for the second quarter of 2021 are provided below, compared with those of the prior quarter and the year ago quarter:

(In thousands, except per share data and percentages)

GAAP

Non-GAAP

Q2 2021

Q1 2021

Q2 2020

Q2 2021

Q1 2021

Q2 2020

Revenue

$

316,057

$

301,754

$

125,538

$

316,057

$

301,754

$

125,538

Gross margin

40.4

%

40.7

%

38.5

%

40.8

%

41.1

%

39.6

%

Operating expenses

$

68,401

$

61,563

$

37,533

$

51,696

$

43,699

$

26,024

Operating income

$

59,400

$

61,386

$

10,854

$

77,165

$

80,232

$

23,700

Net income (loss)

$

39,351

$

31,698

$

(47,294

)

$

74,676

$

78,702

$

23,549

Basic EPS

$

0.29

$

0.24

$

(0.38

)

$

0.55

$

0.60

$

0.19

Diluted EPS

$

0.28

$

0.22

$

(0.38

)

$

0.53

$

0.56

$

0.17

Total revenue increased 5% compared to the first quarter of 2021. Demand for our microinverter systems remained well ahead of supply in the second quarter of 2021, as component availability continued to be constrained. Our operations team did an excellent job of navigating these component supply constraints to best service our customer demand, while our sales team focused on managing the channel and working closely with our installers and distributors.

Our non-GAAP gross margin was 40.8% in the second quarter of 2021, compared to 41.1% in the first quarter of 2021, as higher logistics and expedite costs were partially offset by disciplined pricing and favorable product mix. Non-GAAP operating expenses increased to $51.7 million in the second quarter of 2021, compared to $43.7 million in the prior quarter, primarily due to additional investment in R&D and marketing programs, the first full quarter of consolidation of our two recent acquisitions, and increased hiring. Non-GAAP operating income was $77.2 million in the second quarter of 2021, compared to $80.2 million in the first quarter of 2021.

We exited the second quarter of 2021 with $1.3 billion in cash and generated $65.6 million in cash flow from operations. We repurchased approximately 1.7 million shares of common stock for a total amount of $200.0 million on the open market in May 2021. Capital expenditures were $16.4 million in the second quarter of 2021, compared to $9.9 million in the first quarter of 2021. The sequential increase was due to the expansion of manufacturing capacity at our Mexico and India facilities, along with investment in IT and cloud infrastructure.

Strong demand for our microinverter systems across all regions continued in the second quarter of 2021. We introduced our Load Control feature for our Enphase Storage systems in late May, which provides homeowners the ability to conserve their energy consumption by shedding non-essential loads during an outage and thereby extending the backup duration. We optimized our storage pricing for installers and continued to improve the installer experience by simplifying the commissioning process and reducing installation times. As a result, since June we have seen accelerating demand for our Enphase Storage systems.

We are making good progress on digital transformation. Both of our recent acquisitions are fully integrated and exceeded our expectations with record revenue and installer counts in Q2. The Montreal team, which provides design and proposal software, added a significant number of new installers, while the Noida team, which provides proposal and permitting services, also experienced a significant increase in new requests. Both teams plan to release new products that will improve the customer experience and enable our installer base to leverage them as soon as possible.

Our Enphase Storage customers in Connecticut, Massachusetts and Rhode Island can now participate and earn money through the ConnectedSolutions program, a utility-run incentive program to reduce electrical demand during high-use periods. Customers can sign-up, monitor, and control participation in the program using our Enlighten™ mobile app. We are excited to participate in a grid services program for the first time and expect to do more in the future.

BUSINESS HIGHLIGHTS

On April 19, 2021, Enphase Energy announced that Transdev, a multinational transit operator, selected Enphase microinverters for the first public transport depot in Australia to feature a fully solar-powered bus. Transdev plans to electrify the public transport network in Australia to show that it is more economical both financially and environmentally to transition to solar-powered electrical vehicle (EV) buses.

On May 25, 2021, Enphase Energy announced Load Control, a new feature for its Enphase Storage…



Read More: Enphase Energy Reports Financial Results for the Second Quarter of 2021

2021-07-27 20:05:00

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