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Enphase Energy Reports Financial Results for the Fourth Quarter of 2020
FREMONT, Calif., Feb. 09, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading
About this update from Enphase Energy, Inc.
[{"type":"text","content":"FREMONT, Calif., Feb. 09, 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 fourth quarter of 2020, which included the summary below from its President and CEO, Badri Kothandaraman. We reported revenue of $264.8 million in the fourth quarter of 2020, along with 40.2% for non-GAAP gross margin. We shipped approximately 762 megawatts DC, or 2,292,132 microinverters. The financial highlights for the fourth quarter of 2020 are listed below. The GAAP numbers include an approximate $16.5 million approved refund on tariffs that were previously paid on microinverters imported to the U.S. from China. The tariff refund is excluded from all non-GAAP numbers. Revenue of $264.8 millionCash flow from operations of $84.2 million; ending cash balance of $679.4 millionGAAP gross margin of 46.0%; non-GAAP gross margin of 40.2%GAAP operating income of $79.1 million; non-GAAP operating income of $72.4 millionGAAP net income of $73.0 million; non-GAAP net income of $71.3 millionGAAP diluted earnings per share of $0.50; non-GAAP diluted earnings per share of $0.51 Our revenue and earnings for the fourth quarter of 2020 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 Q4 2020 Q3 2020 Q4 2019* Q4 2020 Q3 2020 Q4 2019*Revenue$264,839 $178,503 $210,032 $264,839 $178,503 $210,032 Gross margin46.0% 53.2% 37.1% 40.2% 41.0% 37.3%Operating expenses$42,824 $43,222 $33,439 $34,193 $29,571 $26,140 Operating income$79,114 $51,759 $44,442 $72,356 $43,675 $52,277 Net income$72,991 $39,362 $116,666 $71,342 $41,760 $52,038 Basic EPS$0.57 $0.31 $0.95 $0.56 $0.33 $0.42 Diluted EPS$0.50 $0.28 $0.88 $0.51 $0.30 $0.39 * Revenue for the fourth quarter of 2019 of $210.0 million included approximately $36.4 million of safe harbor revenue. Our revenue and earnings for the fiscal year 2020 are given below, compared with those of the prior year: (In thousands, except per share data and percentages) GAAP Non-GAAP FY 2020 FY 2019 FY 2020 FY 2019Revenue$774,425 $624,333 $774,425 $624,333 Gross margin44.7% 35.4% 40.1% 35.7%Operating expenses$159,542 $118,516 $118,296 $95,943 Operating income$186,4...