Business
Enphase Energy Reports Financial Results for the Fourth Quarter of 2021
FREMONT, Calif., Feb. 08, 2022 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of
About this update from Enphase Energy, Inc.
[{"type":"text","content":"FREMONT, Calif., Feb. 08, 2022 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2021, which included the summary below from its President and CEO, Badri Kothandaraman. We reported record quarterly revenue of $412.7 million in the fourth quarter of 2021, along with 40.2% for non-GAAP gross margin. We shipped approximately 3,033,891 microinverters, or 1,082 megawatts DC, and 100.2 megawatt hours of Enphase IQ™ Batteries. Financial highlights for the fourth quarter of 2021 are listed below. Record revenue of $412.7 millionGAAP gross margin of 39.6%; non-GAAP gross margin of 40.2%GAAP operating income of $57.7 million; non-GAAP operating income of $97.7 millionGAAP net income of $52.6 million; non-GAAP net income of $102.8 millionGAAP diluted earnings per share of $0.37; non-GAAP diluted earnings per share of $0.73Cash flow from operations of $97.2 millionEnding cash, cash equivalents and marketable securities balance of $1.0 billion after completing $300.0 million of common stock repurchases in December 2021 Our revenue and earnings for the fourth 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 Q4 2021 Q3 2021 Q4 2020 Q4 2021 Q3 2021 Q4 2020Revenue$412,719 $351,519 $264,839 $412,719 $351,519 $264,839 Gross margin 39.6% 39.9% 46.0% 40.2% 40.8% 40.2%Operating expenses$105,619 $103,007 $42,824 $68,182 $57,341 $34,193 Operating income$57,695 $37,351 $79,114 $97,725 $85,932 $72,356 Net income$52,591 $21,809 $72,991 $102,779 $84,157 $71,342 Basic EPS$0.39 $0.16 $0.57 $0.76 $0.62 $0.56 Diluted EPS$0.37 $0.15 $0.50 $0.73 $0.60 $0.51 Our revenue and earnings for the fiscal year 2021 are given below, compared with those of the prior year: (In thousands, except per share data and percentages) GAAP Non-GAAP FY 2021 FY 2020 FY 2021 FY 2020Revenue$1,382,049 $774,425 $1,382,049 $774,425 Gross margin 40.1% 44.7% 40.7% 40.1%Operating expenses$338,590 $159,542 $220,918 $118,296 Operating income$215,832 $186,439 $341,054 $192,504 Net income$145,449 $133,995 $340,314 $188,526 Basic EPS$1.09 $1.07 $2.54 $1.50 Diluted EPS$1.02 $0.95 $2.41 $1.37 Total...