Enphase Energy, Inc. · NASDAQ:ENPH
Enphase Energy — Merger or Acquisition (June 2018)
13 slides from Enphase Energy's merger presentation, Jun 12, 2018
Slide 1: Enphase To Acquire SunPower's Microinverter Business
Enphase To Acquire SunPower’s Microinverter Business 5-Year Agreement Expected To Accelerate Global Adoption Of AC Modules As The De-facto Residential Solution June 12, 2018 Investor Presentation
Slide 2: Safe Harbor: Use of forward-looking statements
Safe Harbor Use of forward-looking statements • This presentation (and the conference call or meeting at which this information will be presented) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements related
Slide 3: Today's Announcement
Today’s Announcement Enphase Has Signed A Definitive Agreement on June 12, 2018 To Acquire SunPower’s Microinverter Business • Advances AC Modules As The Future Of Residential Solar • Enhances SunPower’s Home Solar System With Enphase’s IQ Microinverters • Enphase To Be Exclusive1 MLPE2 Supplier for
Slide 4: Transaction Overview
Transaction Overview For Enphase $25M Cash To SunPower Consideration 7.5M Shares of Enphase Common Stock To SunPower At Close From Enphase’s Balance Sheet Financing $15M Paid At Close, $10M Paid By 12/28/18 Conditions Subject To Qualification Of IQ 7XS & Other Closing Conditions Anticipated End Of Q
Slide 5: Equinox Platform: A Complete Home Solar Solution
Equinox Platform: A Complete Home Solar Solution Specifically engineered IQ 7XS for use with SunPower platform Equinox Home Solar System Offers Great Value To Homeowners, Dealers and Builders
Slide 6: AC Modules Are Key To Equinox Success
AC Modules Are Key To Equinox Success Equinox Ramp • AC Modules Have Risen To >80% Of SunPower’s Residential Sales • Built To Drive Installation And Commissioning Simplicity And Deliver Installation Time Savings • Factory-Integrated Microinverters MW DC MW Eliminate Need To Assemble Inverters On-sit
Slide 7: AC Module Powered By Enphase IQ Enhances Equinox
AC Module Powered By Enphase IQ Enhances Equinox Enphase Value Proposition Residential Microinverter Leader Strong Alignment On ACM Strategy Custom 55nm ASIC For Computation And Control 97.5% CEC Efficiency, 2-Wire AC Cable Ideal For Long Tail Installers IQ7 Platform Compatible To SunPower Roadmap S
Slide 8: Incremental Benefits of Acquisition
Incremental Benefits of Acquisition* All #’s are Non-GAAP1 Acquisition Comment Enphase Base Business Estimated Annualized Revenue $60-$70M2 Incremental Revenue For Remains On Track To Reach North America 30-20-10 In Q4’18 Even Without This Transaction $20-$25M Higher Panel Wattage GM Improves Gross
Slide 9: Acquisition Summary
Acquisition Summary Five-Year Partnership Between SunPower And Enphase Expected to Create High Performance, High Quality, Easy-To-Use Home Solar Systems Offering Exceptional Experience To Homeowners, Dealers And Builders • Helps Both Companies Focus On Their Core Strengths • Expects To Add $60-70M1
Slide 10: Q&A
Q&A
Slide 11: Appendix A
Appendix A
Slide 12: Appendix A – Use of Projections and Non-GAAP Financial Measures
Appendix A – Use of Projections and Non-GAAP Financial Measures Use of projections This presentation contains projections of future financial performance relating to Annualized Revenue, Gross Margin, Operating Expense and Operating Income that are anticipated to be achieved by Enphase during the sec
Slide 13: Appendix A – Use of Projections and Non-GAAP Financial Measures (Cont.)
Appendix A – Use of Projections and Non-GAAP Financial Measures (Cont.) The non-GAAP financial measures used in this presentation were derived using Enphase’s current estimates of the incremental volumes and selling prices, future costs of products and incremental operating expenses required to supp