$ENPH
Enphase Energy, Inc.

2015 Q1 Form 10-Q Financial Statement

#000146310115000023 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $86.65M $57.58M
YoY Change 50.49% 26.34%
Cost Of Revenue $58.63M $38.93M
YoY Change 50.62% 16.63%
Gross Profit $28.02M $18.66M
YoY Change 50.22% 52.9%
Gross Profit Margin 32.34% 32.4%
Selling, General & Admin $20.14M $15.35M
YoY Change 31.18% 19.15%
% of Gross Profit 71.87% 82.31%
Research & Development $13.43M $9.086M
YoY Change 47.81% 0.66%
% of Gross Profit 47.92% 48.71%
Depreciation & Amortization $2.532M $1.910M
YoY Change 32.57% 15.06%
% of Gross Profit 9.04% 10.24%
Operating Expenses $33.57M $24.44M
YoY Change 37.36% 11.54%
Operating Profit -$5.548M -$5.785M
YoY Change -4.1% -40.43%
Interest Expense $78.00K $449.0K
YoY Change -82.63% -3.23%
% of Operating Profit
Other Income/Expense, Net -$605.0K -$342.0K
YoY Change 76.9% -33.33%
Pretax Income -$6.153M -$6.127M
YoY Change 0.42% -40.07%
Income Tax $167.0K $109.0K
% Of Pretax Income
Net Earnings -$6.320M -$6.236M
YoY Change 1.35% -40.07%
Net Earnings / Revenue -7.29% -10.83%
Basic Earnings Per Share
Diluted Earnings Per Share -$143.2K -$146.9K
COMMON SHARES
Basic Shares Outstanding 43.95M shares 42.24M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.10M $39.90M
YoY Change -32.08% 9.62%
Cash & Equivalents $27.13M $39.94M
Short-Term Investments
Other Short-Term Assets $7.100M $4.300M
YoY Change 65.12% 72.0%
Inventory $34.75M $14.11M
Prepaid Expenses
Receivables $45.87M $28.45M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.8M $86.78M
YoY Change 32.32% 0.74%
LONG-TERM ASSETS
Property, Plant & Equipment $31.20M $24.81M
YoY Change 25.75% -1.87%
Goodwill $3.745M
YoY Change
Intangibles $1.704M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.014M $1.570M
YoY Change 28.28% -4.33%
Total Long-Term Assets $38.66M $26.38M
YoY Change 46.56% -2.02%
TOTAL ASSETS
Total Short-Term Assets $114.8M $86.78M
Total Long-Term Assets $38.66M $26.38M
Total Assets $153.5M $113.2M
YoY Change 35.64% 0.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.95M $9.353M
YoY Change 230.95% 3.27%
Accrued Expenses $20.23M $13.58M
YoY Change 48.99% -26.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.370M
YoY Change 38.11%
Total Short-Term Liabilities $62.29M $34.10M
YoY Change 82.7% 9.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $4.457M
YoY Change -100.0% -44.61%
Other Long-Term Liabilities $2.387M $1.272M
YoY Change 87.66% 261.36%
Total Long-Term Liabilities $2.387M $5.729M
YoY Change -58.33% -31.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.29M $34.10M
Total Long-Term Liabilities $2.387M $5.729M
Total Liabilities $109.5M $76.72M
YoY Change 42.73% 18.11%
SHAREHOLDERS EQUITY
Retained Earnings -$167.3M -$159.2M
YoY Change 5.11% 15.82%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.98M $36.44M
YoY Change
Total Liabilities & Shareholders Equity $153.5M $113.2M
YoY Change 35.64% 0.08%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$6.320M -$6.236M
YoY Change 1.35% -40.07%
Depreciation, Depletion And Amortization $2.532M $1.910M
YoY Change 32.57% 15.06%
Cash From Operating Activities -$11.50M $4.281M
YoY Change -368.58% -161.4%
INVESTING ACTIVITIES
Capital Expenditures $3.611M $2.172M
YoY Change 66.25% 29.13%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.611M -$2.172M
YoY Change 66.25% 29.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $866.0K
YoY Change -100.0% 46.53%
Cash From Financing Activities $677.0K -$412.0K
YoY Change -264.32% 1371.43%
NET CHANGE
Cash From Operating Activities -$11.50M $4.281M
Cash From Investing Activities -$3.611M -$2.172M
Cash From Financing Activities $677.0K -$412.0K
Net Change In Cash -$14.43M $1.697M
YoY Change -950.44% -119.55%
FREE CASH FLOW
Cash From Operating Activities -$11.50M $4.281M
Capital Expenditures $3.611M $2.172M
Free Cash Flow -$15.11M $2.109M
YoY Change -816.41% -124.37%

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CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
677000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
30432000 USD
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
30728000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
33940000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
34163000 USD
CY2014Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
26333000 USD
CY2015Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
26613000 USD
CY2014Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1400000 USD
CY2015Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
58000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30824000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31197000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13430000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11937000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2013000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1151000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
613000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1105000 USD
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
188000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
46952000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
43981000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42205000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43950000 shares
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
26000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
866000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9086000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2988000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1800000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
45000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.83
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
197000 shares
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-160991000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-167311000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
57580000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
86653000 USD
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8828000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
71700000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8632000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8596000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.75
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.92
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.65
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.17
CY2014Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1733000 USD
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, inventory valuation and accrued warranty obligations. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management&#8217;s estimates using different assumptions or under different conditions.</font></div></div>

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