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Enphase Energy Reports First Quarter 2013 Financial Results

About Enphase Energy, Inc.

Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual module level and brings a system-based, high technology approach to solar energy generation. www.enphase.com

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
     
  Three Months Ended
  March 31,
  2013 2012
Net revenues  $ 45,577  $ 42,600
Cost of revenues 33,376 33,293
Gross profit 12,201 9,307
Operating expenses:    
Research and development 9,026 7,842
Sales and marketing 6,850 5,049
General and administrative 6,036 5,696
Total operating expenses 21,912 18,587
Loss from operations (9,711) (9,280)
Other income (expense), net:    
Interest expense (464) (1,479)
Other income (expense) (49) 640
Total other expense, net (513) (839)
Loss before income taxes (10,224) (10,119)
Provision for income taxes (182) (65)
Net loss attributable to common stockholders  $ (10,406)  $ (10,184)
Net loss per share attributable to common stockholders, basic and diluted  $ (0.25)  $ (5.97)
Shares used in computing net loss per share attributable to common stockholders, basic and diluted 41,149 1,706
 
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     
     
  March 31, December 31,
  2013 2012
ASSETS    
Current assets:    
Cash and cash equivalents  $ 36,434  $ 45,294
Accounts receivable, net 24,908 27,743
Inventory 22,309 19,843
Prepaid expenses and other 2,492 2,118
Total current assets 86,143 94,998
Property and equipment, net 25,281 25,541
Other assets 1,641 1,752
Total assets  $ 113,065  $ 122,291
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 9,057  $ 11,272
Accrued liabilities 18,521 19,266
Deferred revenues 1,068 933
Current portion of term loans 2,440 2,384
Total current liabilities 31,086 33,855
Long-term liabilities:    
Deferred revenues 8,378 7,537
Warranty obligations 17,094 15,260
Other liabilities 352 307
Term loans 8,046 8,677
Total liabilities 64,956 65,636
Commitments and contingencies    
Stockholders' equity:    
Preferred stock
Common stock
Additional paid-in capital 185,667 183,629
Accumulated deficit (137,432) (127,026)
Accumulated other comprehensive income (loss) (126) 52
Total stockholders' equity 48,109 56,655
Total liabilities and stockholders' equity  $ 113,065  $ 122,291
 
ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
     
  Three Months Ended
  March 31,
  2013 2012
Cash flows from operating activities:    
Net loss  $ (10,406)  $ (10,184)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,660 1,085
Non-cash interest expense 108 937
Stock-based compensation 1,435 706
Change in fair value of convertible preferred stock warrants (623)
Changes in operating assets and liabilities:    
Accounts receivable 2,835 4,324
Inventory (2,466) (14,433)
Prepaid expenses and other assets (355) (913)
Accounts payable, accrued and other liabilities (759) 11,222
Deferred revenues 976 (6,192)
Net cash used in operating activities (6,972) (14,071)
Cash flows from investing activities:    
Purchases of property and equipment (1,682) (4,605)
Net cash used in investing activities (1,682) (4,605)
Cash flows from financing activities:    
Proceeds from term loans and debt 2,600
Repayments of term loans (591) (3,287)
Principal payments under capital leases (40) (31)
Proceeds from the exercise of stock options 603 24
Payment of offering costs (279)
Net cash used in financing activities (28) (973)
Effect of exchange rate changes on cash (178) 28
Net decrease in cash and cash equivalents (8,860) (19,621)
Cash and cash equivalents—Beginning of period 45,294 51,524
Cash and cash equivalents—End of period  $ 36,434  $ 31,903
 
ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
     
  Three Months Ended
  March 31,
  2013 2012
Reconciliation of Gross Profit and Gross Margin on a GAAP Basis to Gross Profit and Gross Margin on a Non-GAAP Basis:    
Gross profit on a GAAP basis  $ 12,201  $ 9,307
Stock-based compensation 108 20
Gross profit on a non-GAAP basis  $ 12,309  $ 9,327
Gross margin on a GAAP basis 26.8% 21.8%
Gross margin on a non-GAAP basis 27.0% 21.9%
Reconciliation of Operating Expenses on a GAAP Basis to Operating Expenses on a Non-GAAP Basis:    
Operating expenses on a GAAP basis  $ 21,912  $ 18,587
Stock-based compensation(1) (1,327) (686)
Severance costs (156)
Operating expenses on a non-GAAP basis  $ 20,429  $ 17,901
(1) Includes stock-based compensation as follows:    
Research and development  $ 478  $ 273
Sales and marketing 378 195
General and administrative 471 218
Total  $ 1,327  $ 686
Reconciliation of Loss from Operations on a GAAP Basis to Loss from Operations on a Non-GAAP Basis:    
Loss from operations on a GAAP basis  $ (9,711)  $ (9,280)
Stock-based compensation 1,435 706
Severance costs 156
Loss from operations on a non-GAAP basis  $ (8,120)  $ (8,574)
Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis:    
Net loss on a GAAP basis  $ (10,406)  $ (10,184)
Stock-based compensation 1,435 706
Severance costs 156
Non-cash interest expense 108 937
(Gains) losses from convertible preferred stock warrant liability revaluation (623)
Net loss on a non-GAAP basis  $ (8,707)  $ (9,164)
Reconciliation of Basic and Diluted Net Loss per Share on a GAAP Basis to Basic and Diluted Net Loss per Share on a Non-GAAP Basis:    
Basic and diluted net loss per share on a GAAP basis  $ (0.25)  $ (5.97)
Stock-based compensation 0.04 0.41
Severance costs
Non-cash interest expense 0.55
(Gains) losses from convertible preferred stock warrant liability revaluation (0.37)
Basic and diluted net loss per share on a non-GAAP basis  $ (0.21)  $ (5.37)
 
ENPHASE ENERGY, INC.
SUPPLEMENTAL OPERATING DATA
(Unaudited)
           
  Quarterly Period
  1Q13 4Q12 3Q12 2Q12 1Q12
Net revenues (in thousands)  $ 45,577  $ 57,568  $ 60,813  $ 55,697  $ 42,600
Gross profit (in thousands) 12,201 16,056 16,324 13,601 9,307
Gross margin 26.8% 27.9% 26.8% 24.4% 21.8%
Microinverter units shipped (in thousands) 315 384 431 403 292
Megawatts shipped(1) 67.7 82.6 92.4 86.0 62.5
(1) Represents the productive capacity of microinverters shipped.
CONTACT: Christine Bennett, Enphase Energy
         Global Corporate Communications Manager
         pr@enphaseenergy.com
         +1-707-763-4784

Enphase Energy, Inc. Logo

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