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Enphase Energy Reports Financial Results for the Third Quarter of 2015

PETALUMA, Calif., Nov. 3, 2015 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (ENPH), a global energy technology company, today announced financial results for the third quarter ended September 30, 2015.

Third Quarter 2015 Financial Highlights

  • Revenue of $102.9 million
  • Shipped 219MW (AC) of microinverter systems
  • Non-GAAP gross margin of 30.9 percent
  • Non-GAAP operating income of $4.9 million
  • Non-GAAP diluted earnings per share of $0.08

Enphase Energy reported total revenue for the third quarter of 2015 of $102.9 million, an increase of 4 percent, compared to $99.1 million in the third quarter of 2014. During the third quarter of 2015, Enphase sold 219MW (AC) or 950,000 microinverters, an increase in MW of 28 percent compared to the third quarter of 2014.

GAAP gross margin for the third quarter of 2015 was 30.6 percent and non-GAAP gross margin was 30.9 percent.

GAAP operating expenses for the third quarter of 2015 were $29.7 million and non-GAAP operating expenses were $26.9 million, a decrease of 11 percent compared to the second quarter of 2015, and a decrease of 4 percent compared to the third quarter of 2014.

GAAP operating income for the third quarter of 2015 was $1.8 million, compared to GAAP operating income of $1.9 million in the third quarter of 2014. Non-GAAP operating income for the third quarter of 2015 was $4.9 million, compared to $4.8 million in the third quarter of 2014.

GAAP net income for the third quarter of 2015 was $0.6 million, or $0.01 per diluted share, compared to GAAP net income of $0.8 million, or $0.02 per diluted share in the third quarter of 2014. On a non-GAAP basis, net income was $3.8 million, or $0.08 per diluted share, compared to a non-GAAP net income of $3.8 million, or $0.08 per diluted share in the third quarter of 2014.

Business Outlook

"We expect revenue for the fourth quarter of 2015 to be within a range of $62 million to $70 million," stated Kris Sennesael, CFO of Enphase. "The fourth quarter revenue decline is driven by a correction of higher inventory levels in our distribution channel and softer overall market demand. We expect gross margin to be within a range of 23 percent to 26 percent, as a result of a more aggressive pricing strategy. We also expect non-GAAP operating expenses for the fourth quarter of 2015 to be within a range of $28 million to $30 million, as we adjust our operating expenses to our lower gross margin profile."

"The fourth quarter of 2015 is more challenging than expected," said Paul Nahi, president and CEO of Enphase. "In order to accelerate the expansion of our business, we have adopted a more aggressive pricing strategy. However, we are confident in our ability to drive our product costs down significantly over the next 24 months, improving our competitive position. In addition, we expect to drive new revenue streams from our AC Battery storage system, as well as the Enphase Home Energy Solution."

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its third quarter 2015 results and fourth quarter 2015 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Open to the public, investors may access the call by dialing 877-644-1284; participant passcode 59469702. A live webcast of the conference call, together with accompanying presentation slides, will...


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