Press Release

Enphase Energy Reports Financial Results for the Second Quarter of 2021

FREMONT, Calif., July 27, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, announced today financial results for the second quarter of 2021, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $316.1 million in the second quarter of 2021, along with 40.8% for non-GAAP gross margin. We shipped approximately 2,362,401 microinverters, or 796 megawatts DC, and 43 megawatt hours of Enphase Storage systems.

Financial highlights for the second quarter of 2021 are listed below.

  • Revenue of $316.1 million
  • GAAP gross margin of 40.4%; non-GAAP gross margin of 40.8%
  • GAAP operating income of $59.4 million; non-GAAP operating income of $77.2 million
  • GAAP net income of $39.4 million, non-GAAP net income of $74.7 million
  • GAAP diluted earnings per share of $0.28; non-GAAP diluted earnings per share of $0.53
  • Cash flow from operations of $65.6 million
  • Ending cash balance of $1.3 billion, net of $200.0 million of common stock repurchases in May 2021

Our revenue and earnings for the second 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
  Q2 2021   Q1 2021   Q2 2020   Q2 2021   Q1 2021   Q2 2020
Revenue $ 316,057     $ 301,754     $ 125,538       $ 316,057     $ 301,754     $ 125,538  
Gross margin 40.4 %   40.7 %   38.5 %     40.8 %   41.1 %   39.6 %
Operating expenses $ 68,401     $ 61,563     $ 37,533       $ 51,696     $ 43,699     $ 26,024  
Operating income $ 59,400     $ 61,386     $ 10,854       $ 77,165     $ 80,232     $ 23,700  
Net income (loss) $ 39,351     $ 31,698     $ (47,294 )     $ 74,676     $ 78,702     $ 23,549  
Basic EPS $ 0.29     $ 0.24     $ (0.38 )     $ 0.55     $ 0.60     $ 0.19  
Diluted EPS $ 0.28     $ 0.22     $ (0.38 )     $ 0.53     $ 0.56     $ 0.17  

Total revenue increased 5% compared to the first quarter of 2021. Demand for our microinverter systems remained well ahead of supply in the second quarter of 2021, as component availability continued to be constrained. Our operations team did an excellent job of navigating these component supply constraints to best service our customer demand, while our sales team focused on managing the channel and working closely with our installers and distributors.

Our non-GAAP gross margin was 40.8% in the second quarter of 2021, compared to 41.1% in the first quarter of 2021, as higher logistics and expedite costs were partially offset by disciplined pricing and favorable product mix. Non-GAAP operating expenses increased to $51.7 million in the second quarter of 2021, compared to $43.7 million in the prior quarter, primarily due to additional investment in R&D and marketing programs, the first full quarter of consolidation of our two recent acquisitions, and increased hiring. Non-GAAP operating income was $77.2 million in the second quarter of 2021, compared to $80.2 million in the first quarter of 2021.

We exited the second quarter of 2021 with $1.3 billion in cash and generated $65.6 million in cash flow from operations. We repurchased approximately 1.7 million shares of common stock for a total amount of $200.0 million on the open market in May 2021. Capital expenditures were $16.4 million in the second quarter of 2021, compared to $9.9 million in the first quarter of 2021. The sequential increase was due to the expansion of manufacturing capacity at our Mexico and India facilities, along with investment in IT and cloud infrastructure.

Strong demand for our microinverter systems across all regions continued in the second quarter of 2021. We introduced our Load Control feature for our Enphase Storage systems in late May, which provides homeowners the ability to conserve their energy consumption by shedding non-essential loads during an outage and thereby extending the backup duration. We optimized our storage pricing for installers and continued to improve the installer experience by simplifying the commissioning process and reducing installation times. As a result, since June we have seen accelerating demand for our Enphase Storage systems.

We are making good progress on digital transformation. Both of our recent acquisitions are fully integrated and exceeded our expectations with record revenue and installer counts in Q2. The Montreal team, which provides design and proposal software, added a significant number of new installers, while the Noida team, which provides proposal and permitting services, also experienced a significant increase in new requests. Both teams plan to release new products that will improve the customer experience and enable our installer base to leverage them as soon as possible.

Our Enphase Storage customers in Connecticut, Massachusetts and Rhode Island can now participate and earn money through the ConnectedSolutions program, a utility-run incentive program to reduce electrical demand during high-use periods. Customers can sign-up, monitor, and control participation in the program using our Enlighten™ mobile app. We are excited to participate in a grid services program for the first time and expect to do more in the future.

BUSINESS HIGHLIGHTS

On April 19, 2021, Enphase Energy announced that Transdev, a multinational transit operator, selected Enphase microinverters for the first public transport depot in Australia to feature a fully solar-powered bus. Transdev plans to electrify the public transport network in Australia to show that it is more economical both financially and environmentally to transition to solar-powered electrical vehicle (EV) buses. 

On May 25, 2021, Enphase Energy announced Load Control, a new feature for its Enphase Storage system. Load Control enables a homeowner to designate four loads and prioritize them for what gets power in the event of a grid outage. All of this is done through the Enlighten mobile app, providing homeowners more control over their energy consumption while driving an improved installer experience.

On June 29, 2021, Enphase Energy announced the launch of its Encharge™ storage system in Germany, the product’s first expansion into a market outside of the U.S. The Encharge storage system offers configurations ranging from 3.5kWh to 42kWh, along with the option to upgrade and expand through the lifetime of the system. Homeowners can also use the Enphase Enlighten mobile app to intelligently manage their solar energy in self-consumption mode to minimize the use of electricity from the grid, which saves on energy bills.

THIRD QUARTER 2021 FINANCIAL OUTLOOK

For the third quarter of 2021, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

  • Revenue to be within a range of $335.0 million to $355.0 million, which includes shipments of 60 to 70 megawatt hours of Enphase Storage systems
  • GAAP gross margin to be within a range of 37.0% to 40.0%; non-GAAP gross margin to be within a range of 38.0% to 41.0%, excluding stock-based compensation expenses
  • GAAP operating expenses to be within a range of $105.0 million to $108.0 million, including $48.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
  • Non-GAAP operating expenses to be within a range of $57.0 million to $60.0 million, excluding $48.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization. The non-GAAP estimates include increased investments in new products, software, and marketing, and a $3.4 million accrual for post combination expenses from prior acquisition

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Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this press release. To view a description of non-GAAP financial measures used and the non-GAAP reconciliation schedule for the periods presented, click here.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its second quarter 2021 results and third quarter 2021 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (877) 644-1284; participant passcode 5415938. A live webcast of the conference call will also be accessible from the “Investor Relations” section of the Company’s website at investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (855) 859-2056; participant passcode 5415938, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to future financial performance, expense levels, liquidity sources, the capabilities, advantages, features and performance of our technology and products, including the ability to simplify and reduce installation time, our business strategies and anticipated demand for our products, the capabilities and performance of our partners, and the impact to homeowners. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform. The Company revolutionized the solar industry with its microinverter-based technology and produces a fully integrated solar-plus-storage solution. Enphase has shipped more than 36 million microinverters, and over 1.5 million Enphase-based systems have been deployed in more than 130 countries. For more information, visit www.enphase.com.

Enphase Energy, Enphase, the E logo, Enlighten, Encharge, and other trademarks or service names are the trademarks of Enphase Energy, Inc.

Contact:
Adam Hinckley
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com

 

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

  Three Months Ended   Six Months Ended
  June 30,
2021		   March 31,
2021		   June 30,
2020		     June 30,
2021		   June 30,
2020
Net revenues $ 316,057     $ 301,754     $ 125,538       $ 617,811     $ 331,083  
Cost of revenues 188,256     178,805     77,151       367,061     202,021  
Gross profit 127,801     122,949     48,387       250,750     129,062  
Operating expenses:                    
Research and development 22,708     21,818     13,192       44,526     25,068  
Sales and marketing 25,586     19,622     12,371       45,208     24,143  
General and administrative 20,107     20,123     11,970       40,230     24,285  
Total operating expenses 68,401     61,563     37,533       129,964     73,496  
Income from operations 59,400     61,386     10,854       120,786     55,566  
Other income (expense), net                    
Interest income 98     73     282       171     1,373  
Interest expense (12,506 )   (7,329 )   (5,952 )     (19,835 )   (9,107 )
Other income (expense), net (633 )   573     653       (60 )   (271 )
Loss on partial settlement of convertible notes (1) (13 )   (56,369 )   —       (56,382 )   —  
Change in fair value of derivatives (2) —     —     (59,692 )     —     (44,348 )
Total other expense, net (13,054 )   (63,052 )   (64,709 )     (76,106 )   (52,353 )
Income (loss) before income taxes 46,346     (1,666 )   (53,855 )     44,680     3,213  
Income tax benefit (provision) (6,995 )   33,364     6,561       26,369     18,429  
Net income (loss) $ 39,351     $ 31,698     $ (47,294 )     $ 71,049     $ 21,642  
Net income (loss) per share:                    
Basic $ 0.29     $ 0.24     $ (0.38 )     $ 0.53     $ 0.17  
Diluted $ 0.28     $ 0.22     $ (0.38 )     $ 0.49     $ 0.16  
Shares used in per share calculation:                    
Basic 135,094     131,303     125,603       133,209     124,567  
Diluted 141,533     146,442     125,603       144,022     138,910  

(1) Loss on partial settlement of convertible notes of less than $0.1 million for the three months ended June 30, 2021, primarily relates to the non-cash loss on partial settlement of $0.1 million aggregate principal amount of the Notes due 2025. Loss on partial settlement of convertible notes of $56.4 million for the six months ended June 30, 2021 primarily relates to the $9.5 million non-cash loss on partial settlement of $87.1 million aggregate principal amount of the Notes due 2024, $9.5 million non-cash loss on partial settlement of $217.8 million aggregate principal amount of the Notes due 2025 and $37.5 million non-cash inducement loss incurred on repurchase of Notes due 2025.

(2) Change in fair value of derivatives of $59.7 million and $44.3 million for the three and six months ended June 30, 2020, respectively, represents changes in fair value of the conversion option in the Notes due 2025, as well as the convertible note hedge and warrant transactions. Initially, conversion of the Notes due 2025 would be settled solely in cash as a result of the Company not having the necessary number of authorized but unissued shares of its common stock available to settle the conversion option of the Notes due 2025 in shares; therefore, the conversion option, convertible note hedge and warrant transactions were classified as derivatives that required marked-to-market accounting. On May 20, 2020, at the Company’s annual meeting of stockholders, the stockholders approved an amendment to its certificate of incorporation to increase the number of authorized shares of the Company’s common stock. As a result, the Company will now be able to settle the Notes due 2025, convertible notes hedge and warrants through payment or delivery, as the case may be, of cash, shares of its common stock or a combination thereof, at the Company’s election. Accordingly, on May 20, 2020, the conversion option, convertible note hedge and warrant transactions were remeasured at fair value and were then reclassified to additional paid-in-capital in the condensed consolidated balance sheet in the second quarter of 2020 and are no longer remeasured as long as they continue to meet the conditions for equity classification.

 

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

  June 30,
2021		   December 31,
2020
ASSETS      
Current assets:      
Cash and cash equivalents $ 1,312,261     $ 679,379  
Accounts receivable, net 281,154     182,165  
Inventory 37,756     41,764  
Prepaid expenses and other assets 34,748     29,756  
Total current assets 1,665,919     933,064  
Property and equipment, net 63,211     42,985  
Operating lease, right of use asset, net 15,693     17,683  
Intangible assets, net 45,409     28,808  
Goodwill 61,321     24,783  
Other assets 118,532     59,875  
Deferred tax assets, net 130,571     92,904  
Total assets $ 2,100,656     $ 1,200,102  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 82,141     $ 72,609  
Accrued liabilities 119,234     76,542  
Deferred revenues, current 55,084     47,665  
Warranty obligations, current 15,009     11,260  
Debt, current 85,125     325,967  
Total current liabilities 356,593     534,043  
Long-term liabilities:      
Deferred revenues, noncurrent 165,645     125,473  
Warranty obligations, noncurrent 44,929     34,653  
Other liabilities 20,075     17,042  
Debt, noncurrent 929,015     4,898  
Total liabilities 1,516,257     716,109  
Total stockholders’ equity 584,399     483,993  
Total liabilities and stockholders’ equity $ 2,100,656     $ 1,200,102  

 

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

  Three Months Ended   Six Months Ended
  June 30,
2021		   March 31,
2021		   June 30,
2020		   June 30,
2021		   June 30,
2020
Cash flows from operating activities:                  
Net income (loss) $ 39,351     $ 31,698     $ (47,294 )   $ 71,049     $ 21,642  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                  
Depreciation and amortization 7,596     5,558     4,141     13,154     7,985  
Provision for doubtful accounts 257     14     81     271     185  
Loss on partial settlement of convertibles notes 13     56,369     —     56,382     —  
Deemed repayment of convertible notes attributable to accreted debt discount (6 )   (15,579 )   —     (15,585 )   —  
Non-cash interest expense 12,307     7,156     5,372     19,463     8,094  
Change in fair value of debt securities (932 )   (1,437 )   —     (2,369 )   —  
Stock-based compensation 15,312     14,844     12,300     30,156     19,815  
Change in fair value of derivatives —     —     59,692     —     44,348  
Deferred income taxes 5,240     (35,367 )   (7,067 )   (30,127 )   (19,567 )
Changes in operating assets and liabilities:                  
Accounts receivable (44,812 )   (53,719 )   6,529     (98,531 )   56,166  
Inventory (2,880 )   6,888     3,430     4,008     870  
Prepaid expenses and other assets (10,154 )   (5,040 )   (4,525 )   (15,194 )   (9,534 )
Accounts payable, accrued and other liabilities 10,514     36,376     (13,323 )   46,890     (35,389 )
Warranty obligations 5,385     8,640     406     14,025     809  
Deferred revenues 28,469     19,440     5,689     47,909     (30,771 )
Net cash provided by operating activities 65,660     75,841     25,431     141,501     64,653  
Cash flows from investing activities:                  
Purchases of property and equipment (16,428 )   (9,940 )   (4,451 )   (26,368 )   (7,804 )
Investments in private companies (20,000 )   (25,000 )   —     (45,000 )   —  
Business acquisitions, net of cash acquired —     (55,239 )   —     (55,239 )   —  
Net cash used in investing activities (36,428 )   (90,179 )   (4,451 )   (126,607 )   (7,804 )
Cash flows from financing activities:                  
Issuance of convertible notes, net of issuance costs (949 )   1,189,388     (591 )   1,188,439     312,420  
Purchase of convertible note hedges —     (286,235 )   —     (286,235 )   (89,056 )
Sale of warrants —     220,800     —     220,800     71,552  
Principal payments and financing fees on debt (344 )   (1,078 )   (485 )   (1,422 )   (1,633 )
Partial repurchase of convertible notes (79 )   (289,233 )   —     (289,312 )   —  
Repurchase of common stock (200,000 )   —     —     (200,000 )   —  
Proceeds from exercise of equity awards and employee stock purchase plan 3,428     214     2,867     3,642     4,846  
Payment of withholding taxes related to net share settlement of equity awards (7,813 )   (9,185 )   (9,385 )   (16,998 )   (43,652 )
Net cash provided by (used in) financing activities (205,757 )   824,671     (7,594 )   618,914     254,477  
Effect of exchange rate changes on cash and cash equivalents (224 )   (702 )   24     (926 )   (181 )
Net increase (decrease) in cash, cash equivalents and restricted cash (176,749 )   809,631     13,410     632,882     311,145  
Cash, cash equivalents and restricted cash—Beginning of period 1,489,010     679,379     593,844     679,379     296,109  
Cash, cash equivalents and restricted cash—End of period $ 1,312,261     $ 1,489,010     $ 607,254     $ 1,312,261     $ 607,254  

 

ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)
 
  Three Months Ended   Six Months Ended
  June 30,
2021		   March 31,
2021		   June 30,
2020		   June 30,
2021		   June 30,
2020
Gross profit (GAAP) $ 127,801     $ 122,949     $ 48,387     $ 250,750     $ 129,062  
Stock-based compensation 1,060     982     1,337     2,042     1,943  
Gross profit (Non-GAAP) $ 128,861     $ 123,931     $ 49,724     $ 252,792     $ 131,005  
                   
Gross margin (GAAP) 40.4 %   40.7 %   38.5 %   40.6 %   39.0 %
Stock-based compensation 0.4 %   0.4 %   1.1 %   0.3 %   0.6 %
Gross margin (Non-GAAP) 40.8 %   41.1 %   39.6 %   40.9 %   39.6 %
                   
Operating expenses (GAAP) $ 68,401     $ 61,563     $ 37,533     $ 129,964     $ 73,496  
Stock-based compensation (1) (14,252 )   (13,862 )   (10,963 )   (28,114 )   (17,872 )
Acquisition related expenses and amortization (2,453 )   (4,002 )   (546 )   (6,455 )   (1,092 )
Operating expenses (Non-GAAP) $ 51,696     $ 43,699     $ 26,024     $ 95,395     $ 54,532  
                   
(1) Includes stock-based compensation as follows:                  
Research and development $ 5,467     $ 5,749     $ 3,263     $ 11,216     $ 5,182  
Sales and marketing 5,335     3,537     3,610     8,872     5,552  
General and administrative 3,450     4,576     4,090     8,026     7,138  
Total $ 14,252     $ 13,862     $ 10,963     $ 28,114     $ 17,872  
                   
Income from operations (GAAP) $ 59,400     $ 61,386     $ 10,854     $ 120,786     $ 55,566  
Stock-based compensation 15,312     14,844     12,300     30,156     19,815  
Acquisition related expenses and amortization 2,453     4,002     546     6,455     1,092  
Income from operations (Non-GAAP) $ 77,165     $ 80,232     $ 23,700     $ 157,397     $ 76,473  
                   
Net income (loss) (GAAP) $ 39,351     $ 31,698     $ (47,294 )   $ 71,049     $ 21,642  
Stock-based compensation 15,312     14,844     12,300     30,156     19,815  
Acquisition related expenses and amortization 2,453     4,002     546     6,455     1,092  
Non-cash interest expense 12,307     7,156     5,372     19,463     8,094  
Loss on partial settlement of convertible notes 13     56,369     —     56,382     —  
Change in fair value of derivatives —     —     59,692     —     44,348  
Non-GAAP income tax adjustment 5,240     (35,367 )   (7,067 )   (30,127 )   (19,567 )
Net income (Non-GAAP) $ 74,676     $ 78,702     $ 23,549     $ 153,378     $ 75,424  
                   
Net income (loss) per share, basic (GAAP) $ 0.29     $ 0.24     $ (0.38 )   $ 0.53     $ 0.17  
Stock-based compensation 0.11     0.11     0.10     0.23     0.16  
Acquisition related expenses and amortization 0.02     0.03     —     0.05     0.01  
Non-cash interest expense 0.09     0.05     0.05     0.15     0.07  
Loss on partial settlement of convertible notes —     0.43     —     0.42     —  
Change in fair value of derivatives —     —     0.48     —     0.36  
Non-GAAP income tax adjustment 0.04     (0.26 )   (0.06 )   (0.23 )   (0.16 )
Net income per share, basic (Non-GAAP) $ 0.55     $ 0.60     $ 0.19     $ 1.15     $ 0.61  
                   
Shares used in basic per share calculation GAAP and Non-GAAP 135,094     131,303     125,603     133,209     124,567  
                   
Net income (loss) per share, diluted (GAAP) $ 0.28     $ 0.22     $ (0.38 )   $ 0.49     $ 0.16  
Stock-based compensation 0.11     0.11     0.09     0.21     0.14  
Acquisition related expenses and amortization 0.02     0.03     —     0.05     0.01  
Non-cash interest expense 0.09     0.05     0.04     0.14     0.06  
Loss on partial settlement of convertible notes —     0.40     —     0.40     —  
Change in fair value of derivatives —     —     0.48     0.01     $ 0.33  
Non-GAAP income tax adjustment 0.03     (0.25 )   (0.06 )   (0.21 )   (0.14 )
Net income per share, diluted (Non-GAAP) (2) $ 0.53     $ 0.56     $ 0.17     $ 1.09     $ 0.56  
                   
Shares used in diluted per share calculation GAAP 141,533     146,442     125,603     144,022     138,910  
Shares used in diluted per share calculation Non-GAAP (3) 140,931     141,746     135,770     141,379     135,557  
                   
Net cash provided by operating activities (GAAP) $ 65,660     $ 75,841     $ 25,431     $ 141,501     $ 64,653  
Purchases of property and equipment (16,428 )   (9,940 )   (4,451 )   (26,368 )   (7,804 )
Deemed repayment of convertible notes due 2024 and notes due 2025 attributable to accreted debt discount 6     15,579     —     15,585     —  
Free cash flow (Non-GAAP) $ 49,238     $ 81,480     $ 20,980     $ 130,718     $ 56,849  

(2) Calculation of non-GAAP diluted net income per share for the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, as well as the six months ended June 30, 2021 and 2020, excludes convertible notes due 2023 interest expense, net of tax of less than $0.1 million in each period from non-GAAP net income.

(3) Effect of dilutive in-the-money portion of convertible senior notes and warrants are included in the GAAP weighted-average diluted shares in periods where the Company has GAAP net income. The Company excluded the in-the-money portion of convertible notes due 2024 totaling 45 thousand shares, 2,984 thousand shares and 3,677 thousand shares in the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively, and 1,506 thousand and 3,353 thousand shares for the six months ended June 30, 2021, and 2020, respectively from non-GAAP weighted-average diluted shares as the Company entered into convertible note hedge transactions that reduce potential dilution to the Company’s common stock upon any conversion of the notes due 2024. The Company excluded the in-the-money portion of convertible notes due 2025 totaling 557 thousand shares and 1,713 thousand shares in the three months ended June 30, 2021 and March 31, 2021, respectively, and 1,137 thousand shares for the six months ended June 30, 2021, respectively, from non-GAAP weighted-average diluted shares as the Company entered into convertible note hedge transactions that reduce potential dilution to the Company’s common stock upon any conversion of the notes due 2025.

 

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Source: Enphase Energy, Inc.