ENPH - Earnings call transcript Q1 2021

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Operator

Thank you for standing by, and welcome to the Enphase Energy First Quarter 2021 Financial Results Conference Call [Operator Instructions].

As a reminder, today's conference call is being recorded. And now I'd like to hand the conference call over to Adam Hinckley. Please go ahead, sir.

Adam Hinckley

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's first quarter 2021 results. Badri Chief President Belur, Financial Officer. are Officer; Chief Chief call Branderiz, Eric Officer; today's Kothandaraman, and Enphase's Executive Products On and Raghu the XX, XXXX. press issued for After first today, the its March announcing results a ended quarter closed market release Enphase

of to, call, financial limited in performance; operate the products, of technology related involve growth this these the but from conference forward-looking our the including target; including, sales and Energy's uncertainties, installation events service; and in Energy's expectations. the customer and timing of risks features; significant and including management our capability manufacturing Enphase During markets could in to our in availability capabilities differ make Enphase statements Enphase which will we results statements, not statements and and materially future partners. and forward-looking operations, and These expected actual our and anticipated the

a to which financial not Relations complete section charges. company's and of its basis release measures of XXXX, XXXX, noted new are GAAP used financial please these have more today, call on Enphase a a the second obligation or of unless on found future ended on the result certain be Also, Energy measures any non-GAAP reliance quarter non-GAAP of The December forward-looking any Investor reconciliation place to for discussion filed note undertakes posted adjusted in XX, quarter cautions with during will uncertainties, site. which which and risks on the and Web its on company statement forward-looking financial XX-Q Form expectations. a no the be in otherwise expressed duty undue been report ended or the for SEC, earnings XX, as the has March also information, events report For you on XX-K to changes in can and provided that XXXX. its exclude this statements to update file measures annual see year the the quarterly is of please Form

Now Executive Officer I'd and like of President Enphase Badri? Kothandaraman, Badri to Energy. Chief introduce

Badri Kothandaraman

and cash afternoon, We good gross generated reported quarter. X.XX million, non-GAAP XXXX shipped a first We and us exited quarter all revenue $XX.X thanks the quarter free strong today Good for XX% gross million This XX. XX% on revenue results. a expenses microinverters, income, to had non-GAAP of of XX% operating flow million. XX, basis. approximately percentage our XX.X% We financial margin at means first operating discuss a $XXX.X and of joining approximately of XX, margin, achieved as

a is later reminder, financials XX, baseline go in into XX. about our XX, model details the financial our will call. Eric As

Let's we customers. are discuss how servicing

in Promoter worldwide compared our Net QX America was XX% QX North XX% XX% XX% Net to Score Promoter Our Score QX. to compared was and in

Our onboarded to in time wait as than storage and was QX our more minutes systems. average calls related new call installers fielded X we

times We down diligently bring a wait are to under minute. working

is support customer XX/X The will clock an customer and our towards outstanding support global Enphase experience wait to the reduce round step and another expect times. also help the platforms. Community forward training We delivering supplement

manufacturing. Let's talk about

which constraints the supply and chain on under discussed In call, semiconductor the we shipments. QX, supply limited As drivers, FET is in AC stress. we last ASICs experienced of the

more shipped XXX,XXX than Our manufacturing contract facility microinverters. in Mexico

shipped nearly XXX,XXX at contract microinverters. manufacturing Salcomp, Our India facility

ramp, pleased manufacturing this production product very India. with cost automated the are We of in facility fully and quality

India, million India line. to quarterly around in facility from capacity reach we Chennai, Mexico Mexico, microinverters microinverters. capacity bringing capacity Given are quarterly operational production our manufacturing manufacturing are our strong in and expanding improving we one to In X.X efficiency the and XXX,XXX further. demand, is expect At clock, of

and ramping expect line We in second have QX. already purchased to equipment begin manufacturing the for

our will to Looking by QX, be constrained availability. component volumes semiconductor shipment

in shipments compared for result than new which drivers, have ramp what will AC suppliers anticipated our QX We is new before. and we to for ASIC had from QX. slower these FET increased suppliers qualified But the

these rest of to the the constraints remain expect year. We for component

Systems, In XX increase QX, terms of megawatt XX% our sequential in Enphase we with in of a our expectations. Storage representing shipped hours and line

up building now QX for continuous US We The strong of XX% US With XX% XX% despite as through constraints very good through QX record Germany, such on better for Poland and microinverter to and achieved QX, revenue the shipments supply to Austria. move quarters, am sell the robust mix With navigating quite but still In typical microinverters of team for from Let's channel channel XX%, higher was our our ensuring in QX Europe, and operations increased the seasonality. sequentially. tight. revenue tightness regions. is microinverters proud our markets in France reported expect supply Revenue partners. was respectively. and international while The QX product. seasonally market in QX US continue. new saw and we Netherlands was we had strength revenue. being distribution inventory I sequentially. customers We

is momentum Our Europe. in strategy also AC gaining module

sequentially. and We to introduce yet another In performance our I'm of then driver. very in first installer Installer half European of expect contributed penetration record product and was success. market with revenue XXXX, IQ Storage our strong the The EIN count. in rapid the Enphase or in revenue record Network the growth XX% Italy, for market to Systems our Europe. second up QX in pleased Germany XA adding of had growth and we Enphase Australia,

XX/X and and on in Australia. with homeowner initiatives installers focusing are both branding collaborating conducting customer support, In training technical addition, installer launching experience, we on

Australia a In to storage. and the in to of the both market benefited Latin Systems had second Enphase America, down revenue from We which storage also Rico expect introduce QX be quarter, Puerto was of a prior half from XX% XXXX. orders. in large continues to Storage terms microinverters solid little

this the residential enter to over Brazilian to solar year. market, plans X expected is making also are which We gigawatt be

an entry hired accelerate our sales experienced to leader Krapels], Brazil. We have [Marco into already

Now let's that the discuss the we covered QX. bookings have for region, overall

end the improving our before. We QX, for component higher Now supply the our not in significantly growth The availability of said QX range. but for is of once at again, I as constrained demand. customer guidance exceeds rate demand remain

about early is QX, customer are bookings this very it to time than normally While at talk our be quarter. would quite they of higher the what

we much pleased supply about for planning obviously in very microinverters are situation, cautious demand both the which are and predictable We're is We higher the QX for capacity with but overall not storage. today.

solar XX%. installers one commissioned growth megawatt We now Enphase Let's storage at XXX XX shipped hours QX, of systems storage Cumulatively, Storage to unique least approximately move rollout. in system of representing our the sequential storage good Solar QX. installers. partnerships Solar, the Tier and Sunnova, Momentum progress by X with We're of System end X previously Power. also announced and We Optimum making plus with

soon. We expect announce to partnerships more

QX, Systems. training with installers unique end Let's training our Texas. resume soon, in training trained plan of we Enphase Storage follow online, for By cumulatively will our Other representing mobile X,XXX van beginning person the in to now turn X,XXX companies. We to shortly. states

distributor are centers In at the various locations. resuming addition, out of build training we

are the service easiest aware, laser are you're and with. to we sure we business do company customer making on focused As

weekly understand By installers leveraging made and the experience for of have can and software started we findings how mind, clear, life feedback, homeowners. product. The round improving a the to storage commissioning improve making easier QX Enphase for process. installer the we in are principles these tables our we With number in to commissioning updates

and software hard Our approximately improvements engineering to on two teams times have through to working many hours storage hours commissioning our training been reduce systems from initiatives.

site, Our goal minute time, XX allow Enphase and a visit System an few is the hours. will which installers a Storage install to commissioning in commission our

full most We as these turn to off. partial in generator last to include rather envision backup new a for that support. load control We opt call control the and on features will of earnings with expect Enphase entire to of storage than needed. couple and release system, Load is backup our capability a ability homeowners home shed discussed our and loads a their loads when the for

loads can choose designed want up four smart control. have to for We our Enpower into control four switch. load circuits they Homeowners

For example, can the the grid grid shared These be and via controlled be off app. controlled on will another simply circuit can pump loads can through a be during be mode an tight mode one the during pool air instantaneously conditioner through and circuit.

grid. off four is In these only the there microinverters The there with enables switch Storage addition, called money by no one The storage ATS Enpower, excess not When can need systems. The homeowners is solar ensure the disconnected generator no a smart not is battery clocks generator has save is Systems. a when home that to home our grid the the is micro through Enphase home circuits. safeguards to also will utility, built used others, be of can seamlessly This the to ensure is The feature be some to flicker. lights to in in generator configured will connected to their form reset. of the Enphase oversizing shared battery when compatibility. Unlike in disruption. from plug generator which install next the not

and microgrid switch Next, the starts voltage generator frequency. the generator's is stable, our system synchronizes the smart standby to the the generator. Once

the control where turn app also together. on The during control an enabling to is smart homeowners to from And that of that simply of so the Our app. one into and battery the One of can the the off to connects have be resilience visibility outage. turns basic solar, the depending is seamlessly state our Enphase and in switch There the mode, provides storage during solution run the an outage. generator. by modes generator mobile two grid charge be then home integrated the operation. generator on mode other on increased configured the full will generators are The generator

the returns And For the with beta XX%, the underway. reaches when after in the charge two them are These which loads. we an powerful battery release to on, is and battery XX% outage, below supports off. this testing customers, the battery, generator generator home charges features expect quarter goes example, the turns once

can for by good are the the simply shipments features of hours. some a we storage existing as by minimal to interest to And systems, additional software these XX customers. our be megawatt homeowner experience. over We to couple we along work with improve And of installers. seeing enabled expect upgrades new storage done happy amount said, air differentiated with the from be summary, reaching In introduce a QX I features are

the expect to the to to make go installer we the reduce experience, improve to improve experience. to significant market changes expect and times We commissioning brand

We XX QX. hours storage shipment in expect and megawatt XX volumes our between

talk on more Let's new upcoming products.

like storage. on is First, cover else to what more new for details I'd

turning we This leverage in on peaker to enable utilities utilities new and with features In services. can home about, addition paid of to to systems talked battery homeowners grid storage get the aggregators enable are And for partnering so, plants. the service. providing instead doing we will that

software, has utilities have grid policy point fronts consisting aggregators. and development a business engage to This team and formed made and on tremendous services XX% more at the with progress storage. to already team now, on business plan expand product We management, technical we experts. of significantly Final team Enphase and

hard said the We before. to learning is to We Systems want that are and from I introduce as Storage internationally, are to all support captured working fully Enphase staffed customers. North that we America ensure

to in the half then XXXX. Enphase Europe Australia into introduce We Storage first of into expect Systems and second

is IQ upcoming capable XD grid a agnostic two for IQ microinverter and panels product small installer. X Let's XD for supporting residential solar, IQ commercial world's is first of cover power high our microinverter the IQ launches. X and

progress are products. system and making on these the compliance, testing on good reliability We

the ramp slower a in we with microinverter QX. beginning semiconductor However, shortages, supply to due constraints component expect chain

power consumer We also plan to assuming control. component under portable QX, shortages in Enphase station products are introduce the

two digital Montreal, and process Enphase services now installers. known and be software obvious The permitting sales Let's platform. tail providing the to Engineering. The opportunity DIN about operations and an these provide and and providing now these for digital to former acquisitions, business proposal aim Engineering, homeowners. turn completed [soft’s] initiative offerings these our an to to expand transformation. By Sofdesk The Noida, acquired to our of both proposal for we design the two provides long and team as the solar Enphase for Enphase enhanced integrating excited solar experience important into our team, will known installers. we I'm DIN services from to is reducing Sofdesk companies. roofing while as buying is This costs for us company network simplify installers, of now

homeowner highly We selective Europe Network, America our experience. onboarded have installers quality We now a EIN in XXX our installers and India. process North Australia on in recently XXX and in through focused Enphase EIN, to and Installer launched

increased of sales installation and easier. and to happy including branding, are on Our summary, we promotion process make In better and forward EIN transformation. and products, digital products. are our tools benefits, with our help customers our performance, ramping our variety to platform pleased and introducing the look We our services installers demand accelerating we supporting a enjoy with storage digital our faster the new for and systems,

health top world remain and call continues our our his hand the safety Eric? of the for that, as COVID-XX. With finances. customers partners always, and will As impacted the our of review to Eric the priority be by I over to employees,

Eric Branderiz

XXXX. our details well and provide results, as will Badri, good first the business quarter of for of Thanks, as related our more outlook to quarter financial afternoon, XXXX everyone. I second

our $X.XX non-GAAP XXX QX can The QX. compared Web site. Sofdesk $XX.X QX. XX.X% section XX% for Non-GAAP was million on of was for compared $XX for partial QX of QX was for of The representing driven to The posted and QX. GAAP $X.XX GAAP megawatt for was was XX.X% $XX.X in convertible of included per late disciplined QX. million to and based operating megawatts cost stock $XX.X On income for QX. QX to reconciliation per in compared for GAAP million primarily shipped for We have $X.XX QX. XX.X% million operations January. Total and of compared for non-GAAP for $XX.X QX results was sequential for power. million, margin R&D a GAAP management. a storage to share from payroll per GAAP of earnings $XX.X tax first $XXX.X in the net earnings diluted in hiring, of amortization $X expenses and to by QX $XX.X for basis, operating income QX. of of were for million for to GAAP revenue increase first million GAAP consolidation of GAAP be million a or share were QX in increased to DC share to XXXX QX was per basis, notes with We from income loss On our was a per also earnings expenses to earnings operations for due million acquired operating release and XX.X $XX.X compensation share first margin QX the was $XX.X $X.XX the found to sequentially. noncash On hours to QX. compared XX compared $XX.X million of increase for stock million was compared microinverter This for for for measures to IR GAAP non-GAAP million share $XX.X which time approximately QX financial in QX. today, pricing QX due $XX.X operations million acquisition income a compared for net expenses of $XX.X compared million XXXX gross employee million provided vesting diluted net resulted investments, and intangible of including diluted for equivalent million assets. of an income a $XX.X the quarter, expenses associated gross Non-GAAP basis, expenses $X.XX increase for systems approximately megawatts on quarter settlement these basis. QX.

the $XX.X inventory Inventory at QX. The sheet driven $XX.X by days average higher to to to sequential with end of to million decreased turning supply QX decrease volumes. was the of balance in the million Now XX was coupled an decrease sequential demand outstanding compared and capital working the and inventory of the front. end at QX. compared This balance XX constraints. by days driven inventory customer in lower in Days increase shipment was

million compared into of $XXX issuer were spread to $XXX overlay, premium. XXXX raise with proceeds due with which from history. of the price XX quarter XX.X% in the conversion tranches half overall issuance. share notes some a Concurrent days trends. raised offering, QX repurchase increase price is the weighted total million our end being XX share quarter. The in but receivable $X.X green revenue the and and $XXX of the notes was convertible zero XX% five of to of are sequential gross repurchases shipments authorization. In and $XXX. are billion. share gross convertible price of proceeds offset With million by cost in due the against March, the partial seven conversions capital target conversion We a per favorable effectively approximately the supply for notes proceeds share share. of paid the these prior of issued conversion QX. the increased any compared hampered This an notes $X.X due tranche in $XXX.X to $XXX.X shipments. tranche tranche proceeds of the make to to days did for terms the exited in repurchase $XXX.X million. of approximately the of the Our partially QX in in coupon. timing for XX were most due the of increased higher We DSO days, call includes The amounts Both a this have $XXX.X balance to billion billion and we $XXX. premium, Accounts of spread XXXX, at The about year end we raised due at May to approximately the of money which XXXX were at QX. the at QX gross by the on not XXXX $XXX.X with net for year million in is XXXX call approximately tranches $XX.X The The paid new balance for of the convertible cash million total we notes cash million $X.X million issuance two notes money entered comparable principal second

a very strong flow. position have on cash generate business We free that cash healthy a

in organic business invest inorganic the through will activities. We and

model, CapEx homeowners. which business build new light awareness market have provides We investment and our a to entry continued for new brand with marketing in development, product

million generated cash we fit, On with pursue cultural and $XX.X have and we our pipeline the million we to In are in front, hurdles. increase million manufacturing deals acquisition was flow. only active the operations costs strategic QX, right both return cash corporate meeting and for and to careful capacity while $XX.X and flow enlighten from $X.X an for Web in to Capital and development app site space expansion. QX related expenditures free development, microinverters storage software office

discuss second outlook let's for Now of the XXXX. our quarter

our quarter to a expect of million. We within range be to revenue $XXX the for $XXX million

GAAP XX%, XX% within to to expect stock margin a range of non-GAAP gross XX% to a which We and within be of compensation expenses. margin based gross to excludes range XX% be

$XX $XX stock amortization. and We within expect based estimated a expenses and of compensation for million related be a acquisition total including GAAP $XX to of operating our expenses expenses range million, approximately million to

within non-GAAP and include range million. operating $XX of guidance entire to expenses a DIN expect from the We Sofdesk both be estimates million for All to contribution quarter. the $XX

color a provide some me few Let additional on topics.

to customers and constraints, have finished expediting supply an component we the products. given components of First, our ensure in adequate supply goods are QX

must customers’ our to starts into rush quarter, products improve Even this final components component we those hands. as get into to availability

increase a result, non-GAAP in sequential expedite expense. gross material our guidance a incorporates As margin GAAP and

the chain we QX due costs for to rest logistics of supply XXXX elevated to remain will expect be constraints. the the likely While semiconductor peak,

our upon touch to guidance. like OpEx would I Next,

investments to QX the non-GAAP Our to and plans, X slightly and exceed and that comfortably income. in IQ growth It IQ but QX the acquisitions our OpEx above still increasing of support our our model are consolidation from target development expect we'll be baseline is XX% of XX software, financial times, microinverters. branding operating to may our target expenses operating at XX% possible of to due necessary hiring

expenses, we do are non-GAAP is earn which business, consideration. acquisitions are only] but nonrecurring why Regarding included deferred accruals but beyond guidance, cash specific the include in the the also [not for payment periods These of two the there of in operating we expenses out them have for each those nature cash acquisition.

accruals approximately are With open I QX, will million. that, consideration line to be for the $X.X questions. expected deferred for For now

Operator

from Instructions] line Our the Aric question Bank of comes [Operator from of Li America. first

Aric Li

component have [Technical and I foremost, Difficulty]. question, and first around the

you So you the you would in week channel to And And weighing suppliers would just that more is about on solar new seems constraints when until how into and component but XXXX? Can the really improving to or target? shipments the be half XQ, like remain. those storage. be not expect it that's for talked relative really channel ease going back help much inventory that that lower X both talk the drive inventory to constraints, about

Badri Kothandaraman

So things first a me let make clear. of couple

mainly the of And only First solar the microinverters solar supply up the which to constraints specific quarter, One increasing we side, ASIC have. components. solar we is because demand chip are that is constraints unable keep of of are is is two every the although, the on with semiconductor the microinverters. constraints. capacity semiconductor and increasing of component all, component are quarter because demand every The

FET on them, what multiple we suppliers. is, an of on other of both done have volt The XXX transistors. AC that And bought we drives the have the driver gate is

For drivers, example, suppliers before. two on the had AC we FET

have Now are we suppliers. to three going

we in it ASIC, the one producing On foundry before. were

Now we additional are foundry. an to going qualify

even demand is demand though sufficient to QX quarter, the is so our side. on However, meet and for than it is the still high available a our for This that solar our higher expect situation QX similar demand. supply is we prior not

that QX there. side, progress shipped we XX% storage pretty megawatt tremendous QX. hours are simple. On hours We the making XX shipped We and in higher, is XX megawatt in it's

storage started meaning we are and unique tail installers. buying folks side storage. with That's installation bread our have installers, storage representing the trained X,XXX who they solar Our long have introduced And us strength taking These on engaged the is in companies. our and butter. X,XXX care, are to

storage, X Tier with and also are here. and engaged X expect more on We we customers progress the

have tail I understand points. are They business roundtables pain we like to what which multiple said, pain immature tools aren't because storage as something what to sizing addition, I a home yet, are make In up it, for Sofdesk their with new. every points? week to our the The is to a at speed our installer installers all look started the long And still if be per job. it acquisition. working installers. with is custom is system have we job trips so going Every is The on

We are trying you're having home demanding to instead in backup. of are homeowners all standardize a control, the that with backup The because load of home now partial whole of sudden power. path

the so side. not again, can customer the do, because, have from And the above. of it. installers countries service have everybody is used And help it, the much meaning than of it's to new a all sales, to we top that higher in permitting is the and On product the solar delays Enphase

exceptional We are provide service. customer to going

design We bought service We field help have to a a do enable services. company software. and to permitting installers. storage to company going bought teams solar are We to

And have tools of all so we installers. to the help the

to going And grew see We QX. XX% steady from are that's you talking is growth why However, time. QX. to QX from XX% that growth about. take We this is grew we to our QX

It's are we doing be doubt similar. thing international We other got demand spur QX are to right growing that no locations. And the in modestly to but is have addition, we the that thing. QX, from would

installers to going long of internationally. take are We care tail

early to the Europe introduce the part Australia of of year second imminently are latter talked going doing loads introduce we the off side in the into an and load half the control, then is and in critical things on I The turn And pristine. the turn grid about XXXX. you're in product addition, when homeowner that are We loads. is turning off situation off on which to so homeowner ability is into is experience

go focused channels, multiple looking our support, to question. So hope are -- I answer with I promotions, are that go game it at And to quarter. every progress are we we all are the going on yes, A terms quarter, of the service. of And to we our in partnering help necessary, CMO. announced all providers believe XX/X steady will looking and long also We on tools on field branding, on make we recently way and up front I those. I at storage but marketing last us loan these answered out market, side. the going

Aric Li

means at there was some additional too, XXXX? sort expectations could constraint same talk storage. of what provided if Just just follow-up the for to microinverters back the XX question, hours But you a half? right, the product storage, expectations hours XX chip specifically relative into be using given XQ. believe half for of that I sure in is and talk Seemingly, the into capacity XX that the as that you on about about you to would there. wasn't I guidance back the in XQ, just Can megawatt perhaps bring megawatt suppliers and

Badri Kothandaraman

progress what QX said, like you we on I steady QX. steady guidance will storage for Well, make gave that. progress on expect of every quarter. top We to be

included, In yes, are small yes, scheme big hour demand. number kilowatt in systems, Every also got in constraints the has our terms XX battery storage on system. things, XX storage microinverters relative it's But really, of the the it's of to a microinverters. overall

we that we And And we I two the have will suppliers we play storage today. on the what in always we have to like expect additional with And a suppliers big So in bring deal said, don't XXXX. capacity that comfortable are there. side.

Operator

Goldman line from Brian of comes from question Lee next Our the Sachs.

Brian Lee

just for felt year, to around chain ease you, constraints, sight of everybody quarter, line April Maybe you the picture. as had guys things start Badri, Last April, having that you you which month has big said the been a potential Eric, the that out supply experiencing called would you visibility being of sort of that then. through like

constraints the Now supply you're side year. solar on you're persist through to the expecting the saying

year? So just between the what's you through now changed kind a had changed view what's this market? did follow the April and simple question, And and a the misread up. then I now, seeing kind Or of of between then impact

Badri Kothandaraman

The simple. not is pretty It's predictable. very supply

going and Our higher demand higher. is

supply We increasing our are quarter. every

much supply, in we -- that for FET globally don't I CEOs higher And often it's our for on is capacity and in the QX putting the to and you me am the stressed are if example, are around. unique decommits the of there with We ask to directly. on decommits situation working all think tough And AC us. but companies view it today have place situation three how But are unpredictable. is and drivers, the the I confident is QX. because dance

semiconductors. Our architecture uses

So is -- it -- stressing demand the is that's truth. has lot And The previous the yes, the more. the supply QX, good news situation changed and increased what it's yes, is. QX supply from call. what that's Yes, for a the the even

Brian Lee

And be mean, then to is demand I sounds probably saying gotten which it what supply you're better. unpredictable, like makes has and actually so, continues sense,

a you bit excess So follow up of that have your row numbers just in little maybe This had you're you bookings guidance. quantification. I the is a in quarter where of or second is saying

basically undershipping You're demand.

going And it if to with freight negotiations like in mention of a impact XXX of eases get that? margin $XX quarter, a potentially demand? QX, customers? give two doesn't the some these It share part any that your higher? on And some increases, you're worse. how peak how you question us but from perspective, What or Just away, just trying on are sort it you right sound made And then XXX doesn't those some what that So is. sense you million, some you're also around of undershipping quantification. you tightness, bps? are to cost but get been to bps, customers, the sense lastly, having why margins. maybe Eric the seeing here guidance Are is discussions raise have prices? just $XX given critical Would if million, prices? a sense Can your then raising have much market position to not, and are XX% you pressure cost just start not

Badri Kothandaraman

is demand thing, which numbers to for news. one me higher I'm not to that numbers, the quoted, the You say the going all good numbers. but than asked going some exact say is I'm that you

not question? second pricing. The what pricing. second changing the question, third question, The is I'm

The on second gross margin. question

margin to XX. non-GAAP gross guidance, Our is XX

times chain going factories or unit break get times expect are way because ships. a it standard. price plane the product for is put product when it's takes not ocean to but on as They number. have can that to hand a you supply The the on to we is pricing It's no to there Air out to not the did microinverter the you usually a to to boat. ship ships only XX And are problems, new. air enormous. is are these hand what time exactly all we that XX mouth, running per put mouth. customers running expedite, The factories And are expected. on We big are

So hopefully, numbers. gave those I

Eric Branderiz

a you're manage in meaning depleted our On we of it's need little with the comment supply margins, pretty get industry and adding front, live bit Brian, consistent, operation, pretty I And from comment margins. April today, think need challenges the we to figured the we Badri time about the just for to while. the manufacturing what way in the recovery. But it out. that predictable got that been we to changed cost because prices, On the to the about are we changed. at that expedites a inventories the of term, mean, It we the bit. guidance the things I predictability short even of on V-shaped problem a think and see level said, level long a it supplier the at the -- the quite contract way level, look schedules and there. don't seeing I on And at I midpoint a reduction of and negotiated

more is a bit now created predictability, little the the variations on what relying purely on on that So line.

So created difficulty a to that forecast them for their even commitments.

that's the I okay on I that. that feel But and eye so So we got here. margins, business, on of the with the think I kind we keep profitable -- where ball a are think the we

Operator

from Shen ROTH Philip of Partners. line the Capital from comes question next Our

Philip Shen

that we problem for is the for, 'XX, them a finer with, the QX three it. for partially to for follow-up this on a could XXXX? resolve or situation are chip example, this example, giving point as sense hey, of this by potentially So bunch you just I we a put can of Just even a know that asked a Of is companies unclear? shortage. you're very the earlier, they Badri, but on think persist, was working through

Badri Kothandaraman

and Yes, ramping. I will mean, supplier now, much right don't especially we visibility on eventually expect do like that have the supply what I every a bought third quarter, I said, but have start that get third I situation to supplier better because

So QX predict match expect better. now. I expect get to I will more But get better. that demand? our to it I even QX do cannot

Philip Shen

back to gears shifting So storage.

you shared for what the or for and QX different? to close is Can margin and QX share And the in QX. what you average Are expect guide hours in of do is? profile You meaningfully you by also, think revenue you sales QX chance? it megawatt corporate the the

Badri Kothandaraman

not revenue. going out are break We to

enter Now view with we gross a not gross to unless corporate any margin, we achieving have regarding business margin. our will

Operator

the Oppenheimer. from line of comes from question next Our Colin Rusch

Colin Rusch

in about just We market? to that, layer pricing short movement functionality really your longer is and play the a so higher or expand able the term that as you in around this think just prices storage is ultimately you And functionalities. additional these charge energy talked around is Are the market about in the current maintaining does important really or it the levels? that term you price

Badri Kothandaraman

story there. to clear generator least progressively component and longer that at not are services is existing because a we term functionality, for this generator want to control, are point, there is grid we play, separate homes. These functionality, load Grid for At financial all It's it. a services. functions load control introduce charging

based storage, So our pricing value has figure how get based. once up properly overall, of always in we there. pricing we'll do value But ramped out been to terms strategy there,

next best do we And the example say, be better? in do We then competition, value Yes, -- the what inverters, will alternative. pricing best Our compare alternative to add for example, for micro we is next of that's we plus on top the we that. do quality.

Our that's better. lower services customer much much PPM defects -- defective is parts our million, and per

things apply to So well. similar as storage

pricing we like maturing to we clear, based and right? then always course, be market story. be never but pretty to are competing And add price competitive, want going Of our follow against we it's We don't so if a and need value be we value, that. to will be going competition, competition. it's There's to

features, So the that's load why we are features grid functionality, adding differentiated these these And soon. which and generation a control, is lot more services are features.

Colin Rusch

who have as qualified talk bit on the with shifting later footprint Can little how geographic to will start of the And the the you that solution, and you this commercial with with, about work as comfortable a that be with are product IQ are year? maturity out into that roll business solar then And ready wide enter partners XD. working you the just you're gears to you? you finance

Badri Kothandaraman

while new story with of and of I mean, current the to with there the we're as problem a I same servicing as proper. product features product another the customers terms ramp components, lot is making there in progress I'm compliance. don't want uncertain, there, my situation the supply the The yet business mainly both well not is

But that product. made a that ramp a product. fantastic So make let's sure decision on, we that's why it's I cautiously

proposal working design tool We work financials. are design are beginning to are with our we In partners, -- we partners. with working and with

progress We where then for And beginning first haven't commercial. we focused That's And well it the of are even time Europe we small on business right much North America. will in in there, work introduce bigger too there's as but there. most Australia months, is as to six our made now product.

Operator

Our of comes JPMorgan. next from the question Mark line from Strouse

Mark Strouse

in I per million the your that year go by X I today India. between wanted number? about and end. call, Mexico million unit on capability comments mentioned to to and the Are quarter last you back expanding incremental to capacity having X believe comments production

Badri Kothandaraman

No, that with consistent the are number. comments

You million quarter. at China minimum a Mexico get units we'll -- capacity can way. roughly will quantities. a a quarter, units X.X the get already million the million a capacity break quarter. million units to of India is X down following couple to least Salcomp, is X.X

X.X of the plus X.X million X XXXX. all units by end plus quarter, X, So a

I that's said. completely what So consistent with

supply. The nothing that the capacity of predictable with not consistent, that, of to that's for to the visibility And needs to I become Now do into to today, to to those cater needs demand. capacity, numbers. need a such semiconductor supply got the have big do become me components that's factory, improve,

Mark Strouse

solar manufacturing to the And potentially far can any map solar just manufacturing what the capacity? local and then then as said and sales? that within on the capacity, just And as plans a the Brazilian Will be you've plus up quick enter as follow new require Brazil of as what market. commercial will far product us then remind kind you road then storage

Badri Kothandaraman

in significant going We are to something unless the manufacture not locally to Brazil demand a up yet number. builds

X And we hired solar. for of with manufacture that GM Brazil, order [Marco in entering He Brazil. remote, we still that now a enter he So off business. we there differentiation meaning would substantial IQ start to with not the is is believes will in whom into first, Krapels], in Brazil.

Of but talking here. course, about constrained term, supply we in the going term are be are long to short we

solar and storage I would on anything? want I market. to would that basically. to with say Raghu, start then first, So Yes, add you do

Raghu Belur

leveraging product from platform. of it's things a is view, the a point Just couple that again, of

change have don't their market. a change service we necessary a Brazilian hardware requirements. the meet new us So to us. to software grid to for It's for former build It's a

in fact, as unique Brazilian is In called market. today, already for specific and IQ certification certified already X certified a requirement [metro], we're the

So we very well. platform, every going is which we've doing playing new geography to are leverage our been what for and

Operator

question of Company. from comes line the Cowen and Jeff next from Osborne Our

Jeff Osborne

the could is AC of terms if Which I of and ASICs. you two in was order rank between the problem? the more wondering acute the FETs

Badri Kothandaraman

FET The far. by AC

Jeff Osborne

the sort of always the then ASIC I brain of as And view product. your

to one. a do or been a you that, this qualify Do take a some that time? You're you party working that quarters you producer. fabless quarters ASIC multiple have To as new flagged for third today to company it's multiple typically, on uses anticipate

Badri Kothandaraman

is this on And -- We have I about current been this for time. some we new. talked mean, working not foundry is before. have our This

foundry. we TSMC is foundry qualifying additional an current Our are and

Operator

Energy. Simmons Harrison from the of question Kashy from comes Our next line

Kashy Harrison

could I to or majority IQ IQ wondering two question to transition take take majority rough first or how rollout is Just it would do the would years? a selling around my from just So just was IQ be of some year you great. X. think X, it selling long completely X numbers

Badri Kothandaraman

quarters. X IQ four Yes, took

And two X similar So quarters with add supply six or the time. maybe take a quarters. can constraints, to four will one you IQ more,

Kashy Harrison

And then question. second my

as several as your a do close step Should over gallium ability But nitride manufacturing be reading the I you reductions So next the IQ costs and the talked or think transition I ways of when still we getting about your system? X you long think that's you IQ there, development. letter years. your know opportunity you away, to XX. think was from shift you about in to and costs gallium the early we're to out the about in shareholders, anticipating product take about to limit on the think maybe probably

Badri Kothandaraman

two And efficiency give increase reduce to quick to costs. The the is drivers all They FET X have ahead drivers, Today, which reason doing AC is footprint, you we why voltage drop driving have are a Those power, it FETs. FET are increase two AC volt X XXX And high gate to volt we I'll and FETs, then volt the AC example. gate FETs. four the FETs. shortages. XXX are the XXX we

could we same four So those into collapse six that could do driver With gallium the and is two, integrate have into of plus XXX-volt FETs we one what two gate nitride, package. to there. components AC we also

two six to discrete So will go components components. discrete

XXX very I frequency. nitride them drop a higher can transformer, there drop run size. FETs Today, the higher my I can that My transformer much all the run a those be integration what those run run If big I sudden, run little if the phase footprint. is which I now is frequency. can frequency, And higher then I of a capability a can Of in them in a I dropping microinverter, bit of at FETs is drastically, course, mean kilohertz. higher, cost at gallium my at AC does will but powerful. at

while for us footprint the FETs. intact. increase nitride we're will while cost concurrently on to optimize So economics to gallium down, that us. game. huge we of to are And in keeping planar the addition keeping the the power the keeping If working the there able name down, That's it is microinverter properly, transformers wins help of while the

product, So that's X bit an working is to a going what will are but get It's R&D. IQ multiple with and R&D. XXXX it's but IQ be it we XX take us or companies, XXXX that, to before little

Operator

Truist. from comes the question of Richardson from next Our Tristan line

Tristan Richardson

Just me. from one

I solar think we heard from a yesterday to almost bundled and model for market storage. exclusively participant moving in an

sound otherwise? it stand either storage side that somewhat as but there you a do in or guys signs dynamics seeing market share any of an the installer And wanted company the for think I your you product specific, just network? Are to alone opportunity Enphase guys see ask. for on

Badri Kothandaraman

makes say can of I mean, as But name game. a Storage that off some to well. it grid, that's people solar system want you itself, by function regenerative have the in sense. order the

selling installers be management So storage solar start storage that systems win. home they in we big big energy and which if are deal. systems And microinverters on is already precisely they long a more is plus focused a plus solar phase a storage Enphase now because actually our tail living. why for And that would systems, sell are

our ramp taking pain them much help which efforts work solar and closely service help can that's them long all Network with installer remove Installer properly, of their that, than XX/X So field us, more the storage Network, is them, so bigger with installers, they with our opportunity. points, train even are plus them Enphase Enphase taking really the support, Installer our than that with tail

Tristan Richardson

necessarily bundled But go seeing any mandatory are from kind installers you? of model, you're not

Badri Kothandaraman

not yet. I'm coming. bundles, it's Mandatory But sure

Operator

next line of Needham from Ricchiuti question the from now Our Jim Company. comes &

Jim Ricchiuti

to that I going on same the to token, constraints. suggest costs expediting in be the misheard bringing the you're may you're going continue supply half. you're looks on I know you by question it, to a like have improve And production, back but I to but Eric, seem that's it these Just guess, And incurring. facing

the in you you're to down going are those back come confident how costs see So that half?

Eric Branderiz

Yes, supply we us constraint. get to going associated long with I as expedite be is challenges the as with around mean, these

very map the operating road my me a continue we that got of operating used concept What in associated cost those to is our model predictable going we saying confidence I'm get can So that worse. get comments are margin that the financial near embedded. reduction is not and kind to gives map credible, we term that, saying should be that the is with honoring What I'm going driven to need little script. I is investments. when the income, because you question happen thinking going expedite. that on operating the have you're will make That's right, confident be bit, is, OpEx a income? said feel what goods. about your Well, their there so And to What's the to with road go my to may deliver which okay, cost then this up all we we

QX, products storage IQ new ramping and QX the As in like we roof the products complicated continue IQ and that XD. for Badri X has time on and

And is be So feel to you short publicize in the margins size is continue operating can should we there comfortable financial use that one term. that we always fairly that in already. the the term, model long area predictable

So comments. that's within context the my

Jim Ricchiuti

depending operating the respect quarters comment the with doesn't on to over if you're whether potentially calibrate you making a just half? your which issue business constraint expense, would couple the might to, of in I supply back in And the is point investments there wonder you next at improve this begin

Eric Branderiz

cannot sure question. you're And if to planning is correctly, acquisitions doing spending quite continue and your… potentially on your to I go understand money up. going Eric, mean, I'm you're OpEx But I saying, I follow not your then

Jim Ricchiuti

that couple you like dial and outlook period a point say the suggesting certain as investing component there What XXXX investments back behind not which we're And think looks a a it of if of you of improves presumably, situation feel quarters it's until may Is worth may I'm at be is we for making like you to in pretty acute shortage you for going markedly? just us. issues. we're more the because about it's

Eric Branderiz

clarify. me let So

message, time which with is internationally products, expedites, that globally on on on the continue because the the the clear never discussed investments. on processing OpEx activities did investments we are right specific We going very remarks, good we and hopefully, this at as investments, deliver and the market of made across my script, prepared I that well including my marketing making on. M&A that And despite goods. mode. growth right or really there in of compromise right are have margins to stop go are I comes the right our to evaluating we sales either making the not so news of despite pipeline to by as to have We The and the deals we

now So profile your to have. up being catch according right model my constraint answers that I with that can my generating that hope component fulfill continue I question. demand as by my cash revenue I supply try the to to we is hampered challenges

Operator

ISI. Evercore West Our next from the from question of comes James line

James West

the hear installer I experience customer if you correctly, getting Badri, experience, the So are better.

You've product that's got underway. cycle this

You're geographies. not rapidly meeting demand into new expanding of customers, and you're your

Will will to we of to as think demand demand? keep have manage more going let's capacity equipment to outrun get still catch point with this at investing. Will at finally -- that XXXX. you, you're that So when period point you going we're because, lot you're you past you? mentioned earlier, Do up into shortage, say, a you

Badri Kothandaraman

it's crystal hope now, every use to the it's it's the day. XXXX, Supply only I'm day answer. problems same The But semiconductor right semiconductors. situation from have a living the I by predict situation where future. of who is I these away. not the But, me, a end unpredictable. a ball to don't -- go for company

James West

one up from question, me. I And then, follow guess, other

this know is now your any pandemic, with in that have the With situation that any in quarter? Does that the India facility. pretty having I impact? you're right automated in operations impact

Badri Kothandaraman

It's know, it are of as folks is such we shape in great their I new in are heartbroken a working country. it, you if plus protocols. affected from today, a mean, They're following families teams it by are day. a are they I does. general, affected. Yes. all affected it. our all home, the in cases safety either I not by mean, mean, India, or XXX,XXX Many

back to full all themselves, lasts take are of So about days. yes, and during some support usually, back but they they getting vaccinated. situation -- employees mean, hoping the them. And affected, also absolutely. care quarter, the our all to I'm after of are but of we I XX But XX, come a are freedom they in do are it we within process care are two taking time, break. will will that have to of And week And employees it for normalcy, takes they

Operator

Our next O'Leary TPH of & question line from from comes the Co. George

George O'Leary

Just curious, war and built you chest up free an flow guys cash have cash generation the impressive continues.

some just contemplating. an don't big apple from that's organic be R&D might you You spend. standpoint there's at much larger budget have Clearly, bites if from need are curious CapEx that an ongoing. inorganic a the But there

done M&A You've here stuff. some recently smaller but

at the So piques medium that thinking interest on anything size larger point? about M&A this or what front there's you're just that curious on if your front,

Eric Branderiz

The only that need of in interesting I very and little mean, which they and run having in what the of bit that's -- have a ideas. billion million cash, plans, the bigger. details, you, we Raghu, right sorts and myself all They on about very I'm have now stuff evaluating not telling cash, have call, are going ambitious both I we bring are think Badri company of now for $XXX they it. carefully. Adam, great more I'm to probably comment the that are getting to about maybe beauty but flowing $X.X And

kind to us available these the contracting more very the digest, that available reopens I to like is now happening pricing advantage bit on So opportunities a conversations in what's are rest the of those quickly. become reasonable of little packs see guess. When And market. much the the certainly, for conversations things take with you that right best

are can it's two that and And And some completely we houses, on run them every selectively that software, with integrate absorb we businesses hardware aggressively opportunity. ongoing R&D well. them, QX. going well, we for fit fairly looking just we so can them, buy. And at did maybe in And the culturally then example, we we demonstrated

table. on I So think everything that the is

George O'Leary

and more a experience makes on mentioned of lot one just then which you is improving note, goal, sense. unrelated And but the the an installer customer a

learned you better take wondering know US, them translate those the experience from lessons from if can the were there analogues Just to and today for US your I is installer any that geographic customer cost or a markets much than where Germany other outside where has standpoint example. and installers lower of core soft geographies.

the out any there's if that's analogues there laid in curious pathway any market? Just from out already geographic

Badri Kothandaraman

not really. Well,

chain. all doing game, That's something those with a just really Europe, Yes, is the the inefficiencies but having can Our general. design true more. XX% comes soft help revenue said it installers costs to not of we've onto we once proposal, Australia, even to again, for to our here. example, most here. do consolidate things that, just them diversify comes do digital products But but that, name and out acquisitions. services of for need India, is And have the started outstanding cost they the all of of experience costs. platform, collapse from all aspects, things structure reduce take places we an product our like lot look and the permitting, in like in at from like the that of the we And We'll need so

Operator

Our of from question Maheep comes from the Suisse. line Mandloi next Crédit

Maheep Mandloi

in think second on Can talked status And a about on you of the services. battery half. third follow-up that? just the supplier supplier, the the you talk quick grid had Just previously I about

Badri Kothandaraman

just now, we the supplier second is two first have ramping right now. supplier using We are today, is suppliers what the

ramping. is supplier just Second

third we plans. good The supplier, have do

on will XXXX. in it think only I However, turn

Maheep Mandloi

And grid optionality be in to of And just product? said the and grid it's service revenues? storage But for a kind batteries when Enphase early that contribute software you're third or you services, for material know would on expect it. work stages I predominantly party do it any the ramping hardware capabilities with and early would up it you

Badri Kothandaraman

engaged for Coast. storage. tightly already aggregators And East will XXX% It with predominantly we're be the a Enphase few in

services going turn three We months grid there within selling are enabling and selling, to enable we systems the already on next we're meaning will of storage for them.

utilities care customer us Additionally, who take working we can them, with enable have and if ad us at we save to in are both We a a sell name mind approached peace so game grid Ensemble the in the the can of as the a does deal. we are the require installer working of is, effort will of this with of dollars, the well of that energy for be couple and that software services big Coast while the them homeowners East a giving a directly properly tail to management of certain grid system the homeowner. we day, we network year lot properly. experience services integrate help here to that elsewhere long And US. $XXX It have home a end

meaningful have storage be thousands, at virtual that power tens will meaning VPP, plant, of time. So Enphase that when very population becomes an we then

with the probably we are year away progress lot them. that a interim lot with are expect utilities. We aggregators, And more a engagements in but from with we of a two or making

Operator

next Eric from of the [Operator line question comes Our Stine Instructions] Craig-Hallum. from

Eric Stine

get on side, those of potentially can But to bit front portion something have that question, taken. the revenues the quick a would you is or most of longer grid that that, little services play on is on end? something a you a based capture Just as said, it's try enabler know that that, just you I been the price but value you as potentially that

Badri Kothandaraman

few homeowner and the model a may provide opportunities directly are now a primary aggregators work reaps a with more who it. with we what here service portion can get we for the we there we work the said, where is, with be a of Yes, right utility the in there. like The And fee. And thing utilities, benefit where I the scratching work the financially, surface. us we for there,

working with We are working aggregators are the who utilities. with

some deep are We in engagement.

first properly that energy same, and we micro not the utilities. going services directly months, the develop off. APIs In be work be and a far to able business we it's home the management few but with understand our So to for would

Operator

next Trading. comes Milligan Sean question the of Our line from Williams from

Sean Milligan

a more little I wanted talk to storage, guess. I about bit

mentioned with storage, there you storage. problems were that financing Before,

market wanted being growth And where that on of drive in you? terms so additional for might thoughts to finance your which able was I storage, to just get

Badri Kothandaraman

industry years mean, XX mature. got of solar has I is very The warranty.

helps XX% the lease and are I homeowner. roughly the about business. means loans loans mean, cash, in XX% XX%, about is extended So really which industry XX% I loans and about XX%, breakdown rough respectively, the of -- And think between the

to and are we structure need storage warranty to one for we need storage here is what also have because on option. at, another and have a customer attractive Having help is the loans, Now do them to solar option, power In lot enable storage to order good right quality we both. bundling with loans. Enphase attractive And is electronics, this can experience.

with So partners. thinking hard we working on are

partners have do unleash whatever for become change for with. -- to to the will can to we the And that, installers. economical to quality have the lot we're a the homeowners. XX warranty once we increase demand more long that's required We can. we increase product loans we the of from years And It tail working the work we will on

done. So ensure long range. product proactive has it's to right. are this to But be quality steps we a Eventually, taking is

Sean Milligan

And then or storage there's are three four And expect like landscape would years giving additional the comes become people even entrants, just to manufacturing competitive next more of the I battery cell to three as over new online in kind storage, been performance years. and competitive guarantees.

competing to price? that and people you're storage kind landscape of on competitive how just against competing get your on the sense So guarantees giving performance within are or

Badri Kothandaraman

we add value. believe We must

We a on packs. cell major problem not are seeing

in The to storage on to to multiple game home to need storage of it multiple The I needs met. you. to needs provide drive cookie I The how name for and quality the profitable have of drag be and right the we The organization be expectations thing told for Installations need competitive need be those trips will times and permitting down. needs experience. going costs homeowners as we a be procurement margins. look The an one which clear. to the highly we same them. Instead business customer for installers storage be It's not should long The a streamlined. the the installation, is done. be think outstanding can to sizing a their be cutter model. tail

are like critical. So extremely control load things

do and with for installers, going that now what microinverters And are worked to with be well it we of we our believe our model tail of win, that's tail on It long businesses. all a are storage we steady we a It's living. takes those long that progress. going So slow we for and healthy, time. installers. And has ramp working will things. tough. kinds like, ultimately quality businesses yes, is are those customer and to and profitable It's the And experience

Operator

the line comes Our from of for Raymond from today Pavel final question Molchanov James.

Pavel Molchanov

you one of an Belgium? that about When main the the installer Netherlands network point in, network the for Europe, the expanded What's has for installer or lower much example, joining which of selling soft into questions as other costs. asked

Badri Kothandaraman

generalize multiple in the First Europe, because going them, to cannot be are Europe, of all, Europe. there you networks, of installer

network said, else in there, in versus what like network That's Germany the recognize. in network they versus Poland. thing UK the Netherlands, you versus think to first network I installer in network our the versus the the need installer installer Spain something

is that's they The can platform services, the thing which all is to the they if for is do thing for on important rate have is for second them, they important what of them. get The can recognize What want? What right? one them? kinds extremely rate

differentiate availability, extremely to for They installers. product them. other from themselves want New important

but on. So multiple go the they they There want best. that, Like nothing services could I are need. that

not is installers, the silver. way have on how based categorize the upon by So installer, by And gold based they upon experience tier us, rate quality upon three the the we we pretty of homeowners. customer simple, measured, installers, platinum and tiers, those three their depending that's tiers

every there's to services then So much a It's terms in introducing we do. broader we we pricing, like region with healthy it there. cautious in very installer that sure rate competition platinum are strategy of of terms And installers attractive for it adequate without planning. us be to and and we make networks in we make

India the for Australia. in introducing year, started Europe. entire the as Europe and year year, installer last well, will just last we lot network spent in come and but So we a to we US This in introduce more

Pavel Molchanov

given is right contracts you type long what more contracts, of second sourcing. truly players. five, about Do one component seven experiencing you supply never been envision has say, My question time out term your need there for going to we're that supply component about to a sign year longterm Historically, frame, with let's key now?

Badri Kothandaraman

company of more. be hope this we or I even be will of deals. us one a do No. I'm envision more deals. instead such add I and have wary I I suppliers doing with not usually quarters will might And we'll better because three be a we mean, such two, of don't those. couple gone. and pray, for

So the diversification. practices become our we We'll We'll will institute better. learn company, business can supply it. within from best always processes and have we

Operator

conclude hand does today's now back of session you. call. conference like Kothandaraman. I'd Thank This answer program to and the question Badri to the

Badri Kothandaraman

All right.

again support look you Bye. forward with Enphase. next and us your for to We So thank continued today of speaking you for joining quarter.

Operator

conference. This for in and gentlemen, conclude does program. today's ladies you, Thank participation the your

now may You disconnect. Good day.

Enphase Energy (ENPH) 28 Apr 212021 Q1 Earnings call transcript