Q2 2024 Enphase Energy Inc Earnings Call Transcript
Key Points
- Enphase Energy Inc (ENPH) reported a quarterly revenue of $303.5 million, with a significant shipment of 1.4 million microinverters and 120 megawatt-hours of batteries.
- The company achieved a gross margin of 47% and generated free cash flow of $117.4 million.
- Customer demand increased by 5% in Q2 compared to Q1, indicating a positive market response.
- The company has successfully normalized its channel inventory, which is expected to stabilize revenue in the coming quarters.
- Enphase Energy Inc (ENPH) is expanding its product portfolio and market reach, with new products and solutions being introduced in various international markets, including Europe and Asia.
- The average call wait time increased from 1.9 minutes in Q1 to 2.5 minutes in Q2, indicating potential customer service challenges.
- The company experienced a 15% decline in sell-through in the Netherlands due to regulatory uncertainty, impacting overall European revenue.
- Despite the positive outlook, the company is cautious about potential risks and uncertainties in the market, including macroeconomic challenges.
- The battery inventory is currently tight, with less than the desired 8-10 weeks of stock, which could impact customer satisfaction and sales.
- The company faces competition in the battery market, with 50% of NEM 3.0 systems in California attaching to rival batteries, indicating a need for improved market share.
Thanks, good day, and welcome to the unpaid Energy's Second Quarter 2024 financial results conference call. All participants will be in a listen only mode. Did you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's remarks, there will be an opportunity to ask questions. To ask your question, you may press star then one on your touch tone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Jack Friedman.
Please go ahead. Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's Second Quarter 2024 results. On today's call are Badri Kothandaraman, President and Chief Executive Officer, and Andy Yang, our Chief Financial Officer, and Raghu Miller, our Chief Products Officer. After the market closed today, Enphase issued a press release announcing the results for second quarter ended June third, 2024.
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