Analysis of Debt
Total Debt (Carrying Amount)
Enphase Energy Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Current debt
- The current debt exhibited significant fluctuation over the reported periods. Initially, it was relatively low at 2,884 thousand US dollars as of the end of 2019. There was a substantial increase in 2020 to 325,967 thousand US dollars, followed by a sharp decline in 2021 to 86,052 thousand US dollars. In 2022, the current debt saw a marginal increase to 90,892 thousand US dollars, while data for 2023 is not available.
- Non-current debt
- Non-current debt showed a highly variable pattern. Starting at 102,659 thousand US dollars in 2019, it decreased significantly to 4,898 thousand US dollars in 2020. Subsequently, there was a dramatic rise in 2021 to 951,594 thousand US dollars, which continued to increase over the next two years—reaching 1,199,465 thousand US dollars in 2022 and 1,293,738 thousand US dollars in 2023.
- Total debt (carrying amount)
- The total debt, combining current and non-current portions, mirrored the variations seen in its components. From 105,543 thousand US dollars in 2019, total debt rose sharply to 330,865 thousand US dollars in 2020. Following this, the total debt substantially increased to 1,037,646 thousand US dollars in 2021 and further climbed to 1,290,357 thousand US dollars in 2022, with a slight increase to 1,293,738 thousand US dollars in 2023. This overall upward trend from 2020 onward indicates a considerable rise in the company’s total debt obligations over the last three years.
Total Debt (Fair Value)
| Dec 31, 2023 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Notes due 2028 | 511,800) |
| Notes due 2026 | 568,800) |
| Notes due 2025 | 147,700) |
| Notes due 2024 | —) |
| Notes due 2023 | —) |
| Long-term financing receivable recorded as debt | —) |
| Total debt (fair value) | 1,228,300) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.95 |
Based on: 10-K (reporting date: 2023-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 4.64%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 4.77% | 569,592) | 27,170) | |
| 4.44% | 628,183) | 27,891) | |
| 5.18% | 95,963) | 4,971) | |
| Total | 1,293,738) | 60,032) | |
| 4.64% | |||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 60,032 ÷ 1,293,738 = 4.64%