Stock Analysis on Net

Enphase Energy Inc. (NASDAQ:ENPH)

This company has been moved to the archive! The financial data has not been updated since February 9, 2024.

Analysis of Operating Leases

Microsoft Excel

Adjustments to Financial Statements for Operating Leases

Enphase Energy Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 3,383,012 3,084,280 2,079,256 1,200,102 713,223
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Total assets (adjusted) 3,383,012 3,084,280 2,079,256 1,200,102 713,223
Adjustment to Total Debt
Total debt (as reported) 1,293,738 1,290,357 1,037,646 330,865 105,543
Add: Operating lease liability (before adoption of FASB Topic 842)2
Add: Operating lease liabilities, current 5,220 5,371 3,830 4,542 3,170
Add: Operating lease liabilities, non-current (Other liabilities) 18,802 19,077 11,920 15,209 9,542
Total debt (adjusted) 1,317,760 1,314,805 1,053,396 350,616 118,255

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).

1, 2 Equal to total present value of future operating lease payments.


Enphase Energy Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

Enphase Energy Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover1
Reported total asset turnover 0.68 0.76 0.66 0.65 0.88
Adjusted total asset turnover 0.68 0.76 0.66 0.65 0.88
Debt to Equity2
Reported debt to equity 1.32 1.56 2.41 0.68 0.39
Adjusted debt to equity 1.34 1.59 2.45 0.72 0.43
Return on Assets3 (ROA)
Reported ROA 12.97% 12.88% 7.00% 11.17% 22.59%
Adjusted ROA 12.97% 12.88% 7.00% 11.17% 22.59%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Enphase Energy Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Enphase Energy Inc. adjusted debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Enphase Energy Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Enphase Energy Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net revenues 2,290,786 2,330,853 1,382,049 774,425 624,333
Total assets 3,383,012 3,084,280 2,079,256 1,200,102 713,223
Activity Ratio
Total asset turnover1 0.68 0.76 0.66 0.65 0.88
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Net revenues 2,290,786 2,330,853 1,382,049 774,425 624,333
Adjusted total assets 3,383,012 3,084,280 2,079,256 1,200,102 713,223
Activity Ratio
Adjusted total asset turnover2 0.68 0.76 0.66 0.65 0.88

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).

2023 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= 2,290,786 ÷ 3,383,012 = 0.68

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 2,290,786 ÷ 3,383,012 = 0.68

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Enphase Energy Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Total debt 1,293,738 1,290,357 1,037,646 330,865 105,543
Stockholders’ equity 983,624 825,573 430,168 483,993 272,212
Solvency Ratio
Debt to equity1 1.32 1.56 2.41 0.68 0.39
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt 1,317,760 1,314,805 1,053,396 350,616 118,255
Stockholders’ equity 983,624 825,573 430,168 483,993 272,212
Solvency Ratio
Adjusted debt to equity2 1.34 1.59 2.45 0.72 0.43

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).

2023 Calculations

1 Debt to equity = Total debt ÷ Stockholders’ equity
= 1,293,738 ÷ 983,624 = 1.32

2 Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 1,317,760 ÷ 983,624 = 1.34

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Enphase Energy Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income 438,936 397,362 145,449 133,995 161,148
Total assets 3,383,012 3,084,280 2,079,256 1,200,102 713,223
Profitability Ratio
ROA1 12.97% 12.88% 7.00% 11.17% 22.59%
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Net income 438,936 397,362 145,449 133,995 161,148
Adjusted total assets 3,383,012 3,084,280 2,079,256 1,200,102 713,223
Profitability Ratio
Adjusted ROA2 12.97% 12.88% 7.00% 11.17% 22.59%

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).

2023 Calculations

1 ROA = 100 × Net income ÷ Total assets
= 100 × 438,936 ÷ 3,383,012 = 12.97%

2 Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 438,936 ÷ 3,383,012 = 12.97%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Enphase Energy Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.