Analysis of Revenues
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2012
- Operating Profit Margin since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
- Aggregate Accruals
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Revenues as Reported
Enphase Energy Inc., income statement, revenues
US$ in thousands
| 12 months ended: | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Products delivered at a point in time | |||||||||||
| Products and services delivered over time | |||||||||||
| Net revenues |
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).
- Revenue Trends Over Five Years
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The data indicates a consistent upward trend in net revenues from 2019 through 2022, with a slight decline observed in 2023. Net revenues increased from approximately $624.3 million in 2019 to $2.33 billion in 2022, representing a nearly fourfold growth. In 2023, net revenues decreased marginally to approximately $2.29 billion.
- Products Delivered at a Point in Time
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Revenues from products delivered at a point in time showed robust growth through the first four years, rising from about $584.6 million in 2019 to $2.25 billion in 2022. However, in 2023, revenues from this category declined to roughly $2.18 billion, indicating a contraction after sustained expansion.
- Products and Services Delivered Over Time
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The segment representing products and services delivered over time demonstrated steady and consistent growth each year. Revenues rose from approximately $39.8 million in 2019 to $109.7 million in 2023. This growth trend continued even in 2023, contrasting with the slight decrease observed in the point-in-time product revenues.
- Overall Observations
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The company's revenue growth through 2022 was driven predominantly by an increase in products delivered at a point in time, which constitutes the larger portion of total revenues. The expansion in products and services delivered over time was positive and steady throughout the entire period, suggesting diversification in revenue streams.
The slight decline in total net revenues and products delivered at a point in time in 2023 may warrant further investigation, potentially signaling market saturation, increased competition, or changes in demand. However, the continued growth in service-related revenues points toward strengthening recurring or longer-term contract revenue sources.