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Enphase Energy Inc. (NASDAQ:ENPH)

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

Common-Size Balance Sheet: Assets
Quarterly Data

Enphase Energy Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 8.54 8.16 8.04 8.46 15.34 12.51 20.33 11.13 5.74 39.71 62.47 67.86 56.61 60.58 60.85 53.27 35.25 38.77 42.77 24.46
Restricted cash 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.34 6.27 0.00 0.00 0.00
Marketable securities 41.57 42.03 43.91 44.14 36.95 40.02 30.87 35.86 43.16 22.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, net of allowances 13.18 15.77 15.01 15.27 14.29 13.63 12.82 15.83 16.05 12.24 13.38 10.76 15.18 11.20 8.97 9.26 20.39 25.53 20.26 25.60
Inventory 6.31 4.90 4.79 4.45 4.85 5.43 5.35 4.26 3.58 2.93 1.80 1.59 3.48 3.44 3.13 3.36 4.49 5.77 4.17 4.06
Prepaid expenses and other assets 2.63 2.26 2.13 2.00 1.97 1.90 1.87 1.79 1.82 1.59 1.65 1.43 2.48 2.61 2.93 2.69 3.66 4.69 5.45 7.10
Current assets 72.23% 73.12% 73.89% 74.32% 73.41% 73.49% 71.23% 68.87% 70.34% 79.28% 79.30% 81.64% 77.75% 77.84% 75.88% 72.92% 70.06% 74.76% 72.66% 61.22%
Property and equipment, net 4.97 4.87 4.38 3.94 3.61 3.40 3.56 3.76 3.95 3.29 3.01 2.44 3.58 3.22 3.30 2.96 4.06 4.49 4.47 6.32
Operating lease, right of use asset, net 0.59 0.60 0.66 0.64 0.69 0.67 0.70 0.86 0.69 0.68 0.75 0.76 1.47 1.33 1.15 1.16 1.42 2.18 2.56 2.49
Intangible assets, net 2.03 2.23 2.48 2.74 3.23 3.37 3.98 4.56 4.70 1.93 2.16 2.18 2.40 2.46 2.81 2.85 4.29 6.07 6.84 10.69
Goodwill 6.34 6.00 6.18 6.33 6.92 7.25 8.08 8.64 8.72 2.74 2.92 2.78 2.07 2.27 2.48 2.40 3.47 4.73 5.15 7.76
Other assets 6.38 6.06 5.63 5.45 5.49 5.21 5.30 5.34 5.71 6.10 5.64 4.16 4.99 4.76 4.97 4.64 6.26 7.77 8.33 11.52
Deferred tax assets, net 7.46 7.13 6.78 6.58 6.64 6.61 7.15 7.97 5.89 5.97 6.22 6.03 7.74 8.13 9.41 8.42 10.45 0.00 0.00 0.00
Convertible notes hedge 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.65 0.00 0.00 0.00 0.00
Non-current assets 27.77% 26.88% 26.11% 25.68% 26.59% 26.51% 28.77% 31.13% 29.66% 20.72% 20.70% 18.36% 22.25% 22.16% 24.12% 27.08% 29.94% 25.24% 27.34% 38.78%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The asset composition of the entity demonstrates a high degree of liquidity throughout the analyzed period, with current assets consistently representing the majority of the total asset base. While current assets peaked at 81.64% in March 2021, they stabilized at approximately 72.23% by December 2023. This structural preference for liquid assets suggests a conservative financial posture or the accumulation of capital for future strategic deployments.

Liquidity and Cash Management
A significant shift in the allocation of liquid assets is observed between 2019 and 2023. Cash and cash equivalents reached a peak of 67.86% in March 2021 before experiencing a sharp decline to 5.74% by December 2021. Simultaneously, marketable securities, which were absent in the early years of the period, emerged in September 2021 and grew to become a primary asset component, stabilizing between 41.57% and 44.14% from 2022 through 2023. This transition indicates a strategic move from holding idle cash to investing in interest-bearing or liquid securities to optimize returns on excess capital.
Working Capital Trends
Accounts receivable, net of allowances, showed significant volatility in the early period, fluctuating between 20% and 25%, before settling into a more stable range of 13% to 16% from 2021 onward. Inventory levels remained relatively low throughout the period, generally staying below 6%, although a gradual upward trend is noted toward the end of the series, reaching 6.31% in December 2023. This increase may suggest an expansion in production capacity or a strategic increase in safety stock.
Non-Current Asset Evolution
Non-current assets experienced a general decline from 38.78% in March 2019 to 27.77% in December 2023. Intangible assets, net, showed a steady downward trajectory, falling from 10.69% to 2.03%, likely reflecting the effects of amortization. Goodwill exhibited a notable spike to 8.72% in December 2021, followed by a gradual decrease to 6.34% by late 2023. Additionally, deferred tax assets became a consistent feature of the non-current asset base starting in late 2019, maintaining a presence between 6% and 10% of total assets.

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