Common-Size Income Statement
Paying user area
Try for free
Enphase Energy Inc. pages available for free this week:
- 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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Enphase Energy Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Enphase Energy Inc., common-size consolidated income statement
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 and Cost Trends
- Net revenues remained constant at 100% across all periods, serving as the base for percentage calculations. The cost of revenues showed a decreasing trend overall, improving from -64.56% in 2019 to -53.8% in 2023. This contributed to a fluctuating but generally positive gross profit margin, which increased from 35.44% in 2019 to reach its highest point at 46.2% in 2023, peaking after a dip in 2021.
- Operating Expenses
- Research and development expenses increased over the period, starting at -6.47% in 2019 and rising to -9.92% by 2023, indicating growing investment in innovation or product development relative to revenues. Sales and marketing expenses also showed an upward trend, growing from -5.88% to -10.12%, suggesting greater spending on market expansion or customer acquisition. General and administrative costs remained relatively stable, fluctuating slightly between -6.22% and -6.55%, except for a slight decrease in 2022 and 2023 around -6.0%.
- Other Operating Charges
- Restructuring and asset impairment charges were minor and inconsistent, recorded in 2019, 2022, and 2023 with a minimal impact ranging from -0.1% to -0.68%. The total operating expenses, encompassing these components, generally increased from -18.98% in 2019 to -26.74% in 2023, reflecting higher overall cost absorption relative to revenues.
- Profitability Analysis
- Income from operations exhibited volatility but remained positive throughout, with a high of 24.07% in 2020, a decline in 2021 to 15.62%, and recovery to around 19.5% in 2022 and 2023. Interest income increased significantly in 2023 to 3.04%, up from levels below 1% in earlier years, potentially indicating improved investment income or cash management. Interest expense decreased sharply after 2021, stabilizing around -0.4% in the last two years, lowering financing costs.
- Other Income and Expenses
- Other income (expense), net, was negative and volatile earlier, reaching -8.66% in 2020 and improving to positive 2.94% by 2023. Notably, the company recorded a loss on partial settlement of convertible notes in 2020 and 2021 and a significant negative change in fair value of derivatives in 2020, both impacting net income negatively during those periods. These effects diminished or disappeared in subsequent years.
- Income Before Taxes and Net Income
- Income before income taxes followed a generally positive trend with a dip in 2021 (8.75%) but rising strongly thereafter to 22.4% in 2023. Income tax provision shifted from positive tax benefits in earlier years (up to 11.38% in 2019) to small negative provisions in 2022 and 2023, slightly reducing net income. Net income percentages declined from a peak of 25.81% in 2019 down to 10.52% in 2021, before rebounding to 19.16% in 2023, reflecting improvement in profitability after a challenging intermediate period.