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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: Liabilities and Stockholders’ Equity

Enphase Energy Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 3.43 4.06 5.47 6.05 8.06
Customer rebates and sales incentives 4.68 4.99 3.80 3.05 3.39
Liability due to supply agreements 0.97 0.56 0.70 0.46 0.24
Freight 0.57 1.14 0.99 0.86 0.69
Salaries, commissions, incentive compensation and benefits 0.30 0.58 0.63 0.55 0.77
Income tax payable 0.25 0.52 0.02 0.00 0.00
Operating lease liabilities, current 0.15 0.17 0.18 0.38 0.44
Contingent consideration 0.00 0.00 0.18 0.00 0.00
VAT payable 0.10 0.64 0.35 0.00 0.00
Post combination expense accrual 0.00 0.30 0.41 0.00 0.00
Liabilities related to restructuring activities 0.09 0.02 0.00 0.00 0.00
Other 0.62 0.66 0.33 1.08 1.06
Accrued liabilities 7.74% 9.60% 7.59% 6.38% 6.60%
Deferred revenues, current 3.50 2.94 3.01 3.97 11.47
Warranty obligations, current 1.07 1.15 0.93 0.94 1.41
Debt, current 0.00 2.95 4.14 27.16 0.40
Current liabilities 15.74% 20.69% 21.15% 44.50% 27.95%
Deferred revenues, non-current 10.91 9.13 9.00 10.46 14.05
Warranty obligations, non-current 4.52 3.11 2.60 2.89 3.79
Other liabilities 1.51 1.41 0.79 1.42 1.66
Debt, non-current 38.24 38.89 45.77 0.41 14.39
Non-current liabilities 55.19% 52.54% 58.16% 15.17% 33.89%
Total liabilities 70.92% 73.23% 79.31% 59.67% 61.83%
Common stock, $0.00001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 27.77 26.56 40.30 44.56 64.26
Accumulated equity (deficit) 1.37 0.56 -19.51 -4.27 -25.96
Accumulated other comprehensive income (loss) -0.06 -0.35 -0.10 0.04 -0.13
Stockholders’ equity 29.08% 26.77% 20.69% 40.33% 38.17%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The balance sheet composition indicates a significant structural shift in financing and liability management between 2019 and 2023. Total liabilities as a percentage of total liabilities and stockholders’ equity increased from 61.83% in 2019 to 70.92% in 2023, peaking at 79.31% in 2021. This trend reflects an increased reliance on debt to fund operations and growth, particularly through long-term obligations.

Debt and Liability Structure
A marked transition from short-term to long-term financing is evident. Current liabilities peaked in 2020 at 44.50% before steadily declining to 15.74% by 2023. Conversely, non-current liabilities surged from 15.17% in 2020 to 55.19% in 2023. This shift is primarily driven by non-current debt, which rose from 14.39% in 2019 to a peak of 45.77% in 2021, stabilizing at 38.24% in 2023. This suggests a strategic move to lock in longer-term capital and reduce immediate liquidity pressure.
Stockholders' Equity and Retained Earnings
Total stockholders' equity experienced a contraction from 38.17% in 2019 to a low of 20.69% in 2021, before recovering slightly to 29.08% in 2023. A critical improvement is observed in accumulated equity, which evolved from a substantial deficit of -25.96% in 2019 to a positive position of 1.37% in 2023. This transition from a deficit to a surplus indicates a move toward sustained profitability. Additionally, additional paid-in capital decreased significantly from 64.26% in 2019 to 27.77% in 2023, reflecting the relative growth of liabilities compared to the original equity base.
Operational Liability Trends
Current operational obligations show a general downward trend as a proportion of the total balance sheet. Accounts payable declined consistently from 8.06% in 2019 to 3.43% in 2023. Deferred revenues, current, saw a sharp drop from 11.47% in 2019 to 3.50% in 2023, while deferred revenues, non-current, remained relatively stable between 9% and 11%. This suggests a change in the timing of revenue recognition or a shift in the nature of customer contracts.
Risk-Related Obligations
Warranty obligations have remained a persistent component of the balance sheet. Non-current warranty obligations increased from 3.79% in 2019 to 4.52% in 2023, while current warranty obligations fluctuated slightly, ending at 1.07% in 2023. This indicates a growing long-term commitment to product support and potential future claims relative to the total size of the balance sheet.

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