Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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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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Enphase Energy Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Accounts Payable
- The proportion of accounts payable relative to total liabilities and stockholders’ equity has demonstrated a consistent downward trend, decreasing steadily from 8.06% in 2019 to 3.43% in 2023. This suggests improved management of short-term payables or changes in procurement and payment policies.
- Customer Rebates and Sales Incentives
- This category rose from 3.39% in 2019 to a peak of 4.99% in 2022, followed by a slight decline to 4.68% in 2023. The increase may indicate a strategic focus on incentivizing customers, possibly to stimulate sales or market share, with a recent moderation in incentive expenses.
- Liability Due to Supply Agreements
- The percentage increased generally over the period, starting at 0.24% in 2019 and reaching 0.97% in 2023. Despite some fluctuation, the overall rise may reflect growing obligations under supply contracts or extended terms with suppliers.
- Freight
- Freight expenses relative to total liabilities and equity grew from 0.69% in 2019 to 1.14% in 2022, then sharply dropped to 0.57% in 2023. This pattern might suggest an initial increase in logistical costs, followed by optimization or cost-saving measures in recent periods.
- Salaries, Commissions, Incentive Compensation, and Benefits
- These costs decreased from 0.77% in 2019 to 0.3% in 2023, indicating a significant reduction in employee-related liabilities relative to the company’s financial base, which could result from workforce adjustments or changes in compensation structures.
- Income Tax Payable
- From negligible values in earlier years, income tax payable rose to 0.52% in 2022 and then decreased to 0.25% in 2023, reflecting variability in tax obligations possibly tied to profitability fluctuations or tax planning outcomes.
- Operating Lease Liabilities, Current
- These liabilities steadily decreased from 0.44% in 2019 to 0.15% in 2023, indicating reduced short-term lease commitments or transitions away from leased assets.
- Contingent Consideration
- Reported only in 2021 at 0.18%, this liability appears transient or related to specific transactional events in that year.
- VAT Payable
- VAT payable was recorded from 2021 onward, peaking at 0.64% in 2022 before dropping to 0.1% in 2023, suggesting fluctuating value-added tax liabilities potentially linked to variation in sales or tax collection practices.
- Post Combination Expense Accrual
- This liability appeared in 2021 and 2022 at 0.41% and 0.3% respectively, then ceased, pointing to one-time costs associated with corporate combinations or integrations.
- Liabilities Related to Restructuring Activities
- Starting at 0.02% in 2022 and rising to 0.09% in 2023, the growth indicates recent restructuring efforts and associated financial commitments.
- Other Current Liabilities
- This category fluctuated mildly, ranging from 1.06% in 2019 to 0.62% in 2023, suggesting a relatively stable share within liabilities.
- Accrued Liabilities
- Accrued liabilities increased from 6.6% in 2019 to a peak of 9.6% in 2022, followed by a reduction to 7.74% in 2023, indicating varying accrued expenses within total liabilities and equity.
- Deferred Revenues, Current
- This item showed a sharp decline from 11.47% in 2019 to approximately 3% in subsequent years, with minor increases to 3.5% in 2023, indicating a substantial reduction in revenue received but not yet earned during the earlier period and subsequent stabilization.
- Warranty Obligations, Current
- These obligations fluctuated mildly between 0.93% and 1.41%, ending at 1.07% in 2023, implying relatively consistent warranty-related liabilities.
- Debt, Current
- Current debt showed significant volatility: a notable spike to 27.16% in 2020 was followed by a rapid drop to 2.95% in 2022 and no reported value in 2023. This likely reflects short-term financing activities, repayments, or reclassifications into non-current debt.
- Current Liabilities Overall
- Current liabilities as a whole peaked at 44.5% in 2020, then decreased significantly to 15.74% by 2023, driven largely by the fluctuations in current debt and deferred revenues, reflecting shifts in the company’s short-term financial obligations.
- Deferred Revenues, Non-Current
- Non-current deferred revenues declined from 14.05% in 2019 to 9% in 2021, then slightly increased to 10.91% in 2023, indicating moderate variability in long-term deferred income.
- Warranty Obligations, Non-Current
- Non-current warranty obligations decreased from 3.79% in 2019 to 2.6% in 2021, before rising to 4.52% in 2023, showing a recent increase in longer-term warranty liabilities.
- Other Liabilities
- Other liabilities gradually decreased between 2019 and 2021 but then rose slightly, stabilizing around 1.5%, indicating stable minor liabilities categories.
- Debt, Non-Current
- Non-current debt showed significant variability, dropping sharply from 14.39% in 2019 to 0.41% in 2020 before rising dramatically to around 38% in subsequent years, reflecting major refinancing or long-term debt issuances since 2021.
- Non-Current Liabilities Overall
- Non-current liabilities declined from 33.89% in 2019 to 15.17% in 2020, then increased substantially to near 55% by 2023, driven mainly by fluctuations in non-current debt and warranty obligations.
- Total Liabilities
- Total liabilities remained relatively high, moving from 61.83% in 2019 down to 59.67% in 2020, then increasing sharply to 79.31% in 2021, followed by a gradual decline to 70.92% in 2023. This overall pattern suggests increased reliance on liabilities as a component of capital structure post-2020 with some recent reduction.
- Additional Paid-In Capital
- Additional paid-in capital declined steadily from 64.26% in 2019 to 27.77% in 2023, indicating reduced inflows or increases in capital contributions relative to total liabilities and equity during the period.
- Accumulated Equity (Deficit)
- The accumulated equity deficit improved significantly from -25.96% in 2019 to positive territory of 1.37% in 2023, indicating an overall improvement in retained earnings or accumulated profits.
- Accumulated Other Comprehensive Income (Loss)
- This item remained minor and fluctuated close to zero, showing little impact on overall equity.
- Stockholders’ Equity
- Stockholders’ equity as a percentage of total liabilities and equity rose from 38.17% in 2019 to 40.33% in 2020, then fell sharply to 20.69% in 2021 before recovering somewhat to 29.08% in 2023. This volatile pattern may correlate with earnings performance, capital structure changes, or equity transactions.
- Total Liabilities and Stockholders’ Equity
- The composition always sums to 100%, providing a consistent basis for relative analysis between liabilities and equity components.