Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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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 (quarterly data)
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).
- Current liabilities trends
- Current liabilities as a percentage of total liabilities and stockholders’ equity show a significant decrease from 40.33% in March 2019 to a low of 15.7% in March 2021. This is followed by a period of relative stability around the 20% range until the last quarter of 2023 where it falls again to 15.74%. Accounts payable within current liabilities generally decline from 16.44% in early 2019 to about 3% by the most recent quarters, indicating a reduced reliance or faster payment of these obligations. Accrued liabilities exhibit a gradual increase starting around late 2021, peaking at 12.27% in mid-2023 before dropping to 7.74% at the end of 2023. Deferred revenues, current, have declined sharply from over 10% in early 2019 to a consistent range near 3% from 2021 onwards. Warranty obligations, current, remain relatively low and stable, mostly under 1.2% throughout the observed periods. Current debt fluctuates significantly, peaking sharply at 27.16% in late 2020 and then steadily declining to 2.66% by late 2023.
- Non-current liabilities developments
- Non-current liabilities show a marked decrease from 55.25% in March 2019 down to a nadir of 15.17% at the end of 2020, but then increase substantially afterward, reaching 65.33% by March 2022 before gradually declining again to roughly 55.19% by December 2023. Non-current debt notably spikes from approximately 20.49% in early 2019 to above 28% in early 2020, drops drastically to 0.41% by the end of 2020, then surges to a peak near 53% in early 2022, followed by a gradual decrease towards 38.24% by the end of 2023. Deferred revenues, non-current, steadily decrease from 24.56% in March 2019 to around 9-11% in recent periods, suggesting a reduction or slow-down in deferred income liabilities over time. Warranty obligations, non-current, show a slow but steady increase from 7.24% in early 2019 to a little over 4.5% by late 2023. Other liabilities remain minimal and stable, around 1-1.5% in recent periods.
- Equity and stockholders’ equity patterns
- Stockholders’ equity as a percentage of total liabilities and stockholders’ equity experiences a general increasing trend from a very low 4.42% in March 2019, peaking at 40.33% by the end of 2020, before declining again to a low point near 14.62% in March 2022. It then recovers somewhat, stabilizing between 26%-29% in the latest quarters. Accumulated earnings (deficit) show a marked improvement from a substantial negative percentage of -107.61% in early 2019, climbing towards slight positive territory at 0.56% in late 2022 and fluctuating mildly but remaining positive around 1-5% in 2023, indicating a reduction of losses or potential profitability improvements over the period. Additional paid-in capital decreases significantly from 111.83% in 2019 to below 30% by 2023, reflecting likely equity restructuring or capital repayments. Accumulated other comprehensive income (loss) remains negligible and slightly negative towards recent periods, indicating limited impact from other comprehensive income elements. Treasury stock data is mostly absent, but a dip to nearly -2% is visible at one point, suggesting some repurchases that reduce equity.
- Overall liabilities and equity composition
- Total liabilities as a proportion of total liabilities and stockholders’ equity drop substantially from 95.58% in early 2019 to a low of approximately 59.67% by the end of 2020, before trending upwards again to a range of 70-85% over 2021 and 2022, then stabilizing around 70-72% in 2023. This reflects a decreasing financial leverage initially, followed by increased reliance on liabilities relative to equity in the medium term, and relative stabilization in recent quarters.
- Key observations
- The company appears to have undergone significant changes in capital structure over the period analyzed, with fluctuations in current and non-current liabilities indicating possible refinancing or debt restructuring activities, particularly marked by the sharp swings in current and non-current debt proportions. The improvement in accumulated earnings deficit points to operational progress or improved profitability, while the trends in additional paid-in capital and stockholders’ equity suggest varying investor equity contributions and stockholder value adjustments. Liability management seems active, with deferred revenues declining and warranty obligations increasing modestly, indicating adjustments in customer payment patterns and warranty provisions. Overall, the evolution of the financial structure reveals strategic efforts to balance debt and equity while managing short-term obligations and long-term financial commitments.