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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
Quarterly Data

Enphase Energy Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 3.43 2.54 2.28 3.14 4.06 3.44 3.71 4.63 5.47 4.13 3.91 3.72 6.05 4.41 2.42 3.35 8.06 11.59 13.70 16.44
Accrued liabilities 7.74 12.24 12.27 11.73 9.60 9.48 8.12 7.47 7.59 6.24 5.68 5.25 6.38 4.78 4.68 4.83 6.60 7.64 6.96 10.16
Deferred revenues, current 3.50 3.21 3.15 2.95 2.94 2.95 3.04 3.04 3.01 2.66 2.62 2.24 3.97 3.82 4.03 3.79 11.47 6.55 6.97 10.31
Warranty obligations, current 1.07 1.15 1.06 1.02 1.15 1.20 1.20 1.06 0.93 0.75 0.71 0.65 0.94 0.99 1.02 0.94 1.41 1.67 1.55 2.48
Debt, current 0.00 2.66 2.69 2.72 2.95 3.32 3.63 3.85 4.14 3.86 4.05 3.84 27.16 9.49 10.25 9.76 0.40 0.59 0.63 0.93
Current liabilities 15.74% 21.79% 21.46% 21.57% 20.69% 20.40% 19.70% 20.05% 21.15% 17.64% 16.98% 15.70% 44.50% 23.48% 22.40% 22.66% 27.95% 28.04% 29.83% 40.33%
Deferred revenues, non-current 10.91 10.30 10.22 9.54 9.13 8.89 8.91 8.96 9.00 7.95 7.89 6.52 10.46 10.60 11.12 10.30 14.05 16.37 17.09 24.56
Warranty obligations, non-current 4.52 4.17 4.16 3.30 3.11 2.73 2.76 2.63 2.60 2.28 2.14 1.83 2.89 3.02 2.78 2.70 3.79 4.94 5.30 7.24
Other liabilities 1.51 1.51 1.45 1.40 1.41 0.94 0.98 0.85 0.79 0.92 0.96 0.72 1.42 1.32 1.24 1.27 1.66 2.29 2.69 2.97
Debt, non-current 38.24 33.68 34.66 35.50 38.89 44.43 49.15 52.89 45.77 42.16 44.22 41.83 0.41 23.48 25.37 28.64 14.39 19.28 20.74 20.49
Warrants liability 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 3.75 0.00 0.00 0.00 0.00
Non-current liabilities 55.19% 49.66% 50.48% 49.74% 52.54% 56.99% 61.80% 65.33% 58.16% 53.31% 55.20% 50.90% 15.17% 38.41% 40.51% 46.66% 33.89% 42.88% 45.82% 55.25%
Total liabilities 70.92% 71.45% 71.94% 71.31% 73.23% 77.39% 81.49% 85.38% 79.31% 70.95% 72.18% 66.60% 59.67% 61.90% 62.91% 69.32% 61.83% 70.92% 75.65% 95.58%
Common stock, $0.00001 par value 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 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 27.77 25.30 24.76 24.04 26.56 28.25 29.28 29.45 40.30 36.15 36.30 34.26 44.56 49.50 53.60 42.06 64.26 86.61 93.41 111.83
Accumulated earnings (deficit) 1.37 3.53 5.47 4.86 0.56 -5.06 -10.31 -14.50 -19.51 -7.10 -8.58 -0.89 -4.27 -11.37 -16.39 -11.28 -25.96 -57.64 -69.15 -107.61
Accumulated other comprehensive income (loss) -0.06 -0.27 -0.20 -0.20 -0.35 -0.58 -0.46 -0.32 -0.10 -0.01 0.09 0.03 0.04 -0.03 -0.12 -0.11 -0.13 0.11 0.09 0.21
Treasury stock, at cost 0.00 0.00 -1.97 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 0.00 0.00
Stockholders’ equity (deficit) 29.08% 28.55% 28.06% 28.69% 26.77% 22.61% 18.51% 14.62% 20.69% 29.05% 27.82% 33.40% 40.33% 38.10% 37.09% 30.68% 38.17% 29.08% 24.35% 4.42%
Total liabilities and stockholders’ equity (deficit) 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 capital structure of the organization has undergone a significant transformation between March 2019 and December 2023, transitioning from a state of high relative liability and accumulated deficits toward a more stabilized financing mix characterized by long-term debt and the achievement of cumulative profitability.

Liability Composition and Debt Profile
Total liabilities have fluctuated but generally remained high, ending the period at 70.92% of total liabilities and stockholders' equity. A critical shift occurred in the composition of these liabilities. Non-current debt, which was relatively low or volatile in the early period, surged dramatically starting in 2021, peaking at 52.89% in March 2022 before moderating to 38.24% by December 2023. This indicates a strategic move toward long-term leverage to fund operations or growth. Conversely, current liabilities declined from a peak of 40.33% in March 2019 to 15.74% by December 2023, reflecting a reduction in the relative weight of short-term obligations.
Operational Liabilities and Deferred Revenue
A notable downward trend is observed in deferred revenues. Combined current and non-current deferred revenues accounted for approximately 34.87% of the balance sheet in March 2019, but this proportion decreased to approximately 14.41% by December 2023. Similarly, accounts payable dropped from 16.44% to 3.43% over the same period. These trends suggest a change in revenue recognition patterns or a shift in the scale of operational obligations relative to the total balance sheet size.
Equity Evolution and Profitability
The stockholders' equity position has evolved from a precarious state to one of stability. In March 2019, equity represented only 4.42% of the total balance sheet, heavily offset by an accumulated deficit of 107.61%. There is a clear trajectory of improvement in retained earnings; the accumulated deficit narrowed consistently until it turned positive in December 2022. By December 2023, accumulated earnings stood at 1.37%, marking a transition to cumulative profitability. Stockholders' equity has stabilized around 29.08% as of the final reporting date.
Paid-in Capital Trends
Additional paid-in capital showed a sharp relative decline from 111.83% in March 2019 to 27.77% in December 2023. Given that this is a common-size analysis, this reduction does not necessarily indicate a decrease in absolute capital, but rather that the total asset base has grown significantly, diluting the proportional impact of the original equity infusions.

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