Stock Analysis on Net

Enphase Energy Inc. (NASDAQ:ENPH)

This company has been moved to the archive! The financial data has not been updated since February 9, 2024.

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Enphase Energy Inc., adjusted current assets

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current assets 2,443,518 2,264,271 1,462,461 933,064 499,657
Adjustments
Add: Allowance for doubtful accounts 2,502 979 1,590 462 564
After Adjustment
Adjusted current assets 2,446,020 2,265,250 1,464,051 933,526 500,221

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).


Adjustments to Total Assets

Enphase Energy Inc., adjusted total assets

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total assets 3,383,012 3,084,280 2,079,256 1,200,102 713,223
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for doubtful accounts 2,502 979 1,590 462 564
Less: Deferred tax assets2 252,370 204,872 122,470 92,904 74,531
After Adjustment
Adjusted total assets 3,133,144 2,880,387 1,958,376 1,107,660 639,256

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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets. See details »


Adjustments to Current Liabilities

Enphase Energy Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current liabilities 532,449 638,219 439,796 534,043 199,311
Adjustments
Less: Deferred revenues, current 118,300 90,747 62,670 47,665 81,783
Less: Warranty obligations, current 36,066 35,556 19,395 11,260 10,078
Less: Liabilities related to restructuring activities, current 3,104 714
After Adjustment
Adjusted current liabilities 374,979 511,202 357,731 475,118 107,450

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).


Adjustments to Total Liabilities

Enphase Energy Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total liabilities 2,399,388 2,258,707 1,649,088 716,109 441,011
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities2 5,189 4,829 2,969 436 865
Less: Deferred revenues 487,472 372,360 249,856 173,138 181,987
Less: Warranty obligations 189,087 131,446 73,377 45,913 37,098
Less: Liabilities related to restructuring activities 3,104 714
After Adjustment
Adjusted total liabilities 1,714,536 1,749,358 1,322,886 496,622 221,061

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Enphase Energy Inc., adjusted stockholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Stockholders’ equity 983,624 825,573 430,168 483,993 272,212
Adjustments
Less: Net deferred tax asset (liability)1 247,181 200,043 119,501 92,468 73,666
Add: Allowance for doubtful accounts 2,502 979 1,590 462 564
Add: Deferred revenues 487,472 372,360 249,856 173,138 181,987
Add: Warranty obligations 189,087 131,446 73,377 45,913 37,098
Add: Liabilities related to restructuring activities 3,104 714
After Adjustment
Adjusted stockholders’ equity 1,418,608 1,131,029 635,490 611,038 418,195

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).

1 Net deferred tax asset (liability). See details »


Adjustments to Capitalization Table

Enphase Energy Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Debt, current 90,892 86,052 325,967 2,884
Debt, non-current 1,293,738 1,199,465 951,594 4,898 102,659
Total reported debt 1,293,738 1,290,357 1,037,646 330,865 105,543
Stockholders’ equity 983,624 825,573 430,168 483,993 272,212
Total reported capital 2,277,362 2,115,930 1,467,814 814,858 377,755
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liabilities, current2 5,220 5,371 3,830 4,542 3,170
Add: Operating lease liabilities, non-current (Other liabilities)3 18,802 19,077 11,920 15,209 9,542
Adjusted total debt 1,317,760 1,314,805 1,053,396 350,616 118,255
Adjustments to Equity
Less: Net deferred tax asset (liability)4 247,181 200,043 119,501 92,468 73,666
Add: Allowance for doubtful accounts 2,502 979 1,590 462 564
Add: Deferred revenues 487,472 372,360 249,856 173,138 181,987
Add: Warranty obligations 189,087 131,446 73,377 45,913 37,098
Add: Liabilities related to restructuring activities 3,104 714
Adjusted stockholders’ equity 1,418,608 1,131,029 635,490 611,038 418,195
After Adjustment
Adjusted total capital 2,736,368 2,445,834 1,688,886 961,654 536,450

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Operating lease liabilities, current. See details »

3 Operating lease liabilities, non-current (Other liabilities). See details »

4 Net deferred tax asset (liability). See details »


Adjustments to Revenues

Enphase Energy Inc., adjusted net revenues

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net revenues 2,290,786 2,330,853 1,382,049 774,425 624,333
Adjustment
Add: Increase (decrease) in deferred revenues 115,112 122,504 76,718 (8,849) 71,957
After Adjustment
Adjusted net revenues 2,405,898 2,453,357 1,458,767 765,576 696,290

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).


Adjustments to Reported Income

Enphase Energy Inc., adjusted net income

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net income 438,936 397,362 145,449 133,995 161,148
Adjustments
Add: Deferred income tax expense (benefit)1 (47,188) (137) (31,241) (17,117) (72,950)
Add: Increase (decrease) in allowance for doubtful accounts 1,523 (611) 1,128 (102) (1,574)
Add: Increase (decrease) in deferred revenues 115,112 122,504 76,718 (8,849) 71,957
Add: Increase (decrease) in warranty obligations 57,641 58,069 27,464 8,815 5,804
Add: Increase (decrease) in liabilities related to restructuring activities 2,390 714 (2,783)
Add: Other comprehensive income (loss) 8,894 (8,862) (2,454) 1,357 (1,665)
After Adjustment
Adjusted net income 577,308 569,039 217,064 118,099 159,937

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).

1 Deferred income tax expense (benefit). See details »