Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

Enphase Energy Inc., adjusted current assets

US$ in thousands

	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).

Download chart

Enphase Energy Inc., adjusted total assets

US$ in thousands

	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 »

Download chart

Enphase Energy Inc., adjusted current liabilities

US$ in thousands

	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).

Download chart

Enphase Energy Inc., adjusted total liabilities

US$ in thousands

	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 »

Download chart

Enphase Energy Inc., adjusted stockholders’ equity

US$ in thousands

	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 »

Download chart

Enphase Energy Inc., adjusted capitalization table

US$ in thousands

	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 »

Download chart

Enphase Energy Inc., adjusted net revenues

US$ in thousands

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).

Download chart

Enphase Energy Inc., adjusted net income

US$ in thousands

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 »

Download chart

Enphase Energy Inc. (NASDAQ:ENPH)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income