Name: Enphase Energy Inc. (NASDAQ:ENPH) | Balance Sheet: Assets (Quarterly)
Creator: Stock Analysis on Net

Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Enphase Energy Inc., consolidated balance sheet: assets (quarterly data)

US$ in thousands

	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
Cash and cash equivalents	288,748)	290,075)	278,676)	286,045)	473,244)	337,583)	495,473)	251,850)	119,316)	885,546)	1,312,261)	1,489,010)	679,379)	661,792)	607,254)	549,144)	251,409)	203,046)	205,959)	78,087)
Restricted cash	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	44,700)	44,700)	—)	—)	—)
Marketable securities	1,406,286)	1,493,809)	1,521,816)	1,492,352)	1,139,599)	1,079,713)	752,328)	811,621)	897,335)	508,577)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, net of allowances	445,959)	560,286)	520,306)	516,106)	440,896)	367,647)	312,451)	358,310)	333,626)	273,012)	281,154)	236,090)	182,165)	122,386)	89,504)	95,484)	145,413)	133,689)	97,537)	81,715)
Inventory	213,595)	174,114)	166,111)	150,563)	149,708)	146,451)	130,266)	96,436)	74,400)	65,405)	37,756)	34,876)	41,764)	37,535)	31,186)	34,617)	32,056)	30,231)	20,094)	12,971)
Prepaid expenses and other assets	88,930)	80,346)	73,880)	67,567)	60,824)	51,270)	45,474)	40,566)	37,784)	35,541)	34,748)	31,386)	29,756)	28,521)	29,257)	27,752)	26,079)	24,551)	26,261)	22,669)
Current assets	2,443,518)	2,598,630)	2,560,789)	2,512,633)	2,264,271)	1,982,664)	1,735,992)	1,558,783)	1,462,461)	1,768,081)	1,665,919)	1,791,362)	933,064)	850,234)	757,201)	751,697)	499,657)	391,517)	349,851)	195,442)
Property and equipment, net	168,244)	173,005)	151,657)	133,268)	111,367)	91,801)	86,778)	85,073)	82,167)	73,445)	63,211)	53,648)	42,985)	35,187)	32,972)	30,500)	28,936)	23,532)	21,532)	20,178)
Operating lease, right of use asset, net	19,887)	21,164)	22,954)	21,647)	21,379)	18,128)	16,987)	19,442)	14,420)	15,185)	15,693)	16,688)	17,683)	14,487)	11,462)	11,986)	10,117)	11,407)	12,304)	7,963)
Intangible assets, net	68,536)	79,147)	85,960)	92,756)	99,541)	90,924)	96,887)	103,173)	97,758)	43,146)	45,409)	47,917)	28,808)	26,839)	28,086)	29,332)	30,579)	31,761)	32,943)	34,124)
Goodwill	214,562)	213,193)	214,290)	213,882)	213,559)	195,508)	197,004)	195,637)	181,254)	61,038)	61,321)	61,038)	24,783)	24,783)	24,783)	24,783)	24,783)	24,783)	24,783)	24,783)
Other assets	215,895)	215,275)	195,283)	184,138)	169,291)	140,439)	129,153)	120,878)	118,726)	136,111)	118,532)	91,315)	59,875)	51,998)	49,551)	47,798)	44,620)	40,669)	40,105)	36,762)
Deferred tax assets, net	252,370)	253,528)	234,949)	222,529)	204,872)	178,371)	174,307)	180,291)	122,470)	133,158)	130,571)	132,231)	92,904)	88,812)	93,872)	86,806)	74,531)	—)	—)	—)
Convertible notes hedge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	47,885)	—)	—)	—)	—)
Non-current assets	939,494)	955,312)	905,093)	868,220)	820,009)	715,171)	701,116)	704,494)	616,795)	462,083)	434,737)	402,837)	267,038)	242,106)	240,726)	279,090)	213,566)	132,152)	131,667)	123,810)
Total assets	3,383,012)	3,553,942)	3,465,882)	3,380,853)	3,084,280)	2,697,835)	2,437,108)	2,263,277)	2,079,256)	2,230,164)	2,100,656)	2,194,199)	1,200,102)	1,092,340)	997,927)	1,030,787)	713,223)	523,669)	481,518)	319,252)

Total assets exhibited a substantial growth trajectory over the analyzed period, increasing from approximately $319 million in March 2019 to $3.38 billion by December 2023. This expansion reflects a significant scaling of the balance sheet, driven primarily by a surge in current assets and a strategic increase in non-current asset holdings.

Liquidity and Treasury Management: A distinct shift in liquidity allocation is observed. Cash and cash equivalents experienced significant volatility, peaking at $1.49 billion in March 2021 before declining to $119 million by December 2021. This decline coincided with the introduction and rapid growth of marketable securities, which were nonexistent prior to September 2021 and grew to $1.41 billion by December 2023. This pattern indicates a transition from holding liquid cash to utilizing investment vehicles for treasury optimization.
Working Capital Trends: Operational growth is reflected in the steady climb of accounts receivable and inventory. Accounts receivable rose from $81.7 million in March 2019 to a peak of $560.3 million in September 2023, before moderating to $445.9 million in December 2023. Inventory levels demonstrated a more consistent upward trend, increasing from $12.9 million in early 2019 to $213.6 million by December 2023, suggesting increased production capacity and a larger scale of operations.
Non-Current Asset Expansion and Strategic Acquisitions: Non-current assets grew from $123.8 million in March 2019 to $939.5 million in December 2023. A significant portion of this growth is attributed to goodwill, which remained flat at $24.8 million until March 2021, then surged to $214.6 million by December 2023, signaling a period of inorganic growth through acquisitions. Property and equipment also increased steadily from $20.2 million to $168.2 million, indicating ongoing investment in physical infrastructure.
Deferred Tax Assets and Other Components: Deferred tax assets showed a consistent increase from $74.5 million in December 2019 to $252.4 million in December 2023. Additionally, other assets rose from $36.8 million in March 2019 to $215.9 million in December 2023, contributing to the overall expansion of the asset base.

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Enphase Energy Inc. (NASDAQ:ENPH)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data