Balance Sheet: Assets

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.

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Enphase Energy Inc., consolidated balance sheet: assets

US$ in thousands

		Dec 31, 2023		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020		Dec 31, 2019
	Cash and cash equivalents
	Restricted cash
	Marketable securities
	Accounts receivable, net of allowances
	Inventory
	Prepaid expenses and other assets
	Current assets
	Property and equipment, net
	Operating lease, right of use asset, net
	Intangible assets, net
	Goodwill
	Other assets
	Deferred tax assets, net
	Non-current assets
	Total assets

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).

The annual financial data reveals a pattern of significant growth in both current and non-current assets over the five-year period. Total assets have increased steadily from approximately $713 million in 2019 to over $3.38 billion in 2023, indicating expansion and increased resource availability.

Cash and Cash Equivalents: The cash position experienced substantial volatility. From $251 million in 2019, cash and equivalents peaked at $679 million in 2020, sharply declined to $119 million in 2021, rebounded to $473 million in 2022, and then decreased again to $289 million in 2023. This fluctuation may suggest varying liquidity management or cash utilization strategies across the years.
Restricted Cash: Restricted cash was only reported in 2019 at $44.7 million and is absent in subsequent years, possibly indicating a change in cash restriction status or accounting presentation.
Marketable Securities: These assets were introduced in 2021 with $897 million and consistently increased to $1.41 billion by 2023, reflecting a strategic allocation to liquid investments or short-term securities, enhancing the company's liquid asset base.
Accounts Receivable: Accounts receivable showed a continuous upward trend, nearly tripling from $145 million in 2019 to $446 million in 2023. This growth may indicate higher sales volume or extended credit terms, which warrants monitoring for credit risk and cash flow impact.
Inventory: Inventory levels more than sextupled from approximately $32 million in 2019 to $214 million in 2023, suggesting expanded production or stocking strategies aligning with increased business scale but also potential risks of obsolescence or carrying costs.
Prepaid Expenses and Other Assets: These assets steadily grew from $26 million to nearly $89 million over the period, consistent with the overall asset growth trend and possibly reflecting enhanced operational expenditures or advance payments.
Current Assets: Current assets exhibited robust growth from about $500 million in 2019 to over $2.44 billion in 2023, highlighting improved liquidity and operational capacity to meet short-term obligations.
Property and Equipment, Net: This category more than quintupled from $29 million to $168 million, indicating substantial capital investments in fixed assets, likely to support increased production or operational capabilities.
Operating Lease, Right of Use Asset, Net: The right-of-use asset related to operating leases increased overall from $10 million to nearly $20 million, reflecting lease capitalization due to accounting standards, with some fluctuations.
Intangible Assets, Net: Intangible assets showed a mixed trend, decreasing slightly from $31 million in 2019 to $29 million in 2020, then rising sharply to nearly $100 million in 2021 and 2022 before falling to $69 million in 2023. The fluctuations may relate to acquisitions, amortization, or impairments.
Goodwill: Goodwill remained stable around $25 million in the first two years but then surged significantly to $214 million by 2023, likely as a result of acquisitions, reflecting increased purchase price premiums over book values of acquired entities.
Other Assets: Other assets more than quadrupled from $45 million to $216 million, indicating expanded miscellaneous asset categories, which may include investments, deposits, or other non-classified assets.
Deferred Tax Assets, Net: Deferred tax assets increased steadily from $75 million to $252 million, pointing to growing tax benefits due to timing differences or loss carryforwards, potentially enhancing future tax positions.
Non-Current Assets: Non-current assets showed consistent growth from $214 million to $939 million, driven by investments in property, equipment, intangible assets, and goodwill, supporting company expansion and capital structure enhancement.
Total Assets: The aggregate asset base expanded significantly, with total assets nearly quintupling over five years. This growth underscores increased scale, potential diversification, and a stronger asset foundation to support business activities.

Assets: Selected Items

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Current Assets: Selected Items