Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Enphase Energy Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net revenues	2,290,786)	2,330,853)	1,382,049)	774,425)	624,333)
Cost of revenues	(1,232,398)	(1,356,258)	(827,627)	(428,444)	(403,088)
Gross profit	1,058,388)	974,595)	554,422)	345,981)	221,245)
Research and development	(227,336)	(168,846)	(105,526)	(55,921)	(40,381)
Sales and marketing	(231,792)	(215,102)	(128,974)	(52,927)	(36,728)
General and administrative	(137,835)	(140,002)	(104,090)	(50,694)	(38,808)
Restructuring and asset impairment charges	(15,684)	(2,384)	—)	—)	(2,599)
Operating expenses	(612,647)	(526,334)	(338,590)	(159,542)	(118,516)
Income from operations	445,741)	448,261)	215,832)	186,439)	102,729)
Interest income	69,728)	13,656)	695)	2,156)	2,513)
Interest expense	(8,839)	(9,438)	(45,152)	(21,001)	(9,691)
Other income (expense), net	6,509)	(431)	6,050)	(799)	(5,437)
Loss on partial settlement of convertible notes	—)	—)	(56,497)	(3,037)	—)
Change in fair value of derivatives	—)	—)	—)	(44,348)	—)
Other income (expense), net	67,398)	3,787)	(94,904)	(67,029)	(12,615)
Income before income taxes	513,139)	452,048)	120,928)	119,410)	90,114)
Income tax (provision) benefit	(74,203)	(54,686)	24,521)	14,585)	71,034)
Net income	438,936)	397,362)	145,449)	133,995)	161,148)

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).

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Income statement item	Description	The company
Net revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Enphase Energy Inc. net revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Income from operations	The net result for the period of deducting operating expenses from operating revenues.	Enphase Energy Inc. income from operations increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Enphase Energy Inc. income before income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Enphase Energy Inc. net income increased from 2021 to 2022 and from 2022 to 2023.

Enphase Energy Inc. (NASDAQ:ENPH)

Income Statement