Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	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
Net revenues	302,570)	551,082)	711,118)	726,016)	724,652)	634,713)	530,196)	441,292)	412,719)	351,519)	316,057)	301,754)	264,839)	178,503)	125,538)	205,545)	210,032)	180,057)	134,094)	100,150)
Cost of revenues	(155,908)	(289,069)	(387,776)	(399,645)	(413,951)	(366,797)	(311,191)	(264,319)	(249,405)	(211,161)	(188,256)	(178,805)	(142,901)	(83,522)	(77,151)	(124,870)	(132,151)	(115,351)	(88,775)	(66,811)
Gross profit	146,662)	262,013)	323,342)	326,371)	310,701)	267,916)	219,005)	176,973)	163,314)	140,358)	127,801)	122,949)	121,938)	94,981)	48,387)	80,675)	77,881)	64,706)	45,319)	33,339)
Research and development	(55,291)	(54,873)	(60,043)	(57,129)	(49,683)	(44,188)	(39,256)	(35,719)	(31,589)	(29,411)	(22,708)	(21,818)	(15,801)	(15,052)	(13,192)	(11,876)	(11,168)	(11,085)	(9,604)	(8,524)
Sales and marketing	(53,409)	(55,357)	(58,405)	(64,621)	(64,913)	(55,257)	(53,588)	(41,344)	(44,470)	(39,296)	(25,586)	(19,622)	(14,139)	(14,645)	(12,371)	(11,772)	(10,690)	(9,551)	(9,054)	(7,433)
General and administrative	(33,379)	(33,794)	(34,397)	(36,265)	(37,355)	(32,436)	(32,125)	(38,086)	(29,560)	(34,300)	(20,107)	(20,123)	(12,884)	(13,525)	(11,970)	(12,315)	(10,450)	(9,895)	(8,583)	(9,880)
Restructuring charges	(14,814)	—)	(177)	(693)	(1,790)	(594)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,131)	(469)	(631)	(368)
Operating expenses	(156,893)	(144,024)	(153,022)	(158,708)	(153,741)	(132,475)	(124,969)	(115,149)	(105,619)	(103,007)	(68,401)	(61,563)	(42,824)	(43,222)	(37,533)	(35,963)	(33,439)	(31,000)	(27,872)	(26,205)
Income from operations	(10,231)	117,989)	170,320)	167,663)	156,960)	135,441)	94,036)	61,824)	57,695)	37,351)	59,400)	61,386)	79,114)	51,759)	10,854)	44,712)	44,442)	33,706)	17,447)	7,134)
Interest income	20,493)	19,669)	16,526)	13,040)	8,720)	3,680)	796)	460)	414)	110)	98)	73)	673)	110)	282)	1,091)	815)	894)	593)	211)
Interest expense	(2,268)	(2,196)	(2,219)	(2,156)	(2,279)	(2,255)	(2,168)	(2,736)	(12,689)	(12,628)	(12,506)	(7,329)	(5,901)	(5,993)	(5,952)	(3,155)	(2,303)	(2,286)	(1,351)	(3,751)
Other income (expense), net	4,233)	1,883)	(33)	426)	4,777)	(2,611)	(456)	(2,141)	5,236)	874)	(633)	573)	503)	(1,031)	653)	(924)	1,467)	(943)	(5,480)	(481)
Loss on partial settlement of convertible notes	—)	—)	—)	—)	—)	—)	—)	—)	(115)	—)	(13)	(56,369)	(3,037)	—)	—)	—)	—)	—)	—)	—)
Change in fair value of derivatives	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(59,692)	15,344)	—)	—)	—)	—)
Other income (expense), net	22,458)	19,356)	14,274)	11,310)	11,218)	(1,186)	(1,828)	(4,417)	(7,154)	(11,644)	(13,054)	(63,052)	(7,762)	(6,914)	(64,709)	12,356)	(21)	(2,335)	(6,238)	(4,021)
Income (loss) before income taxes	12,227)	137,345)	184,594)	178,973)	168,178)	134,255)	92,208)	57,407)	50,541)	25,707)	46,346)	(1,666)	71,352)	44,845)	(53,855)	57,068)	44,421)	31,371)	11,209)	3,113)
Income tax (provision) benefit	8,692)	(23,392)	(27,403)	(32,100)	(14,425)	(19,443)	(15,232)	(5,586)	2,050)	(3,898)	(6,995)	33,364)	1,639)	(5,483)	6,561)	11,868)	72,245)	(272)	(591)	(348)
Net income (loss)	20,919)	113,953)	157,191)	146,873)	153,753)	114,812)	76,976)	51,821)	52,591)	21,809)	39,351)	31,698)	72,991)	39,362)	(47,294)	68,936)	116,666)	31,099)	10,618)	2,765)

Net Revenues: Net revenues exhibited an overall upward trend from March 2019 through December 2022, increasing from approximately $100 million to a peak of over $724 million in the fourth quarter of 2022. However, starting in 2023, revenues showed a considerable decline, dropping sharply to around $302 million by the end of the year.
Cost of Revenues: Cost of revenues followed a similar general upward pattern, rising significantly through 2022, reaching a maximum of about $414 million in Q4 2022. Corresponding with the revenue drop in 2023, cost of revenues also declined markedly, falling to approximately $156 million by Q4 2023.
Gross Profit: Gross profit trended upward along with revenues and cost of revenues, increasing from about $33 million in Q1 2019 to a peak exceeding $326 million in Q3 2022. The figure dipped somewhat afterwards but remained above $260 million through Q4 2022 before falling sharply in 2023 to roughly $147 million by Q4.
Operating Expenses: Operating expenses (sum of research and development, sales and marketing, general and administrative, and restructuring charges) generally increased over the period. Research and development expenses rose steadily from around $8.5 million in early 2019 to over $60 million in mid-2023, then slightly declined near the end of 2023. Sales and marketing expenses saw an overall increase, especially peaking toward mid-2023, but contained a decrease towards year-end 2023. General and administrative costs grew notably, with some fluctuations, trending upwards and stabilizing around $33-$37 million in late 2023. Restructuring charges were sporadic, with one significant spike in Q4 2023.
Income from Operations: Operating income showed robust growth from early 2019, peaking at over $170 million in Q4 2022. However, a sharp reversal occurred in Q4 2023, resulting in a loss of approximately $10 million. Prior quarters of 2023 still reflected healthy operating income between $117 million and $167 million.
Interest Income and Expense: Interest income increased substantially over the period, rising from a few hundred thousand dollars in 2019 to over $20 million in Q4 2023. Interest expense fluctuated, peaking between 2019 and 2021 but declining significantly thereafter, stabilizing between $2 million and $3 million in late 2023.
Other Income (Expense), Net: Other income (expense), net, displayed considerable volatility, including substantial negative impacts linked to derivative fair value changes and losses on convertible notes in certain quarters, particularly in 2019 and 2020. More recently, this item showed positive contributions, especially during 2023.
Income Before Income Taxes: Income before income taxes showed a general upward trajectory through 2022, peaking close to $185 million in Q3 2023. This was followed by a marked decline in Q4 2023 to around $12 million.
Income Tax Provision (Benefit): Income taxes exhibited significant variability, with some quarters showing tax benefits, notably a large benefit in Q4 2019. In later periods, tax provisions tended to increase in line with profitability, with large tax expenses recorded during 2022 and 2023. The last quarter of 2023 showed a tax benefit, which contributed positively to net income.
Net Income (Loss): Net income followed a strong growth trend from 2019, reaching notably high levels in Q4 2019 (enhanced by tax benefits) and again peaking in late 2022 and early 2023. Throughout 2023, net income remained robust until Q4, when it dropped sharply to about $21 million, reflecting the overall decline in revenues and operating income during the final quarter.
Summary Insights: The financial data reflect a period of substantial growth in revenues, gross profit, and profitability from 2019 through late 2022, supported by rising operating expenses that accompanied expansion efforts. The decline in all key performance metrics starting in 2023, culminating in a negative operating result and substantially lower revenues in Q4 2023, suggests the presence of significant operational or market challenges during that period. Fluctuations in other income and tax effects also materially influenced net profitability across several quarters, indicating exposure to financial instruments and tax planning impacts. Overall, the data demonstrate a strong growth phase followed by a notable downturn in the most recent quarter analyzed.

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Enphase Energy Inc. (NASDAQ:ENPH)

Income Statement Quarterly Data

Income Statement
Quarterly Data