Balance Sheet: Liabilities and Stockholders’ Equity
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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Enphase Energy Inc., consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable	116,164)	90,116)	79,075)	106,154)	125,085)	92,823)	90,398)	104,738)	113,767)	92,213)	82,141)	81,524)	72,609)	48,148)	24,135)	34,538)	57,474)	60,692)	65,989)	52,489)
Accrued liabilities	261,919)	434,825)	425,285)	396,688)	295,939)	255,800)	197,919)	169,146)	157,912)	139,243)	119,234)	115,172)	76,542)	52,203)	46,691)	49,817)	47,092)	39,991)	33,536)	32,431)
Deferred revenues, current	118,300)	114,031)	109,176)	99,819)	90,747)	79,609)	74,067)	68,693)	62,670)	59,232)	55,084)	49,118)	47,665)	41,738)	40,256)	39,022)	81,783)	34,295)	33,577)	32,916)
Warranty obligations, current	36,066)	40,750)	36,686)	34,513)	35,556)	32,350)	29,197)	23,960)	19,395)	16,728)	15,009)	14,303)	11,260)	10,760)	10,170)	9,678)	10,078)	8,757)	7,468)	7,925)
Debt, current	—)	94,665)	93,383)	92,115)	90,892)	89,654)	88,429)	87,219)	86,052)	86,039)	85,125)	84,356)	325,967)	103,670)	102,271)	100,567)	2,884)	3,084)	3,043)	2,985)
Current liabilities	532,449)	774,387)	743,605)	729,289)	638,219)	550,236)	480,010)	453,756)	439,796)	393,455)	356,593)	344,473)	534,043)	256,519)	223,523)	233,622)	199,311)	146,819)	143,613)	128,746)
Deferred revenues, non-current	369,172)	366,032)	354,296)	322,487)	281,613)	239,971)	217,095)	202,711)	187,186)	177,249)	165,645)	142,985)	125,473)	115,757)	110,977)	106,205)	100,204)	85,746)	82,288)	78,393)
Warranty obligations, non-current	153,021)	148,116)	144,029)	111,521)	95,890)	73,530)	67,354)	59,619)	53,982)	50,784)	44,929)	40,250)	34,653)	33,019)	27,737)	27,823)	27,020)	25,867)	25,526)	23,117)
Other liabilities	51,008)	53,762)	50,251)	47,187)	43,520)	25,418)	23,864)	19,259)	16,530)	20,617)	20,075)	15,777)	17,042)	14,387)	12,340)	13,077)	11,817)	11,970)	12,930)	9,466)
Debt, non-current	1,293,738)	1,196,947)	1,201,114)	1,200,276)	1,199,465)	1,198,627)	1,197,786)	1,196,950)	951,594)	940,244)	929,015)	917,873)	4,898)	256,452)	253,174)	295,216)	102,659)	100,978)	99,890)	65,406)
Warrants liability	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	38,637)	—)	—)	—)	—)
Non-current liabilities	1,866,939)	1,764,857)	1,749,690)	1,681,471)	1,620,488)	1,537,546)	1,506,099)	1,478,539)	1,209,292)	1,188,894)	1,159,664)	1,116,885)	182,066)	419,615)	404,228)	480,958)	241,700)	224,561)	220,634)	176,382)
Total liabilities	2,399,388)	2,539,244)	2,493,295)	2,410,760)	2,258,707)	2,087,782)	1,986,109)	1,932,295)	1,649,088)	1,582,349)	1,516,257)	1,461,358)	716,109)	676,134)	627,751)	714,580)	441,011)	371,380)	364,247)	305,128)
Common stock, $0.00001 par value	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)
Additional paid-in capital	939,338)	899,107)	858,039)	812,618)	819,119)	762,012)	713,473)	666,511)	837,924)	806,294)	762,611)	751,688)	534,744)	540,738)	534,867)	433,542)	458,315)	453,566)	449,802)	357,023)
Accumulated earnings (deficit)	46,273)	125,352)	189,539)	164,208)	17,335)	(136,418)	(251,230)	(328,206)	(405,737)	(158,328)	(180,137)	(19,488)	(51,186)	(124,177)	(163,539)	(116,245)	(185,181)	(301,847)	(332,946)	(343,563)
Accumulated other comprehensive income (loss)	(1,988)	(9,762)	(6,852)	(6,734)	(10,882)	(15,542)	(11,245)	(7,324)	(2,020)	(152)	1,924)	640)	434)	(356)	(1,153)	(1,091)	(923)	569)	414)	663)
Treasury stock, at cost	—)	—)	(68,140)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Stockholders’ equity (deficit)	983,624)	1,014,698)	972,587)	970,093)	825,573)	610,053)	450,999)	330,982)	430,168)	647,815)	584,399)	732,841)	483,993)	416,206)	370,176)	316,207)	272,212)	152,289)	117,271)	14,124)
Total liabilities and stockholders’ equity (deficit)	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)

Accounts payable: Accounts payable displayed a fluctuating trend with values ranging from 24,135 thousand USD in June 2020 to a peak of 125,085 thousand USD in December 2022. Notably, there were sharp increases in late 2020 and 2022, suggesting variability in short-term obligations.
Accrued liabilities: Accrued liabilities consistently increased throughout the period, rising from 32,431 thousand USD in March 2019 to a peak of 434,825 thousand USD by September 2023. A large jump is observed between 2021 and 2023, indicating a significant rise in expenses incurred but not yet paid.
Deferred revenues, current: Current deferred revenues showed a steady increase from 32,916 thousand USD in March 2019 to 118,300 thousand USD in December 2023. This growth reflects advancing collections of payments for services or products yet to be delivered.
Warranty obligations, current: There was a general upward trend in current warranty obligations, increasing from 7,925 thousand USD in March 2019 to a high of 40,750 thousand USD in September 2023, followed by a decrease to 36,066 thousand USD in December 2023, indicating expanding product support liabilities with some recent reduction.
Debt, current: Current debt rose dramatically from 2,985 thousand USD in March 2019 to a peak of 325,967 thousand USD in December 2020, then declined markedly by the end of the period, with no reported value at December 2023. This indicates significant short-term borrowings in 2020 followed by a sizable repayment or refinancing.
Current liabilities: Current liabilities expanded substantially during the period, especially in late 2020 when it surged to 534,043 thousand USD, then continued growing to 774,387 thousand USD by September 2023, before dropping to 532,449 thousand USD in December 2023. This highlights increased short-term obligations followed by partial reduction.
Deferred revenues, non-current: Non-current deferred revenues demonstrated consistent growth from 78,393 thousand USD in March 2019 to 369,172 thousand USD by December 2023, signaling greater long-term advance payments received and still outstanding as liabilities.
Warranty obligations, non-current: Non-current warranty obligations steadily increased from 23,117 thousand USD in March 2019 to 153,021 thousand USD in December 2023, reflecting growing long-term product liability considerations.
Other liabilities: Other liabilities increased from 9,466 thousand USD in March 2019 to a peak of 53,762 thousand USD in September 2023, with some oscillation toward the end of the period, indicating diversifying or growing miscellaneous obligations.
Debt, non-current: Non-current debt rose sharply from 65,406 thousand USD in March 2019 to over 1.29 million thousand USD by December 2023, with a brief dip in late 2020. This suggests substantial long-term financing activities and capital structure shifts over the period.
Warrants liability: The warrants liability appeared only in September 2019 with 38,637 thousand USD and was not reported in subsequent periods, indicating a one-time equity-linked liability or its conversion/settlement.
Non-current liabilities: Non-current liabilities consistently grew from 176,382 thousand USD in March 2019 to nearly 1.87 million thousand USD in December 2023. This reflects a notable expansion of long-term obligations, including debt and deferred revenues.
Total liabilities: Total liabilities increased markedly from 305,128 thousand USD in March 2019 to a peak of approximately 2.54 million thousand USD in September 2023, with a reduction to 2.40 million thousand USD by December 2023. This trajectory shows significant growth in overall financial obligations with some recent deleverage.
Common stock: Common stock par value remained constant at 1 thousand USD throughout the entire period, indicating no change in nominal stock capital.
Additional paid-in capital: Additional paid-in capital demonstrated an upward trend with fluctuations, increasing from 357,023 thousand USD in March 2019 to 939,338 thousand USD by December 2023. Despite a dip around early 2022, the overall increase reflects ongoing equity financing or retained earnings capitalization.
Accumulated earnings (deficit): Accumulated earnings (deficit) showed considerable volatility, initially improving from a deficit of 343,563 thousand USD in March 2019 to a positive position of 17,335 thousand USD in December 2022, followed by a return to deficit by the end of 2023. This indicates periods of profitability interspersed with losses.
Accumulated other comprehensive income (loss): This item fluctuated over time, generally negative in recent years, ranging from gains of several hundred to losses exceeding 15,000 thousand USD. This reflects unrealized gains or losses affecting equity from foreign currency or other comprehensive income components.
Treasury stock, at cost: Treasury stock was reported only briefly with a value of -68,140 thousand USD in June 2023, suggesting a stock repurchase program or buyback activity realized during this period.
Stockholders’ equity (deficit): Stockholders’ equity exhibited notable growth from 14,124 thousand USD in March 2019 to over 1 million thousand USD in September 2023, followed by a slight decline at year-end 2023. This indicates strengthening net asset position despite fluctuating earnings.
Total liabilities and stockholders’ equity: This aggregate total expanded from 319,252 thousand USD in March 2019 to a peak of over 3.55 million thousand USD in September 2023, with a reduction to 3.38 million thousand USD by December 2023, mirroring the growth and partial contraction of both liabilities and equity.

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Enphase Energy Inc. (NASDAQ:ENPH)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data