Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Enphase Energy Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	438,936)	397,362)	145,449)	133,995)	161,148)
Depreciation and amortization	74,708)	58,775)	30,846)	18,103)	14,119)
Net amortization (accretion) of premium (discount) on marketable securities	(15,561)	(2,632)	1,593)	—)	—)
Provision for doubtful accounts	1,153)	119)	477)	425)	217)
Asset impairment	10,603)	1,200)	—)	—)	1,124)
Non-cash interest expense	8,380)	8,167)	44,387)	18,825)	6,081)
Financing fees on extinguishment of debt	—)	—)	—)	—)	2,152)
Fees paid for repurchase and exchange of convertible notes due 2023	—)	—)	—)	—)	6,000)
Loss on partial settlement of convertibles notes	—)	—)	56,497)	3,037)	—)
Deemed repayment of convertible notes attributable to accreted debt discount	—)	—)	(15,718)	(3,132)	—)
Gain on settlement of debt securities	—)	—)	(6,569)	—)	—)
Net gain from change in fair value of debt securities	(8,078)	(735)	(3,042)	—)	—)
Stock-based compensation	212,857)	216,802)	114,286)	42,503)	20,176)
Change in fair value of derivatives	—)	—)	—)	44,348)	—)
Deferred income taxes	(43,348)	3,633)	(31,241)	(17,117)	(73,375)
Accounts receivable	(12,478)	(107,556)	(151,160)	(34,321)	(68,745)
Inventory	(63,887)	(75,273)	(29,258)	(9,708)	(15,789)
Prepaid expenses and other assets	(59,777)	(68,423)	(26,885)	(14,636)	(14,293)
Accounts payable, accrued and other liabilities	(22,149)	133,416)	117,183)	35,695)	22,200)
Warranty obligations	57,641)	57,773)	27,016)	8,815)	5,804)
Deferred revenues	117,780)	122,189)	78,167)	(10,498)	72,248)
Changes in operating assets and liabilities	17,130)	62,126)	15,063)	(24,653)	1,425)
Adjustments to reconcile net income to net cash provided by operating activities	257,844)	347,455)	206,579)	82,339)	(22,081)
Net cash provided by operating activities	696,780)	744,817)	352,028)	216,334)	139,067)
Purchases of property and equipment	(110,401)	(46,443)	(52,258)	(20,558)	(14,788)
Purchase of intangible asset	—)	—)	(250)	—)	—)
Investments in private companies	(15,000)	(16,000)	(58,000)	(5,010)	—)
Redemption of investment in private companies	—)	—)	26,569)	—)	—)
Business acquisitions, net of cash acquired	—)	(62,162)	(235,652)	—)	—)
Purchases of marketable securities	(2,081,431)	(907,430)	(934,956)	—)	—)
Maturities and sale of marketable securities	1,840,477)	660,129)	35,000)	—)	—)
Net cash used in investing activities	(366,355)	(371,906)	(1,219,547)	(25,568)	(14,788)
Issuance of convertible notes, net of issuance costs	—)	—)	1,188,439)	312,420)	127,413)
Purchase of convertible note hedges	—)	—)	(286,235)	(89,056)	(36,313)
Sale of warrants	—)	—)	220,800)	71,552)	29,818)
Fees paid for repurchase and exchange of convertible notes due 2023	—)	—)	—)	—)	(6,000)
Principal payments and financing fees on debt	—)	—)	(1,694)	(2,575)	(45,855)
Partial repurchase of convertible notes	—)	—)	(290,247)	(40,728)	—)
Proceeds from exercise of equity awards and employee stock purchase plan	13,870)	10,370)	7,484)	8,395)	4,985)
Payment of withholding taxes related to net share settlement of equity awards	(120,646)	(27,496)	(29,136)	(68,330)	(8,198)
Repurchase of common stock	(409,998)	—)	(500,000)	—)	—)
Net cash provided by (used in) financing activities	(516,774)	(17,126)	309,411)	191,678)	65,850)
Effect of exchange rate changes on cash and cash equivalents	1,853)	(1,857)	(1,955)	826)	(257)
Net increase (decrease) in cash and cash equivalents	(184,496)	353,928)	(560,063)	383,270)	189,872)
Cash and cash equivalents, beginning of period	473,244)	119,316)	679,379)	296,109)	106,237)
Cash and cash equivalents, end of period	288,748)	473,244)	119,316)	679,379)	296,109)

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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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Enphase Energy Inc. net cash provided by operating activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Enphase Energy Inc. net cash used in investing activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Enphase Energy Inc. net cash provided by (used in) financing activities decreased from 2021 to 2022 and from 2022 to 2023.

Enphase Energy Inc. (NASDAQ:ENPH)

Cash Flow Statement