Cash Flow Statement
Quarterly Data
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.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2012
- Operating Profit Margin since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
- Aggregate Accruals
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Enphase Energy Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net Income (Loss) Trend
- The net income displayed high volatility over the analyzed quarters. Initial growth through 2019 peaked in Q4 2019, followed by a sharp loss in Q2 2020, recovering steadily thereafter with record highs in late 2022 and early 2023, then a notable decrease in Q4 2023. This indicates fluctuating profitability, possibly affected by operational or market factors.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a generally increasing trend, rising steadily from 2019 through 2023. This consistent rise suggests growing asset base or capital expenditures.
- Stock-Based Compensation
- Stock-based compensation costs consistently increased over time, reaching significant peaks in 2021 and 2023. The increasing personnel-related expenses may imply expansion and retention efforts.
- Non-Cash Interest Expense
- Non-cash interest expenses rose notably from 2019 into 2021, nearly doubling, and then stabilized around high levels through 2023. This might reflect increased financing activity or changes in debt structure.
- Asset Impairment and Provision for Doubtful Accounts
- Asset impairments appeared sporadic but with significant spikes in late 2022 and early 2023. Provision for doubtful accounts fluctuated with no consistent pattern, suggesting episodic credit risk issues.
- Operating Assets and Liabilities
- Changes in operating assets and liabilities showed considerable volatility. For instance, accounts receivable and inventory movements were inconsistent, with some quarters showing large increases or decreases, reflecting working capital fluctuations impacting cash flow.
- Net Cash Provided by Operating Activities
- Operating cash flows exhibited strong growth especially from mid-2021 onward, with several quarters exceeding $200 million. This indicates improved core business cash generation capacity despite income volatility.
- Investing Activities
- Investing cash flows were predominantly negative, reflecting continuous purchases of property, equipment, marketable securities, and private company investments, occasionally offset by significant redemptions or maturities. Large acquisitions in late 2021 and 2022 contributed to considerable cash outflows.
- Financing Activities
- Financing cash flow fluctuated widely, characterized by large issuances of convertible notes in certain periods and substantial repurchases of common stock especially in 2021 and 2023. Debt-related fees and repayments also contributed to variability. The overall net impact appears to be active capital restructuring and shareholder returns.
- Cash and Equivalents
- Quarterly changes in cash balances were highly volatile. There were periods of sharp increases, notably Q1 2021, and steep declines as seen in late 2021. These swings correspond closely with financing and investing activities, evidencing aggressive cash management and financing strategies.
- Summary Insight
- The entity experienced fluctuating earnings with significant volatility in investment and financing activities. Operating cash flows strengthened markedly in recent periods, supporting growth and capital investments. However, heavy reliance on convertible debt, high stock-based compensation costs, and episodic asset impairments highlight areas of financial complexity and risk requiring ongoing management attention.