Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Enphase Energy Inc., consolidated statement of comprehensive income

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)
Foreign currency translation adjustments	1,190)	(3,185)	(334)	1,357)	(1,665)
Change in net unrealized gain (loss), net of income tax	7,704)	(5,677)	(2,120)	—)	—)
Marketable securities, net change, net of income tax	7,704)	(5,677)	(2,120)	—)	—)
Other comprehensive income (loss)	8,894)	(8,862)	(2,454)	1,357)	(1,665)
Comprehensive income	447,830)	388,500)	142,995)	135,352)	159,483)

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).

The data indicates fluctuations and overall growth in the company's profitability and comprehensive income over the five-year period analyzed.

Net Income: Net income initially decreases from 161,148 thousand US$ in 2019 to 133,995 thousand US$ in 2020, signifying a decline likely influenced by external or operational challenges during that year. Following this, there is a steady recovery and growth, with net income rising to 145,449 thousand US$ in 2021, then surging significantly to 397,362 thousand US$ in 2022, and further increasing to 438,936 thousand US$ in 2023. This confirms a strong upward financial performance and improved profitability in the latter years.
Foreign Currency Translation Adjustments: Foreign currency translation adjustments show considerable variability, ranging from a negative 1,665 thousand US$ in 2019 to a positive 1,357 thousand US$ in 2020. The value dips again to -334 thousand US$ in 2021 and further to -3,185 thousand US$ in 2022, before recovering to 1,190 thousand US$ in 2023. These fluctuations may reflect the impact of exchange rate movements on the company's foreign operations and currency exposure.
Change in Net Unrealized Gain (Loss), Net of Income Tax: The change in net unrealized gain (loss) is not reported for 2019 and 2020 but shows a negative impact of -2,120 thousand US$ in 2021, which worsens to -5,677 thousand US$ in 2022. However, in 2023, this trend reverses sharply with a positive value of 7,704 thousand US$, indicating a significant improvement in marketable securities or other investments that affect unrealized gains or losses.
Marketable Securities, Net Change, Net of Income Tax: This item parallels the change in net unrealized gain (loss) and reflects the same pattern, confirming that fluctuations in unrealized gains or losses stem from adjustments in marketable securities holdings over the years 2021 to 2023.
Other Comprehensive Income (Loss): Other comprehensive income exhibits volatility, beginning with a loss of 1,665 thousand US$ in 2019, switching to a gain of 1,357 thousand US$ in 2020, then experiencing further net losses of 2,454 thousand US$ in 2021 and a substantial loss of 8,862 thousand US$ in 2022. In 2023, it rebounds strongly to a positive 8,894 thousand US$, symptomatic of improved performance or valuation of items included in comprehensive income.
Comprehensive Income: Comprehensive income largely tracks the net income trend, showing a decline from 159,483 thousand US$ in 2019 to 135,352 thousand US$ in 2020, then minor decrease to 142,995 thousand US$ in 2021. A pronounced increase follows with 388,500 thousand US$ in 2022 and 447,830 thousand US$ in 2023. This pattern suggests that despite other comprehensive income volatility, overall comprehensive earnings have grown strongly, reflecting an improvement in total economic profitability.

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Enphase Energy Inc. (NASDAQ:ENPH)

Statement of Comprehensive Income