Name: Enphase Energy Inc. (NASDAQ:ENPH) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

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.

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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 financial performance from 2019 to 2023 is characterized by a substantial acceleration in profitability and a significant expansion of comprehensive income, particularly starting in 2022. While the initial three-year period exhibited relative stability, the subsequent years demonstrate a sharp scaling of earning capacity.

Net Income Trajectory: Net income experienced a slight contraction between 2019 and 2020, decreasing from US$ 161.1 million to US$ 134.0 million, before stabilizing at US$ 145.4 million in 2021. A pivotal shift occurred in 2022, with net income surging to US$ 397.4 million, representing an increase of approximately 174% over the prior year. This growth trend persisted into 2023, with net income reaching US$ 438.9 million.
Other Comprehensive Income (OCI) and Market Volatility: Other comprehensive income displayed notable volatility, fluctuating between gains and losses throughout the five-year period. Foreign currency translation adjustments shifted inconsistently, contributing to an OCI low of negative US$ 8.8 million in 2022. The emergence of marketable securities adjustments in 2021 introduced further variance, with unrealized losses of US$ 2.1 million in 2021 and US$ 5.7 million in 2022, which reversed into a significant gain of US$ 7.7 million in 2023.
Comprehensive Income Analysis: Comprehensive income followed a pattern closely aligned with net income, given that OCI figures remained relatively immaterial compared to the scale of core earnings. Comprehensive income rose from US$ 159.5 million in 2019 to US$ 447.8 million in 2023. The most significant divergence occurred in 2022, where the combination of negative currency translation and unrealized security losses created a downward pressure on the comprehensive result relative to the net income.

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