Selected Financial Data
since 2012
Income Statement
Enphase Energy Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenues | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2023 | 2,290,786) | 445,741) | 438,936) |
| Dec 31, 2022 | 2,330,853) | 448,261) | 397,362) |
| Dec 31, 2021 | 1,382,049) | 215,832) | 145,449) |
| Dec 31, 2020 | 774,425) | 186,439) | 133,995) |
| Dec 31, 2019 | 624,333) | 102,729) | 161,148) |
| Dec 31, 2018 | 316,159) | 1,596) | (11,627) |
| Dec 31, 2017 | 286,166) | (39,378) | (45,192) |
| Dec 31, 2016 | 322,591) | (62,700) | (67,462) |
| Dec 31, 2015 | 357,249) | (19,309) | (22,082) |
| Dec 31, 2014 | 343,904) | (4,429) | (8,052) |
| Dec 31, 2013 | 232,846) | (22,158) | (25,913) |
| Dec 31, 2012 | 216,678) | (31,161) | (38,218) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
- Net Revenues
- The net revenues demonstrated a general upward trend over the analyzed period. Starting at $216.7 million in 2012, revenues increased modestly through 2013 and 2014, reaching $343.9 million in 2014. After a slight decline in 2017, the revenues experienced significant growth beginning in 2018, more than doubling from $316.2 million to over $624.3 million in 2019. This growth accelerated further in the following years, peaking at $2.33 billion in 2022 before a minor decrease to approximately $2.29 billion in 2023. Overall, the data indicates robust revenue growth, especially from 2018 onwards, reflecting successful expansion or increased market demand.
- Income (Loss) from Operations
- This metric exhibited considerable volatility in the earlier years. From negative $31.2 million in 2012, the operating loss narrowed to a low of negative $4.4 million in 2014, before deteriorating again to a significant loss of negative $62.7 million in 2016. From 2017 onward, the operating results shifted positively, showing a transition from a small profit of $1.6 million in 2018 to substantial positive operating income exceeding $102.7 million in 2019. This positive trend continued with operating income increasing further to $448.3 million in 2022, followed by slight stabilization near $445.7 million in 2023. The shift from losses to sustained operating profits suggests improved operational efficiency and cost management in recent years.
- Net Income (Loss)
- Net income followed a similar trajectory to operating income, with consistent losses from 2012 to 2017. Losses were deepest in 2016 at approximately negative $67.5 million and remained negative through 2017. Beginning in 2018, the company moved into profitability with net income turning positive at roughly $16.1 million. Subsequent years showed strong growth in net income, reaching peaks of $397.4 million in 2022 and $438.9 million in 2023. This progression from losses to robust profits indicates improved overall financial health and likely reflects both operational improvements and revenue growth effects.
Balance Sheet: Assets
Enphase Energy Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 2,443,518) | 3,383,012) |
| Dec 31, 2022 | 2,264,271) | 3,084,280) |
| Dec 31, 2021 | 1,462,461) | 2,079,256) |
| Dec 31, 2020 | 933,064) | 1,200,102) |
| Dec 31, 2019 | 499,657) | 713,223) |
| Dec 31, 2018 | 222,302) | 339,937) |
| Dec 31, 2017 | 130,446) | 169,147) |
| Dec 31, 2016 | 117,864) | 163,576) |
| Dec 31, 2015 | 121,768) | 165,528) |
| Dec 31, 2014 | 114,896) | 152,192) |
| Dec 31, 2013 | 90,509) | 116,669) |
| Dec 31, 2012 | 94,998) | 122,291) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The analysis of the annual financial figures reveals significant trends in asset growth and liquidity over the period from 2012 to 2023.
- Current Assets
- Current assets have shown a consistent upward trend throughout the years. Starting at $94,998 thousand in 2012, current assets remained relatively stable with a slight dip in 2013, followed by gradual increases up to 2017. From 2018 onwards, the growth accelerated markedly, reaching $2,443,518 thousand in 2023. This sharp increase in recent years indicates enhanced liquidity and potentially increased working capital, supporting operational needs and short-term obligations more robustly.
- Total Assets
- Total assets also demonstrated a pattern of steady growth. Beginning at $122,291 thousand in 2012, total assets experienced minor fluctuations until 2017 but started expanding significantly from 2018. By 2023, total assets more than doubled compared to 2020, culminating at $3,383,012 thousand. This substantial asset base expansion suggests aggressive capital investments, acquisitions, or organic growth, signaling a strengthening financial position and expanded operational scale.
- Comparative Insights
- Both current and total assets exhibit correlated growth trends, with particularly pronounced spikes beginning in 2018. The ratio of current assets to total assets tends to be higher in the latter years, which may reflect improved asset liquidity or a strategic shift toward more liquid assets. Overall, the data indicates the entity has been scaling up operations with a strong focus on asset accumulation and liquidity enhancement over the analyzed period.
Balance Sheet: Liabilities and Stockholders’ Equity
Enphase Energy Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2023 | 532,449) | 2,399,388) | 1,293,738) | 983,624) |
| Dec 31, 2022 | 638,219) | 2,258,707) | 1,290,357) | 825,573) |
| Dec 31, 2021 | 439,796) | 1,649,088) | 1,037,646) | 430,168) |
| Dec 31, 2020 | 534,043) | 716,109) | 330,865) | 483,993) |
| Dec 31, 2019 | 199,311) | 441,011) | 105,543) | 272,212) |
| Dec 31, 2018 | 147,161) | 332,161) | 109,783) | 7,776) |
| Dec 31, 2017 | 91,741) | 178,273) | 49,751) | (9,126) |
| Dec 31, 2016 | 82,772) | 162,276) | 33,900) | 1,300) |
| Dec 31, 2015 | 72,848) | 124,079) | 17,000) | 41,449) |
| Dec 31, 2014 | 58,706) | 105,240) | —) | 46,952) |
| Dec 31, 2013 | 33,365) | 76,463) | 8,677) | 40,206) |
| Dec 31, 2012 | 33,855) | 65,636) | 11,061) | 56,655) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The financial data over the examined period reveals several notable trends in the company's liability and equity structure.
- Current Liabilities
- Current liabilities show a general increasing trend from 33,855 thousand USD in 2012 to a peak of 638,219 thousand USD in 2022, with a slight decline to 532,449 thousand USD in 2023. The most significant surge occurs between 2019 and 2021, where current liabilities more than double, indicating increasing short-term financial obligations.
- Total Liabilities
- Total liabilities have exhibited consistent growth throughout the period, increasing from 65,636 thousand USD in 2012 to 2,399,388 thousand USD in 2023. This represents nearly a 37-fold increase over the 11-year span. The acceleration is particularly evident from 2019 onwards, highlighting growing leverage or expansion financed through external obligations.
- Total Debt
- Total debt values, which are a subset of total liabilities, display a sharp increase from 11,061 thousand USD in 2012 to approximately 1,293,738 thousand USD in 2023. Notably, there is missing data for 2014, but the available data points indicate a substantial rise starting in 2015. The rapid escalation after 2018, with debt levels rising more than twelvefold by 2023, suggests a strategic increase in borrowing during this period.
- Stockholders’ Equity
- Stockholders' equity shows variability, beginning at 56,655 thousand USD in 2012, declining to a deficit of -9,126 thousand USD in 2017, then recovering substantially to reach 983,624 thousand USD in 2023. This pattern indicates a period of financial stress or negative retained earnings up to 2017, followed by a strong recovery and growth in equity, especially from 2018 onward.
Overall, the data portray a company that has significantly expanded its liabilities and debt over the analyzed years while managing to recover and grow its equity after a period of deficit. The sharp increases in both debt and total liabilities, particularly post-2018, may reflect aggressive growth strategies or increased operational scale, balanced by improving equity positions in the later years.
Cash Flow Statement
Enphase Energy Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 696,780) | (366,355) | (516,774) |
| Dec 31, 2022 | 744,817) | (371,906) | (17,126) |
| Dec 31, 2021 | 352,028) | (1,219,547) | 309,411) |
| Dec 31, 2020 | 216,334) | (25,568) | 191,678) |
| Dec 31, 2019 | 139,067) | (14,788) | 65,850) |
| Dec 31, 2018 | 16,132) | (19,151) | 80,614) |
| Dec 31, 2017 | (28,442) | (4,121) | 43,297) |
| Dec 31, 2016 | (32,953) | (11,795) | 34,375) |
| Dec 31, 2015 | (21,160) | (12,462) | 20,564) |
| Dec 31, 2014 | 24,222) | (16,534) | (3,342) |
| Dec 31, 2013 | (872) | (6,257) | (58) |
| Dec 31, 2012 | (44,645) | (12,990) | 51,436) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The analysis of the cash flow activities over the reported periods reveals significant fluctuations and evolving trends in the company's financial management.
- Operating Activities
- Initially, the net cash flow from operating activities showed considerable volatility with negative values in 2012, 2015, 2016, and 2017, indicating operational challenges or cash outflows in those years. Starting in 2018, there was a notable improvement with positive operating cash flow that sharply increased year-over-year, reaching a peak in 2022. Despite a slight decrease in 2023, the operating activities remain strongly positive, suggesting enhanced operational efficiency or growth in core business profitability during the latter years.
- Investing Activities
- Investing cash flows have consistently been negative throughout the period, indicating ongoing investments in assets or acquisitions. While the magnitude of cash used fluctuated, it significantly spiked in 2021, reaching over a billion dollars in outflows, likely related to major capital expenditures or strategic investments. Although the investing cash outflow decreased considerably after 2021, it remained at substantial levels in 2022 and 2023, reflecting continued but moderated investment activity.
- Financing Activities
- Financing cash flows showed variable patterns with a general trend of significant inflows from 2015 through 2021, peaking in 2021, possibly due to increased debt issuance or equity financing efforts to support growth or investing activities. However, in the last two years, 2022 and 2023, financing activities reversed dramatically, resulting in cash outflows. This turnaround could indicate debt repayments, stock buybacks, or reduced reliance on external financing during this period.
Per Share Data
Enphase Energy Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 3.22 | 3.08 | 0.00 |
| Dec 31, 2022 | 2.94 | 2.77 | 0.00 |
| Dec 31, 2021 | 1.09 | 1.02 | 0.00 |
| Dec 31, 2020 | 1.07 | 0.95 | 0.00 |
| Dec 31, 2019 | 1.38 | 1.23 | 0.00 |
| Dec 31, 2018 | -0.12 | -0.12 | 0.00 |
| Dec 31, 2017 | -0.54 | -0.54 | 0.00 |
| Dec 31, 2016 | -1.34 | -1.34 | 0.00 |
| Dec 31, 2015 | -0.49 | -0.49 | 0.00 |
| Dec 31, 2014 | -0.19 | -0.19 | 0.00 |
| Dec 31, 2013 | -0.62 | -0.62 | 0.00 |
| Dec 31, 2012 | -1.24 | -1.24 | 0.00 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis of the annual financial data reveals notable trends in earnings per share over the period from 2012 to 2023. Initially, both basic and diluted earnings per share were negative, indicating losses. Specifically, the company experienced consistent negative earnings from 2012 through 2018, with some fluctuations in the extent of losses.
Starting in 2019, a significant shift occurred as both basic and diluted earnings per share turned positive, suggesting a turnaround in profitability. This upward trajectory continued through to 2023, with basic earnings per share increasing from 1.38 US$ in 2019 to 3.22 US$ in 2023, and diluted earnings per share rising from 1.23 US$ to 3.08 US$ over the same period.
The improvement in earnings per share demonstrates enhanced operational performance or effective business strategies implemented during these years. The loss peaks in 2012 and 2016 at -1.24 US$ and -1.34 US$ respectively, were followed by incremental ameliorations in subsequent years before achieving sustained profitability.
Regarding dividend distribution, there is an absence of data throughout the entire period, indicating no dividends were declared or paid. This could suggest a strategic decision to reinvest earnings into the business rather than distribute profits to shareholders.
- Basic earnings per share
- Negative from 2012 to 2018, turning positive in 2019, with continuous growth until 2023 (3.22 US$).
- Diluted earnings per share
- Mirrors the trend of basic EPS, with losses early on and positive values beginning in 2019, culminating at 3.08 US$ in 2023.
- Dividend per share
- No dividends recorded throughout the period, indicating no payout to shareholders.