← Enphase Energy, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | ($67.5m) | ($45.2m) | ($11.6m) | $161.1m | $134.0m | $145.4m | $397.4m | $438.9m | $102.7m | $172.1m | |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | ($62.7m) | ($39.4m) | — | — | — | — | — | — | — | — | |
| Depreciation, Depletion and Amortization | $10.6m | $9.0m | $9.7m | $14.1m | $18.1m | $32.4m | $58.8m | $74.7m | $81.4m | $80.6m | |
| Depreciation | $9.9m | $8.6m | $8.3m | $7.3m | $9.7m | $16.7m | $27.7m | $40.7m | $51.5m | $52.8m | |
| Amortization of Debt Issuance Costs and Discounts | $145k | $1.7m | $2.7m | $6.1m | $18.8m | $44.4m | $8.2m | $8.4m | $8.7m | $4.2m | |
| Amortization of Intangible Assets | $700k | $400k | $1.7m | $4.7m | $5.1m | $9.5m | $24.7m | $27.2m | $22.6m | $20.2m | |
| Deferred Income Tax Expense (Benefit) | $654k | ($1.4m) | $123k | ($73.0m) | ($17.1m) | ($31.2m) | ($137k) | ($47.2m) | ($61.2m) | $13.5m | |
| Share-based Payment Arrangement, Noncash Expense | $10.3m | $6.7m | $11.4m | $20.2m | $42.5m | $114.3m | $216.8m | $212.9m | $211.4m | $214.1m | |
| Payment, Tax Withholding, Share-based Payment Arrangement | — | — | $0 | $8.2m | $68.3m | $29.1m | $27.5m | $120.6m | $78.8m | $18.0m | |
| Share-based Payment Arrangement, Expense | $10.3m | $6.7m | $11.4m | $20.2m | $42.5m | $114.3m | $216.8m | $212.9m | $211.4m | $214.1m | |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | — | — | — | $0 | $0 | ($3.0m) | ($735k) | ($8.1m) | $6.0m | $9.6m | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Impairment of Intangible Assets (Excluding Goodwill) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | |
| Impairment of Intangible Assets, Finite-lived | — | — | — | — | — | — | — | $3.8m | $3.5m | $0 | |
| Operating Lease, Impairment Loss | — | — | — | — | — | — | — | — | $100k | $1.5m | |
| Restructuring Costs and Asset Impairment Charges | $3.2m | $1.7m | — | — | — | — | — | $15.7m | $13.2m | $7.1m | |
| Gain (Loss) on Disposition of Business | $640k | $0 | — | — | — | — | — | — | — | — | |
| Gain (Loss) on Extinguishment of Debt | — | — | $0 | ($2.2m) | $0 | $0 | — | — | — | — | |
| Income Tax Expense (Benefit) | $1.5m | ($149k) | $1.4m | ($71.0m) | ($14.6m) | ($24.5m) | $54.7m | $74.2m | $17.5m | $32.7m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | — | $8.9m | $4.5m | |
| Other Nonoperating Income (Expense) | ($514k) | $2.0m | ($2.2m) | ($5.4m) | ($3.8m) | $6.0m | ($431k) | $6.5m | ($25.5m) | ($10.9m) | |
| Changes in operating assets and liabilities: | |||||||||||
| Non-cash transactions: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $18.0m | $4.8m | $13.5m | $68.7m | $34.3m | $151.2m | $107.6m | $12.5m | ($211.6m) | ($3.8m) | |
| Increase (Decrease) in Inventories | ($8.8m) | ($6.0m) | ($9.7m) | $15.8m | $9.7m | $29.3m | $75.3m | $63.9m | ($48.6m) | $123.0m | |
| Gain (Loss) on Termination of Lease | — | — | — | — | — | — | — | — | — | $1.3m | |
| General and Administrative Expense | $27.4m | $22.2m | $29.1m | $38.8m | $50.7m | $104.1m | $140.0m | $137.8m | $130.8m | $135.8m | |
| Goodwill | $3.7m | $3.7m | $24.8m | $24.8m | $24.8m | $181.3m | $213.6m | $214.6m | $211.6m | $214.8m | |
| Nonoperating Income (Expense) | ($3.3m) | ($6.0m) | ($11.8m) | ($12.6m) | ($67.0m) | ($94.9m) | $3.8m | $67.4m | $42.9m | $47.3m | |
| Operating Expenses | $120.7m | $95.4m | $92.8m | $118.5m | $159.5m | $338.6m | $526.3m | $612.6m | $551.8m | $529.5m | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | — | — | — | — | ($44.3m) | $0 | $0 | — | — | — | |
| Other Operating Income (Expense), Net | — | — | — | — | — | — | — | — | — | ($200k) | |
| Net Cash Provided by (Used in) Operating Activities | ($33.0m) | ($28.4m) | $16.1m | $139.1m | $216.3m | $352.0m | $744.8m | $696.8m | $513.7m | $136.5m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $12.2m | $4.1m | $4.2m | $14.8m | $20.6m | $52.3m | $46.4m | $110.4m | $33.6m | $40.6m | |
| Property, plant and equipment acquisitions funded by liabilities | $12.2m | $4.1m | $4.2m | $14.8m | $20.6m | $52.3m | $46.4m | $110.4m | $33.6m | $40.6m | |
| Payments to Acquire Businesses, Net of Cash Acquired | ($1.1m) | — | $15.0m | $0 | $0 | $235.7m | $62.2m | $0 | $0 | — | |
| Payments to Acquire Investments | — | — | — | — | $5.0m | — | — | — | — | — | |
| Gain (Loss) on Sale of Investments | — | — | — | — | — | $6.6m | $0 | $0 | — | — | |
| Net Cash Provided by (Used in) Investing Activities | ($11.8m) | ($4.1m) | ($19.2m) | ($14.8m) | ($25.6m) | ($1.2b) | ($371.9m) | ($366.4m) | $128.3m | $106.8m | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | — | — | $68.0m | $0 | $0 | — | — | — | — | — | |
| Repayments of Long-term Debt | $0 | — | $10.0m | $45.9m | $2.6m | $1.7m | $0 | $0 | — | $102.2m | |
| Proceeds from Issuance of Common Stock | $16.1m | $26.4m | $19.8m | $0 | $0 | $7.5m | $10.4m | $13.9m | $12.7m | $8.5m | |
| Payments for Repurchase of Common Stock | — | — | — | — | — | $500.0m | $0 | $410.0m | $391.4m | $130.0m | |
| Net Cash Provided by (Used in) Financing Activities | $34.4m | $43.3m | $80.6m | $65.8m | $191.7m | $309.4m | ($17.1m) | ($516.8m) | ($460.3m) | ($241.6m) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | ($502k) | ($257k) | $826k | ($2.0m) | ($1.9m) | $1.9m | ($6.3m) | $8.5m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $646k | $77.1m | $189.9m | $383.3m | ($560.1m) | $353.9m | ($184.5m) | $175.4m | $10.2m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $646k | $106.2m | $296.1m | $679.4m | $119.3m | $473.2m | $288.7m | $464.1m | $474.3m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $2.7m | $5.8m | $6.3m | $2.7m | $1.9m | $733k | $455k | $455k | $255k | $128k | |
| Income Taxes Paid, Net | $1.1m | $909k | $775k | $1.8m | $3.5m | $4.8m | $33.2m | $74.7m | $32.7m | $20.4m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.