Enphase Energy Inc

For the period ended Dec 31, 2023. Filed Feb 9, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 9, 2024

ENPH$27.64-5.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net income	$438,936	$397,362	145,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,708	58,775	30,846
Net amortization (accretion) of premium (discount) on marketable securities	(15,561)	(2,632)	1,593
Provision for doubtful accounts	1,153	119	477
Asset impairment	10,603	1,200	—
Non-cash interest expense	8,380	8,167	44,387
Loss on partial settlement of convertibles notes	—	—	56,497
Deemed repayment of convertible notes attributable to accreted debt discount	—	—	(15,718)
Gain on settlement of debt securities	—	—	(6,569)
Net gain from change in fair value of debt securities	(8,078)	(735)	(3,042)
Stock-based compensation	212,857	216,802	114,286
Deferred income taxes	(43,348)	3,633	(31,241)
Changes in operating assets and liabilities:
Accounts receivable	(12,478)	(107,556)	(151,160)
Inventory	(63,887)	(75,273)	(29,258)
Prepaid expenses and other assets	(59,777)	(68,423)	(26,885)
Accounts payable, accrued and other liabilities	(22,149)	133,416	117,183
Warranty obligations	57,641	57,773	27,016
Deferred revenues	117,780	122,189	78,167
Net cash provided by operating activities	696,780	744,817	352,028
Cash flows from investing activities:
Purchases of property and equipment	(110,401)	(46,443)	(52,258)
Purchase of intangible asset	—	—	(250)
Investments in private companies	(15,000)	(16,000)	(58,000)
Redemption of investment in private companies	—	—	26,569
Business acquisitions, net of cash acquired	—	(62,162)	(235,652)
Purchases of marketable securities	(2,081,431)	(907,430)	(934,956)
Maturities and sale of marketable securities	1,840,477	660,129	35,000
Net cash used in investing activities	(366,355)	(371,906)	(1,219,547)
Cash flows from financing activities:
Issuance of convertible notes, net of issuance costs	—	—	1,188,439
Purchase of convertible note hedges	—	—	(286,235)
Sale of warrants	—	—	220,800
Principal payments and financing fees on debt	—	—	(1,694)
Partial repurchase of convertible notes	—	—	(290,247)
Proceeds from exercise of equity awards and employee stock purchase plan	13,870	10,370	7,484
Payment of withholding taxes related to net share settlement of equity awards	(120,646)	(27,496)	(29,136)
Repurchase of common stock	(409,998)	—	(500,000)
Net cash provided by (used in) financing activities	(516,774)	(17,126)	309,411
Effect of exchange rate changes on cash and cash equivalents	1,853	(1,857)	(1,955)
Net increase (decrease) in cash and cash equivalents	(184,496)	353,928	(560,063)
Cash and cash equivalents—Beginning of period	473,244	119,316	679,379
Cash and cash equivalents—End of period	$288,748	$473,244	$119,316

	Years Ended December 31,
	2023	2022	2021
Supplemental cash flow disclosure:
Cash paid for interest	$455	$455	$733
Cash paid for income taxes	$74,706	$33,168	$4,823
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	$10,141	$17,396	$7,498
Purchases of property and equipment through tenant improvement allowance	$—	$748	$—
Contingent consideration in connection with the acquisition	$—	$—	$3,500

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.