Enphase Energy Inc

For the period ended Dec 31, 2024. Filed Feb 10, 2025.

About this filing

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.

FY2024 · Filed Feb 10, 2025

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,
	2024	2023	2022
Cash flows from operating activities:
Net income	$102,658	$438,936	397,362
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,389	74,708	58,775
Net accretion of discount on marketable securities	(8,599)	(15,561)	(2,632)
Provision for credit losses	6,677	1,153	119
Asset impairment	28,843	10,603	1,200
Non-cash interest expense	8,650	8,380	8,167
Net gain from change in fair value of debt securities	(1,967)	(8,078)	(735)
Stock-based compensation	211,360	212,857	216,802
Deferred income taxes	(58,319)	(43,348)	3,633
Changes in operating assets and liabilities:
Accounts receivable	211,640	(12,478)	(107,556)
Inventory	48,591	(63,887)	(75,273)
Prepaid expenses and other assets	(134,343)	(59,777)	(68,423)
Accounts payable, accrued and other liabilities	(85,536)	(22,149)	133,416
Warranty obligations	3,802	57,641	57,773
Deferred revenues	98,847	117,780	122,189
Net cash provided by operating activities	513,693	696,780	744,817
Cash flows from investing activities:
Purchases of property and equipment	(33,604)	(110,401)	(46,443)
Investments in private companies	—	(15,000)	(16,000)
Business acquisitions, net of cash acquired	—	—	(62,162)
Purchases of marketable securities	(1,184,649)	(2,081,431)	(907,430)
Maturities and sale of marketable securities	1,346,520	1,840,477	660,129
Net cash provided by (used in) investing activities	128,267	(366,355)	(371,906)
Cash flows from financing activities:
Partial settlement of convertible notes	(7)	—	—
Proceeds from issuance of common stock under employee equity plans	12,688	13,870	10,370
Payment of withholding taxes related to net share settlement of equity awards	(78,813)	(120,646)	(27,496)
Repurchase of common stock	(391,364)	(409,998)	—
Payment of excise tax on net stock repurchases	(2,773)	—	—
Net cash used in financing activities	(460,269)	(516,774)	(17,126)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,323)	1,853	(1,857)
Net increase (decrease) in cash, cash equivalents and restricted cash	175,368	(184,496)	353,928
Cash and cash equivalents—Beginning of period	288,748	473,244	119,316
Cash, cash equivalents and restricted cash—End of period	$464,116	$288,748	$473,244

	Years Ended December 31,
	2024	2023	2022
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	369,110	288,748	473,244
Restricted cash	95,006	—	—
Total cash, cash equivalents and restricted cash	$464,116	$288,748	$473,244
Supplemental cash flow disclosure:
Cash paid for interest	$255	$455	$455
Cash paid for income taxes	$32,660	$74,706	$33,168
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	$11,188	$10,141	$17,396
Purchases of property and equipment through tenant improvement allowance	$—	$—	$748

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