Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

a4a6518c6b1b6da3c63b8a06b4fc2787f85e7d2ec44c003bde0fb2f804438315

b46db072814bc517300d6878f51e4af0aebfd1df92d2fb615d90c0f6bf76a02a

aea120670f2ab6af0c5e3a3d2a7f3c32182b2f266dbe8f21c17f3ef3661cf916

United States

International

- Netherlands

- France

- Others

Total Revenue

7986c1450bcda62d4355bb72ac25766ba1c560759c2d06881dfd9369a5fb0752

- Point in Time

- Over Time

dc933148efc38ef3eb49a93d17c8ea105f263d06ae9ad1f2419aa25e7c9d3cd8

Number of microinverter units sold (million units)

IQ Batteries MWh shipped (Megawatt-hours (MWh))

Cumulative number of microinverters shipped (million units)

Cumulative number of Enphase residential and commercial systems deployed (million systems)

Number of countries with Enphase residential and commercial systems deployed (countries)

Remaining Performance Obligations (USD millions)

d8636d461fc6c80685f184c9b719a30543f31126039d38905cf0587b100e5855

Net Income (Loss) [USD, thousands]

Depreciation and Amortization [USD, thousands]

Net Accretion (Amortization) of Discount (Premium) on Marketable Securities [USD, thousands]

Provision for Credit Losses [USD, thousands]

Asset Impairment [USD, thousands]

Non-Cash Interest Expense [USD, thousands]

Net Gain (Loss) from Change in Fair Value of Debt Securities [USD, thousands]

Stock-Based Compensation [USD, thousands]

Net Cash Provided by Operating Activities [USD, thousands]

Purchases of Property and Equipment [USD, thousands]

Purchases of Marketable Securities [USD, thousands]

Maturities and Sale of Marketable Securities [USD, thousands]

Net Cash Provided by (Used in) Investing Activities [USD, thousands]

Proceeds from Issuance of Common Stock under Employee Equity Plans [USD, thousands]

Payment of Withholding Taxes Related to Net Share Settlement of Equity Awards [USD, thousands]

Repurchase of Common Stock [USD, thousands]

Net Cash Used in Financing Activities [USD, thousands]

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash [USD, thousands]

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash [USD, thousands]

Deferred Income Taxes [USD, thousands]

Cash and Cash Equivalents—Beginning of Period [USD, thousands]

Cash, Cash Equivalents and Restricted Cash—End of Period [USD, thousands]

54911f32ef88ebe258cf8034efe6b73579f2e9c86b34eff0de9ecdfff4fc11b4

Restricted cash (USD, thousands)

Marketable securities (USD, thousands)

Accounts receivable, net of allowances (USD, thousands)

Inventory (USD, thousands)

Prepaid expenses and other current assets (USD, thousands)

Total current assets (USD, thousands)

Property and equipment, net (USD, thousands)

Intangible assets, net (USD, thousands)

Goodwill (USD, thousands)

Other assets (USD, thousands)

Deferred tax assets, net (USD, thousands)

Total assets (USD, thousands)

Accounts payable (USD, thousands)

Accrued liabilities (USD, thousands)

Deferred revenues, current (USD, thousands)

Warranty obligations, current (USD, thousands)

Debt, current (USD, thousands)

Total current liabilities (USD, thousands)

Deferred revenues, non-current (USD, thousands)

Warranty obligations, non-current (USD, thousands)

Other liabilities (USD, thousands)

Debt, non-current (USD, thousands)

Total liabilities (USD, thousands)

Total stockholders’ equity (USD, thousands)

Total liabilities and stockholders’ equity (USD, thousands)

36ce12b8e4cee44dd69f031f3daef700becbaed2b49d3f4b39690d20b7e3151b

Operating cash flow was significantly lower in Q1 2024 due to several factors. **Net revenues decreased by 64%** compared to Q1 2023, driven largely by a **71% drop in microinverter units shipped** and a **26% decline in IQ Batteries megawatt-hours shipped**, reflecting a broad-based slowdown in demand. In addition, **higher personnel-related and facility fixed costs** further pressured operating cash flow. Changes in working capital also played a key role—for instance, while there was a substantial positive adjustment in **accounts receivable** in Q1 2024, this was offset by notable negative adjustments in **accounts payable, accrued liabilities**, and **deferred revenues** compared to Q1 2023. These combined factors resulted in the markedly lower operating cash flow in Q1 2024.  **[0001463101-24-000071_enph-20240331.htm:34]** **[0001463101-24-000071_enph-20240331.htm:30]** 

Why was Operating Cash Flow so low in Q1 2024?

The operating cash flow surge in Q4 2024 was driven by several factors. **Higher net income** played a key role, increasing from **$20,919 thousand** in Q4 2023 to **$62,160 thousand** in Q4 2024.  **[0001463101-25-000014_a2024q4exx991pressrelease.htm:7]**  Additionally, the inclusion of approximately **$110 million in customer prepayments** significantly boosted the cash flows.  **[ENPH_3414336_6]**  A substantial increase in **deferred revenues** contributed an extra **$104,112 thousand** to the operating cash flow, compared to **$12,611 thousand** in the previous quarter.  **[0001463101-25-000014_a2024q4exx991pressrelease.htm:7]**  Lastly, **positive changes in operating assets and liabilities**, with improvements in accounts receivable (**$2,684 thousand**) and inventory (**$6,167 thousand**), further supported the surge.  **[0001463101-25-000014_a2024q4exx991pressrelease.htm:7]** 

What factors contributed to the Operating Cash Flow surge in Q4 2024?

Enphase Energy’s capital expenditures were noticeably lower in Q1 2024 because the company recorded a significant reduction in its Purchases of Property and Equipment—from **$22,476 thousand** in Q1 2023 to **$7,371 thousand** in Q1 2024. This reduction of **$15,105 thousand** was primarily driven by a **decrease in U.S. manufacturing spending** during the quarter.  **[0001463101-24-000071_enph-20240331.htm:4]** **[ENPH_3380283_5]** 

Why were capital expenditures noticeably lower in Q1 2024?

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The increase in **cash and cash equivalents** in **Q4 2024** was primarily driven by strong **operating cash flows**—with **$167.3 million** generated, including **$110 million** in customer prepayments—as well as substantial cash inflows from **investing activities**, notably **$351.8 million** received from the maturities and sales of marketable securities (partially offset by purchases and capital expenditures). These factors more than compensated for the outflows in **financing activities** and the negative impact from exchange rate changes, resulting in a net increase in cash during the quarter.  **[ENPH_3414336_6]** **[0001463101-25-000014_a2024q4exx991pressrelease.htm:7]** **[0001463101-25-000014_a2024q4exx991pressrelease.htm:0]** 

Why did Cash and cash equivalents spike in Q4 2024?

The decline was driven by several factors. First, there was a shift in **revenue recognition and billing**, meaning timing differences in when customers were billed and when collections were received contributed to the lower balance. Additionally, the **allowance for doubtful accounts increased** (from **$2.5 million** to **$3.3 million**), reflecting an anticipation of greater credit losses that reduced the net receivables. Finally, a noticeable **industry slowdown** in the solar sector also affected customer financial health and contributed to the need for a more conservative receivables valuation.  **[0001463101-24-000119_enph-20240630.htm:1]** **[0001463101-24-000119_enph-20240630.htm:7]** 

What contributed to the sharp decline in Accounts receivable in Q2 2024?

The decrease in total assets in FY 2024 was driven by several key factors. **Accounts receivable** fell by **$222,210 thousand**, indicating lower sales and decreased net revenues, while **inventory** and **other assets** declined by **$48,591 thousand** and **$34,970 thousand** respectively. Additionally, **intangible assets** and **marketable securities** experienced reductions, which collectively contributed to the overall drop of **$133,336 thousand** in total assets, despite an increase in **cash and cash equivalents** by **$80,362 thousand**.  **[0001463101-25-000024_enph-20241231.htm:101]** **[0001463101-25-000024_enph-20241231.htm:80]** 

What led to the decrease in Total assets in FY 2024?

The surge in **Prepaid expenses and other current assets** during Q3 2024 is mainly driven by a significant increase from **$88,930 thousand** to **$203,195 thousand**. This jump is attributed to a couple of key factors: firstly, there was an increase in **short-term contract assets**, which rose from **$40,241 thousand** to **$42,582 thousand**; secondly, deferred product costs and commissions related to deferred revenue contributed to the overall increase. Additionally, higher prepayments for operational needs, such as insurance and software licenses amid expanding business activity, also played a role in the surge.  **[0001463101-24-000140_a2024q3exx991pressrelease.htm:6]** **[0001463101-24-000141_enph-20240930.htm:1]** **[0001463101-24-000141_enph-20240930.htm:7]** 

Enphase Energy Inc (ENPH)

Financials