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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 8-K
________________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 6, 2024
________________________________________________
enpha06.jpg
ENPHASE ENERGY, INC.
(Exact name of registrant as specified in its charter)
________________________________________________
Delaware 001-35480 20-4645388
(State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)

47281 Bayside Parkway
Fremont, CA 94538
(Address of principal executive offices, including zip code)
(707) 774-7000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par value per shareENPHNasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 





Item 2.02. Results of Operations and Financial Condition.
On February 6, 2024, Enphase Energy, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report. Information on the Company’s website is not, and will not be deemed, a part of this report or incorporated into this or any other filings that the Company makes with the Securities and Exchange Commission.
The information in Item 2.02 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and shall not be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits. 
Exhibit NumberDescription
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:February 6, 2024ENPHASE ENERGY, INC.
 By:/s/ Mandy Yang
  Mandy Yang
  Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)




Exhibit 99.1
enpha06.jpg
Enphase Energy Reports Financial Results for the Fourth Quarter of 2023
FREMONT, Calif., Feb. 6, 2024 - Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2023, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of $302.6 million in the fourth quarter of 2023, along with 50.3% for non-GAAP gross margin. We shipped 1,595,677 microinverters, or approximately 660.1 megawatts DC, and 80.7 megawatt hours of IQ® Batteries.
Financial highlights for the fourth quarter of 2023 are listed below:
Quarterly revenue of $302.6 million
GAAP gross margin of 48.5%; non-GAAP gross margin of 50.3%, with net IRA benefit
Non-GAAP gross margin of 41.8%, excluding net IRA benefit of 8.5%
GAAP operating loss of $10.2 million; non-GAAP operating income of $65.6 million
GAAP net income of $20.9 million; non-GAAP net income of $73.5 million
GAAP diluted earnings per share of $0.15; non-GAAP diluted earnings per share of $0.54
Free cash flow of $15.4 million; ending cash, cash equivalents, and marketable securities of $1.70 billion
Our revenue and earnings for the fourth quarter of 2023 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
GAAPNon-GAAP
Q4 2023Q3 2023Q4 2022Q4 2023Q3 2023Q4 2022
Revenue$302,570 $551,082 $724,652 $302,570 $551,082 $724,652 
Gross margin48.5 %47.5 %42.9 %50.3 %48.4 %43.8 %
Operating expenses$156,893 $144,024 $153,741 $86,551 $99,027 $87,718 
Operating income (loss)$(10,231)$117,989 $156,960 $65,587 $167,593 $229,389 
Net income$20,919 $113,953 $153,753 $73,474 $141,849 $212,389 
Basic EPS$0.15 $0.84 $1.13 $0.54 $1.04 $1.56 
Diluted EPS$0.15 $0.80 $1.06 $0.54 $1.02 $1.51 
Our revenue and earnings for the fiscal year 2023 are provided below, compared with the prior year:
(In thousands, except per share and percentage data)
GAAPNon-GAAP
FY 2023FY 2022FY 2023FY 2022
Revenue$2,290,786 $2,330,853 $2,290,786 $2,330,853 
Gross margin46.2 %41.8 %47.1 %42.6 %
Operating expenses$612,647 $526,334 $382,115 $303,724 
Operating income$445,741 $448,261 $697,210 $690,292 
Net income$438,936 $397,362 $613,241 $647,424 
Basic EPS$3.22 $2.94 $4.50 $4.78 
Diluted EPS$3.08 $2.77 $4.41 $4.62 

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Total revenue for the fourth quarter of 2023 was $302.6 million, compared to $551.1 million in the third quarter of 2023. Our revenue in the United States for the fourth quarter of 2023 decreased approximately 35%, compared to the third quarter of 2023. Our revenue in Europe decreased approximately 70%, compared to the third quarter of 2023. The declines were primarily the result of reduced shipments to manage high inventory at our distribution partners along with a further softening in demand.
Our non-GAAP gross margin was 50.3% in the fourth quarter of 2023, compared to 48.4% in the third quarter of 2023, driven by increased net IRA benefit. Our non-GAAP gross margin, excluding net IRA benefit, was 41.8% in the fourth quarter of 2023, compared to 45.8% in the third quarter of 2023, driven by product mix. Our non-GAAP operating expenses were $86.6 million in the fourth quarter of 2023, compared to $99.0 million in the third quarter of 2023. Our non-GAAP operating income was $65.6 million in the fourth quarter of 2023, compared to $167.6 million in the third quarter of 2023.
We exited the fourth quarter of 2023 with $1.70 billion in cash, cash equivalents, and marketable securities and generated $35.5 million in cash flow from operations in the fourth quarter of 2023. Our capital expenditures were $20.1 million in the fourth quarter of 2023, compared to $23.8 million in the third quarter of 2023. Capital expenditure requirements decreased due to a reduction in our U.S. manufacturing spending.
In July 2023, our Board of Directors approved a share repurchase program with authorization to purchase up to $1.0 billion of shares of our common stock. In the fourth quarter of 2023, we repurchased 1,183,246 shares of our common stock at an average price of $84.51 per share for a total of approximately $100.0 million.
We started shipping IQ8P Microinverters with peak output AC power of 480 W for the small-commercial market in North America, and grid-tied residential applications in South Africa, Mexico, Brazil, and India. We introduced IQ8 Microinverters into more countries in Europe Austria, Italy and Belgium. Our newest product, the IQ8X microinverter with peak output AC power of 384 W for panels with high DC voltage, is shipping to customers in the United States. We now ship IQ8 Microinverters into 21 countries worldwide.
We shipped 80.7 megawatt hours of IQ Batteries in the fourth quarter of 2023. We now ship our third generation of IQ Batteries, the IQ® Battery 5P, to the United States, Puerto Rico, Australia, and the United Kingdom. We launched this battery in Italy during the fourth quarter of 2023. More than 4,700 installers worldwide are certified to install our IQ Batteries.
We continued to release new features in Solargraf℠, our cloud-based design and proposal software platform during the fourth quarter of 2023. We began offering electrical design and single line diagram features while continuing to offer NEM 3.0 functionality for solar and battery systems in California. The software platform is currently available to installers in the United States, Germany, Austria, and Brazil.
We shipped approximately 913,000 microinverters manufactured in the United States to customers in the fourth quarter of 2023. As part of our plan to streamline manufacturing, we are ceasing operations at our contract manufacturing locations in Romania and Wisconsin. We will focus on manufacturing microinverters in the United States with our two existing contract manufacturing partners in South Carolina and Texas. Once these two U.S. sites have fully ramped production, we expect to have a global capacity of approximately 7.25 million microinverter units per quarter, of which 5 million units of capacity will be in the United States.
BUSINESS HIGHLIGHTS
On Jan. 29, 2024, Enphase Energy announced that it started shipping IQ8HCand IQ8X Microinverters with peak output AC power of 384 W designed to seamlessly pair with a full range of solar modules up to 540 W DC.
On Jan. 23, 2024, Enphase Energy announced that it started shipping IQ8 Microinverters in Belgium, with peak output AC power of 384 W, to support newer, high-powered solar modules.
On Dec. 13, 2023, Enphase Energy announced that it is expanding its support for virtual power plants (VPPs) through grid services programs across the United States powered by the IQ Battery 5P.
On Dec. 5, 2023, Enphase Energy announced the launch of the IQ Battery 5P and IQ8 Microinverters, for customers in Italy.
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On Nov. 30, 2023, Enphase Energy announced that it started shipping IQ8P Microinverters, with a peak output AC power of 480 W, in Mexico to support newer, high-powered solar modules.
On Nov. 16, 2023, Enphase Energy announced the launch of its new IQ8 Commercial Microinverters, featuring the IQ8P-3PMicroinverter which enables a peak output AC power of 480 W, for the small commercial solar market in North America.
On Nov. 13, 2023, Enphase Energy announced that it started shipping IQ8P Microinverters, with peak output AC power of 480 W, in Brazil to support newer, high-powered solar modules.
On Nov. 2, 2023, Enphase Energy announce that it started shipping IQ8 Microinverters, with peak output AC power of 384 W, in Austria to support newer, high-powered solar modules.
On Oct. 30, 2023, Enphase Energy announced the launch of IQ8 Microinverters to support high-powered modules and the IQ Energy Routerfamily of devices in Switzerland.
FIRST QUARTER 2024 FINANCIAL OUTLOOK
For the first quarter of 2024, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
Revenue to be within a range of $260.0 million to $300.0 million, which includes shipments of 70 to 90 megawatt hours of IQ Batteries
GAAP gross margin to be within a range of 42.0% to 45.0%, with net IRA benefit
Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit and 40.0% to 43.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
Net IRA benefit to be within a range of $12.0 to $14.0 million based on estimated shipments of 500,000 units of U.S. manufactured microinverters
GAAP operating expenses to be within a range of $144.0 million to $148.0 million
Non-GAAP operating expenses to be within a range of $80.0 million to $84.0 million, excluding $64.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, and restructuring and asset impairment charges
For 2024, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 19.0% to 21.0%
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Watch Enphase videos on YouTube.
Use of non-GAAP Financial Measures
Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.
These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar
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captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:
Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.
Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.
Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.
Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.
Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to report the non-GAAP tax amount based on cash tax expense and reserves for periods prior to 2023. Effective January 1, 2023, Enphase Energy updated its methodology of computing the non-GAAP income tax adjustment from reporting cash tax expense and reserves to the projected non-GAAP annualized effective tax rate as Enphase Energy utilized most of its net operating loss and tax credit carryforwards in the year ended December 31, 2022 and became a significant cash taxpayer in the United States. Going forward, Enphase Energy will exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.
Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026 and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.
Net IRA benefit. This item represents the advanced manufacturing production tax credit (“AMPTC”) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the consolidated statements of operations.
Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.
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Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2023 results and first quarter 2024 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 5859211, beginning approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its first quarter of 2024 financial outlook, including revenue, shipments of IQ Batteries, gross margin before and with net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing of the introduction of new products into new countries globally; the capabilities, advantages, features, and performance of its technology and products; and the anticipated demand for and availability of its products and services. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
A copy of this press release can be found on the investor relations page of Enphase Energy’s website at investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 73 million microinverters, and approximately 4.0 million Enphase-based systems have been deployed in more than 150 countries. For more information, visit www.enphase.com.
© 2024 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, Solargraf, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.


Contact:

Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
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ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months EndedYear Ended
December 31,
2023
September 30,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Net revenues$302,570 $551,082 $724,652 $2,290,786 $2,330,853 
Cost of revenues155,908 289,069 413,951 1,232,398 1,356,258 
Gross profit146,662 262,013 310,701 1,058,388 974,595 
Operating expenses:
Research and development55,291 54,873 49,683 227,336 168,846 
Sales and marketing53,409 55,357 64,913 231,792 215,102 
General and administrative33,379 33,794 37,355 137,835 140,002 
Restructuring and asset impairment charges14,814 — 1,790 15,684 2,384 
Total operating expenses156,893 144,024 153,741 612,647 526,334 
Income (loss) from operations(10,231)117,989 156,960 445,741 448,261 
Other income (expense), net
Interest income20,493 19,669 8,720 69,728 13,656 
Interest expense(2,268)(2,196)(2,279)(8,839)(9,438)
Other income (expense), net4,233 1,883 4,777 6,509 (431)
Total other income (expense), net22,458 19,356 11,218 67,398 3,787 
Income before income taxes12,227 137,345 168,178 513,139 452,048 
Income tax (provision) benefit8,692 (23,392)(14,425)(74,203)(54,686)
Net income$20,919 $113,953 $153,753 $438,936 $397,362 
Net income per share:
Basic$0.15 $0.84 $1.13 $3.22 $2.94 
Diluted$0.15 $0.80 $1.06 $3.08 $2.77 
Shares used in per share calculation:
Basic136,092 136,165 136,167 136,376 135,349 
Diluted139,205 143,863 146,311 143,290 144,390 


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ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents$288,748 $473,244 
Marketable securities1,406,286 1,139,599 
Accounts receivable, net445,959 440,896 
Inventory213,595 149,708 
Prepaid expenses and other assets88,930 60,824 
Total current assets2,443,518 2,264,271 
Property and equipment, net168,244 111,367 
Operating lease, right of use asset, net19,887 21,379 
Intangible assets, net68,536 99,541 
Goodwill214,562 213,559 
Other assets215,895 169,291 
Deferred tax assets, net252,370 204,872 
Total assets$3,383,012 $3,084,280 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$116,164 $125,085 
Accrued liabilities261,919 295,939 
Deferred revenues, current118,300 90,747 
Warranty obligations, current36,066 35,556 
Debt, current— 90,892 
Total current liabilities532,449 638,219 
Long-term liabilities:
Deferred revenues, non-current369,172 281,613 
Warranty obligations, non-current153,021 95,890 
Other liabilities51,008 43,520 
Debt, non-current1,293,738 1,199,465 
Total liabilities2,399,388 2,258,707 
Total stockholders’ equity983,624 825,573 
Total liabilities and stockholders’ equity$3,383,012 $3,084,280 


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ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months EndedYear Ended
December 31,
2023
September 30,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Cash flows from operating activities:
Net income$20,919 $113,953 $153,753 $438,936 $397,362 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20,841 19,448 16,009 74,708 58,775 
Net amortization (accretion) of premium (discount) on marketable securities(2,950)5,094 (4,723)(15,561)(2,632)
Provision for doubtful accounts(129)653 67 1,153 119 
Asset impairment9,700 903 — 10,603 1,200 
Non-cash interest expense2,126 2,114 2,077 8,380 8,167 
Net gain from change in fair value of debt securities(2,670)(1,910)(345)(8,078)(735)
Stock-based compensation55,222 43,814 63,645 212,857 216,802 
Deferred income taxes(5,053)(11,499)(12,099)(43,348)3,633 
Changes in operating assets and liabilities:
Accounts receivable105,771 (34,752)(88,876)(12,478)(107,556)
Inventory(39,481)(8,003)(3,222)(63,887)(75,273)
Prepaid expenses and other assets(2,401)(15,383)(47,597)(59,777)(68,423)
Accounts payable, accrued and other liabilities(139,277)9,903 91,128 (22,149)133,416 
Warranty obligations221 8,151 25,566 57,641 57,773 
Deferred revenues12,611 13,369 58,331 117,780 122,189 
Net cash provided by operating activities35,450 145,855 253,714 696,780 744,817 
Cash flows from investing activities:
Purchases of property and equipment(20,075)(23,848)(16,429)(110,401)(46,443)
Purchases of marketable securities(337,757)(470,766)(335,193)(2,081,431)(907,430)
Maturities and sale of marketable securities433,869 494,804 282,973 1,840,477 660,129 
Investments in private companies— (15,000)(15,000)(15,000)(16,000)
Business acquisitions, net of cash acquired— — (34,482)— (62,162)
Net cash provided by (used in) investing activities76,037 (14,810)(118,131)(366,355)(371,906)
Cash flows from financing activities:
Repurchase of common stock(99,998)(110,000)— (409,998)— 
Proceeds from exercise of equity awards and employee stock purchase plan12,555 719 5,090 13,870 10,370 
Payment of withholding taxes related to net share settlement of equity awards(27,546)(8,465)(8,100)(120,646)(27,496)
Net cash used in financing activities(114,989)(117,746)(3,010)(516,774)(17,126)
Effect of exchange rate changes on cash and cash equivalents2,175 (1,900)3,088 1,853 (1,857)
Net increase (decrease) in cash and cash equivalents(1,327)11,399 135,661 (184,496)353,928 
Cash and cash equivalents—Beginning of period290,075 278,676 337,583 473,244 119,316 
Cash and cash equivalents —End of period$288,748 $290,075 $473,244 $288,748 $473,244 
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ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)
Three Months EndedYear Ended
December 31,
2023
September 30,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Gross profit (GAAP)$146,662 $262,013 $310,701 $1,058,388 $974,595 
Stock-based compensation3,582 2,708 4,271 13,357 13,097 
Acquisition related amortization1,894 1,899 2,135 7,580 6,324 
Gross profit (Non-GAAP)$152,138 $266,620 $317,107 $1,079,325 $994,016 

Gross margin (GAAP)48.5 %47.5 %42.9 %46.2 %41.8 %
Stock-based compensation1.2 0.6 0.6 0.6 0.5 
Acquisition related amortization0.6 0.3 0.3 0.3 0.3 
Gross margin (Non-GAAP)50.3 %48.4 %43.8 %47.1 %42.6 %

Operating expenses (GAAP)$156,893 $144,024 $153,741 $612,647 $526,334 
Stock-based compensation (1)
(51,640)(41,106)(59,374)(199,500)(203,705)
Acquisition related expenses and amortization(3,888)(3,891)(4,859)(15,317)(16,521)
Restructuring and asset impairment charges(14,814)— (1,790)(15,715)(2,384)
Operating expenses (Non-GAAP)$86,551 $99,027 $87,718 $382,115 $303,724 

(1) Includes stock-based compensation as follows:
Research and development
$23,839 $19,285 $21,687 $88,367 $69,082 
Sales and marketing
16,472 13,297 23,517 65,703 78,819 
General and administrative
11,329 8,524 14,170 45,430 55,804 
Total
$51,640 $41,106 $59,374 $199,500 $203,705 

Income (loss) from operations (GAAP)$(10,231)$117,989 $156,960 $445,741 $448,261 
Stock-based compensation55,222 43,814 63,645 212,857 216,802 
Acquisition related expenses and amortization5,782 5,790 6,994 22,897 22,845 
Restructuring and asset impairment charges14,814 — 1,790 15,715 2,384 
Income from operations (Non-GAAP)$65,587 $167,593 $229,389 $697,210 $690,292 

Net income (GAAP)$20,919 $113,953 $153,753 $438,936 $397,362 
Stock-based compensation55,222 43,814 63,645 212,857 216,802 
Acquisition related expenses and amortization5,782 5,790 6,994 22,897 22,845 
Restructuring and asset impairment charges14,814 — 1,790 15,715 2,384 
Non-cash interest expense2,126 2,114 2,077 8,380 8,169 
Non-GAAP income tax adjustment(25,389)(23,822)(15,870)(85,544)(138)
Net income (Non-GAAP)$73,474 $141,849 $212,389 $613,241 $647,424 

9


Three Months EndedYear Ended
December 31,
2023
September 30,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Net income per share, basic (GAAP)$0.15 $0.84 $1.13 $3.22 $2.94 
Stock-based compensation0.40 0.32 0.47 1.56 1.60 
Acquisition related expenses and amortization0.08 0.04 0.05 0.17 0.17 
Restructuring and asset impairment charges0.11 — 0.01 0.12 0.02 
Non-cash interest expense0.02 0.02 0.02 0.06 0.06 
Non-GAAP income tax adjustment(0.22)(0.18)(0.12)(0.63)(0.01)
Net income per share, basic (Non-GAAP)$0.54 $1.04 $1.56 $4.50 $4.78 
Shares used in basic per share calculation GAAP and Non-GAAP136,092 136,165 136,167 136,376 135,349 
Net income per share, diluted (GAAP)$0.15 $0.80 $1.06 $3.08 $2.77 
Stock-based compensation0.39 0.32 0.46 1.57 1.55 
Acquisition related expenses and amortization0.08 0.04 0.05 0.16 0.16 
Restructuring and asset impairment charges0.10 — 0.02 0.11 0.02 
Non-cash interest expense0.01 0.02 0.02 0.06 0.06 
Non-GAAP income tax adjustment(0.19)(0.16)(0.10)(0.57)0.06 
Net income per share, diluted (Non-GAAP) (2)
$0.54 $1.02 $1.51 $4.41 $4.62 
Shares used in diluted per share calculation GAAP139,205 143,863 146,311 143,290 144,390 
Shares used in diluted per share calculation Non-GAAP
137,187 138,535 140,983 139,214 140,315 
Income-based government grants (GAAP)$32,887 $18,532 $— $53,470 $— 
Incremental cost for manufacturing in U.S.(7,112)(4,085)— (11,603)— 
Net IRA benefit (Non-GAAP)$25,775 $14,447 $— $41,867 $— 
Net cash provided by operating activities (GAAP)$35,450 $145,855 $253,714 $696,780 $744,817 
Purchases of property and equipment(20,075)(23,848)(16,429)(110,401)(46,443)
Free cash flow (Non-GAAP)$15,375 $122,007 $237,285 $586,379 $698,374 

(2)    Calculation of non-GAAP diluted net income per share for the three months ended September 30, 2023 and December 31, 2022 excludes convertible Notes due 2023 interest expense, net of tax of less than $0.1 million in each period from non-GAAP net income. Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 and 2022 excludes convertible Notes due 2023 interest expense, net of tax of approximately $0.1 million in each period from non-GAAP net income.




10
v3.24.0.1
Cover Page Cover Page
Feb. 06, 2024
Cover [Abstract]  
Entity Central Index Key 0001463101
Document Type 8-K
Document Period End Date Feb. 06, 2024
Entity Registrant Name ENPHASE ENERGY, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-35480
Entity Tax Identification Number 20-4645388
Entity Address, Address Line One 47281 Bayside Parkway
Entity Address, City or Town Fremont
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94538
City Area Code 707
Local Phone Number 774-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.00001 par value per share
Trading Symbol ENPH
Security Exchange Name NASDAQ
Security Exchange Name false
Amendment Flag false

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