ENPH FY 2022 Earnings Report — Enphase Energy, Inc. Revenue & Financial Results | Market Cap Arena

Enphase Energy, Inc.ENPH

FY 2022 Earnings

Reported February 10, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$2.3B	—	$1.4B	—	68.7%
Op. Income	$448M	—	$216M	—	107.7%
Gross Margin	41.8%	—	40.1%	—	1.7pp
Net Margin	17.0%	—	10.5%	—	6.5pp
EPS (Diluted)	$2.77	—	$1.02	—	171.6%
Free Cash Flow	$698M	—	$300M	—	133.2%

Revenue Flow

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$1.4B
GROSS PROFIT	$975M
R&D Expenses	$169M
Selling & Marketing	$215M
General & Administrative	$140M
SG&A Expenses	$355M
Other Expenses	$2M
Operating Expenses	$526M
Cost & Expenses	$1.9B
OPERATING INCOME	$448M
Interest Income	$14M
Interest Expense	$9M
Other Income/Expenses	$4M
INCOME BEFORE TAX	$452M
Income Tax Expense	$55M
Net Income from Continuing Ops	$397M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$397M
Net Income Deductions	-$3M
BOTTOM LINE NET INCOME	$400M
D&A	$59M
EBIT	$461M
EBITDA	$520M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$1.4B
GROSS PROFIT	$975M
R&D Expenses	$169M
Selling & Marketing	$215M
General & Administrative	$140M
SG&A Expenses	$355M
Other Expenses	$2M
Operating Expenses	$526M
Cost & Expenses	$1.9B
OPERATING INCOME	$448M
Interest Income	$14M
Interest Expense	$9M
Other Income/Expenses	$4M
INCOME BEFORE TAX	$452M
Income Tax Expense	$55M
Net Income from Continuing Ops	$397M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$397M
Net Income Deductions	-$3M
BOTTOM LINE NET INCOME	$400M
D&A	$59M
EBIT	$461M
EBITDA	$520M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$397M
Depreciation & Amortization	$52M
Stock-Based Compensation	$0
Deferred Income Tax	$4M
Other Non-Cash Items	$229M
Change in Working Capital	$62M
OPERATING CASH FLOW	$745M
Capital Expenditure	-$46M
Acquisitions (Net)	-$62M
Purchases of Investments	-$923M
Sales/Maturities of Investments	$660M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$372M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$27M
NET CASH FROM FINANCING	-$17M
FREE CASH FLOW	$698M
Net Change in Cash	$354M

Balance Sheet

Item	Amount
Cash & Equivalents	$473M
Short-Term Investments	$1.1B
Net Receivables	$441M
Inventory	$150M
Other Current Assets	$61M
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$133M
Goodwill	$214M
Intangible Assets	$100M
Long-Term Investments	$158M
Tax Assets	$205M
Other Non-Current Assets	$12M
TOTAL NON-CURRENT ASSETS	$820M
TOTAL ASSETS	$3.1B
Account Payables	$125M
Short-Term Debt	$91M
Deferred Revenue	$91M
Other Current Liabilities	$292M
TOTAL CURRENT LIABILITIES	$638M
Long-Term Debt	$1.2B
Deferred Revenue NC	$282M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$120M
TOTAL NON-CURRENT LIABILITIES	$1.6B
TOTAL LIABILITIES	$2.3B
Common Stock	$1.0K
Additional Paid-In Capital	$819M
Retained Earnings	$17M
Treasury Stock	$0
Accum. Other Comp. Income	-$11M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$826M
Minority Interest	$0
TOTAL EQUITY	$826M
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$1.3B
Net Debt	$842M