Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Enphase Energy Inc., consolidated balance sheet: assets (quarterly data)

US$ in thousands

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cash and cash equivalents	288,748)	290,075)	278,676)	286,045)	473,244)	337,583)	495,473)	251,850)	119,316)	885,546)	1,312,261)	1,489,010)	679,379)	661,792)	607,254)	549,144)	251,409)	203,046)	205,959)	78,087)
Restricted cash	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	44,700)	44,700)	—)	—)	—)
Marketable securities	1,406,286)	1,493,809)	1,521,816)	1,492,352)	1,139,599)	1,079,713)	752,328)	811,621)	897,335)	508,577)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, net of allowances	445,959)	560,286)	520,306)	516,106)	440,896)	367,647)	312,451)	358,310)	333,626)	273,012)	281,154)	236,090)	182,165)	122,386)	89,504)	95,484)	145,413)	133,689)	97,537)	81,715)
Inventory	213,595)	174,114)	166,111)	150,563)	149,708)	146,451)	130,266)	96,436)	74,400)	65,405)	37,756)	34,876)	41,764)	37,535)	31,186)	34,617)	32,056)	30,231)	20,094)	12,971)
Prepaid expenses and other assets	88,930)	80,346)	73,880)	67,567)	60,824)	51,270)	45,474)	40,566)	37,784)	35,541)	34,748)	31,386)	29,756)	28,521)	29,257)	27,752)	26,079)	24,551)	26,261)	22,669)
Current assets	2,443,518)	2,598,630)	2,560,789)	2,512,633)	2,264,271)	1,982,664)	1,735,992)	1,558,783)	1,462,461)	1,768,081)	1,665,919)	1,791,362)	933,064)	850,234)	757,201)	751,697)	499,657)	391,517)	349,851)	195,442)
Property and equipment, net	168,244)	173,005)	151,657)	133,268)	111,367)	91,801)	86,778)	85,073)	82,167)	73,445)	63,211)	53,648)	42,985)	35,187)	32,972)	30,500)	28,936)	23,532)	21,532)	20,178)
Operating lease, right of use asset, net	19,887)	21,164)	22,954)	21,647)	21,379)	18,128)	16,987)	19,442)	14,420)	15,185)	15,693)	16,688)	17,683)	14,487)	11,462)	11,986)	10,117)	11,407)	12,304)	7,963)
Intangible assets, net	68,536)	79,147)	85,960)	92,756)	99,541)	90,924)	96,887)	103,173)	97,758)	43,146)	45,409)	47,917)	28,808)	26,839)	28,086)	29,332)	30,579)	31,761)	32,943)	34,124)
Goodwill	214,562)	213,193)	214,290)	213,882)	213,559)	195,508)	197,004)	195,637)	181,254)	61,038)	61,321)	61,038)	24,783)	24,783)	24,783)	24,783)	24,783)	24,783)	24,783)	24,783)
Other assets	215,895)	215,275)	195,283)	184,138)	169,291)	140,439)	129,153)	120,878)	118,726)	136,111)	118,532)	91,315)	59,875)	51,998)	49,551)	47,798)	44,620)	40,669)	40,105)	36,762)
Deferred tax assets, net	252,370)	253,528)	234,949)	222,529)	204,872)	178,371)	174,307)	180,291)	122,470)	133,158)	130,571)	132,231)	92,904)	88,812)	93,872)	86,806)	74,531)	—)	—)	—)
Convertible notes hedge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	47,885)	—)	—)	—)	—)
Non-current assets	939,494)	955,312)	905,093)	868,220)	820,009)	715,171)	701,116)	704,494)	616,795)	462,083)	434,737)	402,837)	267,038)	242,106)	240,726)	279,090)	213,566)	132,152)	131,667)	123,810)
Total assets	3,383,012)	3,553,942)	3,465,882)	3,380,853)	3,084,280)	2,697,835)	2,437,108)	2,263,277)	2,079,256)	2,230,164)	2,100,656)	2,194,199)	1,200,102)	1,092,340)	997,927)	1,030,787)	713,223)	523,669)	481,518)	319,252)

Cash and Cash Equivalents: A significant increase was observed from March 2019 to March 2021, peaking at over 1.4 billion USD, followed by a sharp decline and volatile fluctuations through the end of 2023, stabilizing around 280-290 million USD. This suggests periods of strong liquidity inflows followed by substantial cash usage or investment.
Restricted Cash: Restricted cash only appears in the data starting from March 2020 at 44.7 million USD and remains constant for that period, with no subsequent reporting. This indicates a one-time classification or reclassification occurring in early 2020.
Marketable Securities: Starting from June 2021, marketable securities showed substantial amounts, increasing steadily up to about 1.5 billion USD by December 2022, then slightly decreasing but remaining above 1.4 billion USD into the last reported period. This suggests a strategy to hold liquid investments with a consistently high value.
Accounts Receivable, Net: Accounts receivable steadily increased overall from 81.7 million USD in March 2019 to a peak of over 560 million USD in September 2023, before declining somewhat at year-end 2023 to approximately 446 million USD. This reflects growth in sales on credit but with some moderation in recent quarters.
Inventory: There is a clear upward trend in inventory, rising from 12.9 million USD in March 2019 to a high of over 213 million USD by September 2023, indicating accumulation of stock potentially aligning with increased production or sales growth, although it seems inventory management may require attention due to continuous growth.
Prepaid Expenses and Other Assets: Prepaid expenses and other assets show consistent growth over the period, doubling from 22.7 million USD in early 2019 to nearly 89 million USD by the end of 2023, reflecting expanding operational activities or advance payments.
Current Assets: Current assets grew dramatically from 195 million USD in March 2019 to over 2.5 billion USD by the third quarter of 2023, followed by a moderate decline by the last quarter. This increase is driven largely by growth in cash, receivables, and marketable securities, indicating enhanced liquidity and operational scale.
Property and Equipment, Net: There has been steady capital investment reflected in property and equipment, increasing from 20.2 million USD to approximately 173 million USD by late 2023. This shows ongoing investment in fixed assets to support business growth.
Operating Lease Right of Use Asset, Net: Operating lease assets fluctuated moderately, peaking at about 22.9 million USD, with no strong upward or downward trend, suggesting lease arrangements have been relatively stable over the period.
Intangible Assets, Net: Intangible assets decreased from 34.1 million USD in 2019 to about 68.5 million USD in 2023, but exhibited considerable fluctuations, including a notable spike in December 2021. This indicates possible asset revaluations or amortization effects impacting the intangible asset base.
Goodwill: Goodwill remained relatively stable until 2020, after which a sharp increase occurred in 2021, reaching over 214 million USD. This likely reflects acquisitions or business combinations during that period.
Other Assets: Other assets showed a consistent upward trend, increasing from 36.8 million USD to over 215 million USD, supporting the narrative of expanding non-current resources.
Deferred Tax Assets, Net: Deferred tax assets appeared starting 2019 with 74.5 million USD and grew consistently to approximately 253 million USD by late 2023, which could indicate accumulated tax benefits and future tax reliefs as the company grows.
Convertible Notes Hedge: Data for convertible notes hedge is limited to an isolated figure of 47.9 million USD in March 2020, with absence thereafter, suggesting a specific hedging activity during that period only.
Non-Current Assets: Non-current assets increased steadily from 123.8 million USD in 2019 to nearly 955 million USD by late 2023, reflecting significant investment in the long-term asset base including property, intangibles, and goodwill.
Total Assets: Total assets rose sharply from 319 million USD in 2019 to a peak of over 3.5 billion USD by 2023 Q3 before receding slightly by year-end. This overall growth confirms substantial corporate expansion and asset accumulation over the analyzed period.

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Enphase Energy Inc. (NASDAQ:ENPH)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data