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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 4, 2025
________________________________________________
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 4, 2025, Enphase Energy, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter ended December 31, 2024. 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 4, 2025ENPHASE ENERGY, INC.
 By:/s/ Mandy Yang
  Mandy Yang
  Executive Vice President and Chief Financial Officer
(Principal Financial Officer)




Exhibit 99.1
enpha06.jpg
Enphase Energy Reports Financial Results for the Fourth Quarter of 2024
FREMONT, Calif., Feb. 4, 2025 - 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 2024, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of $382.7 million in the fourth quarter of 2024, along with 53.2% for non-GAAP gross margin. We shipped approximately 2.01 million microinverters, or 878.0 megawatts DC, and 152.4 megawatt hours of IQ® Batteries.
Financial highlights for the fourth quarter of 2024 are listed below:
•Strong U.S. manufacturing: shipped 1.69 million microinverters and 6.7 megawatt hours of IQ Batteries
•Quarterly revenue of $382.7 million
•GAAP gross margin of 51.8%; non-GAAP gross margin of 53.2% with net IRA benefit
•Non-GAAP gross margin of 39.7%, excluding net IRA benefit of 13.5%
•GAAP operating income of $54.8 million; non-GAAP operating income of $120.4 million
•GAAP net income of $62.2 million; non-GAAP net income of $125.9 million
•GAAP diluted earnings per share of $0.45; non-GAAP diluted earnings per share of $0.94
•Free cash flow of $159.2 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.72 billion
Our revenue and earnings for the fourth quarter of 2024 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
GAAPNon-GAAP
Q4 2024Q3 2024Q4 2023Q4 2024Q3 2024Q4 2023
Revenue$382,713 $380,873 $302,570 $382,713 $380,873 $302,570 
Gross margin51.8 %46.8 %48.5 %53.2 %48.1 %50.3 %
Operating expenses$143,489 $128,383 $156,893 $83,322 $81,612 $86,551 
Operating income (loss)$54,804 $49,788 $(10,231)$120,434 $101,411 $65,587 
Net income$62,160 $45,762 $20,919 $125,862 $88,402 $73,474 
Basic EPS$0.46 $0.34 $0.15 $0.94 $0.65 $0.54 
Diluted EPS$0.45 $0.33 $0.15 $0.94 $0.65 $0.54 
Our revenue and earnings for the fiscal year 2024 are provided below, compared with the prior year:
(In thousands, except per share and percentage data)
GAAPNon-GAAP
FY 2024FY 2023FY 2024FY 2023
Revenue$1,330,383 $2,290,786 $1,330,383 $2,290,786 
Gross margin47.3 %46.2 %48.9 %47.1 %
Operating expenses$551,846 $612,647 $329,227 $382,115 
Operating income$77,292 $445,741 $321,919 $697,210 
Net income$102,658 $438,936 $321,044 $613,241 
Basic EPS$0.76 $3.22 $2.37 $4.50 
Diluted EPS$0.75 $3.08 $2.37 $4.41 
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Total revenue for the fourth quarter of 2024 was $382.7 million, compared to $380.9 million in the third quarter of 2024. Our revenue in the United States for the fourth quarter of 2024 increased approximately 6%, compared to the third quarter. The increase in revenue was due to higher microinverter sales. Our revenue in Europe decreased approximately 25% for the fourth quarter of 2024, compared to the third quarter. The decline in revenue was the result of a further softening in European demand.
Our non-GAAP gross margin was 53.2% in the fourth quarter of 2024, compared to 48.1% in the third quarter. Our non-GAAP gross margin, excluding net IRA benefit, was 39.7% in the fourth quarter of 2024, compared to 38.9% in the third quarter.
Our non-GAAP operating expenses were $83.3 million in the fourth quarter of 2024, compared to $81.6 million in the third quarter. The increase was driven by higher R&D expense on new products. Our non-GAAP operating income was $120.4 million in the fourth quarter of 2024, compared to $101.4 million in the third quarter.
We exited the fourth quarter of 2024 with $1.72 billion in cash, cash equivalents, restricted cash and marketable securities and generated $167.3 million in cash flow from operations in the fourth quarter. Our capital expenditures were $8.1 million in the fourth quarter of 2024, compared to $8.5 million in the third quarter of 2024.
In the fourth quarter of 2024, we repurchased 2,883,438 shares of our common stock at an average price of $69.25 per share for a total of approximately $199.7 million. We also spent approximately $5.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 68,532 shares.
We shipped 152.4 megawatt hours of IQ Batteries in the fourth quarter of 2024, compared to 172.9 megawatt hours in the third quarter. More than 10,300 installers worldwide are certified to install our IQ Batteries, compared to more than 9,000 installers worldwide in the third quarter of 2024.
During the fourth quarter of 2024, we shipped approximately 1.69 million microinverters from our contract manufacturing facilities in the United States that we booked for 45X production tax credits. We also expanded our higher domestic content product offerings, and shipped our IQ8HC™ Microinverters, IQ8X™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps, all with higher domestic content than previous models and produced at our contract manufacturing facilities in the United States.
During the fourth quarter of 2024, we made great strides with the IQ® Meter Collar, fourth-generation IQ Battery, and new IQ® Combiner products. We launched the IQ® PowerPack 1500, a 1.5 kWh smart, portable energy system for home, work, and on-the-go use. In Europe, we introduced the IQ® EV Charger 2, a next-generation smart charger that integrates with our solar and battery systems seamlessly or works as a standalone. In January 2025, we began shipping the IQ® Battery 5P™ with FlexPhase to Germany, Austria, and Switzerland, delivering reliable backup power for both single- and three-phase installations.
BUSINESS HIGHLIGHTS
On Jan. 30, 2025, Enphase Energy announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia with IQ8P™ Microinverters.
On Jan. 27, 2025, Enphase Energy announced integration with Octopus Energy’s smart tariffs in the UK, such as “Intelligent Octopus Flux” (IO Flux), which can help customers save money on electricity bills.
On Jan. 23, 2025, Enphase Energy announced that its IQ8™ Microinverters for residential and commercial applications, are now in compliance with the Build America, Buy America (BABA) Act.
On Jan. 13, 2025, Enphase Energy announced shipments of its most powerful and versatile battery yet, the IQ Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. With reliable backup power and support for single- and three-phase systems, it offers unmatched flexibility for home energy needs.
On Jan. 9, 2025, Enphase Energy announced that it is expanding into Latin America with IQ8P Microinverters, bringing solar solutions to Colombia, Panama, and Costa Rica for residential and commercial use.
On Jan. 7, 2025, Enphase Energy announced that IQ8 Microinverters were selected for a 2.2 MW solar project at the Belgoprocess radioactive waste facility in Dessel, Belgium.
2

On Dec. 17, 2024, Enphase Energy announced initial shipments of its most powerful home battery to-date, the IQ Battery 5P, for customers in India.
On Dec. 5 and Dec. 9, 2024, Enphase Energy announced collaborations with two energy providers in the Netherlands, Frank Energie and NextEnergy, to enable participation in the grid imbalance energy marketplace.
On Dec. 3, 2024, Enphase Energy announced the launch of Busbar Power Control software that empowers homeowners to install larger solar and battery systems without costly main electrical panel upgrades.
On Nov. 11, 2024, Enphase Energy announced an AI-powered do-it-yourself (DIY) permitting feature on Solargraf®, to automate the complex solar permitting process for installers in the USA.
On Nov. 4, 2024, Enphase Energy announced the launch of its most powerful Enphase Energy System to-date, featuring the IQ Battery 5P and IQ8 Microinverters, for customers in Romania.
FIRST QUARTER 2025 FINANCIAL OUTLOOK
For the first quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
•Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 150 to 170 megawatt hours of IQ Batteries. The first quarter of 2025 financial outlook includes approximately $50.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
•GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit
•Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit and 38.0% to 41.0% 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 $36.0 million to $39.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters
•GAAP operating expenses to be within a range of $143.0 million to $147.0 million
•Non-GAAP operating expenses to be within a range of $81.0 million to $85.0 million, excluding $62.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges
For 2025, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.
Follow Enphase Online
•Read the Enphase blog.
•Follow @Enphase on X (formerly Twitter).
•Visit us on Facebook and LinkedIn.
•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.
3

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 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, accelerated stock-based compensation expense 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 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 condensed consolidated statements of operations.
Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.
4

Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2024 results and first quarter 2025 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 https://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 3831590, 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 2025 financial outlook, including revenue, shipments of IQ Batteries by megawatt hours, gross margin with net IRA benefit and excluding 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 and introduction of new products and updates to existing products, including the IQ Meter Collar, fourth-generation IQ Battery, and new IQ Combiner products; its expectations regarding higher domestic content product offerings; and the capabilities, advantages, features, and performance of its technology and products. 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, Quarterly Report on Form 10-Q, 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 https://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 approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com.
© 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, 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
5

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months EndedYear Ended
December 31,
2024		September 30,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Net revenues$382,713 $380,873 $302,570 $1,330,383 $2,290,786 
Cost of revenues184,420 202,702 155,908 701,245 1,232,398 
Gross profit198,293 178,171 146,662 629,138 1,058,388 
Operating expenses:
Research and development50,390 47,843 55,291 201,315 227,336 
Sales and marketing51,799 49,671 53,409 206,552 231,792 
General and administrative31,901 30,192 33,379 130,825 137,835 
Restructuring and asset impairment charges9,399 677 14,814 13,154 15,684 
Total operating expenses143,489 128,383 156,893 551,846 612,647 
Income (loss) from operations54,804 49,788 (10,231)77,292 445,741 
Other income, net
Interest income18,417 19,977 20,493 77,306 69,728 
Interest expense(2,252)(2,237)(2,268)(8,905)(8,839)
Other income (expense), net(1,270)(16,785)4,233 (25,534)6,509 
Total other income, net14,895 955 22,458 42,867 67,398 
Income before income taxes69,699 50,743 12,227 120,159 513,139 
Income tax (provision) benefit(7,539)(4,981)8,692 (17,501)(74,203)
Net income $62,160 $45,762 $20,919 $102,658 $438,936 
Net income per share:
Basic$0.46 $0.34 $0.15 $0.76 $3.22 
Diluted$0.45 $0.33 $0.15 $0.75 $3.08 
Shares used in per share calculation:
Basic133,815 135,329 136,092 135,167 136,376 
Diluted138,128 139,914 139,205 140,004 143,290 


6

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$369,110 $288,748 
Restricted cash95,006 — 
Marketable securities1,253,480 1,406,286 
Accounts receivable, net223,749 445,959 
Inventory165,004 213,595 
Prepaid expenses and other assets220,735 88,930 
Total current assets2,327,084 2,443,518 
Property and equipment, net147,514 168,244 
Operating lease, right of use asset, net24,617 19,887 
Intangible assets, net42,398 68,536 
Goodwill211,571 214,562 
Other assets180,925 215,895 
Deferred tax assets, net315,567 252,370 
Total assets$3,249,676 $3,383,012 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$90,032 $116,164 
Accrued liabilities196,887 261,919 
Deferred revenues, current237,225 118,300 
Warranty obligations, current34,656 36,066 
Debt, current101,291 — 
Total current liabilities660,091 532,449 
Long-term liabilities:
Deferred revenues, non-current341,982 369,172 
Warranty obligations, non-current158,233 153,021 
Other liabilities55,265 51,008 
Debt, non-current1,201,089 1,293,738 
Total liabilities2,416,660 2,399,388 
Total stockholders’ equity833,016 983,624 
Total liabilities and stockholders’ equity$3,249,676 $3,383,012 


7

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months EndedYear Ended
December 31,
2024		September 30,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Cash flows from operating activities:
Net income $62,160 $45,762 $20,919 $102,658 $438,936 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20,665 20,103 20,841 81,389 74,708 
Net accretion of discount on marketable securities(7,490)(2,904)(2,950)(8,599)(15,561)
Provision for doubtful accounts2,206 2,704 (129)6,677 1,153 
Asset impairment4,702 17,568 9,700 28,843 10,603 
Non-cash interest expense2,188 2,173 2,126 8,650 8,380 
Net loss (gain) from change in fair value of debt securities(3,697)741 (2,670)(1,967)(8,078)
Stock-based compensation51,830 45,940 55,222 211,360 212,857 
Deferred income taxes(30,675)(5,276)(5,053)(58,319)(43,348)
Changes in operating assets and liabilities:
Accounts receivable2,684 49,414 105,771 211,640 (12,478)
Inventory(6,167)17,231 (39,481)48,591 (63,887)
Prepaid expenses and other assets(16,487)(64,149)(2,401)(134,343)(59,777)
Accounts payable, accrued and other liabilities(27,396)32,088 (139,277)(85,536)(22,149)
Warranty obligations8,657 7,053 221 3,802 57,641 
Deferred revenues104,112 1,690 12,611 98,847 117,780 
Net cash provided by operating activities167,292 170,138 35,450 513,693 696,780 
Cash flows from investing activities:
Purchases of property and equipment(8,064)(8,533)(20,075)(33,604)(110,401)
Purchases of marketable securities(93,138)(319,190)(337,757)(1,184,649)(2,081,431)
Maturities and sale of marketable securities351,843 215,241 433,869 1,346,520 1,840,477 
Investments in private companies— — — — (15,000)
Net cash provided by (used in) investing activities250,641 (112,482)76,037 128,267 (366,355)
Cash flows from financing activities:
Partial settlement of convertible notes— (5)— (7)— 
Repurchase of common stock(199,666)(49,794)(99,998)(391,364)(409,998)
Payment of excise tax on net stock repurchases(2,773)— — (2,773)— 
Proceeds from issuance of common stock under employee equity plans4,719 14 12,555 12,688 13,870 
Payment of withholding taxes related to net share settlement of equity awards(5,012)(6,286)(27,546)(78,813)(120,646)
Net cash used in financing activities(202,732)(56,071)(114,989)(460,269)(516,774)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(7,410)2,638 2,175 (6,323)1,853 
Net increase (decrease) in cash and cash equivalents and restricted cash207,791 4,223 (1,327)175,368 (184,496)
Cash and cash equivalents—Beginning of period256,325 252,102 290,075 288,748 473,244 
Cash, cash equivalents and restricted cash—End of period$464,116 $256,325 $288,748 $464,116 $288,748 
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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,
2024		September 30,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Gross profit (GAAP)$198,293 $178,171 $146,662 $629,138 $1,058,388 
Stock-based compensation3,678 2,948 3,582 14,538 13,357 
Acquisition related amortization1,784 1,904 1,894 7,469 7,580 
Gross profit (Non-GAAP)$203,755 $183,023 $152,138 $651,145 $1,079,325 

Gross margin (GAAP)51.8 %46.8 %48.5 %47.3 %46.2 %
Stock-based compensation0.9 0.8 1.2 1.0 0.6 
Acquisition related amortization0.5 0.5 0.6 0.6 0.3 
Gross margin (Non-GAAP)53.2 %48.1 %50.3 %48.9 %47.1 %

Operating expenses (GAAP)$143,489 $128,383 $156,893 $551,846 $612,647 
Stock-based compensation (1)
(47,884)(42,992)(51,640)(196,554)(199,500)
Acquisition related expenses and amortization(2,884)(3,102)(3,888)(12,911)(15,317)
Restructuring and asset impairment charges(1)
(9,399)(677)(14,814)(13,154)(15,715)
Operating expenses (Non-GAAP)$83,322 $81,612 $86,551 $329,227 $382,115 

(1) Includes stock-based compensation as follows:
Research and development
$20,951 $19,790 $23,839 $85,501 $88,367 
Sales and marketing
15,893 14,237 16,472 65,092 65,703 
General and administrative
11,041 8,965 11,329 45,962 45,430 
Restructuring and asset impairment charges267 — — 267 — 
Total
$48,152 $42,992 $51,640 $196,822 $199,500 

Income (loss) from operations (GAAP)$54,804 $49,788 $(10,231)$77,292 $445,741 
Stock-based compensation51,563 45,940 55,222 211,093 212,857 
Acquisition related expenses and amortization4,668 5,006 5,782 20,380 22,897 
Restructuring and asset impairment charges9,399 677 14,814 13,154 15,715 
Income from operations (Non-GAAP)$120,434 $101,411 $65,587 $321,919 $697,210 

Net income (GAAP)$62,160 $45,762 $20,919 $102,658 $438,936 
Stock-based compensation51,563 45,940 55,222 211,093 212,857 
Acquisition related expenses and amortization4,668 5,006 5,782 20,380 22,897 
Restructuring and asset impairment charges9,399 677 14,814 13,154 15,715 
Non-cash interest expense2,188 2,173 2,126 8,650 8,380 
Non-GAAP income tax adjustment(4,116)(11,156)(25,389)(34,891)(85,544)
Net income (Non-GAAP)$125,862 $88,402 $73,474 $321,044 $613,241 

9

Three Months EndedYear Ended
December 31,
2024		September 30,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Net income per share, basic (GAAP)$0.46 $0.34 $0.15 $0.76 $3.22 
Stock-based compensation0.39 0.34 0.40 1.56 1.56 
Acquisition related expenses and amortization0.03 0.04 0.08 0.15 0.17 
Restructuring and asset impairment charges0.07 0.01 0.11 0.10 0.12 
Non-cash interest expense0.02 0.02 0.02 0.06 0.06 
Non-GAAP income tax adjustment(0.03)(0.10)(0.22)(0.26)(0.63)
Net income per share, basic (Non-GAAP)$0.94 $0.65 $0.54 $2.37 $4.50 
Shares used in basic per share calculation GAAP and Non-GAAP133,815 135,329 136,092 135,167 136,376 
Net income per share, diluted (GAAP)$0.45 $0.33 $0.15 $0.75 $3.08 
Stock-based compensation0.39 0.33 0.39 1.56 1.57 
Acquisition related expenses and amortization0.04 0.04 0.08 0.15 0.16 
Restructuring and asset impairment charges0.07 0.01 0.10 0.10 0.11 
Non-cash interest expense0.02 0.02 0.01 0.06 0.06 
Non-GAAP income tax adjustment(0.03)(0.08)(0.19)(0.26)(0.57)
Net income per share, diluted (Non-GAAP) (2)
$0.94 $0.65 $0.54 $2.37 $4.41 
Shares used in diluted per share calculation GAAP138,128 139,914 139,205 140,004 143,290 
Shares used in diluted per share calculation Non-GAAP
134,053 135,839 137,187 135,641 139,214 
Income-based government grants (GAAP)$68,040 $46,552 $32,887 $157,538 $53,470 
Incremental cost for manufacturing in U.S.(16,123)(11,396)(7,112)(38,351)(11,603)
Net IRA benefit (Non-GAAP)$51,917 $35,156 $25,775 $119,187 $41,867 
Net cash provided by operating activities (GAAP)$167,292 $170,138 $35,450 $513,693 $696,780 
Purchases of property and equipment(8,064)(8,533)(20,075)(33,604)(110,401)
Free cash flow (Non-GAAP)$159,228 $161,605 $15,375 $480,089 $586,379 

(2)    Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 excludes convertible Notes due 2023 interest expense, net of tax of less than $0.1 million from non-GAAP net income.



10
v3.25.0.1
Cover Page Cover Page
Feb. 04, 2025
Cover [Abstract]  
Entity Central Index Key 0001463101
Document Type 8-K
Document Period End Date Feb. 04, 2025
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
Enphase Energy (NASDAQ:ENPH)
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