For the year ending 2025-12-31, ENPH had $10,202K increase in cash & cash equivalents over the period. $95,901K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 172,133 | 102,658 | 438,936 | 397,362 |
| Depreciation and amortization | 80,645 | 81,389 | 74,708 | 58,775 |
| Amortization (accretion) of investments purchased at a premium (discount) | -1,047 | 8,599 | 15,561 | 2,632 |
| Provision for (recovery of) credit losses | -126 | 6,677 | 1,153 | 119 |
| Asset impairment | 3,114 | 28,843 | 10,603 | 1,200 |
| Non-cash interest expense | 4,164 | 8,650 | 8,380 | 8,167 |
| Loss on partial settlement of convertibles notes | - | - | 0 | 0 |
| Deemed repayment of convertible notes attributable to accreted debt discount | - | - | 0 | 0 |
| Gain on settlement of debt securities | - | - | 0 | 0 |
| Benefit from lease termination | 1,280 | - | - | - |
| Change in fair value of debt securities | -9,563 | 1,967 | 8,078 | 735 |
| Stock-based compensation | 214,090 | 211,360 | 212,857 | 216,802 |
| Change in fair value of derivatives | - | - | - | 0 |
| Deferred income taxes | 6,083 | -58,319 | -43,348 | 3,633 |
| Accounts receivable | -3,840 | -211,640 | 12,478 | 107,556 |
| Inventory | 123,043 | -48,591 | 63,887 | 75,273 |
| Prepaid expenses and other assets | 318,558 | 134,343 | 59,777 | 68,423 |
| Purchase of intangible asset | - | - | 0 | 0 |
| Accounts payable, accrued and other liabilities | 139,143 | -85,536 | -22,149 | 133,416 |
| Investments in private companies | - | 0 | 15,000 | 16,000 |
| Warranty obligations | 21,154 | 3,802 | 57,641 | 57,773 |
| Redemption of investment in private companies | - | - | 0 | 0 |
| Deferred revenues | -75,429 | 98,847 | 117,780 | 122,189 |
| Business acquisitions, net of cash acquired | - | 0 | 0 | 62,162 |
| Net cash provided by operating activities | 136,540 | 513,693 | 696,780 | 744,817 |
| Purchases of marketable securities | 744,773 | 1,184,649 | 2,081,431 | 907,430 |
| Maturities and sales of marketable securities | 961,756 | 1,346,520 | 1,840,477 | - |
| Purchases of property and equipment | 40,639 | 33,604 | 110,401 | 46,443 |
| Investment in debt securities | 6,300 | - | - | - |
| Investment in equity of private company | 5,000 | - | - | - |
| Investment in tax equity fund | 9,752 | - | - | - |
| Maturities of marketable securities | - | - | - | 660,129 |
| Issuances of loan receivables | 48,500 | - | - | - |
| Net cash provided by (used in) investing activities | 106,792 | 128,267 | -366,355 | -371,906 |
| Issuance of convertible notes, net of issuance costs | - | - | 0 | 0 |
| Purchase of convertible note hedges | - | - | 0 | 0 |
| Sale of warrants | - | - | 0 | 0 |
| Settlement of notes due 2025 | 102,168 | - | 0 | 0 |
| Partial repurchase of convertible notes | - | - | 0 | 0 |
| Partial settlement of convertible notes | - | 7 | - | - |
| Proceeds from issuances of common stock under employee equity plans | 8,527 | 12,688 | 13,870 | 10,370 |
| Payments of withholding taxes related to net share settlement of equity awards | 18,026 | 78,813 | 120,646 | 27,496 |
| Repurchases of common stock | 129,957 | 391,364 | 409,998 | 0 |
| Payment of excise tax on net stock repurchases | 0 | 2,773 | - | - |
| Net cash used in financing activities | -241,624 | -460,269 | -516,774 | -17,126 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 8,494 | -6,323 | 1,853 | -1,857 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 10,202 | 175,368 | -184,496 | 353,928 |
| Cash and cash equivalents at beginning of period | 464,116 | 288,748 | 473,244 | 119,316 |
| Cash and cash equivalents at end of period | 474,318 | 464,116 | 288,748 | 473,244 |
Enphase Energy, Inc. (ENPH)
Enphase Energy, Inc. (ENPH)