| Cash Flow | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 |
|---|---|---|---|---|
| Net income | 133,420 | 66,782 | 29,730 | 40,498 |
| Depreciation and amortization | 60,218 | 40,000 | 19,915 | 60,724 |
| Amortization (accretion) of investments purchased at a premium (discount) | -1,513 | -2,278 | -3,512 | 1,109 |
| Provision for credit losses | 162 | 192 | 62 | 4,471 |
| Asset impairment | 1,565 | 1,565 | 27 | 24,141 |
| Non-cash interest expense | 3,336 | 2,507 | 1,679 | 6,462 |
| Net loss from change in fair value of debt securities | -12,315 | -9,141 | 323 | -1,730 |
| Stock-based compensation | 160,998 | 109,529 | 55,633 | 159,530 |
| Deferred income taxes | 7,137 | 8,963 | 8,560 | -27,644 |
| Accounts receivable | 47,539 | -10,441 | -1,760 | -208,956 |
| Inventory | 23,648 | 8,012 | -20,979 | -54,758 |
| Prepaid expenses and other assets | 218,144 | 139,814 | 75,553 | 117,856 |
| Accounts payable, accrued and other liabilities | 116,938 | 91,444 | 54,232 | -58,140 |
| Warranty obligations | 17,252 | 13,197 | 10,558 | -4,855 |
| Deferred revenues | -136,562 | -133,170 | -82,357 | -5,265 |
| Net cash provided by operating activities | 88,961 | 75,043 | 48,414 | 346,401 |
| Purchases of property and equipment | 30,899 | 22,867 | 14,608 | 25,540 |
| Investment in debt securities | 6,300 | - | - | - |
| Investment in tax equity fund | 9,752 | 8,344 | 6,904 | - |
| Investments in private companies | - | - | - | 0 |
| Issuance of loan receivables | 48,500 | - | - | - |
| Purchases of marketable securities | 601,368 | 485,132 | 200,826 | 1,091,511 |
| Maturities and sale of marketable securities | 780,099 | 578,218 | 335,398 | 994,677 |
| Net cash provided by (used in) investing activities | 83,280 | 61,875 | 113,060 | -122,374 |
| Partial settlement of convertible notes | - | - | - | 7 |
| Settlement of notes due 2025 | 102,168 | 102,168 | 102,168 | - |
| Proceeds from issuance of common stock under employee equity plans | 5,369 | 5,369 | 67 | 7,969 |
| Payment of withholding taxes related to net share settlement of equity awards | 16,653 | 14,974 | 12,110 | 73,801 |
| Repurchase of common stock | 129,957 | 129,957 | 99,964 | 191,698 |
| Net cash used in financing activities | -243,409 | -241,730 | -214,175 | -257,537 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 8,932 | 11,232 | 3,675 | 1,087 |
| Net decrease in cash, cash equivalents and restricted cash | -62,236 | -93,580 | -49,026 | -32,423 |
| Cash and cash equivalents at beginning of period | 464,116 | 464,116 | 464,116 | 288,748 |
| Cash and cash equivalents at end of period | 401,880 | 370,536 | 415,090 | 256,325 |
Enphase Energy, Inc. (ENPH)
Enphase Energy, Inc. (ENPH)