Enphase energy, inc. (ENPH)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

68,936

116,666

31,099

10,618

2,765

709

-3,470

-3,738

-5,128

-2,940

-6,854

-12,093

-23,305

-13,188

-18,756

-16,723

-18,795

-15,783

624

-603

-6,320

402

813

-3,031

-6,236

-2,810

-6,301

-6,396

-10,406

-7,742

-8,907

-11,385

-10,184

-5,537

-7,176

-10,288

-9,289

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

3,844

2,568

3,857

4,122

3,572

2,717

2,481

2,193

2,276

2,241

2,180

2,255

2,328

2,599

2,651

2,708

2,680

2,835

2,650

2,522

2,532

2,255

2,102

1,992

1,910

1,859

1,753

1,709

1,660

1,630

1,487

1,366

1,085

1,012

808

668

544

Provision for doubtful accounts

104

-191

201

207

0

43

-85

153

600

-435

204

565

142

-97

1,863

794

537

1,158

245

99

0

0

0

685

26

13

637

28

0

-

-

-

-

-

-

-

-

Asset impairment

-

-

-

-

-

-

-

-

-

43

-127

-155

1,920

1,750

1,412

3

25

1,001

-204

-84

-191

496

-219

-22

-6

0

-51

-31

0

-

-

-

-

-

-

-

-

Non-cash interest expense

2,722

1,908

1,907

776

1,490

821

747

596

537

336

274

118

945

44

45

28

28

43

40

41

39

227

65

89

102

107

107

107

108

808

66

2,966

937

1,090

529

186

30

Financing fees on extinguishment of debt

0

0

0

0

-2,152

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

7,515

6,176

5,776

4,934

3,290

1,521

4,051

4,289

1,571

1,450

1,727

1,621

1,929

2,087

2,532

2,708

2,999

3,117

3,283

3,308

2,988

2,703

2,530

2,494

2,013

1,894

2,045

1,475

1,435

1,607

1,451

1,002

706

681

583

481

375

Change in fair value of derivatives

15,344

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Revaluation of contingent consideration liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-227

-700

-1,004

104

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

12,500

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of convertible preferred stock warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-103

623

-48

108

-323

-58

Changes in operating assets and liabilities:
Accounts receivable

-49,637

12,606

37,035

15,838

3,266

24,186

-4,774

3,228

-9,125

-3,958

12,671

8,065

-11,975

1,440

12,372

2,711

1,494

-28,065

8,252

21,544

751

-4,151

2,733

18,772

-3,608

-2,647

3,277

7,224

-2,835

-3,983

22,833

-3,486

-4,324

265

2,397

7,396

-184

Inventory

2,560

1,825

10,137

7,123

-3,296

-1,620

416

-1,071

-7,457

683

4,477

-12,969

1,848

-7,141

-194

-6,281

4,776

4,083

2,663

-692

13,156

6,102

-236

1,611

-2,467

-7,812

6,486

-4,403

2,466

3,193

-14,316

5,305

14,433

969

3,856

586

1,297

Prepaid expenses and other assets

5,009

5,659

-934

7,155

2,413

-865

2,444

512

1,039

-3,883

-228

2,224

3,114

902

160

1,635

2,062

273

931

2,008

2,069

645

-405

1,295

977

479

443

171

355

263

-869

404

913

-357

38

1,333

634

Accounts payable, accrued and other liabilities

-22,066

3,544

1,851

11,954

4,851

18,410

8,489

7,850

-11,667

-8,129

17,158

3,351

-17,458

-5,970

-471

13,109

2,229

-7,624

-1,708

4,407

2,305

2,687

6,056

15,423

1,159

-5,280

6,092

1,051

-3,316

-9,369

-3,176

5,497

11,222

2,590

3,786

10,137

762

Warranty obligations

403

2,474

1,631

1,951

-252

-890

542

1,017

809

-536

-1,261

-381

580

1,065

283

407

-888

-2,259

-957

-400

223

1,633

-662

2,241

296

1,066

2,589

2,882

2,557

-

-

-

-

-

-

-

-

Deferred revenues

-36,460

61,467

4,877

4,326

1,578

4,157

-3,489

-5,611

-1,180

292

1,416

2,225

1,395

2,535

2,182

2,289

4,268

2,495

2,127

2,633

2,416

1,602

2,177

1,616

-93

752

2,744

1,115

976

1,550

1,238

-15,210

-6,192

23,792

858

533

260

Net cash provided by operating activities

39,222

102,271

4,961

14,772

17,063

1,875

6,816

4,080

3,361

-1,914

-2,203

186

-24,511

-4,365

-20,597

7,258

-15,249

8,149

-6,038

-11,773

-11,498

8,880

11,208

-147

4,281

7,579

-489

-990

-6,972

7,629

-20,429

-17,774

-14,071

22,862

-7,028

-7,194

-9,007

Cash flows from investing activities:
Purchases of property and equipment

3,353

7,420

4,192

2,518

658

1,767

909

432

1,043

512

94

49

3,466

2,560

2,097

4,162

3,348

2,843

3,422

2,649

3,611

3,413

5,503

2,161

2,172

1,371

1,419

1,785

1,682

1,936

3,041

3,408

4,605

5,073

2,979

4,292

2,318

Net cash used in investing activities

-3,353

-7,420

-4,192

-2,518

-658

-7,767

-9,909

-432

-1,043

-512

-94

-49

-3,466

-1,510

-2,097

-4,840

-3,348

-2,780

-3,422

-2,649

-3,611

-6,698

-5,503

-2,161

-2,172

-1,371

-1,419

-1,785

-1,682

-1,936

-3,041

-3,408

-4,605

-5,073

-2,979

-4,292

-2,318

Cash flows from financing activities:
Issuance of convertible notes, net of issuance costs

313,011

-68

-559

128,040

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of convertible note hedges

89,056

0

0

36,300

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sale of warrants

71,552

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments under capital leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

40

0

33

32

31

39

39

76

15

Proceeds from borrowings under revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

10,000

12,000

17,000

17,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments and financing fees on debt

1,148

197

536

391

44,731

4,312

2,535

2,358

771

0

0

0

0

-

-

-

-

-

-

0

0

5,861

670

1,311

866

632

619

605

591

8,581

1,446

789

3,287

482

881

452

48

Proceeds from Issuance of Common Stock

-

-

-

-

-

-5

-152

0

19,923

0

0

-97

26,522

1,549

14,593

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Issuance of Long-term Debt

-

-

-

-

-

-328

62,772

3,271

2,309

2,202

0

78

24,162

-186

24,175

0

0

-

-

-

-

-

-

-

-

-

-

-

-

7,400

0

0

2,600

650

3,613

3,635

2,000

Payments under revolving credit facility

-

-

-

-

-

-

-

-

-

0

0

0

10,100

2,350

0

7,550

7,000

12,150

17,000

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

271

75

55

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

94

95

Proceeds from exercise of equity awards and employee stock purchase plan

1,979

2,060

2,393

-1,132

1,664

649

781

1,101

269

356

4

168

2

292

43

708

101

-

122

2,067

677

-

2,257

1,247

454

-

138

931

603

-

-

-

-

-

-

-

-

Payment of withholding taxes related to net share settlement of equity awards

34,267

-

-

-

1,355

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from the exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24

-

20

148

14

Payment of offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

204

1,549

279

-

-

-

-

Net cash provided by (used in) financing activities

262,071

-1,966

-3,140

115,378

-44,422

-3,996

60,866

2,014

21,730

2,558

4

149

40,586

-265

38,540

-6,946

3,046

698

122

19,067

677

-4,453

1,587

-64

-412

125

-481

326

-28

-2,170

-1,680

56,259

-973

7,041

1,065

16,520

1,856

Effect of exchange rate changes on cash and cash equivalents

-205

178

-542

240

-133

-39

-80

-446

63

134

218

712

-418

-208

23

-245

115

-106

-58

115

-473

-234

-376

58

48

79

191

-9

-178

54

-102

-11

28

-

-

-

-

Net increase (decrease) in cash, cash equivalents, and restricted cash

297,735

93,063

-2,913

127,872

-28,150

-9,927

57,693

5,216

24,111

266

-2,075

998

12,191

-6,348

15,869

-4,773

-15,436

5,961

-9,396

4,760

-14,905

-2,505

6,916

-2,314

1,745

6,412

-2,198

-2,458

-8,860

3,577

-25,252

35,066

-19,621

25,002

-9,046

5,044

-9,469

Supplemental cash flow disclosure:
Cash paid for interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

431

346

390

514

326

403

196

310

Assets acquired under capital lease

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

295

Purchases of fixed assets included in accounts payable

585

-254

-268

736

458

770

13

-5

117

-320

560

-998

1,309

183

-421

-753

1,691

1,134

-1,027

342

1,269

549

616

178

497

532

0

-185

490

360

-1,280

-16

1,708

-817

1,045

-739

1,414

Convertible senior note issuance costs included in accounts payable and accrued expense

591

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Offering costs not yet paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,549

1,753

-204

-637

1,128

84