Enphase energy, inc. (ENPH)
CashFlow / TTM
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

227,319

161,148

45,191

10,622

-3,734

-11,627

-15,276

-18,660

-27,015

-45,192

-55,440

-67,342

-71,972

-67,462

-70,057

-50,677

-34,557

-22,082

-5,897

-5,708

-8,136

-8,052

-11,264

-18,378

-21,743

-25,913

-30,845

-33,451

-38,440

-38,218

-36,013

-34,282

-33,185

-32,290

0

0

0

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

14,391

14,119

14,268

12,892

10,963

9,667

9,191

8,890

8,952

9,004

9,362

9,833

10,286

10,638

10,874

10,873

10,687

10,539

9,959

9,411

8,881

8,259

7,863

7,514

7,231

6,981

6,752

6,486

6,143

5,568

4,950

4,271

3,573

3,032

0

0

0

Provision for doubtful accounts

321

217

451

165

111

711

233

522

934

476

814

2,473

2,702

3,097

4,352

2,734

2,039

1,502

344

99

685

711

724

1,361

704

678

0

0

0

-

-

-

-

-

-

-

-

Asset impairment

-

-

-

-

-

-

-

-

-

1,681

3,388

4,927

5,085

3,190

2,441

825

738

522

17

2

64

249

-247

-79

-88

-82

0

0

0

-

-

-

-

-

-

-

-

Non-cash interest expense

7,313

6,081

4,994

3,834

3,654

2,701

2,216

1,743

1,265

1,673

1,381

1,152

1,062

145

144

139

152

163

347

372

420

483

363

405

423

429

1,130

1,089

3,948

4,777

5,059

5,522

2,742

1,835

0

0

0

Financing fees on extinguishment of debt

0

-2,152

-2,152

-2,152

-2,152

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

24,401

20,176

15,521

13,796

13,151

11,432

11,361

9,037

6,369

6,727

7,364

8,169

9,256

10,326

11,356

12,107

12,707

12,696

12,282

11,529

10,715

9,740

8,931

8,446

7,427

6,849

6,562

5,968

5,495

4,766

3,840

2,972

2,451

2,120

0

0

0

Change in fair value of derivatives

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Revaluation of contingent consideration liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,827

-1,600

-900

104

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of convertible preferred stock warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

520

472

580

360

-321

0

0

0

Changes in operating assets and liabilities:
Accounts receivable

15,842

68,745

80,325

38,516

25,906

13,515

-14,629

2,816

7,653

4,803

10,201

9,902

4,548

18,017

-11,488

-15,608

3,225

2,482

26,396

20,877

18,105

13,746

15,250

15,794

4,246

5,019

3,683

23,239

12,529

11,040

15,288

-5,148

5,734

9,874

0

0

0

Inventory

21,645

15,789

12,344

2,623

-5,571

-9,732

-7,429

-3,368

-15,266

-5,961

-13,785

-18,456

-11,768

-8,840

2,384

5,241

10,830

19,210

21,229

18,330

20,633

5,010

-8,904

-2,182

-8,196

-3,263

7,742

-13,060

-3,352

8,615

6,391

24,563

19,844

6,708

0

0

0

Prepaid expenses and other assets

16,889

14,293

7,769

11,147

4,504

3,130

112

-2,560

-848

1,227

6,012

6,400

5,811

4,759

4,130

4,901

5,274

5,281

5,653

4,317

3,604

2,512

2,346

3,194

2,070

1,448

1,232

-80

153

711

91

998

1,927

1,648

0

0

0

Accounts payable, accrued and other liabilities

-4,717

22,200

37,066

43,704

39,600

23,082

-3,457

5,212

713

-5,078

-2,919

-20,548

-10,790

8,897

7,243

6,006

-2,696

-2,620

7,691

15,455

26,471

25,325

17,358

17,394

3,022

-1,453

-5,542

-14,810

-10,364

4,174

16,133

23,095

27,735

17,275

0

0

0

Warranty obligations

6,459

5,804

2,440

1,351

417

1,478

1,832

29

-1,369

-1,598

3

1,547

2,335

867

-2,457

-3,697

-4,504

-3,393

499

794

3,435

3,508

2,941

6,192

6,833

9,094

0

0

0

-

-

-

-

-

-

-

-

Deferred revenues

34,210

72,248

14,938

6,572

-3,365

-6,123

-9,988

-5,083

2,753

5,328

7,571

8,337

8,401

11,274

11,234

11,179

11,523

9,671

8,778

8,828

7,811

5,302

4,452

5,019

4,518

5,587

6,385

4,879

-11,446

-18,614

3,628

3,248

18,991

25,443

0

0

0

Net cash provided by operating activities

161,226

139,067

38,671

40,526

29,834

16,132

12,343

3,324

-570

-28,442

-30,893

-49,287

-42,215

-32,953

-20,439

-5,880

-24,911

-21,160

-20,429

-3,183

8,443

24,222

22,921

11,224

10,381

-872

-822

-20,762

-37,546

-44,645

-29,412

-16,011

-5,431

-367

0

0

0

Cash flows from investing activities:
Purchases of property and equipment

17,483

14,788

9,135

5,852

3,766

4,151

2,896

2,081

1,698

4,121

6,169

8,172

12,285

12,167

12,450

13,775

12,262

12,525

13,095

15,176

14,688

13,249

11,207

7,123

6,747

6,257

6,822

8,444

10,067

12,990

16,127

16,065

16,949

14,662

0

0

0

Net cash used in investing activities

-17,483

-14,788

-15,135

-20,852

-18,766

-19,151

-11,896

-2,081

-1,698

-4,121

-5,119

-7,122

-11,913

-11,795

-13,065

-14,390

-12,199

-12,462

-16,380

-18,461

-17,973

-16,534

-11,207

-7,123

-6,747

-6,257

-6,822

-8,444

-10,067

-12,990

-16,127

-16,065

-16,949

-14,662

0

0

0

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

440,424

127,413

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of convertible note hedges

125,356

36,300

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sale of warrants

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments under capital leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

40

40

73

105

96

135

141

185

169

0

0

0

Proceeds from borrowings under revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

10,000

22,000

39,000

56,000

46,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments and financing fees on debt

2,272

45,855

49,970

51,969

53,936

9,976

5,664

3,129

771

0

0

0

0

-

-

-

-

-

-

6,531

7,842

8,708

3,479

3,428

2,722

2,447

10,396

11,223

11,407

14,103

6,004

5,439

5,102

1,863

0

0

0

Proceeds from Issuance of Common Stock

-

-

-

-

-

19,766

19,771

19,923

19,826

26,425

27,974

42,567

42,664

16,142

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Issuance of Long-term Debt

-

-

-

-

-

68,024

70,554

7,782

4,589

26,442

24,054

48,229

48,151

23,989

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

10,000

3,250

6,863

10,498

9,898

0

0

0

Payments under revolving credit facility

-

-

-

-

-

-

-

-

-

10,100

12,450

12,450

20,000

16,900

26,700

43,700

36,150

29,150

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Proceeds from exercise of equity awards and employee stock purchase plan

5,300

4,985

3,574

1,962

4,195

2,800

2,507

1,730

797

530

466

505

1,045

1,144

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from the exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Payment of offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Net cash provided by (used in) financing activities

372,343

65,850

63,820

127,826

14,462

80,614

87,168

26,306

24,441

43,297

40,474

79,010

71,915

34,375

35,338

-3,080

22,933

20,564

15,413

16,878

-2,253

-3,342

1,236

-832

-442

-58

-2,353

-3,552

52,381

51,436

60,647

63,392

23,653

26,482

0

0

0

Effect of exchange rate changes on cash and cash equivalents

-329

-257

-474

-12

-698

-502

-329

-31

1,127

646

304

109

-848

-315

-213

-294

66

-522

-650

-968

-1,025

-504

-191

376

309

83

58

-235

-237

-31

0

0

0

-

-

-

-

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

515,757

189,872

86,882

147,488

24,832

77,093

87,286

27,518

23,300

11,380

4,766

22,710

16,939

-10,688

1,621

-23,644

-14,111

-13,580

-22,046

-5,734

-12,808

3,842

12,759

3,645

3,501

-7,104

-9,939

-32,993

4,531

-6,230

15,195

31,401

1,379

11,531

0

0

0

Supplemental cash flow disclosure:
Cash paid for interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,681

1,576

1,633

1,439

1,235

0

0

0

Assets acquired under capital lease

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

295

0

0

0

Purchases of fixed assets included in accounts payable

799

672

1,696

1,977

1,236

895

-195

352

-641

551

1,054

73

318

700

1,651

1,045

2,140

1,718

1,133

2,776

2,612

1,840

1,823

1,207

844

837

665

-615

-446

772

-405

1,920

1,197

903

0

0

0

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Offering costs not yet paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-637

2,040

371

0

0

0