Enphase Energy, Inc.

NasdaqGM-ENPH

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	195.6	174.7	148.5	102.7	61.4	129.6
Net Income
Depreciation & Amortization	80.9	80.8	81.2	81.4	81.6	80.9
Depreciation and Amortization
Share-Based Compensation Expense	212.8	207.3	206.2	211.4	214.8	212.6
Stock-Based Compensation
Other Adjustments	-6.7	6.9	-7.1	-24.7	9.1	-10.6
Amortization (Accretion) of Investments Purchased at a Premium (Discount)
Provision for Credit Losses
Asset Impairment
Gain on Business Divestiture
Non-Cash Interest Expense
Financing Fees on Extinguishment of Debt
Fees Paid for Repurchase and Exchange of Convertible Notes Due 2023
Loss on Partial Settlement of Convertibles Notes
Deemed Repayment of Convertible Notes Attributable to Accreted Debt Discount
Gain on Settlement of Debt Securities
Net Gain from Change in Fair Value of Debt Securities
Revaluation of Contingent Consideration Liability
Change in Fair Value of Derivatives
Deferred Income Taxes
Changes in Trade Receivables	-44.9	62.5	136	211.6	314.7	230.6
Accounts Receivable
Changes in Inventories	-29.8	3.1	63.9	48.6	15.3	-10
Inventory
Changes in Accounts Payable	89.5	96.1	35	-85.5	-197.4	-219.6
Accounts Payable, Accrued and Other Liabilities
Changes in Unearned Revenue	-32.5	-27.4	22	98.8	7.3	19
Deferred Revenues
Changes in Other Operating Activities	-208.7	-191.5	-172.7	-130.5	-124.9	-75
Prepaid Expenses and Other Assets
Intangible Assets
Warranty Obligations
Cash from Operating Activities	256.3	412.5	512.9	513.7	381.9	357.6
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-39	-39.5	-40.8	-33.6	-45.6	-60.9
Purchases of Property and Equipment
Purchases of Intangible Assets	—	—	—	—	—	—
Purchases of Intangible Assets
Purchases of Investments	-694.5	-897.5	-913.2	-1,184.6	-1,429.3	-1,580.8
Purchases of Marketable Securities
Investments in Private Companies
Proceeds from Sale of Investments	1,131.9	1,145.3	1,184.5	1,346.5	1,428.5	1,708.1
Maturities and Sale of Marketable Securities
Redemption of Investment in Private Companies
Payments for Business Acquisitions	—	—	—	—	—	—
Business Acquisitions, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Business Divestitures
Other Investing Activities	—	—	—	—	—	—
Change in Restricted Cash
Cash from Investing Activities	333.9	200	223.6	128.3	-46.3	51.3
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	—	—	—
Proceeds from Borrowings Under Revolving Credit Facility
Repayments of Short-Term Debt	—	—	—	—	—	—
Payments Under Revolving Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	—	—	—	—	—	—
Issuance of Convertible Notes, Net of Issuance Costs
Proceeds from Debt, Net of Issuance Costs
Repayments of Long-Term Debt	-102.2	-102.2	-102.2	-0	-0	—
Principal Payments and Financing Fees on Debt
Partial Settlement of Convertible Notes
Net Issuance / (Repayments) of Long-Term Debt	-102.2	-102.2	-102.2	-0	-0	—
Issuance of Common Shares	10.1	10.1	11.6	12.7	20.5	21.2
Proceeds from Issuance of Common Stock, Net of Issuance Costs
Proceeds from Exercise of Equity Awards and Employee Stock Purchase Plan
Repurchases of Common Shares	-351.3	-405.7	-480.2	-473	-393	-455.4
Payment of Withholding Taxes Related to Net Share Settlement of Equity Awards
Repurchase of Common Stock
Payment of Excise Tax on Net Stock Repurchases
Net Issuance / (Repurchases) of Common Shares	-341.2	-395.6	-468.6	-460.3	-372.5	-434.2
Other Financing Activities	—	—	—	—	—	—
Purchase of Convertible Note Hedges
Sale of Warrants
Fees Paid for Repurchase and Exchange of Convertible Notes Due 2023
Holdback Payment Related to Prior Acquisition
Cash from Financing Activities	-446.1	-500.5	-573.6	-460.3	-372.5	-434.2
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	217.3	373	472.1	480.1	336.2	296.6
NOPAT	157.5	144.7	115	66	12	69.9
Levered Free Cash Flow	-46.1	-5.9	34.8	81.8	-202.3	-136
Unlevered Free Cash Flow	18	66.3	103.5	45.2	-251.7	-195.7
Net Change in Cash	144	112	162.9	181.7	-37	-25.3