Investor Presentaiton
GAAP to Non-GAAP reconciliation
Acquisition related amortization
Gross profit (Non-GAAP)
Gross margin (GAAP)
Stock-based compensation
Acquisition related amortization
$ in MUSD
Q1'22
Gross profit (GAAP)
Q2'22 Q3'22
$177.0 $219.0 $267.9
Q4'22
FY'22 Q1'23 Q2'23 Q3'23
$310.7 $974.6 $326.4 $323.3 $262.0
Q4'23 FY'23
$146.7 $1,058.4
Q1'24
$115.5
Stock-based compensation
2.5
3.1
3.2
4.3
13.1
3.7
3.4
2.7
3.5
13.3
4.2
1.3
180.8
1.5
223.6
1.4
272.5
2.1
317.1
6.3
994.0
1.8
331.9
1.9
328.6
1.9
266.6
1.9
152.1
7.6
1,079.3
1.9
121.6
40.1% 41.3% 42.2%
42.9%
41.8%
45.0% 45.5% 47.5%
48.5% 46.2% 43.9%
Gross margin (Non-GAAP)
0.6% 0.6%
0.3% 0.3%
41.0% 42.2% 42.9% 43.8%
0.5%
0.2%
0.6%
0.5%
0.3%
0.3%
42.6%
0.5%
0.2%
45.7%
0.5%
0.2%
46.2%
0.6% 1.2%
0.3% 0.6%
48.4% 50.3%
0.6% 1.6%
0.3% 0.7%
47.1% 46.2%
Operating expenses (GAAP)
Stock-based compensation
115.2 125.0 132.5
(45.3) (49.9) (49.1)
153.7
(59.4)
526.3
(203.7)
158.7 153.0
(56.0) (50.8)
144.0 156.9
(41.1) (51.7)
612.6 144.6
(199.5) (56.6)
Acquisition related expenses and
amortization
(3.6)
(3.9)
(4.2)
(4.8)
(16.5)
(3.7)
(3.9)
(3.9)
(3.9)
(15.3) (3.5)
Restructuring and asset impairment
(0.6)
(1.8)
(2.4)
(0.7)
(0.2)
(14.8)
(15.7)
(1.9)
charges
Operating expenses (Non-GAAP)
66.3
71.2
78.6
87.7
303.7
98.3
98.1
99.0
86.5
382.1
82.6
Income (loss) from operations
61.8
94.0
135.4
157.0
448.3
167.7
170.3
118.0 (10.2)
445.8 (29.1)
(GAAP)
Stock-based compensation
47.8
53.1
52.3
63.6
216.8
59.7
54.2
43.8
55.2
212.8
60.8
Acquisition related expenses and
4.9
5.3
5.6
7.0
22.8
5.5
5.8
5.8
5.8
22.9
5.4
amortization
Restructuring and asset impairment
0.6
1.8
2.4
0.7
0.2
14.8
15.7
1.9
charges
Income from operations (Non-
GAAP)
114.5
152.4
193.9
229.4 690.3 233.6
230.5
167.6
65.6
697.2
39.0
Cash flows from operating activities
102.4
188.0
253.7
744.8
246.2
269.2
145.8
35.5
696.8
49.2
Purchases of property and equipment
Free cash flow
(12.3)
90.1
200.7
(8.7)
192.0
(8.9) (16.4)
179.1
(46.4)
237.3 698.4
(22.4)
(44.0)
223.8
225.2
(23.8) (20.1) (110.4)
122.0
15.4 586.4
(7.4)
41.8
ENPHASE
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