Investor Presentaiton
GAAP to Non-GAAP reconciliation (continued)
$ in MUSD
Net income (loss) (GAAP)
Q1'22 Q2'22 Q3'22 Q4'22 FY'22 Q1'23 Q2'23 Q3'23 Q4'23 FY'23 Q1'24
ACT ACT ACT ACT ACT ACT ACT ACT ACT ACT ACT
$51.8 $77.0 $114.8 $153.8 $397.4 $146.9 $157.1 $114.0 $20.9 $438.9 $(16.1)
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
charges
0.6
1.8
2.4
0.7
0.2
14.8
15.7
1.9
Non-cash interest expense
2.0
2.0
2.1
21
2.1
8.1
2.0
2.1
2.1
2.1
8.4
21
2.1
Non-GAAP income tax adjustment
3.2
12.5
0.1 (15.9) (0.1) (22.5) (13.8) (23.9) (25.3) (85.5)
(6.1)
Net income (Non-GAAP)
ENPHASE
$109.7 $149.9 $175.5 $212.4 $647.4 $192.3 $205.6 $141.8 $73.5 $613.2 $48.0
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