Enphase Energy Inc 2025年季度报告

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of BusinessEnphase Energy, Inc. (the “Company”) is a global energy technology company. The Company delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform.The Company’s intelligent microinverterswork with virtually every solar panel made, and when paired with the Company’s smart technology, results in one of theindustry’s best-performing clean energy systems. The accompanying condensed consolidated financial statements are presented in accordance with accounting principlesgenerally accepted in the United States (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated inconsolidation. and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion ofmanagement, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensiveincome (loss), stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the threemonths ended March31, 2025 are not necessarily indicative of the operating results for the full year. the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimatesand assumptions reflected in the financial statements include revenue recognition, allowance for credit losses, stock-based compensation, deferred compensation arrangements, income tax provision, inventory valuation, government grants, accruedwarranty obligations, fair value of investments, convertible notes, fair value of acquired intangible assets and goodwill, usefullives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and leaseliability. These estimates are based on information available as of the date of the financial statements; therefore, actual resultscould differ materially from those estimates due to risks and uncertainties. Significant Accounting Policies” of the notes to consolidated financial statements included in Part II, Item 8 of the Form 10-K.Recently Adopted Accounting Pronouncements 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that anentity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASU 2023-09 was effective for fiscal years beginning after December 15, 2024 and report on Form 10-K for the year ending December 31, 2025. As ASU 2023-09 affects only disclosures, the adoption of ASU2023-09 is not expected to have a significant impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires additional disclosure of certain costs and expenses within thenotes to the financial statements. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim ASU 2024-03 on its consolidated financial statements disclosures.2.REVENUE RECOGNITION photovoltaic (“PV”) industry.Disaggregated revenue by primary geographical market and timing of revenue recognition for theCompany’s single product line are as follows: March 31,20252024(In thousands)Primary geographical markets:United States$263,238$ Timing of revenue recognition: Products delivered at a point in timeProducts and services delivered over time $356,084$ include payments received in advance of performance obligations under the contract and are realized when the associatedrevenue is recognized under the contract. Contract LiabilitiesContract Liabilities, beginning of period$ Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied orpartially unsatisfied at the end of the reporting period are as follows: 2025 (remaining nine months)$ InventoryInventory consists of the following: UnrealizedGainsUnrealizedLosses Due within one year The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservableinputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest •Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is ableto access. Since valuations are based on quoted prices that are readily and regularly available in an active market, The