Enphase Energy, Inc. (ENPH) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	8-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Net revenues	2,330.9	1,382.0	774.4	624.3	316.2	286.2	322.6	357.2
Net revenues growth	68.7%	78.5%	24.0%	97.5%	10.5%	-11.3%	-9.7%	3.9%
Cost of revenues	1,356.3	827.6	428.4	403.1	221.7	230.1	264.6	249.0
Gross profit	974.6	554.4	346.0	221.2	94.4	56.0	58.0	108.2
Gross margin	41.8%	40.1%	44.7%	35.4%	29.9%	19.6%	18.0%	30.3%

Operating expenses:
Research and development	168.8	105.5	55.9	40.4	32.6	33.2	50.7	50.8
Sales and marketing	215.1	129.0	52.9	36.7	27.0	23.1	38.8	45.9
General and administrative	140.0	104.1	50.7	38.8	29.1	22.2	27.4	30.8
Restructuring charges	2.4			2.6	4.1	16.9	3.8
Total operating expenses	526.3	338.6	159.5	118.5	92.8	95.4	120.7	127.5
Income from operations	448.3	215.8	186.4	102.7	1.6	-39.4	-62.7	-19.8
Operating margin	19.2%	15.6%	24.1%	16.5%	0.5%	-13.8%	-19.4%	-5.5%

Other income (expense), net
Interest income	13.7	0.7	2.2	2.5	1.1	0.3
Interest expense	-9.4	-45.2	-21.0	-9.7	-10.7	-8.2	-2.8
Other income (expense), net	-0.4	6.1	-0.8	-5.4	-2.2	2.0	-0.5	-0.9
Total other income (expense), net	-0.4	-94.9	-67.0	-12.6	-11.8	-6.0	-3.3	-1.4
Income before income taxes		120.9	119.4	90.1	-10.2	-45.3	-66.0	-20.7
Income tax provision	-54.7	24.5	14.6	71.0	-1.4	0.1	-1.5	1.4
Net income	397.4	145.4	134.0	161.1	-11.6	-45.2	-67.5	-22.1

Net income per share:
Basic (in USD per share)		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Diluted (in USD per share)		0.0	0.0	0.0	0.0	0.0	0.0	0.0

Shares used in per share calculation:
Basic (in shares)	135.3	134.0	125.6	116.7	99.6	82.9	50.5	44.6
Diluted (in shares)	144.4	142.9	141.9	131.6	99.6	82.9	50.5	44.6