Enphase financials - GAAP P&L-GAAP ($ in MUSD) ■■■■■■■I■■■■ $441.3 $530.2 $634.7 $724.7 $2,330.9 $726.0 $711.1 $551.1 $302.6 $2,290.8 $263.3 $303.5 Revenues Cost of revenues (264.3) (311.2) (366.8) (414.0) (1,356.3) (399.6) (387.8) (289.1) (155.9) (1,232.4) (147.8) (166.3) 177.0 310.7 267.9 974.6 326.4 323.3 262.0 146.7 1,058.4 115.5 137.2 219.0 Gross profit 41.8% 45.0% 45.5% 47.5% 48.5% 46.2% 43.9% 45.2% Gross Margin% 40.1% 41.3% 42.2% 42.9% Operating expenses (115.2) (125.0) (132.5) (153.7) (526.3) (158.7) (153.0) (144.0) (156.9) (612.6) (144.6) (135.4) 22% 26% 55% 24% 21% 21% 26% 45% %of Revenue 52% 22% 27% 23% 167.7 (10.2) 157.0 (29.1) 61.8 118.0 1.8 94.0 135.4 448.3 170.3 445.8 Operating income (loss) (11%) 1% 21% 22% 23% 24% 21% 14% 18% 19% 19% (3%) %of Revenue Cash flows from 200.7 127.0 102.4 246.2 269.2 253.7 49.2 744.8 188.0 35.5 696.8 145.8 operations Cash, cash equivalents 1,247.8 1,417.3 1,612.8 1,612.8 1,063.5 1,695.0 1,629.6 1,778.4 1,800.51,783.9 1,695.0 1,646.4 and marketable securities ,