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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2012	May 11, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012
Entity Registrant Name	Enphase Energy, Inc.
Entity Central Index Key	0001463101
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		40,747,019

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 31,903	$ 51,524
Accounts receivable, net of allowances of $124 and $144 as of March 31, 2012 and December 31, 2011, respectively	13,447	17,771
Inventory	25,661	11,228
Prepaid expenses and other	2,308	1,264
Total current assets	73,319	81,787
Property and equipment, net	22,736	18,411
Other assets	7,320	6,044
Total assets	103,375	106,242
Current liabilities:
Accounts payable	24,797	12,928
Accrued liabilities	10,558	10,100
Deferred revenues	16,587	23,414
Current portion of term loans	5,437	4,529
Convertible preferred stock warrant liability	776	1,399
Total current liabilities	58,155	52,370
Long-term liabilities:
Deferred revenues	4,305	3,670
Warranty obligations	7,877	6,733
Other liabilities	52	145
Term loans	8,619	10,148
Convertible notes	19,819	19,202
Total long-term liabilities	40,672	39,898
Total liabilities	98,827	92,268
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock, $0.00001 par value, 23,589 and 23,559 shares authorized at March 31, 2012 and December 31, 2011, respectively; 22,221 shares issued and outstanding at March 31, 2012 and December 31, 2011	93,596	93,596
Common stock, $0.00001 par value; 50,000 and 41,410 shares authorized, 1,713 and 1,698 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively
Additional paid-in capital	9,833	9,103
Accumulated deficit	(98,992)	(88,808)
Accumulated other comprehensive income	111	83
Total stockholders' equity	4,548	13,974
Total liabilities and stockholders' equity	$ 103,375	$ 106,242

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Allowances, accounts receivables	$ 124	$ 144
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	50,000,000	41,410,000
Common stock, shares issued	1,713,000	1,698,000
Common stock, shares outstanding	1,713,000	1,698,000
Convertible Preferred Stock [Member]
Convertible preferred stock, par value	$ 0.00001	$ 0.00001
Convertible preferred stock, shares authorized	23,589,000	23,559,000
Convertible preferred stock, shares issued	22,221,000	22,221,000
Convertible preferred stock, shares outstanding	22,221,000	22,221,000

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements Of Operations [Abstract]
Net revenues	$ 42,600	$ 18,069
Cost of revenues	33,293	15,421
Gross profit	9,307	2,648
Operating expenses:
Research and development	7,842	5,345
Sales and marketing	5,049	3,010
General and administrative	5,696	3,250
Total operating expenses	18,587	11,605
Loss from operations	(9,280)	(8,957)
Other expense, net:
Interest income		4
Interest expense	(1,479)	(280)
Other income (expense)	640	(56)
Total other expense, net	(839)	(332)
Loss before income taxes	(10,119)	(9,289)
Provision for income taxes	(65)
Net loss attributable to common stockholders	$ (10,184)	$ (9,289)
Net loss per share attributable to common stockholders, basic and diluted	$ (5.97)	$ (10.95)
Shares used in computing net loss per share attributable to common stockholders, basic and diluted	1,706	848

Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements Of Comprehensive Loss [Abstract]
Net loss attributable to common stockholders	$ (10,184)	$ (9,289)
Other comprehensive income:
Foreign currency translation adjustments	28
Other comprehensive income	28
Comprehensive loss attributable to common stockholders	$ (10,156)	$ (9,289)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount after tax, before reclassification adjustments, resulting from the process of expressing in the reporting currency of the reporting entity those amounts that are denominated or measured in a different currency, and from transactions whose terms are denominated in a currency other than the entity's functional currency.

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+ Details

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net loss	$ (10,184)	$ (9,289)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,085	544
Noncash interest expense	937	30
Stock-based compensation	706	375
Change in fair value of convertible preferred stock warrants	(623)	58
Changes in operating assets and liabilities:
Accounts receivable	4,324	184
Inventory	(14,433)	(1,297)
Prepaid expenses and other assets	(913)	(634)
Accounts payable, accrued and other liabilities	11,222	762
Deferred revenues	(6,192)	260
Net cash used in operating activities	(14,071)	(9,007)
Cash flows from investing activities:
Purchases of property and equipment	(4,605)	(2,318)
Net cash used in investing activities	(4,605)	(2,318)
Cash flows from financing activities:
Proceeds from term loans	2,600	2,000
Term loan issuance costs		(95)
Repayments of term loans	(3,287)	(48)
Principal payments under capital leases	(31)	(15)
Proceeds from the exercise of stock options	24	14
Deferred offering costs	(279)
Net cash (used in) provided by financing activities	(973)	1,856
Effect of exchange rate changes on cash	28
Net decrease in cash and cash equivalents	(19,621)	(9,469)
Cash and cash equivalents-Beginning of period	51,524	39,993
Cash and cash equivalents-End of period	31,903	30,524
Supplemental disclosures of cash flow information:
Cash paid for interest	514	310
Noncash financing and investing activities:
Assets acquired under capital lease		295
Purchases of property and equipment included in accounts payable	1,708	1,414
Deferred offering costs not yet paid	$ 1,753	$ 84

Organization And Description Of Business

3 Months Ended

Mar. 31, 2012

Organization And Description Of Business [Abstract]

Organization And Description Of Business

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Enphase Energy, Inc. and subsidiaries (the "Company") designs, develops, and sells microinverter systems for the solar photovoltaic industry. The Company was incorporated in 2006 and began selling its products in June 2008. The Company's microinverter system consists of (i) an Enphase microinverter that attaches to the racking beneath solar modules and converts direct current ("DC") power to grid-compliant alternating current ("AC") power; (ii) an Envoy communications gateway device that collects and transmits performance information from each solar module to the Company's hosted data center; and (iii) the Enlighten web-based software platform that collects and processes this information to enable customers to monitor and manage their solar power systems. The Company sells microinverter systems primarily to distributors who resell them to solar installers. The Company also sells directly to large installers as well as through original equipment manufacturers ("OEMs") and strategic partners.

On April 4, 2012, the Company consummated its initial public offering ("IPO"). As a result, the following transactions were recorded in the Company's consolidated financial statements as of April 4, 2012 (the second quarter of 2012):

•

the Company issued 10,315,151 shares of common stock (including exercise of the full over-allotment by the underwriters of 1,345,454 shares of common stock), at an offering price of $6.00 per share, for gross proceeds of $61.9 million. Certain related parties, who owned convertible preferred and common stock and held convertible notes, purchased 2,500,000 shares of the total amount of shares issued of our common stock at the $6.00 offering price. The net proceeds from the sale of the shares were $54.0 million, after deducting the underwriters' discounts and commissions of $3.3 million and other estimated offering costs of $4.6 million;

•

the 22,220,856 outstanding shares of the Company's convertible preferred stock ($93,596,000 carrying value as of March 31, 2012) automatically converted into 25,171,017 shares of common stock;

•

the convertible preferred stock warrant liability ($776,000 as of March 31, 2012) was reclassified to additional paid-in capital and the warrants to purchase 187,243 shares of convertible preferred stock became warrants to purchase 199,458 shares of common stock;

•

the outstanding balance of principal and accrued paid-in-kind interest thereon for the Convertible Notes ($19,819,000 as of March 31, 2012) automatically converted into 3,533,988 shares of common stock at a conversion price equal to the initial public offering price of $6.00 per share;

•

debt issuance costs and debt discounts ($2,819,000 as of March 31, 2012) related to the Convertible Facility were written-off; and

•

the Company filed an amended and restated certificate of incorporation, which authorized 100,000,000 shares of common stock and 10,000,000 shares of preferred stock.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

Summary Of Significant Accounting Policies	3 Months Ended
Summary Of Significant Accounting Policies	Mar. 31, 2012
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation—The accompanying interim condensed consolidated financial statements are unaudited. These interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The December 31, 2011 consolidated condensed balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. However, the Company believes that the disclosures are adequate to ensure that the information presented is not misleading. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Prospectus filed pursuant to Rule 424(b) under the Securities Act, as amended (the "Exchange Act") with the SEC on March 30, 2012 (the "Prospectus"). In the opinion of management, the accompanying consolidated condensed financial statements of the Company contain all adjustments, including normal recurring adjustments, necessary to present fairly the statement of financial position as of March 31, 2012, its results of operations and statements of cash flows for the three months ended March 31, 2012 and 2011. The results of operations for the three months ended March 31, 2012 are not necessarily indicative of the operating results for the full fiscal year or any future periods. The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies. There have been no material changes to the Company's significant accounting policies that are disclosed in its audited consolidated financial statements and notes thereof as of December 31, 2011 included in its Prospectus. Adoption of Recent Accounting Pronouncement—On January 1, 2012, the Company adopted the Financial Accounting Standards Board's ("FASB") amended guidance (issued in June 2011) on the presentation of comprehensive income. Under the amended guidance, an entity has the option to present comprehensive income in either one continuous statement or two consecutive financial statements. A single statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income. In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income. The option under the current guidance that permits the presentation of components of other comprehensive income as part of the statement of changes in stockholders' equity has been eliminated. The amendment became effective on January 1, 2012 and has been applied retrospectively. This guidance did not have an impact on the Company's consolidated financial position, results of operations or statements of cash flows as it is disclosure-only in nature.

Inventory

3 Months Ended

Mar. 31, 2012

Inventory [Abstract]

Inventory

3. INVENTORY

Inventory as of March 31, 2012 and December 31, 2011 consists of the following (in thousands):


	March 31, 2012		December 31, 2011
Raw materials	$	1,791	$	1,848
Finished goods		23,870		9,380

Total inventory	$	25,661	$	11,228

For the three months ended March 31, 2012, inventory write-downs were $1.6 million. There were no inventory write-downs for the three months ended March 31, 2011.

Warranty Obligations

3 Months Ended

Mar. 31, 2012

Warranty Obligations [Abstract]

Warranty Obligations

4. WARRANTY OBLIGATIONS

Changes in the Company's product warranty liability during the three months ended March 31, 2012 and 2011 were as follows (in thousands):


	Three Months Ended March 31,
	2012			2011
Balance, at beginning of period	$	8,738		$	2,668
Warranty expense		2,109			746
Settlements and other reductions		(283	)		(104	)

Balance, at end of period		10,564			3,310
Less current portion		(2,687	)		(348	)

Long-term portion	$	7,877		$	2,962

Long-Term Debt

3 Months Ended

Mar. 31, 2012

Long-Term Debt

Long-Term Debt

5. LONG-TERM DEBT

As of March 31, 2012, the Company was a party to four debt agreements: (i) the Convertible Notes from borrowings under the Convertible Facility (see Note 6), (ii) the loan and security agreement with Horizon Technology Finance Corporation, or Original Term Loan, as amended, and additional draw downs, or Additional Term Loans, under the Original Term Loan, (iii) the equipment financing facility with Hercules Technology Growth Capital, Inc., or Equipment Financing Facility, and (iv) the revolving line of credit under a loan and security agreement with Bridge Bank, National Association and Comerica Bank, or Revolving Line of Credit Facility. Each of these debt agreements is described in greater detail in the Prospectus.

Long-term debt consists of the following (in thousands):


	March 31, 2012			December 31, 2011
Term loans, net of unamortized discount of $385 and $435, respectively	$	9,299		$	9,935
Equipment financing facility, net of unamortized discount of $141 and $156, respectively		4,757			4,742

Total debt		14,056			14,677
Less current portion		(5,437	)		(4,529	)

Long-term portion	$	8,619		$	10,148

Convertible Facility	3 Months Ended
Convertible Facility	Mar. 31, 2012
Convertible Facility [Abstract]
Convertible Facility	6. CONVERTIBLE FACILITY In 2011, the Company entered into a junior secured convertible loan facility, or Convertible Facility, with certain existing preferred stockholders that provided for up to $80.0 million in borrowings. Pursuant to the facility, the Company issued $20.0 million in convertible notes, or Convertible Notes, which provided the note holders the right to convert, at their election, all principal and accrued interest into shares of the Company's common stock at a conversion price of $8.8984 per share. Pursuant to the Convertible Facility and the $20.0 million in borrowings, the Company issued (i) 352,665 shares of common stock at $5.27 per share, and (ii) warrants to purchase 131,516 shares of the Company's common stock at $5.27 per share that were immediately exercisable and have a contractual term of five years from the date of issuance. The Company recorded $3.1 million in debt discounts and debt issuance costs related to the transactions. On March 27, 2012, the Convertible Facility was amended to provide for the automatic conversion of the principal and accrued paid-in-kind interest into common stock upon consummation of an initial public offering at a conversion price equal to the lesser of $8.8984 or the IPO price. On April 4, 2012, the convertible notes and accrued paid-in-kind interest automatically converted into 3,533,988 shares of common stock, based upon the IPO price of $6.00 per share. As a result of the conversion, the Company will record a charge of $2.8 million to interest expense in the second quarter of 2012 for the extinguishment of debt relative to the unamortized debt issuance costs and debt discounts.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2012
Commitments And Contingencies [Abstract]
Commitments And Contingencies	7. COMMITMENTS AND CONTINGENCIES Contingencies—From time to time, the Company may become involved in litigation. Management is not currently aware of any litigation matters or other contingencies that could have a material adverse effect on the financial position, results of operations, or cash flows of the Company.

- Definition

The entire disclosure for commitments and contingencies.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

8. STOCKHOLDERS' EQUITY

Reverse Stock Split—On March 8, 2012, the Company's board of directors approved a 1-for-9.08 reverse stock split of the Company's common stock and convertible preferred stock, which became effective on March 23, 2012 upon the filing of the Company's amended and restated certificate of incorporation. On the effective date, (i) every 9.08 shares of authorized, issued and outstanding common stock was reduced to one share of authorized, issued and outstanding common stock, (ii) every 9.08 shares of authorized, issued and outstanding convertible preferred stock was reduced to one share of authorized, issued and outstanding convertible preferred stock, (iii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally reduced on a 1-for-9.08 basis, (iv) the number of shares of convertible preferred stock into which each outstanding warrant to purchase convertible preferred stock is exercisable was proportionately reduced on a 1-for-9.08 basis, (v) the number of shares of common stock issuable upon conversion of each convertible note (including shares issuable related to paid-in-kind interest) was proportionately reduced on a 1-for-9.08 basis, and (vi) all per share prices, conversion prices and exercise prices were proportionately increased. All references to share numbers, share prices, conversion prices and exercise prices have been adjusted within these unaudited condensed consolidated financial statements, on a retroactive basis, to reflect this 1-for-9.08 reverse stock split.

Series A, B, C, D and E Convertible Preferred Stock

Prior to the consummation of the Company's initial public offering on April 4, 2012, the Company had the following convertible preferred stock outstanding, all of which was converted to common stock in connection with the IPO on April 4, 2012 (see Note 1):


Convertible Preferred Stock	Shares Outstanding		Original Issuance Price		Number of Shares of Common Stock Issued Upon Conversion
Series A		206,492	$	2.9056		253,183
Series B		1,065,234		6.0150		2,021,881
Series C		1,285,890		11.6650		3,232,710
Series D		12,232,495		2.1340		12,232,498
Series E		7,430,745		6.1740		7,430,745

		22,220,856				25,171,017

Warrants

Warrants to Purchase Convertible Preferred Stock

In September 2008, the Company entered into a strategic collaboration agreement with a third party, under which the third party would test and evaluate the Enphase microinverter for European certification. As part of the agreement, the third party was granted a warrant to purchase 11,013 shares of Series C convertible preferred stock at an approximate price of $11.67 per share. Exercisability of the warrant was contingent upon completion of several milestones prior to the Company's IPO. As a result of the Company's IPO in April 2012, the warrant expired due to non-achievement of the performance criteria.

During 2010 and 2011, the Company issued warrants to purchase up to an aggregate of 187,243 shares of Series E convertible preferred stock with a weighted-average exercise price of approximately $6.54 per share in connection with financing arrangements. The warrants are immediately exercisable upon issuance and have a contractual term of 10 years from the date of issuance. Upon the consummation of the IPO in April 2012, these warrants automatically converted into warrants to purchase an equivalent number of shares of common stock (see Note 1). As of March 31, 2012, these warrants remained outstanding.

The following table summarizes the changes in fair value of the Company's convertible preferred stock warrant liability, which is subject to fair value measurement on a recurring basis using significant unobservable inputs (Level 3)(in thousands):


Balance at December 31, 2011	$	1,399
Fair value adjustments recognized in other income		(623	)

Balance at March 31, 2012	$	776

Upon the consummation of the IPO on April 4, 2012, the warrants to purchase convertible preferred stock became warrants to purchase common stock. As a result, the warrants will no longer be subject to fair value accounting and the Company will reclassify the liability to additional paid-in capital in the second quarter of 2012.

Warrants to Purchase Common Stock

In February 2010, the Company entered into a supply and services agreement with a customer. As part of the agreement, the Company issued a warrant to purchase up to 11,013 shares of the Company's common stock at a price of $4.54 per share as a sales incentive to the customer. The customer was required to meet certain minimum purchase thresholds by March 4, 2012 in order for the warrant to become exercisable. Effective March 5, 2012, this warrant expired due to non-achievement of the performance criteria.

In connection with the Convertible Facility (see Note 6), the Company issued warrants to purchase 131,516 shares of the Company's common stock at approximately $5.27 per share that are immediately exercisable with a contractual term of five years from the date of issuance. As of March 31, 2012, these warrants remained outstanding.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
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Reference 22: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

9. STOCK-BASED COMPENSATION

Equity Incentive Plans

Prior to the adoption and effectiveness of the 2011 Equity Incentive Plan (the "2011 Plan"), certain employees, officers, directors and non-employees were granted options to purchase shares of common stock and stock purchase rights under the 2006 Equity Incentive Plan ("the "2006 Plan"). In June 2011, the board of directors adopted the 2011 Plan as a successor to the 2006 Plan. On March 29, 2012, the 2011 Plan became effective immediately upon the execution and delivery of the underwriting agreement for the Company's IPO. As a result, no additional stock options or other stock awards will be granted under the 2006 Plan. All outstanding stock options and other equity awards previously granted under the 2006 Plan will remain subject to the terms of the 2006 Plan.

2006 Plan—Under the 2006 Plan, equity awards permitted to be issued include incentive stock options ("ISOs"), nonstatutory stock options ("NSOs"), and stock purchase rights. ISOs may be granted only to employees (including officers and directors who are also employees) of the Company, and NSOs and restricted stock awards may be granted to employees, officers, directors and non-employees of the Company. Equity awards granted under the 2006 Plan generally vest over a four-year period from the date of grant with a contractual term of up to 10 years. Common shares purchased under the 2006 Plan are subject to certain restrictions, including the right of first refusal by the Company for sale or transfer of these shares to outside parties. The Company's right of first refusal terminated upon completion of the IPO (see Note 1). As of March 31, 2012 and December 31, 2011, stock options to purchase 6.5 million and 6.3 million shares of common stock, respectively, were outstanding under the 2006 Plan.

2011 Plan—Under the 2011 Plan, the Company may, initially, issue up to 2,643,171 shares of its common stock pursuant to stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, and other forms of equity compensation, or collectively, stock awards, all of which may be granted to employees, including officers, and to non-employee directors and consultants. Additionally, the 2011 Plan provides for the grant of performance cash awards. The number of shares of our common stock reserved for issuance under the 2011 Plan will automatically increase on January 1st of each calendar year, starting on January 1, 2013 and continuing through January 1, 2021, by 4.5% of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year, or such lesser number of shares of common stock as determined by the board of directors. The maximum number of shares that may be issued pursuant to the exercise of incentive stock options under the 2011 Plan is 13,215,859 shares. As of March 31, 2012, no equity awards have been granted pursuant to the 2011 Plan.

2011 Employee Stock Purchase Plan—In 2011, the board of directors adopted the 2011 Employee Stock Purchase Plan ("ESPP") which became effective immediately upon the execution and delivery of the underwriting agreement for the Company's IPO on March 29, 2012. The ESPP initially authorizes the issuance of 669,603 shares of our common stock pursuant to purchase rights granted to employees. The number of shares of our common stock reserved for issuance will automatically increase on January 1 each year, starting January 1, 2013 and continuing through January 1, 2021, in an amount equal to the lower of (i) 1% of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year, (ii) 330,396 shares of our common stock or (iii) a number of shares of common stock as determined by our board of directors. The ESPP is administered by the board of directors, who has delegated its authority to administer the ESPP to the compensation committee.

The ESPP is implemented by concurrent offering periods, the duration of which may not exceed 27 months. An offering period may contain up to four interim purchase periods. Except for the first offering period, offering periods shall consist of the 24 month periods commencing on each May 1 and November 1 of a calendar year. The first offering period commenced on the effective date of the Company's IPO and will end on April 30, 2014.

Generally, all full time employees, including executive officers, will be eligible to participate in the ESPP. The ESPP permits eligible employees to purchase the Company's common stock through payroll deductions, which may not exceed 15% of the employee's total compensation subject to certain limits. Stock may be purchased under the plan at a price equal to 85% of the fair market value of the Company's stock on either the date of purchase or the first day of the offering period, whichever is lower. A two year look-back feature in our ESPP causes the offering period to reset if the fair value of our common stock on the purchase date is less than that on the original offering date. During any calendar year, participants may not purchase shares of common stock having a value greater than $25,000, based on the fair market value per share of the common stock at the beginning of an offering period.

The board of directors may terminate or amend the ESPP, subject to stockholder approval in some circumstances. Unless terminated earlier by the board of directors, the ESPP has a term of ten years.

A summary of the Company's stock option activity for the three months ended March 31, 2012 is as follows (in thousands, except per share data):


	Shares			Weighted- Average Exercise Price per Share
Options outstanding —December 31, 2011		6,256		$	1.83
Granted (weighted-average fair value of $6.80 per share)		293			10.83
Exercised		(15	)		1.60
Canceled		(32	)		6.00

Options outstanding—March 31, 2012		6,502			2.21

Stock-Based Compensation Expense—The fair value of options granted to employees for purposes of calculating stock-based compensation expense is estimated on the grant date using the Black-Scholes option-pricing model. This valuation model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company's common stock, a risk-free interest rate, and expected dividend yield. The Company uses the simplified method to calculate the expected term, and volatility is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company's expected dividend yield input was zero as it has not historically paid, nor does it expect in the future to pay, cash dividends on its common stock.

The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statement of operations for the periods presented (in thousands):


	Three Months Ended March 31,
	2012		2011
Cost of revenues	$	20	$	2
Research and development		273		140
Sales and marketing		195		137
General and administrative		218		96

	$	706	$	375

The fair value of each option granted during the periods presented was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2012			2011
Expected term (in years)		6.0			6.0
Expected volatility		70.9	%		72.0	%
Annual risk-free rate of return		1.1	%		2.4	%
Dividend yield		0.0	%		0.0	%

As of March 31, 2012 and December 31, 2011, there was approximately $7.5 million and $6.5 million, respectively, of total unrecognized compensation cost related to unvested stock options, net of expected forfeitures, which is expected to be recognized over a weighted-average period of 2.8 and 3.0 years, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2012
Income Taxes [Abstract]
Income Taxes	10. INCOME TAXES No provision for U.S. federal or state income taxes has been made due to cumulative losses since the commencement of operations. A provision for income taxes of $65,000 has been recognized for the three months ended March 31, 2012 related to the Company's subsidiaries located outside of the United States.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

+ Details

Net Loss Per Share Attributable To Common Stockholders

3 Months Ended

Mar. 31, 2012

Net Loss Per Share Attributable To Common Stockholders [Abstract]

Net Loss Per Share Attributable To Common Stockholders

11. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic and diluted net loss per share attributable to common stockholders are presented in conformity with the two-class method required for participating securities. Under the two-class method, net loss is allocated between common shares and other participating securities to the extent that the securities are required to share in the losses. The Company's convertible preferred stock does not meet the definition of a participating security in periods of net losses as the convertible preferred stockholders do not have a contractual obligation to share in the Company's losses. Accordingly, net losses are attributable to common stockholders.

Basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted average number of shares outstanding for the period.

Diluted net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted average number of common shares and potential dilutive common share equivalents outstanding during the period if the effect is dilutive. The Company's potential dilutive common share equivalents consist of incremental common shares issuable upon the exercise of options and warrants to purchase common shares and upon conversion of its convertible preferred stock and Convertible Notes.

The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive (in thousands):


	Three Months Ended March 31,
	2012		2011
Convertible preferred stock		25,171		25,171
Stock options to purchase common stock		6,502		6,052
Convertible notes		3,530		—
Convertible preferred stock warrants		187		190
Common stock warrants		132		11

Total		35,522		31,424

Geographic Information

3 Months Ended

Mar. 31, 2012

Geographic Information [Abstract]

Geographic Information

12. GEOGRAPHIC INFORMATION

The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis. The Company has one business activity, which entails the design, development, manufacture and sale of microinverter systems for the solar photovoltaic industry. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reporting segment and operating unit structure.

The following table presents long-lived assets by geographic region (in thousands):

Long-Lived Assets


	March 31, 2012		December 31, 2011
United States	$	14,625	$	11,199
China		6,796		5,974
Other		1,315		1,238

Total	$	22,736	$	18,411

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2012
Related Party Transactions [Abstract]
Related Party Transactions	13. RELATED PARTY TRANSACTIONS In December 2011, the Company entered into sales transactions with customers which are majority-owned by KPCB Holdings, Inc., as nominee ("KPCB"), a related party which owns convertible preferred and common stock and holds Convertible Notes and received cash in advance from these customers. Delivery and revenue recognition was expected in the first half of 2012. During the three months ended March 31, 2012, the Company recognized $2.6 million in revenues from such transactions. As of March 31, 2012, the Company's current deferred revenue balance related to these customers was $11.3 million, with product delivery and revenue recognition expected to occur during the three months ending June 30, 2012.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details