Table of Contents ENPHASE ENERGY, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value) As of December 31, December 31, 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 288,748 $ 473,244 Marketable securities 1,406,286 1,139,599 Accounts receivable, net of allowances of $2,502 and $979 at December 31, 2023 and December 31, 2022, respectively 445,959 440,896 Inventory 213,595 149,708 Prepaid expenses and other assets 88,930 60,824 Total current assets 2,443,518 2,264,271 Property and equipment, net 168,244 111,367 Operating lease, right of use asset, net 19,887 21,379 Intangible assets, net 68,536 99,541 Goodwill 214,562 213,559 Other assets 215,895 169,291 Deferred tax assets, net 252,370 204,872 Total assets $ 3,383,012 $ 3,084,280 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 116,164 $ 125,085 Accrued liabilities 261,919 295,939 Deferred revenues, current 118,300 90,747 Warranty obligations, current 36,066 35,556 Debt, current — 90,892 Total current liabilities 532,449 638,219 Long-term liabilities: Deferred revenues, non-current 369,172 281,613 Warranty obligations, non-current 153,021 95,890 Other liabilities 51,008 43,520 Debt, non-current 1,293,738 1,199,465 Total liabilities 2,399,388 2,258,707 Commitments and contingencies (Note 14) Stockholders’ equity: Common stock, $0.00001 par value, 300,000 shares authorized; and 135,722 shares and 136,441 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 1 1 Additional paid-in capital 939,338 819,119 Accumulated earnings 46,273 17,335 Accumulated other comprehensive loss (1,988) (10,882) Total stockholders’ equity 983,624 825,573 Total liabilities and stockholders’ equity $ 3,383,012 $ 3,084,280 See Notes to Consolidated Financial Statements. Enphase Energy, Inc. | 2023 Form 10-K | 68