Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 12. RESTRUCTURING AND ASSET IMPAIRMENT CHARGES During the year ended December 31, 2022, the Company implemented restructuring actions to reorganize the global workforce, consolidate facilities and eliminate non-core projects, which was completed in the second quarter of 2023. The Company incurred $2.4 million and $0.8 million in the years ended December 31, 2022 and 2023, respectively. 2023 Restructuring Plan In the fourth quarter of 2023, the Company implemented a new restructuring plan (the “2023 Restructuring Plan”) designed to increase operational efficiencies and execution, reduce operating costs, and better align the Company’s workforce and cost structure with current market conditions, and the Company’s business needs, strategic priorities and ongoing commitment to profitable growth. The Company plans to complete its restructuring activities under the 2023 Restructuring Plan in 2024. The following table presents the details of the Company’s restructuring and asset impairment charges and accrued balance under the 2023 Restructuring Plan: Contract Employee Severance Asset Termination Total and Benefits Impairment Charges (In thousands) Balance as of December 31, 2022 $ — $ — $ — $ — Charges 1,374 3,700 9,829 14,903 Cash payments (70) (1,900) — (1,970) Non-cash settlement and other — — (9,829) (9,829) Balance as of December 31, 2023 $ 1,304 $ 1,800 $ — $ 3,104 Enphase Energy, Inc. | 2023 Form 10-K | 100