Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Further, the Company under the relevant sections of the indentures, irrevocably may elect to settle principal in cash and any excess in cash or shares of the Company’s common stock for the Notes due 2025, Notes due 2026 and Notes due 2028. If and when the Company makes such election, there will be no adjustment to the net income and the Company will use the average share price for the period to determine the potential number of shares to be issued based upon assumed conversion to be included in the diluted share count. Diluted earnings per share for the year ended December 31, 2021 includes the dilutive effect of stock options, RSUs, PSUs, ESPP, the Notes due 2023, Notes due 2024, the 2024 Warrants, Notes due 2025 and the 2025 Warrants. Certain common stock issuable under stock options, RSUs, PSUs, the Notes due 2026, the 2026 Warrants, Notes due 2028 and the 2028 Warrants have been omitted from the diluted net income per share calculation because including such shares would have been antidilutive. The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net income per share attributable to common stockholders because their effect would have been antidilutive: Years Ended December 31, 2023 2022 2021 (In thousands) Employee stock-based awards 1,113 135 32 Notes due 2028 — — 1,082 2028 Warrants 2,981 1,547 2,184 Notes due 2026 — — 1,328 2026 Warrants 3,038 1,577 2,225 Notes due 2025 1,253 1,253 — Total 8,385 4,512 6,851 20. SEGMENT AND GEOGRAPHIC INFORMATION The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The CEO reviews financial information presented on a consolidated basis. The Company has one business activity, which entails the design, development, manufacture and sale of solutions for the solar PV 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, management has determined that the Company has a single operating and reportable segment. The following table presents net revenues by geographic region as of the periods presented: Net Revenues December 31, 2023 2022 2021 (In thousands) United States $ 1,469,108 $ 1,761,846 $ 1,108,801 Netherlands 351,628 196,165 79,189 Others 470,050 372,842 194,059 Total $ 2,290,786 $ 2,330,853 $ 1,382,049 Enphase Energy, Inc. | 2023 Form 10-K | 121