Table of Contents ENPHASE ENERGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Years Ended December 31, 2023 2022 2021 Net revenues $ 2,290,786 $ 2,330,853 $ 1,382,049 Cost of revenues 1,232,398 1,356,258 827,627 Gross profit 1,058,388 974,595 554,422 Operating expenses: Research and development 227,336 168,846 105,526 Sales and marketing 231,792 215,102 128,974 General and administrative 137,835 140,002 104,090 Restructuring and asset impairment charges 15,684 2,384 — Total operating expenses 612,647 526,334 338,590 Income from operations 445,741 448,261 215,832 Other income (expense), net Interest income 69,728 13,656 695 Interest expense (8,839) (9,438) (45,152) Other income (expense), net 6,509 (431) 6,050 Loss on partial settlement of convertible notes — — (56,497) Total other income (expense), net 67,398 3,787 (94,904) Income before income taxes 513,139 452,048 120,928 Income tax benefit (provision) (74,203) (54,686) 24,521 Net income $ 438,936 $ 397,362 $ 145,449 Net income per share: Basic $ 3.22 $ 2.94 $ 1.09 Diluted $ 3.08 $ 2.77 $ 1.02 Shares used in per share calculation: Basic 136,376 135,349 134,025 Diluted 143,290 144,390 142,878 See Notes to Consolidated Financial Statements. Enphase Energy, Inc. | 2023 Form 10-K | 69