Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Performance Stock Units The following summarizes PSU activity: Weighted- Weighted- Average Average Number of Fair Value Remaining Aggregate Shares per Share at Contractual Intrinsic (1) Outstanding Grant Date Term Value (In thousands) (Years) (In thousands) Outstanding at December 31, 2020 494 $ 51.10 Granted 715 131.60 Vested (494) 59.19 $ 91,803 Canceled (270) 52.75 Outstanding at December 31, 2021 445 $ 169.82 Granted 413 195.29 Vested (303) 168.88 $ 51,393 Canceled (179) 171.32 Outstanding at December 31, 2022 376 $ 197.82 Granted 422 233.90 Vested (380) 196.24 $ 80,113 Canceled (22) 229.11 Outstanding at December 31, 2023 396 $ 235.99 1.2 $ 52,322 Expected to vest at December 31, 2023 396 $ 235.99 1.2 $ 52,322 (1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share. Employee Stock Purchase Plan A summary of ESPP activity for the years presented is as follows: (in thousands, except per share data): Years Ended December 31, 2023 2022 2021 Proceeds from common stock issued under ESPP $ 12,897 $ 9,570 $ 6,832 Shares of common stock issued 133 90 235 Weighted-average price per share $ 97.05 $ 106.32 $ 29.12 17. INCOME TAXES The domestic and foreign components of income before income taxes consisted of the following: Years Ended December 31, 2023 2022 2021 (In thousands) United States $ 465,463 $ 417,636 $ 102,886 Foreign 47,676 34,412 18,042 Income before income taxes $ 513,139 $ 452,048 $ 120,928 Enphase Energy, Inc. | 2023 Form 10-K | 116