Table of Contents Our cash flow exposure due to changes in interest rates related to our debt is limited, as the Notes due 2025 has fixed interest rates of 0.25%. Additionally, the Notes due 2028 and Notes due 2026 carry a fixed interest rate of 0%. The fair value of the Convertible Notes may increase or decrease for various reasons, including fluctuations in the market price of our common stock, fluctuations in market interest rates and fluctuations in general economic conditions. Based upon the quoted market price as of December 31, 2023, the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 was $511.8 million, $568.8 million and $147.7 million, respectively. A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our financial statements. Enphase Energy, Inc. | 2023 Form 10-K | 63