Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The income taxes provision for (benefit from) the years presented is as follows: Years Ended December 31, 2023 2022 2021 (In thousands) Current: Federal $ 96,151 $ 34,499 $ — State 13,937 9,719 488 Foreign 11,303 10,605 6,232 121,391 54,823 6,720 Deferred: Federal (50,211) (6,245) (28,398) State 1,287 3,806 (4,380) Foreign 1,736 2,305 1,537 (47,188) (137) (31,241) Income taxes provision for (benefit from) $ 74,203 $ 54,686 $ (24,521) A reconciliation of the income taxes provision (benefit) and the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for the years presented is as follows: Years Ended December 31, 2023 2022 2021 (In thousands) Income tax provision at statutory federal rate $ 107,760 $ 94,926 $ 27,681 State taxes, net of federal benefit 18,107 9,980 489 Foreign tax rate and tax law differential 5,965 4,905 1,073 Tax credits (29,229) (19,864) (15,632) Non-taxable income related to Section 45X tax credits (11,229) — — Stock-based compensation (13,969) (45,551) (80,950) Other permanent items (964) 4,149 178 Other nondeductible/nontaxable items (724) (62) 2,316 Uncertain tax positions 8,432 6,073 6,911 Foreign-derived intangible income deduction (15,391) (9,161) — Section 162(m) 5,445 9,291 25,812 Convertible notes settlements — — 8,223 Warrant mark-to-mark adjustment — — (622) Income tax provision (benefit) $ 74,203 $ 54,686 $ (24,521) Enphase Energy, Inc. | 2023 Form 10-K | 117