Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS During the year ended December 31, 2023, the Company determined that a triggering event had occurred as a result of changes to the Company’s long-term projections and performed additional analysis on the valuation of the acquired customer relationship asset and concluded that the fair value was below its carrying amount. Accordingly, the Company recorded an impairment charge for the customer relationship asset of $3.8 million in “Restructuring and asset impairment charges” in the consolidated statement of operations for the year ended December 31, 2023. 8. CASH EQUIVALENTS AND MARKETABLE SECURITIES The cash equivalents and marketable securities consist of the following: As of December 31, 2023 Amortized Cost Gross Gross Fair Value Cash Marketable Unrealized Unrealized Equivalents Securities Gains Losses (In thousands) Money market funds $ 132,037 $ — $ — $ 132,037 $ 132,037 $ — Certificates of deposit 55,863 58 (9) 55,912 750 55,162 Commercial paper 71,427 29 (19) 71,437 1,694 69,743 Corporate notes and bonds 406,093 934 (931) 406,096 462 405,634 U.S. Treasuries 327,773 152 (34) 327,891 — 327,891 U.S. Government agency securities 548,391 690 (1,225) 547,856 — 547,856 Total $ 1,541,584 $ 1,863 $ (2,218) $ 1,541,229 $ 134,943 $ 1,406,286 As of December 31, 2022 Amortized Cost Gross Gross Fair Value Cash Marketable Unrealized Unrealized Equivalents Securities Gains Losses (In thousands) Money market funds $ 165,407 $ — $ — $ 165,407 $ 165,407 $ — Certificates of deposit 31,874 13 (130) 31,757 — 31,757 Commercial paper 148,832 10 (171) 148,671 50,764 97,907 Corporate notes and bonds 168,887 2 (3,313) 165,576 — 165,576 U.S. Treasuries 301,349 8 (132) 301,225 4,094 297,131 U.S. Government agency securities 554,035 — (6,807) 547,228 — 547,228 Total $ 1,370,384 $ 33 $ (10,553) $ 1,359,864 $ 220,265 $ 1,139,599 The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of December 31, 2023: Amortized Cost Fair Value (In thousands) Due within one year $ 1,205,867 $ 1,205,102 Due within one to three years 335,717 336,127 Total $ 1,541,584 $ 1,541,229 All available-for-sale securities have been classified as current, based on management's intent and ability to use the funds in current operations. Enphase Energy, Inc. | 2023 Form 10-K | 94