Table of Contents ENPHASE ENERGY, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) Accumulated Other Additional Accumulated Comprehensi Total Common Stock Paid-In Earnings ve Stockholders’ Shares Amount Capital (Deficit) Income (Loss) Equity Balance at December 31, 2020 128,962 $ 1 $ 534,744 $ (51,186) $ 434 $ 483,993 Issuance of common stock from exercise of equity awards and employee stock purchase plan 2,808 — 7,484 — — 7,484 Payment of withholding taxes related to net share settlement of equity awards — — (29,136) — — (29,136) Equity component of convertible senior notes, net — — 207,970 — — 207,970 Cost of convertible notes hedge related to the convertible senior notes, net — — (213,322) — — (213,322) Sale of warrants related to the convertible senior notes — — 220,800 — — 220,800 Equity component of settlement of convertible senior notes, net — — (976,714) — — (976,714) Settlement of convertible senior notes 5,489 — 972,273 — — 972,273 Exercise of convertible notes hedge related to the convertible senior notes (5,721) — — — — — Exercise of warrants related to the convertible senior notes 5,582 — — — — — Stock-based compensation — — 113,825 — — 113,825 Net income — — — 145,449 — 145,449 Repurchase of common stock (3,226) — — (500,000) — (500,000) Foreign currency translation adjustments — — — — (334) (334) Change in net unrealized loss on marketable securities net of tax — — — — (2,120) (2,120) Balance at December 31, 2021 133,894 $ 1 $ 837,924 $ (405,737) $ (2,020) $ 430,168 Cumulative-effect adjustment to additional paid-in capital and accumulated equity related to the adoption of ASU 2020-06 — $ — $ (207,967) $ 25,710 $ — $ (182,257) Issuance of common stock from exercise of equity awards and employee stock purchase plan 2,547 — 10,370 — — 10,370 Payment of withholding taxes related to net share settlement of equity awards — — (27,496) — — (27,496) Deferred tax impact on equity component of partial settlement of convertible notes — — (1,837) — — (1,837) Stock-based compensation — — 208,125 — — 208,125 Net income — — — 397,362 — 397,362 Foreign currency translation adjustment — — — — (3,185) (3,185) Change in net unrealized loss on marketable securities net of tax — — — — (5,677) (5,677) Balance at December 31, 2022 136,441 $ 1 $ 819,119 $ 17,335 $ (10,882) $ 825,573 Issuance of common stock from exercise of equity awards and employee stock purchase plan 1,613 — 13,870 — — 13,870 Enphase Energy, Inc. | 2023 Form 10-K | 71