Table of Contents Holders As of February 5, 2024, there were approximately 18 holders of record of our common stock, one of which was Cede & Co., a nominee for Depository Trust Company (“DTC”). All of the shares of our common stock held by brokerage firms, banks and other financial institutions as nominees for beneficial owners are deposited into participant accounts at DTC and are therefore considered to be held of record by Cede & Co. as one stockholder. Dividend Policy We have never paid any cash dividends on our common stock. We currently anticipate that we will retain any available funds to invest in the growth and operation of our business and we do not anticipate paying any cash dividends in the foreseeable future. Recent Sales of Unregistered Securities None, except as previously disclosed. Issuer Repurchases of Securities In July 2023, our board of directors authorized the 2023 Repurchase Program (the “2023 Repurchase Program”) pursuant to which we may repurchase up to an aggregate of $1.0 billion of our common stock. As of December 31, 2023, we have approximately $790.0 million remaining for repurchase of shares under the 2023 Repurchase Program. Purchases may be completed from time to time in the open market or privately negotiated transactions, including through Rule 10b5-1 plans. The program may be discontinued or amended at any time and expires on July 26, 2026. The following table provides information about our repurchases of our common stock during the three months ended December 31, 2023 (in thousands, except per share amounts): Period Ended Total Number of Average Price Paid Total Number of Approximate Dollar (1) Shares Purchased per Share Shares Purchased as Value of Shares that Part of Publicly May Yet Be Announced Programs Purchased Under the (2) Programs October 2023 — — $ — $ 890,000 November 2023 954,852 954,852 $ 78.54 $ 815,002 December 2023 228,394 228,394 $ 109.46 $ 790,002 Total 1,183,246 1,183,246 (1) Average price paid per share includes brokerage commissions. (2) During the three months ended December 31, 2023, we repurchased 1,183,246 shares of our common stock at a weighted average price of $84.51 per share for an aggregate amount of $100.0 million. Stock Performance Graph This section is not “soliciting material” and is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, as amended, regardless of any general incorporation language in such filing. The graph depicted below shows a comparison of cumulative total stockholder returns for our common stock, the S&P 500 Index and the Invesco Solar ETF for the period from December 31, 2018 to December 31, 2023. An investment of $100 is assumed to have been made in our common stock and in each index on December 31, 2018, all dividends were reinvested, and the relative performance of the investments are tracked through December 31, 2023. The information shown is historical and stockholder returns over the indicated period should not be considered indicative of future stockholder returns or future performance. Enphase Energy, Inc. | 2023 Form 10-K | 47