Table of Contents ENPHASE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Company’s purchased intangible assets as of December 31, 2023 and December 31, 2022 were as follows: December 31, 2023 December 31, 2022 Accumulated Accumulated Gross Additions Amortization Impairment Net Gross Additions Amortization Net (In thousands) Intangible assets: Other indefinite- lived intangibles $ 286 $ — $ — $ — $ 286 $ 286 $ — $ — $ 286 Intangible assets with finite lives: Developed technology 51,044 — (27,093) — 23,951 38,650 12,394 (17,260) 33,784 Customer relationships 55,106 — (29,527) (3,807) 21,772 41,021 14,085 (19,702) 35,404 Trade names 37,700 — (15,173) — 22,527 37,700 — (7,633) 30,067 Order backlog 600 — (600) — — 600 — (600) — Total purchased intangible assets $ 144,736 $ — $ (72,393) $ (3,807) $ 68,536 $ 118,257 $ 26,479 $ (45,195) $ 99,541 During the year ended December 31, 2023, intangible assets acquired increased by less than $0.1 million due to the impact of foreign currency translation. Amortization expense related to finite-lived intangible assets were as follows: Years Ended December 31, 2023 2022 (In thousands) Developed technology $ 9,832 $ 8,303 Customer relationships 9,826 8,253 Trade names 7,540 7,540 Order backlog — 600 Total amortization expense $ 27,198 $ 24,696 Amortization of developed technology is recorded to cost of revenues, amortization of customer relationships and trade names are recorded to sales and marketing expense, and amortization of certain customer relationships is recorded as a reduction to revenue. The expected future amortization expense of intangible assets as of December 31, 2023 is presented below: December 31, 2023 (In thousands) Fiscal year: 2024 $ 22,745 2025 21,420 2026 19,131 2027 4,954 Total $ 68,250 Enphase Energy, Inc. | 2023 Form 10-K | 93