Enphase Energy Inc 2024年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☐ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the fiscal year ended December 31, 2024or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 Delaware (State or other jurisdiction ofincorporation or organization) 47281 Bayside ParkwayFremont, CA 94538(Address of principal executive offices, including zip code) (707) 774-7000(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files). Yes x No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,asmaller reporting company,or an emerging growth company.See definitions of“large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessmentof the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐ Indicate by check mark whether any of those error corrections are restatements that require a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct). Yes☐No☐ The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2024, based uponthe closing price of $99.71 of the registrant’s common stock as reported on the Nasdaq Global Market, wasapproximately $9.9 billion. As of February 3, 2025, there were 132,470,505 shares of the registrant’s common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed with theSecuritiesand Exchange Commission within 120 days after the end of the registrant’s fiscal year endedDecember 31, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K. Enphase Energy, Inc. Table of Contents PART I Item 1.Business7Item 1A.Risk Factors16Item 1B.Unresolved Staff Comments44Item 1C.Cybersecurity44Item 2.Properties45Item 3.Legal Proceedings45Item 4.Mine Safety Disclosures47PART IIItem 5.Market for the Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities47Item 6.[Reserved]49Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations49Item 7A.Quantitative and Qualitative Disclosures About Market Risk62Item 8.Financial Statements and Supplementary Data64Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure117Item 9A.Controls and Procedures117Item 9B.Other Information117Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections117PART IIIItem 10.Directors, Executive Officers and Corporate Governance118Item 11.Executive Compensation118Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters118Item 13.Certain Relationships and Related Transactions, and Director Independence118Item 14.Principal Accountant Fees and Services119PART IVItem 15.Exhibits and Financial Statement Schedules120Item 16.Form 10-K Summary124Signatures Table of Contents Cautionary Note RegardingForward-Looking Statements This Annual Report on Form 10-K contains “forward-looking” statements within t