0001463101-24-000024 | 10-K | XBRL Viewer

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REVENUE RECOGNITION - Summary of Significant Changes in the Balances of Contract Liabilities and Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Contract Assets
Balance, beginning of period	$ 133,121
Amount recognized	(38,011)
Increased due to shipments	69,321
Balance, end of period	164,431
Contract Liabilities
Balance, beginning of period	372,360
Revenue recognized	(109,687)
Increased due to billings	224,799
Balance, end of period	$ 487,472

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,541,584	$ 1,370,384
Gross Unrealized Gains	1,863	33
Gross Unrealized Losses	(2,218)	(10,553)
Fair Value	1,541,229	1,359,864
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	134,943	220,265
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,406,286	1,139,599
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	132,037	165,407
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	132,037	165,407
Money market funds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	132,037	165,407
Money market funds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,863	31,874
Gross Unrealized Gains	58	13
Gross Unrealized Losses	(9)	(130)
Fair Value	55,912	31,757
Certificates of deposit \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	750	0
Certificates of deposit \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	55,162	31,757
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,427	148,832
Gross Unrealized Gains	29	10
Gross Unrealized Losses	(19)	(171)
Fair Value	71,437	148,671
Commercial paper \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,694	50,764
Commercial paper \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	69,743	97,907
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	406,093	168,887
Gross Unrealized Gains	934	2
Gross Unrealized Losses	(931)	(3,313)
Fair Value	406,096	165,576
Corporate notes and bonds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	462	0
Corporate notes and bonds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	405,634	165,576
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	327,773	301,349
Gross Unrealized Gains	152	8
Gross Unrealized Losses	(34)	(132)
Fair Value	327,891	301,225
U.S. Treasuries \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	4,094
U.S. Treasuries \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	327,891	297,131
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	548,391	554,035
Gross Unrealized Gains	690	0
Gross Unrealized Losses	(1,225)	(6,807)
Fair Value	547,856	547,228
U.S. Government agency securities \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
U.S. Government agency securities \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 547,856	$ 547,228

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Largest Customer \| Accounts receivable \| Credit concentration risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	40.00%	24.00%
Net Revenues, Largest Customer \| Revenue Benchmark \| Customer concentration risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	40.00%	37.00%	34.00%

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 213,559	$ 181,254
Goodwill acquired	0	33,354
Currency translation adjustment	1,003	(1,049)
Ending balance	$ 214,562	$ 213,559

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consists of the following:



	December 31, 2023		December 31, 2022

	(In thousands)
Raw materials	$	30,849	$	34,978
Finished goods	182,746		114,730
Total inventory	$	213,595	$	149,708

STOCK-BASED COMPENSATION - Summary of ESPP Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Proceeds from common stock issued under ESPP	$ 12,897	$ 9,570	$ 6,832
Shares of common stock issued (shares)	133	90	235
Weighted-average price per share (usd per share)	$ 97.05	$ 106.32	$ 29.12

DEBT - Long-term debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total carrying amount of debt	$ 1,293,738,000	$ 1,290,357,000
Less: debt, current	0	(90,892,000)
Debt, non-current	1,293,738,000	1,199,465,000
Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross	575,000,000	575,000,000
Less: unamortized debt issuance costs	(5,408,000)	(6,705,000)
Total carrying amount of debt	569,592,000	568,295,000
Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	632,500,000	632,500,000
Less: unamortized debt issuance costs	(4,317,000)	(6,307,000)
Total carrying amount of debt	628,183,000	626,193,000
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	102,175,000	102,175,000
Less: unamortized debt discount	(5,644,000)	(10,229,000)
Less: unamortized debt issuance costs	(568,000)	(1,054,000)
Total carrying amount of debt	95,963,000	90,892,000
Less: debt, current	(102,200,000)
Convertible Notes \| Notes due 2023
Debt Instrument [Line Items]
Long-term debt, gross	0	5,000,000
Less: unamortized debt issuance costs	0	(23,000)
Total carrying amount of debt	$ 0	$ 4,977,000

CASH EQUIVALENTS AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES

The cash equivalents and marketable securities consist of the following:


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(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 Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(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.

REVENUE RECOGNITION - Narrative (Details)	12 Months Ended
REVENUE RECOGNITION - Narrative (Details)	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Contract asset impairment charges	$ 0

BUSINESS COMBINATION - Summary of Consideration Transferred for Business Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 25, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value of contingent consideration		$ 0	$ 0	$ 3,500
Sofdesk
Business Acquisition [Line Items]
Cash consideration	$ 31,988
Fair value of contingent consideration	3,500
Total	$ 35,488

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The Company’s goodwill as of December 31, 2023 and December 31, 2022 was as follows:


Goodwill	December 31, 2023		December 31, 2022

	(In thousands)
Goodwill, beginning of period	$	213,559	$	181,254
Goodwill acquired	—		33,354
Currency translation adjustment	1,003		(1,049)
Goodwill, end of period	$	214,562	$	213,559

Schedule of Acquired Indefinite-lived Intangible Assets by Major Class

The Company’s purchased intangible assets as of December 31, 2023 and December 31, 2022 were as follows:


	December 31, 2023										December 31, 2022
	Gross		Additions		Accumulated Amortization		Impairment		Net		Gross		Additions		Accumulated 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

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The Company’s purchased intangible assets as of December 31, 2023 and December 31, 2022 were as follows:


	December 31, 2023										December 31, 2022
	Gross		Additions		Accumulated Amortization		Impairment		Net		Gross		Additions		Accumulated 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

Schedule of Amortization Expense

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

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

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	December 31, 2023		December 31, 2022

	(In thousands)
Customer rebates and sales incentives	$	158,338	$	153,916
Liability due to supply agreements	32,973		17,341
Freight	19,262		35,011
Salaries, commissions, incentive compensation and benefits	10,316		18,009
Income tax payable	8,531		16,146
Operating lease liabilities, current	5,220		5,371
VAT payable	3,243		19,852



Post combination expense accrual	—		9,138

Liabilities related to restructuring activities	3,104		714
Other	20,932		20,441
Total accrued liabilities	$	261,919	$	295,939

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2011 Plan

Under the 2011 Equity Incentive Plan (the “2011 Plan”), the Company could initially issue up to 2,643,171 shares of its common stock pursuant to stock options, stock appreciation rights (“SARS”), restricted stock awards (“RSA”), RSUs, PSUs, and other forms of equity compensation, or collectively, stock awards, all of which may be granted to employees, including officers, and to non-employee directors and consultants. Options granted under the 2011 Plan before August 1, 2012 generally expire 10 years after the grant date and options granted thereafter generally expire seven years after the grant date. Equity awards granted under the 2011 Plan generally vest over a four year period from the date of grant based on continued employment. As of May 19, 2021, no further stock options or other stock awards may be granted under the 2011 Plan.

2021 Plan

On May 19, 2021, at the 2021 annual meeting of stockholders of the Company, the stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), as the successor to the 2011 Plan. The 2021 Plan provides for the grant of incentive stock options, SARS, RSAs, RSUs, PSUs other stock awards. Eligible participants under the 2021 Plan include Company’s employees, directors and consultants. The 2021 Plan provides, among other things, that the number of shares of the Company’s common stock, $0.00001 par value per share, reserved for issuance under the 2021 Plan (subject to adjustment for certain changes in the Company’s capitalization) is equal to: (A) the sum of (i) 9,100,456 newly reserved shares of the Company’s common stock and (ii) 5,256,517 Returning Shares (as defined below) as such shares become available from time to time as set forth in the 2021 Plan. “Returning Shares” means shares subject to any outstanding award granted under the 2011 Plan (“Prior Plan Award”) that are (i) not issued because such Prior Plan Award or any portion thereof expires or otherwise terminates without all of the shares covered by such Prior Plan Award having been issued, or is settled in cash; (ii) forfeited back to or repurchased by the Company because of a failure to vest; or (iii) reacquired or withheld (or not issued) by the Company to satisfy the purchase price of, or a tax withholding obligation in connection with, a Prior Plan Award that is a Full Value Award (as defined in the 2021 Plan). As a result of the approval of the 2021 Plan, no additional awards may be granted from the 2011 Plan. As of December 31, 2023, 6,059,212 shares remained available for issuance pursuant to future grants under the 2021 Plan.

2011 Employee Stock Purchase Plan

The 2011 Employee Stock Purchase Plan (“ESPP”) became effective immediately upon the execution and delivery of the underwriting agreement for the Company’s initial public offering on March 29, 2012. The ESPP authorized the issuance of 669,603 shares of the Company’s common stock pursuant to purchase rights granted to employees. The number of shares of common stock reserved for issuance will automatically increase, on each January 1, by a lesser of (i) 700,000 shares of the Company’s common stock or (ii) 1.0% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, as determined by the Company’s board of directors. In 2022, the Company’s board of directors voted to decline the automatic increase of 700,000 shares that were to be added on January 1, 2023 for issuance under the 2011 ESPP plan. As of December 31, 2023, 1,533,742 shares remained available for future issuance under the ESPP. On January 1, 2024, the shares available for issuance under the ESPP automatically increased by 700,000 shares.

The ESPP is implemented by concurrent offering periods and each offering period may contain up to four interim purchase periods. In general, offering periods consist of the 24-month periods commencing on each May 15 and November 15 of a calendar year.

Generally, all full-time employees in Australia, Brazil, Canada, China, France, Germany, India, Mexico, New Zealand, the Netherlands, and the United States, including executive officers, are eligible to participate in the ESPP. The ESPP permits eligible employees to purchase the Company’s common stock through payroll deductions, which may not exceed 15% of the employee’s total compensation subject to certain limits. Stock may be purchased under the plan at a price equal to 85% of the fair market value of the Company’s common stock on either the date of purchase or the first day of an offering period, whichever is lower. A two‑year look-back feature in the Company’s ESPP causes an offering period to reset if the fair value of the Company’s common stock on a purchase date is less than that on the initial offering date for that offering period. The reset feature, when triggered, will be accounted for as a modification to the original offering, resulting in additional expense to be recognized over the 24-month period of the new offering. During any calendar year, participants may not purchase shares of the Company’s common stock having a value greater than $25,000, based on the fair market value per share of the Company’s common stock at the beginning of an offering period.

Valuation of Equity Awards

Stock Options

The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

•Expected term - The expected term of the option awards represents the period of time between the grant date of the option awards and the date the option awards are either exercised, converted or canceled, including an estimate for those option awards still outstanding. The Company used the simplified method, as permitted by the SEC for companies with a limited history of stock option exercise activity, to determine the expected term for its option grants.

•Expected volatility - The expected volatility was calculated based on the Company’s historical stock prices, supplemented as necessary with historical volatility of the common stock of several peer companies with characteristics similar to those of the Company.

•Risk-free interest rate - The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant and with a maturity that approximated the Company’s expected term.

•Dividend yield - The dividend yield was based on the Company’s dividend history and the anticipated dividend payout over its expected term.

No stock options were granted during the years ended December 31, 2023, 2022, and 2021.

Restricted Stock Units

The fair value of the Company’s RSU awards granted is based upon the closing price of the Company’s stock price on the date of grant.

Performance Stock Units

The fair value of the Company’s non-market PSU awards granted was based upon the closing price of the Company’s stock price on the date of grant. The fair value of awards of the Company’s PSU awards containing market conditions was determined using a Monte Carlo simulation model based upon the terms of the conditions, the expected volatility of the underlying security, and other relevant factors.

Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards, which includes shares purchased under the ESPP, RSUs and PSUs, expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period.

In addition, as part of certain business acquisitions, the Company was obligated to issue shares of common stock of the Company as payment subject to achievement of certain targets. For such payments, the Company records stock-based compensation classified as post-combination expense recognized ratably over the measurement period presuming the targets will be met.

The following table summarizes the components of total stock-based compensation expense included in the consolidated statements of operations for the periods presented:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Cost of revenues		$	13,357	$	13,097	$	7,366
Research and development		88,367		69,082		33,927
Sales and marketing		65,703		78,819		37,434
General and administrative		45,430		55,804		35,559

Total		$	212,857	$	216,802	$	114,286
Income tax benefit included in the provision for income taxes		$	20,558	$	45,066	$	97,129

The following table summarizes the various types of stock-based compensation expense for the periods presented:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Stock options, RSUs and PSUs		$	204,238	$	200,295	$	110,142
Employee stock purchase plan		7,450		5,475		4,144
Post combination expense		1,169		11,032		—
Total		$	212,857	$	216,802	$	114,286

As of December 31, 2023, there was approximately $384.3 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.6 years.

Equity Awards Activity

Stock Options

The following table summarizes stock option activity:


	Number of Shares Outstanding	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2020	2,532	$	1.96

Exercised	(267)	2.44			$	42,091
Canceled	(1)	0.83
Outstanding at December 31, 2021	2,264	$	1.90

Exercised	(799)	2.02			$	197,334
Canceled	(1)	8.82
Outstanding at December 31, 2022	1,464	$	1.83

Exercised	(772)	1.68			$	100,390
Canceled	—	—
Outstanding at December 31, 2023	692	$	2.01	0.7	$	90,047
Vested and expected to vest at December 31, 2023	692	$	2.01	0.7	$	90,047
Exercisable at December 31, 2023	692	$	2.01	0.7	$	90,047

(1) The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share.

The following table summarizes information about stock options outstanding at December 31, 2023:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Remaining Life	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
	(In thousands)	(Years)			(In thousands)
$0.70 —– $0.84	79	0.5	$	0.76	79	$	0.76
$1.29 —– $1.29	558	0.7	1.29		558	1.29
$1.31 —– $5.53	40	1.2	3.75		40	3.75
$14.58 —– $14.58	10	2.3	14.58		10	14.58
$64.17 —– $64.17	5	3.3	64.17		5	64.17
Total	692	0.7	$	2.01	692	$	2.01

Restricted Stock Units

The following table summarizes RSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2020	3,588	$	27.61
Granted	1,301	179.88
Vested	(1,979)	20.47			$	364,665
Canceled	(124)	88.50
Outstanding at December 31, 2021	2,786	$	100.73
Granted	1,159	228.88
Vested	(1,500)	72.87			$	321,274
Canceled	(192)	150.02
Outstanding at December 31, 2022	2,253	$	181.01
Granted	1,409	154.63
Vested	(1,061)	152.47			$	185,078
Canceled	(269)	184.66
Outstanding at December 31, 2023	2,332	$	177.64	1.4	$	308,135
Expected to vest at December 31, 2023	2,331	$	177.64	1.4	$	308,126

(1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share.

Performance Stock Units

The following summarizes PSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2020	494	$	51.10
Granted	715	131.60
Vested	(494)	59.19			$	91,803
Canceled	(270)	52.75
Outstanding at December 31, 2021	445	$	169.82
Granted	413	195.29
Vested	(303)	168.88			$	51,393
Canceled	(179)	171.32
Outstanding at December 31, 2022	376	$	197.82
Granted	422	233.90
Vested	(380)	196.24			$	80,113
Canceled	(22)	229.11
Outstanding at December 31, 2023	396	$	235.99	1.2	$	52,322
Expected to vest at December 31, 2023	396	$	235.99	1.2	$	52,322

(1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share.

Employee Stock Purchase Plan

A summary of ESPP activity for the years presented is as follows: (in thousands, except per share data):


	Years Ended December 31,
	2023		2022		2021
Proceeds from common stock issued under ESPP	$	12,897	$	9,570	$	6,832
Shares of common stock issued	133		90		235
Weighted-average price per share	$	97.05	$	106.32	$	29.12

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Components of Lease

The components of lease expense are presented as follows:


	Years Ended December 31,
		2023		2022

		(In thousands)
Operating lease costs		$	10,406	$	8,222

The components of lease liabilities are presented as follows:


	December 31, 2023		December 31, 2022

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	5,220	$	5,371
Operating lease liabilities, non-current (Other liabilities)	18,802		19,077
Total operating lease liabilities	$	24,022	$	24,448

Supplemental lease information:
Weighted average remaining lease term	5.8 years		5.3 years
Weighted average discount rate	7.0%		6.5%

Supplemental cash flow and other information related to operating leases were as follows:


	Years Ended December 31,
		2023		2022

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	7,225	$	5,691

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets		$	5,005	$	13,308

Schedule of Future Minimum Rental Payments for Operating Leases

Undiscounted cash flows of operating lease liabilities as of December 31, 2023 were as follows:


	Lease Amounts
	(In thousands)
Year:
2024	$	6,702
2025	5,960
2026	4,284
2027	2,915
2028	2,312
Thereafter	7,372
Total lease payments	29,545
Less: imputed lease interest	(5,523)
Total lease liabilities	$	24,022

COMMITMENTS AND CONTINGENCIES - Lease Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 10,406	$ 8,222

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	$ 714
Charges	15,684	$ 2,384	$ 0
Restructuring reserve, ending	3,104	714
2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	14,903
Cash payments	(1,970)
Non-cash settlement and other	(9,829)
Restructuring reserve, ending	3,104	0
Employee Severance and Benefits \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	1,374
Cash payments	(70)
Non-cash settlement and other	0
Restructuring reserve, ending	1,304	0
Contract Termination Charges \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	3,700
Cash payments	(1,900)
Non-cash settlement and other	0
Restructuring reserve, ending	1,800	0
Asset Impairment \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	9,829
Cash payments	0
Non-cash settlement and other	(9,829)
Restructuring reserve, ending	$ 0	$ 0

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax provision at statutory federal rate	$ 107,760	$ 94,926	$ 27,681
State taxes, net of federal benefit	18,107	9,980	489
Foreign tax rate and tax law differential	5,965	4,905	1,073
Tax credits	(29,229)	(19,864)	(15,632)
Non-taxable income related to Section 45X tax credits	(11,229)	0	0
Stock-based compensation	(13,969)	(45,551)	(80,950)
Other permanent items	(964)	4,149	178
Other nondeductible/nontaxable items	(724)	(62)	2,316
Uncertain tax positions	8,432	6,073	6,911
Foreign-derived intangible income deduction	(15,391)	(9,161)	0
Section 162(m)	5,445	9,291	25,812
Convertible notes settlements	0	0	8,223
Warrant mark-to-mark adjustment	0	0	(622)
Income taxes provision for (benefit from)	$ 74,203	$ 54,686	$ (24,521)

GOODWILL AND INTANGIBLE ASSETS - Expected Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 22,745
2025	21,420
2026	19,131
2027	4,954
Total	$ 68,250

STOCK-BASED COMPENSATION - Summary of Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Aggregate Intrinsic Value
Share price (in usd per share)	$ 132.14
Performance shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	376	445	494
Granted (in shares)	422	413	715
Vested (in shares)	(380)	(303)	(494)
Canceled (in shares)	(22)	(179)	(270)
Outstanding, ending balance (in shares)	396	376	445
Expected to vest (in shares)	396
Weighted Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 197.82	$ 169.82	$ 51.10
Granted (in usd per share)	233.90	195.29	131.60
Vested (in usd per share)	196.24	168.88	59.19
Canceled (in usd per share)	229.11	171.32	52.75
Outstanding, ending balance (in usd per share)	235.99	$ 197.82	$ 169.82
Weighted-Average Fair Value per Share at Grant Date, Expected to vest (in usd per share)	$ 235.99
Weighted-Average Remaining Contractual Term
Weighted average remaining contractual term	1 year 2 months 12 days
Expected to vest	1 year 2 months 12 days
Aggregate Intrinsic Value
Vested	$ 80,113	$ 51,393	$ 91,803
Outstanding	52,322
Aggregate intrinsic value, expected to vest	$ 52,322

WARRANTY OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Product Warranties Disclosures [Abstract]

Summary of Warranty Activities

The Company’s warranty obligation activities were as follows:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Warranty obligations, beginning of period		$	131,446	$	73,377	$	45,913
Accruals for warranties issued during period		51,866		48,703		18,098

Expense (benefit) from changes in estimates		(19,176)		29,275		19,414
Settlements		(27,216)		(26,257)		(15,073)
Increase due to accretion expense		13,821		9,631		4,654
Change in discount rate(1)		44,422		(9,609)		2,512

Other		(6,076)		6,326		(2,141)
Warranty obligations, end of period		189,087		131,446		73,377
Less: warranty obligations, current		(36,066)		(35,556)		(19,395)
Warranty obligations, non-current		$	153,021	$	95,890	$	53,982

(1) Refer to Note 11, “Fair Value Measurements” for additional information about the monetary impact for change in the discount rate.

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jul. 31, 2023	Dec. 31, 2022	Sep. 30, 2021	Jan. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in liability as a result of increasing the profit element and risk premium input by 100 basis points	$ 1,200
Decrease in liability as a result of decreasing the profit element and risk premium input by 100 basis points	(1,200)
Increase in liability as a result of decreasing the discount rate by 100 basis points	(10,100)
Decrease in liability as a result of increasing the discount rate by 100 basis points	10,900
Privately-Held Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities					$ 25,000
Secured Convertible Promissory Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities		$ 15,000		$ 13,000
Non-Voting Debt Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities			$ 15,000
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0		$ 0
Level 2 \| Recurring \| Convertible Notes \| Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	511,800
Level 2 \| Recurring \| Convertible Notes \| Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	568,800
Level 2 \| Recurring \| Convertible Notes \| Notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	$ 147,700

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Other indefinite-lived intangibles	$ 286,000	$ 286,000
Intangible assets with finite lives:
Additions	0	26,479,000
Accumulated Amortization	(72,393,000)	(45,195,000)
Impairment	(3,807,000)	0	$ 0
Total	68,250,000
Total purchased intangible assets, Gross	144,736,000	118,257,000
Total purchased intangible assets, Net	68,536,000	99,541,000
Developed technology
Intangible assets with finite lives:
Gross	51,044,000	38,650,000
Additions	0	12,394,000
Accumulated Amortization	(27,093,000)	(17,260,000)
Impairment	0
Total	23,951,000	33,784,000
Customer relationship
Intangible assets with finite lives:
Gross	55,106,000	41,021,000
Additions	0	14,085,000
Accumulated Amortization	(29,527,000)	(19,702,000)
Impairment	(3,807,000)
Total	21,772,000	35,404,000
Trade names
Intangible assets with finite lives:
Gross	37,700,000	37,700,000
Additions	0	0
Accumulated Amortization	(15,173,000)	(7,633,000)
Impairment	0
Total	22,527,000	30,067,000
Order backlog
Intangible assets with finite lives:
Gross	600,000	600,000
Additions	0	0
Accumulated Amortization	(600,000)	(600,000)
Impairment	0
Total	$ 0	$ 0

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss before Provision for Income Taxes

The domestic and foreign components of income before income taxes consisted of the following:


	Years Ended December 31,
	2023		2022		2021

	(In thousands)
United States	$	465,463	$	417,636	$	102,886
Foreign	47,676		34,412		18,042
Income before income taxes	$	513,139	$	452,048	$	120,928

Schedule of Provision for Income Taxes

The income taxes provision for (benefit from) the years presented is as follows:


	Years Ended December 31,
	2023		2022		2021

	(In thousands)
Current:
Federal	$	96,151	$	34,499	$	—
State	13,937		9,719		488
Foreign	11,303		10,605		6,232
	121,391		54,823		6,720
Deferred:
Federal	(50,211)		(6,245)		(28,398)
State	1,287		3,806		(4,380)
Foreign	1,736		2,305		1,537
	(47,188)		(137)		(31,241)
Income taxes provision for (benefit from)	$	74,203	$	54,686	$	(24,521)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income taxes provision (benefit) and the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for the years presented is as follows:


	Years Ended December 31,
	2023		2022		2021

	(In thousands)
Income tax provision at statutory federal rate	$	107,760	$	94,926	$	27,681
State taxes, net of federal benefit	18,107		9,980		489

Foreign tax rate and tax law differential	5,965		4,905		1,073
Tax credits	(29,229)		(19,864)		(15,632)
Non-taxable income related to Section 45X tax credits	(11,229)		—		—
Stock-based compensation	(13,969)		(45,551)		(80,950)
Other permanent items	(964)		4,149		178

Other nondeductible/nontaxable items	(724)		(62)		2,316
Uncertain tax positions	8,432		6,073		6,911
Foreign-derived intangible income deduction	(15,391)		(9,161)		—

Section 162(m)	5,445		9,291		25,812
Convertible notes settlements	—		—		8,223
Warrant mark-to-mark adjustment	—		—		(622)
Income tax provision (benefit)	$	74,203	$	54,686	$	(24,521)

Schedule of Deferred Tax Assets and Liabilities

A summary of significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 is as follows:


	December 31,
	2023		2022

	(In thousands)
Deferred tax assets:
Allowances and reserves	$	53,191	$	40,166
Net operating loss and tax credit carryforwards	23,267		26,748
Stock-based compensation	15,811		20,230
Deferred revenue	53,656		40,120
Fixed assets, goodwill and intangibles	—		609

Convertible notes and related hedges	38,773		49,405
Capitalized research and development expense	83,098		47,870
Other	15,189		11,099
Subtotal	282,985		236,247

Total deferred tax assets	282,985		236,247
Deferred tax liabilities:

Fixed assets and intangibles	(2,833)		—
Unremitted foreign earnings	(5,189)		(3,755)
Deferred cost of goods sold	(27,782)		(32,449)
Total deferred tax liabilities	(35,804)		(36,204)
Net deferred tax asset	$	247,181	$	200,043

Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits

A tabular reconciliation of the total amounts of unrecognized tax benefits for the years presented is as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Unrecognized tax benefits—at beginning of year	$	21,768	$	20,904	$	8,421
Increases (decreases) in balances related to tax positions taken in prior years	(417)		(4,786)		4,391

Increases in balances related to tax positions taken in current year	5,985		6,562		8,301
Settlements	—		(657)		—
Lapses in statutes of limitations	(118)		(255)		(209)
Unrecognized tax benefits—at end of year	$	27,218	$	21,768	$	20,904

DEBT - Convertible Senior Notes due in 2026 Narrative (Details) $ / shares in Units, shares in Millions		12 Months Ended
	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)	Mar. 12, 2021 USD ($)
Debt Instrument [Line Items]
Additional paid in capital		$ (939,338,000)	$ (819,119,000)
Retained earnings (Accumulated deficit)		(46,273,000)	(17,335,000)
Payment for bonds hedge		0	0	$ 286,235,000
Proceeds from sale of warrants		0	0	$ 220,800,000
Notes due 2026 \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Additional paid in capital					$ 90,600,000
Convertible debt					103,200,000
Deferred income tax liabilities					26,300,000
Retained earnings (Accumulated deficit)					$ 13,700,000
Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000,000					$ 57,500,000
Interest rate	0.00%
Proceeds from convertible debt	$ 623,000,000
Conversion ratio	0.0032523
Debt conversion price (in USD per share) \| $ / shares	$ 307.47
Unamortized debt issuance costs		$ 4,317,000	$ 6,307,000
Conversion shares (in shares) \| shares	2.1
Payment for bonds hedge	$ 124,600,000
Warrants issued, strike price (in USD per share) \| $ / shares	$ 397.91
Proceeds from sale of warrants	$ 97,400,000
Period One \| Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Threshold percentage	130.00%
Stock trigger price (in USD per share) \| $ / shares	$ 399.71
Number of threshold trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Measurement period percentage of stock price trigger	98.00%
Period Two \| Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Threshold percentage	100.00%
Number of consecutive trading days \| tradingDay	5
Business day period after measurement period	5 days

COMMITMENTS AND CONTINGENCIES - Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease liabilities, current (Accrued liabilities)	$ 5,220	$ 5,371
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities, non-current (Other liabilities)	$ 18,802	$ 19,077
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 24,022	$ 24,448
Weighted average remaining lease term	5 years 9 months 18 days	5 years 3 months 18 days
Weighted average discount rate	7.00%	6.50%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Marketable Securities, income tax benefit	$ (2,468)	$ 1,993	$ 745

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides information regarding the Company’s debt:


	December 31, 2023		December 31, 2022

	(In thousands)
Convertible notes
Notes due 2028	$	575,000	$	575,000

Less: unamortized debt issuance costs	(5,408)		(6,705)
Carrying amount of Notes due 2028	569,592		568,295

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(4,317)		(6,307)
Carrying amount of Notes due 2026	628,183		626,193

Notes due 2025	102,175		102,175
Less: unamortized debt discount	(5,644)		(10,229)
Less: unamortized debt issuance costs	(568)		(1,054)
Carrying amount of Notes due 2025	95,963		90,892





Notes due 2023	—		5,000
Less: unamortized issuance costs	—		(23)
Carrying amount of Notes due 2023	—		4,977




Total carrying amount of debt	1,293,738		1,290,357

Less: debt, current	—		(90,892)
Debt, non-current	$	1,293,738	$	1,199,465

The following table presents the total amount of interest cost recognized in the consolidated statement of operations relating to the Notes:


	Years Ended December 31,
		2023		2022

		(In thousands)



Notes due 2028
Amortization of debt issuance costs		$	1,297	$	1,296
Total interest cost recognized		$	1,297	$	1,296

Notes due 2026
Amortization of debt issuance costs		$	1,990	$	1,991
Total interest cost recognized		$	1,990	$	1,991

Notes due 2025
Contractual interest expense		$	256	$	256
Amortization of debt discount		4,585		4,355
Amortization of debt issuance costs		486		486
Total interest cost recognized		$	5,327	$	5,097

Notes due 2023
Contractual interest expense		$	117	$	200
Amortization of debt issuance costs		23		40
Total interest costs recognized		$	140	$	240

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS

Acquisition of GreenCom Networks AG (“GreenCom”)

On October 10, 2022, the Company completed the acquisition of GreenCom, a privately-held company, for paid cash consideration of approximately $34.9 million. GreenCom provided Internet of Things (IoT) software solutions for customers to connect and manage a wide range of distributed energy devices within the home. This acquisition added headcount to the Company’s engineering team in Europe to introduce the IQ Energy Router family of devices in Germany and Austria beginning in June 2023, which are designed to allow the integration of select third-party EV chargers and heat pumps into the Company’s solar and battery systems.

The acquisition has been accounted for as a business combination under the acquisition method, and accordingly, the approximately $34.9 million purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date, which are subject to change within the measurement period as the fair value assessments are finalized (in thousands):



Net tangible liabilities acquired	$	(118)
Intangible assets	13,900
Deferred tax asset, net	4,578
Goodwill	16,536
Net assets acquired	$	34,896

The excess of the consideration paid over the fair values assigned to the assets acquired and liabilities assumed represents the goodwill resulting from the acquisition. Goodwill is primarily attributable to expected synergies in the Company’s solar offerings and cross-selling opportunities. None of the goodwill is expected to be deductible for German income tax purposes.

Intangible assets consist primarily of developed technology and customer relationships. Developed technology includes a combination of unpatented technology, trade secrets, computer software and research processes that facilitates home energy management through integration of existing and planned new products in renewable energy sector. Customer relationships relates to GreenCom’s ability to sell current and future offerings, as well as products built around the current offering, to its existing customers.

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Preliminary Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	8,000	5
Customer relationships	5,900		5
Total identifiable intangible assets	$	13,900

Pro forma financial information has not been presented for the GreenCom acquisition as the impact to the Company’s consolidated financial statements was not material.

The Company incurred and accrued costs related to acquisition of $1.8 million that were recorded in general and administrative expenses in the accompanying consolidated statements of operations for the year ended December 31, 2022.

Acquisition of SolarLeadFactory, LLC. (“SolarLeadFactory”)

On March 14, 2022, the Company completed the acquisition of SolarLeadFactory, a privately-held company. SolarLeadFactory provides high quality leads to solar installers. As part of the purchase price, the Company paid approximately $26.1 million in cash on March 14, 2022.



Net tangible assets acquired	$	2,239
Intangible assets	11,200

Goodwill	12,612
Net assets acquired	$	26,051

The excess of the consideration paid over the fair values assigned to the assets acquired and liabilities assumed represents the goodwill resulting from the acquisition. Goodwill is primarily attributable to expected synergies in the Company’s solar offerings and cross-selling opportunities. The entire goodwill amount is expected to be deductible for U.S. federal income tax purposes over 15 years.

Intangible assets consist primarily of developed technology and customer relationships. Developed technology includes a combination of unpatented technology, trade secrets, computer software and research processes that represent the foundation for the existing and planned new products to facilitate the generation of new content. Customer relationships relates to SolarLeadFactory’s ability to sell current and future offerings, as well as products built around the current offering, to its existing customers.

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	3,600	5
Customer relationships	7,600		5
Total identifiable intangible assets	$	11,200

Pro forma financial information has not been presented for the SolarLeadFactory acquisition as the impact to the Company’s consolidated financial statements was not material.

The Company incurred and accrued costs related to acquisition of $0.4 million that were recorded in general and administrative expenses in the accompanying consolidated statements of operations for the year ended December 31, 2022

Acquisition of ClipperCreek, Inc. (“ClipperCreek”)

On December 31, 2021, the Company completed the acquisition of ClipperCreek, a privately-held company. ClipperCreek offers electric vehicle charging solutions for residential and commercial customers in the United States. As part of the purchase price, the Company paid approximately $113.1 million and $3.2 million in cash on December 31, 2021 and June 2, 2022, respectively.

The following table summarizes the fair values of the assets acquired and liabilities (in thousands):


Net tangible assets acquired	$	8,387
Intangible assets	37,800

Goodwill	70,119
Net assets acquired	$	116,306

The excess of the consideration paid over the fair values assigned to the assets acquired and liabilities assumed represents the goodwill resulting from the acquisition. Goodwill is primarily attributable to expected synergies in the Company’s solar offerings and cross-selling opportunities. The entire goodwill amount is expected to be deductible for U.S. federal income tax purposes over 15 years.

Intangible assets consist primarily of trade name and order backlog. Trade name intangible is attributable to marketing goods and services under the ClipperCreek brand and order backlog pertains to purchase orders with customers yet to be fulfilled.

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Order backlog	$	600	Based on actual shipments
Trade name	37,200		5
Total identifiable intangible assets	$	37,800

The consolidated unaudited proforma revenue and net income for the two years presented below, which includes the acquisition of ClipperCreek, assuming the acquisition occurred on January 1, 2020, were (in thousands);


	Years Ended December 31,
		2021		2020
Net revenues		$	1,401,803	$	790,791
Net income		$	145,798	$	139,126

The Company incurred and accrued costs related to this acquisition of $0.3 million and $0.5 million that were recorded in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2022 and 2021, respectively.

Acquisition of 365 Pronto, Inc. (“365 Pronto”)

On December 13, 2021, the Company completed the acquisition of 365 Pronto, a privately-held company. 365 Pronto provides an online platform for clean technology installation and service landscape by matching asset owners with an on-demand qualified workforce in the United States. As part of the purchase price, the Company paid approximately $69.9 million in cash on December 13, 2021.

The acquisition has been accounted for as a business combination under the acquisition method, and accordingly, the total purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date. The results of operations of 365 Pronto have been included in the Company’s consolidated statement of operations from the acquisition date.

In addition to the purchase price above, the Company was obligated to pay up to approximately $7.0 million and $4.0 million in shares of common stock of the Company in the three months ended March 31, 2023 and June 30, 2023, respectively, subject to achievement of certain revenue, operational and employment targets, of which $6.3 million and $4.0 million was paid in the three months ended March 31, 2023 and June 30, 2023 respectively. As the nature of the additional payments represented an in-substance service period of certain key employees of 365 Pronto and was subject to other conditions, these payments were accounted for as a post-combination expense and were recognized ratably over the term of the measurement period presuming the conditions were met.

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Net tangible assets acquired	$	38
Intangible assets	19,500
Deferred tax liabilities	(2,906)
Goodwill	53,280
Net assets acquired	$	69,912

Intangible assets consist primarily of developed technology and customer relationship intangibles. Intangible assets attributable to developed technology include a combination of unpatented technology, trade secrets, computer software and research processes that represent the foundation for the existing and planned new products to facilitate the generation of new content. Customer relationship intangibles relate to 365 Pronto’s software ability to sell current and future offerings, as well as products built around the current offering, to its existing customers.

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	18,400	5
Customer relationship	1,100		5
Total identifiable intangible assets	$	19,500

Pro forma financial information has not been presented for the 365 Pronto acquisition as the impact to the Company’s consolidated financial statements was not material.

The Company incurred and accrued costs related to this acquisition of $0.1 million and $0.5 million that were recorded in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2022 and 2021, respectively.

Acquisition of DIN Engineer Service LLP’s (“DIN”) Solar Design Services Business

On March 31, 2021, the Company completed its acquisition of DIN’s solar design services business. DIN's solar design services business provides outsourced proposal drawings and permit plan sets for residential solar installers in North America and was acquired to enhance the Company’s digital transformation effort. As part of the purchase price, the Company paid approximately $24.8 million in cash at closing on March 31, 2021.

The acquisition has been accounted for as a business combination under the acquisition method; accordingly, the total purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date. The results of operations of DIN’s solar design services business have been included in the Company’s consolidated statement of operations from the acquisition date.

In addition to the purchase price summarized above, the Company was obligated to pay up to (i) approximately $5.0 million in equal monthly installments over the course of one year following the acquisition date; and (ii) approximately $5.0 million payable on the one year anniversary following the acquisition date, subject to the achievement of certain revenue and operational targets, which was paid in April 2022. As both additional payments required continuous employment of certain key employees of DIN and were subject to other conditions, these payments were accounted for as post-combination expense and recognized ratably over the term of measurement period.

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Net tangible assets acquired	$	1,281
Intangible assets	11,700
Goodwill	11,804
Net assets acquired	$	24,785

Intangible assets consist primarily of customer relationship intangibles. Customer relationship intangibles relate to the ability of the acquired DIN solar design services business to sell current and future offerings, as well as products built around the current offerings, to its existing customers.

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:

Preliminary Fair Value

Useful Life

(In thousands)

(Years)

Customer relationship

11,700

Pro forma financial information has not been presented for the DIN's solar design services business acquisition as the impact to the Company’s consolidated financial statements was not material.

The Company incurred costs related to this acquisition of $1.9 million that were recorded in general and administrative expenses in the accompanying consolidated statements of operations for the year ended December 31, 2021.

Acquisition of Sofdesk Inc. (“Sofdesk”)

On January 25, 2021, the Company completed the acquisition of Sofdesk, a privately-held company. Sofdesk provides design tools and services software for residential solar installers and roofing companies and was acquired to enhance the Company’s digital transformation efforts.

As part of the purchase price, the Company (i) paid approximately $32.0 million in cash on January 25, 2021 and (ii) was liable for up to approximately $3.7 million of contingent consideration payable during the first quarter of 2022, of which the Company recorded a liability of approximately $3.5 million representing the fair value of the contingent consideration. The Company paid $3.7 million of contingent consideration in February 2022.

The contingent consideration was subject to remeasurement at each reporting period until paid. The acquisition date fair value of the purchase price was approximately $35.5 million, which consisted of the following (in thousands):


Cash consideration	$	31,988
Fair value of contingent consideration	3,500
Total	$	35,488

In addition to the purchase price discussed above, the Company was obligated to pay up to approximately $3.7 million, during the first quarter of 2022, subject to continued employment of key employees of Sofdesk. As this payment was contingent upon the continuous service of the key employees, it was accounted for as a post-combination expense and recognized ratably over the term of measurement period. The accrued post combination expense of $3.7 million was paid in February 2022.

The acquisition has been accounted for as a business combination under the acquisition method, and accordingly, the total purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date. The results of operations of Sofdesk have been included in the Company’s consolidated statement of operations from the acquisition date.

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Net tangible assets acquired	$	1,441
Intangible assets	9,200
Deferred tax asset	457
Goodwill	24,390
Net assets acquired	$	35,488

Intangible assets consist primarily of developed technology, customer relationship intangibles and trade name intangibles. Intangible assets attributable to developed technology include a combination of unpatented technology, trade secrets, computer software and research processes that represent the foundation for the existing and planned new products to facilitate the generation of new content. Customer relationship intangibles relate to Sofdesk’s software ability to sell current and future offerings, as well as products built around the current offering, to its existing customers. Trade name intangibles are attributable to marketing goods and services under the SolargrafSM and RoofgrafSM brands.

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	6,900	5
Customer relationship	1,800		5
Trade name	500		5
Total identifiable intangible assets	$	9,200

Pro forma financial information has not been presented for the Sofdesk acquisition as the impact to the Company’s consolidated financial statements was not material.

The Company incurred costs related to this acquisition of $2.0 million that were recorded in general and administrative expenses in the accompanying consolidated statements of operations for the year ended December 31, 2021.

FAIR VALUE MEASUREMENTS - Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in discount rate	$ 44,422	$ (9,609)	$ 2,512
Recurring \| Total warranty obligations measured at fair value \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	106,489	51,007
Accruals for warranties issued during period	51,716	46,342
Changes in estimates	(22,557)	23,910
Settlements	(26,022)	(20,824)
Increase due to accretion expense	13,821	9,632
Change in discount rate	44,422	(9,609)
Other	(6,076)	6,031
Balance at end of period	$ 161,793	$ 106,489	$ 51,007

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories:


	December 31, 2023						December 31, 2022

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	132,037	$	—	$	—	$	165,407	$	—	$	—
Certificates of deposit	—		750		—		—		—		—
Commercial paper	—		1,694		—		—		50,764		—
Corporate notes and bonds	—		462		—		—		—		—
U.S. Treasuries	—		—		—		—		4,094		—
Marketable securities:
Certificates of deposit	—		55,162		—		—		31,757		—
Commercial paper	—		69,743		—		—		97,907		—
Corporate notes and bonds	—		405,634		—		—		165,576		—
U.S. Treasuries	—		327,891		—		—		297,131		—
U.S. Government agency securities	—		547,856		—		—		547,228		—

Other assets
Investments in debt securities	—		—		79,855		—		—		56,777

Total assets measured at fair value	$	132,037	$	1,409,192	$	79,855	$	165,407	$	1,194,457	$	56,777

Liabilities:


Warranty obligations
Current	$	—	$	—	$	28,667	$	—	$	—	$	30,740
Non-current	—		—		133,126		—		—		75,749
Total warranty obligations measured at fair value	—		—		161,793		—		—		106,489
Total liabilities measured at fair value	$	—	$	—	$	161,793	$	—	$	—	$	106,489

Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Assets Designated as Level 3

The changes in the balance in investments in debt securities during the period were as follows:


	Years Ended December 31,
		2023		2022

		(In thousands)
Balance at beginning of period		$	56,777	$	41,042
Investment		15,000		15,000
Fair value adjustments included in other income (expense), net		8,078		735

Balance at end of period		$	79,855	$	56,777

Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The following table provides information regarding changes in nonfinancial liabilities related to the Company’s warranty obligations measured at fair value on a recurring basis using significant unobservable inputs designated as Level 3 for the periods indicated:


	Years Ended December 31,
		2023		2022

		(In thousands)
Balance at beginning of period		$	106,489	$	51,007
Accruals for warranties issued during period		51,716		46,342
Changes in estimates		(22,557)		23,910
Settlements		(26,022)		(20,824)
Increase due to accretion expense		13,821		9,632
Change in discount rate		44,422		(9,609)
Other		(6,076)		6,031
Balance at end of period		$	161,793	$	106,489

Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3

As of December 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows, of which the monetary impact for change in discount rate is captured in “Change in discount rate” in the table above:

Percent Used

(Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

December 31,
2023

December 31,
2022

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17%

16%

Credit-adjusted risk-free rate

13%

WARRANTY OBLIGATIONS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ (19,176)	$ 29,275	$ 19,414
Minimum \| IQ Battery
Product Warranty Liability [Line Items]
Product warranty, term	10 years
Maximum \| IQ Battery
Product Warranty Liability [Line Items]
Product warranty, term	15 years
Product Replacement Costs Related To Enphase IQ Battery Systems
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ (27,300)
Product Replacement Costs Related To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	(8,800)
Change In Warranty Period
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	8,300
Field Performance Data And Diagnostic Root-Cause Failure Analysis
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ 8,600	18,300	11,600
Expedited Freight Costs And Replacement Costs
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		7,000
Increased Labor Reimbursement Costs
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		$ 4,000
Timing Related To Cost Reduction Assumptions For Replacement Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)			$ 7,800

DEBT - Convertible Senior Notes due in 2028 Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended
	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)
Debt Instrument [Line Items]
Additional paid in capital		$ (939,338)	$ (819,119)
Retained earnings (Accumulated deficit)		(46,273)	(17,335)
Payment for bonds hedge		0	0	$ 286,235
Proceeds from sale of warrants		0	0	$ 220,800
Notes due 2028 \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Additional paid in capital					$ 117,300
Convertible debt					141,300
Deferred income tax liabilities					36,000
Retained earnings (Accumulated deficit)					$ 12,000
Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000
Interest rate	0.00%
Proceeds from convertible debt	$ 566,400
Conversion ratio	0.0035104
Debt conversion price (in USD per share) \| $ / shares	$ 284.87
Unamortized debt issuance costs		$ 5,408	$ 6,705
Conversion shares (in shares) \| shares	2.0
Payment for bonds hedge	$ 161,600
Warrants issued, strike price (in USD per share) \| $ / shares	$ 397.91
Proceeds from sale of warrants	$ 123,400
Period One \| Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Threshold percentage	130.00%
Stock trigger price (in USD per share) \| $ / shares	$ 370.33
Number of threshold trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Measurement period percentage of stock price trigger	98.00%
Period Two \| Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Threshold percentage	100.00%
Number of consecutive trading days \| tradingDay	5
Business day period after measurement period	5 days

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY On May 19, 2021, at the Company’s annual meeting of stockholders, the stockholders approved an amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of the Company’s common stock, par value $0.00001 per share, from 200,000,000 shares to 300,000,000 shares (the “Amendment”). The Amendment became effective upon filing with the Secretary of State of Delaware on May 19, 2021. In May 2021, the board of directors authorized a share repurchase program (the “2021 Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $500.0 million of the Company’s common stock, from time to time in the open market or through structured repurchase agreements with third parties. During the year ended December 31, 2023 and December 31, 2021, the Company repurchased and subsequently retired 1,254,474 shares and 1,523,005 shares, respectively, of common stock from the open market at an average cost of $159.43 and $196.98 per share, respectively, for a total of $200.0 million and $300.0 million, respectively. As of December 31, 2023, no amount remains available for share repurchase under the 2021 Repurchase Program. In July 2023, the board of directors authorized a share repurchase program (the “2023 Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $1.0 billion of the Company’s common stock. The Company may repurchase shares of common stock from time to time through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan. During the year ended December 31, 2023, the Company repurchased and subsequently retired 2,029,894 shares of common stock from the open market at an average cost of $103.45 per share for a total of $210.0 million. As of December 31, 2023, $790.0 million remains available for repurchase of shares under the 2023 Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

DEBT - Convertible Senior Notes due in 2025 Narrative (Details)				3 Months Ended		12 Months Ended
	Dec. 29, 2023 USD ($)	Mar. 01, 2021 USD ($) shares	Mar. 09, 2020 USD ($) tradingDay $ / shares shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding						$ 1,293,738,000	$ 1,290,357,000
Debt, current						0	90,892,000
Partial repurchase of convertible notes						0	0	$ 290,247,000
Loss on partial settlement of convertible notes						0	0	56,497,000
Payment for bonds hedge						0	0	286,235,000
Proceeds from sale of warrants						0	0	220,800,000
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Debt instrument face amount			$ 320,000,000
Interest rate			0.25%
Conversion ratio			0.0122637
Debt conversion price (in USD per share) \| $ / shares			$ 81.54
Proceeds from convertible debt			$ 313,000,000
Principal amount outstanding						95,963,000	90,892,000
Debt, current						$ 102,200,000
Partial repurchase of convertible notes					$ 217,700,000
Exercise of warrants related to convertible senior notes (in shares) \| shares		1,670,000		485
Equity component of convertible senior notes, net		$ 302,700,000		$ 100,000
Convertible note, liability component		184,500,000
Residual conversion price		$ 4,300,000
Induced conversion of convertible debt expense								37,500,000
Remaining expected life		4 years 1 month 6 days
Write off of debt discount		$ 38,500,000
Write off of deferred debt issuance cost		$ 4,100,000
Loss on partial settlement of convertible notes								$ 9,400,000
Conversion of debt	$ 2,000			$ 100,000
Effective percentage rate						5.18%
Unamortized discount						$ 5,644,000	$ 10,229,000
Remaining discount amortization period						1 year 2 months 12 days
Conversion shares (in shares) \| shares			3,900,000
Payment for bonds hedge			$ 89,100,000
Warrants issued, strike price (in USD per share) \| $ / shares			$ 106.94
Proceeds from sale of warrants			$ 71,600,000
Convertible notes hedge settlements, shares received (in shares) \| shares					1,900,000
Warrants unwound, shares issued (in shares) \| shares					1,800,000
Convertible notes hedge transaction, options outstanding (in shares) \| shares						1,300,000
Warrants outstanding (in shares) \| shares						1,300,000
Convertible Notes \| Notes due 2025 \| Discount rate
Debt Instrument [Line Items]
Measurement input		0.0435
Period One \| Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Number of threshold trading days \| tradingDay			20
Number of consecutive trading days \| tradingDay			30
Threshold percentage			130.00%
Stock trigger price (in USD per share) \| $ / shares						$ 106.00	$ 106.00
Period Two \| Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Number of consecutive trading days \| tradingDay			5
Threshold percentage			100.00%
Business day period after measurement period			5 days
Measurement period percentage of stock price trigger			98.00%

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of the Components of Total Stock-Based Compensation Expense

The following table summarizes the components of total stock-based compensation expense included in the consolidated statements of operations for the periods presented:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Cost of revenues		$	13,357	$	13,097	$	7,366
Research and development		88,367		69,082		33,927
Sales and marketing		65,703		78,819		37,434
General and administrative		45,430		55,804		35,559

Total		$	212,857	$	216,802	$	114,286
Income tax benefit included in the provision for income taxes		$	20,558	$	45,066	$	97,129

Summary of Stock-Based Compensation Associated with Each Type of Award

The following table summarizes the various types of stock-based compensation expense for the periods presented:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Stock options, RSUs and PSUs		$	204,238	$	200,295	$	110,142
Employee stock purchase plan		7,450		5,475		4,144
Post combination expense		1,169		11,032		—
Total		$	212,857	$	216,802	$	114,286

Summary of Stock Option Activity

The following table summarizes stock option activity:


	Number of Shares Outstanding	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2020	2,532	$	1.96

Exercised	(267)	2.44			$	42,091
Canceled	(1)	0.83
Outstanding at December 31, 2021	2,264	$	1.90

Exercised	(799)	2.02			$	197,334
Canceled	(1)	8.82
Outstanding at December 31, 2022	1,464	$	1.83

Exercised	(772)	1.68			$	100,390
Canceled	—	—
Outstanding at December 31, 2023	692	$	2.01	0.7	$	90,047
Vested and expected to vest at December 31, 2023	692	$	2.01	0.7	$	90,047
Exercisable at December 31, 2023	692	$	2.01	0.7	$	90,047

Summary of Stock Option Outstanding

The following table summarizes information about stock options outstanding at December 31, 2023:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Remaining Life	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
	(In thousands)	(Years)			(In thousands)
$0.70 —– $0.84	79	0.5	$	0.76	79	$	0.76
$1.29 —– $1.29	558	0.7	1.29		558	1.29
$1.31 —– $5.53	40	1.2	3.75		40	3.75
$14.58 —– $14.58	10	2.3	14.58		10	14.58
$64.17 —– $64.17	5	3.3	64.17		5	64.17
Total	692	0.7	$	2.01	692	$	2.01

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2020	3,588	$	27.61
Granted	1,301	179.88
Vested	(1,979)	20.47			$	364,665
Canceled	(124)	88.50
Outstanding at December 31, 2021	2,786	$	100.73
Granted	1,159	228.88
Vested	(1,500)	72.87			$	321,274
Canceled	(192)	150.02
Outstanding at December 31, 2022	2,253	$	181.01
Granted	1,409	154.63
Vested	(1,061)	152.47			$	185,078
Canceled	(269)	184.66
Outstanding at December 31, 2023	2,332	$	177.64	1.4	$	308,135
Expected to vest at December 31, 2023	2,331	$	177.64	1.4	$	308,126

Share-based Compensation, Performance Shares Award Outstanding Activity

The following summarizes PSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2020	494	$	51.10
Granted	715	131.60
Vested	(494)	59.19			$	91,803
Canceled	(270)	52.75
Outstanding at December 31, 2021	445	$	169.82
Granted	413	195.29
Vested	(303)	168.88			$	51,393
Canceled	(179)	171.32
Outstanding at December 31, 2022	376	$	197.82
Granted	422	233.90
Vested	(380)	196.24			$	80,113
Canceled	(22)	229.11
Outstanding at December 31, 2023	396	$	235.99	1.2	$	52,322
Expected to vest at December 31, 2023	396	$	235.99	1.2	$	52,322

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity

A summary of ESPP activity for the years presented is as follows: (in thousands, except per share data):


	Years Ended December 31,
	2023		2022		2021
Proceeds from common stock issued under ESPP	$	12,897	$	9,570	$	6,832
Shares of common stock issued	133		90		235
Weighted-average price per share	$	97.05	$	106.32	$	29.12

INVENTORY

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORY

Inventory

Inventory consists of the following:



	December 31, 2023		December 31, 2022

	(In thousands)
Raw materials	$	30,849	$	34,978
Finished goods	182,746		114,730
Total inventory	$	213,595	$	149,708

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 212,857	$ 216,802	$ 114,286
Income tax benefit included in the provision for income taxes	20,558	45,066	97,129
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	13,357	13,097	7,366
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	88,367	69,082	33,927
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	65,703	78,819	37,434
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 45,430	$ 55,804	$ 35,559

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill as of December 31, 2023 and December 31, 2022 was as follows:


Goodwill	December 31, 2023		December 31, 2022

	(In thousands)
Goodwill, beginning of period	$	213,559	$	181,254
Goodwill acquired	—		33,354
Currency translation adjustment	1,003		(1,049)
Goodwill, end of period	$	214,562	$	213,559

The Company’s purchased intangible assets as of December 31, 2023 and December 31, 2022 were as follows:


	December 31, 2023										December 31, 2022
	Gross		Additions		Accumulated Amortization		Impairment		Net		Gross		Additions		Accumulated 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

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.

STOCK-BASED COMPENSATION - Narrative (Details)			12 Months Ended
STOCK-BASED COMPENSATION - Narrative (Details)	Jan. 01, 2024 shares	Mar. 29, 2012 shares	Dec. 31, 2023 USD ($) purchasePeriod $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares	May 19, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.00001	$ 0.00001		$ 0.00001
Granted (in shares)			0	0	0
Total unrecognized compensation cost \| $			$ 384,300,000
Weighted-average recognition period for unrecognized compensation cost			2 years 7 months 6 days
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, evergreen shares (in shares)	700,000
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized (in shares)			2,643,171
Vesting period			4 years
Share-based compensation, shares available for grant (in shares)			6,059,212
2011 Equity Incentive Plan \| Before August 1, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, weighted-average remaining contractual term			10 years
2011 Equity Incentive Plan \| After August 1, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, weighted-average remaining contractual term			7 years
2021 Plan, Newly Reserved Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)						9,100,456
2021 Plan, Returning Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)						5,256,517
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized (in shares)		669,603
Share-based compensation, shares available for grant (in shares)			1,533,742
Share-based compensation, evergreen shares (in shares)		700,000
Share-based compensation, increase in number of shares authorized		1.00%
Share-based compensation, evergreen shares, automatic increase declined (in shares)				700,000
Employee stock purchase plan, number of interim purchase periods \| purchasePeriod			4
Employee stock purchase plan, offering period			24 months
Share-based compensation, maximum employee subscription rate			15.00%
Share-based compensation, purchase price of common stock percent to fair market value			85.00%
Look back feature period			2 years
General duration of employee stock purchase plan			24 months
IRS limitation for employees right to acquire class common stock under ESPP \| $			$ 25,000

CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Debt Securities, Available-for-sale

The cash equivalents and marketable securities consist of the following:


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(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 Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(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

Investments Classified by Contractual Maturity Date

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

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

STOCK-BASED COMPENSATION - Summary of Restricted Stock Unit Activity and Performance Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Aggregate Intrinsic Value
Share price (in usd per share)	$ 132.14
Restricted stock units
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	2,253	2,786	3,588
Granted (in shares)	1,409	1,159	1,301
Vested (in shares)	(1,061)	(1,500)	(1,979)
Canceled (in shares)	(269)	(192)	(124)
Outstanding, ending balance (in shares)	2,332	2,253	2,786
Number of shares outstanding, expected to vest (in shares)	2,331
Weighted Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 181.01	$ 100.73	$ 27.61
Granted (in usd per share)	154.63	228.88	179.88
Vested (in usd per share)	152.47	72.87	20.47
Canceled (in usd per share)	184.66	150.02	88.50
Outstanding, ending balance (in usd per share)	177.64	$ 181.01	$ 100.73
Weighted-Average Fair Value per Share at Grant Date, Expected to vest (in usd per share)	$ 177.64
Weighted-Average Remaining Contractual Term
Outstanding	1 year 4 months 24 days
Expected to vest	1 year 4 months 24 days
Aggregate Intrinsic Value
Outstanding	$ 308,135
Vested	185,078	$ 321,274	$ 364,665
Aggregate intrinsic value, expected to vest	$ 308,126
Performance shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	376	445	494
Granted (in shares)	422	413	715
Vested (in shares)	(380)	(303)	(494)
Canceled (in shares)	(22)	(179)	(270)
Outstanding, ending balance (in shares)	396	376	445
Number of shares outstanding, expected to vest (in shares)	396
Weighted Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 197.82	$ 169.82	$ 51.10
Granted (in usd per share)	233.90	195.29	131.60
Vested (in usd per share)	196.24	168.88	59.19
Canceled (in usd per share)	229.11	171.32	52.75
Outstanding, ending balance (in usd per share)	235.99	$ 197.82	$ 169.82
Weighted-Average Fair Value per Share at Grant Date, Expected to vest (in usd per share)	$ 235.99
Weighted-Average Remaining Contractual Term
Outstanding	1 year 2 months 12 days
Expected to vest	1 year 2 months 12 days
Aggregate Intrinsic Value
Outstanding	$ 52,322
Vested	80,113	$ 51,393	$ 91,803
Aggregate intrinsic value, expected to vest	$ 52,322

DEBT - Convertible Senior Notes due 2023 Narrative (Details)			1 Months Ended
	Jul. 28, 2023 shares	Jun. 05, 2019 USD ($) shares	Aug. 31, 2018 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding				$ 1,293,738,000	$ 1,290,357,000
Convertible Notes \| Notes due 2023
Debt Instrument [Line Items]
Debt instrument face amount			$ 65,000,000		5,000,000
Interest rate			4.00%
Debt converted		$ 60,000,000
Conversion shares (in shares) \| shares	900,090	10,801,080
Fees paid for repurchase and exchange of convertible notes		$ 6,000,000
Conversion ratio			0.1800180
Debt conversion price (in USD per share) \| $ / shares			$ 5.56
Principal amount outstanding				$ 0	$ 4,977,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

The following table sets forth activities in the allowance for doubtful accounts for the periods indicated.


	December 31,
	2023		2022		2021

	(In thousands)
Balance, at beginning of year	$	979	$	1,590	$	462
Net charges to expense	1,388		(119)		1,140
Write-offs, net of recoveries	135		(492)		(12)
Balance, at end of year	$	2,502	$	979	$	1,590

WARRANTY OBLIGATIONS

12 Months Ended

Dec. 31, 2023

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

The Company’s warranty obligation activities were as follows:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Warranty obligations, beginning of period		$	131,446	$	73,377	$	45,913
Accruals for warranties issued during period		51,866		48,703		18,098

Expense (benefit) from changes in estimates		(19,176)		29,275		19,414
Settlements		(27,216)		(26,257)		(15,073)
Increase due to accretion expense		13,821		9,631		4,654
Change in discount rate(1)		44,422		(9,609)		2,512

Other		(6,076)		6,326		(2,141)
Warranty obligations, end of period		189,087		131,446		73,377
Less: warranty obligations, current		(36,066)		(35,556)		(19,395)
Warranty obligations, non-current		$	153,021	$	95,890	$	53,982

(1) Refer to Note 11, “Fair Value Measurements” for additional information about the monetary impact for change in the discount rate.

Changes in Estimates

On a quarterly basis, the Company uses the best and most complete underlying information available, following a consistent, systematic and rational methodology to determine its warranty obligations. The Company considers all available evidence to assess the reasonableness of all key assumptions underlying its estimated warranty obligations for each generation of microinverter. The changes in estimates discussed below resulted from consideration of new or additional information becoming available and subsequent developments. Changes in estimates included in the table above were comprised of the following:

2023

In 2023, the Company recorded $19.2 million in warranty benefit from change in estimates, of which $27.3 million related to a decrease in product replacement costs related to Enphase IQ Battery storage systems and accessories and $8.8 million related to decrease in product replacement costs for all other products, partially offset by $8.3 million for increasing the warranty period for the Enphase IQ Battery from 10 years to 15 years, and by $8.6 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis, primarily for Enphase IQ Battery storage systems and prior generation products.

2022

In 2022, the Company recorded $29.3 million in warranty expense from changes in estimates, of which $18.3 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis, primarily for Enphase IQ Battery storage systems and prior generation products, $7.0 million related to an increase in expedited freight costs and replacement costs, and $4.0 million was due to an increase in labor reimbursement rates.

2021

In 2021, the Company recorded $19.4 million in warranty expense from changes in estimates, of which $11.6 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis, primarily relating to its prior generation products, and $7.8 million related to the timing of cost reduction assumptions for replacement products as the Company prioritized servicing current sales demand and the increase in component costs due to global supply constraints.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 438,936	$ 397,362	$ 145,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,708	58,775	30,846
Net amortization (accretion) of premium (discount) on marketable securities	(15,561)	(2,632)	1,593
Provision for doubtful accounts	1,153	119	477
Asset impairment	10,603	1,200	0
Non-cash interest expense	8,380	8,167	44,387
Loss on partial settlement of convertibles notes	0	0	56,497
Deemed repayment of convertible notes attributable to accreted debt discount	0	0	(15,718)
Gain on settlement of debt securities	0	0	(6,569)
Net gain from change in fair value of debt securities	(8,078)	(735)	(3,042)
Stock-based compensation	212,857	216,802	114,286
Deferred income taxes	(43,348)	3,633	(31,241)
Changes in operating assets and liabilities:
Accounts receivable	(12,478)	(107,556)	(151,160)
Inventory	(63,887)	(75,273)	(29,258)
Prepaid expenses and other assets	(59,777)	(68,423)	(26,885)
Accounts payable, accrued and other liabilities	(22,149)	133,416	117,183
Warranty obligations	57,641	57,773	27,016
Deferred revenues	117,780	122,189	78,167
Net cash provided by operating activities	696,780	744,817	352,028
Cash flows from investing activities:
Purchases of property and equipment	(110,401)	(46,443)	(52,258)
Purchase of intangible asset	0	0	(250)
Investments in private companies	(15,000)	(16,000)	(58,000)
Redemption of investment in private companies	0	0	26,569
Business acquisitions, net of cash acquired	0	(62,162)	(235,652)
Purchases of marketable securities	(2,081,431)	(907,430)	(934,956)
Maturities and sale of marketable securities	1,840,477	660,129	35,000
Net cash used in investing activities	(366,355)	(371,906)	(1,219,547)
Cash flows from financing activities:
Issuance of convertible notes, net of issuance costs	0	0	1,188,439
Purchase of convertible note hedges	0	0	(286,235)
Sale of warrants	0	0	220,800
Principal payments and financing fees on debt	0	0	(1,694)
Partial repurchase of convertible notes	0	0	(290,247)
Proceeds from exercise of equity awards and employee stock purchase plan	13,870	10,370	7,484
Payment of withholding taxes related to net share settlement of equity awards	(120,646)	(27,496)	(29,136)
Repurchase of common stock	(409,998)	0	(500,000)
Net cash used in financing activities	(516,774)	(17,126)	309,411
Effect of exchange rate changes on cash and cash equivalents	1,853	(1,857)	(1,955)
Net increase (decrease) in cash and cash equivalents	(184,496)	353,928	(560,063)
Cash and cash equivalents—Beginning of period	473,244	119,316	679,379
Cash and cash equivalents—End of period	288,748	473,244	119,316
Supplemental disclosures of non-cash investing and financing activities:
Cash paid for interest	455	455	733
Cash paid for income taxes	74,706	33,168	4,823
Purchases of property and equipment included in accounts payable	10,141	17,396	7,498
Purchases of property and equipment through tenant improvement allowance	0	748	0
Contingent consideration in connection with the acquisition	$ 0	$ 0	$ 3,500

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 27,198	$ 24,696
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	9,832	8,303
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	9,826	8,253
Trade names
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	7,540	7,540
Order backlog
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0	$ 600

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Undistributed earnings of foreign subsidiaries, not permanently reinvested	$ 81,600
Accrued potential withholding tax	5,200
Operating loss carryforwards	5,900
Unrecognized tax benefits, increase	5,500
Unrecognized tax benefits	27,218	$ 21,768	$ 20,904	$ 8,421
Unrecognized tax benefits that would impact effective tax rate	25,400
Unrecognized tax benefits, income tax penalties and interest accrued	2,900	800	300
Unrecognized tax benefits, income tax penalties and interest expense	3,800	$ 900	$ 1,400
AMPTC, income tax payable benefit	53,500
Cost of revenues	53,500
Domestic Tax Authority \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	5,000
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 12,700

BUSINESS COMBINATIONS - Summary of Pro Forma Results (Details) - ClipperCreek - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Net revenues	$ 1,401,803	$ 790,791
Net income	$ 145,798	$ 139,126

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company leases office facilities under noncancellable operating leases that expire on various dates through 2033, some of which may include options to extend the leases for up to 12 years.

The components of lease expense are presented as follows:


	Years Ended December 31,
		2023		2022

		(In thousands)
Operating lease costs		$	10,406	$	8,222

The components of lease liabilities are presented as follows:


	December 31, 2023		December 31, 2022

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	5,220	$	5,371
Operating lease liabilities, non-current (Other liabilities)	18,802		19,077
Total operating lease liabilities	$	24,022	$	24,448

Supplemental lease information:
Weighted average remaining lease term	5.8 years		5.3 years
Weighted average discount rate	7.0%		6.5%

Supplemental cash flow and other information related to operating leases were as follows:


	Years Ended December 31,
		2023		2022

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	7,225	$	5,691

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets		$	5,005	$	13,308

Undiscounted cash flows of operating lease liabilities as of December 31, 2023 were as follows:


	Lease Amounts
	(In thousands)
Year:
2024	$	6,702
2025	5,960
2026	4,284
2027	2,915
2028	2,312
Thereafter	7,372
Total lease payments	29,545
Less: imputed lease interest	(5,523)
Total lease liabilities	$	24,022

Purchase Obligations

The Company has contractual obligations related to component inventory that its contract manufacturers procure on its behalf in accordance with its production forecast as well as other inventory related purchase commitments. As of December 31, 2023, these purchase obligations totaled approximately $184.4 million.

Litigation

From time-to-time, the Company may be involved in litigation relating to claims arising out of its operations, the ultimate disposition of which could have a material adverse effect on its operations, financial condition or cash flows. The Company is not currently involved in any material legal proceedings; however, the Company may be involved in material legal proceedings in the future. Such matters are subject to uncertainty and there can be no assurance that such legal proceedings will not have a material effect on its business, results of operations, financial position or cash flows

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Enphase Energy, Inc. (the “Company”) is a global energy technology company. The Company delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Our intelligent microinverters work with virtually every solar panel made, and when paired with our smart technology, results in one of the industry’s best-performing clean energy systems. Basis of Presentation and Consolidation The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for doubtful accounts, stock-based compensation, deferred compensation arrangements, income tax benefit (provision), inventory valuation, government grants, accrued warranty obligations, fair value of investments, debt derivatives, convertible notes and contingent consideration, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the ongoing semiconductor supply and logistics constraints.

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

The following table provides information regarding the Company’s debt:


	December 31, 2023		December 31, 2022

	(In thousands)
Convertible notes
Notes due 2028	$	575,000	$	575,000

Less: unamortized debt issuance costs	(5,408)		(6,705)
Carrying amount of Notes due 2028	569,592		568,295

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(4,317)		(6,307)
Carrying amount of Notes due 2026	628,183		626,193

Notes due 2025	102,175		102,175
Less: unamortized debt discount	(5,644)		(10,229)
Less: unamortized debt issuance costs	(568)		(1,054)
Carrying amount of Notes due 2025	95,963		90,892





Notes due 2023	—		5,000
Less: unamortized issuance costs	—		(23)
Carrying amount of Notes due 2023	—		4,977




Total carrying amount of debt	1,293,738		1,290,357

Less: debt, current	—		(90,892)
Debt, non-current	$	1,293,738	$	1,199,465

The following table presents the total amount of interest cost recognized in the consolidated statement of operations relating to the Notes:


	Years Ended December 31,
		2023		2022

		(In thousands)



Notes due 2028
Amortization of debt issuance costs		$	1,297	$	1,296
Total interest cost recognized		$	1,297	$	1,296

Notes due 2026
Amortization of debt issuance costs		$	1,990	$	1,991
Total interest cost recognized		$	1,990	$	1,991

Notes due 2025
Contractual interest expense		$	256	$	256
Amortization of debt discount		4,585		4,355
Amortization of debt issuance costs		486		486
Total interest cost recognized		$	5,327	$	5,097

Notes due 2023
Contractual interest expense		$	117	$	200
Amortization of debt issuance costs		23		40
Total interest costs recognized		$	140	$	240

Convertible Senior Notes due 2028

On March 1, 2021, the Company issued $575.0 million aggregate principal amount of its 0.0% convertible senior notes due 2028 (the “Notes due 2028”). The Notes due 2028 will not bear regular interest, and the principal amount of the Notes due 2028 will not accrete. The Notes due 2028 are general unsecured obligations and are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2028 will mature on March 1, 2028, unless earlier repurchased by the Company or converted at the option of the holders. The Company received approximately $566.4 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2028.

The initial conversion rate for the Notes due 2028 is 3.5104 shares of common stock per $1,000 principal amount of the Notes due 2028 (which represents an initial conversion price of approximately $284.87 per share). The conversion rate for the Notes due 2028 will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest, if any. In addition, if a make-whole fundamental change or a redemption with respect to the Notes due 2028 occurs prior to the maturity date, under certain circumstances as specified in the relevant indenture, the Company will increase the conversion rate for the Notes due 2028 by a number of additional shares of the Company’s common stock for a holder that elects to convert its notes in connection with such make-whole fundamental change or redemption. Upon conversion, the Company will settle conversions of the Notes due 2028 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

The Company may not redeem the Notes due 2028 prior to September 6, 2024. The Company may redeem for cash all or any portion of the Notes due 2028, at the Company’s election, on or after September 6, 2024, if the last reported sale price of the Company’s common stock has been greater than or equal to 130% of the conversion price then in effect for the Notes due 2028 (i.e., $370.33, which is 130% of the current conversion price for the Notes due 2028) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100% of the principal amount of the Notes due 2028 to be redeemed, plus accrued and unpaid special interest, if any to, but excluding, the relevant redemption date. No sinking fund is provided for the Notes due 2028.

The Notes due 2028 may be converted on any day prior to the close of business on the business day immediately preceding September 1, 2027, in multiples of $1,000 principal amount, at the option of the holder only under any of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the Notes due 2028 (i.e., $370.33 which is 130% of the current conversion price for the Notes due 2028) on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the “trading price” (as defined in the relevant indenture) per $1,000 principal amount of notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the Notes due 2028 on each such trading day; (3) if the Company calls any or all of the Notes due 2028 for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On and after September 1, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2028, holders of the Notes due 2028 may convert their notes at any time, regardless of the foregoing circumstances. Upon the occurrence of a fundamental change (as defined in the relevant indenture), holders may require the Company to repurchase all or a portion of their Notes due 2028 for cash at a price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

Following the adoption ASU 2020-06, “Debt - Debt with Conversion and Other Options (subtopic 470-20)” (“ASU 2020-06”) as of January 1, 2022, the Company no longer records the conversion feature of Notes due 2028 in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to the carrying amount of Notes due 2028 and is amortized over the remaining term of the notes. Accordingly, the Company recorded a net decrease to additional paid-in capital by approximately $117.3 million, net of tax to remove the equity component separately recorded for the conversion features associated with the Notes due 2028 and equity component associated with the issuance costs, an increase of approximately $141.3 million in the carrying value of Notes due 2028 to reflect the full principal amount of the Notes due 2028, net of issuance costs, a decrease to deferred tax liability of approximately $36.0 million, and a decrease to accumulated deficit of approximately $12.0 million, net of tax in the Company’s consolidated balance sheet with no impact on the Company’s consolidated statements of operations. As of December 31, 2023, the unamortized deferred issuance cost for the Notes due 2028 was $5.4 million on the consolidated balance sheet.

Notes due 2028 Hedge and Warrant Transactions

In connection with the offering of the Notes due 2028, the Company entered into privately-negotiated convertible note hedge transactions (“Notes due 2028 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 2.0 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the Notes due 2028, at a price of $284.87 per share, which is the initial conversion price of the Notes due 2028. The total cost of the convertible note hedge transactions was approximately $161.6 million. The convertible note hedge transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2028 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be.

Additionally, the Company separately entered into privately-negotiated warrant transactions (the “2028 Warrants”) whereby the Company sold warrants to acquire approximately 2.0 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $397.91 per share. The Company received aggregate proceeds of approximately $123.4 million from the sale of the 2028 Warrants. If the market value per share of the Company’s common stock, as measured under the 2028 Warrants, exceeds the strike price of the 2028 Warrants, the 2028 Warrants will have a dilutive effect on the Company’s earnings per share, unless the Company elects, subject to certain conditions, to settle the 2028 Warrants in cash. Taken together, the purchase of the Notes due 2028 Hedge and the sale of the 2028 Warrants are intended to reduce potential dilution from the conversion of the Notes due 2028 and to effectively increase the overall conversion price from $284.87 to $397.91 per share. The 2028 Warrants are only exercisable on the applicable expiration dates in accordance with the Notes due 2028 Hedge. Subject to the other terms of the 2028 Warrants, the first expiration date applicable to the Notes due 2028 Hedge is June 1, 2028, and the final expiration date applicable to the Notes due 2028 Hedge is July 27, 2028.

Given that the transactions meet certain accounting criteria, the Notes due 2028 Hedge and the 2028 Warrants transactions are recorded in stockholders’ equity, and they are not accounted for as derivatives and are not remeasured each reporting period.

Convertible Senior Notes due 2026

On March 1, 2021, the Company issued $575.0 million aggregate principal amount of 0.0% convertible senior notes due 2026 (the “Notes due 2026”). In addition, on March 12, 2021, the Company issued an additional $57.5 million aggregate principal amount of the Notes due 2026 pursuant to the initial purchasers’ full exercise of the over-allotment option for additional Notes due 2026. The Notes due 2026 will not bear regular interest, and the principal amount of the Notes due 2026 will not accrete. The Notes due 2026 are general unsecured obligations and are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2026 will mature on March 1, 2026, unless repurchased earlier by the Company or converted at the option of the holders. The Company received approximately $623.0 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2026.

The initial conversion rate for the Notes due 2026 is 3.2523 shares of common stock per $1,000 principal amount of the Notes due 2026 (which represents an initial conversion price of approximately $307.47 per share). The conversion rate for the Notes due 2026 will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, if a make-whole fundamental change or a redemption with respect to the Notes due 2026 occurs prior to the maturity date, under certain circumstances as specified in the relevant indenture, the Company will increase the conversion rate for the Notes due 2026 by a number of additional shares of the Company’s common stock for a holder that elects to convert its notes in connection with such make-whole fundamental change or redemption. Upon conversion, the Company will settle conversions of Notes due 2026 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

The Company may not redeem the Notes due 2026 prior to the September 6, 2023. The Company may redeem for cash all or any portion of the Notes due 2026, at the Company’s election, on or after September 6, 2023, if the last reported sale price of the Company’s common stock has been greater than or equal to 130% of the conversion price then in effect for the Notes due 2026 (i.e., $399.71, which is 130% of the current conversion price for the Notes due 2026) for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100% of the principal amount of the Notes due 2026 to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the relevant redemption date for the Notes due 2026. The redemption price will be increased as described in the relevant indentures by a number of additional shares of the Company in connection with such optional redemption by the Company. No sinking fund is provided for the Notes due 2026.

The Notes due 2026 may be converted on any day prior to the close of business on the business day immediately preceding September 1, 2025, in multiples of $1,000 principal amount, at the option of the holder only under any of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s

common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the Notes due 2026 (i.e., $399.71, which is 130% of the current conversion price for the Notes due 2026) on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the relevant indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for Notes due 2026 on each such trading day; (3) if the Company calls any or all of the Notes due 2026 for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On and after September 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2026, holders of the Notes due 2026 may convert their notes at any time, regardless of the foregoing circumstances. Upon the occurrence of a fundamental change (as defined in the relevant indenture), holders may require the Company to repurchase all or a portion of their Notes due 2026 for cash at a price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

Following the adoption of ASU 2020-06 as of January 1, 2022, the Company no longer records the conversion feature of Notes due 2026 in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount. Similarly, the portion of issuance costs previously allocated to equity was reclassified to the carrying amount debt and is amortized over the remaining term of the notes. Accordingly, the Company recorded a net decrease to additional paid-in capital by approximately $90.6 million, net of tax to remove the equity component separately recorded for the conversion features associated with the Notes due 2026 and equity component associated with the issuance costs, an increase of approximately $103.2 million in the carrying value of its Notes due 2026 to reflect the full principal amount of the Notes due 2026 outstanding net of issuance costs, a decrease to deferred tax liability of approximately $26.3 million, and a decrease to accumulated deficit of approximately $13.7 million, net of tax in the Company’s consolidated balance sheet with no impact on the Company’s consolidated statements of operations. As of December 31, 2023, the unamortized deferred issuance cost for the Notes due 2026 was $4.3 million on the consolidated balance sheet.

Notes due 2026 Hedge and Warrant Transactions

In connection with the offering of the Notes due 2026 (including in connection with the issuance of additional Notes due 2026 upon the initial purchasers’ exercise of their over-allotment option), the Company entered into privately-negotiated convertible note hedge transactions (the “Notes due 2026 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 2.1 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the Notes due 2026, at a price of $307.47 per share, which is the initial conversion price of the Notes due 2026. The total cost of the Notes due 2026 Hedge was approximately $124.6 million. The Notes due 2026 Hedge are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2026 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be.

Additionally, the Company separately entered into privately-negotiated warrant transactions, including in connection with the issuance of additional Notes due 2026 upon the initial purchasers’ exercise of their over-allotment option (the “2026 Warrants”), whereby the Company sold warrants to acquire approximately 2.1 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $397.91 per share. The Company received aggregate proceeds of approximately $97.4 million from the sale of the 2026 Warrants. If the market value per share of the Company’s common stock, as measured under the 2026 Warrants, exceeds the strike price of the 2026 Warrants, the 2026 Warrants will have a dilutive effect on the Company’s earnings per share, unless the Company elects, subject to certain conditions, to settle the 2026 Warrants in cash. Taken together, the purchase of the Notes due 2026 Hedge and the sale of the 2026 Warrants are intended to reduce potential dilution from the conversion of the Notes due 2026 and to effectively increase the overall conversion price from $307.47 to $397.91 per share. The 2026 Warrants are only exercisable on the applicable expiration dates in accordance with the 2026 Warrants. Subject to the other terms of the 2026 Warrants, the first expiration date applicable to the Warrants is June 1, 2026, and the final expiration date applicable to the 2026 Warrants is July 27, 2026.

Given that the transactions meet certain accounting criteria, the Notes due 2026 Hedge and the 2026 Warrants transactions are recorded in stockholders’ equity, and they are not accounted for as derivatives and are not remeasured each reporting period.

Convertible Senior Notes due 2025

On March 9, 2020, the Company issued $320.0 million aggregate principal amount of its 0.25% convertible senior notes due 2025 (the “Notes due 2025”). The Notes due 2025 are general unsecured obligations and bear interest at an annual rate of 0.25% per year, payable semi-annually on March 1 and September 1 of each year. The Notes due 2025 are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2025 will mature on March 1, 2025, unless earlier repurchased by the Company or converted at the option of the holders. The Company may not redeem the notes prior to the maturity date, and no sinking fund is provided for the notes. The Notes due 2025 may be converted, under certain circumstances as described below, based on an initial conversion rate of 12.2637 shares of common stock per $1,000 principal amount (which represents an initial conversion price of $81.54 per share). The conversion rate for the Notes due 2025 will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the relevant indenture), the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its notes in connection with such make-whole fundamental change. The Company received approximately $313.0 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2025.

The Notes due 2025 may be converted prior to the close of business on the business day immediately preceding September 1, 2024, in multiples of $1,000 principal amount, at the option of the holder only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the relevant indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On and after September 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2025, holders may convert their notes at any time, regardless of the foregoing circumstances. Upon the occurrence of a fundamental change (as defined in the relevant indenture), holders may require the Company to repurchase all or a portion of their Notes due 2025 for cash at a price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

As of December 31, 2023 the sale price of the Company’s common stock was not greater than or equal to $106.00 (130% of the notes conversion price) for at least 20 trading days (whether consecutive or not) during a period of 30 consecutive trading days preceding the quarter-ended December 31, 2023. As a result, the Notes due 2025 are not convertible at the holders’ option through March 31, 2024. Accordingly, the Company classified the net carrying amount of the Notes due 2025 of $96.0 million as Debt, non-current on the consolidated balance sheet as of December 31, 2023. On December 29, 2023, the Company received a request for conversion of $2.0 thousand in the principal amount of the Notes due 2025, of which the Company has elected to settle the aggregate principal amount of the Notes due 2025 in a combination of cash and any excess in shares of the Company’s common stock in accordance with the applicable indenture. Such conversion will be settled in February 2024.

As of December 31, 2022, the sale price of the Company’s common stock was greater than or equal to $106.00 (130% of the notes conversion price) for at least 20 trading days (whether consecutive or not) during a period of 30 consecutive trading days preceding the quarter-ended December 31, 2022. Accordingly, the Company classified the net carrying amount of the Notes due 2025 of $90.9 million as Debt, current on the consolidated balance sheet as of December 31, 2022.

Partial repurchase of Notes due 2025

Concurrently with the offering of the Notes due 2026 and Notes due 2028, the Company entered into separately- and privately-negotiated transactions to repurchase approximately $217.7 million aggregate principal amount of the Notes due 2025. The Company paid $217.7 million in cash and issued approximately 1.67 million shares of its common stock to the holders of the repurchased notes with an aggregate fair value of $302.7 million, representing the conversion value in excess of the principal amount of the Notes due 2025, which were fully offset by shares received from the Company’s settlement of the associated note hedging arrangements discussed below. The total amount of $217.7 million paid to partially settle the repurchases of the Notes due 2025 was allocated between the liability and equity components of the amount extinguished by determining the fair value of the liability component immediately prior to the note repurchases and allocating that portion of the conversion price to the liability component in the amount of $184.5 million. The residual of the conversion price of $4.3 million of the repurchased Notes due 2025, net of inducement loss of $37.5 million for additional shares issued, was allocated to the equity component of the repurchased Notes due 2025 as an increase of additional paid-in capital. The fair value of the note settlement for such repurchases was calculated using a discount rate of 4.35%, representing an estimate of the Company's borrowing rate at the date of repurchase with a remaining expected life of approximately 4.1 years. As part of the settlement of the repurchase of the Notes due 2025, the Company wrote-off the $38.5 million unamortized debt discount and $4.1 million debt issuance cost apportioned to the principal amount of Notes due 2025 repurchased. The Company recorded a loss on partial settlement of the repurchased Notes due 2025 of $9.4 million in Other income (expense), net in the year ended December 31, 2021, representing the difference between the consideration attributed to the liability component and the sum of the net carrying amount of the liability component and unamortized debt issuance costs. Further, the Company also recorded loss on inducement of $37.5 million in Other income (expense), net in the year ended December 31, 2021, representing the difference between the fair value of the shares that would have been issued under the original conversion terms with respect to the repurchased Notes due 2025.

During the second quarter of 2021, $0.1 million in aggregate principal amount of the Notes due 2025 were converted, and the principal amount of the converted Notes due 2025 was repaid in cash. In connection with such conversions during the second quarter of 2021, the Company also issued 485 shares of its common stock to the holders of the converted Notes due 2025, with an aggregate fair value of $0.1 million, representing the conversion value in excess of the principal amount of the Notes due 2025, which were fully offset by shares received from the settlements of the associated note hedging arrangements. Following the repurchase transactions summarized above, as of December 31, 2023, $102.2 million aggregate principal amount of the Notes due 2025 remained outstanding.

The derived effective interest rate on the Notes due 2025 host contract was determined to be 5.18%, which remains unchanged from the date of issuance. The remaining unamortized debt discount was $5.6 million as of December 31, 2023, and will be amortized over approximately 1.2 years from December 31, 2023.

Notes due 2025 Hedge and Warrant Transactions

In connection with the offering of the Notes due 2025, the Company entered into privately-negotiated convertible note hedge transactions (the “Notes due 2025 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 3.9 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the notes, at a price of $81.54 per share, which is the initial conversion price of the Notes due 2025. The total cost of the convertible note hedge transactions was approximately $89.1 million. The convertible note hedge transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2025 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be.

Additionally, the Company separately entered into privately-negotiated warrant transactions in connection with the offering of the Notes due 2025 whereby the Company sold the 2025 Warrants to acquire approximately 3.9 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $106.94 per share. The Company received aggregate proceeds of approximately $71.6 million from the sale of the 2025 Warrants. If the market value per share of the Company’s common stock, as measured under the 2025 Warrants, exceeds the strike price of the 2025 Warrants, the 2025 Warrants will have a dilutive effect on the Company’s earnings per share, unless the Company elects, subject to certain conditions, to settle the 2025 Warrants in cash. Taken together, the purchase of the convertible note hedges in connection with the Notes due 2025 Hedge and the sale of the 2025 Warrants are intended to reduce potential dilution from the conversion of the Notes due 2025 and to effectively increase the overall conversion price from $81.54 to $106.94 per share. The 2025 Warrants are only exercisable on the applicable expiration dates in accordance with the agreements relating to each of the 2025 Warrants. Subject to the other terms of the 2025 Warrants, the first expiration date applicable to the 2025 Warrants is June 1, 2025, and the final expiration date applicable to the 2025 Warrants is September 23, 2025.

During the first quarter of 2021, in connection with the repurchase of $217.7 million aggregate principal amount of the Notes due 2025 summarized above, the Company entered into partial unwind agreements with respect to certain of the Notes due 2025 Hedge and the 2025 Warrants. In connection with these unwind transactions, the Company received shares of the Company’s common stock as a termination payment for the portion of the Notes due 2025 Hedge that were unwound, and the Company issued shares of its common stock as a termination payment for the portion of the 2025 Warrants that were unwound. As a result of the unwind agreements for the Notes due 2025 Hedge and the 2025 Warrants, the Company received 1.9 million of the Company’s common stock from the Notes due 2025 Hedge settlement and issued 1.8 million of the Company’s common stock from the 2025 Warrants that were unwound. Following the unwind transactions summarized above, as of December 31, 2023, options to purchase approximately 1.3 million shares of common stock remained outstanding under the Notes due 2025 Hedge, and 2025 Warrants exercisable to purchase approximately 1.3 million shares remained outstanding.

For the period from March 9, 2020, the issuance date of the Notes due 2025 Hedge and 2025 Warrants, through May 19, 2020, the number of authorized and unissued shares of the Company’s common stock that are not reserved for other purposes was less than the maximum number of underlying shares that will be required to settle the Notes due 2025 through the delivery of shares of the Company’s common stock. Accordingly, the Notes due 2025 Hedge and 2025 Warrants could only be settled on net cash settlement basis. As a result, the Notes due 2025 Hedge and 2025 Warrants were classified as a convertible notes hedge asset and 2025 Warrants liability, respectively, in the consolidated balance sheet and the change in fair value of derivatives was included in other expense, net in the consolidated statement of operations.

Convertible Senior Notes due 2023

In August 2018, the Company sold $65.0 million aggregate principal amount of 4.0% convertible senior notes due 2023 (the “Notes due 2023”) in a private placement. On May 30, 2019, the Company entered into separately and privately-negotiated transactions with certain holders of the Notes due 2023 resulting in the repurchase and exchange, as of June 5, 2019, of $60.0 million aggregate principal amount of the notes in consideration for the issuance of 10,801,080 shares of common stock and separate cash payments totaling $6.0 million.

On July 28, 2023, the holder of the Notes due 2023 converted the remaining outstanding $5.0 million in aggregate principal amount into 900,090 shares of common stock of the Company based on the conversion rate of 180.018 shares of common stock per $1,000 principal amount of notes (which is equivalent to a conversion price of approximately $5.56 per share). This was a non-cash transaction and following the conversion, as of December 31, 2023, the Notes due 2023 are no longer outstanding.

FAIR VALUE MEASUREMENTS - Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3 (Details) - Recurring - Level 3 - Warranty obligations for products sold since January 1, 2014	Dec. 31, 2023	Dec. 31, 2022
Profit element and risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	17.00%	16.00%
Credit-adjusted risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	7.00%	13.00%

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and asset impairment charges	$ 0.8	$ 2.4

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 438,936	$ 397,362	$ 145,449

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (a)
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-Subparagraph (a)
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	12 Months Ended
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	Dec. 31, 2023
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS The Company is potentially subject to financial instrument concentration of credit risk through its cash, cash equivalents, marketable securities, and accounts receivable. The Company places its cash, cash equivalents and marketable securities with high quality institutions and performs periodic evaluations of their relative credit standing. Accounts receivable can be potentially exposed to a concentration of credit risk with its major customers. As of December 31, 2023 and 2022, amounts due from one customer represented approximately 40% and 24%, respectively, of the total accounts receivable balance. In the years ended December 31, 2023, 2022 and 2021, one customer accounted for approximately 40%, 37% and 34%, respectively, of total net revenues.

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowances and reserves	$ 53,191	$ 40,166
Net operating loss and tax credit carryforwards	23,267	26,748
Stock-based compensation	15,811	20,230
Deferred revenue	53,656	40,120
Fixed assets, goodwill and intangibles	0	609
Convertible notes and related hedges	38,773	49,405
Capitalized research and development expense	83,098	47,870
Other	15,189	11,099
Subtotal	282,985	236,247
Total deferred tax assets	282,985	236,247
Deferred tax liabilities:
Fixed assets and intangibles	(2,833)	0
Unremitted foreign earnings	(5,189)	(3,755)
Deferred cost of goods sold	(27,782)	(32,449)
Total deferred tax liabilities	(35,804)	(36,204)
Net deferred tax asset	$ 247,181	$ 200,043

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The domestic and foreign components of income before income taxes consisted of the following:


	Years Ended December 31,
	2023		2022		2021

	(In thousands)
United States	$	465,463	$	417,636	$	102,886
Foreign	47,676		34,412		18,042
Income before income taxes	$	513,139	$	452,048	$	120,928

The income taxes provision for (benefit from) the years presented is as follows:


	Years Ended December 31,
	2023		2022		2021

	(In thousands)
Current:
Federal	$	96,151	$	34,499	$	—
State	13,937		9,719		488
Foreign	11,303		10,605		6,232
	121,391		54,823		6,720
Deferred:
Federal	(50,211)		(6,245)		(28,398)
State	1,287		3,806		(4,380)
Foreign	1,736		2,305		1,537
	(47,188)		(137)		(31,241)
Income taxes provision for (benefit from)	$	74,203	$	54,686	$	(24,521)


	Years Ended December 31,
	2023		2022		2021

	(In thousands)
Income tax provision at statutory federal rate	$	107,760	$	94,926	$	27,681
State taxes, net of federal benefit	18,107		9,980		489

Foreign tax rate and tax law differential	5,965		4,905		1,073
Tax credits	(29,229)		(19,864)		(15,632)
Non-taxable income related to Section 45X tax credits	(11,229)		—		—
Stock-based compensation	(13,969)		(45,551)		(80,950)
Other permanent items	(964)		4,149		178

Other nondeductible/nontaxable items	(724)		(62)		2,316
Uncertain tax positions	8,432		6,073		6,911
Foreign-derived intangible income deduction	(15,391)		(9,161)		—

Section 162(m)	5,445		9,291		25,812
Convertible notes settlements	—		—		8,223
Warrant mark-to-mark adjustment	—		—		(622)
Income tax provision (benefit)	$	74,203	$	54,686	$	(24,521)

A summary of significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 is as follows:


	December 31,
	2023		2022

	(In thousands)
Deferred tax assets:
Allowances and reserves	$	53,191	$	40,166
Net operating loss and tax credit carryforwards	23,267		26,748
Stock-based compensation	15,811		20,230
Deferred revenue	53,656		40,120
Fixed assets, goodwill and intangibles	—		609

Convertible notes and related hedges	38,773		49,405
Capitalized research and development expense	83,098		47,870
Other	15,189		11,099
Subtotal	282,985		236,247

Total deferred tax assets	282,985		236,247
Deferred tax liabilities:

Fixed assets and intangibles	(2,833)		—
Unremitted foreign earnings	(5,189)		(3,755)
Deferred cost of goods sold	(27,782)		(32,449)
Total deferred tax liabilities	(35,804)		(36,204)
Net deferred tax asset	$	247,181	$	200,043

The Company's accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company's deferred tax assets. Assessing the realizability of deferred tax assets is dependent upon several factors, including the likelihood and amount, if any, of future taxable income in relevant jurisdictions during the periods in which those temporary differences become deductible. The Company's management forecasts taxable income by considering all available positive and negative evidence including its history of operating income or losses and its financial plans and estimates which are used to manage the business. These assumptions require significant judgment about future taxable income. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are reduced.

As of December 31, 2023, the Company evaluated its undistributed foreign earnings and identified $81.6 million in earnings that it does consider to be permanently reinvested that may be subject to withholding taxes in local jurisdictions when they are distributed. The Company has recorded a provision of approximately $5.2 million for the taxes that would fall due when such earnings are repatriated.

The Company has approximately $5.0 million of federal tax credit and $12.7 million of state tax credit carryforwards. The federal credits begin to expire in 2031 and the state credits can be carried forward indefinitely. As of December 31, 2023, the Company has foreign net operating losses of $5.9 million from GreenCom acquisition, which can be carried over indefinitely.

Utilization of some of the federal credit carryforwards and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Code and similar state provisions. The Company believes that no such change has occurred through December 31, 2023.

Accounting for uncertain tax positions prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is required to recognize in the financial statements the impact of a tax position, if that position is more-likely than-not of being sustained on audit, based on the technical merits of the position. The Company recorded a net charge for unrecognized tax benefits in 2023 of $5.5 million.

The Company does not have any tax positions for which it is reasonably possible the total amount of gross unrecognized tax benefits will increase or decrease over the next year. The unrecognized tax benefits may increase or change during the next year for items that arise in the ordinary course of business.

As of December 31, 2023, the total amount of gross unrecognized tax benefits was $27.2 million, of which $25.4 million, if recognized, would impact the Company’s effective tax rate.

A tabular reconciliation of the total amounts of unrecognized tax benefits for the years presented is as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Unrecognized tax benefits—at beginning of year	$	21,768	$	20,904	$	8,421
Increases (decreases) in balances related to tax positions taken in prior years	(417)		(4,786)		4,391

Increases in balances related to tax positions taken in current year	5,985		6,562		8,301
Settlements	—		(657)		—
Lapses in statutes of limitations	(118)		(255)		(209)
Unrecognized tax benefits—at end of year	$	27,218	$	21,768	$	20,904

The Company includes interest and penalties related to unrecognized tax benefits within the income tax provision for (benefit from). In the year ended December 31, 2023, 2022 and 2021, the total amount of gross interest and penalties accrued was $2.9 million, $0.8 million and $0.3 million, respectively. Both the unrecognized tax benefits and the associated interest and penalties that are not expected to result in payment or receipt of cash within one year are classified as other non-current liabilities in the consolidated balance sheets. In connection with tax matters, the Company’s interest and penalty expense recognized in 2023, 2022 and 2021 in the consolidated statements of operations was $3.8 million, $0.9 million and $1.4 million, respectively.

The Company’s tax returns continue to remain effectively subject to examination by U.S. federal authorities for the years 2006 and onwards and by California state authorities for the years 2006 and onwards due to use and carryovers of net operating losses and tax credits. The Company is currently under audit in India.

In August 2022, the U.S. enacted the IRA, which included revisions to the Internal Revenue Code of 1986, as amended (the “Code”). The IRA introduced a 15% corporate alternative minimum income tax (“CAMT”) for corporations whose average adjusted financial income for any consecutive three-year period ending after December 31, 2021, exceeds $1.0 billion. Further, the IRA also extended the investment tax credits for clean energy and expanded the incentives to clean energy manufacturing. For the year ended December 31, 2023, the Company is not subject to the CAMT based on its current operating results and interpretations of the latest IRA guidance. The Company recognized $53.5 million reduction in costs of goods sold and income taxes payable related to the AMPTC.

In December 2021, the Organization for Economic Co-operation and Development Inclusive Framework on Base Erosion Profit Shifting released Model Global Anti-Base Erosion rules (“Model Rules”) under Pillar Two. The Model Rules set forth the “common approach” for a Global Minimum Tax at 15 percent for multinational enterprises with a turnover of more than 750 million euros. Rules under Pillar Two were effective from January 1, 2024. The Company does not expect adoption of Pillar Two rules to have a significant impact on its consolidated financial statements in 2024.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

REVENUE RECOGNITION - Summary of Disaggregated Revenue by Primary Geographical Market and Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,290,786	$ 2,330,853	$ 1,382,049
Products delivered at a point in time
Disaggregation of Revenue [Line Items]
Net revenues	2,181,099	2,253,645	1,323,960
Products and services delivered over time
Disaggregation of Revenue [Line Items]
Net revenues	109,687	77,208	58,089
U.S.
Disaggregation of Revenue [Line Items]
Net revenues	1,469,108	1,761,846	1,108,801
International
Disaggregation of Revenue [Line Items]
Net revenues	$ 821,678	$ 569,007	$ 273,248

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Long-Lived Assets by Geographic Region

The following table presents net revenues by geographic region as of the periods presented:

Net Revenues


	December 31,
	2023		2022		2021

	(In thousands)
United States	$	1,469,108	$	1,761,846	$	1,108,801
Netherlands	351,628		196,165		79,189




Others	470,050		372,842		194,059
Total	$	2,290,786	$	2,330,853	$	1,382,049

The following table presents long-lived assets by geographic region as of the periods presented:

Long-Lived Assets


	December 31,
	2023		2022

	(In thousands)
United States	$	107,448	$	54,406
India	22,978		19,950
China	12,883		9,228
New Zealand	8,959		6,059
Mexico	6,028		9,929
Romania	5,280		8,355
Others	4,668		3,440
Total	$	168,244	$	111,367

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

The Company generates revenue from sales of its solutions, which include microinverter units and related accessories, an IQ Gateway, and IQ Energy Router, cloud-based Enlighten monitoring services, storage solutions, Electric Vehicle (“EV”) charging solutions, design, proposal, permitting and lead generation services, as well as a platform matching cleantech asset owners to a local and on-demand workforce of service providers, to distributors, large installers, original equipment manufacturers (“OEMs”) and strategic partners.

Revenues are recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. The Company generates all of its revenues from contracts with its customers. A description of principal activities from which the Company generates revenues follows.

•Products Delivered at a Point in Time. The Company sells its products and professional services to customers in accordance with the terms of the related customer contracts. The Company generates revenues from sales of its solutions, which include microinverter units and related accessories, storage solutions, EV charging solutions, design, proposal, permitting and lead generation services, as well as a platform matching cleantech asset owners to a local and on-demand workforce of service providers to distributors, large installers, OEMs and strategic partners. Microinverter units, microinverter accessories, storage and EV solutions, design, proposal, permitting and lead generation services, as well as completed work orders on its platform matching cleantech asset owners to a local and on-demand workforce of service providers, are delivered to customers at a point in time, and the Company recognizes revenue for these products or professional services when the Company transfers control of the product or professional services to the customer, which is generally upon product shipment or service delivery, respectively.

•Products Delivered Over Time. The sale of an IQ Gateway and IQ Energy Router includes the Company’s Enlighten cloud-based monitoring service. The full consideration for these products represents a single performance obligation and is deferred at the sale date and recognized over the estimated service period of 7 years. The Company also sells certain communication accessories that contain a service performance obligation to be delivered over time. The revenue from these products is recognized over the related service period, which is typically 5 years. The subscription services revenue generated from each customer’s subscription to the Company’s design and proposal software is recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer. The subscription contracts are generally 3 to 12 months in length and billed in advance.

When the Company sells a product with more than one performance obligation, such as the IQ Combiner, which includes both hardware and IQ Gateway, the total consideration is allocated to these performance obligations based on their relative standalone selling prices.

The Company records certain contra revenue promotions as variable consideration and recognizes these promotions at the time the related revenue is recorded.

The Company records upfront contract acquisition costs, such as sales commissions, to be capitalized and amortized over the estimated life of the asset. For contracts that have a duration of less than one year, the Company follows the Topic 606 practical expedient and expenses these costs when incurred. Commissions related to the Company’s sale of monitoring hardware and service are capitalized and amortized over the period of the associated revenue, which is 7 years.

Refer to Note 3. “Revenue Recognition,” for additional information related to revenue recognition.

Cost of Revenues

The Company includes the following in cost of revenues: product costs, warranty, manufacturing personnel and logistics costs, freight costs, inventory write-downs, hosting services costs related to the Company’s Enlighten service offering and design and proposal services, credits recognized from the advanced manufacturing production tax credit (“AMPTC”), depreciation and amortization of manufacturing test equipment and amortization of capitalized software development costs related to the Company’s Enlighten service offering, lead acquisition costs, design and proposal services, and employee-related expenses associated with proposal and permitting services and design and proposal service customer support. A description of principal activities from which the Company recognizes cost of revenue is as follows:

•Products Delivered at a Point in Time. Cost of revenue from these products is recognized when the Company transfers control of the product to the customer, which is generally upon shipment.

•Products Delivered Over Time. Cost of revenue from these products is recognized over the related service period.

Government Grants

Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of Accounting Standards Codification (“ASC”) 740. The Company recognizes a grant when it has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received. Government grants that are not related to long-lived assets are considered income-based grants, which are recognized as a reduction to the related cost of activities that generated the benefit.

In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”), which includes extension of the investment tax credit as well as credits under AMPTC, to incentivize clean energy component sourcing and production, including for the production of microinverters. The IRA provides for an AMPTC on microinverters of 11 cents per alternating current watt basis. The AMPTC on microinverters decreases by 25% each year beginning in 2030 and ending after 2032. The Company recognized credits under AMPTC as a reduction to cost of revenues in the consolidated statement of operations for the microinverters manufactured in the United States and sold to customers during the year ended December 31, 2023. Such credit is also reflected as a reduction of income tax payable on the Company’s consolidated balance sheet within accrued liabilities. For the year ended December 31, 2023, benefits recognized from AMPTC of $53.5 million were recorded as a reduction to income tax payable

(included in Accrued Liabilities) on the consolidated balance sheet and as a reduction to cost of revenues on the consolidated statement of operations. Amounts recognized in the consolidated financial statements are based on Management’s judgement and interpretation of the most current guidance.

Cash, Cash Equivalents and Marketable Securities

The Company classifies investments in marketable securities as available-for-sale investments and records these marketable securities at fair value. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. All highly liquid investments with original maturities of 90 days or less from the date of purchase are classified as cash equivalents, while all others are presented within current assets since these investments represent funds available for current operations and the Company has the ability and intent, if necessary, to liquidate any of these investments within one year in order to meet liquidity needs or to grow the business, including for potential business acquisitions or other strategic transactions.

Marketable securities are recorded at fair value, with the unrealized gains or losses unrelated to credit loss factors included in accumulated other comprehensive income (loss), net of tax. Realized gains and losses and declines in value determined to be other than temporary based on the specific identification method are reported in other income (expense), net in the consolidated statements of operations.

The Company periodically reviews whether the securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company records an impairment loss associated with the impaired investment. The impairment loss will be recorded as a write-down of investments in the consolidated balance sheets and a realized loss within other income (expense), net in the consolidated statements of operations. There were no credit-related impairments recognized on the Company’s investments in marketable securities during the periods presented.

For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest of $7.6 million, $2.2 million, and $2.1 million, net of the allowance for credit losses, if any, is recorded in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2023, 2022, and 2021, respectively.

Fair Value of Financial Instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of those instruments. Equity investments with readily determinable fair value are carried at fair value based on quoted market prices or estimated based on market conditions and risks existing at each balance sheet date. Equity investments without readily determinable fair value are measured at cost, less impairment and are adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer.

Accounts Receivables and Contract Assets

The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue.

Allowance for Doubtful Accounts

The Company maintains allowances for doubtful accounts for uncollectible accounts receivable. Management estimates anticipated credit losses from doubtful accounts based on days past due, customer specific experience, collection history, the financial health of customers including from the impacts of the broad-based slowdown beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors. Accounts receivable are recorded net of allowance for doubtful accounts. The following table sets forth activities in the allowance for doubtful accounts for the periods indicated.


	December 31,
	2023		2022		2021

	(In thousands)
Balance, at beginning of year	$	979	$	1,590	$	462
Net charges to expense	1,388		(119)		1,140
Write-offs, net of recoveries	135		(492)		(12)
Balance, at end of year	$	2,502	$	979	$	1,590

Inventory

Inventory is valued at the lower of cost or market. Market is current replacement cost (by purchase or by reproduction, dependent on the type of inventory). In cases where market exceeds net realizable value (i.e., estimated selling price less reasonably predictable costs of completion and disposal), inventories are stated at net realizable value. Market is not considered to be less than net realizable value reduced by an allowance for an approximately normal profit margin. The Company determines cost on a first-in first-out basis. Certain factors could affect the realizable value of its inventory, including customer demand and market conditions. Management assesses the valuation on a quarterly basis and writes down the value for any excess and obsolete inventory based upon expected demand, anticipated sales price, effect of new product introductions, product obsolescence, customer concentrations, product merchantability and other factors. Inventory write-downs are equal to the difference between the cost of inventories and market.

Long-Lived Assets

Property and equipment are stated at cost less accumulated depreciation. Cost includes amounts paid to acquire or construct the asset as well as any expenditure that substantially adds to the value of or significantly extends the useful life of an existing asset. Repair and maintenance costs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. Leasehold improvements are amortized over the shorter of the lease term or expected useful life of the improvements.

Internal-use software, whether purchased or developed, is capitalized at cost and amortized on a straight-line basis over its estimated useful life. Costs associated with internally developed software are expensed until the point at which the project has reached the development stage. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they provide additional functionality. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of internal-use software requires judgment in determining when a project has reached the development stage and the period over which the Company expects to benefit from the use of that software. Capitalized costs are recorded as part of property and equipment in the consolidated balance sheets. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years, and is recorded as cost of revenue in the consolidated statements of operations.

The Company capitalizes implementation costs related to cloud computing (i.e., hosting) arrangements that are accounted for as a service contract that meets the accounting requirement for capitalization as such implementation costs were incurred to develop or utilize internal-use software hosted by a third-party vendor. The capitalized implementation costs are recorded as part of “Other assets” on the consolidated balance sheets and is amortized over the length of the service contract.

Property and equipment, including internal-use software, and capitalized implementation costs related to cloud computing arrangements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. The Company recorded asset impairment charges of $6.8 million and $1.2 million in the year ended December 31, 2023 and 2022, respectively, associated with property and equipment, net as well as operating lease, right of use assets, compared to zero for the year ended December 31, 2021. There

were no events or changes in circumstances that may indicate the carrying amount of the remaining assets is not recoverable.

Business Combinations

Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires the Company to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components. This judgment and determination affect the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction. Additional information existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.

Goodwill

Goodwill results from the purchase consideration paid in excess of the fair value of the net assets recorded in connection with business acquisitions. Goodwill is not amortized but is assessed for potential impairment at least annually during the fourth quarter of each fiscal year or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Goodwill is tested at the reporting unit level, which the Company has determined to be the same as the entity as a whole (entity level). The Company first performs qualitative assessment to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying value, an impairment analysis will be performed.

Qualitative factors include industry and market consideration, overall financial performance, share price trends and market capitalization and Company-specific events. The Company determined, after performing a qualitative review of its one reporting unit, that it is more likely than not that the fair value of its reporting unit exceeds its carrying value. Accordingly, there was no indication of impairment in the years ended December 31, 2023, 2022, and 2021 and no quantitative goodwill impairment test was performed.

Intangible Assets

Intangible assets include patents and other purchased intangible assets. Intangible assets with finite lives are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 9 years. Indefinite-lived intangible assets are tested for impairment annually and are also tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. The Company recorded asset impairment charges of $3.8 million in the year ended December 31, 2023 associated with the customer relationship intangible asset, compared to zero for the years ended December 31, 2022 and 2021. There were no events or changes in circumstances that may indicate the carrying amount of remaining assets is not recoverable.

Contract Liabilities

Contract liabilities are recorded as deferred revenue on the accompanying consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.

Warranty Obligations

The Company’s warranty accrual provides for the replacement of microinverter units, AC Battery storage solutions, EV Chargers, and IQ Gateway and IQ Energy Router units that fail during the product’s warranty term. The warranty term related to microinverter units is typically 15 years for first and second generation microinverters and up to 25 years for subsequent generation microinverters. The warranty term for AC Battery storage solutions is 10 to 15 years depending on the generation. The warranty term for the IQ Gateway and IQ Energy Router is 5 years, while the warranty term for EV Chargers is 1 to 5 years depending on the product. On a quarterly basis, the Company employs a consistent, systematic and rational methodology to assess the adequacy of its warranty liability. This assessment includes updating all key estimates and assumptions for each generation of product, based on historical results, trends and the most current data available as of the filing date. The key estimates and assumptions used in the warranty liability are thoroughly reviewed by management on a quarterly basis. The key estimates used by the Company to estimate its warranty liability are: (1) the number of units expected to fail and be returned for replacement over time (i.e., return rate); and (2) the per unit cost of replacement units, including outbound shipping and labor costs, expected to be incurred to replace failed units over time (i.e., replacement cost).

Estimated Return Rates — The Company’s Quality and Reliability department has primary responsibility to determine the estimated return rates for each generation of product. To establish initial return rate estimates for each generation of product, the Company’s quality engineers use a combination of industry standard Mean Time Between Failure estimates for individual components contained in its product, third-party data collected on similar equipment deployed in outdoor environments similar to those in which the Company’s products are installed, and rigorous long term reliability and accelerated life cycle testing which simulates the service life of the product in a short period of time. As units are deployed into operating environments, the Company continues to monitor product performance through its Enlighten monitoring platform. It typically takes three to nine months between the date of sale and date of end-user installation. Consequently, the Company’s ability to monitor actual failures of units sold similarly lags by three to nine months. When a product fails and is returned, the Company performs diagnostic root cause failure analysis to understand and isolate the underlying mechanism(s) causing the failure. The Company then uses the results of this analysis (combined with the actual, cumulative performance data collected on those units prior to failure through Enlighten) to draw conclusions with respect to how or if the identified failure mechanism(s) will impact the remaining units deployed in the installed base.

As the vast majority of the Company’s microinverters have been sold to end users for residential applications, the Company believes that warranty return rates will be affected by changes over time in residential home ownership because the Company expects that subsequent homeowners are less likely to file returns than the homeowners who originally purchase the microinverters.

Estimated Replacement Costs — Three factors are considered in the Company’s analysis of estimated replacement cost: (1) the estimated cost of replacement products; (2) the estimated cost to ship replacement products to end users; and (3) the estimated labor reimbursement expected to be paid to third-party installers, or estimated labor cost expected to be incurred for field service technicians, performing replacement services for the end user. Because the Company’s warranty provides for the replacement of defective microinverters or other products over long periods of time (between 5 years to 25 years, depending on the product and the generation of that product purchased), the estimated per unit cost of current and future product generations is considered in the estimated replacement cost. Estimated costs to ship replacement units are based on observable, market-based shipping costs paid by the Company to third-party freight carriers. The Company has a separate program that allows third-party installers to claim fixed-dollar reimbursements for labor costs they incur to replace failed products for a limited time from the date of original installation. Included in the Company’s estimated replacement cost is an analysis of the number of fixed-dollar labor reimbursements expected to be claimed by third-party installers over the limited offering period.

In addition to the key estimates noted above, the Company also compares actual warranty results to expected results and evaluates any significant differences. Management may make additional adjustments to the warranty provision based on performance trends or other qualitative factors. If actual return rates or replacement costs differ from the Company’s estimates in future periods, changes to these estimates may be required, resulting in increases or decreases in the Company’s warranty obligations. Such increases or decreases could be material.

Fair Value Option for Microinverters and Other Products Sold Since January 1, 2014

The Company’s warranty obligations related to products sold since January 1, 2014 provide the Company the right, but not the requirement, to assign its warranty obligations to a third party. Under ASC 825, “Financial Instruments” (also referred to as “fair value option”), an entity may choose to elect the fair value option for such warranties at the time it first recognizes the eligible item. The Company made an irrevocable election to account for all eligible warranty obligations associated with products sold since January 1, 2014 at fair value. This election was made to reflect the underlying economics of the time value of money for an obligation that will be settled over an extended period of up to 25 years.

The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain inputs that are unobservable and significant to the overall fair value measurement. Such additional assumptions included compensation comprised of a profit element and risk premium required of a market participant to assume the obligation and a discount rate based on the Company’s credit-adjusted risk-free rate. Refer to Note 11. “Fair Value Measurements,” for additional information.

Warranty obligations initially recorded at fair value at the time of sale will be subsequently re-measured to fair value at each reporting date. In addition, the fair value of the liability will be accreted over the corresponding term of the warranty of up to 25 years using the interest method.

Commitments and Contingencies

In the normal course of business, the Company is subject to loss contingencies and loss recoveries, such as legal proceedings and claims arising out of its business as well as tariff refunds. An accrual for a loss contingency or loss recovery is recognized when it is probable and the amount of loss or recovery can be reasonably estimated.

Common Stock Repurchase

The Company accounts for repurchase of common stock under ASC 505 and charges the entire cost of repurchase to the accumulated earnings.

Advertising Costs

Advertising costs, which are expensed and included in sales and marketing expense when incurred, were $3.8 million, $3.8 million and $16.2 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Research and Development Costs

The Company expenses research and development costs as incurred. Research and development expense consists primarily of expensed equipment for product development, personnel costs, including salaries, benefits and stock-based compensation, other professional costs and allocated facilities costs.

Stock-Based Compensation

Share-based payments are required to be recognized in the Company’s consolidated statements of operations based on their fair values and the estimated number of shares expected to vest. The Company measures stock-based compensation expense for all share-based payment awards, including stock options made to employees and directors, based on the estimated fair values on the date of the grant. The fair value of stock options granted is estimated using the Black-Scholes option valuation model. The fair value of restricted stock units (“RSU”) granted is determined based on the price of the Company’s common stock on the date of grant. The fair value of non-market‑based performance stock units (“PSUs”) granted is determined based on the date of grant or when achievement of performance is probable. The fair value of market‑based performance stock units granted is determined using a Monte‑Carlo model based on the date of grant or when achievement of performance is probable.

Stock-based compensation for stock options and RSUs is recognized on a straight-line basis over the requisite service period. Stock-based compensation for PSUs without market conditions is recognized when the performance condition is probable of being achieved, and then on a graded basis over the requisite service period. Stock-based compensation for PSUs with market conditions is recognized on a straight-line basis over the requisite service period. Additionally, the Company estimates its forfeiture rate annually based on historical experience and revise the estimates of forfeiture in subsequent periods if actual forfeitures differ from those estimates.

Leases

The Company determines if an arrangement is or contains a lease at inception. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments over the lease term.

Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using the Company’s incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

The Company combines the lease and non-lease components in determining the operating lease assets and liabilities.

Foreign Currency Translation

The Company and most of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in accumulated other comprehensive income (loss) in stockholders' equity. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. In addition, transactions that are denominated in non-functional currency are remeasured using exchange rates in effect at the end of the period. Exchange gains and losses arising from the remeasurement of monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations. Non-monetary assets and liabilities are carried at their historical values.

Comprehensive Income

Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income (loss) consists of foreign currency translation adjustments and change in net unrealized gain (loss) on marketable securities, net of tax.

Income Taxes

The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company assesses the realizability of the deferred tax assets to determine release of valuation allowance as necessary. In the event the Company determines that it is more likely than not that the Company would be able to realize deferred tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance for the deferred tax asset would increase income in the period such determination was made. Likewise, should it be determined that additional amounts of the net deferred tax asset will not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance will be charged to income in the period such determination is made.

The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company follows accounting for uncertainty in income taxes which requires that the tax effects of a position be

recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.

Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08 "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" (“ASU 2021-08”). ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, “Revenue from Contracts with Customers,” as if it had originated the contracts. This should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of ASU 2021-08 did not have an impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

Not Yet Effective

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires additional disclosures for segment reporting, including disclosure of the title and position of the Chief Operating Decision Maker and requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in this ASU, and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-07 to have a significant impact on its consolidated financial statements and will adopt the standard effective January 1, 2024.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASC 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements and will adopt the standard effective January 1, 2025.

COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2023	Feb. 05, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35480
Entity Registrant Name	Enphase Energy, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	20-4645388
Entity Address, Address Line One	47281 Bayside Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	707
Local Phone Number	774-7000
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	ENPH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 17.2
Entity Common Stock, Shares Outstanding		135,759,339
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K
Entity Central Index Key	0001463101
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

PROPERTY AND EQUIPMENT, NET - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 305,651	$ 215,456
Less: accumulated depreciation and amortization	(137,407)	(104,089)
Property and equipment, net	$ 168,244	111,367
Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Equipment and machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 186,298	114,246
Equipment and machinery \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Equipment and machinery \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,222	3,295
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,744	7,543
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Capitalized software costs
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Property and equipment, gross	$ 61,577	42,649
Capitalized software costs \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Capitalized software costs \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 17,058	15,875
Building and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Building and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 0	114
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,752	$ 31,734

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 438,936	$ 397,362	$ 145,449
Other comprehensive income (loss):
Foreign currency translation adjustments	1,190	(3,185)	(334)
Marketable securities
Change in net unrealized gain (loss) on marketable securities, net of tax	7,704	(5,677)	(2,120)
Comprehensive income	$ 447,830	$ 388,500	$ 142,995

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense Associated with Each Type of Award (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 212,857	$ 216,802	$ 114,286
Stock options, RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	204,238	200,295	110,142
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	7,450	5,475	4,144
Post combination expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,169	$ 11,032	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

STOCK-BASED COMPENSATION - Summary of Stock Options Outstanding (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, number of shares (shares) \| shares	692
Options outstanding - weighted- average remaining life	8 months 12 days
Options outstanding - weighted- average exercise price (usd per share)	$ 2.01
Options exercisable - number of shares exercisable (shares) \| shares	692
Options exercisable - weighted-average exercise price (usd per share)	$ 2.01
$0.70 —– $0.84
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	0.70
Exercise price range, upper limit (usd per share)	$ 0.84
Options outstanding, number of shares (shares) \| shares	79
Options outstanding - weighted- average remaining life	6 months
Options outstanding - weighted- average exercise price (usd per share)	$ 0.76
Options exercisable - number of shares exercisable (shares) \| shares	79
Options exercisable - weighted-average exercise price (usd per share)	$ 0.76
$1.29 —– $1.29
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	1.29
Exercise price range, upper limit (usd per share)	$ 1.29
Options outstanding, number of shares (shares) \| shares	558
Options outstanding - weighted- average remaining life	8 months 12 days
Options outstanding - weighted- average exercise price (usd per share)	$ 1.29
Options exercisable - number of shares exercisable (shares) \| shares	558
Options exercisable - weighted-average exercise price (usd per share)	$ 1.29
$1.31 —– $5.53
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	1.31
Exercise price range, upper limit (usd per share)	$ 5.53
Options outstanding, number of shares (shares) \| shares	40
Options outstanding - weighted- average remaining life	1 year 2 months 12 days
Options outstanding - weighted- average exercise price (usd per share)	$ 3.75
Options exercisable - number of shares exercisable (shares) \| shares	40
Options exercisable - weighted-average exercise price (usd per share)	$ 3.75
$14.58 —– $14.58
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	14.58
Exercise price range, upper limit (usd per share)	$ 14.58
Options outstanding, number of shares (shares) \| shares	10
Options outstanding - weighted- average remaining life	2 years 3 months 18 days
Options outstanding - weighted- average exercise price (usd per share)	$ 14.58
Options exercisable - number of shares exercisable (shares) \| shares	10
Options exercisable - weighted-average exercise price (usd per share)	$ 14.58
$64.17 —– $64.17
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	64.17
Exercise price range, upper limit (usd per share)	$ 64.17
Options outstanding, number of shares (shares) \| shares	5
Options outstanding - weighted- average remaining life	3 years 3 months 18 days
Options outstanding - weighted- average exercise price (usd per share)	$ 64.17
Options exercisable - number of shares exercisable (shares) \| shares	5
Options exercisable - weighted-average exercise price (usd per share)	$ 64.17

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Marketable securities:	$ 1,541,229	$ 1,359,864
Certificates of deposit
Assets [Abstract]
Marketable securities:	55,912	31,757
Commercial paper
Assets [Abstract]
Marketable securities:	71,437	148,671
Corporate notes and bonds
Assets [Abstract]
Marketable securities:	406,096	165,576
U.S. Treasuries
Assets [Abstract]
Marketable securities:	327,891	301,225
U.S. Government agency securities
Assets [Abstract]
Marketable securities:	547,856	547,228
Recurring \| Level 1
Assets [Abstract]
Investments in debt securities	0	0
Total assets measured at fair value	132,037	165,407
Warranty obligations
Current	0	0
Non-current	0	0
Total warranty obligations measured at fair value	0	0
Total liabilities measured at fair value	0	0
Recurring \| Level 1 \| Certificates of deposit
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| Commercial paper
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| Corporate notes and bonds
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| U.S. Treasuries
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| U.S. Government agency securities
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	132,037	165,407
Recurring \| Level 1 \| Certificates of deposit
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 1 \| Commercial paper
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 1 \| Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 1 \| U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 2
Assets [Abstract]
Investments in debt securities	0	0
Total assets measured at fair value	1,409,192	1,194,457
Warranty obligations
Current	0	0
Non-current	0	0
Total warranty obligations measured at fair value	0	0
Total liabilities measured at fair value	0	0
Recurring \| Level 2 \| Certificates of deposit
Assets [Abstract]
Marketable securities:	55,162	31,757
Recurring \| Level 2 \| Commercial paper
Assets [Abstract]
Marketable securities:	69,743	97,907
Recurring \| Level 2 \| Corporate notes and bonds
Assets [Abstract]
Marketable securities:	405,634	165,576
Recurring \| Level 2 \| U.S. Treasuries
Assets [Abstract]
Marketable securities:	327,891	297,131
Recurring \| Level 2 \| U.S. Government agency securities
Assets [Abstract]
Marketable securities:	547,856	547,228
Recurring \| Level 2 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 2 \| Certificates of deposit
Assets [Abstract]
Cash and cash equivalents	750	0
Recurring \| Level 2 \| Commercial paper
Assets [Abstract]
Cash and cash equivalents	1,694	50,764
Recurring \| Level 2 \| Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	462	0
Recurring \| Level 2 \| U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	0	4,094
Recurring \| Level 3
Assets [Abstract]
Investments in debt securities	79,855	56,777
Total assets measured at fair value	79,855	56,777
Warranty obligations
Current	28,667	30,740
Non-current	133,126	75,749
Total warranty obligations measured at fair value	161,793	106,489
Total liabilities measured at fair value	161,793	106,489
Recurring \| Level 3 \| Certificates of deposit
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| Commercial paper
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| Corporate notes and bonds
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| U.S. Treasuries
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| U.S. Government agency securities
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Certificates of deposit
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Commercial paper
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Debt Securities Schedule of Fair Value (Details) - Investments in debt securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 56,777	$ 41,042
Investment	15,000	15,000
Fair value adjustments included in other income (expense), net	8,078	735
Balance at end of period	$ 79,855	$ 56,777

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregated Revenue

The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Primary geographical markets:
U.S.		$	1,469,108	$	1,761,846	$	1,108,801




International		821,678		569,007		273,248
Total		$	2,290,786	$	2,330,853	$	1,382,049

Timing of revenue recognition:
Products delivered at a point in time		$	2,181,099	$	2,253,645	$	1,323,960
Products and services delivered over time		109,687		77,208		58,089
Total		$	2,290,786	$	2,330,853	$	1,382,049

Contract Balances

Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:


	December 31, 2023		December 31, 2022

	(In thousands)
Receivables	$	445,959	$	440,896

Short-term contract assets (Prepaid expenses and other assets)	40,241		32,130
Long-term contract assets (Other assets)	124,190		100,991


Short-term contract liabilities (Deferred revenues, current)	118,300		90,747
Long-term contract liabilities (Deferred revenues, non-current)	369,172		281,613

Significant changes in the balances of contract assets (prepaid expenses and other assets) as of December 31, 2023 are as follows (in thousands):


Contract Assets
Contract Assets, beginning of period	$	133,121
Amount recognized	(38,011)
Increased due to shipments	69,321
Contract Assets, end of period	$	164,431

Significant changes in the balances of contract liabilities (deferred revenues) as of December 31, 2023 are as follows (in thousands):


Contract Liabilities
Contract Liabilities, beginning of period	$	372,360
Revenue recognized	(109,687)

Increased due to billings	224,799

Contract Liabilities, end of period	$	487,472

Remaining Performance Obligations

Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows:


	December 31, 2023
	(In thousands)
Fiscal year:
2024	$	118,300
2025	109,877
2026	93,948
2027	74,273
2028	52,939
Thereafter	38,135
Total	$	487,472

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

BUSINESS COMBINATIONS - Summary of Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 10, 2022	Mar. 14, 2022	Dec. 31, 2021	Dec. 13, 2021	Mar. 31, 2021	Jan. 25, 2021
GreenCom
Business Acquisition [Line Items]
Intangible assets	$ 13,900
GreenCom \| Developed technology
Business Acquisition [Line Items]
Intangible assets	$ 8,000
Useful Life	5 years
GreenCom \| Customer relationship
Business Acquisition [Line Items]
Intangible assets	$ 5,900
Useful Life	5 years
SolarLeadFactory
Business Acquisition [Line Items]
Intangible assets		$ 11,200
SolarLeadFactory \| Developed technology
Business Acquisition [Line Items]
Intangible assets		$ 3,600
Useful Life		5 years
SolarLeadFactory \| Customer relationship
Business Acquisition [Line Items]
Intangible assets		$ 7,600
Useful Life		5 years
ClipperCreek
Business Acquisition [Line Items]
Intangible assets			$ 37,800
ClipperCreek \| Developed technology
Business Acquisition [Line Items]
Useful Life			5 years
ClipperCreek \| Order backlog
Business Acquisition [Line Items]
Intangible assets			$ 600
ClipperCreek \| Trade name
Business Acquisition [Line Items]
Intangible assets			$ 37,200
365 Pronto
Business Acquisition [Line Items]
Intangible assets				$ 19,500
365 Pronto \| Developed technology
Business Acquisition [Line Items]
Intangible assets				$ 18,400
Useful Life				5 years
365 Pronto \| Customer relationship
Business Acquisition [Line Items]
Intangible assets				$ 1,100
Useful Life				5 years
DIN's
Business Acquisition [Line Items]
Intangible assets					$ 11,700
DIN's \| Customer relationship
Business Acquisition [Line Items]
Intangible assets					$ 11,700
Useful Life					5 years
Sofdesk
Business Acquisition [Line Items]
Intangible assets						$ 9,200
Sofdesk \| Developed technology
Business Acquisition [Line Items]
Intangible assets						$ 6,900
Useful Life						5 years
Sofdesk \| Customer relationship
Business Acquisition [Line Items]
Intangible assets						$ 1,800
Useful Life						5 years
Sofdesk \| Trade name
Business Acquisition [Line Items]
Intangible assets						$ 500
Useful Life						5 years

DEBT - Schedule of Interest Cost Recognized In Statements Of Operations (Details) - Convertible Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notes due 2028
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 1,297	$ 1,296
Total interest cost recognized	1,297	1,296
Notes due 2026
Debt Instrument [Line Items]
Amortization of debt issuance costs	1,990	1,991
Total interest cost recognized	1,990	1,991
Notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	256	256
Amortization of debt discount	4,585	4,355
Amortization of debt issuance costs	486	486
Total interest cost recognized	5,327	5,097
Notes due 2023
Debt Instrument [Line Items]
Contractual interest expense	117	200
Amortization of debt issuance costs	23	40
Total interest cost recognized	$ 140	$ 240

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands								1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 10, 2022	Jun. 02, 2022	Mar. 14, 2022	Dec. 31, 2021	Dec. 13, 2021	Mar. 31, 2021	Jan. 25, 2021	Feb. 28, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Contingent consideration in connection with the acquisition											$ 0	$ 0	$ 3,500
GreenCom
Business Acquisition [Line Items]
Purchase price	$ 34,900
Acquisition costs												1,800
SolarLeadFactory
Business Acquisition [Line Items]
Purchase price			$ 26,100
Acquisition costs												400
ClipperCreek
Business Acquisition [Line Items]
Purchase price		$ 3,200		$ 113,100
Acquisition costs												300	500
365 Pronto
Business Acquisition [Line Items]
Purchase price					$ 69,900
Acquisition costs												$ 100	500
Payment for contingent consideration liability									$ 4,000	$ 6,300
365 Pronto \| Contingent Consideration, Payment One
Business Acquisition [Line Items]
Contingency payable, maximum					7,000
365 Pronto \| Contingent Consideration, Payment Two
Business Acquisition [Line Items]
Contingency payable, maximum					$ 4,000
DIN's
Business Acquisition [Line Items]
Purchase price						$ 24,800
Acquisition costs													1,900
DIN's \| Additional Consideration, Equal Monthly Installments
Business Acquisition [Line Items]
Contingency payable, maximum						$ 5,000
Timing of monthly installment payments						1 year
DIN's \| Additional Consideration, Payable One Year Anniversary
Business Acquisition [Line Items]
Contingency payable, maximum						$ 5,000
Sofdesk
Business Acquisition [Line Items]
Purchase price							$ 31,988
Acquisition costs													$ 2,000
Contingency payable, maximum							3,700							$ 3,700
Payment for contingent consideration liability								$ 3,700
Contingent consideration in connection with the acquisition							3,500
Consideration transferred for business acquisition							$ 35,488

BUSINESS COMBINATIONS - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Oct. 10, 2022	Mar. 14, 2022	Dec. 31, 2021	Dec. 13, 2021	Mar. 31, 2021	Jan. 25, 2021
Business Acquisition [Line Items]
Goodwill	$ 214,562	$ 213,559			$ 181,254
GreenCom
Business Acquisition [Line Items]
Net tangible liabilities acquired			$ (118)
Intangible assets			13,900
Deferred tax asset			4,578
Goodwill			16,536
Net assets acquired			$ 34,896
SolarLeadFactory
Business Acquisition [Line Items]
Net tangible assets acquired				$ 2,239
Intangible assets				11,200
Goodwill				12,612
Net assets acquired				$ 26,051
ClipperCreek
Business Acquisition [Line Items]
Net tangible assets acquired					8,387
Intangible assets					37,800
Goodwill					70,119
Net assets acquired					$ 116,306
365 Pronto
Business Acquisition [Line Items]
Net tangible assets acquired						$ 38
Intangible assets						19,500
Deferred tax liabilities						2,906
Goodwill						53,280
Net assets acquired						$ 69,912
DIN's
Business Acquisition [Line Items]
Net tangible assets acquired							$ 1,281
Intangible assets							11,700
Goodwill							11,804
Net assets acquired							$ 24,785
Sofdesk
Business Acquisition [Line Items]
Net tangible assets acquired								$ 1,441
Intangible assets								9,200
Deferred tax asset								457
Goodwill								24,390
Net assets acquired								$ 35,488

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 2,502	$ 979
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	135,722	136,441
Common stock, shares outstanding (in shares)	135,722	136,441

INVENTORY - Summary of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 30,849	$ 34,978
Finished goods	182,746	114,730
Total inventory	$ 213,595	$ 149,708

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Term of lease contract, maximum renewal term	12 years
Purchase obligation	$ 184.4

NET INCOME PER SHARE - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	8,385	4,512	6,851
Employee stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,113	135	32
Warrants \| Notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,981	1,547	2,184
Warrants \| Notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,038	1,577	2,225
Notes due \| Notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	1,082
Notes due \| Notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	1,328
Notes due \| Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,253	1,253	0

COMMITMENTS AND CONTINGENCIES - Schedule of Minimum Lease Payments Under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2024	$ 6,702
2025	5,960
2026	4,284
2027	2,915
2028	2,312
Thereafter	7,372
Total lease payments	29,545
Less: imputed lease interest	(5,523)
Total lease liabilities	$ 24,022	$ 24,448

NET INCOME PER SHARE - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 438,936	$ 397,362	$ 145,449
Convertible senior notes interest and financing costs, net of tax	2,573	2,629	177
Adjusted net income	$ 441,509	$ 399,991	$ 145,626
Denominator:
Weighted average common shares outstanding (in shares)	136,376	135,349	134,025
Employee stock-based awards (in shares)	1,782	3,407	4,918
Weighted average common shares outstanding for diluted calculation (in shares)	143,290	144,390	142,878
Basic and diluted net income per share
Net income per share, basic (in USD per share)	$ 3.22	$ 2.94	$ 1.09
Net income per share, diluted (in USD per share)	$ 3.08	$ 2.77	$ 1.02
Notes due 2024
Denominator:
Warrants (in shares)	0	0	647
Notes due 2025
Denominator:
Warrants (in shares)	419	659	691
Convertible Notes \| Notes due 2023
Denominator:
Notes due (in shares)	638	900	900
Convertible Notes \| Notes due 2024
Denominator:
Notes due (in shares)	0	0	768
Convertible Notes \| Notes due 2025
Denominator:
Notes due (in shares)	0	0	929
Convertible Notes \| Notes due 2026
Denominator:
Notes due (in shares)	2,057	2,057	0
Convertible Notes \| Notes due 2028
Denominator:
Notes due (in shares)	2,018	2,018	0

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

During the year ended December 31, 2022, the Company implemented restructuring actions to reorganize the global workforce, consolidate facilities and eliminate non-core projects, which was completed in the second quarter of 2023. The Company incurred $2.4 million and $0.8 million in the years ended December 31, 2022 and 2023, respectively.

2023 Restructuring Plan

In the fourth quarter of 2023, the Company implemented a new restructuring plan (the “2023 Restructuring Plan”) designed to increase operational efficiencies and execution, reduce operating costs, and better align the Company’s workforce and cost structure with current market conditions, and the Company’s business needs, strategic priorities and ongoing commitment to profitable growth. The Company plans to complete its restructuring activities under the 2023 Restructuring Plan in 2024.

The following table presents the details of the Company’s restructuring and asset impairment charges and accrued balance under the 2023 Restructuring Plan:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2022	$	—	$	—	$	—	$	—
Charges	1,374		3,700		9,829		14,903
Cash payments	(70)		(1,900)		—		(1,970)
Non-cash settlement and other	—		—		(9,829)		(9,829)

Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consist of the following:


	Estimated Useful Life	December 31,
		2023		2022

	(Years)	(In thousands)
Equipment and machinery	3-10	$	186,298	$	114,246
Furniture and fixtures	5-10	3,222		3,295
Computer equipment	3-5	7,744		7,543
Capitalized software costs	3-5	61,577		42,649
Building and leasehold improvements	3-10	17,058		15,875
Land		—		114
Construction in process		29,752		31,734
Total		305,651		215,456
Less: accumulated depreciation and amortization		(137,407)		(104,089)
Property and equipment, net		$	168,244	$	111,367

ACCRUED LIABILITIES - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Customer rebates and sales incentives	$ 158,338	$ 153,916
Liability due to supply agreements	32,973	17,341
Freight	19,262	35,011
Salaries, commissions, incentive compensation and benefits	10,316	18,009
Income tax payable	8,531	16,146
Operating lease liabilities, current	5,220	5,371
VAT payable	3,243	19,852
Post combination expense accrual	0	9,138
Liabilities related to restructuring activities	3,104	714
Other	20,932	20,441
Total accrued liabilities	$ 261,919	$ 295,939

SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION

The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The CEO reviews financial information presented on a consolidated basis. The Company has one business activity, which entails the design, development, manufacture and sale of solutions for the solar PV industry. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment.

The following table presents net revenues by geographic region as of the periods presented:

Net Revenues


	December 31,
	2023		2022		2021

	(In thousands)
United States	$	1,469,108	$	1,761,846	$	1,108,801
Netherlands	351,628		196,165		79,189




Others	470,050		372,842		194,059
Total	$	2,290,786	$	2,330,853	$	1,382,049

The following table presents long-lived assets by geographic region as of the periods presented:

Long-Lived Assets


	December 31,
	2023		2022

	(In thousands)
United States	$	107,448	$	54,406
India	22,978		19,950
China	12,883		9,228
New Zealand	8,959		6,059
Mexico	6,028		9,929
Romania	5,280		8,355
Others	4,668		3,440
Total	$	168,244	$	111,367

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	1,464	2,264	2,532
Exercised (in shares)	(772)	(799)	(267)
Canceled (in shares)	0	(1)	(1)
Outstanding, ending balance (in shares)	692	1,464	2,264
Shares outstanding, vested and expected to vest (in shares)	692
Shares outstanding, exercisable (in shares)	692
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (in usd per share)	$ 1.83	$ 1.90	$ 1.96
Exercised (in usd per share)	1.68	2.02	2.44
Canceled (in usd per share)	0	8.82	0.83
Outstanding, ending balance (in usd per share)	2.01	$ 1.83	$ 1.90
Weighted-average exercise price, vested and expected (in usd per share)	2.01
Weighted-average exercise price, exercisable (in usd per share)	$ 2.01
Weighted-Average Remaining Contractual Term
Outstanding	8 months 12 days
Vested and expected to vest	8 months 12 days
Exercisable	8 months 12 days
Aggregate Intrinsic Value
Exercised	$ 100,390	$ 197,334	$ 42,091
Outstanding	90,047
Vested and expected to vest	90,047
Exercisable	$ 90,047
Share price (in usd per share)	$ 132.14

NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share

The following table presents the computation of basic and diluted net income per share for the periods presented:


	Years Ended December 31,
		2023		2022		2021

		(In thousands, except per share data)
Numerator:
Net income		$	438,936	$	397,362	$	145,449


Convertible senior notes interest and financing costs, net of tax		2,573		2,629		177
Adjusted net income		$	441,509	$	399,991	$	145,626

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding		136,376		135,349		134,025

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation		136,376		135,349		134,025
Effect of dilutive securities:
Employee stock-based awards		1,782		3,407		4,918
Notes due 2023		638		900		900
Notes due 2024		—		—		768
2024 Warrants		—		—		647
Notes due 2025		—		—		929
2025 Warrants		419		659		691
Notes due 2026		2,057		2,057		—

Notes due 2028		2,018		2,018		—

Weighted average common shares outstanding for diluted calculation		143,290		144,390		142,878

Basic and diluted net income per share
Net income per share, basic		$	3.22	$	2.94	$	1.09
Net income per share, diluted		$	3.08	$	2.77	$	1.02

Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income (Loss) Per Share

The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net income per share attributable to common stockholders because their effect would have been antidilutive:


	Years Ended December 31,
		2023	2022	2021

		(In thousands)



Employee stock-based awards		1,113	135	32

Notes due 2028		—	—	1,082
2028 Warrants		2,981	1,547	2,184
Notes due 2026		—	—	1,328
2026 Warrants		3,038	1,577	2,225
Notes due 2025		1,253	1,253	—
Total		8,385	4,512	6,851

COMMITMENTS AND CONTINGENCIES - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 7,225	$ 5,691
Lease liabilities arising from obtaining right-of-use assets	$ 5,005	$ 13,308

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 40.7	$ 27.7	$ 16.7
Unamortized capitalized software costs	25.2	19.2
Property and equipment impairment charge	6.8	$ 1.2	$ 0.0
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment impairment charge	$ 5.7

INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 96,151	$ 34,499	$ 0
State	13,937	9,719	488
Foreign	11,303	10,605	6,232
Total	121,391	54,823	6,720
Deferred:
Federal	(50,211)	(6,245)	(28,398)
State	1,287	3,806	(4,380)
Foreign	1,736	2,305	1,537
Total	(47,188)	(137)	(31,241)
Income taxes provision for (benefit from)	$ 74,203	$ 54,686	$ (24,521)

SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net revenues	$ 2,290,786	$ 2,330,853	$ 1,382,049
Cost of revenues	1,232,398	1,356,258	827,627
Gross profit	1,058,388	974,595	554,422
Operating expenses:
Research and development	227,336	168,846	105,526
Sales and marketing	231,792	215,102	128,974
General and administrative	137,835	140,002	104,090
Restructuring and asset impairment charges	15,684	2,384	0
Total operating expenses	612,647	526,334	338,590
Income from operations	445,741	448,261	215,832
Other income (expense), net
Interest income	69,728	13,656	695
Interest expense	(8,839)	(9,438)	(45,152)
Other income (expense), net	6,509	(431)	6,050
Loss on partial settlement of convertible notes	0	0	(56,497)
Total other income (expense), net	67,398	3,787	(94,904)
Income before income taxes	513,139	452,048	120,928
Income tax benefit (provision)	(74,203)	(54,686)	24,521
Net income	$ 438,936	$ 397,362	$ 145,449
Net income per share:
Basic (in USD per share)	$ 3.22	$ 2.94	$ 1.09
Diluted (in USD per share)	$ 3.08	$ 2.77	$ 1.02
Shares used in per share calculation:
Basic (in shares)	136,376	135,349	134,025
Diluted (in shares)	143,290	144,390	142,878

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, at beginning of year	$ 979	$ 1,590	$ 462
Net charges to expense	1,388	(119)	1,140
Write-offs, net of recoveries	135	(492)	(12)
Balance, at end of year	$ 2,502	$ 979	$ 1,590

REVENUE RECOGNITION - Summary of Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables	$ 445,959	$ 440,896
Short-term contract assets (Prepaid expenses and other assets)	40,241	32,130
Long-term contract assets (Other assets)	124,190	100,991
Short-term contract liabilities (Deferred revenues, current)	118,300	90,747
Long-term contract liabilities (Deferred revenues, non-current)	$ 369,172	$ 281,613

NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive. Potential common shares include stock options, RSUs, PSUs, shares to be purchased under the Company’s ESPP, the Notes due 2023, Notes due 2025, Notes due 2026, Notes due 2028 and the 2025 Warrants.

The following table presents the computation of basic and diluted net income per share for the periods presented:


	Years Ended December 31,
		2023		2022		2021

		(In thousands, except per share data)
Numerator:
Net income		$	438,936	$	397,362	$	145,449


Convertible senior notes interest and financing costs, net of tax		2,573		2,629		177
Adjusted net income		$	441,509	$	399,991	$	145,626

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding		136,376		135,349		134,025

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation		136,376		135,349		134,025
Effect of dilutive securities:
Employee stock-based awards		1,782		3,407		4,918
Notes due 2023		638		900		900
Notes due 2024		—		—		768
2024 Warrants		—		—		647
Notes due 2025		—		—		929
2025 Warrants		419		659		691
Notes due 2026		2,057		2,057		—

Notes due 2028		2,018		2,018		—

Weighted average common shares outstanding for diluted calculation		143,290		144,390		142,878

Basic and diluted net income per share
Net income per share, basic		$	3.22	$	2.94	$	1.09
Net income per share, diluted		$	3.08	$	2.77	$	1.02

Diluted earnings per share for the year ended December 31, 2023 and 2022 includes the dilutive effect of potentially dilutive common shares by application of the treasury stock method for stock options, RSUs, PSUs, ESPP, the 2025 Warrants, and includes potentially dilutive common shares by application of the if-converted method for the Notes due 2023, Notes due 2025, Notes due 2026 and Notes due 2028. To the extent these potential common shares are antidilutive, they are excluded from the calculation of diluted net income per share.

Further, the Company under the relevant sections of the indentures, irrevocably may elect to settle principal in cash and any excess in cash or shares of the Company’s common stock for the Notes due 2025, Notes due 2026 and Notes due 2028. If and when the Company makes such election, there will be no adjustment to the net income and the Company will use the average share price for the period to determine the potential number of shares to be issued based upon assumed conversion to be included in the diluted share count.

Diluted earnings per share for the year ended December 31, 2021 includes the dilutive effect of stock options, RSUs, PSUs, ESPP, the Notes due 2023, Notes due 2024, the 2024 Warrants, Notes due 2025 and the 2025 Warrants. Certain common stock issuable under stock options, RSUs, PSUs, the Notes due 2026, the 2026 Warrants, Notes due 2028 and the 2028 Warrants have been omitted from the diluted net income per share calculation because including such shares would have been antidilutive.


	Years Ended December 31,
		2023	2022	2021

		(In thousands)



Employee stock-based awards		1,113	135	32

Notes due 2028		—	—	1,082
2028 Warrants		2,981	1,547	2,184
Notes due 2026		—	—	1,328
2026 Warrants		3,038	1,577	2,225
Notes due 2025		1,253	1,253	—
Total		8,385	4,512	6,851

REVENUE RECOGNITION - Summary of Estimated Revenue Expected to be Recognized in Future Periods (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 487,472
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 118,300
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 109,877
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 93,948
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 74,273
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 52,939
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 38,135
Total estimated revenue expected to be recognized in future periods, expected timing

RELATED PARTY	12 Months Ended
RELATED PARTY	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY	RELATED PARTY In 2018, a member of the Company’s board of directors, Thurman John Rodgers, purchased $5.0 million aggregate principal amount of the Notes due 2023 in a concurrent private placement. During the year ended December 31, 2023, the $5.0 million aggregate principal amount of the Notes due 2023 was converted into shares of common stock of the Company. Refer to Note 13. “Debt,” for additional information related to this purchase.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 2,290,786	$ 2,330,853	$ 1,382,049
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,469,108	1,761,846	1,108,801
Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	351,628	196,165	79,189
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 470,050	$ 372,842	$ 194,059

- Definition

+ References

+ Details

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenue Disaggregation

Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:


	Years Ended December 31,
		2023		2022		2021

		(In thousands)
Primary geographical markets:
U.S.		$	1,469,108	$	1,761,846	$	1,108,801




International		821,678		569,007		273,248
Total		$	2,290,786	$	2,330,853	$	1,382,049

Timing of revenue recognition:
Products delivered at a point in time		$	2,181,099	$	2,253,645	$	1,323,960
Products and services delivered over time		109,687		77,208		58,089
Total		$	2,290,786	$	2,330,853	$	1,382,049

Summary of Contract Assets and Contract Liabilities, and Changes in Balances from Contracts with Customers

Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:


	December 31, 2023		December 31, 2022

	(In thousands)
Receivables	$	445,959	$	440,896

Short-term contract assets (Prepaid expenses and other assets)	40,241		32,130
Long-term contract assets (Other assets)	124,190		100,991


Short-term contract liabilities (Deferred revenues, current)	118,300		90,747
Long-term contract liabilities (Deferred revenues, non-current)	369,172		281,613

Significant changes in the balances of contract assets (prepaid expenses and other assets) as of December 31, 2023 are as follows (in thousands):


Contract Assets
Contract Assets, beginning of period	$	133,121
Amount recognized	(38,011)
Increased due to shipments	69,321
Contract Assets, end of period	$	164,431

Significant changes in the balances of contract liabilities (deferred revenues) as of December 31, 2023 are as follows (in thousands):


Contract Liabilities
Contract Liabilities, beginning of period	$	372,360
Revenue recognized	(109,687)

Increased due to billings	224,799

Contract Liabilities, end of period	$	487,472

Summary of Estimated Revenue Expected to be Recognized in Future Periods

Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows:


	December 31, 2023
	(In thousands)
Fiscal year:
2024	$	118,300
2025	109,877
2026	93,948
2027	74,273
2028	52,939
Thereafter	38,135
Total	$	487,472

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for doubtful accounts, stock-based compensation, deferred compensation arrangements, income tax benefit (provision), inventory valuation, government grants, accrued warranty obligations, fair value of investments, debt derivatives, convertible notes and contingent consideration, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the ongoing semiconductor supply and logistics constraints.
Revenue Recognition, Cost of Revenues and Contract Liabilities	Revenue Recognition The Company generates revenue from sales of its solutions, which include microinverter units and related accessories, an IQ Gateway, and IQ Energy Router, cloud-based Enlighten monitoring services, storage solutions, Electric Vehicle (“EV”) charging solutions, design, proposal, permitting and lead generation services, as well as a platform matching cleantech asset owners to a local and on-demand workforce of service providers, to distributors, large installers, original equipment manufacturers (“OEMs”) and strategic partners. Revenues are recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. The Company generates all of its revenues from contracts with its customers. A description of principal activities from which the Company generates revenues follows. •Products Delivered at a Point in Time. The Company sells its products and professional services to customers in accordance with the terms of the related customer contracts. The Company generates revenues from sales of its solutions, which include microinverter units and related accessories, storage solutions, EV charging solutions, design, proposal, permitting and lead generation services, as well as a platform matching cleantech asset owners to a local and on-demand workforce of service providers to distributors, large installers, OEMs and strategic partners. Microinverter units, microinverter accessories, storage and EV solutions, design, proposal, permitting and lead generation services, as well as completed work orders on its platform matching cleantech asset owners to a local and on-demand workforce of service providers, are delivered to customers at a point in time, and the Company recognizes revenue for these products or professional services when the Company transfers control of the product or professional services to the customer, which is generally upon product shipment or service delivery, respectively. •Products Delivered Over Time. The sale of an IQ Gateway and IQ Energy Router includes the Company’s Enlighten cloud-based monitoring service. The full consideration for these products represents a single performance obligation and is deferred at the sale date and recognized over the estimated service period of 7 years. The Company also sells certain communication accessories that contain a service performance obligation to be delivered over time. The revenue from these products is recognized over the related service period, which is typically 5 years. The subscription services revenue generated from each customer’s subscription to the Company’s design and proposal software is recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer. The subscription contracts are generally 3 to 12 months in length and billed in advance. When the Company sells a product with more than one performance obligation, such as the IQ Combiner, which includes both hardware and IQ Gateway, the total consideration is allocated to these performance obligations based on their relative standalone selling prices. The Company records certain contra revenue promotions as variable consideration and recognizes these promotions at the time the related revenue is recorded. The Company records upfront contract acquisition costs, such as sales commissions, to be capitalized and amortized over the estimated life of the asset. For contracts that have a duration of less than one year, the Company follows the Topic 606 practical expedient and expenses these costs when incurred. Commissions related to the Company’s sale of monitoring hardware and service are capitalized and amortized over the period of the associated revenue, which is 7 years. Refer to Note 3. “Revenue Recognition,” for additional information related to revenue recognition. Cost of Revenues The Company includes the following in cost of revenues: product costs, warranty, manufacturing personnel and logistics costs, freight costs, inventory write-downs, hosting services costs related to the Company’s Enlighten service offering and design and proposal services, credits recognized from the advanced manufacturing production tax credit (“AMPTC”), depreciation and amortization of manufacturing test equipment and amortization of capitalized software development costs related to the Company’s Enlighten service offering, lead acquisition costs, design and proposal services, and employee-related expenses associated with proposal and permitting services and design and proposal service customer support. A description of principal activities from which the Company recognizes cost of revenue is as follows: •Products Delivered at a Point in Time. Cost of revenue from these products is recognized when the Company transfers control of the product to the customer, which is generally upon shipment. •Products Delivered Over Time. Cost of revenue from these products is recognized over the related service period. Contract Liabilities Contract liabilities are recorded as deferred revenue on the accompanying consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
Government Grants	Government Grants Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of Accounting Standards Codification (“ASC”) 740. The Company recognizes a grant when it has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received. Government grants that are not related to long-lived assets are considered income-based grants, which are recognized as a reduction to the related cost of activities that generated the benefit. In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”), which includes extension of the investment tax credit as well as credits under AMPTC, to incentivize clean energy component sourcing and production, including for the production of microinverters. The IRA provides for an AMPTC on microinverters of 11 cents per alternating current watt basis. The AMPTC on microinverters decreases by 25% each year beginning in 2030 and ending after 2032. The Company recognized credits under AMPTC as a reduction to cost of revenues in the consolidated statement of operations for the microinverters manufactured in the United States and sold to customers during the year ended December 31, 2023. Such credit is also reflected as a reduction of income tax payable on the Company’s consolidated balance sheet within accrued liabilities. For the year ended December 31, 2023, benefits recognized from AMPTC of $53.5 million were recorded as a reduction to income tax payable (included in Accrued Liabilities) on the consolidated balance sheet and as a reduction to cost of revenues on the consolidated statement of operations. Amounts recognized in the consolidated financial statements are based on Management’s judgement and interpretation of the most current guidance.
Cash, Cash Equivalents and marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company classifies investments in marketable securities as available-for-sale investments and records these marketable securities at fair value. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. All highly liquid investments with original maturities of 90 days or less from the date of purchase are classified as cash equivalents, while all others are presented within current assets since these investments represent funds available for current operations and the Company has the ability and intent, if necessary, to liquidate any of these investments within one year in order to meet liquidity needs or to grow the business, including for potential business acquisitions or other strategic transactions. Marketable securities are recorded at fair value, with the unrealized gains or losses unrelated to credit loss factors included in accumulated other comprehensive income (loss), net of tax. Realized gains and losses and declines in value determined to be other than temporary based on the specific identification method are reported in other income (expense), net in the consolidated statements of operations. The Company periodically reviews whether the securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company records an impairment loss associated with the impaired investment. The impairment loss will be recorded as a write-down of investments in the consolidated balance sheets and a realized loss within other income (expense), net in the consolidated statements of operations. There were no credit-related impairments recognized on the Company’s investments in marketable securities during the periods presented. For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest of $7.6 million, $2.2 million, and $2.1 million, net of the allowance for credit losses, if any, is recorded in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2023, 2022, and 2021, respectively.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of those instruments. Equity investments with readily determinable fair value are carried at fair value based on quoted market prices or estimated based on market conditions and risks existing at each balance sheet date. Equity investments without readily determinable fair value are measured at cost, less impairment and are adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer.
Accounts Receivables and Contract Assets	Accounts Receivables and Contract Assets The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains allowances for doubtful accounts for uncollectible accounts receivable. Management estimates anticipated credit losses from doubtful accounts based on days past due, customer specific experience, collection history, the financial health of customers including from the impacts of the broad-based slowdown beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors. Accounts receivable are recorded net of allowance for doubtful accounts.
Inventory	Inventory Inventory is valued at the lower of cost or market. Market is current replacement cost (by purchase or by reproduction, dependent on the type of inventory). In cases where market exceeds net realizable value (i.e., estimated selling price less reasonably predictable costs of completion and disposal), inventories are stated at net realizable value. Market is not considered to be less than net realizable value reduced by an allowance for an approximately normal profit margin. The Company determines cost on a first-in first-out basis. Certain factors could affect the realizable value of its inventory, including customer demand and market conditions. Management assesses the valuation on a quarterly basis and writes down the value for any excess and obsolete inventory based upon expected demand, anticipated sales price, effect of new product introductions, product obsolescence, customer concentrations, product merchantability and other factors. Inventory write-downs are equal to the difference between the cost of inventories and market.
Long-Lived Assets	Long-Lived Assets Property and equipment are stated at cost less accumulated depreciation. Cost includes amounts paid to acquire or construct the asset as well as any expenditure that substantially adds to the value of or significantly extends the useful life of an existing asset. Repair and maintenance costs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. Leasehold improvements are amortized over the shorter of the lease term or expected useful life of the improvements.
Internal-Use Software	Internal-use software, whether purchased or developed, is capitalized at cost and amortized on a straight-line basis over its estimated useful life. Costs associated with internally developed software are expensed until the point at which the project has reached the development stage. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they provide additional functionality. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of internal-use software requires judgment in determining when a project has reached the development stage and the period over which the Company expects to benefit from the use of that software. Capitalized costs are recorded as part of property and equipment in the consolidated balance sheets. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years, and is recorded as cost of revenue in the consolidated statements of operations. The Company capitalizes implementation costs related to cloud computing (i.e., hosting) arrangements that are accounted for as a service contract that meets the accounting requirement for capitalization as such implementation costs were incurred to develop or utilize internal-use software hosted by a third-party vendor. The capitalized implementation costs are recorded as part of “Other assets” on the consolidated balance sheets and is amortized over the length of the service contract.
Impairment of Long-Lived Assets	Property and equipment, including internal-use software, and capitalized implementation costs related to cloud computing arrangements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis.
Business Combinations	Business Combinations Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires the Company to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components. This judgment and determination affect the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction. Additional information existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.
Goodwill and Intangible Assets	Goodwill Goodwill results from the purchase consideration paid in excess of the fair value of the net assets recorded in connection with business acquisitions. Goodwill is not amortized but is assessed for potential impairment at least annually during the fourth quarter of each fiscal year or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Goodwill is tested at the reporting unit level, which the Company has determined to be the same as the entity as a whole (entity level). The Company first performs qualitative assessment to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying value, an impairment analysis will be performed. Qualitative factors include industry and market consideration, overall financial performance, share price trends and market capitalization and Company-specific events. The Company determined, after performing a qualitative review of its one reporting unit, that it is more likely than not that the fair value of its reporting unit exceeds its carrying value. Intangible Assets Intangible assets include patents and other purchased intangible assets. Intangible assets with finite lives are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 9 years. Indefinite-lived intangible assets are tested for impairment annually and are also tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. The Company recorded asset impairment charges of $3.8 million in the year ended December 31, 2023 associated with the customer relationship intangible asset, compared to zero for the years ended December 31, 2022 and 2021. There were no events or changes in circumstances that may indicate the carrying amount of remaining assets is not recoverable.
Warranty Obligations	Warranty Obligations The Company’s warranty accrual provides for the replacement of microinverter units, AC Battery storage solutions, EV Chargers, and IQ Gateway and IQ Energy Router units that fail during the product’s warranty term. The warranty term related to microinverter units is typically 15 years for first and second generation microinverters and up to 25 years for subsequent generation microinverters. The warranty term for AC Battery storage solutions is 10 to 15 years depending on the generation. The warranty term for the IQ Gateway and IQ Energy Router is 5 years, while the warranty term for EV Chargers is 1 to 5 years depending on the product. On a quarterly basis, the Company employs a consistent, systematic and rational methodology to assess the adequacy of its warranty liability. This assessment includes updating all key estimates and assumptions for each generation of product, based on historical results, trends and the most current data available as of the filing date. The key estimates and assumptions used in the warranty liability are thoroughly reviewed by management on a quarterly basis. The key estimates used by the Company to estimate its warranty liability are: (1) the number of units expected to fail and be returned for replacement over time (i.e., return rate); and (2) the per unit cost of replacement units, including outbound shipping and labor costs, expected to be incurred to replace failed units over time (i.e., replacement cost). Estimated Return Rates — The Company’s Quality and Reliability department has primary responsibility to determine the estimated return rates for each generation of product. To establish initial return rate estimates for each generation of product, the Company’s quality engineers use a combination of industry standard Mean Time Between Failure estimates for individual components contained in its product, third-party data collected on similar equipment deployed in outdoor environments similar to those in which the Company’s products are installed, and rigorous long term reliability and accelerated life cycle testing which simulates the service life of the product in a short period of time. As units are deployed into operating environments, the Company continues to monitor product performance through its Enlighten monitoring platform. It typically takes three to nine months between the date of sale and date of end-user installation. Consequently, the Company’s ability to monitor actual failures of units sold similarly lags by three to nine months. When a product fails and is returned, the Company performs diagnostic root cause failure analysis to understand and isolate the underlying mechanism(s) causing the failure. The Company then uses the results of this analysis (combined with the actual, cumulative performance data collected on those units prior to failure through Enlighten) to draw conclusions with respect to how or if the identified failure mechanism(s) will impact the remaining units deployed in the installed base. As the vast majority of the Company’s microinverters have been sold to end users for residential applications, the Company believes that warranty return rates will be affected by changes over time in residential home ownership because the Company expects that subsequent homeowners are less likely to file returns than the homeowners who originally purchase the microinverters. Estimated Replacement Costs — Three factors are considered in the Company’s analysis of estimated replacement cost: (1) the estimated cost of replacement products; (2) the estimated cost to ship replacement products to end users; and (3) the estimated labor reimbursement expected to be paid to third-party installers, or estimated labor cost expected to be incurred for field service technicians, performing replacement services for the end user. Because the Company’s warranty provides for the replacement of defective microinverters or other products over long periods of time (between 5 years to 25 years, depending on the product and the generation of that product purchased), the estimated per unit cost of current and future product generations is considered in the estimated replacement cost. Estimated costs to ship replacement units are based on observable, market-based shipping costs paid by the Company to third-party freight carriers. The Company has a separate program that allows third-party installers to claim fixed-dollar reimbursements for labor costs they incur to replace failed products for a limited time from the date of original installation. Included in the Company’s estimated replacement cost is an analysis of the number of fixed-dollar labor reimbursements expected to be claimed by third-party installers over the limited offering period. In addition to the key estimates noted above, the Company also compares actual warranty results to expected results and evaluates any significant differences. Management may make additional adjustments to the warranty provision based on performance trends or other qualitative factors. If actual return rates or replacement costs differ from the Company’s estimates in future periods, changes to these estimates may be required, resulting in increases or decreases in the Company’s warranty obligations. Such increases or decreases could be material. Fair Value Option for Microinverters and Other Products Sold Since January 1, 2014 The Company’s warranty obligations related to products sold since January 1, 2014 provide the Company the right, but not the requirement, to assign its warranty obligations to a third party. Under ASC 825, “Financial Instruments” (also referred to as “fair value option”), an entity may choose to elect the fair value option for such warranties at the time it first recognizes the eligible item. The Company made an irrevocable election to account for all eligible warranty obligations associated with products sold since January 1, 2014 at fair value. This election was made to reflect the underlying economics of the time value of money for an obligation that will be settled over an extended period of up to 25 years. The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain inputs that are unobservable and significant to the overall fair value measurement. Such additional assumptions included compensation comprised of a profit element and risk premium required of a market participant to assume the obligation and a discount rate based on the Company’s credit-adjusted risk-free rate. Refer to Note 11. “Fair Value Measurements,” for additional information. Warranty obligations initially recorded at fair value at the time of sale will be subsequently re-measured to fair value at each reporting date. In addition, the fair value of the liability will be accreted over the corresponding term of the warranty of up to 25 years using the interest method.
Common Stock Repurchase	Common Stock Repurchase The Company accounts for repurchase of common stock under ASC 505 and charges the entire cost of repurchase to the accumulated earnings.
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company is subject to loss contingencies and loss recoveries, such as legal proceedings and claims arising out of its business as well as tariff refunds. An accrual for a loss contingency or loss recovery is recognized when it is probable and the amount of loss or recovery can be reasonably estimated.
Advertising Costs	Advertising Costs Advertising costs, which are expensed and included in sales and marketing expense when incurred
Research and Development Costs	Research and Development Costs The Company expenses research and development costs as incurred. Research and development expense consists primarily of expensed equipment for product development, personnel costs, including salaries, benefits and stock-based compensation, other professional costs and allocated facilities costs.
Stock-Based Compensation	Stock-Based Compensation Share-based payments are required to be recognized in the Company’s consolidated statements of operations based on their fair values and the estimated number of shares expected to vest. The Company measures stock-based compensation expense for all share-based payment awards, including stock options made to employees and directors, based on the estimated fair values on the date of the grant. The fair value of stock options granted is estimated using the Black-Scholes option valuation model. The fair value of restricted stock units (“RSU”) granted is determined based on the price of the Company’s common stock on the date of grant. The fair value of non-market‑based performance stock units (“PSUs”) granted is determined based on the date of grant or when achievement of performance is probable. The fair value of market‑based performance stock units granted is determined using a Monte‑Carlo model based on the date of grant or when achievement of performance is probable. Stock-based compensation for stock options and RSUs is recognized on a straight-line basis over the requisite service period. Stock-based compensation for PSUs without market conditions is recognized when the performance condition is probable of being achieved, and then on a graded basis over the requisite service period. Stock-based compensation for PSUs with market conditions is recognized on a straight-line basis over the requisite service period. Additionally, the Company estimates its forfeiture rate annually based on historical experience and revise the estimates of forfeiture in subsequent periods if actual forfeitures differ from those estimates.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments over the lease term. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using the Company’s incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. The Company combines the lease and non-lease components in determining the operating lease assets and liabilities.
Foreign Currency Translation	Foreign Currency Translation The Company and most of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in accumulated other comprehensive income (loss) in stockholders' equity. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. In addition, transactions that are denominated in non-functional currency are remeasured using exchange rates in effect at the end of the period. Exchange gains and losses arising from the remeasurement of monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations. Non-monetary assets and liabilities are carried at their historical values.
Comprehensive Income	Comprehensive Income Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income (loss) consists of foreign currency translation adjustments and change in net unrealized gain (loss) on marketable securities, net of tax.
Income Taxes	Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company assesses the realizability of the deferred tax assets to determine release of valuation allowance as necessary. In the event the Company determines that it is more likely than not that the Company would be able to realize deferred tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance for the deferred tax asset would increase income in the period such determination was made. Likewise, should it be determined that additional amounts of the net deferred tax asset will not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance will be charged to income in the period such determination is made. The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company follows accounting for uncertainty in income taxes which requires that the tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08 "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" (“ASU 2021-08”). ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, “Revenue from Contracts with Customers,” as if it had originated the contracts. This should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of ASU 2021-08 did not have an impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Effective In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires additional disclosures for segment reporting, including disclosure of the title and position of the Chief Operating Decision Maker and requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in this ASU, and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-07 to have a significant impact on its consolidated financial statements and will adopt the standard effective January 1, 2024. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASC 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements and will adopt the standard effective January 1, 2025.
Fair Value Measurement	The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: •Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment. •Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Earnings Per Share	Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive. Potential common shares include stock options, RSUs, PSUs, shares to be purchased under the Company’s ESPP, the Notes due 2023, Notes due 2025, Notes due 2026, Notes due 2028 and the 2025 Warrants.

ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	December 31, 2023		December 31, 2022

	(In thousands)
Customer rebates and sales incentives	$	158,338	$	153,916
Liability due to supply agreements	32,973		17,341
Freight	19,262		35,011
Salaries, commissions, incentive compensation and benefits	10,316		18,009
Income tax payable	8,531		16,146
Operating lease liabilities, current	5,220		5,371
VAT payable	3,243		19,852



Post combination expense accrual	—		9,138

Liabilities related to restructuring activities	3,104		714
Other	20,932		20,441
Total accrued liabilities	$	261,919	$	295,939

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

•Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment.

•Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories:


	December 31, 2023						December 31, 2022

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	132,037	$	—	$	—	$	165,407	$	—	$	—
Certificates of deposit	—		750		—		—		—		—
Commercial paper	—		1,694		—		—		50,764		—
Corporate notes and bonds	—		462		—		—		—		—
U.S. Treasuries	—		—		—		—		4,094		—
Marketable securities:
Certificates of deposit	—		55,162		—		—		31,757		—
Commercial paper	—		69,743		—		—		97,907		—
Corporate notes and bonds	—		405,634		—		—		165,576		—
U.S. Treasuries	—		327,891		—		—		297,131		—
U.S. Government agency securities	—		547,856		—		—		547,228		—

Other assets
Investments in debt securities	—		—		79,855		—		—		56,777

Total assets measured at fair value	$	132,037	$	1,409,192	$	79,855	$	165,407	$	1,194,457	$	56,777

Liabilities:


Warranty obligations
Current	$	—	$	—	$	28,667	$	—	$	—	$	30,740
Non-current	—		—		133,126		—		—		75,749
Total warranty obligations measured at fair value	—		—		161,793		—		—		106,489
Total liabilities measured at fair value	$	—	$	—	$	161,793	$	—	$	—	$	106,489

Notes due 2028, Notes due 2026 and Notes due 2025

The Company carries the Notes due 2028 and Notes due 2026 at face value less unamortized debt issuance costs on its consolidated balance sheets. The Company carries the Notes due 2025 at face value less unamortized debt discount and issuance costs on its consolidated balance sheets. As of December 31, 2023, the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 was $511.8 million, $568.8 million and $147.7 million, respectively. The fair value as of December 31, 2023 was determined based on the closing trading price per $100 principal amount as of the last day of trading for the period. The Company considers the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 to be a Level 2 measurement as they are not actively traded.

Investments in debt securities

In January 2021, the Company invested approximately $25.0 million in a privately-held company. The Company concluded the investment qualifies as an investment in a debt security, as it accrues interest and principal plus accrued interest becomes payable back to the Company at certain dates unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any change in fair value of the investment is recognized in “Other income (expense), net” in the Company’s consolidated statement of operations for that period. Further, the Company has concluded that the Company’s investment in a debt security is considered to be a Level 3 measurement due to the use of significant unobservable inputs in the valuation model. The fair value was determined using discounted cash flow methodology and assumptions include implied yield and change in estimated term of investment being held-to-maturity.

In September 2021, the Company invested approximately $13.0 million in secured convertible promissory notes issued by the stockholders of a privately-held company. The investment qualifies as an investment in a debt security and will accrete interest and principal plus accrued interest that becomes payable at certain dates unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any change in fair value of the investment is recognized in “Other income (expense), net” in the Company’s consolidated statement of operations for that period. Principal plus accrued interest receivable of the investment approximates the fair value.

In December 2022, the Company took a non-voting participating interest of approximately $15.0 million in a loan held by a privately-held company. The debt security qualifies as an investment in a debt security and interest will be payable on a monthly basis. The principal becomes repayable at a certain date when a qualified equity investment or a junior debt is raised, or as long as certain applicable payment conditions are satisfied. The accreted interest is recognized in “Other income (expense), net” in the Company’s consolidated statement of operations for that period. Principal plus unpaid accrued interest receivable of the investment approximates the fair value.

In July 2023, the Company invested approximately $15.0 million in a secured convertible promissory note issued by the stockholders of a privately-held company. The investment qualified as an investment in a debt security and will accrete interest. The principal plus accrued interest is payable upon maturity unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any changes in fair value of the investment is recognized in “Other income (expense), net” in the Company’s consolidated statement of operations for that period. Principal plus accrued interest receivable of the investment approximates the fair value.

Investment in debt securities is recorded in “Other assets” on the accompanying consolidated balance sheet as of December 31, 2023 and December 31, 2022. The changes in the balance in investments in debt securities during the period were as follows:


	Years Ended December 31,
		2023		2022

		(In thousands)
Balance at beginning of period		$	56,777	$	41,042
Investment		15,000		15,000
Fair value adjustments included in other income (expense), net		8,078		735

Balance at end of period		$	79,855	$	56,777

Warranty obligations

Fair Value Option for Warranty Obligations Related to Products Sold Since January 1, 2014

The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain Level 3 inputs which are unobservable and significant to the overall fair value measurement. Such additional assumptions are based on the Company’s credit-adjusted risk-free rate (“discount rate”) and compensation comprised of a profit element and risk premium required of a market participant to assume the obligation.


	Years Ended December 31,
		2023		2022

		(In thousands)
Balance at beginning of period		$	106,489	$	51,007
Accruals for warranties issued during period		51,716		46,342
Changes in estimates		(22,557)		23,910
Settlements		(26,022)		(20,824)
Increase due to accretion expense		13,821		9,632
Change in discount rate		44,422		(9,609)
Other		(6,076)		6,031
Balance at end of period		$	161,793	$	106,489

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

Percent Used

(Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

December 31,
2023

December 31,
2022

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17%

16%

Credit-adjusted risk-free rate

13%

Sensitivity of Level 3 Inputs - Warranty Obligations

Each of the significant unobservable inputs is independent of the other. The profit element and risk premium are estimated based on the requirements of a third-party participant willing to assume the Company’s warranty obligations. The discount rate is determined by reference to the Company’s own credit standing at the fair value measurement date, which improved in the year ended December 31, 2023 contributing to the change in warranty expense captured in “Change in discount rate” in the table above. Under the expected present value technique, increasing the profit element and risk premium input by 100 basis points would result in a $1.2 million increase to the liability. Decreasing the profit element and risk premium by 100 basis points would result in a $1.2 million reduction of the liability. Increasing the discount rate by 100 basis points would result in a $10.1 million reduction of the liability. Decreasing the discount rate by 100 basis points would result in a $10.9 million increase to the liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

WARRANTY OBLIGATIONS - Summary of Warranty Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the Company's product warranty liability
Warranty obligations, beginning of period	$ 131,446	$ 73,377	$ 45,913
Accruals for warranties issued during period	51,866	48,703	18,098
Expense (benefit) from changes in estimates	(19,176)	29,275	19,414
Settlements	(27,216)	(26,257)	(15,073)
Increase due to accretion expense	13,821	9,631	4,654
Change in discount rate	44,422	(9,609)	2,512
Other	(6,076)	6,326	(2,141)
Warranty obligations, end of period	189,087	131,446	73,377
Less: warranty obligations, current	(36,066)	(35,556)	(19,395)
Warranty obligations, non-current	$ 153,021	$ 95,890	$ 53,982

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 288,748	$ 473,244
Marketable securities	1,406,286	1,139,599
Accounts receivable, net of allowances of $2,502 and $979 at December 31, 2023 and December 31, 2022, respectively	445,959	440,896
Inventory	213,595	149,708
Prepaid expenses and other assets	88,930	60,824
Total current assets	2,443,518	2,264,271
Property and equipment, net	168,244	111,367
Operating lease, right of use asset, net	19,887	21,379
Intangible assets, net	68,536	99,541
Goodwill	214,562	213,559
Other assets	215,895	169,291
Deferred tax assets, net	252,370	204,872
Total assets	3,383,012	3,084,280
Current liabilities:
Accounts payable	116,164	125,085
Accrued liabilities	261,919	295,939
Deferred revenues, current	118,300	90,747
Warranty obligations, current	36,066	35,556
Debt, current	0	90,892
Total current liabilities	532,449	638,219
Long-term liabilities:
Deferred revenues, non-current	369,172	281,613
Warranty obligations, non-current	153,021	95,890
Other liabilities	51,008	43,520
Debt, non-current	1,293,738	1,199,465
Total liabilities	2,399,388	2,258,707
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.00001 par value, 300,000 shares authorized; and 135,722 shares and 136,441 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	1	1
Additional paid-in capital	939,338	819,119
Accumulated earnings	46,273	17,335
Accumulated other comprehensive loss	(1,988)	(10,882)
Total stockholders’ equity	983,624	825,573
Total liabilities and stockholders’ equity	$ 3,383,012	$ 3,084,280

INCOME TAXES - Schedule of Domestic and Foreign Components of Loss before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 465,463	$ 417,636	$ 102,886
Foreign	47,676	34,412	18,042
Income before income taxes	$ 513,139	$ 452,048	$ 120,928

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 1
-SubTopic 20
-Topic 940
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-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Contractual maturities, Due within one year, Amortized Cost	$ 1,205,867
Contractual maturities, Due within one year, Fair Value	1,205,102
Contractual maturities, Due within one to three years, Amortized Cost	335,717
Contractual maturities, Due within one to three years, Fair Value	336,127
Amortized Cost	1,541,584	$ 1,370,384
Fair Value	$ 1,541,229	$ 1,359,864

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table presents the details of the Company’s restructuring and asset impairment charges and accrued balance under the 2023 Restructuring Plan:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2022	$	—	$	—	$	—	$	—
Charges	1,374		3,700		9,829		14,903
Cash payments	(70)		(1,900)		—		(1,970)
Non-cash settlement and other	—		—		(9,829)		(9,829)

Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104

STOCKHOLDERS' EQUITY (Details) - USD ($)	12 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2021	Jul. 31, 2023	Dec. 31, 2022	May 31, 2021	May 19, 2021	May 18, 2021
Equity, Class of Treasury Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.00001			$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	300,000,000			300,000,000		300,000,000	200,000,000
Stock repurchased and retired during period (in shares)	3,284,000
Repurchase of common stock	$ 409,998,000	$ 500,000,000
2021 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase program, shares authorized (in shares)					$ 500,000,000
Stock repurchased and retired during period (in shares)	1,254,474	1,523,005
Average cost, shares repurchased (in usd per share)	$ 159.43	$ 196.98
Repurchase of common stock	$ 200,000,000	$ 300,000,000
Repurchase program, remaining stock authorized for repurchase	$ 0
2023 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase program, shares authorized (in shares)			$ 1,000,000,000
Stock repurchased and retired during period (in shares)	2,029,894
Average cost, shares repurchased (in usd per share)	$ 103.45
Repurchase of common stock	$ 210,000,000
Repurchase program, remaining stock authorized for repurchase	$ 790,000,000

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Earnings (Deficit)	Accumulated Earnings (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period at Dec. 31, 2020	$ 483,993		$ 1	$ 534,744		$ (51,186)		$ 434
Balance, beginning of period (in shares) at Dec. 31, 2020			128,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)			2,808
Issuance of common stock from exercise of equity awards and employee stock purchase plan	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 (in shares)			5,489
Settlement of convertible senior notes	972,273			972,273
Exercise of convertible notes hedge related to the convertible senior notes (in shares)			(5,721)
Exercise of warrants related to convertible senior notes (in shares)			5,582
Stock-based compensation	113,825			113,825
Net income	145,449					145,449
Repurchase of common stock (in shares)			(3,226)
Repurchase of common stock	(500,000)					(500,000)
Foreign currency translation adjustments	(334)							(334)
Change in net unrealized gain (loss) on marketable securities, net of tax	(2,120)							(2,120)
Balance, ending of period (in shares) at Dec. 31, 2021			133,894
Balance, end of period at Dec. 31, 2021	$ 430,168	$ (182,257)	$ 1	837,924	$ (207,967)	(405,737)	$ 25,710	(2,020)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)			2,547
Issuance of common stock from exercise of equity awards and employee stock purchase plan	$ 10,370			10,370
Payment of withholding taxes related to net share settlement of equity awards	(27,496)			(27,496)
Equity component of convertible senior notes, net	(1,837)			(1,837)
Stock-based compensation	208,125			208,125
Net income	397,362					397,362
Foreign currency translation adjustments	(3,185)							(3,185)
Change in net unrealized gain (loss) on marketable securities, net of tax	$ (5,677)							(5,677)
Balance, ending of period (in shares) at Dec. 31, 2022	136,441		136,441
Balance, end of period at Dec. 31, 2022	$ 825,573		$ 1	819,119		17,335		(10,882)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)			1,613
Issuance of common stock from exercise of equity awards and employee stock purchase plan	13,870			13,870
Issuance of common stock, net of offering costs (shares)			52
Issuance of common stock related to 365 Pronto, Inc. post combination expense	10,307			10,307
Payment of withholding taxes related to net share settlement of equity awards	(120,646)			(120,646)
Settlement of convertible senior notes (in shares)			900
Settlement of convertible senior notes	5,000			5,000
Stock-based compensation	211,688			211,688
Net income	$ 438,936					438,936
Repurchase of common stock (in shares)	(3,284)
Repurchase of common stock	$ (409,998)
Foreign currency translation adjustments	1,190							1,190
Change in net unrealized gain (loss) on marketable securities, net of tax	$ 7,704							7,704
Balance, ending of period (in shares) at Dec. 31, 2023	135,722		135,722
Balance, end of period at Dec. 31, 2023	$ 983,624		$ 1	$ 939,338		$ 46,273		$ (1,988)

INCOME TAXES - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits—at beginning of year	$ 21,768	$ 20,904	$ 8,421
Decrease in balances related to tax positions taken in prior years	(417)	(4,786)
Increases in balances related to tax positions taken in prior years			4,391
Increases in balances related to tax positions taken in current year	5,985	6,562	8,301
Settlements	0	(657)	0
Lapses in statutes of limitations	(118)	(255)	(209)
Unrecognized tax benefits—at end of year	$ 27,218	$ 21,768	$ 20,904

BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of fair values of assets acquired and liabilities assumed



Net tangible liabilities acquired	$	(118)
Intangible assets	13,900
Deferred tax asset, net	4,578
Goodwill	16,536
Net assets acquired	$	34,896



Net tangible assets acquired	$	2,239
Intangible assets	11,200

Goodwill	12,612
Net assets acquired	$	26,051

The following table summarizes the fair values of the assets acquired and liabilities (in thousands):


Net tangible assets acquired	$	8,387
Intangible assets	37,800

Goodwill	70,119
Net assets acquired	$	116,306

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Net tangible assets acquired	$	38
Intangible assets	19,500
Deferred tax liabilities	(2,906)
Goodwill	53,280
Net assets acquired	$	69,912

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Net tangible assets acquired	$	1,281
Intangible assets	11,700
Goodwill	11,804
Net assets acquired	$	24,785

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Net tangible assets acquired	$	1,441
Intangible assets	9,200
Deferred tax asset	457
Goodwill	24,390
Net assets acquired	$	35,488

Summary of intangible assets acquired

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Preliminary Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	8,000	5
Customer relationships	5,900		5
Total identifiable intangible assets	$	13,900

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	3,600	5
Customer relationships	7,600		5
Total identifiable intangible assets	$	11,200

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Order backlog	$	600	Based on actual shipments
Trade name	37,200		5
Total identifiable intangible assets	$	37,800

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	18,400	5
Customer relationship	1,100		5
Total identifiable intangible assets	$	19,500

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:

Preliminary Fair Value

Useful Life

(In thousands)

(Years)

Customer relationship

11,700

The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:


	Fair Value		Useful Life
	(In thousands)		(Years)
Developed technology	$	6,900	5
Customer relationship	1,800		5
Trade name	500		5
Total identifiable intangible assets	$	9,200

Schedule of Pro Forma Information


	Years Ended December 31,
		2021		2020
Net revenues		$	1,401,803	$	790,791
Net income		$	145,798	$	139,126

Summary of consideration transferred for business acquisition

The acquisition date fair value of the purchase price was approximately $35.5 million, which consisted of the following (in thousands):


Cash consideration	$	31,988
Fair value of contingent consideration	3,500
Total	$	35,488

SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 168,244	$ 111,367
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	107,448	54,406
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	22,978	19,950
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	12,883	9,228
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	6,028	9,929
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	8,959	6,059
Romania
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	5,280	8,355
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 4,668	$ 3,440

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Francisco, California

RELATED PARTY (Details) - Convertible Notes - Notes due 2023 - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	Aug. 31, 2018
Related Party Transaction [Line Items]
Debt instrument face amount		$ 5,000,000		$ 65,000,000
Thurman John Rodgers
Related Party Transaction [Line Items]
Debt instrument face amount	$ 5,000,000		$ 5,000,000

Insider Trading Arrangements
shares in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Set forth below is certain information regarding Rule 10b5-1 trading plans adopted by our directors and officers (as defined in Rule 16-a-1(f)) under the Exchange Act) during the fourth quarter of 2023. The adoption of this trading plan occurred during an open insider trading window and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Name

Title

Date Plan Was Adopted

Expiration Date

Total Amount of Common Stock to be Sold Under the Plan

David Ranhoff

Executive Vice President and Chief Commercial Officer

December 4, 2023

December 31, 2024 or when all shares have been sold

40,000

David Ranhoff [Member]

Trading Arrangements, by Individual

Name

David Ranhoff

Title

Executive Vice President and Chief Commercial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 4, 2023

Arrangement Duration

393 days

Aggregate Available

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:


	Estimated Useful Life	December 31,
		2023		2022

	(Years)	(In thousands)
Equipment and machinery	3-10	$	186,298	$	114,246
Furniture and fixtures	5-10	3,222		3,295
Computer equipment	3-5	7,744		7,543
Capitalized software costs	3-5	61,577		42,649
Building and leasehold improvements	3-10	17,058		15,875
Land		—		114
Construction in process		29,752		31,734
Total		305,651		215,456
Less: accumulated depreciation and amortization		(137,407)		(104,089)
Property and equipment, net		$	168,244	$	111,367

Depreciation expense for property and equipment, net for the years ended December 31, 2023, 2022 and 2021 was $40.7 million, $27.7 million and $16.7 million, respectively.

As of December 31, 2023 and 2022, unamortized capitalized software costs were $25.2 million and $19.2 million, respectively.

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 as a result $5.7 million of property and equipment, net asset will be retired. Accordingly, the Company recorded an impairment charge for the property and equipment, net asset of $5.7 million within “Restructuring and asset impairment charges” on the consolidated statement of operations for the year ended December 31, 2023.

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 3,807,000	$ 0	$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Charges
GreenCom
Finite-Lived Intangible Assets [Line Items]
Decrease in intangible assets acquired	$ 100,000
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 3,807,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
AMPTC, income tax payable benefit	$ 53,500,000
AMPTC, cost of revenues reduction	53,500,000
Accrued interest receivable	$ 7,600,000	$ 2,200,000	$ 2,100,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Property and equipment impairment charge	$ 6,800,000	$ 1,200,000	$ 0
Goodwill, impairment loss	0	0	0
Impairment of intangible assets	3,807,000	0	0
Advertising costs	$ 3,800,000	$ 3,800,000	$ 16,200,000
Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
Monitoring Hardware And Service
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalized contract cost, amortization period	7 years
Communication Accessories
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	5 years
Microinverter, First and Second Generation
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	15 years
IQ Gateway And IQ Energy Router
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
Intangible assets, estimated useful life	9 years
Period failure rate measurement lags product sale	3 months
Minimum \| Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
Minimum \| Subscription Contracts
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	3 months
Minimum \| Battery Products
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	10 years
Minimum \| EV Charger
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	1 year
Minimum \| Third and Fourth Generation
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	10 years
Intangible assets, estimated useful life	5 years
Period failure rate measurement lags product sale	9 months
Maximum \| Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	5 years
Maximum \| Subscription Contracts
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	12 months
Maximum \| Microinverter, Subsequent Generations
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	25 years
Maximum \| Battery Products
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	15 years
Maximum \| EV Charger
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
Maximum \| Third and Fourth Generation
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	25 years