0001463101-24-000141 | 10-Q | XBRL Viewer

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2024

OTHER FINANCIAL INFORMATION

Inventory

Inventory consists of the following:



	September 30, 2024		December 31, 2023

	(In thousands)
Raw materials	$	26,369	$	30,849
Finished goods	132,468		182,746
Total inventory	$	158,837	$	213,595

Accrued Liabilities

Accrued liabilities consist of the following:


	September 30, 2024		December 31, 2023

	(In thousands)
Customer rebates and sales incentives	$	74,798	$	158,338
Liability due to supply agreements	47,544		32,973
Freight	10,252		19,262
Salaries, commissions, incentive compensation and benefits	12,072		10,316
Income tax payable	2,187		8,531
Operating lease liabilities, current	6,320		5,220
VAT payable	4,201		3,243





Liabilities related to restructuring accruals	630		3,104
Other	31,815		20,932
Total accrued liabilities	$	189,819	$	261,919

NET INCOME PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Numerator:
Net income	$	45,762	$	113,953	$	40,498	$	418,017


Convertible senior notes interest and financing costs, net of tax	618		1,655		—		4,910
Adjusted net income	$	46,380	$	115,608	$	40,498	$	422,927

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding	135,329		136,165		135,621		136,491

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation	135,329		136,165		135,621		136,491
Effect of dilutive securities:
Employee stock-based awards	456		1,307		528		1,907
Notes due 2023	—		750		—		850


Notes due 2025	—		1,253		—		1,253
2025 Warrants	54		313		87		505
Notes due 2026	2,057		2,057		—		2,057

Notes due 2028	2,018		2,018		—		2,018

Weighted average common shares outstanding for diluted calculation	139,914		143,863		136,236		145,081

Basic and diluted net income per share
Net income per share, basic	$	0.34	$	0.84	$	0.30	$	3.06
Net income per share, diluted	$	0.33	$	0.80	$	0.30	$	2.92

Summary 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:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

	(In thousands)



Employee stock-based awards	1,330	1,533	1,396	1,067

Notes due 2028	—	—	2,018	—
2028 Warrants	5,170	3,620	4,970	2,468
Notes due 2026	—	—	2,057	—
2026 Warrants	5,269	3,689	5,065	2,515
Notes due 2025	1,253	—	1,253	—
Total	13,022	8,842	16,759	6,050

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2024

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Primary geographical markets:
United States	$	284,033	$	350,447	$	632,719	$	1,240,990




International	96,840		200,635		314,951		747,226
Total	$	380,873	$	551,082	$	947,670	$	1,988,216

Timing of revenue recognition:
Products delivered at a point in time	$	348,669	$	522,419	$	854,406	$	1,908,193
Products and services delivered over time	32,204		28,663		93,264		80,023
Total	$	380,873	$	551,082	$	947,670	$	1,988,216

Contract Balances

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


	September 30, 2024		December 31, 2023

	(In thousands)
Accounts receivables	$	232,225	$	445,959

Short-term contract assets (Prepaid expenses and other assets)	42,582		40,241
Long-term contract assets (Other assets)	117,457		124,190


Short-term contract liabilities (Deferred revenues, current)	129,556		118,300
Long-term contract liabilities (Deferred revenues, non-current)	354,210		369,172

The Company receives payments from customers based upon contractual billing schedules. Accounts receivables are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional. 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 in solar industry beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors. Accounts receivables are recorded net of allowance for doubtful accounts totaling $6.2 million and $2.5 million as of September 30, 2024 and December 31, 2023, respectively. The $6.2 million allowance for doubtful accounts as of September 30, 2024 includes $4.8 million which relates to a customer that filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (“Chapter 11 bankruptcy”) during the three months ended September 30, 2024. Management will continue to monitor certain customers experiencing considerable financial difficulties as more information is publicly available to perform collectability assessment and evaluate the impact to the Company's revenue recognition and allowance for doubtful accounts on its financial statements.

Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the nine months ended September 30, 2024.

Significant changes in the balances of contract assets (prepaid expenses and other assets) as of September 30, 2024 are as follows (in thousands):


Contract Assets
Contract Assets, beginning of period	$	164,431
Amount recognized	(32,336)
Increased due to billings	27,944
Contract Assets, end of period	$	160,039

Contract liabilities are recorded as deferred revenue on the accompanying condensed 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.

Significant changes in the balances of contract liabilities (deferred revenues) as of September 30, 2024 are as follows (in thousands):


Contract Liabilities
Contract Liabilities, beginning of period	$	487,472
Revenue recognized	(93,265)

Increased due to billings	89,559

Contract Liabilities, end of period	$	483,766

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:


	September 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining three months)	$	35,112
2025	124,071
2026	106,829
2027	87,140
2028	65,775
Thereafter	64,839
Total	$	483,766

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.

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Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Warranty Activities

The Company’s warranty obligation activities were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Warranty obligations, beginning of period	$	177,179	$	180,715	$	189,087	$	131,446
Accruals for warranties issued during period	7,763		12,477		20,285		44,992

Expense (benefit) from changes in estimates	4,584		(1,983)		(8,052)		(8,618)
Settlements	(6,615)		(6,283)		(21,114)		(20,269)
Increase due to accretion expense	2,649		3,157		8,244		10,609
Change in discount rate(1)	—		2,811		759		34,608

Other	(1,328)		(2,028)		(4,977)		(3,902)
Warranty obligations, end of period	184,232		188,866		184,232		188,866
Less: warranty obligations, current	(35,755)		(40,750)		(35,755)		(40,750)
Warranty obligations, non-current	$	148,477	$	148,116	$	148,477	$	148,116

(1) Refer to Note 7, “Fair Value Measurements” for additional information about the monetary impact for change in the discount rate.

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible asset	$ 50,866
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Intangible asset	17,058	$ 21,772
Customer relationship \| One Customer
Finite-Lived Intangible Assets [Line Items]
Intangible asset	7,600
GreenCom
Finite-Lived Intangible Assets [Line Items]
Increase in intangible assets acquired	$ 100

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.

DEBT - Convertible Senior Notes due in 2025 Narrative (Details)				1 Months Ended	9 Months Ended
	Jun. 05, 2024 USD ($) shares	Dec. 29, 2023 USD ($)	Mar. 09, 2020 USD ($) tradingDay $ / shares shares	Feb. 29, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding					$ 1,300,192,000	$ 1,293,738,000
Debt, current					99,931,000	0
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					99,931,000	95,963,000
Conversion of debt	$ 5,000	$ 2,000
Exercise of warrants related to convertible senior notes (in shares) \| shares	16			6
Equity component of convertible senior notes, net	$ 100,000			$ 100,000
Conversion of convertible securities, offset by notes hedge (in shares) \| shares	14
Debt, current					$ 102,200,000
Effective percentage rate					5.18%
Unamortized discount					$ 2,040,000	$ 5,644,000
Remaining discount amortization period					4 months 24 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 transaction, options outstanding (in shares) \| shares					1,300,000
Warrants outstanding (in shares) \| shares					1,300,000
Convertible Notes \| Notes due 2025 \| Period One
Debt Instrument [Line Items]
Number of threshold trading days \| tradingDay			20
Number of consecutive trading days \| tradingDay			30
Threshold percentage			130.00%
Convertible Notes \| Notes due 2025 \| Period Two
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%

FAIR VALUE MEASUREMENTS - Debt Securities Schedule of Fair Value (Details) - Investments in debt securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 78,866	$ 60,275	$ 79,855	$ 56,777
Investment	0	15,000	0	15,000
Fair value adjustments included in other income, net	(741)	1,910	(1,730)	5,408
Impairment	(16,988)	0	(16,988)	0
Balance at end of period	$ 61,137	$ 77,185	$ 61,137	$ 77,185

GOODWILL AND INTANGIBLE ASSETS - Summary of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 214,562	$ 213,559
Currency translation adjustment	(270)	1,003
Ending balance	$ 214,292	$ 214,562

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Debt

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


	September 30, 2024		December 31, 2023

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

Less: unamortized debt issuance costs	(4,429)		(5,408)
Carrying amount of Notes due 2028	570,571		569,592

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(2,810)		(4,317)
Carrying amount of Notes due 2026	629,690		628,183

Notes due 2025	102,168		102,175

Less: unamortized debt discount	(2,040)		(5,644)
Less: unamortized debt issuance costs	(197)		(568)
Carrying amount of Notes due 2025	99,931		95,963












Total carrying amount of debt	1,300,192		1,293,738

Less: debt, current	(99,931)		—
Debt, non-current	$	1,200,261	$	1,293,738

The following tables present the total amount of interest cost recognized in the condensed consolidated statement of operations relating to the Notes:


	Three Months Ended September 30,
	2024								2023

	Notes due 2028		Notes due 2026		Notes due 2025		Convertible Senior Notes due 2023 (the “Notes due 2023”)		Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023
	(In thousands)












Contractual interest expense	$	—	$	—	$	64	$	—	$	—	$	—	$	64	$	17
Amortization of debt discount	—		—		1,222		—		—		—		1,161		—
Amortization of debt issuance costs	327		502		122		—		327		502		122		3
Total interest cost recognized	$	327	$	502	$	1,408	$	—	$	327	$	502	$	1,347	$	20


	Nine Months Ended September 30,
	2024								2023

	Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023		Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023
	(In thousands)
Contractual interest expense	$	—	$	—	$	192	$	—	$	—	$	—	$	192	$	117
Amortization of debt discount	—		—		3,604		—		—		—		3,410		—
Amortization of debt issuance costs	979		1,507		371		—		970		1,489		363		23
Total interest cost recognized	$	979	$	1,507	$	4,167	$	—	$	970	$	1,489	$	3,965	$	140

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	Sep. 30, 2024	Dec. 31, 2023
Profit element and risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	17.00%	17.00%
Credit-adjusted risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	7.00%	7.00%

NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2024

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.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Numerator:
Net income	$	45,762	$	113,953	$	40,498	$	418,017


Convertible senior notes interest and financing costs, net of tax	618		1,655		—		4,910
Adjusted net income	$	46,380	$	115,608	$	40,498	$	422,927

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding	135,329		136,165		135,621		136,491

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation	135,329		136,165		135,621		136,491
Effect of dilutive securities:
Employee stock-based awards	456		1,307		528		1,907
Notes due 2023	—		750		—		850


Notes due 2025	—		1,253		—		1,253
2025 Warrants	54		313		87		505
Notes due 2026	2,057		2,057		—		2,057

Notes due 2028	2,018		2,018		—		2,018

Weighted average common shares outstanding for diluted calculation	139,914		143,863		136,236		145,081

Basic and diluted net income per share
Net income per share, basic	$	0.34	$	0.84	$	0.30	$	3.06
Net income per share, diluted	$	0.33	$	0.80	$	0.30	$	2.92

Diluted earnings per share for the three and nine months ended September 30, 2024 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 2025, Notes due 2026 and Notes due 2028. Potentially dilutive common shares for the three and nine months ended September 30, 2023 include stock options, RSUs, PSUs, shares to be purchased under the ESPP, Notes due 2025, Notes due 2026, Notes due 2028, Notes due 2023 and the 2025 Warrants. 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.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

	(In thousands)



Employee stock-based awards	1,330	1,533	1,396	1,067

Notes due 2028	—	—	2,018	—
2028 Warrants	5,170	3,620	4,970	2,468
Notes due 2026	—	—	2,057	—
2026 Warrants	5,269	3,689	5,065	2,515
Notes due 2025	1,253	—	1,253	—
Total	13,022	8,842	16,759	6,050

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 6,213	$ 2,502
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)	135,084	135,722
Common stock, shares outstanding (in shares)	135,084	135,722

FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Marketable securities	$ 1,628,458	$ 1,541,229
Certificates of deposit
Assets:
Marketable securities	26,375	55,912
Commercial paper
Assets:
Marketable securities	77,239	71,437
Corporate notes and bonds
Assets:
Marketable securities	459,647	406,096
U.S. Treasuries
Assets:
Marketable securities	222,585	327,891
U.S. Government agency securities
Assets:
Marketable securities	748,367	547,856
Recurring \| Level 1
Assets:
Investments in debt securities	0	0
Total assets measured at fair value	94,245	132,037
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:
Marketable securities	0	0
Recurring \| Level 1 \| Commercial paper
Assets:
Marketable securities	0	0
Recurring \| Level 1 \| Corporate notes and bonds
Assets:
Marketable securities	0	0
Recurring \| Level 1 \| U.S. Treasuries
Assets:
Marketable securities	0	0
Recurring \| Level 1 \| U.S. Government agency securities
Assets:
Marketable securities	0	0
Recurring \| Level 1 \| Money market funds
Assets:
Cash and cash equivalents	94,245	132,037
Recurring \| Level 1 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Recurring \| Level 1 \| Commercial paper
Assets:
Cash and cash equivalents	0	0
Recurring \| Level 1 \| Corporate notes and bonds
Assets:
Cash and cash equivalents		0
Recurring \| Level 2
Assets:
Investments in debt securities	0	0
Total assets measured at fair value	1,534,213	1,409,192
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:
Marketable securities	26,375	55,162
Recurring \| Level 2 \| Commercial paper
Assets:
Marketable securities	53,325	69,743
Recurring \| Level 2 \| Corporate notes and bonds
Assets:
Marketable securities	459,647	405,634
Recurring \| Level 2 \| U.S. Treasuries
Assets:
Marketable securities	222,585	327,891
Recurring \| Level 2 \| U.S. Government agency securities
Assets:
Marketable securities	748,367	547,856
Recurring \| Level 2 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Recurring \| Level 2 \| Certificates of deposit
Assets:
Cash and cash equivalents		750
Recurring \| Level 2 \| Commercial paper
Assets:
Cash and cash equivalents	23,914	1,694
Recurring \| Level 2 \| Corporate notes and bonds
Assets:
Cash and cash equivalents	0	462
Recurring \| Level 3
Assets:
Investments in debt securities	61,137	79,855
Total assets measured at fair value	61,137	79,855
Warranty obligations:
Current	26,087	28,667
Non-current	130,633	133,126
Total warranty obligations measured at fair value	156,720	161,793
Total liabilities measured at fair value	156,720	161,793
Recurring \| Level 3 \| Certificates of deposit
Assets:
Marketable securities	0	0
Recurring \| Level 3 \| Commercial paper
Assets:
Marketable securities	0	0
Recurring \| Level 3 \| Corporate notes and bonds
Assets:
Marketable securities	0	0
Recurring \| Level 3 \| U.S. Treasuries
Assets:
Marketable securities	0	0
Recurring \| Level 3 \| U.S. Government agency securities
Assets:
Marketable securities	0	0
Recurring \| Level 3 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Commercial paper
Assets:
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Corporate notes and bonds
Assets:
Cash and cash equivalents	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Term of lease contract, maximum renewal term	12 years
Purchase obligation	$ 141.9

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended September 30, 2024 and 2023, the Company’s income tax provision totaled $5.0 million and $23.4 million, respectively, on income before income taxes of $50.7 million and $137.3 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company’s income tax provision totaled $10.0 million and $82.9 million on income before income taxes of $50.5 million and $500.9 million, respectively. For the three and nine months ended September 30, 2024, the income tax provision was calculated using the annualized effective tax rate method and was primarily due to tax expense in U.S. and foreign jurisdictions that are profitable and tax expense from equity compensation shortfalls, partially offset by a discrete tax benefit from the impairment of an investment in a private company. For both the three and nine months ended September 30, 2023, the income tax provision was calculated using the annualized effective tax rate method and was primarily due to projected tax expense in the U.S. and foreign jurisdictions that are profitable, partially offset by a tax deduction from employee stock compensation reported as a discrete event. For the three and nine months ended September 30, 2024 and 2023, in accordance with FASB guidance for interim reporting of income tax, the Company has computed its provision for income taxes based on a projected annual effective tax rate while excluding loss jurisdictions, which cannot be benefited. 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 during fiscal year 2024.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Restructuring and Related Activities [Abstract]

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 45,940	$ 43,814	$ 159,530	$ 157,635
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,948	2,708	10,860	9,775
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	19,790	19,285	64,550	64,528
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	14,237	13,297	49,199	49,231
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 8,965	$ 8,524	$ 34,921	$ 34,101

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Restructuring and Related Costs

The following table presents the details of the Company’s restructuring and asset impairment charges and accrued balances under the 2023 Restructuring Plan for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Employee Severance and Benefits	$	105	$	—	$	1,214	$	870
Contract Termination Charges	(8)		—		1,576		—
Asset Impairment	580		—		965		—
Total restructuring charges	$	677	$	—	$	3,755	$	870

The following table provides information regarding changes in the Company’s accrued restructuring balances for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,214		1,576		965		3,755
Cash payments	(1,715)		(2,073)		—		(3,788)
Non-cash settlement and other	(276)		(1,200)		(965)		(2,441)

Balance as of September 30, 2024	$	527	$	103	$	—	$	630

COMMITMENTS AND CONTINGENCIES - Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease liabilities, current (Accrued liabilities)	$ 6,320	$ 5,220
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities, non-current (Other liabilities)	$ 25,730	$ 18,802
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 32,050	$ 24,022
Weighted average remaining lease term	6 years 2 months 12 days	5 years 9 months 18 days
Weighted average discount rate	6.80%	7.00%

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Total unrecognized compensation cost	$ 395.4
Weighted-average recognition period for unrecognized compensation cost	2 years 8 months 12 days

REVENUE RECOGNITION - Summary of Disaggregated Revenue by Primary Geographical Market and Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 380,873	$ 551,082	$ 947,670	$ 1,988,216
Products delivered at a point in time
Disaggregation of Revenue [Line Items]
Net revenues	348,669	522,419	854,406	1,908,193
Products and services delivered over time
Disaggregation of Revenue [Line Items]
Net revenues	32,204	28,663	93,264	80,023
United States
Disaggregation of Revenue [Line Items]
Net revenues	284,033	350,447	632,719	1,240,990
International
Disaggregation of Revenue [Line Items]
Net revenues	$ 96,840	$ 200,635	$ 314,951	$ 747,226

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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

Cash and Cash Equivalents [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Debt Securities, Available-for-sale

The cash equivalents and marketable securities consist of the following:


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(In thousands)
Money market funds	$	94,245	$	—	$	—	$	94,245	$	94,245	$	—
Certificates of deposit	26,356		19		—		26,375		—		26,375
Commercial paper	77,139		101		(1)		77,239		23,914		53,325
Corporate notes and bonds	456,985		2,807		(145)		459,647		—		459,647
U.S. Treasuries	222,450		151		(16)		222,585		—		222,585
U.S. Government agency securities	745,569		3,018		(220)		748,367		—		748,367
Total	$	1,622,744	$	6,096	$	(382)	$	1,628,458	$	118,159	$	1,510,299


	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

Summary of Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of September 30, 2024:


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	1,108,638	$	1,110,185
Due within one to three years	514,106		518,273
Total	$	1,622,744	$	1,628,458

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Cash and Cash Equivalents [Abstract]

WARRANTY OBLIGATIONS - Summary of Warranty Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Changes in the Company's product warranty liability
Warranty obligations, beginning of period	$ 177,179	$ 180,715	$ 189,087	$ 131,446
Accruals for warranties issued during period	7,763	12,477	20,285	44,992
Expense (benefit) from changes in estimates	4,584	(1,983)	(8,052)	(8,618)
Settlements	(6,615)	(6,283)	(21,114)	(20,269)
Increase due to accretion expense	2,649	3,157	8,244	10,609
Change in discount rate	0	2,811	759	34,608
Other	(1,328)	(2,028)	(4,977)	(3,902)
Warranty obligations, end of period	184,232	188,866	184,232	188,866
Less: warranty obligations, current	(35,755)	(40,750)	(35,755)	(40,750)	$ (36,066)
Warranty obligations, non-current	$ 148,477	$ 148,116	$ 148,477	$ 148,116	$ 153,021

CASH EQUIVALENTS AND MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2024

CASH EQUIVALENTS AND MARKETABLE SECURITIES

The cash equivalents and marketable securities consist of the following:


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(In thousands)
Money market funds	$	94,245	$	—	$	—	$	94,245	$	94,245	$	—
Certificates of deposit	26,356		19		—		26,375		—		26,375
Commercial paper	77,139		101		(1)		77,239		23,914		53,325
Corporate notes and bonds	456,985		2,807		(145)		459,647		—		459,647
U.S. Treasuries	222,450		151		(16)		222,585		—		222,585
U.S. Government agency securities	745,569		3,018		(220)		748,367		—		748,367
Total	$	1,622,744	$	6,096	$	(382)	$	1,628,458	$	118,159	$	1,510,299


	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

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of September 30, 2024:


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	1,108,638	$	1,110,185
Due within one to three years	514,106		518,273
Total	$	1,622,744	$	1,628,458

All available-for-sale securities have been classified as current, based on management's intent and ability to use the funds in current operations.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. 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 provision, inventory valuation, government grants, accrued warranty obligations, fair value of investments, convertible notes, 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 logistic constraints.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“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 ASU 2023-07, 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 plans to adopt ASU 2023-07 effective for the annual report on Form 10-K for the year ending December 31, 2024 and subsequent interim periods. Since ASU 2023-07 addresses only disclosures, the adoption of ASU 2023-07 is not expected to have a significant impact on its consolidated financial statements. Not Yet Effective 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. ASU 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.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 40,498	$ 418,017
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,724	53,867
Net accretion of discount on marketable securities	(1,109)	(12,611)
Provision for doubtful accounts	4,471	1,282
Asset impairment	24,141	903
Non-cash interest expense	6,462	6,254
Net loss (gain) from change in fair value of debt securities	1,730	(5,408)
Stock-based compensation	159,530	157,635
Deferred income taxes	(27,644)	(38,295)
Changes in operating assets and liabilities:
Accounts receivable	208,956	(118,249)
Inventory	54,758	(24,406)
Prepaid expenses and other assets	(117,856)	(57,376)
Accounts payable, accrued and other liabilities	(58,140)	117,128
Warranty obligations	(4,855)	57,420
Deferred revenues	(5,265)	105,169
Net cash provided by operating activities	346,401	661,330
Cash flows from investing activities:
Purchases of property and equipment	(25,540)	(90,326)
Investments in private companies	0	(15,000)
Purchases of marketable securities	(1,091,511)	(1,743,674)
Maturities and sale of marketable securities	994,677	1,406,608
Net cash used in investing activities	(122,374)	(442,392)
Cash flows from financing activities:
Partial settlement of convertible notes	(7)	0
Proceeds from issuance of common stock under employee equity plans	7,969	1,315
Payment of withholding taxes related to net share settlement of equity awards	(73,801)	(93,100)
Repurchase of common stock	(191,698)	(310,000)
Net cash used in financing activities	(257,537)	(401,785)
Effect of exchange rate changes on cash and cash equivalents	1,087	(322)
Net decrease in cash and cash equivalents	(32,423)	(183,169)
Cash and cash equivalents—Beginning of period	288,748	473,244
Cash and cash equivalents—End of period	256,325	290,075
Supplemental disclosures of non-cash investing activities:
Purchases of property and equipment included in accounts payable	$ 5,722	$ 16,183

COMMITMENTS AND CONTINGENCIES - Lease Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,845	$ 2,699	$ 8,167	$ 7,707

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 4,981	$ 23,392	$ 9,962	$ 82,895
Net income before income taxes	$ 50,743	$ 137,345	$ 50,460	$ 500,912

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.

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Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

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 condensed consolidated statements of operations for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenues	$	2,948	$	2,708	$	10,860	$	9,775
Research and development	19,790		19,285		64,550		64,528
Sales and marketing	14,237		13,297		49,199		49,231
General and administrative	8,965		8,524		34,921		34,101

Total	$	45,940	$	43,814	$	159,530	$	157,635

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
RSUs and PSUs	$	44,727	$	42,241	$	154,834	$	151,050
Employee stock purchase plan	1,213		1,573		4,696		5,416
Post combination expense	—		—		—		1,169
Total	$	45,940	$	43,814	$	159,530	$	157,635

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, 2023	692	$	2.01

Exercised	(677)	1.77			$	81,938
Canceled	—	—
Outstanding at September 30, 2024	15	$	13.00	0.7	$	1,489
Vested and expected to vest at September 30, 2024	15	$	13.00	0.7	$	1,489
Exercisable at September 30, 2024	15	$	13.00	0.7	$	1,489

(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 September 30, 2024 is based on the closing price of the last trading day during the period ended September 30, 2024. The Company’s stock fair value used in this computation was $113.02 per share.

Summary of Stock Option Outstanding

The following table summarizes information about stock options outstanding at September 30, 2024:


	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)

$2.76 —– $2.76	6	0.3	$	2.76	6	$	2.76
$2.80 —– $2.80	5	0.2	2.80		5	2.80
$2.90 —– $2.90	2	0.17	2.90		2	2.90
$64.17 —– $64.17	2	2.6	64.17		2	64.17
Total	15	0.7	$	13.00	15	$	13.00

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, 2023	2,332	$	177.64
Granted	1,262	102.41
Vested	(763)	175.92			$	91,574
Canceled	(265)	170.82
Outstanding at September 30, 2024	2,566	$	141.86	1.5	$	290,016
Expected to vest at September 30, 2024	2,566	$	141.86	1.5	$	290,008

(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 September 30, 2024 is based on the closing price of the last trading day during the period ended September 30, 2024. The Company’s stock fair value used in this computation was $113.02 per share.

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, 2023	396	$	235.99
Granted	724	127.06
Vested	(100)	214.91			$	12,958
Canceled	(120)	206.21
Outstanding at September 30, 2024	900	$	154.67	1.4	$	101,765
Expected to vest at September 30, 2024	900	$	154.67	1.4	$	101,765

(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 September 30, 2024 is based on the closing price of the last trading day during the period ended September 30, 2024. The Company’s stock fair value used in this computation was $113.02 per share.

REVENUE RECOGNITION - Summary of Estimated Revenue Expected to be Recognized in Future Periods (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 483,766
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 35,112
Total estimated revenue expected to be recognized in future periods, expected timing	3 months
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	$ 124,071
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	$ 106,829
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	$ 87,140
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	$ 65,775
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	$ 64,839
Total estimated revenue expected to be recognized in future periods, expected timing

STOCK-BASED COMPENSATION - Summary of Stock Options Outstanding (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, number of shares (in shares) \| shares	15
Options outstanding, weighted-average remaining life	8 months 12 days
Options outstanding, weighted-average exercise price (in usd per share)	$ 13.00
Options exercisable, number of shares (in shares) \| shares	15
Options exercisable, weighted-average exercise price (in usd per share)	$ 13.00
$2.76 —– $2.76
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in usd per share)	2.76
Exercise price range, upper limit (in usd per share)	$ 2.76
Options outstanding, number of shares (in shares) \| shares	6
Options outstanding, weighted-average remaining life	3 months 18 days
Options outstanding, weighted-average exercise price (in usd per share)	$ 2.76
Options exercisable, number of shares (in shares) \| shares	6
Options exercisable, weighted-average exercise price (in usd per share)	$ 2.76
$2.80 —– $2.80
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in usd per share)	2.80
Exercise price range, upper limit (in usd per share)	$ 2.80
Options outstanding, number of shares (in shares) \| shares	5
Options outstanding, weighted-average remaining life	2 months 12 days
Options outstanding, weighted-average exercise price (in usd per share)	$ 2.80
Options exercisable, number of shares (in shares) \| shares	5
Options exercisable, weighted-average exercise price (in usd per share)	$ 2.80
$2.90 —– $2.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in usd per share)	2.90
Exercise price range, upper limit (in usd per share)	$ 2.90
Options outstanding, number of shares (in shares) \| shares	2
Options outstanding, weighted-average remaining life	2 months 1 day
Options outstanding, weighted-average exercise price (in usd per share)	$ 2.90
Options exercisable, number of shares (in shares) \| shares	2
Options exercisable, weighted-average exercise price (in usd per share)	$ 2.90
$64.17 —– $64.17
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in usd per share)	64.17
Exercise price range, upper limit (in usd per share)	$ 64.17
Options outstanding, number of shares (in shares) \| shares	2
Options outstanding, weighted-average remaining life	2 years 7 months 6 days
Options outstanding, weighted-average exercise price (in usd per share)	$ 64.17
Options exercisable, number of shares (in shares) \| shares	2
Options exercisable, weighted-average exercise price (in usd per share)	$ 64.17

OTHER FINANCIAL INFORMATION - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 26,369	$ 30,849
Finished goods	132,468	182,746
Total inventory	$ 158,837	$ 213,595

COMMITMENTS AND CONTINGENCIES - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 2,015	$ 1,852	$ 5,619	$ 5,342
Lease liabilities arising from obtaining right-of-use assets	$ 10,337	$ 637	$ 12,687	$ 5,005

STOCK-BASED COMPENSATION - Summary of Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Aggregate Intrinsic Value
Share price (in usd per share)	$ 113.02
Performance shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	396
Granted (in shares)	724
Vested (in shares)	(100)
Canceled (in shares)	(120)
Outstanding, ending balance (in shares)	900
Expected to vest (in shares)	900
Weighted- Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 235.99
Granted (in usd per share)	127.06
Vested (in usd per share)	214.91
Canceled (in usd per share)	206.21
Outstanding, ending balance (in usd per share)	154.67
Weighted-average fair value per share at grant date, expected to vest (in usd per share)	$ 154.67
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	$ 101,765
Vested	12,958
Aggregate intrinsic value, expected to vest	$ 101,765

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

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 2034, some of which may include options to extend the leases for up to 12 years.

The components of lease expense are presented as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Operating lease costs	$	2,845	$	2,699	$	8,167	$	7,707

The components of lease liabilities are presented as follows:


	September 30, 2024		December 31, 2023

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	6,320	$	5,220
Operating lease liabilities, non-current (Other liabilities)	25,730		18,802
Total operating lease liabilities	$	32,050	$	24,022

Supplemental lease information:
Weighted average remaining lease term	6.2 years		5.8 years
Weighted average discount rate	6.8%		7.0%

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,015	$	1,852	$	5,619	$	5,342

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$	10,337	$	637	$	12,687	$	5,005

Undiscounted cash flows of operating lease liabilities as of September 30, 2024 were as follows:


	Lease Amounts
	(In thousands)
Year:
2024 (remaining three months)	$	2,055
2025	7,941
2026	7,401
2027	4,993
2028	3,988
Thereafter	13,297
Total lease payments	39,675
Less: imputed lease interest	(7,625)
Total lease liabilities	$	32,050

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 September 30, 2024, these purchase obligations totaled approximately $141.9 million.

Litigation

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. 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. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s business, results of operations, financial position and cash flows for that reporting period could be materially adversely affected. As of September 30, 2024 and December 31, 2023, in the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims, except for the complaint described below.

On July 17, 2024, Zola Electric International, Ltd. (“Zola”) filed a complaint in the United States District Court for the Northern District of California against the Company, alleging breach of contract and breach of the covenant of good faith and fair dealing related to a joint development agreement and master supply agreement between Zola and the Company. Zola does not quantify any alleged damages in the complaint, but in addition to attorneys' fees and costs, seeks an order compelling specific performance of the Company's contractual obligations, as well as damages in an amount to be proven at trial. On September 19, 2024, the Company filed a motion to dismiss the complaint. The hearing on the motion to dismiss is currently scheduled to be heard on November 22, 2024. Due to the early stage of this proceeding, the Company cannot reasonably estimate the potential range of loss, if any, or the likelihood of a potential adverse outcome. The Company intends to defend this case vigorously.

REVENUE RECOGNITION - Summary of Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivables	$ 232,225	$ 445,959
Short-term contract assets (Prepaid expenses and other assets)	42,582	40,241
Long-term contract assets (Other assets)	117,457	124,190
Short-term contract liabilities (Deferred revenues, current)	129,556	118,300
Long-term contract liabilities (Deferred revenues, non-current)	$ 354,210	$ 369,172

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY 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 three months ended September 30, 2024, the Company repurchased and subsequently retired 434,947 shares of common stock from the open market at an average cost of $114.48 per share for a total of $49.8 million. During the nine months ended September 30, 2024, the Company repurchased and subsequently retired 1,659,578 shares of common stock from the open market at an average cost of $115.51 per share for a total of $191.7 million. As of September 30, 2024, $598.3 million remains available for repurchase of shares under the 2023 Repurchase Program. During the three months ended September 30, 2023, the Company repurchased and subsequently retired 846,648 shares of common stock from the open market at an average cost of $129.92 per share for a total of $110.0 million. During the nine months ended September 30, 2023, the Company repurchased and subsequently retired 2,101,122 shares of common stock from the open market at an average cost of $147.54 per share for a total of $310.0 million. During the three and nine months ended September 30, 2023, 420,957 treasury stock shares repurchased during the three months ended June 30, 2023 were retired and the cost of such retired shares were reclassed from treasury stock, at cost to accumulated earning in the condensed consolidated balance sheet.

The entire disclosure for equity.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

9 Months Ended

Sep. 30, 2024

WARRANTY OBLIGATIONS

The Company’s warranty obligation activities were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Warranty obligations, beginning of period	$	177,179	$	180,715	$	189,087	$	131,446
Accruals for warranties issued during period	7,763		12,477		20,285		44,992

Expense (benefit) from changes in estimates	4,584		(1,983)		(8,052)		(8,618)
Settlements	(6,615)		(6,283)		(21,114)		(20,269)
Increase due to accretion expense	2,649		3,157		8,244		10,609
Change in discount rate(1)	—		2,811		759		34,608

Other	(1,328)		(2,028)		(4,977)		(3,902)
Warranty obligations, end of period	184,232		188,866		184,232		188,866
Less: warranty obligations, current	(35,755)		(40,750)		(35,755)		(40,750)
Warranty obligations, non-current	$	148,477	$	148,116	$	148,477	$	148,116

(1) Refer to Note 7, “Fair Value Measurements” for additional information about the monetary impact for change in the discount rate.

Changes in Estimates

In the three months ended September 30, 2024, the Company recorded $4.6 million in warranty expense from changes in estimates, of which $8.4 million related to the Company proactively addressing certain component defects in a specific population of products that did not meet the Company’s high quality standards, $0.5 million related to increasing the warranty term to 20 years for microinverter units sold in Mexico, Columbia, Panama, Costa Rica, and nine Caribbean countries, partially offset by $4.3 million related to a decrease in product replacement costs for Enphase IQ Battery systems and related accessories as the Company expanded its network of field service technicians in the United States to provide direct homeowner assistance. In the three months ended September 30, 2023, the Company recorded $2.0 million in warranty benefit from changes in estimates, of which $9.2 million related to a decrease in product replacement costs for Enphase IQ Battery systems and related accessories as the Company expanded its network of field service technicians in the United States, Europe and Australia to provide direct homeowner assistance. This benefit was partially offset by $6.0 million related to the Company proactively addressing certain component defects in a specific population of products that did not meet the Company’s high quality standards, $0.7 million for continuing analysis of field performance data and diagnostic root-cause failure analysis for prior generation products, as well as $0.5 million related to an increase in product replacement costs for all other products.

In the nine months ended September 30, 2024, the Company recorded $8.1 million in warranty benefit from changes in estimates, of which $15.5 million related to a decrease in product replacement costs primarily associated with Enphase IQ Battery systems and related accessories as the Company expanded its network of field service technicians in the United States, Europe, Australia to provide direct homeowner assistance, and $4.4 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis for early generations of IQ Battery. This benefit was partially offset by $10.2 million related to the Company proactively addressing certain component defects in a specific population of products that did not meet the Company’s high quality standards, $1.1 million for continuing analysis of field performance data and diagnostic root-cause failure analysis for all other products, as well as $0.5 million related to increasing the warranty term to 20 years for microinverter units sold in Mexico, Columbia, Panama, Costa Rica and nine Caribbean countries. In the nine months ended September 30, 2023, the Company recorded $8.6 million in warranty benefit from changes in estimates, of which $29.7 million related to a decrease in product replacement costs related to Enphase IQ Battery systems and accessories as the Company expanded network of field service technicians in the United States, Europe and Australia to provide direct homeowner assistance, and $1.6 million related to a decrease in product replacement costs for all other products. This benefit was partially offset by $11.9 million related to the Company proactively addressing certain component defects in a specific population of products that did not meet the Company's high quality standards, $6.1 million for increasing the warranty period for Enphase IQ Battery from 10 years to 15 years, as well as $4.7 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis primarily for prior generation products.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 256,325	$ 288,748
Marketable securities	1,510,299	1,406,286
Accounts receivable, net of allowances of $6,213 and $2,502 at September 30, 2024 and December 31, 2023, respectively	232,225	445,959
Inventory	158,837	213,595
Prepaid expenses and other assets	203,195	88,930
Total current assets	2,360,881	2,443,518
Property and equipment, net	148,444	168,244
Operating lease, right of use asset, net	28,120	19,887
Intangible assets, net	51,152	68,536
Goodwill	214,292	214,562
Other assets	185,448	215,895
Deferred tax assets, net	275,854	252,370
Total assets	3,264,191	3,383,012
Current liabilities:
Accounts payable	112,417	116,164
Accrued liabilities	189,819	261,919
Deferred revenues, current	129,556	118,300
Warranty obligations, current	35,755	36,066
Debt, current	99,931	0
Total current liabilities	567,478	532,449
Long-term liabilities:
Deferred revenues, non-current	354,210	369,172
Warranty obligations, non-current	148,477	153,021
Other liabilities	62,392	51,008
Debt, non-current	1,200,261	1,293,738
Total liabilities	2,332,818	2,399,388
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.00001 par value, 300,000 shares authorized; and 135,084 shares and 135,722 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1	1
Additional paid-in capital	1,033,036	939,338
Accumulated earnings (deficit)	(104,927)	46,273
Accumulated other comprehensive income (loss)	3,263	(1,988)
Total stockholders’ equity	931,373	983,624
Total liabilities and stockholders’ equity	$ 3,264,191	$ 3,383,012

COMMITMENTS AND CONTINGENCIES - Schedule of Minimum Lease Payments Under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2024 (remaining three months)	$ 2,055
2025	7,941
2026	7,401
2027	4,993
2028	3,988
Thereafter	13,297
Total lease payments	39,675
Less: imputed lease interest	(7,625)
Total lease liabilities	$ 32,050	$ 24,022

DEBT - Long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total carrying amount of debt	$ 1,300,192	$ 1,293,738
Less: debt, current	(99,931)	0
Debt, non-current	1,200,261	1,293,738
Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross	575,000	575,000
Less: unamortized debt issuance costs	(4,429)	(5,408)
Total carrying amount of debt	570,571	569,592
Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	632,500	632,500
Less: unamortized debt issuance costs	(2,810)	(4,317)
Total carrying amount of debt	629,690	628,183
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	102,168	102,175
Less: unamortized debt discount	(2,040)	(5,644)
Less: unamortized debt issuance costs	(197)	(568)
Total carrying amount of debt	99,931	$ 95,963
Less: debt, current	$ (102,200)

DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

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


	September 30, 2024		December 31, 2023

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

Less: unamortized debt issuance costs	(4,429)		(5,408)
Carrying amount of Notes due 2028	570,571		569,592

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(2,810)		(4,317)
Carrying amount of Notes due 2026	629,690		628,183

Notes due 2025	102,168		102,175

Less: unamortized debt discount	(2,040)		(5,644)
Less: unamortized debt issuance costs	(197)		(568)
Carrying amount of Notes due 2025	99,931		95,963












Total carrying amount of debt	1,300,192		1,293,738

Less: debt, current	(99,931)		—
Debt, non-current	$	1,200,261	$	1,293,738

The following tables present the total amount of interest cost recognized in the condensed consolidated statement of operations relating to the Notes:


	Three Months Ended September 30,
	2024								2023

	Notes due 2028		Notes due 2026		Notes due 2025		Convertible Senior Notes due 2023 (the “Notes due 2023”)		Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023
	(In thousands)












Contractual interest expense	$	—	$	—	$	64	$	—	$	—	$	—	$	64	$	17
Amortization of debt discount	—		—		1,222		—		—		—		1,161		—
Amortization of debt issuance costs	327		502		122		—		327		502		122		3
Total interest cost recognized	$	327	$	502	$	1,408	$	—	$	327	$	502	$	1,347	$	20


	Nine Months Ended September 30,
	2024								2023

	Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023		Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023
	(In thousands)
Contractual interest expense	$	—	$	—	$	192	$	—	$	—	$	—	$	192	$	117
Amortization of debt discount	—		—		3,604		—		—		—		3,410		—
Amortization of debt issuance costs	979		1,507		371		—		970		1,489		363		23
Total interest cost recognized	$	979	$	1,507	$	4,167	$	—	$	970	$	1,489	$	3,965	$	140

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). 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 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.

As of September 30, 2024, the sales price of the Company’s common stock was not greater than or equal to $370.33 (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 September 30, 2024. As a result, the Notes due 2028 are not convertible at the holders’ option through December 31, 2024. Accordingly the Company classified the net carrying amount of the Notes due 2028 of $570.6 million as Debt, non-current on the condensed consolidated balance sheet as of September 30, 2024. As of September 30, 2024, the unamortized deferred issuance cost for the Notes due 2028 was $4.4 million on the condensed 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. 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). 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 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 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.

As of September 30, 2024, the sale price of the Company’s common stock was not greater than or equal to $399.71 (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 September 30, 2024. As a result, the Notes due 2026 are not convertible at the holders’ option through December 31, 2024. Accordingly, the Company classified the net carrying amount of the Notes due 2026 of $629.7 million as Debt, non-current on the condensed consolidated balance sheet as of September 30, 2024. As of September 30, 2024, the unamortized deferred issuance cost for the Notes due 2026 was $2.8 million on the condensed 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. These conversions will be settled in a combination settlement method with the principal value settled in cash and the remaining value in shares of the Company’s common stock. 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 the Notes due 2025 mature in less than a year, the Company classified the net carrying amount of the Notes due 2025 of $99.9 million as Debt, current on the condensed consolidated balance sheet as of September 30, 2024.

Partial repurchase of Notes due 2025

On June 5, 2024, the Company received a request for conversion of $5,000 in the principal amount of the Notes due 2025. In July 2024, the principal amount of the converted Notes due 2025 was repaid in cash. In connection with the conversion, the Company also issued 16 shares of its common stock to the holders of the converted Notes due 2025, with an aggregate fair value of less than $0.1 million, representing the conversion value in excess of the principal amount of the Notes due 2025. These shares were offset by 14 shares the Company received from the corresponding exercise of the notes hedge.

On December 29, 2023, the Company received a request for conversion of $2,000 in the principal amount of the Notes due 2025. In February 2024, the principal amount of the converted Notes due 2025 was repaid in cash. In connection with the conversion, the Company also issued six shares of its common stock to the holders of the converted Notes due 2025, with an aggregate fair value of less than $0.1 million, representing the conversion value in excess of the principal amount of the Notes due 2025. Following this repurchase combined with repurchase in previous years, as of September 30, 2024, $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 $2.0 million as of September 30, 2024, and will be amortized over approximately 0.4 years from September 30, 2024.

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.

As of September 30, 2024, 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.

Given that the transactions meet certain accounting criteria, the Notes due 2025 Hedge and the 2025 Warrants transactions are recorded in stockholders’ equity, and they are not accounted for as derivatives and are not remeasured each reporting period.

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accreted interest			$ 2,000
Investment without readily determinable fair value	$ 6,000		6,000
Investment without readily determinable fair value, impairment			6,000
Change in discount rate	0	$ 2,811	759	$ 34,608
Increase in liability as a result of increasing the profit element and risk premium input by 100 basis points			1,100
Decrease in liability as a result of decreasing the profit element and risk premium input by 100 basis points			(1,100)
Decrease in liability as a result of increasing the discount rate by 100 basis points			10,800
Increase in liability as a result of decreasing the discount rate by 100 basis points			12,200
Non-Voting Debt Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities					$ 15,000
Investments in debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	16,988	0	16,988	0
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0		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	491,900		491,900
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	588,500		588,500
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	147,100		147,100
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	61,137		61,137		$ 79,855
Level 3 \| Recurring \| Warranty obligations for products sold since January 1, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in discount rate	$ 0	$ 2,811	$ 759	$ 34,608

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Sep. 30, 2024
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. The Company’s intelligent microinverters work with virtually every solar panel made, and when paired with the Company’s smart technology, results in one of the industry’s best-performing clean energy systems. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year. Use of Estimates The preparation of financial statements in conformity with U.S. 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 provision, inventory valuation, government grants, accrued warranty obligations, fair value of investments, convertible notes, 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 logistic constraints. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company filed audited consolidated financial statements, which included all information and notes necessary for such a complete presentation in conjunction with its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 9, 2024 (the “Form 10‑K”). Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in Note 2, “Summary of Significant Accounting Policies” of the notes to consolidated financial statements included in Part II, Item 8 of the Form 10-K. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“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 ASU 2023-07, 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 plans to adopt ASU 2023-07 effective for the annual report on Form 10-K for the year ending December 31, 2024 and subsequent interim periods. Since ASU 2023-07 addresses only disclosures, the adoption of ASU 2023-07 is not expected to have a significant impact on its consolidated financial statements. Not Yet Effective 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. ASU 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.

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards, which includes shares purchased under the Company’s employee stock purchase plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“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 recorded 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 condensed consolidated statements of operations for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenues	$	2,948	$	2,708	$	10,860	$	9,775
Research and development	19,790		19,285		64,550		64,528
Sales and marketing	14,237		13,297		49,199		49,231
General and administrative	8,965		8,524		34,921		34,101

Total	$	45,940	$	43,814	$	159,530	$	157,635

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
RSUs and PSUs	$	44,727	$	42,241	$	154,834	$	151,050
Employee stock purchase plan	1,213		1,573		4,696		5,416
Post combination expense	—		—		—		1,169
Total	$	45,940	$	43,814	$	159,530	$	157,635

As of September 30, 2024, there was approximately $395.4 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 2.7 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, 2023	692	$	2.01

Exercised	(677)	1.77			$	81,938
Canceled	—	—
Outstanding at September 30, 2024	15	$	13.00	0.7	$	1,489
Vested and expected to vest at September 30, 2024	15	$	13.00	0.7	$	1,489
Exercisable at September 30, 2024	15	$	13.00	0.7	$	1,489

The following table summarizes information about stock options outstanding at September 30, 2024:


	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)

$2.76 —– $2.76	6	0.3	$	2.76	6	$	2.76
$2.80 —– $2.80	5	0.2	2.80		5	2.80
$2.90 —– $2.90	2	0.17	2.90		2	2.90
$64.17 —– $64.17	2	2.6	64.17		2	64.17
Total	15	0.7	$	13.00	15	$	13.00

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, 2023	2,332	$	177.64
Granted	1,262	102.41
Vested	(763)	175.92			$	91,574
Canceled	(265)	170.82
Outstanding at September 30, 2024	2,566	$	141.86	1.5	$	290,016
Expected to vest at September 30, 2024	2,566	$	141.86	1.5	$	290,008

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, 2023	396	$	235.99
Granted	724	127.06
Vested	(100)	214.91			$	12,958
Canceled	(120)	206.21
Outstanding at September 30, 2024	900	$	154.67	1.4	$	101,765
Expected to vest at September 30, 2024	900	$	154.67	1.4	$	101,765

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

2023 Restructuring Plan

In the fourth quarter of 2023, the Company implemented a 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 the fourth quarter of 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Employee Severance and Benefits	$	105	$	—	$	1,214	$	870
Contract Termination Charges	(8)		—		1,576		—
Asset Impairment	580		—		965		—
Total restructuring charges	$	677	$	—	$	3,755	$	870

The following table provides information regarding changes in the Company’s accrued restructuring balances for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,214		1,576		965		3,755
Cash payments	(1,715)		(2,073)		—		(3,788)
Non-cash settlement and other	(276)		(1,200)		(965)		(2,441)

Balance as of September 30, 2024	$	527	$	103	$	—	$	630

STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense Associated with Each Type of Award (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 45,940	$ 43,814	$ 159,530	$ 157,635
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	44,727	42,241	154,834	151,050
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,213	1,573	4,696	5,416
Post combination expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0	$ 0	$ 0	$ 1,169

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares) \| shares	692
Exercised (in shares) \| shares	(677)
Canceled (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	15
Shares outstanding, vested and expected to vest (in shares) \| shares	15
Shares outstanding, exercisable (in shares) \| shares	15
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (in usd per share)	$ 2.01
Exercised (in usd per share)	1.77
Canceled (in usd per share)	0
Outstanding, ending balance (in usd per share)	13.00
Weighted-average exercise price, vested and expected to vest (in usd per share)	13.00
Weighted-average exercise price, exercisable (in usd per share)	$ 13.00
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 \| $	$ 81,938
Outstanding \| $	1,489
Vested and expected to vest \| $	1,489
Exercisable \| $	$ 1,489
Share price (in usd per share)	$ 113.02

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Summary of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,622,744	$ 1,541,584
Gross Unrealized Gains	6,096	1,863
Gross Unrealized Losses	(382)	(2,218)
Fair Value	1,628,458	1,541,229
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	118,159	134,943
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,510,299	1,406,286
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	94,245	132,037
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	94,245	132,037
Money market funds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	94,245	132,037
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	26,356	55,863
Gross Unrealized Gains	19	58
Gross Unrealized Losses	0	(9)
Fair Value	26,375	55,912
Certificates of deposit \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	750
Certificates of deposit \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	26,375	55,162
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	77,139	71,427
Gross Unrealized Gains	101	29
Gross Unrealized Losses	(1)	(19)
Fair Value	77,239	71,437
Commercial paper \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	23,914	1,694
Commercial paper \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	53,325	69,743
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	456,985	406,093
Gross Unrealized Gains	2,807	934
Gross Unrealized Losses	(145)	(931)
Fair Value	459,647	406,096
Corporate notes and bonds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	462
Corporate notes and bonds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	459,647	405,634
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	222,450	327,773
Gross Unrealized Gains	151	152
Gross Unrealized Losses	(16)	(34)
Fair Value	222,585	327,891
U.S. Treasuries \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
U.S. Treasuries \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	222,585	327,891
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	745,569	548,391
Gross Unrealized Gains	3,018	690
Gross Unrealized Losses	(220)	(1,225)
Fair Value	748,367	547,856
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	$ 748,367	$ 547,856

STOCK-BASED COMPENSATION - Summary of Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Aggregate Intrinsic Value
Share price (in usd per share)	$ 113.02
Restricted stock units
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	2,332
Granted (in shares)	1,262
Vested (in shares)	(763)
Canceled (in shares)	(265)
Outstanding, ending balance (in shares)	2,566
Number of shares outstanding, expected to vest (in shares)	2,566
Weighted- Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 177.64
Granted (in usd per share)	102.41
Vested (in usd per share)	175.92
Canceled (in usd per share)	170.82
Outstanding, ending balance (in usd per share)	141.86
Weighted-average fair value per share at grant date, expected to vest (in usd per share)	$ 141.86
Weighted- Average Remaining Contractual Term
Outstanding	1 year 6 months
Expected to vest	1 year 6 months
Aggregate Intrinsic Value
Outstanding	$ 290,016
Vested	91,574
Aggregate intrinsic value, expected to vest	$ 290,008

NET INCOME PER SHARE - Summary of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	13,022	8,842	16,759	6,050
Employee stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,330	1,533	1,396	1,067
Notes due \| Notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	2,018	0
Notes due \| Notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	2,057	0
Notes due \| Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,253	0	1,253	0
Warrants \| Notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,170	3,620	4,970	2,468
Warrants \| Notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,269	3,689	5,065	2,515

OTHER FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Inventory

Inventory consists of the following:



	September 30, 2024		December 31, 2023

	(In thousands)
Raw materials	$	26,369	$	30,849
Finished goods	132,468		182,746
Total inventory	$	158,837	$	213,595

Summary of Accrued Liabilities

Accrued liabilities consist of the following:


	September 30, 2024		December 31, 2023

	(In thousands)
Customer rebates and sales incentives	$	74,798	$	158,338
Liability due to supply agreements	47,544		32,973
Freight	10,252		19,262
Salaries, commissions, incentive compensation and benefits	12,072		10,316
Income tax payable	2,187		8,531
Operating lease liabilities, current	6,320		5,220
VAT payable	4,201		3,243





Liabilities related to restructuring accruals	630		3,104
Other	31,815		20,932
Total accrued liabilities	$	189,819	$	261,919

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Contractual maturities, Due within one year, Amortized Cost	$ 1,108,638
Contractual maturities, Due within one year, Fair Value	1,110,185
Contractual maturities, Due within one to three years, Amortized Cost	514,106
Contractual maturities, Due within one to three years, Fair Value	518,273
Amortized Cost	1,622,744	$ 1,541,584
Fair Value	$ 1,628,458	$ 1,541,229

OTHER FINANCIAL INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Customer rebates and sales incentives	$ 74,798	$ 158,338
Liability due to supply agreements	47,544	32,973
Freight	10,252	19,262
Salaries, commissions, incentive compensation and benefits	12,072	10,316
Income tax payable	2,187	8,531
Operating lease liabilities, current	6,320	5,220
VAT payable	4,201	3,243
Liabilities related to restructuring accruals	630	3,104
Other	31,815	20,932
Total accrued liabilities	$ 189,819	$ 261,919

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Marketable securities, income tax provision	$ 2,286	$ 293	$ 1,517	$ 1,179

REVENUE RECOGNITION - Summary of Significant Changes in the Balances of Contract Liabilities and Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Contract Assets
Balance, beginning of period	$ 164,431
Amount recognized	(32,336)
Increased due to billings	27,944
Balance, end of period	160,039
Contract Liabilities
Balance, beginning of period	487,472
Revenue recognized	(93,265)
Increased due to billings	89,559
Balance, end of period	$ 483,766

DEBT - Convertible Senior Notes due in 2026 Narrative (Details) $ / shares in Units, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 12, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding		$ 1,300,192,000	$ 1,293,738,000
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
Principal amount outstanding		629,690,000	628,183,000
Unamortized debt issuance costs		$ 2,810,000	$ 4,317,000
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
Convertible Notes \| Notes due 2026 \| Period One
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%
Convertible Notes \| Notes due 2026 \| Period Two
Debt Instrument [Line Items]
Threshold percentage	100.00%
Number of consecutive trading days \| tradingDay	5
Business day period after measurement period	5 days

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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in discount rate	$ 0	$ 2,811	$ 759	$ 34,608
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	150,193	150,540	161,793	106,489
Accruals for warranties issued during period	7,752	12,485	20,251	44,854
Changes in estimates	2,161	(2,561)	(12,307)	(14,241)
Settlements	(4,707)	(5,514)	(17,043)	(19,527)
Increase due to accretion expense	2,649	3,157	8,244	10,609
Change in discount rate	0	2,811	759	34,608
Other	(1,328)	(2,028)	(4,977)	(3,902)
Balance at end of period	$ 156,720	$ 158,890	$ 156,720	$ 158,890

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Restructuring And Asset Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 677	$ 0	$ 3,755	$ 870
Employee Severance and Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	105	0	1,214	870
Contract Termination Charges
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	(8)	0	1,576	0
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 580	$ 0	$ 965	$ 0

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.

Goodwill and Intangible Assets Disclosure [Abstract]

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period (in shares)	434,947	846,648	1,659,578	2,101,122
Average cost, shares repurchased (in usd per share)	$ 114.48	$ 129.92	$ 115.51	$ 147.54
Repurchase of common stock	$ 49.8	$ 110.0	$ 191.7	$ 310.0
Treasury shares retired (in shares)		420,957		420,957
2023 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase program, shares authorized (in shares)					$ 1,000.0
Repurchase program, remaining stock authorized for repurchase	$ 598.3		$ 598.3

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill as of September 30, 2024 and December 31, 2023 was as follows:


Goodwill	September 30, 2024		December 31, 2023

	(In thousands)
Goodwill, beginning of period	$	214,562	$	213,559

Currency translation adjustment	(270)		1,003
Goodwill, end of period	$	214,292	$	214,562

The Company’s purchased intangible assets as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024				December 31, 2023
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization		Impairment		Net

	(In thousands)


Intangible assets:
Other indefinite-lived intangibles	$	286	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	51,054		(34,118)			16,936		51,044		(27,093)		—		23,951
Customer relationships	51,306		(34,248)			17,058		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(20,828)			16,872		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(89,194)		$	51,152	$	144,136	$	(71,793)	$	(3,807)	$	68,536

During the nine months ended September 30, 2024, intangible assets 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Developed technology	$	2,100	$	2,456	$	7,025	$	7,366
Customer relationships	1,578		2,456		4,721		7,364
Trade names	1,885		1,885		5,655		5,655

Total amortization expense	$	5,563	$	6,797	$	17,401	$	20,385

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.

Finite-lived intangible assets are tested for impairment whenever an event occurs or circumstances indicate that the carrying amount of an asset (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. As of September 30, 2024, the balance of customer intangible relationship assets is $17.1 million, which includes $7.6 million related to one customer that filed for Chapter 11 bankruptcy during the three months ended September 30, 2024. Management has evaluated that the carrying amount of that asset as of September 30, 2024 is recoverable and will continue to evaluate the impacts on its financial statements as more information is publicly available.

The expected future amortization expense of intangible assets as of September 30, 2024 is presented below:


	September 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining three months)	$	5,373
2025	21,479
2026	19,190
2027	4,824


Total	$	50,866

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2024

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Primary geographical markets:
United States	$	284,033	$	350,447	$	632,719	$	1,240,990




International	96,840		200,635		314,951		747,226
Total	$	380,873	$	551,082	$	947,670	$	1,988,216

Timing of revenue recognition:
Products delivered at a point in time	$	348,669	$	522,419	$	854,406	$	1,908,193
Products and services delivered over time	32,204		28,663		93,264		80,023
Total	$	380,873	$	551,082	$	947,670	$	1,988,216

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

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


	September 30, 2024		December 31, 2023

	(In thousands)
Accounts receivables	$	232,225	$	445,959

Short-term contract assets (Prepaid expenses and other assets)	42,582		40,241
Long-term contract assets (Other assets)	117,457		124,190


Short-term contract liabilities (Deferred revenues, current)	129,556		118,300
Long-term contract liabilities (Deferred revenues, non-current)	354,210		369,172

Significant changes in the balances of contract assets (prepaid expenses and other assets) as of September 30, 2024 are as follows (in thousands):


Contract Assets
Contract Assets, beginning of period	$	164,431
Amount recognized	(32,336)
Increased due to billings	27,944
Contract Assets, end of period	$	160,039

Significant changes in the balances of contract liabilities (deferred revenues) as of September 30, 2024 are as follows (in thousands):


Contract Liabilities
Contract Liabilities, beginning of period	$	487,472
Revenue recognized	(93,265)

Increased due to billings	89,559

Contract Liabilities, end of period	$	483,766

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:


	September 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining three months)	$	35,112
2025	124,071
2026	106,829
2027	87,140
2028	65,775
Thereafter	64,839
Total	$	483,766

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 5,563	$ 6,797	$ 17,401	$ 20,385
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	2,100	2,456	7,025	7,366
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	1,578	2,456	4,721	7,364
Trade names
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 1,885	$ 1,885	$ 5,655	$ 5,655

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.

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,106,623
Entity Central Index Key	0001463101
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3

GOODWILL AND INTANGIBLE ASSETS - Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining three months)	$ 5,373
2025	21,479
2026	19,190
2027	4,824
Total	$ 50,866

REVENUE RECOGNITION - Narrative (Details) - USD ($)	9 Months Ended
REVENUE RECOGNITION - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, allowance	$ 6,213,000	$ 2,502,000
Contract asset impairment charges	0
One Customer
Disaggregation of Revenue [Line Items]
Accounts receivable, allowance	$ 4,800,000

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.

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Components of Lease

The components of lease expense are presented as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Operating lease costs	$	2,845	$	2,699	$	8,167	$	7,707

The components of lease liabilities are presented as follows:


	September 30, 2024		December 31, 2023

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	6,320	$	5,220
Operating lease liabilities, non-current (Other liabilities)	25,730		18,802
Total operating lease liabilities	$	32,050	$	24,022

Supplemental lease information:
Weighted average remaining lease term	6.2 years		5.8 years
Weighted average discount rate	6.8%		7.0%

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,015	$	1,852	$	5,619	$	5,342

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$	10,337	$	637	$	12,687	$	5,005

Summary of Future Minimum Rental Payments for Operating Leases

Undiscounted cash flows of operating lease liabilities as of September 30, 2024 were as follows:


	Lease Amounts
	(In thousands)
Year:
2024 (remaining three months)	$	2,055
2025	7,941
2026	7,401
2027	4,993
2028	3,988
Thereafter	13,297
Total lease payments	39,675
Less: imputed lease interest	(7,625)
Total lease liabilities	$	32,050

DEBT - Schedule of Interest Cost Recognized In Statements Of Operations (Details) - Convertible Notes - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Notes due 2028
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 0	$ 0	$ 0
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	327	327	979	970
Total interest cost recognized	327	327	979	970
Notes due 2026
Debt Instrument [Line Items]
Contractual interest expense	0	0	0	0
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	502	502	1,507	1,489
Total interest cost recognized	502	502	1,507	1,489
Notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	64	64	192	192
Amortization of debt discount	1,222	1,161	3,604	3,410
Amortization of debt issuance costs	122	122	371	363
Total interest cost recognized	1,408	1,347	4,167	3,965
Notes due 2023
Debt Instrument [Line Items]
Contractual interest expense	0	17	0	117
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	0	3	0	23
Total interest cost recognized	$ 0	$ 20	$ 0	$ 140

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024						December 31, 2023

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	94,245	$	—	$	—	$	132,037	$	—	$	—
Certificates of deposit	—				—		—		750		—
Commercial paper	—		23,914		—		—		1,694		—
Corporate notes and bonds			—		—		—		462		—

Marketable securities:
Certificates of deposit	—		26,375		—		—		55,162		—
Commercial paper	—		53,325		—		—		69,743		—
Corporate notes and bonds	—		459,647		—		—		405,634		—
U.S. Treasuries	—		222,585		—		—		327,891		—
U.S. Government agency securities	—		748,367		—		—		547,856		—

Other assets:
Investments in debt securities	—		—		61,137		—		—		79,855

Total assets measured at fair value	$	94,245	$	1,534,213	$	61,137	$	132,037	$	1,409,192	$	79,855

Liabilities:


Warranty obligations:
Current	$	—	$	—	$	26,087	$	—	$	—	$	28,667
Non-current	—		—		130,633		—		—		133,126
Total warranty obligations measured at fair value	—		—		156,720		—		—		161,793
Total liabilities measured at fair value	$	—	$	—	$	156,720	$	—	$	—	$	161,793

Notes due 2028, Notes due 2026 and Notes due 2025

The Company carries the Notes due 2028 (as defined in Note 9, “Debt”) and Notes due 2026 (as defined in Note 9, “Debt”) at face value less unamortized debt issuance costs on its condensed consolidated balance sheets. The Company carries the Notes due 2025 (as defined in Note 9, “Debt”) at face value less unamortized debt discount and issuance costs on its condensed consolidated balance sheets. As of September 30, 2024, the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 was $491.9 million, $588.5 million and $147.1 million, respectively. The fair value as of September 30, 2024 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.

Equity investments without readily determinable fair value

The Company had previously invested $6.0 million in a privately-held company without readily determinable fair value, which is included in “Other assets” in the condensed consolidated balance sheet as of December 31, 2023. During the nine months ended September 30, 2024, the Company determined that the carrying value of the investment was not recoverable. Accordingly, the Company recorded an impairment charge of $6.0 million within “Other income, net” on the condensed consolidated statement of operations for the nine months September 30, 2024.

Investments in debt securities

The Company had previously taken a non-voting participating interest of approximately $15.0 million in a loan held by a privately-held company, which is included in “Other assets” in the condensed consolidated balance sheet as of December 31, 2023. As of September 30, 2024, the Company accreted interest of approximately $2.0 million in “Other income (expense), net” in the condensed consolidated statement of operations. The Company determined that the carrying value of the investment was not recoverable as the privately-held company filed for Chapter 11 bankruptcy during the three months ended September 30, 2024. Accordingly, the Company recorded an impairment charge of $17.0 million within “Other income, net” on the condensed consolidated statement of operations for the three and nine months ended September 30, 2024.

Investment in debt securities is recorded in “Other assets” on the accompanying condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The changes in the balance in investments in debt securities during the period were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Balance at beginning of period	$	78,866	$	60,275	$	79,855	$	56,777
Investment	—		15,000		—		15,000
Fair value adjustments included in other income, net	(741)		1,910		(1,730)		5,408
Impairment	(16,988)		—		(16,988)		—
Balance at end of period	$	61,137	$	77,185	$	61,137	$	77,185

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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Balance at beginning of period	$	150,193	$	150,540	$	161,793	$	106,489
Accruals for warranties issued during period	7,752		12,485		20,251		44,854
Changes in estimates	2,161		(2,561)		(12,307)		(14,241)
Settlements	(4,707)		(5,514)		(17,043)		(19,527)
Increase due to accretion expense	2,649		3,157		8,244		10,609
Change in discount rate	—		2,811		759		34,608
Other	(1,328)		(2,028)		(4,977)		(3,902)
Balance at end of period	$	156,720	$	158,890	$	156,720	$	158,890

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

September 30,
2024

December 31,
2023

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17%

Credit-adjusted risk-free rate

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 three and nine months ended September 30, 2023, contributing to the $2.8 million and $34.6 million change in warranty expense, respectively, 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 $1.1 million increase to the liability. Decreasing the profit element and risk premium by 100 basis points would result in a $1.1 million reduction of the liability. Increasing the discount rate by 100 basis points would result in a $10.8 million decrease to the liability. Decreasing the discount rate by 100 basis points would result in a $12.2 million increase to the liability.

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.

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Goodwill and Intangible Assets Disclosure [Abstract]

WARRANTY OBLIGATIONS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
WARRANTY OBLIGATIONS - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) country	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ 4,584	$ (1,983)	$ (8,052)	$ (8,618)
Product warranty, product warranty replacements, number of countries \| country	9
Microinverter
Product Warranty Liability [Line Items]
Product warranty, term	20 years		20 years
IQ Battery \| Minimum
Product Warranty Liability [Line Items]
Product warranty, term				10 years
IQ Battery \| Maximum
Product Warranty Liability [Line Items]
Product warranty, term				15 years
Defects In Materials
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ 8,400	6,000	$ 10,200	$ 11,900
Change In Warranty Period
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	500		500	6,100
Product Replacement Costs Related To IQ Battery
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ (4,300)	(9,200)	(15,500)	(29,700)
Field Performance Data And Diagnostic Root-Cause Failure Analysis To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		700	1,100	4,700
Product Replacement Costs Related To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		$ 500		$ (1,600)
Field Performance Data And Diagnostic Root-Cause Failure Analysis For IQ Battery
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)			$ (4,400)

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Goodwill

The Company’s goodwill as of September 30, 2024 and December 31, 2023 was as follows:


Goodwill	September 30, 2024		December 31, 2023

	(In thousands)
Goodwill, beginning of period	$	214,562	$	213,559

Currency translation adjustment	(270)		1,003
Goodwill, end of period	$	214,292	$	214,562

Summary of Acquired Indefinite-lived Intangible Assets by Major Class

The Company’s purchased intangible assets as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024				December 31, 2023
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization		Impairment		Net

	(In thousands)


Intangible assets:
Other indefinite-lived intangibles	$	286	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	51,054		(34,118)			16,936		51,044		(27,093)		—		23,951
Customer relationships	51,306		(34,248)			17,058		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(20,828)			16,872		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(89,194)		$	51,152	$	144,136	$	(71,793)	$	(3,807)	$	68,536

Summary of Acquired Finite-Lived Intangible Assets by Major Class

The Company’s purchased intangible assets as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024				December 31, 2023
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization		Impairment		Net

	(In thousands)


Intangible assets:
Other indefinite-lived intangibles	$	286	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	51,054		(34,118)			16,936		51,044		(27,093)		—		23,951
Customer relationships	51,306		(34,248)			17,058		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(20,828)			16,872		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(89,194)		$	51,152	$	144,136	$	(71,793)	$	(3,807)	$	68,536

Summary of Amortization Expense

Amortization expense related to finite-lived intangible assets were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Developed technology	$	2,100	$	2,456	$	7,025	$	7,366
Customer relationships	1,578		2,456		4,721		7,364
Trade names	1,885		1,885		5,655		5,655

Total amortization expense	$	5,563	$	6,797	$	17,401	$	20,385

The expected future amortization expense of intangible assets as of September 30, 2024 is presented below:


	September 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining three months)	$	5,373
2025	21,479
2026	19,190
2027	4,824


Total	$	50,866

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

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 45,762	$ 113,953	$ 40,498	$ 418,017
Other comprehensive income:
Foreign currency translation adjustments	4,356	(3,742)	698	(2,234)
Marketable securities
Change in net unrealized gain, net of income tax provision of $2,286 and $1,517 for the three and nine months ended September 30, 2024, respectively, and $293 and $1,179 for the three and nine months ended September 30, 2023, respectively.	6,858	832	4,553	3,354
Comprehensive income	$ 56,976	$ 111,043	$ 45,749	$ 419,137

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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

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Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

GOODWILL AND INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Other indefinite-lived intangibles	$ 286	$ 286
Intangible assets with finite lives:
Accumulated Amortization	(71,793)	(89,194)
Impairment	(3,807)
Net		50,866
Total purchased intangible assets, Gross	144,136	140,346
Total purchased intangible assets, Net	68,536	51,152
Developed technology
Intangible assets with finite lives:
Gross	51,044	51,054
Accumulated Amortization	(27,093)	(34,118)
Net	23,951	16,936
Customer relationships
Intangible assets with finite lives:
Gross	55,106	51,306
Accumulated Amortization	(29,527)	(34,248)
Impairment	(3,807)
Net	21,772	17,058
Trade names
Intangible assets with finite lives:
Gross	37,700	37,700
Accumulated Amortization	(15,173)	(20,828)
Net	$ 22,527	$ 16,872

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 45,762	$ 113,953	$ 40,498	$ 418,017

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