0001463101-25-000024 | 10-K | XBRL Viewer

SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2024

The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The Company has one business activity, which entails the design, development, manufacture and sale of solutions for the solar PV industry. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The accounting policies related to operating and reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies”. The primary measure of segment profit or loss is consolidated net income as presented below and is used the by CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
Net revenues	$	1,330,383	$	2,290,786	$	2,330,853
Less:
Other cost of revenues(1)	798,425		1,253,328		1,336,837
Income-based government grants	(157,538)		(53,470)		—
Incremental cost for manufacturing in the United States(2)	38,351		11,603		—
Stock-based compensation expense	211,360		212,857		216,802
Acquisition related amortization	20,380		22,897		22,845
Other restructuring and asset impairment charges(3)	12,887		15,684		2,384
Other research and development(4)	115,814		138,969		99,764
Other sales and marketing(5)	128,549		150,772		119,762
Other general and administrative(6)	84,863		92,405		84,198
Income from operations	77,292		445,741		448,261
Total other income, net	42,867		67,398		3,787
Income from income taxes	120,159		513,139		452,048
Income tax provision	(17,501)		(74,203)		(54,686)
Net Income	$	102,658	$	438,936	$	397,362

(1) Represents consolidated cost of revenue, excluding stock-based compensation, acquisition related amortization, income-based government grants and incremental costs for manufacturing in the United States.

(2) Represents the incremental manufacturing cost incurred in the U.S. relative to manufacturing in India. This is calculated based on the difference in product cost for manufacturing the product in the U.S. as compared to India for the same or

similar products. It also includes the portion of the income-based government grants earned that the Company remits to its contract manufacturers.

(3) Represents consolidated restructuring and asset impairment charges, excluding stock-based compensation.

(4) Represents consolidated research and development, excluding stock-based compensation.

(5) Represents consolidated sales and marketing, excluding stock-based compensation and acquisition related amortization.

(6) Represents consolidated general and administrative, excluding stock-based compensation.

See Note 3. “Revenue Recognition,” for the table presenting net revenues (based on the destination of shipments). The following table presents long-lived assets by geographic region as of the periods presented:

Long-Lived Assets


	December 31,
	2024		2023

	(In thousands)
United States	$	103,823	$	107,448
India	18,153		22,978
China	11,619		12,883
New Zealand	6,775		8,959
Mexico	4,418		6,028
Romania	—		5,280
Others	2,726		4,668
Total	$	147,514	$	168,244

The segment assets are not reviewed by the CODM at a different asset level or category and is reviewed at the consolidated level.

- Definition

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

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+ Details

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Debt Securities, Available-for-sale

The cash equivalents, restricted cash and marketable securities consist of the following:


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash

	(In thousands)
Money market funds	$	191,410	$	—	$	—	$	191,410	$	191,410	$	—	$	—
Certificates of deposit	125,087		13		(8)		125,092		—		30,092		95,000
Commercial paper	30,681		40		(8)		30,713		—		30,713		—
Corporate notes and bonds	449,612		1,115		(1,157)		449,570		—		449,570		—
U.S. Treasuries	111,606		42		(36)		111,612		—		111,612		—
U.S. Government agency securities	631,389		1,241		(1,137)		631,493		—		631,493		—
Total	$	1,539,785	$	2,451	$	(2,346)	$	1,539,890	$	191,410	$	1,253,480	$	95,000


	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

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s cash equivalents, restricted cash and marketable securities as of December 31, 2024:


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	1,095,355	$	1,096,565
Due within one to three years	444,430		443,325
Total	$	1,539,785	$	1,539,890

- Definition

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

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+ Details

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 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 (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
Primary geographical markets:
United States		$	934,690	$	1,469,108	$	1,761,846




International (1)		395,693		821,678		569,007
Total		$	1,330,383	$	2,290,786	$	2,330,853

Timing of revenue recognition:
Products delivered at a point in time		$	1,204,367	$	2,181,099	$	2,253,645
Products and services delivered over time		126,016		109,687		77,208
Total		$	1,330,383	$	2,290,786	$	2,330,853

(1) Our revenues generated from France has represented 10.6%, less than 10% and less than 10% of our net revenues for the years ended December 31, 2024, 2023 and 2022, respectively. Our net revenues generated from the Netherlands has represented less than 10%, 15.3%, and less than 10% of our net revenues for the years ended December 31, 2024, 2023 and 2022, respectively.

Contract Balances

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


	December 31, 2024		December 31, 2023

	(In thousands)
Accounts receivables	$	223,749	$	445,959

Short-term contract assets (Prepaid expenses and other current assets)	42,001		40,241
Long-term contract assets (Other assets)	110,954		124,190


Short-term contract liabilities (Deferred revenues, current)	237,225		118,300
Long-term contract liabilities (Deferred revenues, non-current)	341,982		369,172

The Company receives payments from customers based upon contractual payment terms. 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.

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 year ended December 31, 2024.

Significant changes in the balances of contract assets (prepaid expenses and other current assets) as of December 31, 2024 are as follows (in thousands):


Contract Assets
Contract Assets, beginning of period	$	164,431
Amount recognized	(48,837)
Increased due to billings	37,361
Contract Assets, end of period	$	152,955

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

For the year ended December 31, 2024, contract liabilities included $110.3 million of cash prepayments from its customers for products to be delivered in 2025, which represents the amount equal to the aggregate purchase price of the executed sales agreements.

contract liabilities (deferred revenues) as of December 31, 2024 are as follows (in thousands):


Contract Liabilities
Contract Liabilities, beginning of period	$	487,472
Revenue recognized	(126,015)

Increased due to billings	107,477
Increased due to customer deposits	110,273
Contract Liabilities, end of period	$	579,207

Remaining Performance Obligations

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


	December 31, 2024
	(In thousands)
Fiscal year:
2025	$	237,207
2026	109,619
2027	89,633
2028	68,480
2029	44,332
Thereafter	29,936
Total	$	579,207

- Definition

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

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+ Details

SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 147,514	$ 168,244
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	103,823	107,448
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	18,153	22,978
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	11,619	12,883
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	6,775	8,959
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	4,418	6,028
Romania
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	0	5,280
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,726	$ 4,668

COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2024	Feb. 03, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35480
Entity Registrant Name	Enphase Energy, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	20-4645388
Entity Address, Address Line One	47281 Bayside Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	707
Local Phone Number	774-7000
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	ENPH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 9.9
Entity Common Stock, Shares Outstanding		132,470,505
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K
Entity Central Index Key	0001463101
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

WARRANTY OBLIGATIONS - Narrative (Details) $ in Thousands	12 Months Ended
WARRANTY OBLIGATIONS - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) country	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ 1,082	$ (19,176)	$ 29,275
Product warranty, product warranty replacements, number of countries \| country	9
Microinverter
Product Warranty Liability [Line Items]
Product warranty, term	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)	$ 10,200
Field Performance Data And Diagnostic Root-Cause Failure Analysis To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	6,000
Product Replacement Costs To Freight Costs
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	5,800
Change In Warranty Period
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	500	$ 8,300
Product Replacement Costs Related To IQ Battery
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	(17,000)	(27,300)
Field Performance Data And Diagnostic Root-Cause Failure Analysis For IQ Battery
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ (4,400)
Product Replacement Costs Related To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		(8,800)
Defects In Materials And Field Performance Data And Diagnostic Root-Cause Failure Analysis To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		$ 8,600
Field Performance Data And Diagnostic Root-Cause Failure Analysis For IQ Battery And Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)			18,300
Expedited Freight Costs And Replacement Costs
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)			7,000
Increased Labor Reimbursement Costs
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)			$ 4,000

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangibles	$ 286	$ 286
Intangible assets with finite lives:
Accumulated Amortization	(94,420)	(71,793)
Impairment	(3,528)	(3,807)	$ 0
Net	42,112
Total purchased intangible assets, gross	140,346	144,136
Total purchased intangible assets, net	$ 42,398	$ 68,536
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Charges	Charges
Developed technology
Intangible assets with finite lives:
Gross	$ 51,054	$ 51,044
Accumulated Amortization	(35,903)	(27,093)
Impairment	(3,351)	0
Net	11,800	23,951
Customer relationships
Intangible assets with finite lives:
Gross	51,306	55,106
Accumulated Amortization	(35,804)	(29,527)
Impairment	(177)	(3,807)
Net	15,325	21,772
Trade names
Intangible assets with finite lives:
Gross	37,700	37,700
Accumulated Amortization	(22,713)	(15,173)
Impairment	0	0
Net	$ 14,987	$ 22,527

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 7,788	$ 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)	132,448	135,722
Common stock, shares outstanding (in shares)	132,448	135,722

BUSINESS COMBINATIONS - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 10, 2022	Mar. 14, 2022
Business Acquisition [Line Items]
Goodwill	$ 211,571	$ 214,562	$ 213,559
GreenCom
Business Acquisition [Line Items]
Net tangible liabilities acquired				$ (118)
Intangible assets				13,900
Deferred tax asset, net				4,578
Goodwill				16,536
Net assets acquired				$ 34,896
SolarLeadFactory
Business Acquisition [Line Items]
Net tangible assets acquired					$ 2,239
Intangible assets					11,200
Goodwill					12,612
Net assets acquired					$ 26,051

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

Restructuring and asset impairment charges consist of the following:


	Years Ended December 31,
		2024		2023

		(In thousands)
Employee severance and benefits		$	6,380	$	2,155
Contract termination charges		1,991		3,700
Asset impairment		4,783		9,829
Total restructuring and asset impairment charges		$	13,154	$	15,684

The following table presents the details of the Company’s restructuring and asset impairment charges under the 2023 Restructuring Plan for the years ended December 31, 2024 and 2023:


	Years Ended December 31,
		2024		2023

		(In thousands)
Employee severance and benefits		$	1,219	$	1,374
Contract termination charges		1,225		3,700
Asset impairment		881		9,829
Total restructuring and asset impairment charges		$	3,325	$	14,903

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2023 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)
Balance as of December 31, 2022	$	—	$	—	$	—	$	—
Charges	1,374		3,700		9,829		14,903
Cash payments	(70)		(1,900)		—		(1,970)
Non-cash settlement and other	—		—		(9,829)		(9,829)
Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,219		1,225		881		3,325
Cash payments	(1,955)		(2,132)		—		(4,087)
Non-cash settlement and other	(292)		(893)		(881)		(2,066)

Balance as of December 31, 2024	$	276	$	—	$	—	$	276

The following table presents the details of the Company’s restructuring and asset impairment charges under the 2024 Restructuring Plan for the year ended December 31, 2024:


	Year Ended December 31,
		2024

		(In thousands)
Employee severance and benefits		$	5,161
Contract termination charges		766
Asset impairment		3,902
Total restructuring and asset impairment charges		$	9,829

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2024 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	—	$	—	$	—	$	—
Charges	5,161		766		3,902		9,829
Cash payments	(2,941)		—		—		(2,941)
Non-cash settlement and other	—		—		(3,902)		(3,902)
Balance as of December 31, 2024	$	2,220	$	766	$	—	$	2,986

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 11,047	$ 10,406

BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

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



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

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



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

Goodwill	12,612
Net assets acquired	$	26,051

Schedule of Intangible Assets Acquired

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


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

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


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

REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivables	$ 223,749	$ 445,959
Short-term contract assets (Prepaid expenses and other current assets)	42,001	40,241
Long-term contract assets (Other assets)	110,954	124,190
Short-term contract liabilities (Deferred revenues, current)	237,225	118,300
Long-term contract liabilities (Deferred revenues, non-current)	$ 341,982	$ 369,172

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Term of lease contract, maximum renewal term	12 years
Purchase obligation	$ 130.9

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease liabilities, current (Accrued liabilities)	$ 5,815	$ 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)	$ 23,044	$ 18,802
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 28,859	$ 24,022
Weighted average remaining lease term	5 years 10 months 24 days	5 years 9 months 18 days
Weighted average discount rate	6.70%	7.00%

DEBT - Convertible Senior Notes due in 2025 Narrative (Details)				1 Months Ended	12 Months Ended
	Jun. 05, 2024 USD ($) shares	Dec. 29, 2023 USD ($)	Mar. 09, 2020 USD ($) tradingDay $ / shares shares	Feb. 29, 2024 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding					$ 1,302,380,000	$ 1,293,738,000
Debt, current					101,291,000	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					$ 101,291,000	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					$ 803,000	$ 5,644,000
Remaining discount amortization period					2 months 12 days
Conversion shares (in shares) \| shares			3,900,000
Payment for bonds hedge			$ 89,100,000
Warrants issued, strike price (in USD per share) \| $ / shares			$ 106.94
Proceeds from sale of warrants			$ 71,600,000
Convertible notes hedge 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 (as a percent)			98.00%

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following:



	December 31, 2024		December 31, 2023

	(In thousands)
Raw materials	$	38,740	$	30,849
Finished goods	126,264		182,746
Total inventory	$	165,004	$	213,595

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consist of the following:


	Estimated Useful Life	December 31,
		2024		2023

	(Years)	(In thousands)
Equipment and machinery	3-10	$	207,300	$	186,298
Furniture and fixtures	5-10	3,341		3,222
Computer equipment	3-5	7,241		7,744
Capitalized software costs	3-5	74,558		61,577
Building and leasehold improvements	3-10	19,047		17,058

Construction in process		19,305		29,752
Total		330,792		305,651
Less: accumulated depreciation and amortization		(183,278)		(137,407)
Property and equipment, net		$	147,514	$	168,244

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 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:


	December 31, 2024						December 31, 2023

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash, cash equivalents and restricted cash:
Money market funds	$	191,410	$	—	$	—	$	132,037	$	—	$	—
Certificates of deposit	95,000		—		—		—		750		—
Commercial paper	—		—		—		—		1,694		—
Corporate notes and bonds			—		—		—		462		—

Marketable securities:
Certificates of deposit	—		30,092		—		—		55,162		—
Commercial paper	—		30,713		—		—		69,743		—
Corporate notes and bonds	—		449,570		—		—		405,634		—
U.S. Treasuries	—		111,612		—		—		327,891		—
U.S. Government agency securities	—		631,493		—		—		547,856		—

Other assets:
Investments in debt securities	—		—		64,834		—		—		79,855

Total assets measured at fair value	$	286,410	$	1,253,480	$	64,834	$	132,037	$	1,409,192	$	79,855

Liabilities:


Warranty obligations:
Current	$	—	$	—	$	27,173	$	—	$	—	$	28,667
Non-current	—		—		143,743		—		—		133,126
Total warranty obligations measured at fair value	—		—		170,916		—		—		161,793
Total liabilities measured at fair value	$	—	$	—	$	170,916	$	—	$	—	$	161,793

Notes due 2028, Notes due 2026 and Notes due 2025

The Company carries the Notes due 2028 (as defined in Note 13, “Debt”) and Notes due 2026 (as defined in Note 13, “Debt”) at face value less unamortized debt issuance costs on its consolidated balance sheets. The Company carries the Notes due 2025 (as defined in Note 13, “Debt”) at face value less unamortized debt discount and issuance costs on its consolidated balance sheets. As of December 31, 2024, the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 was $472.9 million, $593.8 million and $106.1 million, respectively. The fair value as of December 31, 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 a readily determinable fair value, which is included in “Other assets” in the consolidated balance sheet as of December 31, 2023. During the year ended December 31, 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 consolidated statement of operations for the year ended December 31, 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 consolidated balance sheet as of December 31, 2023. As of December 31, 2024, the Company accreted interest of approximately $2.0 million in “Other income (expense), net” in the 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 year ended December 31, 2024. Accordingly, the Company recorded an impairment charge of $17.0 million within “Other income, net” on the consolidated statement of operations for the year ended December 31, 2024.

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

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Balance at beginning of period		$	79,855	$	56,777
Investment		—		15,000
Fair value adjustments included in other income, net		1,967		8,078
Impairment		(16,988)		—
Balance at end of period		$	64,834	$	79,855

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.

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Balance at beginning of period		$	161,793	$	106,489
Accruals for warranties issued during period		27,500		51,716
Changes in estimates		625		(22,557)
Settlements		(21,789)		(26,022)
Increase due to accretion expense		11,010		13,821
Change in discount rate		(459)		44,422
Other		(7,764)		(6,076)
Balance at end of period		$	170,916	$	161,793

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

As of December 31, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows, of which the monetary impact for change in discount rate is captured in “Change in discount rate” in the table above:

Percent Used

(Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

December 31,
2024

December 31,
2023

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

16.8%

Credit-adjusted risk-free rate

7.2%

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 insignificantly declined during the year December 31, 2024 contributing to a $0.5 million warranty benefit, as compared to same period in 2023 when it improved contributing to the $44.4 million warranty expense, both captured in “Change in discount rate” in the table above. Under the expected present value technique, increasing the profit element and risk premium input by 100 basis points would result in a $1.2 million increase to the liability. Decreasing the profit element and risk premium by 100 basis points would result in a $1.2 million reduction to the liability. Increasing the discount rate by 100 basis points would result in a $11.6 million decrease to the liability. Decreasing the discount rate by 100 basis points would result in a $13.1 million increase to the liability.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	December 31, 2024		December 31, 2023

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

Less: unamortized debt issuance costs	(4,102)		(5,408)
Carrying amount of Notes due 2028	570,898		569,592

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(2,309)		(4,317)
Carrying amount of Notes due 2026	630,191		628,183

Notes due 2025	102,168		102,175

Less: unamortized debt discount	(803)		(5,644)
Less: unamortized debt issuance costs	(74)		(568)
Carrying amount of Notes due 2025	101,291		95,963












Total carrying amount of debt	1,302,380		1,293,738

Less: debt, current	(101,291)		—
Debt, non-current	$	1,201,089	$	1,293,738

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


	Years Ended December 31,
	2024						2023

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

	(In thousands)
Contractual interest expense	$	—	$	—	$	256		$	—	$	—	$	256	$	117
Amortization of debt discount	—		—		4,841			—		—		4,585		—
Amortization of debt issuance costs	1,308		2,006		490			1,297		1,990		486		23
Total interest cost recognized	$	1,308	$	2,006	$	5,587		$	1,297	$	1,990	$	5,327	$	140

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

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


Goodwill	December 31, 2024		December 31, 2023

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

Currency translation adjustment	(2,991)		1,003
Goodwill, end of period	$	211,571	$	214,562

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


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

	(In thousands)


Intangible assets:
Indefinite-lived intangibles	$	286	$	—	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	51,054		(35,903)		(3,351)			11,800		51,044		(27,093)		—		23,951
Customer relationships	51,306		(35,804)		(177)			15,325		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(22,713)		—			14,987		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(94,420)	$	(3,528)		$	42,398	$	144,136	$	(71,793)	$	(3,807)	$	68,536

During the year ended December 31, 2024, intangible assets decreased by less than $0.1 million due to the impact of foreign currency translation.

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Developed technology		$	8,780	$	9,832
Customer relationships		6,254		9,826
Trade-names		7,540		7,540

Total amortization expense		$	22,574	$	27,198

Amortization of developed technology is recorded to cost of revenues, amortization of customer relationships and trade-names are recorded to sales and marketing expense, and amortization of certain customer relationships is recorded as a reduction to revenue.

The expected future amortization expense of intangible assets as of December 31, 2024 is presented below:


	December 31, 2024
	(In thousands)
Fiscal year:
2025	$	19,960
2026	17,771
2027	4,381
2028	—


Total	$	42,112

During the years ended December 31, 2024 and 2023, the Company determined that a triggering event had occurred as a result of changes to the Company’s long-term projections and performed additional analysis on the valuation of the certain acquired intangible assets and concluded that the fair value was below its carrying amount. Accordingly, the Company recorded a $3.5 million impairment charge for the developed technology and customer relationships for the year ended December 31, 2024 and $3.8 million of impairment for customer relationship for the year ended December 31, 2023, in “Restructuring and asset impairment charges” in the consolidated statements of operations.

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

Acquisition of GreenCom Networks AG (“GreenCom”)

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

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

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



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

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

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

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


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

The results of GreenCom have been included in the Company’s consolidated statement of operation since the acquisition date and are not material. Pro forma financial information has not been presented for the GreenCom acquisition as the impact to the Company’s consolidated financial statements was not material.

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

Acquisition of SolarLeadFactory, LLC. (“SolarLeadFactory”)

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

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

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



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

Goodwill	12,612
Net assets acquired	$	26,051

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

new content. Customer relationships relate to SolarLeadFactory’s ability to sell current and future offerings, as well as products built around the current offering, to its existing customers.

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


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

The results of SolarLeadFactory have been included in the Company’s consolidated statement of operations since the acquisition date and are not material. Pro forma financial information has not been presented for the SolarLeadFactory acquisition as the impact to the Company’s consolidated financial statements was not material.

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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

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


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
United States	$	80,903	$	465,463	$	417,636
Foreign	39,256		47,676		34,412
Income before income taxes	$	120,159	$	513,139	$	452,048

Schedule of Provision for Income Tax

The income tax provision the years presented is as follows:


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
Current:
Federal	$	61,256	$	96,151	$	34,499
State	6,319		13,937		9,719
Foreign	11,137		11,303		10,605
	78,712		121,391		54,823
Deferred:
Federal	(58,588)		(50,211)		(6,245)
State	(4,535)		1,287		3,803
Foreign	1,912		1,736		2,305
	(61,211)		(47,188)		(137)
Income tax provision	$	17,501	$	74,203	$	54,686

Schedule of Effective Income Tax Rate Reconciliation

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


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
Income tax provision at statutory federal rate	$	25,233	$	107,760	$	94,926
State taxes, net of federal benefit	7,406		18,107		9,980
Change in valuation allowance	1,973		—		—
Foreign tax rate and tax law differential	6,502		5,965		4,905
Tax credits	(7,598)		(29,229)		(19,864)
Non-taxable income related to Section 45X tax credits	(33,083)		(11,229)		—
Stock-based compensation	13,408		(13,969)		(45,551)
Other permanent items	335		(964)		4,149
Other nondeductible/nontaxable items	(219)		(73)		69
Uncertain tax positions	2,746		8,432		6,073
Foreign-derived intangible income deduction	(5,188)		(15,391)		(9,161)
GILTI and other foreign inclusions	9,101		—		—
Section 162(m)	4,618		5,445		9,291
Unremitted foreign earnings	1,654		1,829		1,837
Prior year changes in estimates	(9,387)		(2,480)		(1,968)
Income tax provision	$	17,501	$	74,203	$	54,686

Schedule of Deferred Tax Assets and Liabilities

A summary of significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 is as follows:


	December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
Allowances and reserves	$	56,819	$	53,066
Accrued liabilities	30,230		1,957
Net operating loss and tax credit carryforwards	17,945		23,267
Stock-based compensation	17,504		15,811
Deferred revenue	66,353		53,656
Fixed assets and intangibles	1,670		—

Convertible notes and related hedges	27,053		38,773
Capitalized research and development expense	104,002		83,098
Capitalized inventory	13,865		7,916
Other	8,496		5,441
Gross deferred tax assets	343,937		282,985
Less valuation allowance	(1,973)		—
Total deferred tax assets	341,964		282,985
Deferred tax liabilities:

Fixed assets and intangibles	—		(2,833)
Unremitted foreign earnings	(6,800)		(5,189)
Deferred cost of goods sold	(26,397)		(27,782)
Other	(208)		—
Total deferred tax liabilities	(33,405)		(35,804)
Net deferred tax asset	$	308,559	$	247,181

Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits

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


	Years Ended December 31,
	2024		2023		2022
Unrecognized tax benefits—at beginning of year	$	27,218	$	21,768	$	20,904
Decreases in balances related to tax positions taken in prior years	(702)		(417)		(4,786)

Increases in balances related to tax positions taken in current year	1,490		5,985		6,562
Settlements	—		—		(657)
Lapses in statutes of limitations	(346)		(118)		(255)
Unrecognized tax benefits—at end of year	$	27,660	$	27,218	$	21,768

Schedule of Valuation Allowance

The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are reduced.


	Years Ended December 31,
	2024		2023

	(In thousands)
Valuation allowance, beginning of period	$	—	$	—
Additions	1,973		—
Reversals	—		—
Valuation allowance, end of period	$	1,973	$	—

WARRANTY OBLIGATIONS - Schedule of Warranty Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in the Company's product warranty liability
Warranty obligations, beginning of period	$ 189,087	$ 131,446	$ 73,377
Accruals for warranties issued during period	27,544	51,866	48,703
Expense (benefit) from changes in estimates	1,082	(19,176)	29,275
Settlements	(27,611)	(27,216)	(26,257)
Increase due to accretion expense	11,010	13,821	9,631
Change in discount rate	(459)	44,422	(9,609)
Other	(7,764)	(6,076)	6,326
Warranty obligations, end of period	192,889	189,087	131,446
Less: warranty obligations, current	(34,656)	(36,066)	(35,556)
Warranty obligations, non-current	$ 158,233	$ 153,021	$ 95,890

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,539,785	$ 1,541,584
Gross Unrealized Gains	2,451	1,863
Gross Unrealized Losses	(2,346)	(2,218)
Fair Value	1,539,890	1,541,229
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	191,410	134,943
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,253,480	1,406,286
Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value	95,000
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	191,410	132,037
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	191,410	132,037
Money market funds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	191,410	132,037
Money market funds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Money market funds \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value	0
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	125,087	55,863
Gross Unrealized Gains	13	58
Gross Unrealized Losses	(8)	(9)
Fair Value	125,092	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	30,092	55,162
Certificates of deposit \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value	95,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30,681	71,427
Gross Unrealized Gains	40	29
Gross Unrealized Losses	(8)	(19)
Fair Value	30,713	71,437
Commercial paper \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	1,694
Commercial paper \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	30,713	69,743
Commercial paper \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value	0
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	449,612	406,093
Gross Unrealized Gains	1,115	934
Gross Unrealized Losses	(1,157)	(931)
Fair Value	449,570	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	449,570	405,634
Corporate notes and bonds \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value	0
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	111,606	327,773
Gross Unrealized Gains	42	152
Gross Unrealized Losses	(36)	(34)
Fair Value	111,612	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	111,612	327,891
U.S. Treasuries \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value	0
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	631,389	548,391
Gross Unrealized Gains	1,241	690
Gross Unrealized Losses	(1,137)	(1,225)
Fair Value	631,493	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	631,493	$ 547,856
U.S. Government agency securities \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 0

SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 214,562	$ 213,559
Currency translation adjustment	(2,991)	1,003
Goodwill, end of period	$ 211,571	$ 214,562

- Definition

+ References

+ Details

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Aggregate Intrinsic Value
Share price (in usd per share)	$ 68.68
Restricted stock units
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	2,332	2,253	2,786
Granted (in shares)	1,309	1,409	1,159
Vested (in shares)	(977)	(1,061)	(1,500)
Canceled (in shares)	(381)	(269)	(192)
Outstanding, ending balance (in shares)	2,283	2,332	2,253
Number of shares outstanding, expected to vest (in shares)	2,279
Weighted- Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 177.64	$ 181.01	$ 100.73
Granted (in usd per share)	101.53	154.63	228.88
Vested (in usd per share)	171.88	152.47	72.87
Canceled (in usd per share)	160.77	184.66	150.02
Outstanding, ending balance (in usd per share)	139.27	$ 177.64	$ 181.01
Weighted-average fair value per share at grant date, expected to vest (in usd per share)	$ 139.25
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	$ 156,758
Vested	107,116	$ 185,078	$ 321,274
Aggregate intrinsic value, expected to vest	$ 156,586

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


Goodwill	December 31, 2024		December 31, 2023

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

Currency translation adjustment	(2,991)		1,003
Goodwill, end of period	$	211,571	$	214,562

Schedule of Acquired Indefinite-lived Intangible Assets by Major Class

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


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

	(In thousands)


Intangible assets:
Indefinite-lived intangibles	$	286	$	—	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	51,054		(35,903)		(3,351)			11,800		51,044		(27,093)		—		23,951
Customer relationships	51,306		(35,804)		(177)			15,325		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(22,713)		—			14,987		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(94,420)	$	(3,528)		$	42,398	$	144,136	$	(71,793)	$	(3,807)	$	68,536

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

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


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

	(In thousands)


Intangible assets:
Indefinite-lived intangibles	$	286	$	—	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	51,054		(35,903)		(3,351)			11,800		51,044		(27,093)		—		23,951
Customer relationships	51,306		(35,804)		(177)			15,325		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(22,713)		—			14,987		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(94,420)	$	(3,528)		$	42,398	$	144,136	$	(71,793)	$	(3,807)	$	68,536

Schedule of Amortization Expense

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Developed technology		$	8,780	$	9,832
Customer relationships		6,254		9,826
Trade-names		7,540		7,540

Total amortization expense		$	22,574	$	27,198

The expected future amortization expense of intangible assets as of December 31, 2024 is presented below:


	December 31, 2024
	(In thousands)
Fiscal year:
2025	$	19,960
2026	17,771
2027	4,381
2028	—


Total	$	42,112

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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

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

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

+ Details

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

Restructuring and asset impairment charges consist of the following:


	Years Ended December 31,
		2024		2023

		(In thousands)
Employee severance and benefits		$	6,380	$	2,155
Contract termination charges		1,991		3,700
Asset impairment		4,783		9,829
Total restructuring and asset impairment charges		$	13,154	$	15,684

2022 Restructuring

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

2023 Restructuring Plan

In the fourth quarter of 2023, the Company implemented a 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 completed its restructuring activities under the 2023 Restructuring Plan in the fourth quarter of 2024.

The following table presents the details of the Company’s restructuring and asset impairment charges under the 2023 Restructuring Plan for the years ended December 31, 2024 and 2023:


	Years Ended December 31,
		2024		2023

		(In thousands)
Employee severance and benefits		$	1,219	$	1,374
Contract termination charges		1,225		3,700
Asset impairment		881		9,829
Total restructuring and asset impairment charges		$	3,325	$	14,903

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2023 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)
Balance as of December 31, 2022	$	—	$	—	$	—	$	—
Charges	1,374		3,700		9,829		14,903
Cash payments	(70)		(1,900)		—		(1,970)
Non-cash settlement and other	—		—		(9,829)		(9,829)
Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,219		1,225		881		3,325
Cash payments	(1,955)		(2,132)		—		(4,087)
Non-cash settlement and other	(292)		(893)		(881)		(2,066)

Balance as of December 31, 2024	$	276	$	—	$	—	$	276

2024 Restructuring Plan

In the fourth quarter of 2024, the Company implemented a restructuring plan (the “2024 Restructuring Plan”) designed to better align its workforce and cost structure with the Company’s business needs, strategic priorities and ongoing commitment to profitable growth, while increasing operational efficiencies and reducing operating cost. The Company plans to complete its restructuring activities under the 2024 Restructuring Plan by June 30, 2025.

The following table presents the details of the Company’s restructuring and asset impairment charges under the 2024 Restructuring Plan for the year ended December 31, 2024:


	Year Ended December 31,
		2024

		(In thousands)
Employee severance and benefits		$	5,161
Contract termination charges		766
Asset impairment		3,902
Total restructuring and asset impairment charges		$	9,829

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2024 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	—	$	—	$	—	$	—
Charges	5,161		766		3,902		9,829
Cash payments	(2,941)		—		—		(2,941)
Non-cash settlement and other	—		—		(3,902)		(3,902)
Balance as of December 31, 2024	$	2,220	$	766	$	—	$	2,986

REVENUE RECOGNITION - Schedule of Disaggregated Revenue by Primary Geographical Market and Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,330,383	$ 2,290,786	$ 2,330,853
Products delivered at a point in time
Disaggregation of Revenue [Line Items]
Net revenues	1,204,367	2,181,099	2,253,645
Products and services delivered over time
Disaggregation of Revenue [Line Items]
Net revenues	126,016	109,687	77,208
United States
Disaggregation of Revenue [Line Items]
Net revenues	934,690	1,469,108	1,761,846
International
Disaggregation of Revenue [Line Items]
Net revenues	$ 395,693	$ 821,678	$ 569,007
FRANCE \| Geographic Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage of concentration risk	10.60%	10.00%	10.00%
Netherlands \| Geographic Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage of concentration risk	10.00%	15.30%	10.00%

FAIR VALUE MEASUREMENTS - Schedule of Debt Securities Schedule of Fair Value (Details) - Investments in debt securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 79,855	$ 56,777
Investment	0	15,000
Fair value adjustments included in other income, net	1,967	8,078
Impairment	(16,988)	0
Balance at end of period	$ 64,834	$ 79,855

STOCKHOLDERS' EQUITY (Details) - USD ($)	12 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2023	May 31, 2021
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock	$ 391,364,000	$ 409,998,000
2021 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase program, shares authorized				$ 500,000,000
Stock repurchased and retired during period (in shares)		1,254,474
Average cost, shares repurchased (in usd per share)		$ 159.43
Repurchase of common stock		$ 200,000,000
Repurchase program, remaining stock authorized for repurchase	$ 0
2023 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase program, shares authorized			$ 1,000,000,000
Stock repurchased and retired during period (in shares)	4,543,016	2,029,894
Average cost, shares repurchased (in usd per share)	$ 86.15	$ 103.45
Repurchase of common stock	$ 391,400,000	$ 210,000,000
Repurchase program, remaining stock authorized for repurchase	$ 398,600,000

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense Associated with Each Type of Award (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 211,360	$ 212,857	$ 216,802
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	205,453	204,238	200,295
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,907	7,450	5,475
Post combination expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0	$ 1,169	$ 11,032

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: 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 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits—at beginning of year	$ 27,218	$ 21,768	$ 20,904
Decreases in balances related to tax positions taken in prior years	(702)	(417)	(4,786)
Increases in balances related to tax positions taken in current year	1,490	5,985	6,562
Settlements	0	0	(657)
Lapses in statutes of limitations	(346)	(118)	(255)
Unrecognized tax benefits—at end of year	$ 27,660	$ 27,218	$ 21,768

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 211,360	$ 212,857	$ 216,802
Income tax benefit (expense) included in the provision for income tax	(17,958)	20,558	45,066
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	14,538	13,357	13,097
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	85,501	88,367	69,082
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	65,092	65,703	78,819
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	45,962	45,430	55,804
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 267	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

The following table sets forth activities in the allowance for credit losses for the periods indicated.


	December 31,
	2024		2023		2022

	(In thousands)
Balance, at beginning of year	$	2,502	$	979	$	1,590
Net charges to revenue	4,828		—		—
Net charges to expense	1,849		1,388		(119)
Write-offs, net of recoveries	(1,391)		135		(492)
Balance, at end of year	$	7,788	$	2,502	$	979

INCOME TAXES - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 61,256	$ 96,151	$ 34,499
State	6,319	13,937	9,719
Foreign	11,137	11,303	10,605
Total	78,712	121,391	54,823
Deferred:
Federal	(58,588)	(50,211)	(6,245)
State	(4,535)	1,287	3,803
Foreign	1,912	1,736	2,305
Total	(61,211)	(47,188)	(137)
Income tax provision	$ 17,501	$ 74,203	$ 54,686

DEBT - Schedule of Interest Cost Recognized In Statements Of Operations (Details) - Convertible Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Notes due 2028
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 0
Amortization of debt discount	0	0
Amortization of debt issuance costs	1,308	1,297
Total interest cost recognized	1,308	1,297
Notes due 2026
Debt Instrument [Line Items]
Contractual interest expense	0	0
Amortization of debt discount	0	0
Amortization of debt issuance costs	2,006	1,990
Total interest cost recognized	2,006	1,990
Notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	256	256
Amortization of debt discount	4,841	4,585
Amortization of debt issuance costs	490	486
Total interest cost recognized	$ 5,587	5,327
Convertible Senior Notes due 2023 (the “Notes due 2023”)
Debt Instrument [Line Items]
Contractual interest expense		117
Amortization of debt discount		0
Amortization of debt issuance costs		23
Total interest cost recognized		$ 140

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Earnings (Deficit)	Accumulated Earnings (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Balance, beginning of period (in shares) at Dec. 31, 2021			133,894
Balance, beginning of period at Dec. 31, 2021	$ 430,168	$ (182,257)	$ 1	$ 837,924	$ (207,967)	$ (405,737)	$ 25,710	$ (2,020)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)			2,547
Issuance of common stock from exercise of equity awards and employee stock purchase plan	10,370			10,370
Payment of withholding taxes related to net share settlement of equity awards	(27,496)			(27,496)
Deferred tax impact on equity component of partial settlement of convertible notes	(1,837)			(1,837)
Stock-based compensation	208,125			208,125
Net income	397,362					397,362
Foreign currency translation adjustment	(3,185)							(3,185)
Change in net unrealized (loss) gain on marketable securities, net of tax	(5,677)							(5,677)
Balance, ending of period (in shares) at Dec. 31, 2022			136,441
Balance, end of the period at Dec. 31, 2022	825,573		$ 1	819,119		17,335		(10,882)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)			1,613
Issuance of common stock from exercise of equity awards and employee stock purchase plan	13,870			13,870
Issuance of common stock related to 365 Pronto, Inc. post combination expense (in shares)			52
Issuance of common stock related to 365 Pronto, Inc. post combination expense	10,307			10,307
Payment of withholding taxes related to net share settlement of equity awards	(120,646)			(120,646)
Settlement of convertible notes due 2023 (in shares)			900
Settlement of convertible notes due 2023	5,000			5,000
Stock-based compensation	211,688			211,688
Net income	438,936					438,936
Repurchase of common stock (in shares)			(3,284)
Repurchase of common stock	(409,998)					(409,998)
Foreign currency translation adjustment	1,190							1,190
Change in net unrealized (loss) gain on marketable securities, net of tax	$ 7,704							7,704
Balance, ending of period (in shares) at Dec. 31, 2023	135,722		135,722
Balance, end of the period at Dec. 31, 2023	$ 983,624		$ 1	939,338		46,273		(1,988)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)			1,269
Issuance of common stock from exercise of equity awards and employee stock purchase plan	12,688			12,688
Payment of withholding taxes related to net share settlement of equity awards	(78,813)			(78,813)
Stock-based compensation	211,360			211,360
Net income	102,658					102,658
Repurchase of common stock (in shares)			(4,543)
Repurchase of common stock	(391,364)					(391,364)
Excise tax on net stock repurchases	(2,773)					(2,773)
Foreign currency translation adjustment	(4,715)							(4,715)
Change in net unrealized (loss) gain on marketable securities, net of tax	$ 351							351
Balance, ending of period (in shares) at Dec. 31, 2024	132,448		132,448
Balance, end of the period at Dec. 31, 2024	$ 833,016		$ 1	$ 1,084,573		$ (245,206)		$ (6,352)

FAIR VALUE MEASUREMENTS - Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in discount rate	$ (459)	$ 44,422	$ (9,609)
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	161,793	106,489
Accruals for warranties issued during period	27,500	51,716
Changes in estimates	625	(22,557)
Settlements	(21,789)	(26,022)
Increase due to accretion expense	11,010	13,821
Change in discount rate	(459)	44,422
Other	(7,764)	(6,076)
Balance at end of period	$ 170,916	$ 161,793	$ 106,489

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 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. Basis of Presentation and Consolidation The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with 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 credit losses, 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

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Valuation allowance	$ 1,973	$ 0	$ 0
Undistributed earnings of foreign subsidiaries, not permanently reinvested	79,200
Accrued potential withholding tax	6,800
Operating loss carryforwards	5,300
Unrecognized tax benefits, increase	400
Unrecognized tax benefits	27,660	27,218	21,768	$ 20,904
Unrecognized tax benefits that would impact effective tax rate	26,000
Unrecognized tax benefits, income tax penalties and interest accrued	6,100	2,900	800
Unrecognized tax benefits, income tax penalties and interest expense	2,300	3,800	$ 900
Reduction in reasonably possible existing gross unrecognized tax benefits	5,100
AMPTC, income tax payable benefit	157,500	53,500
Cost of revenues	157,500	$ 53,500
Prepaid Expenses and Other Current Assets
Income Tax Contingency [Line Items]
AMPTC, income tax payable benefit	94,900
Income Tax Payable
Income Tax Contingency [Line Items]
AMPTC, income tax payable benefit	62,700
Domestic Tax Authority \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	6,000
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 10,300

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Measure of Segment Profit or Loss


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
Net revenues	$	1,330,383	$	2,290,786	$	2,330,853
Less:
Other cost of revenues(1)	798,425		1,253,328		1,336,837
Income-based government grants	(157,538)		(53,470)		—
Incremental cost for manufacturing in the United States(2)	38,351		11,603		—
Stock-based compensation expense	211,360		212,857		216,802
Acquisition related amortization	20,380		22,897		22,845
Other restructuring and asset impairment charges(3)	12,887		15,684		2,384
Other research and development(4)	115,814		138,969		99,764
Other sales and marketing(5)	128,549		150,772		119,762
Other general and administrative(6)	84,863		92,405		84,198
Income from operations	77,292		445,741		448,261
Total other income, net	42,867		67,398		3,787
Income from income taxes	120,159		513,139		452,048
Income tax provision	(17,501)		(74,203)		(54,686)
Net Income	$	102,658	$	438,936	$	397,362

similar products. It also includes the portion of the income-based government grants earned that the Company remits to its contract manufacturers.

(3) Represents consolidated restructuring and asset impairment charges, excluding stock-based compensation.

(4) Represents consolidated research and development, excluding stock-based compensation.

(5) Represents consolidated sales and marketing, excluding stock-based compensation and acquisition related amortization.

(6) Represents consolidated general and administrative, excluding stock-based compensation.

Schedule of Long-Lived Assets by Geographic Region

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

Long-Lived Assets


	December 31,
	2024		2023

	(In thousands)
United States	$	103,823	$	107,448
India	18,153		22,978
China	11,619		12,883
New Zealand	6,775		8,959
Mexico	4,418		6,028
Romania	—		5,280
Others	2,726		4,668
Total	$	147,514	$	168,244

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES

The cash equivalents, restricted cash and marketable securities consist of the following:


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash

	(In thousands)
Money market funds	$	191,410	$	—	$	—	$	191,410	$	191,410	$	—	$	—
Certificates of deposit	125,087		13		(8)		125,092		—		30,092		95,000
Commercial paper	30,681		40		(8)		30,713		—		30,713		—
Corporate notes and bonds	449,612		1,115		(1,157)		449,570		—		449,570		—
U.S. Treasuries	111,606		42		(36)		111,612		—		111,612		—
U.S. Government agency securities	631,389		1,241		(1,137)		631,493		—		631,493		—
Total	$	1,539,785	$	2,451	$	(2,346)	$	1,539,890	$	191,410	$	1,253,480	$	95,000


	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, restricted cash and marketable securities as of December 31, 2024:


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	1,095,355	$	1,096,565
Due within one to three years	444,430		443,325
Total	$	1,539,785	$	1,539,890

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease

The components of lease expense are presented as follows:


	Years Ended December 31,
		2024		2023

		(In thousands)
Operating lease costs		$	11,047	$	10,406

The components of lease liabilities are presented as follows:


	December 31, 2024		December 31, 2023

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	5,815	$	5,220
Operating lease liabilities, non-current (Other liabilities)	23,044		18,802
Total operating lease liabilities	$	28,859	$	24,022

Supplemental lease information:
Weighted average remaining lease term	5.9 years		5.8 years
Weighted average discount rate	6.7%		7.0%

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	7,641	$	7,225

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

Schedule of Future Minimum Rental Payments for Operating Leases

Undiscounted cash flows of operating lease liabilities as of December 31, 2024 were as follows:


	Lease Amounts
	(In thousands)
Year:
2025	$	7,629
2026	7,067
2027	4,690
2028	3,688
2029	3,603
Thereafter	9,061
Total lease payments	35,738
Less: imputed lease interest	(6,879)
Total lease liabilities	$	28,859

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 3,528	$ 3,807	$ 0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	3,351	0
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	177	$ 3,807
GreenCom
Finite-Lived Intangible Assets [Line Items]
Decrease in intangible assets acquired	$ 100

- Definition

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

+ References + Details

DEBT - Convertible Senior Notes due in 2026 Narrative (Details) $ / shares in Units, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 12, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding		$ 1,302,380,000	$ 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		630,191,000	628,183,000
Unamortized debt issuance costs		$ 2,309,000	$ 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 (as a percent)	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

GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 22,574	$ 27,198
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	8,780	9,832
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	6,254	9,826
Trade-names
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 7,540	$ 7,540

- Definition

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

+ References + Details

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities [Abstract]
Customer rebates and sales incentives	$ 96,324	$ 158,338
Liability due to supply agreements	42,745	32,973
Freight	7,497	19,262
Salaries, commissions, incentive compensation and benefits	11,956	10,316
Income tax payable	3,540	8,531
Operating lease liabilities, current	5,815	5,220
VAT payable	1,472	3,243
Liabilities related to restructuring accruals	3,262	3,104
Other	24,276	20,932
Total accrued liabilities	$ 196,887	$ 261,919

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment without readily determinable fair value		$ 6,000
Investment without readily determinable fair value, impairment	$ 6,000
Accreted interest	2,000
Change in discount rate	(459)	44,422	$ (9,609)
Increase in liability as a result of increasing the profit element and risk premium input by 100 basis points	1,200
Decrease in liability as a result of decreasing the profit element and risk premium input by 100 basis points	1,200
Decrease in liability as a result of increasing the discount rate by 100 basis points	11,600
Increase in liability as a result of decreasing the discount rate by 100 basis points	13,100
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
Secured Convertible Promissory Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities				$ 15,000
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0
Level 2 \| Recurring \| Convertible Notes \| Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	472,900
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	593,800
Level 2 \| Recurring \| Convertible Notes \| Notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	106,100
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	64,834	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	$ (459)	$ 44,422

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net revenues	$ 1,330,383	$ 2,290,786	$ 2,330,853
Cost of revenues	701,245	1,232,398	1,356,258
Gross profit	629,138	1,058,388	974,595
Operating expenses:
Research and development	201,315	227,336	168,846
Sales and marketing	206,552	231,792	215,102
General and administrative	130,825	137,835	140,002
Other restructuring and asset impairment charges	13,154	15,684	2,384
Total operating expenses	551,846	612,647	526,334
Income from operations	77,292	445,741	448,261
Other income, net
Interest income	77,306	69,728	13,656
Interest expense	(8,905)	(8,839)	(9,438)
Other income (expense), net	(25,534)	6,509	(431)
Total other income, net	42,867	67,398	3,787
Income before income taxes	120,159	513,139	452,048
Income tax provision	(17,501)	(74,203)	(54,686)
Net income	$ 102,658	$ 438,936	$ 397,362
Net income per share
Basic (in usd per share)	$ 0.76	$ 3.22	$ 2.94
Diluted (in usd per share)	$ 0.75	$ 3.08	$ 2.77
Shares used in per share calculation:
Basic (in shares)	135,167	136,376	135,349
Diluted (in shares)	140,004	143,290	144,390

STOCK-BASED COMPENSATION - Schedule of ESPP Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Proceeds from common stock issued under ESPP	$ 11,773	$ 12,897	$ 9,570
Shares of common stock issued (in shares)	185	133	90
Weighted-average price per share (in usd per share)	$ 63.54	$ 97.05	$ 106.32

NET INCOME PER SHARE - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	12,598	8,385	4,512
Employee stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,359	1,113	135
Notes due \| Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,253	1,253
Warrants \| 2026 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,673	3,038	1,577
Warrants \| 2028 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,566	2,981	1,547

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) reporting_unit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
AMPTC, income tax payable benefit	$ 157,500,000	$ 53,500,000
AMPTC, cost of revenues reduction	157,500,000	53,500,000
Accrued interest receivable	$ 10,100,000	$ 7,600,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Restricted cash	$ 95,000,000.0
Accounts receivable, allowance	7,788,000	$ 2,502,000
Property and equipment impairment charge	2,300,000	5,700,000	$ 0
Right of use asset impairment charges	$ 100,000	1,100,000	1,200,000
Number of reporting unit \| reporting_unit	1
Goodwill, impairment loss	$ 0	0	0
Impairment of intangible assets	3,528,000	3,807,000	0
Advertising costs	1,700,000	$ 3,800,000	$ 3,800,000
Prepaid Expenses and Other Current Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
AMPTC, income tax payable benefit	94,900,000
Income Tax Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
AMPTC, income tax payable benefit	$ 62,700,000
Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
One Customer
Fair Value, Option, Quantitative Disclosures [Line Items]
Accounts receivable, allowance	$ 6,200,000
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
Intangible assets, estimated useful life	9 years
Period failure rate measurement lags product sale	3 months
Minimum \| Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	10 years
Intangible assets, estimated useful life	5 years
Period failure rate measurement lags product sale	9 months
Maximum \| Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	5 years
Monitoring Hardware And Service
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	7 years
Monitoring Hardware And Service \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalized contract cost, amortization period	5 years
Monitoring Hardware And Service \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Capitalized contract cost, amortization period	7 years
Subscription Contracts \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	3 months
Subscription Contracts \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	12 months
Microinverter, First and Second Generation
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	15 years
Microinverter, Subsequent Generations \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	25 years
Battery Products \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	10 years
Battery Products \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	15 years
IQ PowerPack 1500
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
IQ Gateway And IQ Energy Router
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
EV Charger \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	1 year
EV Charger \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
Third and Fourth Generation \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
Third and Fourth Generation \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	25 years

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 330,792	$ 305,651
Less: accumulated depreciation and amortization	(183,278)	(137,407)
Property and equipment, net	$ 147,514	168,244
Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Equipment and machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 207,300	186,298
Equipment and machinery \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Equipment and machinery \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,341	3,222
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,241	7,744
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Capitalized software costs
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Property and equipment, gross	$ 74,558	61,577
Capitalized software costs \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Capitalized software costs \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 19,047	17,058
Building and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Building and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 19,305	$ 29,752

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Contractual maturities, Due within one year, Amortized Cost	$ 1,095,355
Contractual maturities, Due within one year, Fair Value	1,096,565
Contractual maturities, Due within one to three years, Amortized Cost	444,430
Contractual maturities, Due within one to three years, Fair Value	443,325
Amortized Cost	1,539,785	$ 1,541,584
Fair Value	$ 1,539,890	$ 1,541,229

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY In May 2021, the board of directors authorized a share repurchase program (the “2021 Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $500.0 million of the Company’s common stock, from time to time in the open market or through structured repurchase agreements with third parties. During the year ended December 31, 2023, the Company repurchased and subsequently retired 1,254,474 shares of common stock from the open market at an average cost of $159.43 per share for a total of $200.0 million. As of December 31, 2024, no amount remains available for share repurchase under the 2021 Repurchase Program. In July 2023, the board of directors authorized a share repurchase program (the “2023 Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $1.0 billion of the Company’s common stock. The Company may repurchase shares of common stock from time to time through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan. During the years ended December 31, 2024 and 2023, the Company repurchased and subsequently retired 4,543,016 and 2,029,894 shares, respectively, of common stock from the open market at an average cost of $86.15 and $103.45 per share, respectively, for a total of $391.4 million and $210.0 million, respectively. As of December 31, 2024, $398.6 million remains available for repurchase of shares under the 2023 Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Minimum Lease Payments Under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2025	$ 7,629
2026	7,067
2027	4,690
2028	3,688
2029	3,603
Thereafter	9,061
Total lease payments	35,738
Less: imputed lease interest	(6,879)
Total lease liabilities	$ 28,859	$ 24,022

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowances and reserves	$ 56,819	$ 53,066
Accrued liabilities	30,230	1,957
Net operating loss and tax credit carryforwards	17,945	23,267
Stock-based compensation	17,504	15,811
Deferred revenue	66,353	53,656
Fixed assets and intangibles	1,670	0
Convertible notes and related hedges	27,053	38,773
Capitalized research and development expense	104,002	83,098
Capitalized inventory	13,865	7,916
Other	8,496	5,441
Gross deferred tax assets	343,937	282,985
Less valuation allowance	(1,973)	0	$ 0
Total deferred tax assets	341,964	282,985
Deferred tax liabilities:
Fixed assets and intangibles	0	(2,833)
Unremitted foreign earnings	(6,800)	(5,189)
Deferred cost of goods sold	(26,397)	(27,782)
Other	(208)	0
Total deferred tax liabilities	(33,405)	(35,804)
Net deferred tax asset	$ 308,559	$ 247,181

REVENUE RECOGNITION - Schedule of Estimated Revenue Expected to be Recognized in Future Periods (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 579,207
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	$ 237,207
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	$ 109,619
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	$ 89,633
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	$ 68,480
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	$ 44,332
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]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 29,936
Total estimated revenue expected to be recognized in future periods, expected timing

NET INCOME PER SHARE

12 Months Ended

Dec. 31, 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:


	Years Ended December 31,
		2024		2023		2022

		(In thousands, except per share data)
Numerator:
Net income		$	102,658	$	438,936	$	397,362


Convertible senior notes interest and financing costs, net of tax		2,486		2,573		2,629
Adjusted net income		$	105,144	$	441,509	$	399,991

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding		135,167		136,376		135,349

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation		135,167		136,376		135,349
Effect of dilutive securities:
Employee stock-based awards		474		1,782		3,407
Notes due 2023		—		638		900


Notes due 2025		288		—		—
2025 Warrants		—		419		659
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		140,004		143,290		144,390

Basic and diluted net income per share
Net income per share, basic		$	0.76	$	3.22	$	2.94
Net income per share, diluted		$	0.75	$	3.08	$	2.77

Diluted earnings per share for the year ended December 31, 2024 includes the dilutive effect of potentially dilutive common shares by application of the treasury stock method for stock options, RSUs, PSUs, ESPP, Notes due 2025, and includes potentially dilutive common shares by application of the if-converted method for the Notes due 2026 and Notes due 2028. Potentially dilutive common shares for the year ended December 31, 2023 and 2022 include stock options, RSUs, PSUs, ESPP, Notes due 2023, Notes due 2025, Notes due 2026, Notes due 2028 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 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.

Holders of the Notes due 2025 may now convert their notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2025. 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, as a result there was no adjustment to the net income for the year ended December 31, 2024, and the Company used the average share price for the period to determine the potential number of shares that will be issued and included in the diluted share count for the year ended December 31, 2024.

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


	Years Ended December 31,
		2024	2023	2022

		(In thousands)



Employee stock-based awards		1,359	1,113	135

Notes due 2025		—	1,253	1,253

2026 Warrants		5,673	3,038	1,577

2028 Warrants		5,566	2,981	1,547
Total		12,598	8,385	4,512

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 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:


	Years Ended December 31,
		2024		2023

		(In thousands)
Operating lease costs		$	11,047	$	10,406

The components of lease liabilities are presented as follows:


	December 31, 2024		December 31, 2023

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	5,815	$	5,220
Operating lease liabilities, non-current (Other liabilities)	23,044		18,802
Total operating lease liabilities	$	28,859	$	24,022

Supplemental lease information:
Weighted average remaining lease term	5.9 years		5.8 years
Weighted average discount rate	6.7%		7.0%

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	7,641	$	7,225

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

Undiscounted cash flows of operating lease liabilities as of December 31, 2024 were as follows:


	Lease Amounts
	(In thousands)
Year:
2025	$	7,629
2026	7,067
2027	4,690
2028	3,688
2029	3,603
Thereafter	9,061
Total lease payments	35,738
Less: imputed lease interest	(6,879)
Total lease liabilities	$	28,859

Purchase Obligations

The Company has contractual obligations related to component inventory that its contract manufacturers procure on its behalf in accordance with its production forecast as well as other inventory related purchase commitments. As of December 31, 2024, these purchase obligations totaled approximately $130.9 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 December 31, 2024 and 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.

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 us, 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. On September 19, 2024, the Company filed a motion to dismiss the complaint, and all briefing papers were filed with the Court on or before November 8, 2024. The Company entered into a settlement and mutual release agreement with Zola on November 25, 2024 and Zola filed a stipulation of dismissal with prejudice on December 3, 2024, which was entered by the Court on December 4, 2024.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Marketable securities, income tax benefit (provision)	$ 115	$ 2,468	$ (1,993)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 102,658	$ 438,936	$ 397,362
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,389	74,708	58,775
Net accretion of discount on marketable securities	(8,599)	(15,561)	(2,632)
Provision for credit losses	6,677	1,153	119
Asset impairment	28,843	10,603	1,200
Non-cash interest expense	8,650	8,380	8,167
Net gain from change in fair value of debt securities	(1,967)	(8,078)	(735)
Stock-based compensation	211,360	212,857	216,802
Deferred income taxes	(58,319)	(43,348)	3,633
Changes in operating assets and liabilities:
Accounts receivable	211,640	(12,478)	(107,556)
Inventory	48,591	(63,887)	(75,273)
Prepaid expenses and other assets	(134,343)	(59,777)	(68,423)
Accounts payable, accrued and other liabilities	(85,536)	(22,149)	133,416
Warranty obligations	3,802	57,641	57,773
Deferred revenues	98,847	117,780	122,189
Net cash provided by operating activities	513,693	696,780	744,817
Cash flows from investing activities:
Purchases of property and equipment	(33,604)	(110,401)	(46,443)
Investments in private companies	0	(15,000)	(16,000)
Business acquisitions, net of cash acquired	0	0	(62,162)
Purchases of marketable securities	(1,184,649)	(2,081,431)	(907,430)
Maturities and sale of marketable securities	1,346,520	1,840,477	660,129
Net cash provided by (used in) investing activities	128,267	(366,355)	(371,906)
Cash flows from financing activities:
Partial settlement of convertible notes	(7)	0	0
Proceeds from issuance of common stock under employee equity plans	12,688	13,870	10,370
Payment of withholding taxes related to net share settlement of equity awards	(78,813)	(120,646)	(27,496)
Repurchase of common stock	(391,364)	(409,998)	0
Payment of excise tax on net stock repurchases	(2,773)	0	0
Net cash used in financing activities	(460,269)	(516,774)	(17,126)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,323)	1,853	(1,857)
Net increase (decrease) in cash, cash equivalents and restricted cash	175,368	(184,496)	353,928
Cash and cash equivalents—Beginning of period	288,748	473,244	119,316
Cash, cash equivalents and restricted cash—End of period	464,116	288,748	473,244
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	369,110	288,748	473,244
Restricted cash	95,006	0	0
Total cash, cash equivalents and restricted cash	464,116	288,748	473,244
Supplemental cash flow disclosure:
Cash paid for interest	255	455	455
Cash paid for income taxes	32,660	74,706	33,168
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	11,188	10,141	17,396
Purchases of property and equipment through tenant improvement allowance	$ 0	$ 0	$ 748

ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	December 31, 2024		December 31, 2023

	(In thousands)
Customer rebates and sales incentives	$	96,324	$	158,338
Liability due to supply agreements	42,745		32,973
Freight	7,497		19,262
Salaries, commissions, incentive compensation and benefits	11,956		10,316
Income tax payable	3,540		8,531
Operating lease liabilities, current	5,815		5,220
VAT payable	1,472		3,243





Liabilities related to restructuring accruals	3,262		3,104
Other	24,276		20,932
Total accrued liabilities	$	196,887	$	261,919

REVENUE RECOGNITION - Narrative (Details)	12 Months Ended
REVENUE RECOGNITION - Narrative (Details)	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Contract asset impairment charges	$ 0
Cash prepayments	$ 110,273,000

STOCK-BASED COMPENSATION - Schedule of Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Aggregate Intrinsic Value
Share price (in usd per share)	$ 68.68
Performance shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	396	376	445
Granted (in shares)	724	422	413
Vested (in shares)	(100)	(380)	(303)
Canceled (in shares)	(121)	(22)	(179)
Outstanding, ending balance (in shares)	899	396	376
Expected to vest (in shares)	899
Weighted- Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 235.99	$ 197.82	$ 169.82
Granted (in usd per share)	127.06	233.90	195.29
Vested (in usd per share)	214.91	196.24	168.88
Canceled (in usd per share)	205.51	229.11	171.32
Outstanding, ending balance (in usd per share)	154.67	$ 235.99	$ 197.82
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 2 months 12 days
Expected to vest	1 year 2 months 12 days
Aggregate Intrinsic Value
Outstanding	$ 61,725
Vested	12,958	$ 80,113	$ 51,393
Aggregate intrinsic value, expected to vest	$ 61,725

STOCK-BASED COMPENSATION - Narrative (Details)			12 Months Ended
STOCK-BASED COMPENSATION - Narrative (Details)	Jan. 01, 2025 shares	Mar. 29, 2012 shares	Dec. 31, 2024 USD ($) purchasePeriod $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 shares	May 19, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.00001	$ 0.00001
Granted (in shares)			0	0	0
Total unrecognized compensation cost \| $			$ 400,200,000
Weighted-average recognition period for unrecognized compensation cost			2 years 7 months 6 days
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, evergreen shares (in shares)	700,000
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized (in shares)			2,643,171
Vesting period			4 years
Share-based compensation, shares available for grant (in shares)			4,908,854
2011 Equity Incentive Plan \| Before August 1, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, weighted-average remaining contractual term			10 years
2011 Equity Incentive Plan \| After August 1, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, weighted-average remaining contractual term			7 years
2021 Plan, Newly Reserved Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)						9,100,456
2021 Plan, Returning Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)						5,256,517
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized (in shares)		669,603
Share-based compensation, shares available for grant (in shares)			2,352,769
Share-based compensation, evergreen shares (in shares)		700,000
Share-based compensation, increase in number of shares authorized		1.00%
Share-based compensation, evergreen shares, automatic increase declined (in shares)					700,000
Share-based compensation arrangement by share-based payment award additional shares					0
Employee stock purchase plan, number of interim purchase periods \| purchasePeriod			4
Employee stock purchase plan, offering period			24 months
Share-based compensation, maximum employee subscription rate			15.00%
Share-based compensation, purchase price of common stock percent to fair market value			85.00%
Look back feature period			2 years
General duration of employee stock purchase plan			24 months
IRS limitation for employees right to acquire class common stock under ESPP \| $			$ 25,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, at beginning of year	$ 2,502	$ 979	$ 1,590
Net charges to revenue	4,828	0	0
Net charges to expense	1,849	1,388	(119)
Write-offs, net of recoveries	(1,391)	135	(492)
Balance, at end of year	$ 7,788	$ 2,502	$ 979

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
United States	$	80,903	$	465,463	$	417,636
Foreign	39,256		47,676		34,412
Income before income taxes	$	120,159	$	513,139	$	452,048

The income tax provision the years presented is as follows:


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
Current:
Federal	$	61,256	$	96,151	$	34,499
State	6,319		13,937		9,719
Foreign	11,137		11,303		10,605
	78,712		121,391		54,823
Deferred:
Federal	(58,588)		(50,211)		(6,245)
State	(4,535)		1,287		3,803
Foreign	1,912		1,736		2,305
	(61,211)		(47,188)		(137)
Income tax provision	$	17,501	$	74,203	$	54,686

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


	Years Ended December 31,
	2024		2023		2022

	(In thousands)
Income tax provision at statutory federal rate	$	25,233	$	107,760	$	94,926
State taxes, net of federal benefit	7,406		18,107		9,980
Change in valuation allowance	1,973		—		—
Foreign tax rate and tax law differential	6,502		5,965		4,905
Tax credits	(7,598)		(29,229)		(19,864)
Non-taxable income related to Section 45X tax credits	(33,083)		(11,229)		—
Stock-based compensation	13,408		(13,969)		(45,551)
Other permanent items	335		(964)		4,149
Other nondeductible/nontaxable items	(219)		(73)		69
Uncertain tax positions	2,746		8,432		6,073
Foreign-derived intangible income deduction	(5,188)		(15,391)		(9,161)
GILTI and other foreign inclusions	9,101		—		—
Section 162(m)	4,618		5,445		9,291
Unremitted foreign earnings	1,654		1,829		1,837
Prior year changes in estimates	(9,387)		(2,480)		(1,968)
Income tax provision	$	17,501	$	74,203	$	54,686

A summary of significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 is as follows:


	December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
Allowances and reserves	$	56,819	$	53,066
Accrued liabilities	30,230		1,957
Net operating loss and tax credit carryforwards	17,945		23,267
Stock-based compensation	17,504		15,811
Deferred revenue	66,353		53,656
Fixed assets and intangibles	1,670		—

Convertible notes and related hedges	27,053		38,773
Capitalized research and development expense	104,002		83,098
Capitalized inventory	13,865		7,916
Other	8,496		5,441
Gross deferred tax assets	343,937		282,985
Less valuation allowance	(1,973)		—
Total deferred tax assets	341,964		282,985
Deferred tax liabilities:

Fixed assets and intangibles	—		(2,833)
Unremitted foreign earnings	(6,800)		(5,189)
Deferred cost of goods sold	(26,397)		(27,782)
Other	(208)		—
Total deferred tax liabilities	(33,405)		(35,804)
Net deferred tax asset	$	308,559	$	247,181

As of December 31, 2024, the Company recorded a valuation allowance of $2.0 million against certain of its net operating losses on one of its foreign operations, as it is more likely than not that such amounts will not be fully realized.

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


	Years Ended December 31,
	2024		2023

	(In thousands)
Valuation allowance, beginning of period	$	—	$	—
Additions	1,973		—
Reversals	—		—
Valuation allowance, end of period	$	1,973	$	—

As of December 31, 2024, the Company evaluated its undistributed foreign earnings and identified $79.2 million in earnings that it does not consider to be permanently reinvested that may be subject to withholding taxes in local jurisdictions when they are distributed. The Company has recorded a provision of approximately $6.8 million for the taxes that would fall due when such earnings are repatriated.

The Company has approximately $6.0 million of federal tax credit and $10.3 million of state tax credit carryforwards. The federal credits begin to expire in 2031 and the state credits can be carried forward indefinitely. As of December 31, 2024, the Company has foreign net operating losses of $5.3 million from the acquisition of GreenCom, which can be carried over indefinitely.

Utilization of some of the federal credit carryforwards and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and similar state provisions. The Company believes that no such change has occurred through December 31, 2024.

Accounting for uncertain tax positions prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is required to recognize in the financial statements the impact of a tax position, if that position is more-likely than-not of being sustained on audit, based on the technical merits of the position. The Company recorded a net charge for unrecognized tax benefits in 2024 of $0.4 million.

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

As of December 31, 2024, the total amount of gross unrecognized tax benefits was $27.7 million, of which $26.0 million, if recognized, would impact the Company’s effective tax rate.

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


	Years Ended December 31,
	2024		2023		2022
Unrecognized tax benefits—at beginning of year	$	27,218	$	21,768	$	20,904
Decreases in balances related to tax positions taken in prior years	(702)		(417)		(4,786)

Increases in balances related to tax positions taken in current year	1,490		5,985		6,562
Settlements	—		—		(657)
Lapses in statutes of limitations	(346)		(118)		(255)
Unrecognized tax benefits—at end of year	$	27,660	$	27,218	$	21,768

The Company includes interest and penalties related to unrecognized tax benefits within the income tax provision. In the years ended December 31, 2024, 2023 and 2022, the total amount of gross interest and penalties accrued was $6.1 million, $2.9 million and $0.8 million, respectively. Both the unrecognized tax benefits and the associated interest and penalties that are not expected to result in payment or receipt of cash within one year are classified as other non-current liabilities in the consolidated balance sheets. In connection with tax matters, the Company’s interest and penalty expense recognized in 2024, 2023 and 2022 in the consolidated statements of operations was $2.3 million, $3.8 million and $0.9 million, respectively.

The Company’s tax returns continue to remain effectively subject to examination by U.S. federal authorities for the years 2006 and onwards and by California state authorities for the years 2006 and onwards due to use and carryovers of net operating losses and tax credits. The Company is currently under audit in India and it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by up to $5.1 million within the next 12 months.

In August 2022, the U.S. enacted the IRA, which included revisions to the Code. The IRA introduced a 15% corporate alternative minimum income tax (“CAMT”) for corporations whose average adjusted financial income for any consecutive three-year period ending after December 31, 2021, exceeds $1.0 billion. Further, the IRA also extended the investment tax credits for clean energy and expanded the incentives to clean energy manufacturing.

For the year ended December 31, 2024, the Company is not subject to the CAMT based on its current operating results and interpretations of the latest IRA guidance. For the years ended December 31, 2024 and 2023, benefits recognized from the AMPTC of $157.5 million and $53.5 million, respectively, were recorded as a prepaid income tax of $94.9 million (included in Prepaid Expenses and Other Current Assets) and reduction of income tax payable of $62.7 million on the consolidated balance sheet for the year ended December 31, 2024, reduction to income tax payable of $53.5 million (included in Accrued Liabilities) on the consolidated balance sheet for the year ended December 31, 2023, and as a reduction to cost of revenues of $157.5 million and $53.5 million on the consolidated statement of operations for the years ended December 31, 2024 and 2023, respectively.

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 adoption of Pillar Two rules did not have a significant impact on the Company’s consolidated financial statements in 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of the Components of Total Stock-Based Compensation Expense

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


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenues		$	14,538	$	13,357	$	13,097
Research and development		85,501		88,367		69,082
Sales and marketing		65,092		65,703		78,819
General and administrative		45,962		45,430		55,804
Restructuring		267		—		—
Total		$	211,360	$	212,857	$	216,802
Income tax benefit (expense) included in the provision for income tax		$	(17,958)	$	20,558	$	45,066

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

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


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
RSUs and PSUs		$	205,453	$	204,238	$	200,295
Employee stock purchase plan		5,907		7,450		5,475
Post combination expense		—		1,169		11,032
Total		$	211,360	$	212,857	$	216,802

Schedule 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, 2021	2,264	$	1.90

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

Exercised	(772)	1.68			$	100,390
Canceled	—	—
Outstanding at December 31, 2023	692	$	2.01

Exercised	(687)	1.79			$	82,677
Canceled	—	—
Outstanding at December 31, 2024	5	$	32.80	1.2	$	182
Vested and expected to vest at December 31, 2024	5	$	32.80	1.2	$	182
Exercisable at December 31, 2024	5	$	32.80	1.2	$	182

(1) The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of December 31, 2024 is based on the closing price of the last trading day during the year ended December 31, 2024. The Company’s stock fair value used in this computation was $68.68 per share.

Schedule of Stock Option Outstanding

The following table summarizes information about stock options outstanding at December 31, 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	2,585	0.1	$	2.76	2,585	$	2.76


$64.17 —– $64.17	2,475	2.3	64.17		2,475	64.17
Total	5,060	1.2	$	32.80	5,060	$	32.80

Schedule 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, 2021	2,786	$	100.73
Granted	1,159	228.88
Vested	(1,500)	72.87			$	321,274
Canceled	(192)	150.02
Outstanding at December 31, 2022	2,253	$	181.01
Granted	1,409	154.63
Vested	(1,061)	152.47			$	185,078
Canceled	(269)	184.66
Outstanding at December 31, 2023	2,332	$	177.64
Granted	1,309	101.53
Vested	(977)	171.88			$	107,116
Canceled	(381)	160.77
Outstanding at December 31, 2024	2,283	$	139.27	1.4	$	156,758
Expected to vest at December 31, 2024	2,279	$	139.25	1.4	$	156,586

(1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of December 31, 2024 is based on the closing price of the last trading day during the year ended December 31, 2024. The Company’s stock fair value used in this computation was $68.68 per share.

Schedule of 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, 2021	445	$	169.82
Granted	413	195.29
Vested	(303)	168.88			$	51,393
Canceled	(179)	171.32
Outstanding at December 31, 2022	376	$	197.82
Granted	422	233.90
Vested	(380)	196.24			$	80,113
Canceled	(22)	229.11
Outstanding at December 31, 2023	396	$	235.99
Granted	724	127.06
Vested	(100)	214.91			$	12,958
Canceled	(121)	205.51
Outstanding at December 31, 2024	899	$	154.67	1.2	$	61,725
Expected to vest at December 31, 2024	899	$	154.67	1.2	$	61,725

(1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of December 31, 2024 is based on the closing price of the last trading day during the year ended December 31, 2024. The Company’s stock fair value used in this computation was $68.68 per share.

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

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


	Years Ended December 31,
	2024		2023		2022
Proceeds from common stock issued under ESPP	$	11,773	$	12,897	$	9,570
Shares of common stock issued	185		133		90
Weighted-average price per share	$	63.54	$	97.05	$	106.32

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

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


	December 31, 2024		December 31, 2023

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

Less: unamortized debt issuance costs	(4,102)		(5,408)
Carrying amount of Notes due 2028	570,898		569,592

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(2,309)		(4,317)
Carrying amount of Notes due 2026	630,191		628,183

Notes due 2025	102,168		102,175

Less: unamortized debt discount	(803)		(5,644)
Less: unamortized debt issuance costs	(74)		(568)
Carrying amount of Notes due 2025	101,291		95,963












Total carrying amount of debt	1,302,380		1,293,738

Less: debt, current	(101,291)		—
Debt, non-current	$	1,201,089	$	1,293,738

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


	Years Ended December 31,
	2024						2023

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

	(In thousands)
Contractual interest expense	$	—	$	—	$	256		$	—	$	—	$	256	$	117
Amortization of debt discount	—		—		4,841			—		—		4,585		—
Amortization of debt issuance costs	1,308		2,006		490			1,297		1,990		486		23
Total interest cost recognized	$	1,308	$	2,006	$	5,587		$	1,297	$	1,990	$	5,327	$	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 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 December 31, 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 December 31, 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 $570.9 million as Debt, non-current on the consolidated balance sheet as of December 31, 2024. As of December 31, 2024, the unamortized deferred issuance cost for the Notes due 2028 was $4.1 million on the consolidated balance sheet.

Notes due 2028 Hedge and Warrant Transactions

In connection with the offering of the Notes due 2028, the Company entered into privately-negotiated convertible note hedge transactions (“Notes due 2028 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 2.0 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the Notes due 2028, at a price of $284.87 per share. 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 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 December 31, 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 December 31, 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 $630.2 million as Debt, non-current on the consolidated balance sheet as of December 31, 2024. As of December 31, 2024, the unamortized deferred issuance cost for the Notes due 2026 was $2.3 million on the consolidated balance sheet.

Notes due 2026 Hedge and Warrant Transactions

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

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

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

Convertible Senior Notes due 2025

On March 9, 2020, the Company issued $320.0 million aggregate principal amount of its 0.25% convertible senior notes due 2025 (the “Notes due 2025”). The Notes due 2025 are general unsecured obligations and bear interest at an annual rate of 0.25% per year, payable semi-annually on March 1 and September 1 of each year. The Notes due 2025 are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2025 will mature on March 1, 2025, unless earlier repurchased by the Company or converted at the option of the holders. The Company may not redeem the notes prior to the maturity date, and no sinking fund is provided for the notes. The Notes due 2025 may be converted, under certain circumstances as described below, based on an initial conversion rate of 12.2637 shares of common stock per $1,000 principal amount (which represents an initial conversion price of $81.54 per share). The conversion rate for the Notes due

2025 will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the relevant indenture), the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its notes in connection with such make-whole fundamental change. The Company received approximately $313.0 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2025.

The Notes due 2025 may be converted prior to the close of business on the business day immediately preceding September 1, 2024, in multiples of $1,000 principal amount, at the option of the holder only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the relevant indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On and after September 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2025, holders may convert their notes at any time, regardless of the foregoing circumstances. 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 $101.3 million as Debt, current on the consolidated balance sheet as of December 31, 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 the repurchase combined with repurchase in previous years, as of December 31, 2023, $102.2 million aggregate principal amount of the Notes due 2025 remained outstanding.

The derived effective interest rate on the Notes due 2025 host contract was determined to be 5.18%, which remains unchanged from the date of issuance. The remaining unamortized debt discount was $0.8 million as of December 31, 2024, and will be amortized over approximately 0.2 years from December 31, 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 December 31, 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.

INCOME TAXES - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	$ 0	$ 0
Additions	1,973	0
Reversals	0	0
Valuation allowance, end of period	$ 1,973	$ 0

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	$ 3,104
Charges	13,154	$ 15,684	$ 2,384
Restructuring reserve, ending	3,262	3,104
2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	3,104	0
Charges	3,325	14,903
Cash payments	(4,087)	(1,970)
Non-cash settlement and other	(2,066)	(9,829)
Restructuring reserve, ending	276	3,104	0
2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	9,829
Cash payments	(2,941)
Non-cash settlement and other	(3,902)
Restructuring reserve, ending	2,986	0
Employee Severance and Benefits \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	1,304	0
Charges	1,219	1,374
Cash payments	(1,955)	(70)
Non-cash settlement and other	(292)	0
Restructuring reserve, ending	276	1,304	0
Employee Severance and Benefits \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	5,161
Cash payments	(2,941)
Non-cash settlement and other	0
Restructuring reserve, ending	2,220	0
Contract Termination Charges \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	1,800	0
Charges	1,225	3,700
Cash payments	(2,132)	(1,900)
Non-cash settlement and other	(893)	0
Restructuring reserve, ending	0	1,800	0
Contract Termination Charges \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	766
Cash payments	0
Non-cash settlement and other	0
Restructuring reserve, ending	766	0
Asset Impairment \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0	0
Charges	881	9,829
Cash payments	0	0
Non-cash settlement and other	(881)	(9,829)
Restructuring reserve, ending	0	0	$ 0
Asset Impairment \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
Charges	3,902
Cash payments	0
Non-cash settlement and other	(3,902)
Restructuring reserve, ending	$ 0	$ 0

ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	December 31, 2024		December 31, 2023

	(In thousands)
Customer rebates and sales incentives	$	96,324	$	158,338
Liability due to supply agreements	42,745		32,973
Freight	7,497		19,262
Salaries, commissions, incentive compensation and benefits	11,956		10,316
Income tax payable	3,540		8,531
Operating lease liabilities, current	5,815		5,220
VAT payable	1,472		3,243





Liabilities related to restructuring accruals	3,262		3,104
Other	24,276		20,932
Total accrued liabilities	$	196,887	$	261,919

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Measure of Segment Profit or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 1,330,383	$ 2,290,786	$ 2,330,853
Stock-based compensation expense	211,360	212,857	216,802
Income from operations	77,292	445,741	448,261
Total other income, net	42,867	67,398	3,787
Income before income taxes	120,159	513,139	452,048
Income tax provision	(17,501)	(74,203)	(54,686)
Net income	102,658	438,936	397,362
Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,330,383	2,290,786	2,330,853
Other cost of revenues	798,425	1,253,328	1,336,837
Income-based government grants	(157,538)	(53,470)	0
Incremental cost for manufacturing in the United States	38,351	11,603	0
Stock-based compensation expense	211,360	212,857	216,802
Acquisition related amortization	20,380	22,897	22,845
Other restructuring and asset impairment charges	12,887	15,684	2,384
Other research and development	115,814	138,969	99,764
Other sales and marketing	128,549	150,772	119,762
Other general and administrative	84,863	92,405	84,198
Income from operations	77,292	445,741	448,261
Total other income, net	42,867	67,398	3,787
Income before income taxes	120,159	513,139	452,048
Income tax provision	(17,501)	(74,203)	(54,686)
Net income	$ 102,658	$ 438,936	$ 397,362

INVENTORY

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

INVENTORY

Inventory consists of the following:



	December 31, 2024		December 31, 2023

	(In thousands)
Raw materials	$	38,740	$	30,849
Finished goods	126,264		182,746
Total inventory	$	165,004	$	213,595

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES - Schedule of Domestic and Foreign Components of Loss before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 80,903	$ 465,463	$ 417,636
Foreign	39,256	47,676	34,412
Income before income taxes	$ 120,159	$ 513,139	$ 452,048

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STOCK-BASED COMPENSATION - Schedule of Stock Options Outstanding (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, number of shares (in shares) \| shares	5,060
Options outstanding, weighted-average remaining life	1 year 2 months 12 days
Options outstanding, weighted-average exercise price (in usd per share)	$ 32.80
Options exercisable, number of shares (in shares) \| shares	5,060
Options exercisable, weighted-average exercise price (in usd per share)	$ 32.80
$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	2,585
Options outstanding, weighted-average remaining life	1 month 6 days
Options outstanding, weighted-average exercise price (in usd per share)	$ 2.76
Options exercisable, number of shares (in shares) \| shares	2,585
Options exercisable, weighted-average exercise price (in usd per share)	$ 2.76
$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	2,475
Options outstanding, weighted-average remaining life	2 years 3 months 18 days
Options outstanding, weighted-average exercise price (in usd per share)	$ 64.17
Options exercisable, number of shares (in shares) \| shares	2,475
Options exercisable, weighted-average exercise price (in usd per share)	$ 64.17

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2011 Plan

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

2021 Plan

On May 19, 2021, at the 2021 annual meeting of stockholders of the Company, the stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), as the successor to the 2011 Plan. The 2021 Plan provides for the grant of incentive stock options, SARS, RSAs, RSUs, PSUs and other forms of equity compensation. Eligible participants under the 2021 Plan include Company’s employees, directors and consultants. The 2021 Plan provides, among other things, that the number of shares of the Company’s common stock, $0.00001 par value per share, reserved for issuance under the 2021 Plan (subject to adjustment for certain changes in the Company’s capitalization) is equal to: (A) the sum of (i) 9,100,456 newly reserved shares of the Company’s common stock and (ii) 5,256,517 Returning Shares (as defined below) as such shares become available from time to time as set forth in the 2021 Plan. “Returning Shares” means shares subject to any outstanding award granted under the 2011 Plan (“Prior Plan Award”) that are (i) not issued because such Prior Plan Award or any portion thereof expires or otherwise terminates without all of the shares covered by such Prior Plan Award having been issued, or is settled in cash; (ii) forfeited back to or repurchased by the Company because of a failure to vest; or (iii) reacquired or withheld (or not issued) by the Company to satisfy the purchase price of, or a tax withholding obligation in connection with, a Prior Plan Award that is a Full Value Award (as defined in the 2021 Plan). As of December 31, 2024, 4,908,854 shares remained available for issuance under the 2021 Plan.

2011 Employee Stock Purchase Plan

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

no additional shares were added to the plan on January 1, 2023. As of December 31, 2024, 2,352,769 shares remained available for future issuance under the ESPP. On January 1, 2025, the shares available for issuance under the ESPP automatically increased by 700,000 shares.

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

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

Valuation of Equity Awards

Stock Options

No stock options were granted during the years ended December 31, 2024, 2023 and 2022.

Restricted Stock Units

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

Performance Stock Units

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

Stock-based Compensation Expense

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

In addition, as part of certain business acquisitions, the Company was obligated to issue shares of common stock of the Company as payment subject to achievement of certain targets. For such payments, the Company 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 consolidated statements of operations for the periods presented:


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenues		$	14,538	$	13,357	$	13,097
Research and development		85,501		88,367		69,082
Sales and marketing		65,092		65,703		78,819
General and administrative		45,962		45,430		55,804
Restructuring		267		—		—
Total		$	211,360	$	212,857	$	216,802
Income tax benefit (expense) included in the provision for income tax		$	(17,958)	$	20,558	$	45,066

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


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
RSUs and PSUs		$	205,453	$	204,238	$	200,295
Employee stock purchase plan		5,907		7,450		5,475
Post combination expense		—		1,169		11,032
Total		$	211,360	$	212,857	$	216,802

As of December 31, 2024, there was approximately $400.2 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.6 years.

Equity Awards Activity

Stock Options

The following table summarizes stock option activity:


	Number of Shares Outstanding	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2021	2,264	$	1.90

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

Exercised	(772)	1.68			$	100,390
Canceled	—	—
Outstanding at December 31, 2023	692	$	2.01

Exercised	(687)	1.79			$	82,677
Canceled	—	—
Outstanding at December 31, 2024	5	$	32.80	1.2	$	182
Vested and expected to vest at December 31, 2024	5	$	32.80	1.2	$	182
Exercisable at December 31, 2024	5	$	32.80	1.2	$	182

The following table summarizes information about stock options outstanding at December 31, 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	2,585	0.1	$	2.76	2,585	$	2.76


$64.17 —– $64.17	2,475	2.3	64.17		2,475	64.17
Total	5,060	1.2	$	32.80	5,060	$	32.80

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, 2021	2,786	$	100.73
Granted	1,159	228.88
Vested	(1,500)	72.87			$	321,274
Canceled	(192)	150.02
Outstanding at December 31, 2022	2,253	$	181.01
Granted	1,409	154.63
Vested	(1,061)	152.47			$	185,078
Canceled	(269)	184.66
Outstanding at December 31, 2023	2,332	$	177.64
Granted	1,309	101.53
Vested	(977)	171.88			$	107,116
Canceled	(381)	160.77
Outstanding at December 31, 2024	2,283	$	139.27	1.4	$	156,758
Expected to vest at December 31, 2024	2,279	$	139.25	1.4	$	156,586

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, 2021	445	$	169.82
Granted	413	195.29
Vested	(303)	168.88			$	51,393
Canceled	(179)	171.32
Outstanding at December 31, 2022	376	$	197.82
Granted	422	233.90
Vested	(380)	196.24			$	80,113
Canceled	(22)	229.11
Outstanding at December 31, 2023	396	$	235.99
Granted	724	127.06
Vested	(100)	214.91			$	12,958
Canceled	(121)	205.51
Outstanding at December 31, 2024	899	$	154.67	1.2	$	61,725
Expected to vest at December 31, 2024	899	$	154.67	1.2	$	61,725

Employee Stock Purchase Plan

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


	Years Ended December 31,
	2024		2023		2022
Proceeds from common stock issued under ESPP	$	11,773	$	12,897	$	9,570
Shares of common stock issued	185		133		90
Weighted-average price per share	$	63.54	$	97.05	$	106.32

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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

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


	December 31, 2024						December 31, 2023

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash, cash equivalents and restricted cash:
Money market funds	$	191,410	$	—	$	—	$	132,037	$	—	$	—
Certificates of deposit	95,000		—		—		—		750		—
Commercial paper	—		—		—		—		1,694		—
Corporate notes and bonds			—		—		—		462		—

Marketable securities:
Certificates of deposit	—		30,092		—		—		55,162		—
Commercial paper	—		30,713		—		—		69,743		—
Corporate notes and bonds	—		449,570		—		—		405,634		—
U.S. Treasuries	—		111,612		—		—		327,891		—
U.S. Government agency securities	—		631,493		—		—		547,856		—

Other assets:
Investments in debt securities	—		—		64,834		—		—		79,855

Total assets measured at fair value	$	286,410	$	1,253,480	$	64,834	$	132,037	$	1,409,192	$	79,855

Liabilities:


Warranty obligations:
Current	$	—	$	—	$	27,173	$	—	$	—	$	28,667
Non-current	—		—		143,743		—		—		133,126
Total warranty obligations measured at fair value	—		—		170,916		—		—		161,793
Total liabilities measured at fair value	$	—	$	—	$	170,916	$	—	$	—	$	161,793

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

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Balance at beginning of period		$	79,855	$	56,777
Investment		—		15,000
Fair value adjustments included in other income, net		1,967		8,078
Impairment		(16,988)		—
Balance at end of period		$	64,834	$	79,855

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


	Years Ended December 31,
		2024		2023

		(In thousands)
Balance at beginning of period		$	161,793	$	106,489
Accruals for warranties issued during period		27,500		51,716
Changes in estimates		625		(22,557)
Settlements		(21,789)		(26,022)
Increase due to accretion expense		11,010		13,821
Change in discount rate		(459)		44,422
Other		(7,764)		(6,076)
Balance at end of period		$	170,916	$	161,793

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

Percent Used

(Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

December 31,
2024

December 31,
2023

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

16.8%

Credit-adjusted risk-free rate

7.2%

- Definition

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.

+ References + Details

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Marketable securities	$ 1,539,890	$ 1,541,229
Certificates of deposit
Assets:
Marketable securities	125,092	55,912
Commercial paper
Assets:
Marketable securities	30,713	71,437
Corporate notes and bonds
Assets:
Marketable securities	449,570	406,096
U.S. Treasuries
Assets:
Marketable securities	111,612	327,891
U.S. Government agency securities
Assets:
Marketable securities	631,493	547,856
Recurring \| Level 1
Assets:
Investments in debt securities	0	0
Total assets measured at fair value	286,410	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, cash equivalents and restricted cash	191,410	132,037
Recurring \| Level 1 \| Certificates of deposit
Assets:
Cash, cash equivalents and restricted cash	95,000	0
Recurring \| Level 1 \| Commercial paper
Assets:
Cash, cash equivalents and restricted cash	0	0
Recurring \| Level 1 \| Corporate notes and bonds
Assets:
Cash, cash equivalents and restricted cash		0
Recurring \| Level 2
Assets:
Investments in debt securities	0	0
Total assets measured at fair value	1,253,480	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	30,092	55,162
Recurring \| Level 2 \| Commercial paper
Assets:
Marketable securities	30,713	69,743
Recurring \| Level 2 \| Corporate notes and bonds
Assets:
Marketable securities	449,570	405,634
Recurring \| Level 2 \| U.S. Treasuries
Assets:
Marketable securities	111,612	327,891
Recurring \| Level 2 \| U.S. Government agency securities
Assets:
Marketable securities	631,493	547,856
Recurring \| Level 2 \| Money market funds
Assets:
Cash, cash equivalents and restricted cash	0	0
Recurring \| Level 2 \| Certificates of deposit
Assets:
Cash, cash equivalents and restricted cash	0	750
Recurring \| Level 2 \| Commercial paper
Assets:
Cash, cash equivalents and restricted cash	0	1,694
Recurring \| Level 2 \| Corporate notes and bonds
Assets:
Cash, cash equivalents and restricted cash	0	462
Recurring \| Level 3
Assets:
Investments in debt securities	64,834	79,855
Total assets measured at fair value	64,834	79,855
Warranty obligations:
Current	27,173	28,667
Non-current	143,743	133,126
Total warranty obligations measured at fair value	170,916	161,793
Total liabilities measured at fair value	170,916	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, cash equivalents and restricted cash	0	0
Recurring \| Level 3 \| Certificates of deposit
Assets:
Cash, cash equivalents and restricted cash	0	0
Recurring \| Level 3 \| Commercial paper
Assets:
Cash, cash equivalents and restricted cash	0	0
Recurring \| Level 3 \| Corporate notes and bonds
Assets:
Cash, cash equivalents and restricted cash	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

The Company generates revenue from sales of its solutions, which include microinverter units and related accessories, IQ Battery and related accessories, IQ PowerPack 1500 and related accessories, IQ Gateway, and IQ Energy Router, cloud-based monitoring services, Electric Vehicle (“EV”) charging solutions, design, proposal, permitting, installation and lead generation services, as well as a platform matching cleantech asset owners to a local and on-demand workforce of service providers, distributors, large installers, original equipment manufacturers (“OEMs”) and strategic partners.

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

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

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

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

The Company estimates and records certain revenue promotions as variable consideration and recognizes these promotions as a reduction in revenue at the time the related revenue is recorded.

The Company records upfront contract acquisition costs, such as sales commissions, to be capitalized and amortized over the estimated life of the asset. For contracts that have a duration of less than one year, the Company follows the Topic 606 practical expedient and expenses these costs when incurred. Commissions related to the Company’s sale of monitoring hardware and service are capitalized and amortized over the period of the associated revenue, which is 5 years to 7 years.

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

Cost of Revenues

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

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

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

Government Grants

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

In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”), which includes extension of the investment tax credit as well as credits under the AMPTC, to incentivize clean energy component sourcing and production, including for the production of microinverters. The IRA provides for an AMPTC on microinverters of 11 cents per alternating current watt basis. The AMPTC on microinverters decreases by 25% each year beginning in 2030 and ending after 2032. The Company recognized credits under AMPTC as a reduction to cost of revenues in the consolidated statement of operations for the microinverters manufactured in the United States and sold to customers during the years ended December 31, 2024 and 2023. Such credit is also reflected as an increase to prepaid income tax and a reduction of income tax payable on the Company’s consolidated balance sheets within

prepaid expenses and other current assets and accrued liabilities, respectively, for the years ended December 31, 2024 and December 31, 2023, respectively. For the year ended December 31, 2024 and 2023, benefits recognized from AMPTC of $157.5 million and $53.5 million, respectively, were recorded as a prepaid income tax of $94.9 million (included in Prepaid Expenses and Other Current Assets) and reduction of income tax payable of $62.7 million on the consolidated balance sheet for the year ended December 31, 2024, reduction to income tax payable of $53.5 million (included in Accrued Liabilities) on the consolidated balance sheet for the year ended December 31, 2023, and as a reduction to cost of revenues of $157.5 million and $53.5 million on the consolidated statement of operations for the year ended December 31, 2024 and 2023, respectively. Amounts recognized in the consolidated financial statements are based on management’s judgement and interpretation of the most current guidance.

Cash, Cash Equivalents and Marketable Securities

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

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

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

For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest of $10.1 million and $7.6 million, net of the allowance for credit losses, if any, is recorded in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively.

Restricted Cash

Restricted cash represents cash held as certificates of deposit collateralized under a letter of credit issued to a customer. The letter of credit is required as a performance security in a face amount equal to the aggregate purchase price of the executed sales agreement. The letter of credit was issued per the terms of the executed sales agreement and the Company has collateralized certificates of deposit under this letter of credit in an amount of $95.0 million, which was reflected as restricted cash on the Company’s consolidated balance sheet as of December 31, 2024.

Fair Value of Financial Instruments

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

are measured at cost, less impairment and are adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer.

Accounts Receivables and Contract Assets

The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets recorded in prepaid assets and other current assets on the consolidated balance sheet include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue.

Allowance for Credit Losses

The Company maintains allowances for credit losses for uncollectible accounts receivable. Management estimates anticipated credit losses based on days past due, customer specific experience, collection history, the financial health of customers including from the impacts of the broad-based slowdown beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors. Accounts receivables are recorded net of allowance for credit losses totaling $7.8 million and $2.5 million as of December 31, 2024 and December 31, 2023, respectively. The $7.8 million allowance for credit losses as of December 31, 2024 includes $6.2 million related to a customer that filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (“Chapter 11 bankruptcy”) during the year ended December 31, 2024. Management will continue to monitor certain customers experiencing considerable financial difficulties to perform collectability assessment and evaluate the impact to the Company's revenue recognition and allowance for credit losses on its financial statements. Accounts receivable are recorded net of allowance for credit losses. The following table sets forth activities in the allowance for credit losses for the periods indicated.


	December 31,
	2024		2023		2022

	(In thousands)
Balance, at beginning of year	$	2,502	$	979	$	1,590
Net charges to revenue	4,828		—		—
Net charges to expense	1,849		1,388		(119)
Write-offs, net of recoveries	(1,391)		135		(492)
Balance, at end of year	$	7,788	$	2,502	$	979

Inventory

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

Long-Lived Assets

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

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

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

Property and equipment, including internal-use software, and capitalized implementation costs related to cloud computing arrangements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using an undiscounted cash flow analysis. The Company recorded asset impairment charges of $2.3 million, $5.7 million and zero in the years ended December 31, 2024, 2023 and 2022, respectively, associated with property and equipment, net. There were no events or changes in circumstances that may indicate the carrying amount of the remaining long-lived assets is not recoverable.

Leases

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

The Company does not have any finance leases. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of one year or less are considered short-term leases and are not recognized as lease assets and liabilities. The Company recognizes the cost of such short-term leases on a straight-line basis over the term of the underlying agreement. The Company combines the lease and non-lease components in determining the operating lease assets and liabilities.

An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group. The Company recorded right of use asset impairment charges of less than $0.1 million, $1.1 million and $1.2 million in the years ended December 31, 2024, 2023 and 2022, respectively.

Business Combinations

Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires the Company to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components. This judgment

and determination affect the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction. Additional information existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.

Goodwill

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

Qualitative factors include industry and market consideration, overall financial performance, share price trends and market capitalization and Company-specific events. The Company determined, after performing a qualitative review of its one reporting unit, that it is more likely than not that the fair value of its reporting unit exceeds its carrying value. Accordingly, there was no indication of impairment in the years ended December 31, 2024, 2023 and 2022 and no quantitative goodwill impairment test was performed.

Intangible Assets

Intangible assets include patents and other purchased intangible assets. Intangible assets with finite lives are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 9 years. Indefinite-lived intangible assets are tested for impairment annually and are also tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. The Company recorded asset impairment charges of $3.5 million, $3.8 million and zero in the years ended December 31, 2024, 2023 and 2022, respectively, associated with the developed technology and customer relationship intangible asset. There were no events or changes in circumstances that may indicate the carrying amount of remaining assets is not recoverable.

Contract Liabilities

Warranty Obligations

The Company’s warranty accrual provides for the replacement of microinverter units, AC Battery storage solutions and accessories, EV Chargers, IQ Gateway and IQ Energy Router units that fail during the product’s warranty term. The warranty term related to microinverter units is typically 15 years for first and second generation microinverters and up to 25 years for subsequent generation microinverters. The warranty term for AC Battery storage solutions is 10 to 15 years for IQ Battery depending on the generation and 5 years for IQ PowerPack 1500. The warranty term for the IQ Gateway and IQ Energy Router is 5 years, while the warranty term for EV Chargers is 1 to 5 years depending on the product. On a quarterly basis, the Company employs a consistent, systematic and rational methodology to assess the adequacy of its warranty liability. This assessment includes updating all key estimates and assumptions for each generation of product, based on historical results, trends and the most current data available as of the filing date. The key estimates and assumptions used in the warranty liability are thoroughly reviewed by management on a quarterly basis. The key estimates used by the Company to estimate its warranty liability are: (1) the number of units expected to fail and be repaired or returned for replacement over time

(i.e., return rate); and (2) the per unit cost of repair or replacement of units, including outbound shipping and labor costs, expected to be incurred to replace failed units over time (i.e., replacement cost).

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

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

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

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

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

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

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

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

Commitments and Contingencies

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

Common Stock Repurchase

The Company accounts for repurchase of common stock under ASC 505 and charges the entire cost of repurchase including excise tax accrued pursuant to the repurchase to the accumulated earnings (deficit).

Advertising Costs

Advertising costs, which are expensed and included in sales and marketing expense when incurred, were $1.7 million, $3.8 million and $3.8 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Research and Development Costs

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

Stock-Based Compensation

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

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

Foreign Currency Translation

The Company and most of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in accumulated other comprehensive loss in stockholders' equity. Foreign subsidiaries that use the U.S.

dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. In addition, transactions that are denominated in non-functional currency are remeasured using exchange rates in effect at the end of the period. Exchange gains and losses arising from the remeasurement of monetary assets and liabilities are included in other income (expense), net, in the consolidated statements of operations. Non-monetary assets and liabilities are carried at their historical values.

Comprehensive Income

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

Income Taxes

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

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

The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company follows accounting for uncertainty in income taxes which requires that the tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.

Recently Adopted Accounting Pronouncements

In 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 adopted ASU 2023-07 effective for its Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent interim periods. Since ASU 2023-07 addresses only disclosures, the adoption of ASU 2023-07 did not have a significant impact on its consolidated financial statements.

Recently Issued Accounting Pronouncements

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.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires additional disclosure of certain costs and expenses within the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact from ASU 2024-03 on its consolidated financial statements disclosures.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:


	Estimated Useful Life	December 31,
		2024		2023

	(Years)	(In thousands)
Equipment and machinery	3-10	$	207,300	$	186,298
Furniture and fixtures	5-10	3,341		3,222
Computer equipment	3-5	7,241		7,744
Capitalized software costs	3-5	74,558		61,577
Building and leasehold improvements	3-10	19,047		17,058

Construction in process		19,305		29,752
Total		330,792		305,651
Less: accumulated depreciation and amortization		(183,278)		(137,407)
Property and equipment, net		$	147,514	$	168,244

Depreciation expense for property and equipment, net, for the years ended December 31, 2024, 2023 and 2022 was $51.5 million, $40.7 million and $27.7 million, respectively.

As of December 31, 2024 and 2023, unamortized capitalized software costs were $22.6 million and $25.2 million, respectively.

During the years ended December 31, 2024 and 2023, the Company determined that a triggering event had occurred as a result of changes to the Company’s long-term projections, accordingly, the Company recorded an impairment charge for the property and equipment, net asset of $2.3 million and $5.7 million, respectively, within “Restructuring and asset impairment charges” on the consolidated statement of operations

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax provision at statutory federal rate	$ 25,233	$ 107,760	$ 94,926
State taxes, net of federal benefit	7,406	18,107	9,980
Change in valuation allowance	1,973	0	0
Foreign tax rate and tax law differential	6,502	5,965	4,905
Tax credits	(7,598)	(29,229)	(19,864)
Non-taxable income related to Section 45X tax credits	(33,083)	(11,229)	0
Stock-based compensation	13,408	(13,969)	(45,551)
Other permanent items	335	(964)	4,149
Other nondeductible/nontaxable items	(219)	(73)	69
Uncertain tax positions	2,746	8,432	6,073
Foreign-derived intangible income deduction	(5,188)	(15,391)	(9,161)
GILTI and other foreign inclusions	9,101	0	0
Section 162(m)	4,618	5,445	9,291
Unremitted foreign earnings	1,654	1,829	1,837
Prior year changes in estimates	(9,387)	(2,480)	(1,968)
Income tax provision	$ 17,501	$ 74,203	$ 54,686

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	12 Months Ended
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	Dec. 31, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS The Company is potentially subject to financial instrument concentration of credit risk through its cash, cash equivalents, restricted cash, marketable securities and accounts receivable. The Company places its cash, cash equivalents, restricted cash and marketable securities with high quality institutions and performs periodic evaluations of their relative credit standing. Accounts receivable can be potentially exposed to a concentration of credit risk with its major customers. As of December 31, 2024 and 2023, amounts due from one customer represented approximately 43% and 40%, respectively, of the total accounts receivable balance. In the years ended December 31, 2024, 2023 and 2022, one customer accounted for approximately 48%, 40% and 37%, respectively, of our net revenues.

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Oct. 10, 2022	Mar. 14, 2022	Dec. 31, 2022
GreenCom
Business Acquisition [Line Items]
Purchase price	$ 34.9
Acquisition costs			$ 1.8
SolarLeadFactory
Business Acquisition [Line Items]
Purchase price		$ 26.1
Acquisition costs			$ 0.4

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Largest Customer \| Accounts Receivable \| Credit Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	43.00%	40.00%
Net Revenues, Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	48.00%	40.00%	37.00%

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregation

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


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
Primary geographical markets:
United States		$	934,690	$	1,469,108	$	1,761,846




International (1)		395,693		821,678		569,007
Total		$	1,330,383	$	2,290,786	$	2,330,853

Timing of revenue recognition:
Products delivered at a point in time		$	1,204,367	$	2,181,099	$	2,253,645
Products and services delivered over time		126,016		109,687		77,208
Total		$	1,330,383	$	2,290,786	$	2,330,853

Schedule 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:


	December 31, 2024		December 31, 2023

	(In thousands)
Accounts receivables	$	223,749	$	445,959

Short-term contract assets (Prepaid expenses and other current assets)	42,001		40,241
Long-term contract assets (Other assets)	110,954		124,190


Short-term contract liabilities (Deferred revenues, current)	237,225		118,300
Long-term contract liabilities (Deferred revenues, non-current)	341,982		369,172

Significant changes in the balances of contract assets (prepaid expenses and other current assets) as of December 31, 2024 are as follows (in thousands):


Contract Assets
Contract Assets, beginning of period	$	164,431
Amount recognized	(48,837)
Increased due to billings	37,361
Contract Assets, end of period	$	152,955

contract liabilities (deferred revenues) as of December 31, 2024 are as follows (in thousands):


Contract Liabilities
Contract Liabilities, beginning of period	$	487,472
Revenue recognized	(126,015)

Increased due to billings	107,477
Increased due to customer deposits	110,273
Contract Liabilities, end of period	$	579,207

Schedule of Estimated Revenue Expected to be Recognized in Future Periods

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


	December 31, 2024
	(In thousands)
Fiscal year:
2025	$	237,207
2026	109,619
2027	89,633
2028	68,480
2029	44,332
Thereafter	29,936
Total	$	579,207

BUSINESS COMBINATIONS - Schedule of Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 10, 2022	Mar. 14, 2022
GreenCom
Business Acquisition [Line Items]
Fair Value	$ 13,900
GreenCom \| Developed technology
Business Acquisition [Line Items]
Fair Value	$ 8,000
Useful Life	5 years
GreenCom \| Customer relationship
Business Acquisition [Line Items]
Fair Value	$ 5,900
Useful Life	5 years
SolarLeadFactory
Business Acquisition [Line Items]
Fair Value		$ 11,200
SolarLeadFactory \| Developed technology
Business Acquisition [Line Items]
Fair Value		$ 3,600
Useful Life		5 years
SolarLeadFactory \| Customer relationship
Business Acquisition [Line Items]
Fair Value		$ 7,600
Useful Life		5 years

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Restructuring And Asset Impairment Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 13,154	$ 15,684
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Charges	Charges
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 3,325	$ 14,903
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	9,829
Employee severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	6,380	2,155
Employee severance and benefits \| 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	1,219	1,374
Employee severance and benefits \| 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	5,161
Contract termination charges
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	1,991	3,700
Contract termination charges \| 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	1,225	3,700
Contract termination charges \| 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	766
Asset impairment
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	4,783	9,829
Asset impairment \| 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	881	$ 9,829
Asset impairment \| 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 3,902

- Definition

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

+ References + Details

WARRANTY OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Product Warranties Disclosures [Abstract]

Schedule of Warranty Activities

The Company’s warranty obligation activities were as follows:


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
Warranty obligations, beginning of period		$	189,087	$	131,446	$	73,377
Accruals for warranties issued during period		27,544		51,866		48,703

Expense (benefit) from changes in estimates		1,082		(19,176)		29,275
Settlements		(27,611)		(27,216)		(26,257)
Increase due to accretion expense		11,010		13,821		9,631
Change in discount rate(1)		(459)		44,422		(9,609)

Other		(7,764)		(6,076)		6,326
Warranty obligations, end of period		192,889		189,087		131,446
Less: warranty obligations, current		(34,656)		(36,066)		(35,556)
Warranty obligations, non-current		$	158,233	$	153,021	$	95,890

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

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Jose, California

WARRANTY OBLIGATIONS

12 Months Ended

Dec. 31, 2024

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

The Company’s warranty obligation activities were as follows:


	Years Ended December 31,
		2024		2023		2022

		(In thousands)
Warranty obligations, beginning of period		$	189,087	$	131,446	$	73,377
Accruals for warranties issued during period		27,544		51,866		48,703

Expense (benefit) from changes in estimates		1,082		(19,176)		29,275
Settlements		(27,611)		(27,216)		(26,257)
Increase due to accretion expense		11,010		13,821		9,631
Change in discount rate(1)		(459)		44,422		(9,609)

Other		(7,764)		(6,076)		6,326
Warranty obligations, end of period		192,889		189,087		131,446
Less: warranty obligations, current		(34,656)		(36,066)		(35,556)
Warranty obligations, non-current		$	158,233	$	153,021	$	95,890

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

Changes in Estimates

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

2024

In 2024, the Company recorded $1.1 million in warranty expense from changes in estimates, of which $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, $6.0 million for continuing analysis of field performance data and diagnostic root-cause failure analysis primarily related to prior generation products, $5.8 million from increase in product replacement costs due to increase in freight costs 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. This expense was partially offset by a benefit from $17.0 million related to a decrease in product replacement costs primarily associated with Enphase IQ Battery storage 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, and $4.4 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis for early generations of the IQ Battery.

2023

In 2023, the Company recorded $19.2 million in warranty benefit from changes in estimates, of which $27.3 million related to a decrease in product replacement costs related to Enphase IQ Battery storage systems and accessories as the Company expanded its network of field service technicians in the United States, Europe and Australia to provide direct homeowner assistance, and $8.8 million related to a decrease in product replacement costs for all other products. This benefit was partially offset by $8.6 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 as well as continuing analysis of field performance data and diagnostic root-cause failure analysis primarily for prior generation products and $8.3 million for increasing the warranty period for the IQ Battery from 10 years to 15 years.

2022

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 369,110	$ 288,748
Restricted cash	95,006	0
Marketable securities	1,253,480	1,406,286
Accounts receivable, net of allowances of $7,788 and $2,502 at December 31, 2024 and December 31, 2023, respectively	223,749	445,959
Inventory	165,004	213,595
Prepaid expenses and other current assets	220,735	88,930
Total current assets	2,327,084	2,443,518
Property and equipment, net	147,514	168,244
Operating lease, right of use asset, net	24,617	19,887
Intangible assets, net	42,398	68,536
Goodwill	211,571	214,562
Other assets	180,925	215,895
Deferred tax assets, net	315,567	252,370
Total assets	3,249,676	3,383,012
Current liabilities:
Accounts payable	90,032	116,164
Accrued liabilities	196,887	261,919
Deferred revenues, current	237,225	118,300
Warranty obligations, current	34,656	36,066
Debt, current	101,291	0
Total current liabilities	660,091	532,449
Long-term liabilities:
Deferred revenues, non-current	341,982	369,172
Warranty obligations, non-current	158,233	153,021
Other liabilities	55,265	51,008
Debt, non-current	1,201,089	1,293,738
Total liabilities	2,416,660	2,399,388
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.00001 par value, 300,000 shares authorized; and 132,448 shares and 135,722 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	1	1
Additional paid-in capital	1,084,573	939,338
Accumulated earnings (deficit)	(245,206)	46,273
Accumulated other comprehensive loss	(6,352)	(1,988)
Total stockholders’ equity	833,016	983,624
Total liabilities and stockholders’ equity	$ 3,249,676	$ 3,383,012

GOODWILL AND INTANGIBLE ASSETS - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 19,960
2026	17,771
2027	4,381
2028	0
Total	$ 42,112

NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

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


	Years Ended December 31,
		2024		2023		2022

		(In thousands, except per share data)
Numerator:
Net income		$	102,658	$	438,936	$	397,362


Convertible senior notes interest and financing costs, net of tax		2,486		2,573		2,629
Adjusted net income		$	105,144	$	441,509	$	399,991

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding		135,167		136,376		135,349

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation		135,167		136,376		135,349
Effect of dilutive securities:
Employee stock-based awards		474		1,782		3,407
Notes due 2023		—		638		900


Notes due 2025		288		—		—
2025 Warrants		—		419		659
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		140,004		143,290		144,390

Basic and diluted net income per share
Net income per share, basic		$	0.76	$	3.22	$	2.94
Net income per share, diluted		$	0.75	$	3.08	$	2.77

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


	Years Ended December 31,
		2024	2023	2022

		(In thousands)



Employee stock-based awards		1,359	1,113	135

Notes due 2025		—	1,253	1,253

2026 Warrants		5,673	3,038	1,577

2028 Warrants		5,566	2,981	1,547
Total		12,598	8,385	4,512

REVENUE RECOGNITION - Schedule of Significant Changes in the Balances of Contract Liabilities and Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Contract Assets
Contract Assets, beginning of period	$ 164,431
Amount recognized	(48,837)
Increased due to billings	37,361
Contract Assets, end of period	152,955
Contract Liabilities
Contract Liabilities, beginning of period	487,472
Revenue recognized	(126,015)
Increased due to billings	107,477
Increased due to customer deposits	110,273
Contract Liabilities, end of period	$ 579,207

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 credit losses, 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
Revenue Recognition, Cost of Revenues and Contract Liabilities	Revenue Recognition The Company generates revenue from sales of its solutions, which include microinverter units and related accessories, IQ Battery and related accessories, IQ PowerPack 1500 and related accessories, IQ Gateway, and IQ Energy Router, cloud-based monitoring services, Electric Vehicle (“EV”) charging solutions, design, proposal, permitting, installation and lead generation services, as well as a platform matching cleantech asset owners to a local and on-demand workforce of service providers, distributors, large installers, original equipment manufacturers (“OEMs”) and strategic partners. Revenues are recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. The Company generates all of its revenues from contracts with its customers. A description of principal activities from which the Company generates revenues follows. •Products Delivered at a Point in Time. The Company sells its products and professional services to customers in accordance with the terms of the related customer contracts. The Company generates revenues from sales of its solutions, which include microinverter units and related accessories, storage solutions, EV charging solutions, design, proposal, permitting, installation and lead generation services, as well as a platform matching cleantech asset owners to a local and on-demand workforce of service providers to distributors, large installers, OEMs and strategic partners. Microinverter units, microinverter accessories, storage and EV solutions, design, proposal, permitting, installation and lead generation services, as well as completed work orders on a platform matching cleantech asset owners to a local and on-demand workforce of service providers, are delivered to customers at a point in time, and the Company recognizes revenue for these products or professional services when the Company transfers control of the product or professional services to the customer, which is generally upon product shipment or service delivery, respectively. •Products Delivered Over Time. The sale of IQ Gateway and IQ Energy Router products includes the Company’s cloud-based monitoring service. The full consideration for these products represents a single performance obligation and is deferred at the sale date and recognized over the estimated service period of 7 years. The Company also sells certain communication accessories that contain a service performance obligation to be delivered over time. The revenue from these products is recognized over the related service period, which is typically 5 years. The subscription services revenue generated from each customer’s subscription to the Company’s design and proposal software is recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer. The subscription contracts are generally 3 to 12 months in length and billed in advance. When the Company sells a product with more than one performance obligation, such as the IQ Combiner, which includes both hardware and IQ Gateway, the total consideration is allocated to these performance obligations based on their relative standalone selling prices. The Company estimates and records certain revenue promotions as variable consideration and recognizes these promotions as a reduction in revenue at the time the related revenue is recorded. The Company records upfront contract acquisition costs, such as sales commissions, to be capitalized and amortized over the estimated life of the asset. For contracts that have a duration of less than one year, the Company follows the Topic 606 practical expedient and expenses these costs when incurred. Commissions related to the Company’s sale of monitoring hardware and service are capitalized and amortized over the period of the associated revenue, which is 5 years to 7 years. Refer to Note 3. “Revenue Recognition,” for additional information related to revenue recognition. Cost of Revenues The Company includes the following in cost of revenues: product costs, warranty, manufacturing and installation services personnel, logistics costs, freight costs, inventory write-downs, hosting services costs related to the Company’s cloud-based services, credits recognized from the advanced manufacturing production tax credit (“AMPTC”), depreciation of manufacturing test equipment, and amortization of capitalized software development costs related to the Company’s cloud-based services, lead acquisition costs, design and proposal services, and employee-related expenses associated with proposal and permitting services and design and proposal service customer support. A description of principal activities from which the Company recognizes cost of revenue is as follows: •Products Delivered at a Point in Time. Cost of revenue from these products is recognized when the Company transfers control of the product to the customer, which is generally upon shipment or service delivery. •Products Delivered Over Time. Cost of revenue from these products is recognized over the related service period. Contract Liabilities Contract liabilities are recorded as deferred revenue on the accompanying consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
Government Grants	Government Grants Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of Accounting Standards Codification (“ASC”) 740. The Company recognizes a grant when it has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received. Government grants that are not related to long-lived assets are considered income-based grants, which are recognized as a reduction to the related cost of activities that generated the benefit. In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”), which includes extension of the investment tax credit as well as credits under the AMPTC, to incentivize clean energy component sourcing and production, including for the production of microinverters. The IRA provides for an AMPTC on microinverters of 11 cents per alternating current watt basis. The AMPTC on microinverters decreases by 25% each year beginning in 2030 and ending after 2032. The Company recognized credits under AMPTC as a reduction to cost of revenues in the consolidated statement of operations for the microinverters manufactured in the United States and sold to customers during the years ended December 31, 2024 and 2023. Such credit is also reflected as an increase to prepaid income tax and a reduction of income tax payable on the Company’s consolidated balance sheets within prepaid expenses and other current assets and accrued liabilities, respectively, for the years ended December 31, 2024 and December 31, 2023, respectively. For the year ended December 31, 2024 and 2023, benefits recognized from AMPTC of $157.5 million and $53.5 million, respectively, were recorded as a prepaid income tax of $94.9 million (included in Prepaid Expenses and Other Current Assets) and reduction of income tax payable of $62.7 million on the consolidated balance sheet for the year ended December 31, 2024, reduction to income tax payable of $53.5 million (included in Accrued Liabilities) on the consolidated balance sheet for the year ended December 31, 2023, and as a reduction to cost of revenues of $157.5 million and $53.5 million on the consolidated statement of operations for the year ended December 31, 2024 and 2023, respectively. Amounts recognized in the consolidated financial statements are based on management’s judgement and interpretation of the most current guidance.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company classifies investments in marketable securities as available-for-sale investments and records these marketable securities at fair value. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. All highly liquid investments with original maturities of 90 days or less from the date of purchase are classified as cash equivalents, while all others are presented within current assets since these investments represent funds available for current operations and the Company has the ability and intent, if necessary, to liquidate any of these investments within one year in order to meet liquidity needs or to grow the business, including for potential business acquisitions or other strategic transactions. Marketable securities are recorded at fair value, with the unrealized gains or losses unrelated to credit loss factors included in accumulated other comprehensive income (loss), net of tax. Realized gains and losses and declines in value determined to be other than temporary based on the specific identification method are reported in other income (expense), net in the consolidated statements of operations. The Company periodically reviews whether the securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company records an impairment loss associated with the impaired investment. The impairment loss will be recorded as a write-down of investments in the consolidated balance sheets and a realized loss within other income (expense), net in the consolidated statements of operations. There were no credit-related impairments recognized on the Company’s investments in marketable securities during the periods presented. For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest of $10.1 million and $7.6 million, net of the allowance for credit losses, if any, is recorded in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively.
Restricted Cash	Restricted Cash Restricted cash represents cash held as certificates of deposit collateralized under a letter of credit issued to a customer. The letter of credit is required as a performance security in a face amount equal to the aggregate purchase price of the executed sales agreement. The letter of credit was issued per the terms of the executed sales agreement and the Company has collateralized certificates of deposit under this letter of credit in an amount of $95.0 million, which was reflected as restricted cash on the Company’s consolidated balance sheet as of December 31, 2024.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s cash and cash equivalents and restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of those instruments. Equity investments with readily determinable fair value are carried at fair value based on quoted market prices or estimated based on market conditions and risks existing at each balance sheet date. Equity investments without readily determinable fair value are measured at cost, less impairment and are adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer.
Accounts Receivables and Contract Assets	Accounts Receivables and Contract Assets The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets recorded in prepaid assets and other current assets on the consolidated balance sheet include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue.
Allowance for Credit Losses	Allowance for Credit Losses The Company maintains allowances for credit losses for uncollectible accounts receivable. Management estimates anticipated credit losses based on days past due, customer specific experience, collection history, the financial health of customers including from the impacts of the broad-based slowdown beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors.
Inventory	Inventory Inventory is valued at the lower of cost or market. Market is current replacement cost (by purchase or by reproduction, dependent on the type of inventory). In cases where market exceeds net realizable value (i.e., estimated selling price less reasonably predictable costs of completion and disposal), inventories are stated at net realizable value. Market is not considered to be less than net realizable value reduced by an allowance for an approximately normal profit margin. The Company determines cost on a first-in first-out basis. Certain factors could affect the realizable value of its inventory, including customer demand and market conditions. Management assesses the valuation on a quarterly basis and writes down the value for any excess and obsolete inventory based upon expected demand, anticipated sales price, effect of new product introductions, product obsolescence, customer concentrations, product merchantability and other factors. Inventory write-downs are equal to the difference between the cost of inventories and market.
Long-Lived Assets	Long-Lived Assets Property and equipment are stated at cost less accumulated depreciation. Cost includes amounts paid to acquire or construct the asset as well as any expenditure that substantially adds to the value of or significantly extends the useful life of an existing asset. Repair and maintenance costs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. Leasehold improvements are amortized over the shorter of the lease term or expected useful life of the improvements.
Internal-Use Software	Internal-use software, whether purchased or developed, is capitalized at cost and amortized on a straight-line basis over its estimated useful life. Costs associated with internally developed software are expensed until the point at which the project has reached the development stage. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they provide additional functionality. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of internal-use software requires judgment in determining when a project has reached the development stage and the period over which the Company expects to benefit from the use of that software. Capitalized costs are recorded as part of property and equipment in the consolidated balance sheets. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years, and is recorded as cost of revenue in the consolidated statements of operations. The Company capitalizes implementation costs related to cloud computing (i.e., hosting) arrangements that are accounted for as a service contract that meets the accounting requirement for capitalization as such implementation costs were incurred to develop or utilize internal-use software hosted by a third-party vendor. The capitalized implementation costs are recorded as part of “Other assets” on the consolidated balance sheets and is amortized over the length of the service contract.
Impairment of Long-Lived Assets	Property and equipment, including internal-use software, and capitalized implementation costs related to cloud computing arrangements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using an undiscounted cash flow analysis.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments over the lease term. The Company does not have any finance leases. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of one year or less are considered short-term leases and are not recognized as lease assets and liabilities. The Company recognizes the cost of such short-term leases on a straight-line basis over the term of the underlying agreement. The Company combines the lease and non-lease components in determining the operating lease assets and liabilities. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group.
Business Combinations	Business Combinations Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires the Company to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components. This judgment and determination affect the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction. Additional information existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.
Goodwill and Intangible Assets	Goodwill Goodwill results from the purchase consideration paid in excess of the fair value of the net assets recorded in connection with business acquisitions. Goodwill is not amortized but is assessed for potential impairment at least annually during the fourth quarter of each fiscal year or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Goodwill is tested at the reporting unit level, which the Company has determined to be the same as the entity as a whole (entity level). The Company first performs qualitative assessment to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying value, an impairment analysis will be performed. Qualitative factors include industry and market consideration, overall financial performance, share price trends and market capitalization and Company-specific events. The Company determined, after performing a qualitative review of its one reporting unit, that it is more likely than not that the fair value of its reporting unit exceeds its carrying value. Intangible Assets Intangible assets include patents and other purchased intangible assets. Intangible assets with finite lives are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 9 years. Indefinite-lived intangible assets are tested for impairment annually and are also tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. The Company recorded asset impairment charges of $3.5 million, $3.8 million and zero in the years ended December 31, 2024, 2023 and 2022, respectively, associated with the developed technology and customer relationship intangible asset. There were no events or changes in circumstances that may indicate the carrying amount of remaining assets is not recoverable.
Warranty Obligations	Warranty Obligations The Company’s warranty accrual provides for the replacement of microinverter units, AC Battery storage solutions and accessories, EV Chargers, IQ Gateway and IQ Energy Router units that fail during the product’s warranty term. The warranty term related to microinverter units is typically 15 years for first and second generation microinverters and up to 25 years for subsequent generation microinverters. The warranty term for AC Battery storage solutions is 10 to 15 years for IQ Battery depending on the generation and 5 years for IQ PowerPack 1500. The warranty term for the IQ Gateway and IQ Energy Router is 5 years, while the warranty term for EV Chargers is 1 to 5 years depending on the product. On a quarterly basis, the Company employs a consistent, systematic and rational methodology to assess the adequacy of its warranty liability. This assessment includes updating all key estimates and assumptions for each generation of product, based on historical results, trends and the most current data available as of the filing date. The key estimates and assumptions used in the warranty liability are thoroughly reviewed by management on a quarterly basis. The key estimates used by the Company to estimate its warranty liability are: (1) the number of units expected to fail and be repaired or returned for replacement over time (i.e., return rate); and (2) the per unit cost of repair or replacement of units, including outbound shipping and labor costs, expected to be incurred to replace failed units over time (i.e., replacement cost). Estimated Return Rates — The Company’s Quality and Reliability department has primary responsibility to determine the estimated return rates for each generation of product. To establish initial return rate estimates for each generation of product, the Company’s quality engineers use a combination of industry standard mean time between failure estimates for individual components contained in its product, third-party data collected on similar equipment deployed in outdoor environments similar to those in which the Company’s products are installed, and rigorous long term reliability and accelerated life cycle testing which simulates the service life of the product in a short period of time. As units are deployed into operating environments, the Company continues to monitor product performance through its cloud-based monitoring services. It typically takes three to nine months between the date of sale and date of end-user installation. Consequently, the Company’s ability to monitor actual failures of units sold similarly lags by three to nine months. When a product fails and is returned, the Company performs diagnostic root cause failure analysis to understand and isolate the underlying mechanism(s) causing the failure. The Company then uses the results of this analysis (combined with the actual, cumulative performance data collected on those units prior to failure through the Company’s cloud-based monitoring services) to draw conclusions with respect to how or if the identified failure mechanism(s) will impact the remaining units deployed in the installed base. As the vast majority of the Company’s microinverters have been sold to end users for residential applications, the Company believes that warranty return rates will be affected by changes over time in residential home ownership because the Company expects that subsequent homeowners are less likely to file returns than the homeowners who originally purchase the microinverters. Estimated Replacement Costs — Three factors are considered in the Company’s analysis of estimated replacement cost: (1) the estimated cost of replacement products; (2) the estimated cost to ship replacement products to end users; and (3) the estimated labor reimbursement expected to be paid to third-party installers, or estimated labor cost expected to be incurred for field service technicians, performing replacement services for the end user. Because the Company’s warranty provides for the replacement of defective microinverters or other products over long periods of time (between 5 years to 25 years, depending on the product and the generation of that product purchased), the estimated per unit cost of current and future product generations is considered in the estimated replacement cost. Estimated costs to ship replacement units are based on observable, market-based shipping costs paid by the Company to third-party freight carriers. The Company has a separate program that allows third-party installers to claim fixed-dollar reimbursements for labor costs they incur to replace failed products for a limited time from the date of original installation. Included in the Company’s estimated replacement cost is an analysis of the number of fixed-dollar labor reimbursements expected to be claimed by third-party installers over the limited offering period. In addition to the key estimates noted above, the Company also compares actual warranty results to expected results and evaluates any significant differences. Management may make additional adjustments to the warranty provision based on performance trends or other qualitative factors. If actual return rates or replacement costs differ from the Company’s estimates in future periods, changes to these estimates may be required, resulting in increases or decreases in the Company’s warranty obligations. Such increases or decreases could be material. Fair Value Option for Microinverters and Other Products Sold Since January 1, 2014 The Company’s warranty obligations related to products sold since January 1, 2014 provide the Company the right, but not the requirement, to assign its warranty obligations to a third party. Under ASC 825, “Financial Instruments” (also referred to as “fair value option”), an entity may choose to elect the fair value option for such warranties at the time it first recognizes the eligible item. The Company made an irrevocable election to account for all eligible warranty obligations associated with products sold since January 1, 2014 at fair value. This election was made to reflect the underlying economics of the time value of money for an obligation that will be settled over an extended period of up to 25 years. The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain inputs that are unobservable and significant to the overall fair value measurement. Such additional assumptions included compensation comprised of a profit element and risk premium required of a market participant to assume the obligation and a discount rate based on the Company’s credit-adjusted risk-free rate. Refer to Note 11. “Fair Value Measurements,” for additional information. Warranty obligations initially recorded at fair value at the time of sale will be subsequently re-measured to fair value at each reporting date. In addition, the fair value of the liability will be accreted over the corresponding term of the warranty of up to 25 years using the effective interest method.
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company is subject to loss contingencies and loss recoveries, such as legal proceedings and claims arising out of its business as well as tariff refunds. An accrual for a loss contingency or loss recovery is recognized when it is probable and the amount of loss or recovery can be reasonably estimated.
Common Stock Repurchase	Common Stock Repurchase The Company accounts for repurchase of common stock under ASC 505 and charges the entire cost of repurchase including excise tax accrued pursuant to the repurchase to the accumulated earnings (deficit).
Advertising Costs	Advertising Costs Advertising costs, which are expensed and included in sales and marketing expense when incurred, were $1.7 million, $3.8 million and $3.8 million during the years ended December 31, 2024, 2023 and 2022, respectively.
Research and Development Costs	Research and Development Costs The Company expenses research and development costs as incurred. Research and development expense consists primarily of expensed equipment for product development, personnel costs, including salaries, benefits and stock-based compensation, other professional costs and allocated facilities costs.
Stock-Based Compensation	Stock-Based Compensation Share-based payments are required to be recognized in the Company’s consolidated statements of operations based on their fair values and the estimated number of shares expected to vest. The Company measures stock-based compensation expense for all share-based payment awards made to employees and directors, based on the estimated fair values on the date of the grant. The fair value of restricted stock units (“RSUs”) granted is determined based on the price of the Company’s common stock on the date of grant. The fair value of non-market‑based performance stock units (“PSUs”) granted is determined based on the date of grant or when achievement of performance is probable. The fair value of market‑based performance stock units granted is determined using a Monte‑Carlo model based on the date of grant or when achievement of performance is probable. Stock-based compensation for RSUs is recognized on a straight-line basis over the requisite service period. Stock-based compensation for PSUs without market conditions is recognized when the performance condition is probable of being achieved, and then on a graded basis over the requisite service period. Stock-based compensation for PSUs with market conditions is recognized on a straight-line basis over the requisite service period. Additionally, the Company estimates its forfeiture rate annually based on historical experience and revises the estimates of forfeiture in subsequent periods if actual forfeitures differ from those estimates.
Foreign Currency Translation	Foreign Currency Translation The Company and most of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in accumulated other comprehensive loss in stockholders' equity. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. In addition, transactions that are denominated in non-functional currency are remeasured using exchange rates in effect at the end of the period. Exchange gains and losses arising from the remeasurement of monetary assets and liabilities are included in other income (expense), net, in the consolidated statements of operations. Non-monetary assets and liabilities are carried at their historical values.
Comprehensive Income	Comprehensive Income Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income consists of foreign currency translation adjustments and changes in net unrealized gain (loss) on marketable securities, net of tax.
Income Taxes	Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company assesses the realizability of the deferred tax assets to determine release of valuation allowance as necessary. In the event the Company determines that it is more likely than not that the Company would be able to realize deferred tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance for the deferred tax asset would increase income in the period such determination was made. Likewise, should it be determined that additional amounts of the net deferred tax asset will not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance will reduce income in the period such determination is made. The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company follows accounting for uncertainty in income taxes which requires that the tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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 adopted ASU 2023-07 effective for its Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent interim periods. Since ASU 2023-07 addresses only disclosures, the adoption of ASU 2023-07 did not have a significant impact on its consolidated financial statements. Recently Issued Accounting Pronouncements 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. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires additional disclosure of certain costs and expenses within the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact from ASU 2024-03 on its consolidated financial statements disclosures.
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.
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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 102,658	$ 438,936	$ 397,362

- Definition

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

+ References

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 13,154	$ 15,684
2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges		$ 800	$ 2,400

- Definition

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

+ References + Details

NET INCOME PER SHARE - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ 102,658	$ 438,936	$ 397,362
Convertible senior notes interest and financing costs, net of tax	2,486	2,573	2,629
Adjusted net income	$ 105,144	$ 441,509	$ 399,991
Denominator:
Weighted average common shares outstanding (in shares)	135,167	136,376	135,349
Employee stock-based awards (in shares)	474	1,782	3,407
Weighted average common shares outstanding for diluted calculation (in shares)	140,004	143,290	144,390
Basic and diluted net income per share
Net income per share, basic (in usd per share)	$ 0.76	$ 3.22	$ 2.94
Net income per share, diluted (in usd per share)	$ 0.75	$ 3.08	$ 2.77
Notes due 2025
Denominator:
Warrants (in shares)	0	419	659
Convertible Notes \| Notes due 2023
Denominator:
Notes due (in shares)	0	638	900
Convertible Notes \| Notes due 2025
Denominator:
Notes due (in shares)	288	0	0
Convertible Notes \| Notes due 2026
Denominator:
Notes due (in shares)	2,057	2,057	2,057
Convertible Notes \| Notes due 2028
Denominator:
Notes due (in shares)	2,018	2,018	2,018

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 102,658	$ 438,936	$ 397,362
Other comprehensive income:
Foreign currency translation adjustments	(4,715)	1,190	(3,185)
Marketable securities
Change in net unrealized gain (loss), net of income tax benefit (provision) of $115, $2,468, and $(1,993) for the year ended December 31, 2024, 2023, and 2022, respectively.	351	7,704	(5,677)
Comprehensive income	$ 98,294	$ 447,830	$ 388,500

- Definition

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.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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.

+ References + Details

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 51,500,000	$ 40,700,000	$ 27,700,000
Unamortized capitalized software costs	22,600,000	25,200,000
Property and equipment impairment charge	2,300,000	5,700,000	$ 0
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment impairment charge	$ 2,300,000	$ 5,700,000

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 38,740	$ 30,849
Finished goods	126,264	182,746
Total inventory	$ 165,004	$ 213,595

DEBT - Schedule of Long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total carrying amount of debt	$ 1,302,380	$ 1,293,738
Less: debt, current	(101,291)	0
Debt, non-current	1,201,089	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	(4,102)	(5,408)
Total carrying amount of debt	570,898	569,592
Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	632,500	632,500
Less: unamortized debt issuance costs	(2,309)	(4,317)
Total carrying amount of debt	630,191	628,183
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	102,168	102,175
Less: unamortized debt discount	(803)	(5,644)
Less: unamortized debt issuance costs	(74)	(568)
Total carrying amount of debt	$ 101,291	95,963
Less: debt, current		$ (102,200)

DEBT - Convertible Senior Notes due in 2028 Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding		$ 1,302,380	$ 1,293,738
Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000
Interest rate	0.00%
Proceeds from convertible debt	$ 566,400
Conversion ratio	0.0035104
Debt conversion price (in USD per share) \| $ / shares	$ 284.87
Principal amount outstanding		570,898	569,592
Unamortized debt issuance costs		$ 4,102	$ 5,408
Conversion shares (in shares) \| shares	2.0
Payment for bonds hedge	$ 161,600
Warrants issued, strike price (in USD per share) \| $ / shares	$ 397.91
Proceeds from sale of warrants	$ 123,400
Convertible Notes \| Notes due 2028 \| Period One
Debt Instrument [Line Items]
Threshold percentage	130.00%
Stock trigger price (in USD per share) \| $ / shares	$ 370.33
Number of threshold trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Measurement period percentage of stock price trigger (as a percent)	98.00%
Convertible Notes \| Notes due 2028 \| 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

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	692	1,464	2,264
Exercised (in shares)	(687)	(772)	(799)
Canceled (in shares)	0	0	(1)
Outstanding, ending balance (in shares)	5	692	1,464
Shares outstanding, vested and expected to vest (in shares)	5
Shares outstanding, exercisable (in shares)	5
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (in usd per share)	$ 2.01	$ 1.83	$ 1.90
Exercised (in usd per share)	1.79	1.68	2.02
Canceled (in usd per share)	0	0	8.82
Outstanding, ending balance (in usd per share)	32.80	$ 2.01	$ 1.83
Weighted-average exercise price, vested and expected to vest (in usd per share)	32.80
Weighted-average exercise price, exercisable (in usd per share)	$ 32.80
Weighted- Average Remaining Contractual Term
Outstanding	1 year 2 months 12 days
Vested and expected to vest	1 year 2 months 12 days
Exercisable	1 year 2 months 12 days
Aggregate Intrinsic Value
Exercised	$ 82,677	$ 100,390	$ 197,334
Outstanding	182
Vested and expected to vest	182
Exercisable	$ 182
Share price (in usd per share)	$ 68.68

FAIR VALUE MEASUREMENTS - Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3 (Details) - Recurring - Level 3 - Warranty obligations for products sold since January 1, 2014	Dec. 31, 2024	Dec. 31, 2023
Profit element and risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	16.80%	16.80%
Credit-adjusted risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	7.20%	7.20%

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 7,641	$ 7,225
Lease liabilities arising from obtaining right-of-use assets	$ 12,687	$ 5,005

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024	Dec. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false