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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Enphase Energy, Inc. (the “Company”) is a global energy technology company. The Company delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. The Company’s intelligent microinverters work with virtually every solar panel made, and when paired with the Company’s smart technology, results in one of the industry’s best-performing clean energy systems. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income (loss), stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for doubtful accounts, stock-based compensation, deferred compensation arrangements, income tax provision, inventory valuation, government grants, accrued warranty obligations, fair value of investments, convertible notes, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the ongoing semiconductor supply and logistic constraints. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company filed audited consolidated financial statements, which included all information and notes necessary for such a complete presentation in conjunction with its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 9, 2024 (the “Form 10‑K”). Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in Note 2, “Summary of Significant Accounting Policies” of the notes to consolidated financial statements included in Part II, Item 8 of the Form 10-K. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires additional disclosures for segment reporting, including disclosure of the title and position of the Chief Operating Decision Maker and requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07, and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company plans to adopt ASU 2023-07 effective for the annual report on Form 10-K for the year ending December 31, 2024 and subsequent interim periods. Since ASU 2023-07 addresses only disclosures, the adoption of ASU 2023-07 is not expected to have a significant impact on its consolidated financial statements. Not Yet Effective In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements and will adopt the standard effective January 1, 2025.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company leases office facilities under noncancellable operating leases that expire on various dates through 2034, some of which may include options to extend the leases for up to 12 years.

The components of lease expense are presented as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Operating lease costs	$	2,675	$	2,416	$	5,322	$	5,008

The components of lease liabilities are presented as follows:


	June 30, 2024		December 31, 2023

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	5,123	$	5,220
Operating lease liabilities, non-current (Other liabilities)	18,200		18,802
Total operating lease liabilities	$	23,323	$	24,022

Supplemental lease information:
Weighted average remaining lease term	6.0 years		5.8 years
Weighted average discount rate	6.9%		7.0%

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,699	$	1,788	$	3,604	$	3,490

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$	655	$	2,852	$	2,350	$	4,368

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


	Lease Amounts
	(In thousands)
Year:
2024 (remaining six months)	$	3,260
2025	6,219
2026	4,557
2027	3,211
2028	2,801
Thereafter	8,995
Total lease payments	29,043
Less: imputed lease interest	(5,720)
Total lease liabilities	$	23,323

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 June 30, 2024, these purchase obligations totaled approximately $159.3 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 June 30, 2024 and December 31, 2023, in the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims, except for the complaint described below.

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

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Restructuring And Asset Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 1,171	$ 177	$ 3,078	$ 870
Employee Severance and Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	839	177	1,109	870
Contract Termination Charges
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	279	0	1,584	0
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 53	$ 0	$ 385	$ 0

- Definition

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

+ References + Details

REVENUE RECOGNITION - Summary of Estimated Revenue Expected to be Recognized in Future Periods (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 476,776
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 62,818
Total estimated revenue expected to be recognized in future periods, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 117,914
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	$ 100,983
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	$ 81,367
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	$ 60,125
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	$ 53,569
Total estimated revenue expected to be recognized in future periods, expected timing

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 252,102	$ 288,748
Marketable securities	1,394,302	1,406,286
Accounts receivable, net of allowances of $3,307 and $2,502 at June 30, 2024 and December 31, 2023, respectively	277,475	445,959
Inventory	176,068	213,595
Prepaid expenses and other assets	141,702	88,930
Total current assets	2,241,649	2,443,518
Property and equipment, net	152,070	168,244
Operating lease, right of use asset, net	19,394	19,887
Intangible assets, net	56,715	68,536
Goodwill	213,239	214,562
Other assets	204,202	215,895
Deferred tax assets, net	279,307	252,370
Total assets	3,166,576	3,383,012
Current liabilities:
Accounts payable	79,646	116,164
Accrued liabilities	197,556	261,919
Deferred revenues, current	123,577	118,300
Warranty obligations, current	30,261	36,066
Debt, current	98,592	0
Total current liabilities	529,632	532,449
Long-term liabilities:
Deferred revenues, non-current	353,199	369,172
Warranty obligations, non-current	146,918	153,021
Other liabilities	52,872	51,008
Debt, non-current	1,199,432	1,293,738
Total liabilities	2,282,053	2,399,388
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.00001 par value, 300,000 shares authorized; and 135,396 shares and 135,722 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	1	1
Additional paid-in capital	993,368	939,338
Accumulated earnings (deficit)	(100,895)	46,273
Accumulated other comprehensive loss	(7,951)	(1,988)
Total stockholders’ equity	884,523	983,624
Total liabilities and stockholders’ equity	$ 3,166,576	$ 3,383,012

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Total unrecognized compensation cost	$ 383.4
Weighted-average recognition period for unrecognized compensation cost	2 years 6 months

DEBT - Schedule of Interest Cost Recognized In Statements Of Operations (Details) - Convertible Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes due 2028
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 0	$ 0	$ 0
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	326	327	652	643
Total interest cost recognized	326	327	652	643
Notes due 2026
Debt Instrument [Line Items]
Contractual interest expense	0	0	0	0
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	502	502	1,005	987
Total interest cost recognized	502	502	1,005	987
Notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	64	64	128	128
Amortization of debt discount	1,205	1,144	2,382	2,249
Amortization of debt issuance costs	123	123	249	241
Total interest cost recognized	1,392	1,331	2,759	2,618
Notes due 2023
Debt Instrument [Line Items]
Contractual interest expense	0	50	0	100
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	0	10	0	20
Total interest cost recognized	$ 0	$ 60	$ 0	$ 120

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock-based Compensation Expense

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

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenues	$	3,730	$	3,398	$	7,912	$	7,067
Research and development	20,210		23,765		44,760		45,243
Sales and marketing	16,784		14,515		34,962		35,934
General and administrative	12,033		12,488		25,956		25,577

Total	$	52,757	$	54,166	$	113,590	$	113,821

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
RSUs and PSUs	$	51,320	$	51,852	$	110,107	$	108,809
Employee stock purchase plan	1,437		1,803		3,483		3,843
Post combination expense	—		511		—		1,169
Total	$	52,757	$	54,166	$	113,590	$	113,821

As of June 30, 2024, there was approximately $383.4 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.5 years.

Equity Awards Activity

Stock Options

The following table summarizes stock option activity:


	Number of Shares Outstanding	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2023	692	$	2.01

Exercised	(672)	1.76			$	81,367
Canceled	—	—
Outstanding at June 30, 2024	20	$	10.44	0.8	$	1,776
Vested and expected to vest at June 30, 2024	20	$	10.44	0.8	$	1,776
Exercisable at June 30, 2024	20	$	10.44	0.8	$	1,776

(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 June 30, 2024 is based on the closing price of the last trading day during the period ended June 30, 2024. The Company’s stock fair value used in this computation was $99.71 per share.

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


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Remaining Life	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
	(In thousands)	(Years)			(In thousands)

$2.76 —– $2.76	9	0.6	$	2.76	9	$	2.76
$2.80 —– $2.80	5	0.5	2.80		5	2.80
$2.90 —– $2.90	4	0.4	2.90		4	2.90
$64.17 —– $64.17	2	2.8	64.17		2	64.17
Total	20	0.8	$	10.44	20	$	10.44

Restricted Stock Units

The following table summarizes RSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2023	2,332	$	177.64
Granted	406	110.92
Vested	(589)	177.08			$	72,803
Canceled	(218)	175.67
Outstanding at June 30, 2024	1,931	$	164.00	1.4	$	192,558
Expected to vest at June 30, 2024	1,931	$	164.00	1.4	$	192,550

(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 June 30, 2024 is based on the closing price of the last trading day during the period ended June 30, 2024. The Company’s stock fair value used in this computation was $99.71 per share.

Performance Stock Units

The following summarizes PSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2023	396	$	235.99
Granted	724	127.06
Vested	(97)	214.52			$	12,642
Canceled	(117)	205.66
Outstanding at June 30, 2024	906	$	155.14	1.7	$	90,364
Expected to vest at June 30, 2024	906	$	155.14	1.7	$	90,364

(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 June 30, 2024 is based on the closing price of the last trading day during the period ended June 30, 2024. The Company’s stock fair value used in this computation was $99.71 per share.

NET INCOME (LOSS) PER SHARE - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	16,611	6,227	16,782	5,137
Employee stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,435	1,226	1,515	1,006
Warrants \| Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	104	0
Warrants \| Notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,877	2,477	4,871	2,046
Warrants \| Notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,971	2,524	4,964	2,085
Notes due \| Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,253	0	1,253	0
Notes due \| Notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,018	0	2,018	0
Notes due \| Notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,057	0	2,057	0

COMMITMENTS AND CONTINGENCIES - Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease liabilities, current (Accrued liabilities)	$ 5,123	$ 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)	$ 18,200	$ 18,802
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 23,323	$ 24,022
Weighted average remaining lease term	6 years	5 years 9 months 18 days
Weighted average discount rate	6.90%	7.00%

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregated Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Primary geographical markets:
United States	$	198,712	$	417,582	$	348,686	$	890,543




International	104,746		293,536		218,111		546,591
Total	$	303,458	$	711,118	$	566,797	$	1,437,134

Timing of revenue recognition:
Products delivered at a point in time	$	272,592	$	684,122	$	505,737	$	1,385,774
Products and services delivered over time	30,866		26,996		61,060		51,360
Total	$	303,458	$	711,118	$	566,797	$	1,437,134

Contract Balances

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


	June 30, 2024		December 31, 2023

	(In thousands)
Accounts receivables	$	277,475	$	445,959

Short-term contract assets (Prepaid expenses and other assets)	41,736		40,241
Long-term contract assets (Other assets)	119,644		124,190


Short-term contract liabilities (Deferred revenues, current)	123,577		118,300
Long-term contract liabilities (Deferred revenues, non-current)	353,199		369,172

The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional. The Company maintains allowances for doubtful accounts for uncollectible accounts receivable. Management estimates anticipated credit losses from doubtful accounts based on days past due, customer specific experience, collection history, the financial health of customers including from the impacts of the broad-based slowdown in solar industry beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors. Accounts receivables are recorded net of allowance for doubtful accounts totaling $3.3 million and $2.5 million as of June 30, 2024 and December 31, 2023, respectively. Management will continue to monitor certain customers experiencing considerable financial difficulties as more information is publicly available to perform collectability assessment and evaluate the impact to the Company's revenue recognition and allowance for doubtful accounts on its financial statements.

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

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


Contract Assets
Contract Assets, beginning of period	$	164,431
Amount recognized	(21,225)
Increased due to billings	18,174
Contract Assets, end of period	$	161,380

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

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


Contract Liabilities
Contract Liabilities, beginning of period	$	487,472
Revenue recognized	(61,060)

Increased due to billings	50,364

Contract Liabilities, end of period	$	476,776

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:


	June 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining six months)	$	62,818
2025	117,914
2026	100,983
2027	81,367
2028	60,125
Thereafter	53,569
Total	$	476,776

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive. Potential common shares for the three months ended June 30, 2023 include stock options, RSUs, PSUs, shares to be purchased under the ESPP, Notes due 2025, Notes due 2026, Notes due 2028, Notes due 2023 and the 2025 Warrants.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	10,833	$	157,191	$	(5,264)	$	304,064


Convertible senior notes interest and financing costs, net of tax	—		1,651		—		3,255
Adjusted net income (loss)	$	10,833	$	158,842	$	(5,264)	$	307,319

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding	135,646		136,607		135,768		136,650

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation	135,646		136,607		135,768		136,650
Effect of dilutive securities:
Employee stock-based awards	374		1,760		—		2,155
Notes due 2023	—		900		—		900


Notes due 2025	—		1,253		—		1,253
2025 Warrants	103		503		—		575
Notes due 2026	—		2,057		—		2,057

Notes due 2028	—		2,018		—		2,018

Weighted average common shares outstanding for diluted calculation	136,123		145,098		135,768		145,608

Basic and diluted net income (loss) per share
Net income (loss) per share, basic	$	0.08	$	1.15	$	(0.04)	$	2.23
Net income (loss) per share, diluted	$	0.08	$	1.09	$	(0.04)	$	2.11

Diluted earnings per share for the three and six months ended June 30, 2024 and 2023 includes the dilutive effect of potentially dilutive common shares by application of the treasury stock method for stock options, RSUs, PSUs, ESPP, the 2025 Warrants, and includes potentially dilutive common shares by application of the if-converted method for the Notes due 2025, Notes due 2026, Notes due 2028 and Notes due 2023. To the extent these potential common shares are antidilutive, they are excluded from the calculation of diluted net income per share.

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023

	(In thousands)



Employee stock-based awards	1,435	1,226	1,515	1,006
2025 Warrants	—	—	104	—
Notes due 2028	2,018	—	2,018	—
2028 Warrants	4,877	2,477	4,871	2,046
Notes due 2026	2,057	—	2,057	—
2026 Warrants	4,971	2,524	4,964	2,085
Notes due 2025	1,253	—	1,253	—
Total	16,611	6,227	16,782	5,137

COMMITMENTS AND CONTINGENCIES - Lease Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,675	$ 2,416	$ 5,322	$ 5,008

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock and paid-in capital	Treasury stock, at cost	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period at Dec. 31, 2022		$ 819,120	$ 0	$ 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		596
Issuance of common stock related to 365 Pronto, Inc. post combination expense		10,307
Payment of withholding taxes related to net share settlement of equity awards		(84,635)
Stock-based compensation		112,652
Purchases of treasury stock, at cost			(68,140)
Repurchase of common stock				(131,860)
Net income (loss)	$ 304,064			304,064
Foreign currency translation adjustments	1,508				1,508
Change in net unrealized gain (loss) on marketable securities, net of tax					2,522
Balance, end of period at Jun. 30, 2023	972,587	858,040	68,140	189,539	(6,852)
Balance, beginning of period at Mar. 31, 2023		812,619	0	164,208	(6,734)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan		556
Issuance of common stock related to 365 Pronto, Inc. post combination expense		4,000
Payment of withholding taxes related to net share settlement of equity awards		(12,790)
Stock-based compensation		53,655
Purchases of treasury stock, at cost			(68,140)
Repurchase of common stock	(200,000)			(131,860)
Net income (loss)	157,191			157,191
Foreign currency translation adjustments	431				431
Change in net unrealized gain (loss) on marketable securities, net of tax					(549)
Balance, end of period at Jun. 30, 2023	972,587	858,040	68,140	189,539	(6,852)
Balance, beginning of period at Dec. 31, 2023	983,624	939,339	0	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		7,955
Payment of withholding taxes related to net share settlement of equity awards		(67,515)
Stock-based compensation		113,590
Repurchase of common stock	(141,900)			(141,904)
Net income (loss)	(5,264)			(5,264)
Foreign currency translation adjustments	(3,658)				(3,658)
Change in net unrealized gain (loss) on marketable securities, net of tax					(2,305)
Balance, end of period at Jun. 30, 2024	884,523	993,369	0	(100,895)	(7,951)
Balance, beginning of period at Mar. 31, 2024		941,316	0	(11,820)	(6,773)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan		6,769
Payment of withholding taxes related to net share settlement of equity awards		(7,473)
Stock-based compensation		52,757
Repurchase of common stock	(99,900)			(99,908)
Net income (loss)	10,833			10,833
Foreign currency translation adjustments	(684)				(684)
Change in net unrealized gain (loss) on marketable securities, net of tax					(494)
Balance, end of period at Jun. 30, 2024	$ 884,523	$ 993,369	$ 0	$ (100,895)	$ (7,951)

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 6,000	$ 6,000
Increase in liability as a result of increasing the profit element and risk premium input by 100 basis points		1,100
Decrease in liability as a result of decreasing the profit element and risk premium input by 100 basis points		(1,100)
Increase in liability as a result of decreasing the discount rate by 100 basis points		(10,600)
Decrease in liability as a result of increasing the discount rate by 100 basis points		12,000
Privately-Held Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities			$ 6,000
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0	$ 0
Level 2 \| Recurring \| Convertible Notes \| Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	471,500	471,500
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	575,100	575,100
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	$ 166,300	$ 166,300

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

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


Goodwill	June 30, 2024		December 31, 2023

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

Currency translation adjustment	(1,323)		1,003
Goodwill, end of period	$	213,239	$	214,562

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


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

	(In thousands)


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

Intangible assets with finite lives:

Developed technology	51,054		(32,017)			19,037		51,044		(27,093)		—		23,951
Customer relationships	51,306		(32,671)			18,635		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(18,943)			18,757		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(83,631)		$	56,715	$	144,136	$	(71,793)	$	(3,807)	$	68,536

During the six months ended June 30, 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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Developed technology	$	2,458	$	2,455	$	4,925	$	4,910
Customer relationships	1,567		2,454		3,143		4,908
Trade names	1,885		1,885		3,770		3,770

Total amortization expense	$	5,910	$	6,794	$	11,838	$	13,588

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

Finite-lived intangible assets are tested for impairment whenever an event occurs or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows. As of June 30, 2024, the balance of customer intangible relationship assets is $18.6 million, which includes $8.1 million related to one customer. This customer is experiencing considerable financial difficulties as of July 23, 2024. The management has evaluated that the carrying amount of that asset as of June 30, 2024 is recoverable and will continue to evaluate the impacts on its financial statements as more information is publicly available.

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


	June 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining six months)	$	10,887
2025	21,370
2026	19,080
2027	5,092


Total	$	56,429

STOCK-BASED COMPENSATION - Summary of Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Aggregate Intrinsic Value
Share price (in usd per share)	$ 99.71
Restricted stock units
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	2,332
Granted (in shares)	406
Vested (in shares)	(589)
Canceled (in shares)	(218)
Outstanding, ending balance (in shares)	1,931
Number of shares outstanding, expected to vest (in shares)	1,931
Weighted Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 177.64
Granted (in usd per share)	110.92
Vested (in usd per share)	177.08
Canceled (in usd per share)	175.67
Outstanding, ending balance (in usd per share)	164.00
Weighted-Average Fair Value per Share at Grant Date, Expected to vest (in usd per share)	$ 164.00
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	$ 192,558
Vested	72,803
Aggregate intrinsic value, expected to vest	$ 192,550

DEBT - Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total carrying amount of debt	$ 1,298,024	$ 1,293,738
Less: debt, current	(98,592)	0
Debt, non-current	1,199,432	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	(4,756)	(5,408)
Total carrying amount of debt	570,244	569,592
Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	632,500	632,500
Less: unamortized debt issuance costs	(3,312)	(4,317)
Total carrying amount of debt	629,188	628,183
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	102,173	102,175
Less: unamortized debt issuance costs	(319)	(568)
Less: unamortized debt discount	(3,262)	(5,644)
Total carrying amount of debt	98,592	$ 95,963
Less: debt, current	$ (102,200)

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,505,300	$ 1,541,584
Gross Unrealized Gains	286	1,863
Gross Unrealized Losses	(3,719)	(2,218)
Fair Value	1,501,867	1,541,229
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	107,565	134,943
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,394,302	1,406,286
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	79,051	132,037
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	79,051	132,037
Money market funds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	79,051	132,037
Money market funds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41,213	55,863
Gross Unrealized Gains	27	58
Gross Unrealized Losses	0	(9)
Fair Value	41,240	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	41,240	55,162
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	70,853	71,427
Gross Unrealized Gains	2	29
Gross Unrealized Losses	(68)	(19)
Fair Value	70,787	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	70,787	69,743
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	392,445	406,093
Gross Unrealized Gains	228	934
Gross Unrealized Losses	(790)	(931)
Fair Value	391,883	406,096
Corporate notes and bonds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	3,551	462
Corporate notes and bonds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	388,332	405,634
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	247,809	327,773
Gross Unrealized Gains	0	152
Gross Unrealized Losses	(208)	(34)
Fair Value	247,601	327,891
U.S. Treasuries \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	24,963	0
U.S. Treasuries \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	222,638	327,891
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	673,929	548,391
Gross Unrealized Gains	29	690
Gross Unrealized Losses	(2,653)	(1,225)
Fair Value	671,305	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	$ 671,305	$ 547,856

DEBT - Convertible Senior Notes due in 2028 Narrative (Details) - Convertible Notes - Notes due 2028 $ / shares in Units, $ in Thousands, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000
Interest rate	0.00%
Proceeds from convertible debt	$ 566,400
Conversion ratio	0.0035104
Debt conversion price (in USD per share) \| $ / shares	$ 284.87
Unamortized debt issuance costs		$ 4,756	$ 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
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	98.00%
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

WARRANTY OBLIGATIONS

6 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

The Company’s warranty obligation activities were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Warranty obligations, beginning of period	$	177,164	$	146,034	$	189,087	$	131,446
Accruals for warranties issued during period	6,424		16,344		12,522		32,515

Benefit from changes in estimates	(275)		(10,363)		(12,636)		(6,635)
Settlements	(7,606)		(5,092)		(14,499)		(13,986)
Increase due to accretion expense	2,690		3,907		5,595		7,452
Change in discount rate(1)	759		31,797		759		31,797

Other	(1,977)		(1,912)		(3,649)		(1,874)
Warranty obligations, end of period	177,179		180,715		177,179		180,715
Less: warranty obligations, current	(30,261)		(36,686)		(30,261)		(36,686)
Warranty obligations, non-current	$	146,918	$	144,029	$	146,918	$	144,029

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

Changes in Estimates

In the three months ended June 30, 2024, the Company recorded $0.3 million in warranty benefit from change in estimates, of which $1.8 million and $1.4 million related to a decrease in product replacement costs and continuing analysis of field performance data and diagnostic root-cause failure analysis, respectively, for Enphase IQ® Battery storage systems, partially offset by an increase of $2.9 million for continuing analysis of field performance data and diagnostic root-cause failure analysis for all other products. In the three months ended June 30, 2023, the Company recorded $10.4 million in warranty benefit from change in estimates, of which $14.4 million related to a decrease in product replacement costs related to Enphase IQ Battery systems and $2.1 million related to a decrease in product replacement costs for all other products, partially offset by $6.1 million for increasing the warranty period for the Enphase IQ Battery from 10 years to 15 years.

In the six months ended June 30, 2024, the Company recorded $12.6 million in warranty benefit from change in estimates, of which $11.1 million and $4.4 million related to a decrease in product replacement costs and continuing analysis of field performance data and diagnostic root-cause failure analysis, respectively, for Enphase IQ® Battery storage systems, partially offset by an increase of $2.9 million for continuing analysis of field performance data and diagnostic root-cause failure analysis for all other products. In the six months ended June 30, 2023, the Company recorded $6.6 million in warranty benefit from change in estimates, of which $20.5 million related to a decrease in product replacement costs related to Enphase IQ Battery systems and $2.1 million related to decrease in product replacement costs for all other products, partially offset by $6.1 million for increasing the warranty period for the Enphase IQ Battery from 10 years to 15 years, and by $9.9 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis primarily for Enphase IQ Battery storage systems and prior generation products.

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35480
Entity Registrant Name	Enphase Energy, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	20-4645388
Entity Address, Address Line One	47281 Bayside Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	707
Local Phone Number	774-7000
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	ENPH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,422,159
Entity Central Index Key	0001463101
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible asset	$ 56,429
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Intangible asset	18,635	$ 21,772
Customer relationship \| One Customer
Finite-Lived Intangible Assets [Line Items]
Intangible asset	8,100
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

WARRANTY OBLIGATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ (275)	$ (10,363)	$ (12,636)	$ (6,635)
IQ Battery \| Minimum
Product Warranty Liability [Line Items]
Product warranty, term		10 years		10 years
IQ Battery \| Maximum
Product Warranty Liability [Line Items]
Product warranty, term		15 years		15 years
Product Replacement Costs Related To Enphase IQ Battery Systems
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	(1,800)	$ (14,400)	(11,100)	$ (20,500)
Field Performance Data And Diagnostic Root-Cause Failure Analysis Related to Enphase IQ Battery Storage Systems
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	(1,400)	9,900	(4,400)
Field Performance Data And Diagnostic Root-Cause Failure Analysis To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)	$ 2,900		$ 2,900
Product Replacement Costs Related To Other Products
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		(2,100)		(2,100)
Change In Warranty Period
Product Warranty Liability [Line Items]
Additional warranty expense (benefit)		$ 6,100		$ 6,100

COMMITMENTS AND CONTINGENCIES - Schedule of Minimum Lease Payments Under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2024 (remaining six months)	$ 3,260
2025	6,219
2026	4,557
2027	3,211
2028	2,801
Thereafter	8,995
Total lease payments	29,043
Less: imputed lease interest	(5,720)
Total lease liabilities	$ 23,323	$ 24,022

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 10,833	$ 157,191	$ (5,264)	$ 304,064
Other comprehensive income (loss):
Foreign currency translation adjustments	(684)	431	(3,658)	1,508
Marketable securities
Change in net unrealized gain (loss), net of income tax benefit (provision) of $(165) and $(769) for the three and six months ended June 30, 2024, respectively, and $(193) and $(475) for the three and six months ended June 30, 2023, respectively.	(494)	(549)	(2,305)	2,522
Comprehensive income (loss)	$ 9,655	$ 157,073	$ (11,227)	$ 308,094

- 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

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+ 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

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Term of lease contract, maximum renewal term	12 years
Purchase obligation	$ 159.3

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue Disaggregation

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Primary geographical markets:
United States	$	198,712	$	417,582	$	348,686	$	890,543




International	104,746		293,536		218,111		546,591
Total	$	303,458	$	711,118	$	566,797	$	1,437,134

Timing of revenue recognition:
Products delivered at a point in time	$	272,592	$	684,122	$	505,737	$	1,385,774
Products and services delivered over time	30,866		26,996		61,060		51,360
Total	$	303,458	$	711,118	$	566,797	$	1,437,134

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

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


	June 30, 2024		December 31, 2023

	(In thousands)
Accounts receivables	$	277,475	$	445,959

Short-term contract assets (Prepaid expenses and other assets)	41,736		40,241
Long-term contract assets (Other assets)	119,644		124,190


Short-term contract liabilities (Deferred revenues, current)	123,577		118,300
Long-term contract liabilities (Deferred revenues, non-current)	353,199		369,172

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


Contract Assets
Contract Assets, beginning of period	$	164,431
Amount recognized	(21,225)
Increased due to billings	18,174
Contract Assets, end of period	$	161,380

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


Contract Liabilities
Contract Liabilities, beginning of period	$	487,472
Revenue recognized	(61,060)

Increased due to billings	50,364

Contract Liabilities, end of period	$	476,776

Summary of Estimated Revenue Expected to be Recognized in Future Periods

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


	June 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining six months)	$	62,818
2025	117,914
2026	100,983
2027	81,367
2028	60,125
Thereafter	53,569
Total	$	476,776

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY In July 2023, the board of directors authorized a share repurchase program (the “2023 Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $1.0 billion of the Company’s common stock. The Company may repurchase shares of common stock from time to time through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan. During the three months ended June 30, 2024, the Company repurchased and subsequently retired 891,896 shares of common stock from the open market at an average cost of $112.02 per share for a total of $99.9 million. During the six months ended June 30, 2024, the Company repurchased and subsequently retired 1,224,631 shares of common stock from the open market at an average cost of $115.87 per share for a total of $141.9 million. As of June 30, 2024, $648.1 million remains available for repurchase of shares under the 2023 Repurchase Program. During the three months ended June 30, 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. Of the 1,254,474 shares repurchased, 833,517 shares were retired as of June 30, 2023 and recorded as “Repurchase of common stock” in the condensed consolidated statements of changes in stockholders’ equity. The remaining 420,957 shares repurchased were retired in July 2023 and recorded as “Treasury stock, at cost” in the consolidated statements of changes in stockholders’ equity.

- Definition

The entire disclosure for equity.

+ References

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+ Details

WARRANTY OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

Summary of Warranty Activities

The Company’s warranty obligation activities were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Warranty obligations, beginning of period	$	177,164	$	146,034	$	189,087	$	131,446
Accruals for warranties issued during period	6,424		16,344		12,522		32,515

Benefit from changes in estimates	(275)		(10,363)		(12,636)		(6,635)
Settlements	(7,606)		(5,092)		(14,499)		(13,986)
Increase due to accretion expense	2,690		3,907		5,595		7,452
Change in discount rate(1)	759		31,797		759		31,797

Other	(1,977)		(1,912)		(3,649)		(1,874)
Warranty obligations, end of period	177,179		180,715		177,179		180,715
Less: warranty obligations, current	(30,261)		(36,686)		(30,261)		(36,686)
Warranty obligations, non-current	$	146,918	$	144,029	$	146,918	$	144,029

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

COMMITMENTS AND CONTINGENCIES - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,699	$ 1,788	$ 3,604	$ 3,490
Lease liabilities arising from obtaining right-of-use assets	$ 655	$ 2,852	$ 2,350	$ 4,368

OTHER FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Inventory

Inventory consists of the following:



	June 30, 2024		December 31, 2023

	(In thousands)
Raw materials	$	49,469	$	30,849
Finished goods	126,599		182,746
Total inventory	$	176,068	$	213,595

Accrued Liabilities

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Customer rebates and sales incentives	$	90,962	$	158,338
Liability due to supply agreements	36,691		32,973
Freight	11,735		19,262
Salaries, commissions, incentive compensation and benefits	12,328		10,316
Income tax payable	2,726		8,531
Operating lease liabilities, current	5,123		5,220
VAT payable	7,282		3,243





Liabilities related to restructuring accruals	1,322		3,104
Other	29,387		20,932
Total accrued liabilities	$	197,556	$	261,919

REVENUE RECOGNITION - Summary of Disaggregated Revenue by Primary Geographical Market and Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 303,458	$ 711,118	$ 566,797	$ 1,437,134
Products delivered at a point in time
Disaggregation of Revenue [Line Items]
Net revenues	272,592	684,122	505,737	1,385,774
Products and services delivered over time
Disaggregation of Revenue [Line Items]
Net revenues	30,866	26,996	61,060	51,360
United States
Disaggregation of Revenue [Line Items]
Net revenues	198,712	417,582	348,686	890,543
International
Disaggregation of Revenue [Line Items]
Net revenues	$ 104,746	$ 293,536	$ 218,111	$ 546,591

- Definition

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

+ References + Details

- Definition

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

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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+ Details

REVENUE RECOGNITION - Narrative (Details) - USD ($)	6 Months Ended
REVENUE RECOGNITION - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, allowance	$ 3,307,000	$ 2,502,000
Contract asset impairment charges	$ 0

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Employee Severance and Benefits	$	839	$	177	$	1,109	$	870
Contract Termination Charges	279		—		1,584		—
Asset Impairment	53		—		385		—
Total restructuring charges	$	1,171	$	177	$	3,078	$	870

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


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,109		1,584		385		3,078
Cash payments	(1,628)		(2,025)		—		(3,653)
Non-cash settlement and other	(263)		(559)		(385)		(1,207)

Balance as of June 30, 2024	$	522	$	800	$	—	$	1,322

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period (in shares)	833,517	420,957	891,896	1,254,474	1,224,631
Average cost, shares repurchased (in usd per share)			$ 112.02	$ 159.43	$ 115.87
Repurchase of common stock			$ 99.9	$ 200.0	$ 141.9
2023 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase program, shares authorized (in shares)		$ 1,000.0
Repurchase program, remaining stock authorized for repurchase			$ 648.1		$ 648.1

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

2023 Restructuring Plan

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


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,109		1,584		385		3,078
Cash payments	(1,628)		(2,025)		—		(3,653)
Non-cash settlement and other	(263)		(559)		(385)		(1,207)

Balance as of June 30, 2024	$	522	$	800	$	—	$	1,322

FAIR VALUE MEASUREMENTS - Debt Securities Schedule of Fair Value (Details) - Investments in debt securities - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 80,797	$ 58,521	$ 79,855	$ 56,777
Fair value adjustments included in other income, net	(1,931)	1,754	(989)	3,498
Balance at end of period	$ 78,866	$ 60,275	$ 78,866	$ 60,275

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ 10,833	$ 157,191	$ (5,264)	$ 304,064

- Definition

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

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 214,562	$ 213,559
Currency translation adjustment	(1,323)	1,003
Ending balance	$ 213,239	$ 214,562

- 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.

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STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense Associated with Each Type of Award (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 52,757	$ 54,166	$ 113,590	$ 113,821
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	51,320	51,852	110,107	108,809
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,437	1,803	3,483	3,843
Post combination expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0	$ 511	$ 0	$ 1,169

- 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.

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-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
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

FAIR VALUE MEASUREMENTS - Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in discount rate	$ 759	$ 31,797	$ 759	$ 31,797
Recurring \| Total warranty obligations measured at fair value \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	150,550	119,508	161,793	106,489
Accruals for warranties issued during period	6,417	16,344	12,499	32,369
Changes in estimates	(2,450)	(12,925)	(14,468)	(11,680)
Settlements	(5,796)	(6,179)	(12,336)	(14,013)
Increase due to accretion expense	2,690	3,907	5,595	7,452
Change in discount rate	759	31,797	759	31,797
Other	(1,977)	(1,911)	(3,649)	(1,874)
Balance at end of period	$ 150,193	$ 150,540	$ 150,193	$ 150,540

REVENUE RECOGNITION - Summary of Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivables	$ 277,475	$ 445,959
Short-term contract assets (Prepaid expenses and other assets)	41,736	40,241
Long-term contract assets (Other assets)	119,644	124,190
Short-term contract liabilities (Deferred revenues, current)	123,577	118,300
Long-term contract liabilities (Deferred revenues, non-current)	$ 353,199	$ 369,172

CASH EQUIVALENTS AND MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES

The cash equivalents and marketable securities consist of the following:


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

	(In thousands)
Money market funds	$	79,051	$	—	$	—	$	79,051	$	79,051	$	—
Certificates of deposit	41,213		27		—		41,240		—		41,240
Commercial paper	70,853		2		(68)		70,787		—		70,787
Corporate notes and bonds	392,445		228		(790)		391,883		3,551		388,332
U.S. Treasuries	247,809		—		(208)		247,601		24,963		222,638
U.S. Government agency securities	673,929		29		(2,653)		671,305		—		671,305
Total	$	1,505,300	$	286	$	(3,719)	$	1,501,867	$	107,565	$	1,394,302


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

	(In thousands)
Money market funds	$	132,037	$	—	$	—	$	132,037	$	132,037	$	—
Certificates of deposit	55,863		58		(9)		55,912		750		55,162
Commercial paper	71,427		29		(19)		71,437		1,694		69,743
Corporate notes and bonds	406,093		934		(931)		406,096		462		405,634
U.S. Treasuries	327,773		152		(34)		327,891		—		327,891
U.S. Government agency securities	548,391		690		(1,225)		547,856		—		547,856
Total	$	1,541,584	$	1,863	$	(2,218)	$	1,541,229	$	134,943	$	1,406,286

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


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	1,128,945	$	1,126,814
Due within one to three years	376,355		375,053
Total	$	1,505,300	$	1,501,867

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

NET INCOME (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	10,833	$	157,191	$	(5,264)	$	304,064


Convertible senior notes interest and financing costs, net of tax	—		1,651		—		3,255
Adjusted net income (loss)	$	10,833	$	158,842	$	(5,264)	$	307,319

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding	135,646		136,607		135,768		136,650

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation	135,646		136,607		135,768		136,650
Effect of dilutive securities:
Employee stock-based awards	374		1,760		—		2,155
Notes due 2023	—		900		—		900


Notes due 2025	—		1,253		—		1,253
2025 Warrants	103		503		—		575
Notes due 2026	—		2,057		—		2,057

Notes due 2028	—		2,018		—		2,018

Weighted average common shares outstanding for diluted calculation	136,123		145,098		135,768		145,608

Basic and diluted net income (loss) per share
Net income (loss) per share, basic	$	0.08	$	1.15	$	(0.04)	$	2.23
Net income (loss) per share, diluted	$	0.08	$	1.09	$	(0.04)	$	2.11

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023

	(In thousands)



Employee stock-based awards	1,435	1,226	1,515	1,006
2025 Warrants	—	—	104	—
Notes due 2028	2,018	—	2,018	—
2028 Warrants	4,877	2,477	4,871	2,046
Notes due 2026	2,057	—	2,057	—
2026 Warrants	4,971	2,524	4,964	2,085
Notes due 2025	1,253	—	1,253	—
Total	16,611	6,227	16,782	5,137

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 52,757	$ 54,166	$ 113,590	$ 113,821
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,730	3,398	7,912	7,067
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	20,210	23,765	44,760	45,243
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	16,784	14,515	34,962	35,934
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 12,033	$ 12,488	$ 25,956	$ 25,577

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of the Components of Total Stock-Based Compensation Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenues	$	3,730	$	3,398	$	7,912	$	7,067
Research and development	20,210		23,765		44,760		45,243
Sales and marketing	16,784		14,515		34,962		35,934
General and administrative	12,033		12,488		25,956		25,577

Total	$	52,757	$	54,166	$	113,590	$	113,821

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
RSUs and PSUs	$	51,320	$	51,852	$	110,107	$	108,809
Employee stock purchase plan	1,437		1,803		3,483		3,843
Post combination expense	—		511		—		1,169
Total	$	52,757	$	54,166	$	113,590	$	113,821

Summary of Stock Option Activity

The following table summarizes stock option activity:


	Number of Shares Outstanding	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2023	692	$	2.01

Exercised	(672)	1.76			$	81,367
Canceled	—	—
Outstanding at June 30, 2024	20	$	10.44	0.8	$	1,776
Vested and expected to vest at June 30, 2024	20	$	10.44	0.8	$	1,776
Exercisable at June 30, 2024	20	$	10.44	0.8	$	1,776

Summary of Stock Option Outstanding

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


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Remaining Life	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
	(In thousands)	(Years)			(In thousands)

$2.76 —– $2.76	9	0.6	$	2.76	9	$	2.76
$2.80 —– $2.80	5	0.5	2.80		5	2.80
$2.90 —– $2.90	4	0.4	2.90		4	2.90
$64.17 —– $64.17	2	2.8	64.17		2	64.17
Total	20	0.8	$	10.44	20	$	10.44

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2023	2,332	$	177.64
Granted	406	110.92
Vested	(589)	177.08			$	72,803
Canceled	(218)	175.67
Outstanding at June 30, 2024	1,931	$	164.00	1.4	$	192,558
Expected to vest at June 30, 2024	1,931	$	164.00	1.4	$	192,550

Share-based Compensation, Performance Shares Award Outstanding Activity

The following summarizes PSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2023	396	$	235.99
Granted	724	127.06
Vested	(97)	214.52			$	12,642
Canceled	(117)	205.66
Outstanding at June 30, 2024	906	$	155.14	1.7	$	90,364
Expected to vest at June 30, 2024	906	$	155.14	1.7	$	90,364

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 5,910	$ 6,794	$ 11,838	$ 13,588
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	2,458	2,455	4,925	4,910
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	1,567	2,454	3,143	4,908
Trade names
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,885	$ 1,885	$ 3,770	$ 3,770

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 3,307	$ 2,502
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	135,396	135,722
Common stock, shares outstanding (in shares)	135,396	135,722

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Marketable Securities, income tax benefit	$ (165)	$ (193)	$ (769)	$ (475)

OTHER FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER FINANCIAL INFORMATION

Inventory

Inventory consists of the following:



	June 30, 2024		December 31, 2023

	(In thousands)
Raw materials	$	49,469	$	30,849
Finished goods	126,599		182,746
Total inventory	$	176,068	$	213,595

Accrued Liabilities

Accrued liabilities consist of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Customer rebates and sales incentives	$	90,962	$	158,338
Liability due to supply agreements	36,691		32,973
Freight	11,735		19,262
Salaries, commissions, incentive compensation and benefits	12,328		10,316
Income tax payable	2,726		8,531
Operating lease liabilities, current	5,123		5,220
VAT payable	7,282		3,243





Liabilities related to restructuring accruals	1,322		3,104
Other	29,387		20,932
Total accrued liabilities	$	197,556	$	261,919

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income (loss), stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for doubtful accounts, stock-based compensation, deferred compensation arrangements, income tax provision, inventory valuation, government grants, accrued warranty obligations, fair value of investments, convertible notes, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the ongoing semiconductor supply and logistic constraints.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires additional disclosures for segment reporting, including disclosure of the title and position of the Chief Operating Decision Maker and requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07, and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company plans to adopt ASU 2023-07 effective for the annual report on Form 10-K for the year ending December 31, 2024 and subsequent interim periods. Since ASU 2023-07 addresses only disclosures, the adoption of ASU 2023-07 is not expected to have a significant impact on its consolidated financial statements. Not Yet Effective In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements and will adopt the standard effective January 1, 2025.
Fair Value Measurement	The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: •Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment. •Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Earnings Per Share	Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive. Potential common shares for the three months ended June 30, 2023 include stock options, RSUs, PSUs, shares to be purchased under the ESPP, Notes due 2025, Notes due 2026, Notes due 2028, Notes due 2023 and the 2025 Warrants.

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	June 30, 2024		December 31, 2023

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

Less: unamortized debt issuance costs	(4,756)		(5,408)
Carrying amount of Notes due 2028	570,244		569,592

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(3,312)		(4,317)
Carrying amount of Notes due 2026	629,188		628,183

Notes due 2025	102,173		102,175

Less: unamortized debt discount	(3,262)		(5,644)
Less: unamortized debt issuance costs	(319)		(568)
Carrying amount of Notes due 2025	98,592		95,963












Total carrying amount of debt	1,298,024		1,293,738

Less: debt, current	(98,592)		—
Debt, non-current	$	1,199,432	$	1,293,738

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


	Three Months Ended June 30,
	2024								2023

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












Contractual interest expense	$	—	$	—	$	64	$	—	$	—	$	—	$	64	$	50
Amortization of debt discount	—		—		1,205		—		—		—		1,144		—
Amortization of debt issuance costs	326		502		123		—		327		502		123		10
Total interest cost recognized	$	326	$	502	$	1,392	$	—	$	327	$	502	$	1,331	$	60


	Six Months Ended June 30,
	2024								2023

	Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023		Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023
	(In thousands)
Contractual interest expense	$	—	$	—	$	128	$	—	$	—	$	—	$	128	$	100
Amortization of debt discount	—		—		2,382		—		—		—		2,249		—
Amortization of debt issuance costs	652		1,005		249		—		643		987		241		20
Total interest cost recognized	$	652	$	1,005	$	2,759	$	—	$	643	$	987	$	2,618	$	120

OTHER FINANCIAL INFORMATION - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 49,469	$ 30,849
Finished goods	126,599	182,746
Total inventory	$ 176,068	$ 213,595

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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

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

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

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

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

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


	June 30, 2024						December 31, 2023

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	79,051	$	—	$	—	$	132,037	$	—	$	—
Certificates of deposit	—				—		—		750		—
Commercial paper	—		—		—		—		1,694		—
Corporate notes and bonds			3,551		—		—		462		—
U.S. Treasuries			24,963		—		—		—		—
Marketable securities:
Certificates of deposit	—		41,240		—		—		55,162		—
Commercial paper	—		70,787		—		—		69,743		—
Corporate notes and bonds	—		388,332		—		—		405,634		—
U.S. Treasuries	—		222,638		—		—		327,891		—
U.S. Government agency securities	—		671,305		—		—		547,856		—

Other assets
Investments in debt securities	—		—		78,866		—		—		79,855

Total assets measured at fair value	$	79,051	$	1,422,816	$	78,866	$	132,037	$	1,409,192	$	79,855

Liabilities:


Warranty obligations
Current	$	—	$	—	$	21,858	$	—	$	—	$	28,667
Non-current	—		—		128,335		—		—		133,126
Total warranty obligations measured at fair value	—		—		150,193		—		—		161,793
Total liabilities measured at fair value	$	—	$	—	$	150,193	$	—	$	—	$	161,793

Notes due 2028, Notes due 2026 and Notes due 2025

The Company carries the Notes due 2028 (as defined in Note 9, “Debt”) and Notes due 2026 (as defined in Note 9, “Debt”) at face value less unamortized debt issuance costs on its condensed consolidated balance sheets. The Company carries the Notes due 2025 (as defined in Note 9, “Debt”) at face value less unamortized debt discount and issuance costs on its condensed consolidated balance sheets. As of June 30, 2024, the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 was $471.5 million, $575.1 million and $166.3 million, respectively. The fair value as of June 30, 2024 was determined based on the closing trading price per $100 principal amount as of the last day of trading for the period. The Company considers the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 to be a Level 2 measurement as they are not actively traded.

Investments in debt securities

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Balance at beginning of period	$	80,797	$	58,521	$	79,855	$	56,777

Fair value adjustments included in other income, net	(1,931)		1,754		(989)		3,498

Balance at end of period	$	78,866	$	60,275	$	78,866	$	60,275

Equity investments without readily determinable fair value

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

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Balance at beginning of period	$	150,550	$	119,508	$	161,793	$	106,489
Accruals for warranties issued during period	6,417		16,344		12,499		32,369
Changes in estimates	(2,450)		(12,925)		(14,468)		(11,680)
Settlements	(5,796)		(6,179)		(12,336)		(14,013)
Increase due to accretion expense	2,690		3,907		5,595		7,452
Change in discount rate	759		31,797		759		31,797
Other	(1,977)		(1,911)		(3,649)		(1,874)
Balance at end of period	$	150,193	$	150,540	$	150,193	$	150,540

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

As of June 30, 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

June 30,
2024

December 31,
2023

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17%

Credit-adjusted risk-free rate

Sensitivity of Level 3 Inputs - Warranty Obligations

Each of the significant unobservable inputs is independent of the other. The profit element and risk premium are estimated based on the requirements of a third-party participant willing to assume the Company’s warranty obligations. The discount rate is determined by reference to the Company’s own credit standing at the fair value measurement date, which improved in the three and six months ended June 30, 2023, contributing to the $31.8 million change in warranty expense captured in “Change in discount rate” in the table above. Under the expected present value technique, increasing the profit element and risk premium input by 100 basis points would result in a $1.1 million increase to the liability. Decreasing the profit element and risk premium by 100 basis points would result in a $1.1 million reduction of the liability. Increasing the discount rate by 100 basis points would result in a $10.6 million reduction of the liability. Decreasing the discount rate by 100 basis points would result in a $12.0 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
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

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

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended June 30, 2024 and 2023, the Company’s income tax provision totaled $0.4 million and $27.4 million, respectively, on an income before income taxes of $11.2 million and $184.6 million, respectively. For the six months ended June 30, 2024 the Company’s income tax provision totaled $5.0 million on a loss before income taxes of $0.3 million. For the six months ended June 30, 2023, the Company’s income tax provision totaled $59.5 million on an income before income taxes of $363.6 million. For the three months ended June 30, 2024, the income tax provision was calculated using the annualized effective tax rate method and was primarily due to tax expense in U.S. and foreign jurisdictions that are profitable, partially offset by a tax deduction from employee stock compensation and discrete tax benefit from the impairment of an investment in a private company. For the six months ended June 30, 2024, the income tax provision was calculated using the annualized effective tax rate method and was primarily due to tax expense from equity compensation shortfalls and discrete tax benefit from the impairment of an investment in a private company. For both the three and six months ended June 30, 2023, the income tax provision was calculated using the annualized effective tax rate method and was primarily due to projected tax expense in the U.S. and foreign jurisdictions that are profitable, partially offset by a tax deduction from employee stock compensation reported as a discrete event. For the three and six months ended June 30, 2024 and 2023, in accordance with FASB guidance for interim reporting of income tax, the Company has computed its provision for income taxes based on a projected annual effective tax rate while excluding loss jurisdictions, which cannot be benefited. In December 2021, the Organization for Economic Co-operation and Development Inclusive Framework on Base Erosion Profit Shifting released Model Global Anti-Base Erosion rules (“Model Rules”) under Pillar Two. The Model Rules set forth the “common approach” for a Global Minimum Tax at 15 percent for multinational enterprises with a turnover of more than 750 million euros. Rules under Pillar Two were effective from January 1, 2024. The Company does not expect adoption of Pillar Two rules to have a significant impact on its consolidated financial statements during fiscal year 2024.

- 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
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-Publisher FASB
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+ Details

WARRANTY OBLIGATIONS - Summary of Warranty Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Changes in the Company's product warranty liability
Warranty obligations, beginning of period	$ 177,164	$ 146,034	$ 189,087	$ 131,446
Accruals for warranties issued during period	6,424	16,344	12,522	32,515
Benefit from changes in estimates	(275)	(10,363)	(12,636)	(6,635)
Settlements	(7,606)	(5,092)	(14,499)	(13,986)
Increase due to accretion expense	2,690	3,907	5,595	7,452
Change in discount rate	759	31,797	759	31,797
Other	(1,977)	(1,912)	(3,649)	(1,874)
Warranty obligations, end of period	177,179	180,715	177,179	180,715
Less: warranty obligations, current	(30,261)	(36,686)	(30,261)	(36,686)	$ (36,066)
Warranty obligations, non-current	$ 146,918	$ 144,029	$ 146,918	$ 144,029	$ 153,021

STOCK-BASED COMPENSATION - Summary of Stock Options Outstanding (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, number of shares (shares) \| shares	20
Options outstanding - weighted- average remaining life	9 months 18 days
Options outstanding - weighted- average exercise price (usd per share)	$ 10.44
Options exercisable - number of shares exercisable (shares) \| shares	20
Options exercisable - weighted-average exercise price (usd per share)	$ 10.44
$2.76 —– $2.76
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	2.76
Exercise price range, upper limit (usd per share)	$ 2.76
Options outstanding, number of shares (shares) \| shares	9
Options outstanding - weighted- average remaining life	7 months 6 days
Options outstanding - weighted- average exercise price (usd per share)	$ 2.76
Options exercisable - number of shares exercisable (shares) \| shares	9
Options exercisable - weighted-average exercise price (usd per share)	$ 2.76
$2.80 —– $2.80
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	2.80
Exercise price range, upper limit (usd per share)	$ 2.80
Options outstanding, number of shares (shares) \| shares	5
Options outstanding - weighted- average remaining life	6 months
Options outstanding - weighted- average exercise price (usd per share)	$ 2.80
Options exercisable - number of shares exercisable (shares) \| shares	5
Options exercisable - weighted-average exercise price (usd per share)	$ 2.80
$2.90 —– $2.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	2.90
Exercise price range, upper limit (usd per share)	$ 2.90
Options outstanding, number of shares (shares) \| shares	4
Options outstanding - weighted- average remaining life	4 months 24 days
Options outstanding - weighted- average exercise price (usd per share)	$ 2.90
Options exercisable - number of shares exercisable (shares) \| shares	4
Options exercisable - weighted-average exercise price (usd per share)	$ 2.90
$64.17 —– $64.17
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	64.17
Exercise price range, upper limit (usd per share)	$ 64.17
Options outstanding, number of shares (shares) \| shares	2
Options outstanding - weighted- average remaining life	2 years 9 months 18 days
Options outstanding - weighted- average exercise price (usd per share)	$ 64.17
Options exercisable - number of shares exercisable (shares) \| shares	2
Options exercisable - weighted-average exercise price (usd per share)	$ 64.17

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2024						December 31, 2023

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	79,051	$	—	$	—	$	132,037	$	—	$	—
Certificates of deposit	—				—		—		750		—
Commercial paper	—		—		—		—		1,694		—
Corporate notes and bonds			3,551		—		—		462		—
U.S. Treasuries			24,963		—		—		—		—
Marketable securities:
Certificates of deposit	—		41,240		—		—		55,162		—
Commercial paper	—		70,787		—		—		69,743		—
Corporate notes and bonds	—		388,332		—		—		405,634		—
U.S. Treasuries	—		222,638		—		—		327,891		—
U.S. Government agency securities	—		671,305		—		—		547,856		—

Other assets
Investments in debt securities	—		—		78,866		—		—		79,855

Total assets measured at fair value	$	79,051	$	1,422,816	$	78,866	$	132,037	$	1,409,192	$	79,855

Liabilities:


Warranty obligations
Current	$	—	$	—	$	21,858	$	—	$	—	$	28,667
Non-current	—		—		128,335		—		—		133,126
Total warranty obligations measured at fair value	—		—		150,193		—		—		161,793
Total liabilities measured at fair value	$	—	$	—	$	150,193	$	—	$	—	$	161,793

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Balance at beginning of period	$	80,797	$	58,521	$	79,855	$	56,777

Fair value adjustments included in other income, net	(1,931)		1,754		(989)		3,498

Balance at end of period	$	78,866	$	60,275	$	78,866	$	60,275

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Balance at beginning of period	$	150,550	$	119,508	$	161,793	$	106,489
Accruals for warranties issued during period	6,417		16,344		12,499		32,369
Changes in estimates	(2,450)		(12,925)		(14,468)		(11,680)
Settlements	(5,796)		(6,179)		(12,336)		(14,013)
Increase due to accretion expense	2,690		3,907		5,595		7,452
Change in discount rate	759		31,797		759		31,797
Other	(1,977)		(1,911)		(3,649)		(1,874)
Balance at end of period	$	150,193	$	150,540	$	150,193	$	150,540

Summary 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

June 30,
2024

December 31,
2023

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17%

Credit-adjusted risk-free rate

- 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

OTHER FINANCIAL INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Customer rebates and sales incentives	$ 90,962	$ 158,338
Liability due to supply agreements	36,691	32,973
Freight	11,735	19,262
Salaries, commissions, incentive compensation and benefits	12,328	10,316
Income tax payable	2,726	8,531
Operating Lease, Liability, Current	5,123	5,220
VAT payable	7,282	3,243
Liabilities related to restructuring accruals	1,322	3,104
Other	29,387	20,932
Total accrued liabilities	$ 197,556	$ 261,919

CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Debt Securities, Available-for-sale

The cash equivalents and marketable securities consist of the following:


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

	(In thousands)
Money market funds	$	79,051	$	—	$	—	$	79,051	$	79,051	$	—
Certificates of deposit	41,213		27		—		41,240		—		41,240
Commercial paper	70,853		2		(68)		70,787		—		70,787
Corporate notes and bonds	392,445		228		(790)		391,883		3,551		388,332
U.S. Treasuries	247,809		—		(208)		247,601		24,963		222,638
U.S. Government agency securities	673,929		29		(2,653)		671,305		—		671,305
Total	$	1,505,300	$	286	$	(3,719)	$	1,501,867	$	107,565	$	1,394,302


	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

Investments Classified by Contractual Maturity Date

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


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	1,128,945	$	1,126,814
Due within one to three years	376,355		375,053
Total	$	1,505,300	$	1,501,867

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (5,264)	$ 304,064
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	40,621	34,419
Net amortization (accretion) of premium (discount) on marketable securities	1,795	(17,705)
Provision for doubtful accounts	1,767	629
Asset impairment	6,573	0
Non-cash interest expense	4,289	4,140
Net loss (gain) from change in fair value of debt securities	989	(3,498)
Stock-based compensation	113,590	113,821
Deferred income taxes	(22,368)	(26,796)
Changes in operating assets and liabilities:
Accounts receivable	159,542	(83,497)
Inventory	37,527	(16,403)
Prepaid expenses and other assets	(53,707)	(41,993)
Accounts payable, accrued and other liabilities	(90,228)	107,225
Warranty obligations	(11,908)	49,269
Deferred revenues	(6,955)	91,800
Net cash provided by operating activities	176,263	515,475
Cash flows from investing activities:
Purchases of property and equipment	(17,007)	(66,478)
Purchases of marketable securities	(772,321)	(1,272,908)
Maturities and sale of marketable securities	779,436	911,804
Net cash used in investing activities	(9,892)	(427,582)
Cash flows from financing activities:
Partial settlement of convertible notes	(2)	0
Proceeds from issuance of common stock under employee equity plans	7,955	596
Payment of withholding taxes related to net share settlement of equity awards	(67,515)	(84,635)
Repurchase of common stock	(141,904)	(200,000)
Net cash used in financing activities	(201,466)	(284,039)
Effect of exchange rate changes on cash and cash equivalents	(1,551)	1,578
Net decrease in cash and cash equivalents	(36,646)	(194,568)
Cash and cash equivalents—Beginning of period	288,748	473,244
Cash and cash equivalents—End of period	252,102	278,676
Supplemental disclosures of non-cash investing activities:
Purchases of property and equipment included in accounts payable	$ 5,008	$ 8,310

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Components of Lease

The components of lease expense are presented as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Operating lease costs	$	2,675	$	2,416	$	5,322	$	5,008

The components of lease liabilities are presented as follows:


	June 30, 2024		December 31, 2023

	(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)	$	5,123	$	5,220
Operating lease liabilities, non-current (Other liabilities)	18,200		18,802
Total operating lease liabilities	$	23,323	$	24,022

Supplemental lease information:
Weighted average remaining lease term	6.0 years		5.8 years
Weighted average discount rate	6.9%		7.0%

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,699	$	1,788	$	3,604	$	3,490

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$	655	$	2,852	$	2,350	$	4,368

Schedule of Future Minimum Rental Payments for Operating Leases

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


	Lease Amounts
	(In thousands)
Year:
2024 (remaining six months)	$	3,260
2025	6,219
2026	4,557
2027	3,211
2028	2,801
Thereafter	8,995
Total lease payments	29,043
Less: imputed lease interest	(5,720)
Total lease liabilities	$	23,323

NET INCOME (LOSS) PER SHARE - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net (loss) income	$ 10,833	$ 157,191	$ (5,264)	$ 304,064
Convertible senior notes interest and financing costs, net of tax	0	1,651	0	3,255
Adjusted net income (loss)	$ 10,833	$ 158,842	$ (5,264)	$ 307,319
Denominator:
Weighted average common shares outstanding (in shares)	135,646	136,607	135,768	136,650
Employee stock-based awards (in shares)	374	1,760	0	2,155
Weighted average common shares outstanding for diluted calculation (in shares)	136,123	145,098	135,768	145,608
Basic and diluted net income (loss) per share
Basic (in shares)	$ 0.08	$ 1.15	$ (0.04)	$ 2.23
Diluted (in shares)	$ 0.08	$ 1.09	$ (0.04)	$ 2.11
Notes due 2025
Denominator:
Warrants (in shares)	103	503	0	575
Convertible Notes \| Notes due 2023
Denominator:
Notes due (in shares)	0	900	0	900
Convertible Notes \| Notes due 2025
Denominator:
Notes due (in shares)	0	1,253	0	1,253
Convertible Notes \| Notes due 2026
Denominator:
Notes due (in shares)	0	2,057	0	2,057
Convertible Notes \| Notes due 2028
Denominator:
Notes due (in shares)	0	2,018	0	2,018

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

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


	June 30, 2024		December 31, 2023

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

Less: unamortized debt issuance costs	(4,756)		(5,408)
Carrying amount of Notes due 2028	570,244		569,592

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(3,312)		(4,317)
Carrying amount of Notes due 2026	629,188		628,183

Notes due 2025	102,173		102,175

Less: unamortized debt discount	(3,262)		(5,644)
Less: unamortized debt issuance costs	(319)		(568)
Carrying amount of Notes due 2025	98,592		95,963












Total carrying amount of debt	1,298,024		1,293,738

Less: debt, current	(98,592)		—
Debt, non-current	$	1,199,432	$	1,293,738

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


	Three Months Ended June 30,
	2024								2023

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












Contractual interest expense	$	—	$	—	$	64	$	—	$	—	$	—	$	64	$	50
Amortization of debt discount	—		—		1,205		—		—		—		1,144		—
Amortization of debt issuance costs	326		502		123		—		327		502		123		10
Total interest cost recognized	$	326	$	502	$	1,392	$	—	$	327	$	502	$	1,331	$	60


	Six Months Ended June 30,
	2024								2023

	Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023		Notes due 2028		Notes due 2026		Notes due 2025		Notes due 2023
	(In thousands)
Contractual interest expense	$	—	$	—	$	128	$	—	$	—	$	—	$	128	$	100
Amortization of debt discount	—		—		2,382		—		—		—		2,249		—
Amortization of debt issuance costs	652		1,005		249		—		643		987		241		20
Total interest cost recognized	$	652	$	1,005	$	2,759	$	—	$	643	$	987	$	2,618	$	120

Convertible Senior Notes due 2028

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

The initial conversion rate for the Notes due 2028 is 3.5104 shares of common stock per $1,000 principal amount of the Notes due 2028 (which represents an initial conversion price of approximately $284.87 per share). Upon conversion, the Company will settle conversions of the Notes due 2028 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

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

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

As of June 30, 2024, the unamortized deferred issuance cost for the Notes due 2028 was $4.8 million on the condensed consolidated balance sheet.

Notes due 2028 Hedge and Warrant Transactions

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

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

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

Convertible Senior Notes due 2026

On March 1, 2021, the Company issued $575.0 million aggregate principal amount of 0.0% convertible senior notes due 2026 (the “Notes due 2026”). In addition, on March 12, 2021, the Company issued an additional $57.5 million aggregate principal amount of the Notes due 2026 pursuant to the initial purchasers’ full exercise of the over-allotment option for additional Notes due 2026. The Notes due 2026 will not bear regular interest, and the

principal amount of the Notes due 2026 will not accrete. The Notes due 2026 are general unsecured obligations and are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2026 will mature on March 1, 2026, unless repurchased earlier by the Company or converted at the option of the holders. The Company received approximately $623.0 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2026.

The initial conversion rate for the Notes due 2026 is 3.2523 shares of common stock per $1,000 principal amount of the Notes due 2026 (which represents an initial conversion price of approximately $307.47 per share). Upon conversion, the Company will settle conversions of Notes due 2026 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

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

The Notes due 2026 may be converted on any day prior to the close of business on the business day immediately preceding September 1, 2025, in multiples of $1,000 principal amount, at the option of the holder only under any of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the Notes due 2026 on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the relevant indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for Notes due 2026 on each such trading day; (3) if the Company calls any or all of the Notes due 2026 for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On and after September 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2026, holders of the Notes due 2026 may convert their notes at any time, regardless of the foregoing circumstances. Upon the occurrence of a fundamental change (as defined in the relevant indenture), holders may require the Company to repurchase all or a portion of their Notes due 2026 for cash at a price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

As of June 30, 2024, the unamortized deferred issuance cost for the Notes due 2026 was $3.3 million on the condensed consolidated balance sheet.

Notes due 2026 Hedge and Warrant Transactions

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

any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be.

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

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

Convertible Senior Notes due 2025

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

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

As of June 30, 2024 the sale price of the Company’s common stock was greater than or equal to $106.00 (130% of the notes conversion price) for at least 20 trading days (whether consecutive or not) during a period of 30 consecutive trading days preceding the quarter-ended June 30, 2024. As a result, the Notes due 2025 are convertible at the holders’ option through September 30, 2024. Further, as the Notes due 2025 mature in less than a year, the Company classified the net carrying amount of the Notes due 2025 of $98.6 million as Debt, current on the condensed consolidated balance sheet as of June 30, 2024.

Partial repurchase of Notes due 2025

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

On December 29, 2023, the Company received a request for conversion of $2,000 in the principal amount of the Notes due 2025. In February 2024, the principal amount of the converted Notes due 2025 was repaid in cash. In connection with the conversion, the Company also issued six shares of its common stock to the holders of the converted Notes due 2025, with an aggregate fair value of less than $0.1 million, representing the conversion value in excess of the principal amount of the Notes due 2025. Following this repurchase combined with repurchase in previous years, as of June 30, 2024, $102.2 million aggregate principal amount of the Notes due 2025 remained outstanding.

The derived effective interest rate on the Notes due 2025 host contract was determined to be 5.18%, which remains unchanged from the date of issuance. The remaining unamortized debt discount was $3.3 million as of June 30, 2024, and will be amortized over approximately 0.7 years from June 30, 2024.

Notes due 2025 Hedge and Warrant Transactions

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

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

As of June 30, 2024, options to purchase approximately 1.3 million shares of common stock remained outstanding under the Notes due 2025 Hedge, and 2025 Warrants exercisable to purchase approximately 1.3 million shares remained outstanding.

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

DEBT - Convertible Senior Notes due in 2025 Narrative (Details)				1 Months Ended	6 Months Ended
	Jun. 05, 2024 USD ($) shares	Dec. 29, 2023 USD ($)	Mar. 09, 2020 USD ($) tradingDay $ / shares shares	Feb. 29, 2024 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding					$ 1,298,024,000		$ 1,293,738,000
Debt, current					98,592,000		0
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Debt instrument face amount			$ 320,000,000
Interest rate			0.25%
Debt conversion price (in USD per share) \| $ / shares			$ 81.54
Conversion ratio			0.0122637
Proceeds from convertible debt			$ 313,000,000
Principal amount outstanding					98,592,000		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 \| shares	14
Debt, current					$ 102,200,000
Effective percentage rate					5.18%
Unamortized discount					$ 3,262,000		$ 5,644,000
Remaining discount amortization period					8 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
Period One \| Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Number of threshold trading days \| tradingDay			20
Number of consecutive trading days \| tradingDay			30
Threshold percentage			130.00%
Stock trigger price (in USD per share) \| $ / shares					$ 106.00	$ 106.00
Period Two \| Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Number of consecutive trading days \| tradingDay			5
Threshold percentage			100.00%
Business day period after measurement period			5 days
Measurement period percentage of stock price trigger			98.00%

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning			$ 3,104
Charges	$ 1,171	$ 177	3,078	$ 870
Restructuring reserve, ending	1,322		1,322
2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning			3,104
Charges			3,078
Cash payments			(3,653)
Non-cash settlement and other			(1,207)
Restructuring reserve, ending	1,322		1,322
Employee Severance and Benefits \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning			1,304
Charges			1,109
Cash payments			(1,628)
Non-cash settlement and other			(263)
Restructuring reserve, ending	522		522
Contract Termination Charges \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning			1,800
Charges			1,584
Cash payments			(2,025)
Non-cash settlement and other			(559)
Restructuring reserve, ending	800		800
Asset Impairment \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning			0
Charges			385
Cash payments			0
Non-cash settlement and other			(385)
Restructuring reserve, ending	$ 0		$ 0

GOODWILL AND INTANGIBLE ASSETS - Expected Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining six months)	$ 10,887
2025	21,370
2026	19,080
2027	5,092
Total	$ 56,429

REVENUE RECOGNITION - Summary of Significant Changes in the Balances of Contract Liabilities and Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Contract Assets
Balance, beginning of period	$ 164,431
Amount recognized	(21,225)
Increased due to billings	18,174
Balance, end of period	161,380
Contract Liabilities
Balance, beginning of period	487,472
Revenue recognized	(61,060)
Increased due to billings	50,364
Balance, end of period	$ 476,776

STOCK-BASED COMPENSATION - Summary of Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Aggregate Intrinsic Value
Share price (in usd per share)	$ 99.71
Performance shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	396
Granted (in shares)	724
Vested (in shares)	(97)
Canceled (in shares)	(117)
Outstanding, ending balance (in shares)	906
Expected to vest (in shares)	906
Weighted Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 235.99
Granted (in usd per share)	127.06
Vested (in usd per share)	214.52
Canceled (in usd per share)	205.66
Outstanding, ending balance (in usd per share)	155.14
Weighted-Average Fair Value per Share at Grant Date, Expected to vest (in usd per share)	$ 155.14
Weighted-Average Remaining Contractual Term
Weighted average remaining contractual term	1 year 8 months 12 days
Expected to vest	1 year 8 months 12 days
Aggregate Intrinsic Value
Outstanding	$ 90,364
Vested	12,642
Aggregate intrinsic value, expected to vest	$ 90,364

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


Goodwill	June 30, 2024		December 31, 2023

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

Currency translation adjustment	(1,323)		1,003
Goodwill, end of period	$	213,239	$	214,562

Schedule of Acquired Indefinite-lived Intangible Assets by Major Class

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


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

	(In thousands)


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

Intangible assets with finite lives:

Developed technology	51,054		(32,017)			19,037		51,044		(27,093)		—		23,951
Customer relationships	51,306		(32,671)			18,635		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(18,943)			18,757		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(83,631)		$	56,715	$	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 June 30, 2024 and December 31, 2023 were as follows:


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

	(In thousands)


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

Intangible assets with finite lives:

Developed technology	51,054		(32,017)			19,037		51,044		(27,093)		—		23,951
Customer relationships	51,306		(32,671)			18,635		55,106		(29,527)		(3,807)		21,772
Trade names	37,700		(18,943)			18,757		37,700		(15,173)		—		22,527


Total purchased intangible assets	$	140,346	$	(83,631)		$	56,715	$	144,136	$	(71,793)	$	(3,807)	$	68,536

Schedule of Amortization Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Developed technology	$	2,458	$	2,455	$	4,925	$	4,910
Customer relationships	1,567		2,454		3,143		4,908
Trade names	1,885		1,885		3,770		3,770

Total amortization expense	$	5,910	$	6,794	$	11,838	$	13,588

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


	June 30, 2024
	(In thousands)
Fiscal year:
2024 (remaining six months)	$	10,887
2025	21,370
2026	19,080
2027	5,092


Total	$	56,429

- Definition

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

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INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 383	$ 27,403	$ 4,981	$ 59,503
Net income before income taxes	$ 11,216	$ 184,594	$ (283)	$ 363,567

- 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.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenues	$ 303,458	$ 711,118	$ 566,797	$ 1,437,134
Cost of revenues	166,292	387,776	314,123	787,421
Gross profit	137,166	323,342	252,674	649,713
Operating expenses:
Research and development	48,871	60,043	103,082	117,172
Sales and marketing	51,775	58,405	105,082	123,026
General and administrative	33,550	34,397	68,732	70,662
Restructuring and asset impairment charges	1,171	177	3,078	870
Total operating expenses	135,367	153,022	279,974	311,730
Income (loss) from operations	1,799	170,320	(27,300)	337,983
Other income, net
Interest income	19,203	16,526	38,912	29,566
Interest expense	(2,220)	(2,219)	(4,416)	(4,375)
Other income (expense), net	(7,566)	(33)	(7,479)	393
Total other income, net	9,417	14,274	27,017	25,584
Income (loss) before income taxes	11,216	184,594	(283)	363,567
Income tax provision	(383)	(27,403)	(4,981)	(59,503)
Net (loss) income	$ 10,833	$ 157,191	$ (5,264)	$ 304,064
Net (loss) income per share:
Basic (in shares)	$ 0.08	$ 1.15	$ (0.04)	$ 2.23
Diluted (in shares)	$ 0.08	$ 1.09	$ (0.04)	$ 2.11
Shares used in per share calculation:
Basic (in shares)	135,646	136,607	135,768	136,650
Diluted (in shares)	136,123	145,098	135,768	145,608

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Other indefinite-lived intangibles	$ 286	$ 286
Intangible assets with finite lives:
Accumulated Amortization	(71,793)	(83,631)
Total		56,429
Total purchased intangible assets, Gross	144,136	140,346
Total purchased intangible assets, Net	68,536	56,715
Developed technology
Intangible assets with finite lives:
Gross	51,044	51,054
Accumulated Amortization	(27,093)	(32,017)
Total	23,951	19,037
Customer relationship
Intangible assets with finite lives:
Gross	55,106	51,306
Accumulated Amortization	(29,527)	(32,671)
Impairment	(3,807)
Total	21,772	18,635
Trade names
Intangible assets with finite lives:
Gross	37,700	37,700
Accumulated Amortization	(15,173)	(18,943)
Total	$ 22,527	$ 18,757

DEBT - Convertible Senior Notes due in 2026 Narrative (Details) - Convertible Notes - Notes due 2026 $ / shares in Units, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 12, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000,000			$ 57,500,000
Interest rate	0.00%
Proceeds from convertible debt	$ 623,000,000
Conversion ratio	0.0032523
Debt conversion price (in USD per share) \| $ / shares	$ 307.47
Unamortized debt issuance costs		$ 3,312,000	$ 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
Period One
Debt Instrument [Line Items]
Threshold percentage	130.00%
Stock trigger price (in USD per share) \| $ / shares	$ 399.71
Number of threshold trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Measurement period percentage of stock price trigger	98.00%
Period Two
Debt Instrument [Line Items]
Threshold percentage	100.00%
Number of consecutive trading days \| tradingDay	5
Business day period after measurement period	5 days

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Marketable securities:	$ 1,501,867	$ 1,541,229
Certificates of deposit
Assets [Abstract]
Marketable securities:	41,240	55,912
Commercial paper
Assets [Abstract]
Marketable securities:	70,787	71,437
Corporate notes and bonds
Assets [Abstract]
Marketable securities:	391,883	406,096
U.S. Treasuries
Assets [Abstract]
Marketable securities:	247,601	327,891
U.S. Government agency securities
Assets [Abstract]
Marketable securities:	671,305	547,856
Recurring \| Level 1
Assets [Abstract]
Investments in debt securities	0	0
Total assets measured at fair value	79,051	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 [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| Commercial paper
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| Corporate notes and bonds
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| U.S. Treasuries
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| U.S. Government agency securities
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 1 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	79,051	132,037
Recurring \| Level 1 \| Certificates of deposit
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 1 \| Commercial paper
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 1 \| Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents		0
Recurring \| Level 1 \| U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents		0
Recurring \| Level 2
Assets [Abstract]
Investments in debt securities	0	0
Total assets measured at fair value	1,422,816	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 [Abstract]
Marketable securities:	41,240	55,162
Recurring \| Level 2 \| Commercial paper
Assets [Abstract]
Marketable securities:	70,787	69,743
Recurring \| Level 2 \| Corporate notes and bonds
Assets [Abstract]
Marketable securities:	388,332	405,634
Recurring \| Level 2 \| U.S. Treasuries
Assets [Abstract]
Marketable securities:	222,638	327,891
Recurring \| Level 2 \| U.S. Government agency securities
Assets [Abstract]
Marketable securities:	671,305	547,856
Recurring \| Level 2 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 2 \| Certificates of deposit
Assets [Abstract]
Cash and cash equivalents		750
Recurring \| Level 2 \| Commercial paper
Assets [Abstract]
Cash and cash equivalents	0	1,694
Recurring \| Level 2 \| Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	3,551	462
Recurring \| Level 2 \| U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	24,963	0
Recurring \| Level 3
Assets [Abstract]
Investments in debt securities	78,866	79,855
Total assets measured at fair value	78,866	79,855
Warranty obligations
Current	21,858	28,667
Non-current	128,335	133,126
Total warranty obligations measured at fair value	150,193	161,793
Total liabilities measured at fair value	150,193	161,793
Recurring \| Level 3 \| Certificates of deposit
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| Commercial paper
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| Corporate notes and bonds
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| U.S. Treasuries
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| U.S. Government agency securities
Assets [Abstract]
Marketable securities:	0	0
Recurring \| Level 3 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Certificates of deposit
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Commercial paper
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring \| Level 3 \| U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	$ 0	$ 0

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Contractual maturities, Due within one year, Amortized Cost	$ 1,128,945
Contractual maturities, Due within one year, Fair Value	1,126,814
Contractual maturities, Due within one to three years, Amortized Cost	376,355
Contractual maturities, Due within one to three years, Fair Value	375,053
Amortized Cost	1,505,300	$ 1,541,584
Fair Value	$ 1,501,867	$ 1,541,229

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares) \| shares	692
Exercised (in shares) \| shares	(672)
Canceled (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	20
Shares outstanding, vested and expected to vest (in shares) \| shares	20
Shares outstanding, exercisable (in shares) \| shares	20
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (in usd per share)	$ 2.01
Exercised (in usd per share)	1.76
Canceled (in usd per share)	0
Outstanding, ending balance (in usd per share)	10.44
Weighted-average exercise price, vested and expected (in usd per share)	10.44
Weighted-average exercise price, exercisable (in usd per share)	$ 10.44
Weighted-Average Remaining Contractual Term
Outstanding	9 months 18 days
Vested and expected to vest	9 months 18 days
Exercisable	9 months 18 days
Aggregate Intrinsic Value
Exercised \| $	$ 81,367
Outstanding \| $	1,776
Vested and expected to vest \| $	1,776
Exercisable \| $	$ 1,776
Share price (in usd per share)	$ 99.71