0001178913-23-003538 | 10-Q | XBRL Viewer | Solaredge Technologies INC

Issuance of common stock in a secondary public offering, net of underwriters' discounts and commissions of $27,140 and $834 of offering costs

$ 0

34,107

$ 1

650,525

650,526

Issuance of common stock in a secondary public offering, net of underwriters' discounts and commissions of $27,140 and $834 of offering costs (in shares)

2,300,000

$ 0

(18,748)

Balance (in shares) at Mar. 31, 2022

33,123

Balance at Mar. 31, 2022

$ 6

1,373,405

(46,067)

683,181

2,010,525

55,386,146

Balance at Dec. 31, 2021

$ 5

687,295

(27,319)

650,058

1,310,039

Balance (in shares) at Dec. 31, 2021

52,815,395

(100,947)

Balance (in shares) at Sep. 30, 2022

72,950

Balance at Sep. 30, 2022

$ 6

1,457,379

(128,266)

723,008

2,052,127

55,894,106

Balance at Mar. 31, 2022

$ 6

1,373,405

(46,067)

683,181

2,010,525

Balance (in shares) at Mar. 31, 2022

55,386,146

Issuance of common stock upon exercise of stock-based awards

$ 0

^[1]

164

Issuance of common stock upon exercise of stock-based awards (in shares)

211,839

Issuance of Common stock under employee stock purchase plan

$ 0

^[1]

8,141

Issuance of Common stock under employee stock purchase plan (in shares)

35,105

$ 0

37,171

(43,553)

Balance (in shares) at Jun. 30, 2022

15,084

Balance at Jun. 30, 2022

$ 6

1,418,881

(89,620)

698,265

2,027,532

55,633,090

Issuance of common stock upon exercise of stock-based awards

$ 0

^[1]

1,866

Issuance of common stock upon exercise of stock-based awards (in shares)

261,016

$ 0

36,632

(38,646)

Balance (in shares) at Sep. 30, 2022

24,743

Balance at Sep. 30, 2022

$ 6

1,457,379

(128,266)

723,008

2,052,127

55,894,106

Balance at Dec. 31, 2022

$ 6

1,505,632

(73,109)

743,837

2,176,366

Balance (in shares) at Dec. 31, 2022

56,133,404

Issuance of common stock upon exercise of stock-based awards

$ 0

^[1]

Issuance of common stock upon exercise of stock-based awards (in shares)

209,760

$ 0

40,070

(4,095)

Balance (in shares) at Mar. 31, 2023

138,378

Balance at Mar. 31, 2023

$ 6

1,545,777

(77,204)

882,215

2,350,794

56,343,164

Balance at Dec. 31, 2022

$ 6

1,505,632

(73,109)

743,837

2,176,366

Balance (in shares) at Dec. 31, 2022

56,133,404

(10,840)

Balance (in shares) at Sep. 30, 2023

196,712

Balance at Sep. 30, 2023

$ 6

1,633,800

(83,949)

940,549

2,490,406

56,810,559

Balance at Mar. 31, 2023

$ 6

1,545,777

(77,204)

882,215

2,350,794

Balance (in shares) at Mar. 31, 2023

56,343,164

Issuance of common stock upon exercise of stock-based awards

$ 0

^[1]

Issuance of common stock upon exercise of stock-based awards (in shares)

171,682

Issuance of Common stock under employee stock purchase plan

$ 0

^[1]

10,046

Issuance of Common stock under employee stock purchase plan (in shares)

41,494

$ 0

39,978

(228)

Balance (in shares) at Jun. 30, 2023

119,510

Balance at Jun. 30, 2023

$ 6

1,595,890

(77,432)

1,001,725

2,520,189

56,556,340

Issuance of common stock upon exercise of stock-based awards

$ 0

^[1]

Issuance of common stock upon exercise of stock-based awards (in shares)

254,219

$ 0

37,892

(6,517)

Balance (in shares) at Sep. 30, 2023

(61,176)

Balance at Sep. 30, 2023

$ 6

$ 1,633,800

$ (83,949)

$ 940,549

$ 2,490,406

56,810,559

[1]	Represents an amount less than $1.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - Sep. 30, 2023 € in Thousands, ₪ in Millions	EUR (€)	ILS (₪)
Put and Call Options [Member]
Derivative [Line Items]
Forward/option contracts \| €	€ 120
Put option [Member] \| Foreign exchange forward contracts [Member]
Derivative [Line Items]
Forward/option contracts		₪ 38
Call option [Member] \| Foreign exchange forward contracts [Member]
Derivative [Line Items]
Forward/option contracts		₪ 622

MARKETABLE SECURITIES (Schedule of AFS Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale - matures within one year, Amortized cost	$ 486,236	$ 246,327
Available-for-sale - matures within one year, Gross unrealized gains	227	0
Available-for-sale - matures within one year, Gross unrealized losses	(9,188)	(5,210)
Available-for-sale - matures within one year, Fair value	477,275	241,117
Available-for-sale - matures after one year, Amortized cost	447,699	672,488
Available-for-sale - matures after one year, Gross unrealized gains	49	80
Available-for-sale - matures after one year, Gross unrealized losses	(11,609)	(27,077)
Available-for-sale - matures after one year, Fair value	436,139	645,491
Amortized cost	933,935	918,815
Gross unrealized gains	276	80
Gross unrealized losses	(20,797)	(32,287)
Fair value	913,414	886,608
Corporate bonds [Member]
Available-for-sale - matures within one year, Amortized cost	449,162	222,482
Available-for-sale - matures within one year, Gross unrealized gains	227	0
Available-for-sale - matures within one year, Gross unrealized losses	(8,838)	(4,657)
Available-for-sale - matures within one year, Fair value	440,551	217,825
Available-for-sale - matures after one year, Amortized cost	400,408	657,238
Available-for-sale - matures after one year, Gross unrealized gains	49	80
Available-for-sale - matures after one year, Gross unrealized losses	(10,950)	(26,460)
Available-for-sale - matures after one year, Fair value	389,507	630,858
US Treasury Securities [Member]
Available-for-sale - matures within one year, Amortized cost	27,951	15,963
Available-for-sale - matures within one year, Gross unrealized gains	0	0
Available-for-sale - matures within one year, Gross unrealized losses	(200)	(284)
Available-for-sale - matures within one year, Fair value	27,751	15,679
Available-for-sale - matures after one year, Amortized cost	2,413	9,939
Available-for-sale - matures after one year, Gross unrealized gains	0	0
Available-for-sale - matures after one year, Gross unrealized losses	(43)	(261)
Available-for-sale - matures after one year, Fair value	2,370	9,678
U.S. Government agency securities [Member]
Available-for-sale - matures after one year, Amortized cost	42,477
Available-for-sale - matures after one year, Gross unrealized gains	0
Available-for-sale - matures after one year, Gross unrealized losses	493
Available-for-sale - matures after one year, Fair value	41,984
Non - U.S. Government securities [Member]
Available-for-sale - matures within one year, Amortized cost	9,123	7,882
Available-for-sale - matures within one year, Gross unrealized gains	0	0
Available-for-sale - matures within one year, Gross unrealized losses	(150)	(269)
Available-for-sale - matures within one year, Fair value	8,973	7,613
Available-for-sale - matures after one year, Amortized cost	2,401	5,311
Available-for-sale - matures after one year, Gross unrealized gains	0	0
Available-for-sale - matures after one year, Gross unrealized losses	(123)	(356)
Available-for-sale - matures after one year, Fair value	$ 2,278	$ 4,955

INVENTORIES, NET

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 4: INVENTORIES, NET

	September 30, 2023		December 31, 2022
Raw materials	$	420,281	$	503,257
Work in process		26,801		23,407
Finished goods		730,723		202,537
Total inventories, net	$	1,177,805	$	729,201

INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

NOTE 6: INTANGIBLE ASSETS, NET

Acquired intangible assets consisted of the following as of September 30, 2023, and December 31, 2022:

	September 30, 2023			December 31, 2022
Intangible assets with finite lives:
Current Technology	$	33,974		$	29,196
Customer relationships		3,058			2,958
Trade names		3,671			3,287
Assembled workforce		4,484			3,575
Patents and licenses*		22,000			1,400
Gross intangible assets		67,187			40,416
Less - accumulated amortization		(25,240	)		(20,487	)
Total intangible assets, net	$	41,947		$	19,929

* See Note 16

For the three months ended September 30, 2023 and 2022, the Company recorded amortization expenses related to intangible assets in the amount of $2,663 and $2,464, respectively.

For the nine months ended September 30, 2023 and 2022, the Company recorded amortization expenses related to intangible assets in the amount of $5,901 and $7,741, respectively.

Expected future amortization expenses of intangible assets as of September 30, 2023 are as follows:

2023	$	2,351
2024		8,735
2025		7,834
2026		7,281
2027		4,134
2028 and thereafter		11,612
	$	41,947

FAIR VALUE MEASUREMENTS (Schedule of Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Level 1 [Member] \| Cash [Member]
Fair value of assets	$ 508,057	$ 695,004
Level 1 [Member] \| Money market mutual funds [Member]
Fair value of assets	37,885	25,149
Level 1 [Member] \| Deposits [Member]
Fair value of assets	5,180	62,959
Level 2 [Member] \| Derivative instruments [Member]
Fair value of assets	4,873	0
Fair value of liabilities	(2,966)	(1,874)
Level 2 [Member] \| Short-term marketable securities: Corporate bonds [Member]
Fair value of assets	440,551	217,825
Level 2 [Member] \| Short-term marketable securities: U.S. Treasury securities [Member]
Fair value of assets	27,751	15,679
Level 2 [Member] \| Short-term marketable securities: Non - U.S. Government securities
Fair value of assets	8,973	7,613
Level 2 [Member] \| Long-term marketable securities: Corporate bonds [Member]
Fair value of assets	389,507	630,858
Level 2 [Member] \| Long-term marketable securities: U.S. Treasury securities [Member]
Fair value of assets	2,370	9,678
Level 2 [Member] \| Long-term marketable securities: U.S. Government agency securities [Member]
Fair value of assets	41,984	0
Level 2 [Member] \| Long-term marketable securities: Non - U.S. Government securities
Fair value of assets	$ 2,278	$ 4,955

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances of trade receivable	$ 14,930	$ 3,202
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized shares	125,000,000	125,000,000
Common stock, issued shares	56,810,559	56,133,404
Common stock, outstanding shares	56,810,559	56,133,404

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (61,176)	$ 119,510	$ 138,378	$ 24,743	$ 15,084	$ 33,123	$ 196,712	$ 72,950

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

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Schedule of fair value estimation of assets acquired and liabilities assumed [Table Text block]

BUSINESS COMBINATIONS (Tables)

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

	Amount			Weighted Average Useful Life (In years)
Cash	$	448
Net liabilities assumed		(1,837	)
Identified intangible assets:
Current technology		6,576			5
Customer relationships		283			1
Trade name		610			5
Goodwill		12,266
Total	$	18,346

WARRANTY OBLIGATIONS (Schedule of Product Warranty Obligations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Changes in the Company's product warranty liability
Balance, at the beginning of the period	$ 488,587	$ 324,176	$ 385,057	$ 265,160
Additions and adjustments to cost of revenues	85,171	56,815	266,372	163,783
Usage and current warranty expenses	(57,946)	(34,852)	(135,617)	(82,804)
Balance, at end of the period	515,812	346,139	515,812	346,139
Less current portion	(174,125)	(97,222)	(174,125)	(97,222)	$ (103,975)
Long term portion	$ 341,687	$ 248,917	$ 341,687	$ 248,917	$ 281,082

SUBSEQUENT EVENTS (Narrative) (Details) $ in Millions	Nov. 01, 2023 USD ($)
Subsequent Events [Member] \| Common share repurchase program [Member]
Subsequent Event [Line Items]
Value of repurchase authorized	$ 300

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 196,712	$ 72,950
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	42,019	37,312
Loss (gain) from exchange rate fluctuations	(8,170)	58,100
Stock-based compensation expenses	115,015	106,932
Impairment of goodwill and intangible assets	0	4,008
Deferred income taxes, net	(18,199)	(3,822)
Other items	6,915	8,594
Changes in assets and liabilities:
Inventories, net	(437,801)	(188,579)
Prepaid expenses and other assets	19,822	(55,478)
Trade receivables, net	(40,011)	(377,089)
Trade payables, net	(53,996)	53,683
Employees and payroll accruals	12,099	12,119
Warranty obligations	130,863	82,025
Deferred revenues and customers advances	18,580	41,440
Accrued expenses and other liabilities, net	(24,051)	67,789
Net cash used in operating activities	(40,203)	(80,016)
Cash flows from investing activities:
Investment in available-for-sale marketable securities	(214,516)	(461,491)
Proceeds from sales and maturities of available-for-sale marketable securities	194,617	178,415
Purchase of property, plant and equipment	(130,024)	(125,085)
Business combinations, net of cash acquired	(16,653)	0
Purchase of intangible assets	(10,600)	0
Disbursements for loans receivables	(13,000)	0
Investment in privately-held companies	(8,000)	0
Proceeds from governmental grant	6,796	0
Proceeds from sale of a privately-held company	0	24,175
Other investing activities	3,193	3,472
Net cash used in investing activities	(188,187)	(380,514)
Cash flows from financing activities:
Tax withholding in connection with stock-based awards, net	(9,267)	(4,686)
Payment of finance lease liability	(2,123)	(2,109)
Proceeds from secondary public offering, net of issuance costs	0	650,526
Other financing activities	85	3,404
Net cash provided by (used in) financing activities	(11,305)	647,135
Increase (decrease) in cash and cash equivalents	(239,695)	186,605
Cash and cash equivalents at the beginning of the period	783,112	530,089
Effect of exchange rate differences on cash and cash equivalents	7,705	(38,365)
Cash and cash equivalents at the end of the period	551,122	678,329
Supplemental disclosure of non-cash activities:
Purchase of intangible assets and business combinations	11,307	0
Right-of-use asset recognized with a corresponding lease liability	17,658	43,274
Purchase of property, plant and equipment	$ 19,574	$ 16,008

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Beginning balance			$ (73,109)				$ (73,109)
Net current period other comprehensive income (loss)	$ (6,517)	$ (228)	(4,095)	$ (38,646)	$ (43,553)	$ (18,748)	(10,840)	$ (100,947)
Ending balance	(83,949)			(128,266)			(83,949)	(128,266)
Unrealized gains (losses) on available-for-sale marketable securities [Member]
Beginning balance	(18,611)		(25,449)	(18,777)		(4,709)	(25,449)	(4,709)
Revaluation	3,216			(12,424)			11,579	(31,064)
Tax on revaluation	(654)			2,694			(2,257)	6,522
Other comprehensive income (loss) before reclassifications	2,562			(9,730)			9,322	(24,542)
Reclassification	0			166			107	1,010
Tax on reclassification	0			(15)			(29)	(115)
Losses reclassified from accumulated other comprehensive income (loss)	0			151			78	895
Net current period other comprehensive income (loss)	2,562			(9,579)			9,400	(23,647)
Ending balance	(16,049)	(18,611)		(28,356)	(18,777)		(16,049)	(28,356)
Unrealized gains (losses) on cash flow hedges [Member]
Beginning balance	(1,776)		(1,761)	(3,642)		874	(1,761)	874
Revaluation	(2,896)			(1,569)			(7,321)	(10,094)
Tax on revaluation	183			170			460	1,166
Other comprehensive income (loss) before reclassifications	(2,713)			(1,399)			(6,861)	(8,928)
Reclassification	1,910			1,422			6,316	4,833
Tax on reclassification	(120)			(163)			(393)	(561)
Losses reclassified from accumulated other comprehensive income (loss)	1,790			1,259			5,923	4,272
Net current period other comprehensive income (loss)	(923)			(140)			(938)	(4,656)
Ending balance	(2,699)	(1,776)		(3,782)	(3,642)		(2,699)	(3,782)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature [Member]
Beginning balance	(50,695)		(37,960)	(52,750)		(17,420)	(37,960)	(17,420)
Revaluation	(9,989)			(30,799)			(22,724)	(66,129)
Ending balance	(60,684)	(50,695)		(83,549)	(52,750)		(60,684)	(83,549)
Unrealized gains (losses) on foreign currency translation [Member]
Beginning balance	(6,350)		$ (7,939)	(14,451)		$ (6,064)	(7,939)	(6,064)
Revaluation	1,833			1,872			3,422	(6,515)
Ending balance	$ (4,517)	$ (6,350)		$ (12,579)	$ (14,451)		$ (4,517)	$ (12,579)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 9: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

During the nine months ended September 30, 2023, the Company instituted a foreign currency cash flow hedging program to reduce the risk of a forecasted increase in the value of foreign currency cash flows, resulting from payment of salaries in Israeli currency, the New Israeli Shekels (“NIS”). The Company hedges portions of the anticipated payroll denominated in NIS for a period of one to nine months with hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges.

As of September 30, 2023, the Company entered into forward contracts and put and call options to sell U.S. dollars (“USD”) for NIS in the amount of approximately NIS 38 million and NIS 622 million, respectively.

In addition to the above-mentioned cash flow hedge transactions, the Company occasionally enters into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the USD. These derivative instruments are not designated as cash flow hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of income, under "Financial income (expense), net".

As of September 30, 2023, the Company entered into put and call option contracts to sell Euro ("EUR") for USD in the amount of EUR 120 million.

The Company classifies cash flows related to its hedging as operating activities in its condensed consolidated statement of cash flows.

The fair values of outstanding derivative instruments were as follows:

	Balance sheet location	September 30, 2023			December 31, 2022
Derivative assets of options and forward contracts:
Designated cash flow hedges	Prepaid expenses and other current assets	$	87		$	-
Non-designated hedges	Prepaid expenses and other current assets		4,786			-
Total derivative assets		$	4,873		$	-
Derivative liabilities of options and forward contracts:
Designated cash flow hedges	Accrued expenses and other current liabilities	$	(2,966	)	$	(1,874	)

Gains (losses) on derivative instruments are summarized below:

		Three Months Ended September 30,						Nine Months Ended September 30,
	Affected line item	2023			2022			2023			2022
Foreign exchange contracts
Non Designated Hedging Instruments	Condensed Consolidated Statements of Income (loss) - Financial income (expense), net	$	5,841		$	1,211		$	5,841		$	5,154
Designated Hedging Instruments	Condensed Consolidated Statements of Comprehensive Income (loss) - Cash flow hedges	$	(2,713	)	$	(1,399	)	$	(6,861	)	$	(8,928	)

See Note 17 for information regarding losses from designated hedging instruments reclassified from accumulated other comprehensive loss.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 10, 2023, Mr. Meir Adest adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 45,095 shares of Company common stock, 1,458 of which shares are to be acquired upon the exercise of employee stock options between November 9, 2023 and the earlier of March 29, 2024 or when 45,095 shares are sold, subject to certain conditions.
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 10, 2023
Meir Adest [Member]
Trading Arrangements, by Individual
Name	Mr. Meir Adest
Rule 10b5-1 Arrangement Adopted	true
Meir Adest Trading Arrangement Common Stock [Member] \| Meir Adest [Member]
Trading Arrangements, by Individual
Aggregate Available	45,095
Meir Adest Trading Arrangement Stock Options [Member] \| Meir Adest [Member]
Trading Arrangements, by Individual
Aggregate Available	1,458

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Schedule of Balances of Deferred Revenues and Customer Advances) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Balance, at the beginning of the period	$ 232,828	$ 200,695	$ 213,577	$ 169,345
Revenue recognized	(19,869)	(12,731)	(25,819)	(20,974)
Increase in deferred revenues and customer advances	21,130	20,756	46,331	60,349
Balance, at the end of the period	234,089	208,720	234,089	208,720
Less current portion	(22,064)	(31,896)	(22,064)	(31,896)
Long term portion	$ 212,025	$ 176,824	$ 212,025	$ 176,824

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

Marketable Securities [Abstract]

Schedule of available-for-sale marketable securities

The following is a summary of available-for-sale marketable securities as of September 30, 2023:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Matures within one year:
Corporate bonds	$	449,162	$	227	$	(8,838	)	$	440,551
U.S. Treasury securities		27,951		-		(200	)		27,751
Non-U.S. Government securities		9,123		-		(150	)		8,973
		486,236		227		(9,188	)		477,275
Matures after one year:
Corporate bonds		400,408		49		(10,950	)		389,507
U.S. Treasury securities		2,413		-		(43	)		2,370
U.S. Government agency securities		42,477		-		(493	)		41,984
Non-U.S. Government securities		2,401		-		(123	)		2,278
		447,699		49		(11,609	)		436,139
Total	$	933,935	$	276	$	(20,797	)	$	913,414

The following is a summary of available-for-sale marketable securities as of December 31, 2022:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Matures within one year:
Corporate bonds	$	222,482	$	-	$	(4,657	)	$	217,825
U.S. Treasury securities		15,963		-		(284	)		15,679
Non-U.S. Government securities		7,882		-		(269	)		7,613
		246,327		-		(5,210	)		241,117
Matures after one year:
Corporate bonds		657,238		80		(26,460	)		630,858
U.S. Treasury securities		9,939		-		(261	)		9,678
Non-U.S. Government securities		5,311		-		(356	)		4,955
		672,488		80		(27,077	)		645,491
Total	$	918,815	$	80	$	(32,287	)	$	886,608

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Entity Registrant Name	SOLAREDGE TECHNOLOGIES, INC.
Entity Central Index Key	0001419612
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36894
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5338862
Entity Address, Country	IL
Entity Address, City or Town	Herziliya Pituach
Entity Address, Address Line One	1 HaMada Street
Entity Address, Postal Zip Code	4673335
City Area Code	972
Local Phone Number	(9) 957-6620
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Title of each class	Common stock, par value $0.0001 per share
Trading Symbol	SEDG
Name of Exchange on which Security is Registered	NASDAQ
Entity Common Stock, Shares Outstanding		56,811,229

COMMITMENTS AND CONTINGENT LIABILITIES

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 16: COMMITMENTS AND CONTINGENT LIABILITIES

a.	Guarantees:

As of September 30, 2023, contingent liabilities exist regarding guarantees in the amounts of $5,804, and $1,821 in respect of office rent lease agreements and other transactions, respectively.

b.	Contractual purchase obligations:

The Company has contractual obligations to purchase goods and raw materials. These contractual purchase obligations relate to inventories and other purchase orders, which cannot be canceled without penalty. In addition, the Company acquires raw materials or other goods and services, including product components, by issuing authorizations to its suppliers to purchase materials based on its projected demand and manufacturing needs.

As of September 30, 2023, the Company had non-cancellable purchase obligations totaling approximately $1,116,593, out of which the Company recorded a provision for loss in the amount of $13,463.

As of September 30, 2023, the Company had contractual obligations for capital expenditures totaling approximately $120,572. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s general manufacturing process and mainly to its new manufacturing site in the U.S.

c.	Legal claims:

From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter.

In September 2018, the Company’s German subsidiary, SolarEdge Technologies GmbH, received a complaint filed by competitor SMA Solar Technology AG (“SMA”). The complaint, filed in the District Court Düsseldorf, Germany, alleged that SolarEdge's 12.5kW - 27.6kW inverters infringed on two of the plaintiff’s patents. SMA asserted a value in dispute of EUR 5.5 million (approximately $5,830) for both patents. The Company challenged the validity of both patents and the first patent was invalidated and SMA’s appeal on the matter was denied in January 2023. In August 2021, the German Patent Court rendered SMA's second patent invalid, and this invalidity has been appealed by SMA. In May 2023 the Federal Supreme Court as final instance in the nullity proceedings revoked the second patent, and SMA withdrew its infringement complaint.

On July 28, 2022, the Company and its subsidiary SolarEdge Technologies Ltd were served with complaints filed by Ampt LLC ("Ampt") in the International Trade Commission (the “Commission”) pursuant to Section 337 of the Tariff Act of 1930, as amended, and related lawsuits in the District Court for the District of Delaware alleging patent infringement against the Company. On May 9, 2023, Ampt and the Company entered into a settlement agreement pursuant to which the parties agreed to dismiss all proceedings related to the complaints, and the parties have granted each other 10-year cross-licenses for certain intellectual property.

As of September 30, 2023, an immaterial amount for legal claims was recorded in accrued expenses and other current liabilities.

GOODWILL (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill activity

	Solar			All other			Total
Goodwill at December 31, 2022	$	28,768		$	2,421		$	31,189
Changes during the year:
Acquisitions		-			12,266			12,266
Foreign currency adjustments		(1,882	)		(372	)		(2,254	)
Goodwill at September 30, 2023	$	26,886		$	14,315		$	41,201

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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STOCK CAPITAL (Summary of the Activity in the Share Options) (Details) - Option [Member] - Employees and Members of Board of Directors [Member] $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of options
Outstanding at the beginning of the period \| shares	339,029
Exercised \| shares	(11,804)
Outstanding at the end of the period \| shares	327,225	339,029
Weighted average exercise price
Outstanding at the beginning of the period \| $ / shares	$ 50.64
Exercised \| $ / shares	15.41
Outstanding at the end of the period \| $ / shares	$ 51.91	$ 50.64
Weighted Average Remaining Contractual Term In Years [Abstract]
Outstanding	4 years 2 months 12 days	4 years 10 months 9 days
Aggregate Intrinsic Value
Outstanding \| $	$ 28,935	$ 79,414
Exercised \| $	$ 2,789
Vested and expected to vest at the end of the period
Number of options \| shares	326,961
Weighted average exercise price \| $ / shares	$ 51.79
Weighted average remaining contractual term in years	4 years 2 months 12 days
Aggregate intrinsic Value \| $	$ 28,931
Exercisable at the end of the period
Number of options \| shares	312,711
Weighted average exercise price \| $ / shares	$ 44.7
Weighted average remaining contractual terms in years	4 years 29 days
Aggregate intrinsic Value \| $	$ 28,736

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Fair Values of Outstanding Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative assets of options and forward contracts:
Total derivative assets	$ 4,873	$ 0
Designated cash flow hedges [Member] \| Prepaid expenses and other current assets [Member]
Derivative assets of options and forward contracts:
Total derivative assets	$ 87	0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets
Designated cash flow hedges [Member] \| Accrued expenses and other current liabilities [Member]
Derivative liabilities of options and forward contracts:
Total derivative liabilities	$ (2,966)	(1,874)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities
Non-designated hedges [Member] \| Prepaid expenses and other current assets [Member]
Derivative assets of options and forward contracts:
Total derivative assets	$ 4,786	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Taxes Schedule Of Taxes On Income Details
Effective tax rate	143.60%	58.00%	33.60%	42.10%
Unrecognized tax benefits	$ 3,155		$ 3,155		$ 2,756

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 10: FAIR VALUE MEASUREMENTS

In accordance with ASC 820, "Fair Value Measurement" the Company measures its cash equivalents and marketable securities, at fair value using the market approach valuation technique. Cash and cash equivalents are classified within Level 1 because these assets are valued using quoted market prices. Marketable securities and foreign currency derivative contracts are classified within level 2 due to these assets being valued by alternative pricing sources and models utilizing market observable inputs.

The following table sets forth the Company’s assets that were measured at fair value as of September 30, 2023 and December 31, 2022, by level within the fair value hierarchy:

		Fair value measurements as of
Description	Fair Value Hierarchy	September 30, 2023			December 31, 2022
Assets:
Cash and cash equivalents:
Cash	Level 1	$	508,057		$	695,004
Money market mutual funds	Level 1	$	37,885		$	25,149
Deposits	Level 1	$	5,180		$	62,959
Derivative instruments	Level 2	$	4,873		$	-
Short-term marketable securities:
Corporate bonds	Level 2	$	440,551		$	217,825
U.S. Treasury securities	Level 2	$	27,751		$	15,679
Non - U.S. Government securities	Level 2	$	8,973		$	7,613
Long-term marketable securities:
Corporate bonds	Level 2	$	389,507		$	630,858
U.S. Treasury securities	Level 2	$	2,370		$	9,678
U.S. Government agency securities	Level 2		41,984			-
Non - U.S. Government securities	Level 2	$	2,278		$	4,955
Liabilities:
Derivative instruments	Level 2	$	(2,966	)	$	(1,874	)

Revenue Recognition and Deferred Revenue [Abstract]

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

+ References + Details

GOODWILL (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment losses	$ 90,104	$ 90,104

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Schedule Estimated Revenues Expected To Recognized In Future To Performance Obligations) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Deferred revenues	$ 234,089	$ 232,828	$ 213,577	$ 208,720	$ 200,695	$ 169,345
2023 [Member]
Deferred revenues	13,214
2024 [Member]
Deferred revenues	11,665
2025 [Member]
Deferred revenues	11,094
2026 [Member]
Deferred revenues	10,898
2027 [Member]
Deferred revenues	8,968
Thereafter [Member]
Deferred revenues	$ 178,250

DEFERRED REVENUES AND CUSTOMERS ADVANCES

9 Months Ended

Sep. 30, 2023

DEFERRED REVENUES AND CUSTOMERS ADVANCES

NOTE 12: DEFERRED REVENUES AND CUSTOMERS ADVANCES

Deferred revenues consist of deferred cloud-based monitoring services, communication services, warranty extension services and advance payments received from customers for the Company’s products. Deferred revenues are classified as short-term and long-term deferred revenues based on the period in which revenues are expected to be recognized.

Changes in the balances of deferred revenues and customer advances during the period are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Balance, at the beginning of the period	$	232,828		$	200,695		$	213,577		$	169,345
Revenue recognized		(19,869	)		(12,731	)		(25,819	)		(20,974	)
Increase in deferred revenues and customer advances		21,130			20,756			46,331			60,349
Balance, at the end of the period		234,089			208,720			234,089			208,720
Less current portion		(22,064	)		(31,896	)		(22,064	)		(31,896	)
Long term portion	$	212,025		$	176,824		$	212,025		$	176,824

The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2023:

2023	$	13,214
2024		11,665
2025		11,094
2026		10,898
2027		8,968
Thereafter		178,250
Total deferred revenues	$	234,089

GENERAL (Policies)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation:

The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year.

The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2022, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 22, 2023, have been applied consistently in these unaudited interim condensed consolidated financial statements. Certain prior year amounts have been reclassified to conform to current year presentation.

Use of estimates

Use of estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.

Concentrations of supply risks

Concentrations of supply risks:

The Company depends on two contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields, and costs.

As of September 30, 2023, and December 31, 2022, two contract manufacturers collectively accounted for 40.9% and 34.3% of the Company’s total trade payables, net, respectively.

In the second quarter of 2022, the Company announced the opening of “Sella 2”, a two gigawatt-hour (GWh) Li-Ion battery cell manufacturing facility located in South Korea. Sella 2 began producing and shipping cells at the end of 2022 and is expected to reach full manufacturing capacity in early 2024. Sella 2 is the Company's second owned manufacturing facility following the establishment of Sella 1 in 2020. Sella 1 is the Company's manufacturing facility in the North of Israel that produces power optimizers and inverters for the Company's solar activities.

New accounting standards updates

New accounting standards updates:

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued or newly effective standards were not applicable to the Company, did not have a material impact on the condensed consolidated financial statements or are not expected to have a material impact on the condensed consolidated financial statements.

OTHER OPERATING EXPENSE (INCOME)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

OTHER OPERATING EXPENSE (INCOME)

NOTE 18: OTHER OPERATING EXPENSE (INCOME)

The following table presents the expenses (income) recorded in the three and nine months ended September 30, 2023, and 2022:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022			2023			2022
Impairment of goodwill and intangible assets	$	-	$	-		$	-		$	4,008
Sale of assets		-		(2,705	)		(1,434	)		(2,705	)
Impairment of property, plant and equipment		-		(19	)		-			660
Total other operating expense (income), net	$	-	$	(2,724	)	$	(1,434	)	$	1,963

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Taxes [Abstract]
INCOME TAXES	NOTE 19: INCOME TAXES The effective tax rate for the three months ended September 30, 2023, and 2022 was (143.6)% and 58.0%, respectively. The change in effective tax rate in the three months ended September 30, 2023 compared to the corresponding period in 2022 is mainly due to the IRC Section 174 R&D capitalization, and other expenses not recognized for GILTI purposes, which did not decrease in line with the decrease in our taxable income, as well as unfavorable impact of losses in foreign subsidiaries where we do not anticipate a future tax benefit. The effective tax rate for the nine months ended September 30, 2023 and 2022 was 33.6% and 42.1%, respectively. The lower tax rate in the nine months ended September 30, 2023 compared to the corresponding period in 2022 is mainly due to the fact that the Company's income before tax, most of which is subject to tax rates lower than the US statutory rate, increased. Conversely, the IRC Section 174 R&D capitalization, and other expenses not recognized for GILTI purposes, did not increase in the same proportion. As of September 30, 2023, and December 31, 2022, unrecognized tax benefits were $3,155 and $2,756, respectively. If recognized, such benefits would favorably affect the Company’s effective tax rate. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. The total amount of penalties and interest were immaterial as of September 30, 2023, and December 31, 2022. In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”), which includes several incentives intended to promote clean energy, battery and energy storage, electrical vehicles, and other solar products, and is expected to impact our business and operations. As part of such incentives the IRA, will among other things, extend the investment tax credit (“ITC”) through 2034 and is therefore expected to increase the demand for solar products. The IRA is expected to further incentivize residential and commercial solar customers and developers due to the inclusion of a tax credit for qualifying energy projects of up to 30%. Since these regulations are new and their implementation is still pending administrative guidance from the Internal Revenue Service and U.S. Treasury Department, the Company will be examining the benefits that may be available to it, such as the availability of tax credits for domestic manufacturers, in the coming months. During the third quarter, the Company began manufacturing inverters in the U.S..

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER LONG TERM ASSETS

9 Months Ended

Sep. 30, 2023

Other Assets, Noncurrent [Abstract]

OTHER LONG TERM ASSETS

NOTE 8: OTHER LONG TERM ASSETS

	September 30, 2023		December 31, 2022
Cloud computing arrangements	$	9,898	$	3,457
Severance pay fund		8,275		8,799
Investments in privately held companies (1) (2)		8,000		1,863
Loan receivables		4,875		-
Prepayments		3,799		2,961
Other		1,256		1,726
Total other long term assets	$	36,103	$	18,806

GENERAL

9 Months Ended

Sep. 30, 2023

GENERAL

NOTE 1: GENERAL

SolarEdge Technologies Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company’s products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current (DC) from the PV module to alternating current (AC) including the Company’s Energy Hub inverter which supports, among other things, connection to a DC-coupled battery for full or partial home backup, and optional connection to the Company's smart EV charger, (iii) a remote cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters to enable customers and system owners, to monitor and manage the solar PV system (iv) a residential storage and backup solution which includes a company designed and manufactured lithium-ion DC-coupled battery that is used to increase energy independence and maximize self-consumption for homeowners including a battery, and (v) additional smart energy management solutions.

The Company and its subsidiaries sell products worldwide through large distributors, electrical equipment wholesalers, as well as directly to large solar installers and engineering, procurement, and construction firms.

The Company has expanded its activity to other areas of smart energy technology organically and through acquisitions. The Company now offers a variety of energy solutions, which include lithium-ion cells, batteries, and energy storage systems (“Energy Storage”), full powertrain kits for electric vehicles, or EVs (“e-Mobility”), as well as automated machines for industrial use (“Automation Machines”).

Basis of Presentation:

Use of estimates:

Concentrations of supply risks:

As of September 30, 2023, and December 31, 2022, two contract manufacturers collectively accounted for 40.9% and 34.3% of the Company’s total trade payables, net, respectively.

New accounting standards updates:

GENERAL (Narrative) (Details)	9 Months Ended	12 Months Ended
GENERAL (Narrative) (Details)	Sep. 30, 2023	Dec. 31, 2022
Accounts Payable [Member] \| Supplier Concentration Risk [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration Risk As Percent	40.90%	34.30%

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Tables)

9 Months Ended

Sep. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of balances of deferred revenues

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Balance, at the beginning of the period	$	232,828		$	200,695		$	213,577		$	169,345
Revenue recognized		(19,869	)		(12,731	)		(25,819	)		(20,974	)
Increase in deferred revenues and customer advances		21,130			20,756			46,331			60,349
Balance, at the end of the period		234,089			208,720			234,089			208,720
Less current portion		(22,064	)		(31,896	)		(22,064	)		(31,896	)
Long term portion	$	212,025		$	176,824		$	212,025		$	176,824

Schedule estimated revenues expected to recognized in future to performance obligations

2023	$	13,214
2024		11,665
2025		11,094
2026		10,898
2027		8,968
Thereafter		178,250
Total deferred revenues	$	234,089

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of outstanding derivative instruments

	Balance sheet location	September 30, 2023			December 31, 2022
Derivative assets of options and forward contracts:
Designated cash flow hedges	Prepaid expenses and other current assets	$	87		$	-
Non-designated hedges	Prepaid expenses and other current assets		4,786			-
Total derivative assets		$	4,873		$	-
Derivative liabilities of options and forward contracts:
Designated cash flow hedges	Accrued expenses and other current liabilities	$	(2,966	)	$	(1,874	)

Schedule of gains (losses) on derivative instruments recognized in our income statements

		Three Months Ended September 30,						Nine Months Ended September 30,
	Affected line item	2023			2022			2023			2022
Foreign exchange contracts
Non Designated Hedging Instruments	Condensed Consolidated Statements of Income (loss) - Financial income (expense), net	$	5,841		$	1,211		$	5,841		$	5,154
Designated Hedging Instruments	Condensed Consolidated Statements of Comprehensive Income (loss) - Cash flow hedges	$	(2,713	)	$	(1,399	)	$	(6,861	)	$	(8,928	)

OTHER OPERATING EXPENSE (INCOME) (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of other operating expense (income)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022			2023			2022
Impairment of goodwill and intangible assets	$	-	$	-		$	-		$	4,008
Sale of assets		-		(2,705	)		(1,434	)		(2,705	)
Impairment of property, plant and equipment		-		(19	)		-			660
Total other operating expense (income), net	$	-	$	(2,724	)	$	(1,434	)	$	1,963

OTHER OPERATING EXPENSE (INCOME) (Schedule of Other Operating Expense and Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0	$ 0	$ 4,008
Sale of assets	0	(2,705)	(1,434)	(2,705)
Impairment of property, plant and equipment	0	(19)	0	660
Total other operating expense (income), net	$ 0	$ (2,724)	$ (1,434)	$ 1,963

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Net income per share:

Schedule of computation of basic and diluted net earnings (loss) per share

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023		2022
Basic:
Numerator:
Net income (loss)	$	(61,176	)	$	24,743	$	196,712	$	72,950
Denominator:
Shares used in computing net EPS of common stock, basic		56,671,504			55,730,328		56,435,880		54,788,734
Diluted:
Numerator:
Net income (loss) attributable to common stock, basic	$	(61,176	)	$	24,743	$	196,712	$	72,950
Notes due 2025		-			551		1,608		1,651
Net income (loss) attributable to common stock, diluted	$	(61,176	)	$	25,294	$	198,320	$	74,601
Denominator:
Shares used in computing net EPS of common stock, basic		56,671,504			55,730,328		56,435,880		54,788,734
Notes due 2025		-			2,276,818		2,276,818		2,276,818
Effect of stock-based awards		-			740,392		584,725		820,489
Shares used in computing net EPS of common stock, diluted		56,671,504			58,747,538		59,297,423		57,886,041
Earnings (loss) per share:
Basic	$	(1.08	)	$	0.44	$	3.49	$	1.33
Diluted	$	(1.08	)	$	0.43	$	3.34	$	1.29

Shares excluded from the calculation of net diluted due to their anti-dilutive effect		3,349,756			138,916		1,251,243		181,802

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 551,122	$ 783,112
Marketable securities	477,275	241,117
Trade receivables, net of allowances of $14,930 and $3,202, respectively	939,545	905,146
Inventories, net	1,177,805	729,201
Prepaid expenses and other current assets	217,720	241,082
Total current assets	3,363,467	2,899,658
LONG-TERM ASSETS:
Marketable securities	436,139	645,491
Deferred tax assets, net	60,147	44,153
Property, plant and equipment, net	604,819	543,969
Operating lease right-of-use assets, net	67,331	62,754
Intangible assets, net	41,947	19,929
Goodwill	41,201	31,189
Other long-term assets	36,103	18,806
Total long-term assets	1,287,687	1,366,291
Total assets	4,651,154	4,265,949
CURRENT LIABILITIES:
Trade payables, net	399,274	459,831
Employees and payroll accruals	77,740	85,158
Warranty obligations	174,125	103,975
Deferred revenues and customers advances	22,064	26,641
Accrued expenses and other current liabilities	203,448	214,112
Total current liabilities	876,651	889,717
LONG-TERM LIABILITIES:
Convertible senior notes, net	626,647	624,451
Warranty obligations	341,687	281,082
Deferred revenues	212,025	186,936
Finance lease liabilities	40,323	45,385
Operating lease liabilities	46,580	46,256
Other long-term liabilities	16,835	15,756
Total long-term liabilities	1,284,097	1,199,866
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of September 30, 2023 and December 31, 2022; issued and outstanding: 56,810,559 and 56,133,404 shares as of September 30, 2023 and December 31, 2022, respectively	6	6
Additional paid-in capital	1,633,800	1,505,632
Accumulated other comprehensive loss	(83,949)	(73,109)
Retained earnings	940,549	743,837
Total stockholders’ equity	2,490,406	2,176,366
Total liabilities and stockholders’ equity	$ 4,651,154	$ 4,265,949

SEGMENT INFORMATION (Schedule of Reportable Segments Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 725,305	$ 836,723	$ 2,660,484	$ 2,219,577
Solar revenues [Member]
Segment Reporting Information [Line Items]
Revenues	676,410	788,610	2,532,275	2,084,206
All other revenues [Member]
Segment Reporting Information [Line Items]
Revenues	48,680	47,954	127,605	134,931
Revenues from finance component [Member]
Segment Reporting Information [Line Items]
Revenues	$ 215	$ 159	$ 604	$ 440

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of warranty obligations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Balance, at the beginning of the period	$	488,587		$	324,176		$	385,057		$	265,160
Additions and adjustments to cost of revenues		85,171			56,815			266,372			163,783
Usage and current warranty expenses		(57,946	)		(34,852	)		(135,617	)		(82,804	)
Balance, at end of the period		515,812			346,139			515,812			346,139
Less current portion		(174,125	)		(97,222	)		(174,125	)		(97,222	)
Long term portion	$	341,687		$	248,917		$	341,687		$	248,917

CONVERTIBLE SENIOR NOTES

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES

NOTE 14: CONVERTIBLE SENIOR NOTES

On September 25, 2020, the Company sold $632,500 aggregate principal amount of its 0.00% convertible senior notes due 2025 (the “Notes”). The Notes were sold pursuant to an indenture, dated September 25, 2020 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The Notes do not bear regular interest and mature on September 15, 2025, unless earlier repurchased or converted in accordance with their terms. The Notes are general senior unsecured obligations of the Company. Holders may convert their Notes prior to the close of business on the business day immediately preceding June 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the 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 in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the Indenture. In addition, holders may convert their Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after June 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the Notes, without regard to the foregoing circumstances. The initial conversion rate for the Notes was 3.5997 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $277.80 per share of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture.

Upon conversion, the Company may choose to pay or deliver, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock.

In addition, upon the occurrence of a fundamental change (as defined in the Indenture), holders of the Notes may require the Company to repurchase all or a portion of their Notes, in multiples of $1,000 principal amount, at a repurchase price of 100% of the principal amount of the Notes, plus any accrued and unpaid special interest to, but excluding the fundamental change repurchase date. If certain fundamental changes referred to as make-whole fundamental changes occur, the conversion rate for the Notes may be increased.

The Convertible Senior Notes consisted of the following as of September 30, 2023 and December 31, 2022:

	September 30, 2023			December 31, 2022
Liability:
Principal	$	632,500		$	632,500
Unamortized issuance costs		(5,853	)		(8,049	)
Net carrying amount	$	626,647		$	624,451

For the three months ended September 30, 2023 and 2022 the Company recorded amortized debt issuance costs related to the Notes in the amount of $733 and $730, respectively.

For the nine months ended September 30, 2023 and 2022 the Company recorded amortized debt issuance costs related to the Notes in the amount of $2,196 and $2,186, respectively.

As of September 30, 2023, the unamortized issuance costs of the Notes will be amortized over the remaining term of approximately 2 years.

The annual effective interest rate of the Notes is 0.47%.

As of September 30, 2023, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $578,048. The estimated fair value was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period.

As of September 30, 2023, the if-converted value of the Notes did not exceed the principal amount.

OTHER LONG TERM ASSETS (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023
Other Assets, Noncurrent [Abstract]
Investments	$ 2,500	$ 2,500	$ 5,500
Percentage of outstanding common shares	4.50%	4.50%	34.80%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (61,176)	$ 24,743	$ 196,712	$ 72,950
Other comprehensive income (loss), net of tax:
Available-for-sale marketable securities	2,562	(9,579)	9,400	(23,647)
Cash flow hedges	(923)	(140)	(938)	(4,656)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature	(9,989)	(30,799)	(22,724)	(66,129)
Foreign currency translation adjustments	1,833	1,872	3,422	(6,515)
Total other comprehensive loss	(6,517)	(38,646)	(10,840)	(100,947)
Comprehensive income (loss)	$ (67,693)	$ (13,903)	$ 185,872	$ (27,997)

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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

SEGMENT INFORMATION (Schedule of Reportable Segments and Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 725,305	$ 836,723	$ 2,660,484	$ 2,219,577
Cost of revenues	582,488	614,722	1,900,236	1,635,976
Gross profit (loss)	142,817	222,001	760,248	583,601
Research and development	80,082	69,659	246,481	210,855
Sales and marketing	40,351	42,726	125,539	117,017
General and administrative	39,110	27,933	111,876	82,483
Solar segment profit	45,677	126,734	459,400	324,689
All other segment loss	(22,612)	(6,498)	(61,581)	(32,598)
Segments operating profit	23,065	120,236	397,819	292,091
Amounts not allocated to segments:
Stock based compensation expenses	(36,815)	(35,751)	(115,015)	(106,932)
Amortization related to business combinations	(2,750)	(2,559)	(6,164)	(8,039)
Impairment of goodwill and intangible assets	0	0	0	(4,008)
Disposal of assets related to Critical Power	0	0	0	(4,314)
Sale of Critical Power assets	0	1,559	0	1,559
Other unallocated expenses (income), net	(226)	922	1,146	926
Operating Income (Loss)	(16,726)	84,407	277,786	171,283
Solar [Member]
Segment Reporting Information [Line Items]
Revenues	676,410	788,610	2,532,275	2,084,206
Cost of revenues	514,289	565,403	1,723,337	1,484,303
Gross profit (loss)	162,121	223,207	808,938	599,903
Research and development	56,293	47,943	174,218	140,215
Sales and marketing	30,514	30,996	95,795	85,220
General and administrative	29,637	17,534	79,525	49,779
Segments operating profit	45,677	126,734	459,400	324,689
All Other [Member]
Segment Reporting Information [Line Items]
Revenues	48,680	47,954	127,605	134,931
Cost of revenues	59,780	42,594	153,927	125,883
Gross profit (loss)	(11,100)	5,360	(26,322)	9,048
Research and development	6,979	6,861	20,370	23,378
Sales and marketing	1,777	2,202	5,367	8,059
General and administrative	2,756	2,795	9,522	10,209
Segments operating profit	$ (22,612)	$ (6,498)	$ (61,581)	$ (32,598)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

NOTE 13: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	September 30, 2023		December 31, 2022
Accrued expenses	$	123,935	$	117,638
Government authorities		49,323		67,514
Operating lease liabilities		17,064		16,183
Accrual for sales incentives		6,306		6,790
Finance lease		3,034		3,263
Other		3,786		2,724
Total accrued expenses and other current liabilities	$	203,448	$	214,112

GOODWILL (Schedule of Goodwill Activities) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2022	$ 31,189
Acquisitions	12,266
Foreign currency adjustments	(2,254)
Goodwill at September 30, 2023	41,201
Solar [Member]
Goodwill [Line Items]
Goodwill at December 31, 2022	28,768
Acquisitions	0
Foreign currency adjustments	(1,882)
Goodwill at September 30, 2023	26,886
All other [Member]
Goodwill [Line Items]
Goodwill at December 31, 2022	2,421
Acquisitions	12,266
Foreign currency adjustments	(372)
Goodwill at September 30, 2023	$ 14,315

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

+ References + Details

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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Schedule of reportable segments and operating income

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

	Three Months Ended September 30, 2023					Nine Months Ended September 30, 2023
	Solar		All other			Solar		All other
Revenues	$	676,410	$	48,680		$	2,532,275	$	127,605
Cost of revenues		514,289		59,780			1,723,337		153,927
Gross profit (loss)		162,121		(11,100	)		808,938		(26,322	)
Research and development		56,293		6,979			174,218		20,370
Sales and marketing		30,514		1,777			95,795		5,367
General and administrative		29,637		2,756			79,525		9,522
Segments profit (loss)	$	45,677	$	(22,612	)	$	459,400	$	(61,581	)

	Three Months Ended September 30, 2022					Nine Months Ended September 30, 2022
	Solar		All other			Solar		All other
Revenues	$	788,610	$	47,954		$	2,084,206	$	134,931
Cost of revenues		565,403		42,594			1,484,303		125,883
Gross profit		223,207		5,360			599,903		9,048
Research and development		47,943		6,861			140,215		23,378
Sales and marketing		30,996		2,202			85,220		8,059
General and administrative		17,534		2,795			49,779		10,209
Segments profit (loss)	$	126,734	$	(6,498	)	$	324,689	$	(32,598	)

Schedule of reconciliation to consolidated operating income

The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Solar revenues	$	676,410	$	788,610	$	2,532,275	$	2,084,206
All other revenues		48,680		47,954		127,605		134,931
Revenues from finance component		215		159		604		440
Consolidated revenues	$	725,305	$	836,723	$	2,660,484	$	2,219,577

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Solar segment profit	$	45,677		$	126,734		$	459,400		$	324,689
All other segment loss		(22,612	)		(6,498	)		(61,581	)		(32,598	)
Segments operating profit		23,065			120,236			397,819			292,091
Amounts not allocated to segments:
Stock based compensation expenses		(36,815	)		(35,751	)		(115,015	)		(106,932	)
Amortization related to business combinations		(2,750	)		(2,559	)		(6,164	)		(8,039	)
Impairment of goodwill and intangible assets		-			-			-			(4,008	)
Disposal of assets related to Critical Power		-			-			-			(4,314	)
Sale of Critical Power assets		-			1,559			-			1,559
Other unallocated expenses (income), net		(226	)		922			1,146			926
Consolidated operating income (expense)	$	(16,726	)	$	84,407		$	277,786		$	171,283

STOCK CAPITAL

9 Months Ended

Sep. 30, 2023

Share-based Payment Arrangement [Abstract]

STOCK CAPITAL

NOTE 15: STOCK CAPITAL

a.	Common stock rights:

Common stock confers upon its holders the right to receive notice of, and to participate in, all general meetings of the Company, where each share of common stock shall have one vote for all purposes, to share equally, on a per share basis, in bonuses, profits, or distributions out of fund legally available therefor, and to participate in the distribution of the surplus assets of the Company in the event of liquidation of the Company.

b.	Secondary public offering:

On March 17, 2022, the Company offered and sold 2,300,000 shares of the Company’s common stock, at a public offering price of $295.00 per share. The shares of Common Stock were issued and sold in a registered offering pursuant to the underwriting agreement dated March 17, 2022, among the Company, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC (the “Underwriting Agreement”). All of the offered shares were issued at closing, including 300,000 shares of Common Stock that were issued and sold pursuant to the underwriters’ option to purchase additional shares under the Underwriting Agreement, which was exercised in full on March 18, 2022.

The net proceeds to the Company were $650,526 after deducting underwriters' discounts of $27,140 and commissions of $834.

c.	Equity Incentive Plans:

The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. The 2007 Plan terminated upon the Company’s IPO on March 31, 2015 and no further awards may be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grants were transferred to the Company’s 2015 Global Incentive Plan (the “2015 Plan”) and are reserved for future issuances under the 2015 plan. The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, restricted stock units ("RSU"), performance stock units ("PSU"), and other share-based awards to directors, employees, officers, and non-employees of the Company and its subsidiaries. As of September 30, 2023, a total of 20,853,755 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”), an aggregate of 11,845,915 shares are still available for future grants.

The Share Reserve will automatically increase on January 1^st of each year during the term of the 2015 Plan, commencing on January 1^st of the year following the year in which the 2015 Plan becomes effective, in an amount equal to 5% of the total number of shares of capital stock outstanding on December 31^st of the preceding calendar year; provided, however, that the Company’s board of directors may determine that there will not be a January 1^st increase in the Share Reserve in a given year or that the increase will be less than 5% of the shares of capital stock outstanding on the preceding December 31^st.

The Company granted under its 2015 Plan, PSU awards to certain employees and officers which vest upon the achievement of certain performance or market conditions subject to their continued employment with the Company.

The market condition for the PSUs is based on the Company’s total shareholder return ("TSR") compared to the TSR of companies listed in the S&P 500 index over a one to three year performance period. The Company uses a Monte-Carlo simulation to determine the grant date fair value for these awards, which takes into consideration the market price of a share of the Company’s common stock on the date of grant less the present value of dividends expected during the requisite service period, as well as the possible outcomes pertaining to the TSR market condition. The Company recognizes such compensation expenses on an accelerated vesting method.

The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is 10,000,000. As of September 30, 2023, an aggregate of 8,617,974 options are still available for future grants under the 2015 Plan.

A summary of the activity in stock options and related information is as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term in years		Aggregate intrinsic Value
Outstanding as of December 31, 2022		339,029		$	50.64		4.86	$	79,414
Exercised		(11,804	)		15.41		-		2,789
Outstanding as of September 30, 2023		327,225		$	51.91		4.20	$	28,935
Vested and expected to vest as of September 30, 2023		326,961		$	51.79		4.20	$	28,931
Exercisable as of September 30, 2023		312,711		$	44.70		4.08	$	28,736

The intrinsic value is the amount by which the closing price of the Company’s common stock on September 30, 2023 of $129.51 or the price on the day of exercise exceeds the exercise price of the stock options multiplied by the number of in-the-money options.

A summary of the activity in the RSUs and related information is as follows:

	Number of RSUs			Weighted average grant date fair value
Unvested as of December 31, 2022		1,488,515		$	232.05
Granted		300,567			234.72
Vested		(516,692	)		192.22
Forfeited		(69,939	)		262.12
Unvested as of September 30, 2023		1,202,451		$	248.09

A summary of the activity in the PSUs and related information is as follows:

	Number of PSUs			Weighted average grant date fair value
Unvested as of December 31, 2022		149,232		$	295.88
Granted		32,348			314.22
Vested		(107,165	)		296.76
Unvested as of September 30, 2023		74,415		$	302.58

d.	Employee Stock Purchase Plan ("ESPP"):

The Company adopted an ESPP effective upon the consummation of the IPO. As of September 30, 2023, a total of 4,150,380 shares were reserved for issuance under this plan. The number of shares of common stock reserved for issuance under the ESPP will increase automatically on January 1^st of each year, for ten years, by the lesser of 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or 487,643 shares. However, the Company’s board of directors may reduce the amount of the increase in any particular year at their discretion, including a reduction to zero.

The ESPP is implemented through an offering every six months. According to the ESPP, eligible employees may use up to 15% of their salaries to purchase common stock up to an aggregate limit of $15 per participant for every six months plan. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the subscription date of each offering period or on the purchase date.

As of September 30, 2023, 780,370 shares of common stock have been purchased under the ESPP.

As of September 30, 2023, 3,370,010 shares of common stock were available for future issuance under the ESPP.

In accordance with ASC No. 718, the ESPP is compensatory and, as such, results in recognition of compensation cost.


e.	Stock-based compensation expenses:

The Company recognized stock-based compensation expenses related to all stock-based awards in the consolidated statement of income for the three and nine months ended September 30, 2023, and 2022, as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock-based compensation expenses:
Cost of revenues	$	5,882	$	4,660	$	17,732	$	15,008
Research and development		16,481		14,553		50,962		46,357
Selling and marketing		7,739		9,341		23,640		23,089
General and administrative		6,713		7,197		22,681		22,478
Total stock-based compensation expenses	$	36,815	$	35,751	$	115,015	$	106,932

Stock-based compensation capitalized:
Inventory	$	655	$	765	$	1,666	$	765
Other long-term assets		422		116		1,259		213
Total stock-based compensation capitalized	$	1,077	$	881	$	2,925	$	978

The total tax benefit associated with stock-based compensation for the three months ended September 30, 2023 and 2022 was $3,124 and $2,646, respectively. The tax benefit realized from stock-based compensation for the three months ended September 30, 2023, and 2022 was $1,589 and $3,060, respectively.

The total tax benefit associated with stock-based compensation for the nine months ended September 30, 2023, and 2022 was $11,422 and $9,182, respectively. The tax benefit realized from stock-based compensation for the nine months ended September 30, 2023, and 2022 was $7,050 and $8,871, respectively.

As of September 30, 2023, there were total unrecognized compensation expenses in the amount of $290,401 related to non-vested equity-based compensation arrangements granted. These expenses are expected to be recognized during the period from October 1, 2023, through August 31, 2027.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 22: SUBSEQUENT EVENTS

On November 1, 2023, the Company announced the approval by the Board of Directors of a share repurchase program which authorizes the repurchase of up to $300 million of the Company’s common stock. Under the share repurchase program, repurchases can be made using a variety of methods, which may include open market purchases, block trades, privately negotiated transactions, accelerated share repurchase programs and/or a non-discretionary trading plan or other means, including through 10b5-1 trading plans, all in compliance with the rules of the SEC and other applicable legal requirements. The timing, manner, price and amount of any common share repurchases under the share repurchase program are determined by the Company in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. The program does not obligate the Company to acquire any amount of common stock, it may be suspended, extended, modified, discontinued or terminated at any time at the Company’s discretion without prior notice, and will expire on December 31, 2024.

In October 2023, the Company decided to discontinue its light commercial e-Mobility ("LCV") activity related to the supply of products to its sole customer.

On November 3, 2023, Daphne Shen, a purported stockholder of the Company, filed a proposed class action complaint for violation of federal securities laws, individually and putatively on behalf of all others similarly situated, in the U.S District Court of the Southern District of New York against the Company, the Company’s CEO and the Company’s CFO. The complaint alleges that the Company violated various securities laws and seeks class certification, damages, interest, attorneys’ fees, and other relief. Due to the early stage of this proceeding, we cannot reasonably estimate the potential range of loss, if any. The Company disputes the allegations of wrongdoing and intends to vigorously defend against them.

CONVERTIBLE SENIOR NOTES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Convertible Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt conversion description	On September 25, 2020, the Company sold $632,500 aggregate principal amount of its 0.00% convertible senior notes due 2025 (the “Notes”). The Notes were sold pursuant to an indenture, dated September 25, 2020 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The Notes do not bear regular interest and mature on September 15, 2025, unless earlier repurchased or converted in accordance with their terms. The Notes are general senior unsecured obligations of the Company. Holders may convert their Notes prior to the close of business on the business day immediately preceding June 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the 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 in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the Indenture. In addition, holders may convert their Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after June 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the Notes, without regard to the foregoing circumstances. The initial conversion rate for the Notes was 3.5997 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $277.80 per share of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture.
Principal amount sold	$ 632,500
Effective coupon rate	0.00%
Maturity date	Sep. 15, 2025
Conversion amount	$ 1,000
Number of shares of common stock per $1,000 principal amount of Notes converted	3.5997
Amount of conversion	$ 1,000
Conversion price	$ 277.8
Amortization of debt discount and debt issuance costs		$ 733	$ 730	$ 2,196	$ 2,186
Amortized period		2 years		2 years
Effective interest		0.47%		0.47%
Senior Notes [Member] \| Level 2 [Member]
Debt Instrument [Line Items]
Estimated fair value of notes		$ 578,048		$ 578,048

INTANGIBLE ASSETS, NET (Schedule of Acquired Intangible Assets) (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Less - accumulated amortization

$ 67,187

$ 40,416

(25,240)

(20,487)

Total intangible assets, net

41,947

19,929

Current Technology [Member]

Customer relationships [Member]

33,974

29,196

3,058

2,958

Trade names [Member]

Assembled Workforce [Member]

3,671

3,287

Patents and licenses [Member]

4,484

3,575

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

^[1]

$ 22,000

$ 1,400

[1]	See Note 16

SEGMENT INFORMATION (Narrative) (Details)	9 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of operating segment	5

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Vendor non-trade receivables

^[1]

$ 94,180

$ 147,597

Government authorities

70,951

55,670

Loan receivables

^[2]

8,125

Interest from marketable securities

7,162

6,235

Prepaid expenses and other

37,302

31,580

Total prepaid expenses and other current assets

$ 217,720

$ 241,082

[1]

Vendor non-trade receivables derived from the sale of components to manufacturing vendors who manufacture products, components and other testing equipment for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in its revenues.

[2]

Loan receivables is a loan to a third party. The loan will be repaid on a monthly basis with an additional agreed interest for the long term portion of the loan. See Note 8 for additional information. The loan is measured at its amortized cost and is subjected to the Company's credit risk policy as stated in the most recent 10-K filing. Expected provision for credit loss regarding this loan was immaterial. The amortized cost of the loan receivable approximates its fair value as of September 30, 2023.

WARRANTY OBLIGATIONS

9 Months Ended

Sep. 30, 2023

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

NOTE 11: WARRANTY OBLIGATIONS

Changes in the Company’s product warranty obligations for the three and nine months ended September 30, 2023 and 2022, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Balance, at the beginning of the period	$	488,587		$	324,176		$	385,057		$	265,160
Additions and adjustments to cost of revenues		85,171			56,815			266,372			163,783
Usage and current warranty expenses		(57,946	)		(34,852	)		(135,617	)		(82,804	)
Balance, at end of the period		515,812			346,139			515,812			346,139
Less current portion		(174,125	)		(97,222	)		(174,125	)		(97,222	)
Long term portion	$	341,687		$	248,917		$	341,687		$	248,917

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 123,935	$ 117,638
Government authorities	49,323	67,514
Operating lease liabilities	17,064	16,183
Accrual for sales incentives	6,306	6,790
Finance lease	3,034	3,263
Other	3,786	2,724
Total accrued expenses and other current liabilities	$ 203,448	$ 214,112

STOCK CAPITAL (Schedule of RSUs and PSUs Activity) (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	1,488,515
Granted \| shares	300,567
Vested \| shares	(516,692)
Forfeited \| shares	(69,939)
Unvested at end of period \| shares	1,202,451
Weighted average grant date fair value, beginning of period \| $ / shares	$ 232.05
Weighted average grant date fair value, granted \| $ / shares	234.72
Weighted average grant date fair value, vested \| $ / shares	192.22
Weighted average grant date fair value, forfeited \| $ / shares	262.12
Weighted average grant date fair value, end of period \| $ / shares	$ 248.09
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	149,232
Granted \| shares	32,348
Vested \| shares	(107,165)
Unvested at end of period \| shares	74,415
Weighted average grant date fair value, beginning of period \| $ / shares	$ 295.88
Weighted average grant date fair value, granted \| $ / shares	314.22
Weighted average grant date fair value, vested \| $ / shares	296.76
Weighted average grant date fair value, end of period \| $ / shares	$ 302.58

STOCK CAPITAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Mar. 17, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from secondary public offering, net of issuance costs					$ 0	$ 650,526
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		10,000,000			10,000,000
Equity based compensation expenses to employees and nonemployees		$ 3,124	$ 2,646		$ 11,422	9,182
Tax benefit realized from share-based compensation		1,589	$ 3,060		7,050	$ 8,871
Unrecognized compensation expense		$ 290,401			$ 290,401
Price of intrinsic value of closing price					$ 129.51
IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold in public offerings	2,300,000
Per share price of common stock sold	$ 295
IPO [Member] \| Underwriting Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold in public offerings	300,000
Proceeds from secondary public offering, net of issuance costs				$ 650,526
Underwriters discounts and commissions				27,140
Offering costs				$ 834
Option [Member] \| Two Thousand Seven Global Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		20,853,755			20,853,755
Number of shares available for future grant under the plan		11,845,915			11,845,915
Option [Member] \| Two Thousand Fifteen Global Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant under the plan		8,617,974			8,617,974		379,358
Percentage Of Common Shares Increase Automatically Each Year					5.00%
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		4,150,380			4,150,380
Number of shares available for future grant under the plan		3,370,010			3,370,010
Percentage Of Common Shares Increase Automatically Each Year					1.00%
Period Of Plan Increase Automatically Number Of Shares					487,643
Maximum Percentage Of Salary		15.00%			15.00%
Aggregate Limit Per Participant					$ 15
Purchase price of common stock, percent					85.00%
Number of Common stock purchased					780,370

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2023

Net income per share:

EARNINGS (LOSS) PER SHARE

NOTE 20: EARNINGS (LOSS) PER SHARE

The following table presents the computation of basic and diluted earnings (loss) per share (“EPS”):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023		2022
Basic:
Numerator:
Net income (loss)	$	(61,176	)	$	24,743	$	196,712	$	72,950
Denominator:
Shares used in computing net EPS of common stock, basic		56,671,504			55,730,328		56,435,880		54,788,734
Diluted:
Numerator:
Net income (loss) attributable to common stock, basic	$	(61,176	)	$	24,743	$	196,712	$	72,950
Notes due 2025		-			551		1,608		1,651
Net income (loss) attributable to common stock, diluted	$	(61,176	)	$	25,294	$	198,320	$	74,601
Denominator:
Shares used in computing net EPS of common stock, basic		56,671,504			55,730,328		56,435,880		54,788,734
Notes due 2025		-			2,276,818		2,276,818		2,276,818
Effect of stock-based awards		-			740,392		584,725		820,489
Shares used in computing net EPS of common stock, diluted		56,671,504			58,747,538		59,297,423		57,886,041
Earnings (loss) per share:
Basic	$	(1.08	)	$	0.44	$	3.49	$	1.33
Diluted	$	(1.08	)	$	0.43	$	3.34	$	1.29

Shares excluded from the calculation of net diluted due to their anti-dilutive effect		3,349,756			138,916		1,251,243		181,802

CONVERTIBLE SENIOR NOTES (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of convertible senior notes

	September 30, 2023			December 31, 2022
Liability:
Principal	$	632,500		$	632,500
Unamortized issuance costs		(5,853	)		(8,049	)
Net carrying amount	$	626,647		$	624,451

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 21: SEGMENT INFORMATION

Following the discontinuation of Critical Power in June 2022, the Company operates in five different operating segments: Solar, Energy Storage, e-Mobility, Automation Machines, and the newly formed Consulting segment.

The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the operating segments.

The Company does not allocate to its operating segments revenue recognized due to advance payments received for performance obligations that extend for a period greater than one year, related to ASC 606, “Revenue from Contracts with Customers”.

Segment profit is comprised of gross profit for the segment less operating expenses that do not include amortization of purchased intangible assets, impairments of goodwill and intangible assets, stock based compensation expenses, and certain other items.

The Company manages its assets on a group basis, not by segments, as many of its assets are shared or co-mingled. The Company’s CODM does not regularly review asset information by segments and, therefore, the Company does not report asset information by segment.

The Company identified one operating segment as reportable – the Solar segment. The other operating segments are insignificant individually and therefore their results are presented together under “All other”.

The Solar segment includes the design, development, manufacturing, and sales of an intelligent inverter solution designed to maximize power generation at the individual PV module level and a residential storage solution, compatible with the Company’s Energy Hub inverter, intended to store and supply power for back-up and to maximize self-consumption. The Solar segment solution consists mainly of the Company’s power optimizers, inverters, batteries, and cloud‑based monitoring platform.

The “All other” category includes the design, development, manufacturing, and sales of energy storage products, e-Mobility products, automated machines, and consulting services.

The following tables present information on reportable segments profit (loss) for the period presented:

	Three Months Ended September 30, 2023					Nine Months Ended September 30, 2023
	Solar		All other			Solar		All other
Revenues	$	676,410	$	48,680		$	2,532,275	$	127,605
Cost of revenues		514,289		59,780			1,723,337		153,927
Gross profit (loss)		162,121		(11,100	)		808,938		(26,322	)
Research and development		56,293		6,979			174,218		20,370
Sales and marketing		30,514		1,777			95,795		5,367
General and administrative		29,637		2,756			79,525		9,522
Segments profit (loss)	$	45,677	$	(22,612	)	$	459,400	$	(61,581	)

	Three Months Ended September 30, 2022					Nine Months Ended September 30, 2022
	Solar		All other			Solar		All other
Revenues	$	788,610	$	47,954		$	2,084,206	$	134,931
Cost of revenues		565,403		42,594			1,484,303		125,883
Gross profit		223,207		5,360			599,903		9,048
Research and development		47,943		6,861			140,215		23,378
Sales and marketing		30,996		2,202			85,220		8,059
General and administrative		17,534		2,795			49,779		10,209
Segments profit (loss)	$	126,734	$	(6,498	)	$	324,689	$	(32,598	)

The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Solar revenues	$	676,410	$	788,610	$	2,532,275	$	2,084,206
All other revenues		48,680		47,954		127,605		134,931
Revenues from finance component		215		159		604		440
Consolidated revenues	$	725,305	$	836,723	$	2,660,484	$	2,219,577

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Solar segment profit	$	45,677		$	126,734		$	459,400		$	324,689
All other segment loss		(22,612	)		(6,498	)		(61,581	)		(32,598	)
Segments operating profit		23,065			120,236			397,819			292,091
Amounts not allocated to segments:
Stock based compensation expenses		(36,815	)		(35,751	)		(115,015	)		(106,932	)
Amortization related to business combinations		(2,750	)		(2,559	)		(6,164	)		(8,039	)
Impairment of goodwill and intangible assets		-			-			-			(4,008	)
Disposal of assets related to Critical Power		-			-			-			(4,314	)
Sale of Critical Power assets		-			1,559			-			1,559
Other unallocated expenses (income), net		(226	)		922			1,146			926
Consolidated operating income (expense)	$	(16,726	)	$	84,407		$	277,786		$	171,283

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

BUSINESS COMBINATIONS (Schedule of Fair Values Estimation of Assets Acquired and Liabilities Assumed) (Details) $ in Thousands	Apr. 06, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Cash	$ 448
Net liabilities assumed	(1,837)
Total	18,346
Current technology [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets:	$ 6,576
Weighted average life	5 years
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets:	$ 283
Weighted average life	1 year
Trade names [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets:	$ 610
Weighted average life	5 years
Goodwill [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets:	$ 12,266

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of prepaid expenses and other current assets

	September 30, 2023		December 31, 2022
Vendor non-trade receivables (1)	$	94,180	$	147,597
Government authorities		70,951		55,670
Loan receivables (2)		8,125		-
Interest from marketable securities		7,162		6,235
Prepaid expenses and other		37,302		31,580
Total prepaid expenses and other current assets	$	217,720	$	241,082

INTANGIBLE ASSETS, NET (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 2,351
2024	8,735
2025	7,834
2026	7,281
2027	4,134
2028 and thereafter	11,612
Total intangible assets, net	$ 41,947	$ 19,929

MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Marketable Securities Schedule Of Contractual Maturities Details [Abstract]
Proceeds from maturity of available-for-sale		$ 2,807	$ 29,235
Proceeds from sale of available-for-sale securities	$ 5,811
Realized loss	$ 121	$ 125	$ 723

CONVERTIBLE SENIOR NOTES (Schedule of Convertible Senior Notes) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liability Abstract
Net carrying amount	$ 626,647	$ 624,451
Convertible Senior Notes [Member]
Liability Abstract
Principal	632,500	632,500
Unamortized issuance costs	(5,853)	(8,049)
Net carrying amount	$ 626,647	$ 624,451

STOCK CAPITAL (Schedule of Stock-based Compensation Expense for Employees and Nonemployee) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 36,815	$ 35,751	$ 115,015	$ 106,932
Total stock-based compensation capitalized	1,077	881	2,925	978
Cost of revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	5,882	4,660	17,732	15,008
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	16,481	14,553	50,962	46,357
Selling and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	7,739	9,341	23,640	23,089
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	6,713	7,197	22,681	22,478
Inventory [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation capitalized	655	765	1,666	765
Other long-term assets [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation capitalized	$ 422	$ 116	$ 1,259	$ 213

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

	September 30, 2023		December 31, 2022
Accrued expenses	$	123,935	$	117,638
Government authorities		49,323		67,514
Operating lease liabilities		17,064		16,183
Accrual for sales incentives		6,306		6,790
Finance lease		3,034		3,263
Other		3,786		2,724
Total accrued expenses and other current liabilities	$	203,448	$	214,112

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income Loss [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 17: ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table summarizes the changes in accumulated balances of other comprehensive gain (loss), net of taxes:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Unrealized gains (losses) on available-for-sale marketable securities
Beginning balance	$	(18,611	)	$	(18,777	)	$	(25,449	)	$	(4,709	)
Revaluation		3,216			(12,424	)		11,579			(31,064	)
Tax on revaluation		(654	)		2,694			(2,257	)		6,522
Other comprehensive income (loss) before reclassifications		2,562			(9,730	)		9,322			(24,542	)
Reclassification		-			166			107			1,010
Tax on reclassification		-			(15	)		(29	)		(115	)
Losses reclassified from accumulated other comprehensive income (loss)		-			151			78			895
Net current period other comprehensive income (loss)		2,562			(9,579	)		9,400			(23,647	)
Ending balance	$	(16,049	)	$	(28,356	)	$	(16,049	)	$	(28,356	)
Unrealized gains (losses) on cash flow hedges
Beginning balance	$	(1,776	)	$	(3,642	)	$	(1,761	)	$	874
Revaluation		(2,896	)		(1,569	)		(7,321	)		(10,094	)
Tax on revaluation		183			170			460			1,166
Other comprehensive income (loss) before reclassifications		(2,713	)		(1,399	)		(6,861	)		(8,928	)
Reclassification		1,910			1,422			6,316			4,833
Tax on reclassification		(120	)		(163	)		(393	)		(561	)
Losses reclassified from accumulated other comprehensive income (loss)		1,790			1,259			5,923			4,272
Net current period other comprehensive income (loss)		(923	)		(140	)		(938	)		(4,656	)
Ending balance	$	(2,699	)	$	(3,782	)	$	(2,699	)	$	(3,782	)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature
Beginning balance	$	(50,695	)	$	(52,750	)	$	(37,960	)	$	(17,420	)
Revaluation		(9,989	)		(30,799	)		(22,724	)		(66,129	)
Ending balance	$	(60,684	)	$	(83,549	)	$	(60,684	)	$	(83,549	)
Unrealized gains (losses) on foreign currency translation
Beginning balance	$	(6,350	)	$	(14,451	)	$	(7,939	)	$	(6,064	)
Revaluation		1,833			1,872			3,422			(6,515	)
Ending balance	$	(4,517	)	$	(12,579	)	$	(4,517	)	$	(12,579	)
Total	$	(83,949	)	$	(128,266	)	$	(83,949	)	$	(128,266	)

The following table summarizes the reclassification out of "Accumulated other comprehensive loss", net of taxes:

Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30,						Nine Months Ended September 30,						Affected Line Item in the Statement of Income
	2023			2022			2023			2022
Unrealized gains (losses) on available-for-sale marketable securities
	$	-		$	(166	)	$	(107	)	$	(1,010	)	Financial income (expense), net
		-			15			29			115		Income taxes
	$	-		$	(151	)	$	(78	)	$	(895	)	Total, net of income taxes
Unrealized gains (losses) on cash flow hedges, net
		(219	)		(157	)		(734	)		(542	)	Cost of revenues
		(1,138	)		(808	)		(3,789	)		(2,841	)	Research and development
		(256	)		(242	)		(791	)		(662	)	Sales and marketing
		(297	)		(215	)		(1,002	)		(788	)	General and administrative
	$	(1,910	)	$	(1,422	)	$	(6,316	)	$	(4,833	)	Total, before income taxes
		120			163			393			561		Income taxes
		(1,790	)		(1,259	)		(5,923	)		(4,272	)	Total, net of income taxes
Total reclassifications for the period	$	(1,790	)	$	(1,410	)	$	(6,001	)	$	(5,167	)

STOCK CAPITAL (Tables)

9 Months Ended

Sep. 30, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of activity in the share options granted to employees and members of board of directors

	Number of options			Weighted average exercise price		Weighted average remaining contractual term in years		Aggregate intrinsic Value
Outstanding as of December 31, 2022		339,029		$	50.64		4.86	$	79,414
Exercised		(11,804	)		15.41		-		2,789
Outstanding as of September 30, 2023		327,225		$	51.91		4.20	$	28,935
Vested and expected to vest as of September 30, 2023		326,961		$	51.79		4.20	$	28,931
Exercisable as of September 30, 2023		312,711		$	44.70		4.08	$	28,736

Schedule of RSU activity

	Number of RSUs			Weighted average grant date fair value
Unvested as of December 31, 2022		1,488,515		$	232.05
Granted		300,567			234.72
Vested		(516,692	)		192.22
Forfeited		(69,939	)		262.12
Unvested as of September 30, 2023		1,202,451		$	248.09

Schedule of recognized stock-based compensation expenses

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock-based compensation expenses:
Cost of revenues	$	5,882	$	4,660	$	17,732	$	15,008
Research and development		16,481		14,553		50,962		46,357
Selling and marketing		7,739		9,341		23,640		23,089
General and administrative		6,713		7,197		22,681		22,478
Total stock-based compensation expenses	$	36,815	$	35,751	$	115,015	$	106,932

Stock-based compensation capitalized:
Inventory	$	655	$	765	$	1,666	$	765
Other long-term assets		422		116		1,259		213
Total stock-based compensation capitalized	$	1,077	$	881	$	2,925	$	978

Option [Member] | Employees and members of board of directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of RSU activity

	Number of PSUs			Weighted average grant date fair value
Unvested as of December 31, 2022		149,232		$	295.88
Granted		32,348			314.22
Vested		(107,165	)		296.76
Unvested as of September 30, 2023		74,415		$	302.58

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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