0001178913-24-001670 | 10-Q | XBRL Viewer | Solaredge Technologies INC

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowances of trade receivable	$ 19,110	$ 16,400
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	57,298,691	57,123,437
Common stock, outstanding shares	56,792,795	57,123,437
Treasury stock, shares	505,896

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 7: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

During the three months ended March 31, 2024, 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 March 31, 2024, the Company entered into put and call options to sell U.S. dollars (“USD”) for NIS in the amount of NIS 276 million.

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 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 (loss), under "Financial income (expense), net".

As of March 31, 2024, the Company entered into a cross-currency swap contract to sell Euro (“EUR”) for USD in the amount of EUR 18 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	March 31, 2024			December 31, 2023
Derivative assets of options and forward contracts:
Designated cash flow hedges	Prepaid expenses and other current assets	$	1,807		$	4,477
Non-designated hedges	Prepaid expenses and other current assets		74			410
Total derivative assets		$	1,881		$	4,887
Derivative liabilities of options and forward contracts:
Designated cash flow hedges	Accrued expenses and other current liabilities	$	(17	)	$	-

Gains (losses) on derivative instruments are summarized below:

	Affected line item	Three Months Ended March 31,
	Affected line item	2024			2023
Foreign exchange contracts
Non Designated Hedging Instruments	Condensed Consolidated Statements of Income (loss) - Financial income (expense), net	$	612		$	-
Designated Hedging Instruments	Condensed Consolidated Statements of Comprehensive Income (loss) - Cash flow hedges	$	(1,538	)	$	(2,057	)

See Note 15 for information regarding losses from designated hedging instruments reclassified from accumulated other comprehensive loss.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Gains (Losses) on Derivative Instruments Recognized in our Income Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non Designated Hedging Instruments [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gains (losses) on derivative instruments	$ 612	$ 0
Designated Hedging Instruments [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gains (losses) on derivative instruments	$ (1,538)	$ (2,057)

CONVERTIBLE SENIOR NOTES

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES

NOTE 12: 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 March 31, 2024 and December 31, 2023:

	March 31, 2024			December 31, 2023
Liability:
Principal	$	632,500		$	632,500
Unamortized issuance costs		(4,385	)		(5,119	)
Net carrying amount	$	628,115		$	627,381

For the three months ended March 31, 2024 and 2023 the Company recorded amortized debt issuance costs related to the Notes in the amount of $735 and $731, respectively.

As of March 31, 2024, the unamortized issuance costs of the Notes will be amortized over the remaining term of approximately 1.5 years.

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

As of March 31, 2024, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $577,428. 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 March 31, 2024, the if-converted value of the Notes did not exceed the principal amount.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued expenses	$ 126,435	$ 142,130
Government authorities	38,220	34,309
Operating lease liabilities	16,525	17,704
Accrual for sales incentives	8,869	5,862
Finance lease liabilities	3,257	3,253
Other	3,092	2,653
Total accrued expenses and other current liabilities	$ 196,398	$ 205,911

OTHER LONG TERM ASSETS (Schedule of Other Long Term Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent [Abstract]
Cloud computing arrangements	$ 18,212	$ 13,666
Severance pay fund	8,329	9,241
Investments in privately held companies	16,183	7,650
Loan receivables	0	2,438
Prepaid expenses and other	5,060	4,606
Other Assets, Noncurrent	$ 47,784	$ 37,601

FAIR VALUE MEASUREMENTS (Schedule of Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 1 [Member] \| Cash [Member]
Fair value of assets	$ 196,434	$ 309,521
Level 1 [Member] \| Money market mutual funds [Member]
Fair value of assets	12,734	22,311
Level 1 [Member] \| Deposits [Member]
Fair value of assets	5,061	6,636
Level 2 [Member] \| Derivative instruments [Member]
Fair value of assets	1,881	4,887
Fair value of liabilities	(17)	0
Level 2 [Member] \| Short-term marketable securities: Corporate bonds [Member]
Fair value of assets	438,050	481,820
Level 2 [Member] \| Short-term marketable securities: U.S. Treasury securities [Member]
Fair value of assets	6,367	15,261
Level 2 [Member] \| Short-term marketable securities: U.S. Government agency securities [Member]
Fair value of assets	3,103	8,795
Level 2 [Member] \| Short-term marketable securities: Non - U.S. Government securities
Fair value of assets	18,887	15,694
Level 2 [Member] \| Long-term marketable securities: Corporate bonds [Member]
Fair value of assets	207,442	339,681
Level 2 [Member] \| Long-term marketable securities: U.S. Treasury securities [Member]
Fair value of assets	0	2,408
Level 2 [Member] \| Long-term marketable securities: U.S. Government agency securities [Member]
Fair value of assets	44,071	44,086
Level 2 [Member] \| Long-term marketable securities: Non - U.S. Government securities
Fair value of assets	$ 16,690	$ 21,650

CONVERTIBLE SENIOR NOTES (Schedule of Convertible Senior Notes) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liability Abstract
Net carrying amount	$ 628,115	$ 627,381
Convertible Senior Notes [Member]
Liability Abstract
Principal	632,500	632,500
Unamortized issuance costs	(4,385)	(5,119)
Net carrying amount	$ 628,115	$ 627,381

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 21: SUBSEQUENT EVENTS

On April 1, 2024, the Company completed the acquisition of the remaining outstanding shares of Wevo for approximately $13,300 in cash. Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers such as apartment buildings, workplace car parks and public charging locations.

	2.	On April 10, 2024, the Company closed an agreement to acquire minority shares in Ampeers Energy GmbH ("Ampeers") from existing shareholders as well as through a share capital increase. Ampeers, a German-based company, is involved in the programming, operation and marketing of an information and communications technology platform.

On May 7, 2024, the Israeli tax authorities issued tax orders for tax years 2017-2018 for the Company’s Israeli subsidiary, challenging the subsidiary's tax positions on several issues. The Israeli subsidiary intends to protest the orders before the Central District Court in Israel. The Company believes it has adequately provided for all exposures related to taxes payable by the group; however, adverse results could have a material impact on the Company’s financial statements.

WARRANTY OBLIGATIONS (Schedule of Product Warranty Obligations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Changes in the Company's product warranty liability
Balance, at the beginning of the period	$ 518,244	$ 385,057
Accruals for warranty during the period	18,847	82,852
Changes in estimates	106	3,365
Settlements	(34,698)	(28,303)
Balance, at end of the period	502,499	442,971
Less current portion	(181,333)	(129,278)	$ (183,047)
Long term portion	$ 321,166	$ 313,693	$ 335,197

OTHER LONG TERM ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Other Assets, Noncurrent [Abstract]

Schedule of other long term assets

	March 31, 2024		December 31, 2023
Cloud computing arrangements	$	18,212	$	13,666
Severance pay fund		8,329		9,241
Investments in privately held companies		16,183		7,650
Loan receivables		-		2,438
Prepaid expenses and other		5,060		4,606
Total other long term assets	$	47,784	$	37,601

INVENTORIES, NET (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of inventories, net

	March 31, 2024		December 31, 2023
Raw materials	$	311,748	$	340,604
Work in process		19,324		20,885
Finished goods		1,218,050		1,081,960
Total inventories, net	$	1,549,122	$	1,443,449

CONVERTIBLE SENIOR NOTES (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of convertible senior notes

	March 31, 2024			December 31, 2023
Liability:
Principal	$	632,500		$	632,500
Unamortized issuance costs		(4,385	)		(5,119	)
Net carrying amount	$	628,115		$	627,381

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 11: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	March 31, 2024		December 31, 2023
Accrued expenses	$	126,435	$	142,130
Government authorities		38,220		34,309
Operating lease liabilities		16,525		17,704
Accrual for sales incentives		8,869		5,862
Finance lease liabilities		3,257		3,253
Other		3,092		2,653
Total accrued expenses and other current liabilities	$	196,398	$	205,911

STOCK CAPITAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Nov. 01, 2023	Mar. 31, 2015
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	10,000,000
Equity based compensation expenses to employees and nonemployees	$ 5,366	$ 4,197
Tax benefit realized from share-based compensation	1,341	$ 2,842
Unrecognized compensation expense	$ 298,976
Price of intrinsic value of closing price	$ 70.98
Share repurchase programs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of stock repurchase plan authorized			$ 300,000
Number of shares repurchased	505,896
Share repurchase average price per share	$ 65.67
Amount of shares repurchased	$ 33,222
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	23,709,926
Number of shares available for future grant under the plan	13,676,076
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			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	4,638,023
Number of shares available for future grant under the plan	3,699,859
Period Of Plan Increase Automatically Number Of Shares	487,643
Maximum Percentage Of Salary	15.00%
Aggregate Limit Per Participant	$ 15
Purchase price of common stock, percent	85.00%
Stock Repurchased During Period, Shares	938,164

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Taxes Schedule Of Taxes On Income Details
Effective tax rate	13.10%	17.50%
Unrecognized tax benefits	$ 18,496		$ 15,908
Total amount of penalties and interest	4,570		$ 2,927
Advanced manufacturing tax credits	14,960
Benefits recognized from AMPTCs	$ 20,980	$ 6,020

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 204,399	$ 943,889
Cost of revenues	230,586	643,763
Gross profit (loss)	(26,187)	300,126
Operating expenses:
Research and development	75,351	79,873
Sales and marketing	38,911	40,966
General and administrative	30,865	36,567
Other operating expense (income), net	2,391	(1,434)
Total operating expenses	147,518	155,972
Operating income (loss)	(173,705)	144,154
Financial income (expense), net	(7,064)	23,674
Other loss, net	0	(125)
Income (loss) before income taxes	(180,769)	167,703
Tax benefits (income taxes)	23,754	(29,325)
Net loss from equity method investments	(296)	0
Net income (loss)	$ (157,311)	$ 138,378
Net basic earnings (loss) per share of common stock	$ (2.75)	$ 2.46
Net diluted earnings (loss) per share of common stock	$ (2.75)	$ 2.35
Weighted average number of shares used in computing net basic earnings (loss) per share of common stock	57,140,126	56,215,490
Weighted average number of shares used in computing net diluted earnings (loss) per share of common stock	57,140,126	59,193,831

STOCK CAPITAL (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023		317,416		$	53.38		4.05	$	17,366
Exercised		(3,421	)		3.93		-		247
Outstanding as of March 31, 2024		313,995		$	53.92		3.85	$	11,378
Vested and expected to vest as of March 31, 2024		313,869		$	53.81		3.84	$	11,378
Exercisable as of March 31, 2024		309,120		$	49.86		3.80	$	11,378

Schedule of RSU activity

	Number of RSUs			Weighted average grant date fair value
Unvested as of December 31, 2023		1,860,286		$	182.52
Granted		242,099			70.54
Vested		(163,974	)		207.93
Forfeited		(91,612	)		221.97
Unvested as of March 31, 2024		1,846,799		$	163.63

Schedule of recognized stock-based compensation expenses

	Three Months Ended March 31,
	2024		2023
Stock-based compensation expenses:
Cost of revenues	$	5,968	$	5,927
Research and development		17,139		17,209
Selling and marketing		7,911		8,079
General and administrative		6,588		8,020
Total stock-based compensation expenses	$	37,606	$	39,235

Stock-based compensation capitalized:
Inventory	$	804	$	405
Other long-term assets		478		430
Total stock-based compensation capitalized	$	1,282	$	835

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, 2023		74,415		$	302.58
Granted		81,249			99.13
Vested		(7,859	)		298.93
Forfeited		(8,836	)		288.77
Unvested as of March 31, 2024		138,969		$	184.72

- Definition

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

+ References

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-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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

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

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

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

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

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

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Provision for credit loss	$ 2,395

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 8: 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 March 31, 2024 and December 31, 2023, by level within the fair value hierarchy:

		Fair value measurements as of
Description	Fair Value Hierarchy	March 31, 2024			December 31, 2023
Assets:
Cash and cash equivalents:
Cash	Level 1	$	196,434		$	309,521
Money market mutual funds	Level 1	$	12,734		$	22,311
Deposits	Level 1	$	5,061		$	6,636
Derivative instruments	Level 2	$	1,881		$	4,887
Short-term marketable securities:
Corporate bonds	Level 2	$	438,050		$	481,820
U.S. Treasury securities	Level 2	$	6,367		$	15,261
U.S. Government agency securities	Level 2		3,103			8,795
Non-U.S. Government securities	Level 2	$	18,887		$	15,694
Long-term marketable securities:
Corporate bonds	Level 2	$	207,442		$	339,681
U.S. Treasury securities	Level 2	$	-		$	2,408
U.S. Government agency securities	Level 2		44,071			44,086
Non-U.S. Government securities	Level 2	$	16,690		$	21,650
Liabilities:
Derivative instruments	Level 2	$	(17	)	$	-

- Definition

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

+ References + Details

WARRANTY OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2024

Product Warranties Disclosures [Abstract]

Schedule of warranty obligations

	Three Months Ended March 31,
	2024			2023
Balance, at the beginning of the period	$	518,244		$	385,057
Accruals for warranty during the period		18,847			82,852
Changes in estimates		106			3,365
Settlements		(34,698	)		(28,303	)
Balance, at end of the period		502,499			442,971
Less current portion		(181,333	)		(129,278	)
Long term portion	$	321,166		$	313,693

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (157,311)	$ 138,378
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	14,988	13,464
Loss (gain) from exchange rate fluctuations	7,799	(20,441)
Stock-based compensation expenses	37,606	39,235
Deferred income taxes, net	(41,847)	(3,930)
Other items	4,371	2,810
Changes in assets and liabilities:
Trade receivables, net	210,376	(55,002)
Inventories, net	(105,810)	(141,521)
Prepaid expenses and other assets	42,164	(20,591)
Right-of-use assets	5,255	3,918
Trade payables, net	(210,449)	(50,410)
Employees and payroll accruals	(2,460)	10,227
Warranty obligations	(15,582)	57,864
Deferred revenues and customers advances	(523)	9,325
Operating lease liabilities	(5,219)	(3,958)
Accrued expenses and other liabilities, net	(377)	28,555
Net cash provided by (used in) operating activities	(217,019)	7,923
Cash flows from investing activities:
Investment in available-for-sale marketable securities	(129,221)	(38,979)
Proceeds from sales and maturities of available-for-sale marketable securities	319,605	11,597
Purchase of property, plant and equipment	(26,347)	(38,338)
Disbursements for loans receivables	(7,500)	0
Investment in privately-held companies	(8,831)	(5,500)
Proceeds from loan receivables	1,625	0
Other investing activities	(323)	3,440
Net cash provided by (used in) investing activities	149,008	(67,780)
Cash flows from financing activities:
Repurchase of common stock	(33,222)	0
Payments on account of repurchase of common stock	(16,778)	0
Tax withholding in connection with stock-based awards, net	(470)	(4,541)
Other financing activities	(517)	(681)
Net cash used in financing activities	(50,987)	(5,222)
Effect of exchange rate differences on cash and cash equivalents	(5,241)	9,816
Decrease in cash and cash equivalents	(124,239)	(55,263)
Cash and cash equivalents at the beginning of the period	338,468	783,112
Cash and cash equivalents at the end of the period	214,229	727,849
Supplemental disclosure of non-cash activities:
Right-of-use asset recognized with a corresponding lease liability	1,085	11,258
Purchase of property, plant and equipment	$ 4,760	$ 12,304

GENERAL (Narrative) (Details)	3 Months Ended	12 Months Ended
GENERAL (Narrative) (Details)	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable [Member] \| Supplier Concentration Risk [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration Risk As Percent	44.90%	58.50%

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income Loss [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 15: ACCUMULATED OTHER COMPREHENSIVE LOSS

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

	Three Months Ended March 31,
	2024			2023
Unrealized gains (losses) on available-for-sale marketable securities
Beginning balance	$	(4,960	)	$	(25,449	)
Revaluation		1,860			7,570
Tax on revaluation		(369	)		(1,471	)
Other comprehensive income before reclassifications		1,491			6,099
Reclassification		-			107
Tax on reclassification		-			(29	)
Losses reclassified from accumulated other comprehensive income		-			78
Net current period other comprehensive income		1,491			6,177
Ending balance	$	(3,469	)	$	(19,272	)
Unrealized gains (losses) on cash flow hedges
Beginning balance	$	3,940		$	(1,761	)
Revaluation		(1,748	)		(2,196	)
Tax on revaluation		210			139
Other comprehensive loss before reclassifications		(1,538	)		(2,057	)
Reclassification		(939	)		1,840
Tax on reclassification		112			(114	)
Losses (gains) reclassified from accumulated other comprehensive income (loss)		(827	)		1,726
Net current period other comprehensive loss		(2,365	)		(331	)
Ending balance	$	1,575		$	(2,092	)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature
Beginning balance	$	(43,335	)	$	(37,960	)
Revaluation		(13,382	)		(10,800	)
Ending balance	$	(56,717	)	$	(48,760	)
Unrealized gains (losses) on foreign currency translation
Beginning balance	$	(2,530	)	$	(7,939	)
Revaluation		(5,470	)		859
Ending balance	$	(8,000	)	$	(7,080	)
Total	$	(66,611	)	$	(77,204	)

The following table summarizes the reclassifications from "Accumulated other comprehensive loss" into the statement of income (loss):

Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 31,						Affected Line Item in the Statement of Income
	2024			2023
Available-for-sale marketable securities
	$	-		$	(107	)	Financial income (expense), net
		-			29		Tax benefits (income taxes)
	$	-		$	(78	)	Total, net of tax benefits (income taxes)
Cash flow hedges
		105			(212	)	Cost of revenues
		565			(1,129	)	Research and development
		122			(225	)	Sales and marketing
		147			(274	)	General and administrative
	$	939		$	(1,840	)	Total, before income taxes
		(112	)		114		Tax benefits (income taxes)
		827			(1,726	)	Total, net of tax benefits (income taxes)
Total reclassifications for the period	$	827		$	(1,804	)

GENERAL (Policies)

3 Months Ended

Mar. 31, 2024

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, 2023, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2024, 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 March 31, 2024, and December 31, 2023, two contract manufacturers collectively accounted for 44.9% and 58.5% of the Company’s total trade payables, net, respectively.

The Company's own manufacturing facility, Sella 1, located in the north of Israel, is primarily used in the Company's Solar segment operations. Additionally, Sella 2, a Company owned manufacturing facility in South Korea, together with a smaller Company owned facility, are used for the Energy Storage segment.

New accounting standards updates

New accounting standards updates:

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Additional segment reporting information required by ASU 2023-07 includes: disclosing the title and position of the individual or the name of the group or committee identified as the CODM, provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually, and additional disclosures regarding significant segment expenses. ASU 2023-07 is effective for fiscal periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional categories of information about federal, state and foreign income taxes to be included in effective tax rate reconciliation disclosure. Additionally, the newly added categories also apply to the income taxes paid disclosure. Implementation of said additions are subject to quantitative thresholds. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-09.

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Aug. 31, 2019 € / shares	Aug. 31, 2019 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 € / shares	Dec. 31, 2023 USD ($)
Non-cancelable purchase obligations			$ 484,287
Provision for loss			23,259
Contractual obligations for capital expenditures			32,967
Difference amount of tendered shares for shareholders of SMRE		$ 3,000
Difference amount per share of tendered shares for shareholders of SMRE \| € / shares	€ 6			€ 6
Total payment related to lawsuit					$ 1,700
Legal claims			2,229
Euro [Member]
Difference amount per share of tendered shares for shareholders of SMRE \| € / shares	€ 6.7			6.44
Difference amount paid per share of terndered shares for shareholders of SMRE \| € / shares				€ 0.44
Office rent lease agreements [Member]
Guarantees amount			6,002
Projects with customers [Member]
Guarantees amount			$ 1,841

STOCK CAPITAL

3 Months Ended

Mar. 31, 2024

Share-based Payment Arrangement [Abstract]

STOCK CAPITAL

NOTE 13: 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. 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 March 31, 2024, a total of 23,709,926 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”), an aggregate of 13,676,076 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 March 31, 2024, 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, 2023		317,416		$	53.38		4.05	$	17,366
Exercised		(3,421	)		3.93		-		247
Outstanding as of March 31, 2024		313,995		$	53.92		3.85	$	11,378
Vested and expected to vest as of March 31, 2024		313,869		$	53.81		3.84	$	11,378
Exercisable as of March 31, 2024		309,120		$	49.86		3.80	$	11,378

The intrinsic value is the amount by which the closing price of the Company’s common stock on March 31, 2024 of $70.98 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, 2023		1,860,286		$	182.52
Granted		242,099			70.54
Vested		(163,974	)		207.93
Forfeited		(91,612	)		221.97
Unvested as of March 31, 2024		1,846,799		$	163.63

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, 2023		74,415		$	302.58
Granted		81,249			99.13
Vested		(7,859	)		298.93
Forfeited		(8,836	)		288.77
Unvested as of March 31, 2024		138,969		$	184.72

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

The Company adopted an ESPP effective upon the consummation of the IPO. As of March 31, 2024, a total of 4,638,023 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 March 31, 2024, 938,164 shares of common stock have been purchased under the ESPP.

As of March 31, 2024, 3,699,859 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.

d. Stock-based compensation expenses:

The Company recognized stock-based compensation expenses related to all stock-based awards in the condensed consolidated statement of income (loss) for the three months ended March 31, 2024, and 2023, as follows:

	Three Months Ended March 31,
	2024		2023
Stock-based compensation expenses:
Cost of revenues	$	5,968	$	5,927
Research and development		17,139		17,209
Selling and marketing		7,911		8,079
General and administrative		6,588		8,020
Total stock-based compensation expenses	$	37,606	$	39,235

Stock-based compensation capitalized:
Inventory	$	804	$	405
Other long-term assets		478		430
Total stock-based compensation capitalized	$	1,282	$	835

The total tax benefit associated with share-based compensation for the three months ended March 31, 2024 and 2023 was $5,366 and $4,197, respectively. The tax benefit realized from share-based compensation for three months ended March 31, 2024 and 2023 was $1,341 and $2,842, respectively.

As of March 31, 2024, there were total unrecognized compensation expenses in the amount of $298,976 related to non-vested equity-based compensation arrangements granted. These expenses are expected to be recognized during the period from April 1, 2024 through February 29, 2028

e. Repurchase of Common Stock:

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 $300,000 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.

During the three months ended March 31, 2024, the Company repurchased 505,896 shares of common stock from the open market at an average cost of $65.67 per share for a total of $33,222.

INVESTMENTS IN PRIVATELY-HELD COMPANIES	3 Months Ended
INVESTMENTS IN PRIVATELY-HELD COMPANIES	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN PRIVATELY-HELD COMPANIES	NOTE 2: INVESTMENTS IN PRIVATELY-HELD COMPANIES In January 2023, the Company completed an investment of $5,500 in the common stock of Weev Energy B.F. Ltd., ("Wevo"), a privately-held company, which represented 34.8% of Wevo's outstanding shares. The investment agreement included a call option to acquire Wevo's remaining outstanding shares. The Company accounted for the common stock and the call option as a single hybrid instrument. The Company accounted for its investment in Wevo using the equity method of accounting. Under this method, the investment, which was initially recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the investee as they occur, rather than when dividends or other distributions are received. The Company's share of net losses in the three months ended March 31, 2024 were $296. In January 2024, the Company completed an investment of $6,000 in the preferred stock of Ivy Energy, Inc, ("Ivy"), a privately-held U.S. company. The Company accounted for the Ivy investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $6,000 as of March 31, 2024. As of March 2024, the Company completed an investment of $5,000 in the preferred stock of Stardust Solution, Inc, ("Stardust"), a privately-held U.S. company. The Company accounted for the Stardust investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $5,000 as of March 31, 2024. Investments in privately-held companies are included within other long-term assets in the condensed consolidated balance sheets. As of March 31, 2024, the carrying value of investments in privately-held companies was $16,183. There were no impairment charges for the three months ended March 31, 2024 associated with this equity method investment.

WARRANTY OBLIGATIONS

3 Months Ended

Mar. 31, 2024

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

NOTE 9: WARRANTY OBLIGATIONS

Changes in the Company’s product warranty obligations for the three months ended March 31, 2024 and 2023, were as follows:

	Three Months Ended March 31,
	2024			2023
Balance, at the beginning of the period	$	518,244		$	385,057
Accruals for warranty during the period		18,847			82,852
Changes in estimates		106			3,365
Settlements		(34,698	)		(28,303	)
Balance, at end of the period		502,499			442,971
Less current portion		(181,333	)		(129,278	)
Long term portion	$	321,166		$	313,693

OTHER OPERATING EXPENSE (INCOME)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

OTHER OPERATING EXPENSE (INCOME)

NOTE 16: OTHER OPERATING EXPENSE (INCOME)

The following table presents the expenses (income) recorded in the three ended March 31, 2024, and 2023:

	Three Months Ended March 31,
	2024			2023
Impairment of property, plant and equipment	$	1,732		$	-
Loss (gain) from sales and disposal of assets		1,058			(1,434	)
Legal settlements and contingencies		(399	)		-
Total other operating expense (income), net	$	2,391		$	(1,434	)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - Mar. 31, 2024 € in Millions, ₪ in Millions	EUR (€)	ILS (₪)
Currency Swap [Member]
Derivative [Line Items]
Forward/option contracts \| €	€ 18
Put option [Member] \| Foreign exchange forward contracts [Member]
Derivative [Line Items]
Forward/option contracts		₪ 276
Call option [Member] \| Foreign exchange forward contracts [Member]
Derivative [Line Items]
Forward/option contracts		₪ 276

STOCK CAPITAL (Summary of the Activity in the Share Options) (Details) - Option [Member] - Employees and Members of Board of Directors [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of options
Outstanding at the beginning of the period	317,416
Exercised	(3,421)
Outstanding at the end of the period	313,995	317,416
Weighted average exercise price
Outstanding at the beginning of the period	$ 53.38
Exercised	3.93
Outstanding at the end of the period	$ 53.92	$ 53.38
Weighted Average Remaining Contractual Term In Years [Abstract]
Outstanding	3 years 10 months 6 days	4 years 18 days
Aggregate Intrinsic Value
Outstanding	$ 11,378	$ 17,366
Exercised	$ 247
Vested and expected to vest at the end of the period
Number of options	313,869
Weighted average exercise price	$ 53.81
Weighted average remaining contractual term in years	3 years 10 months 2 days
Aggregate intrinsic Value	$ 11,378
Exercisable at the end of the period
Number of options	309,120
Weighted average exercise price	$ 49.86
Weighted average remaining contractual terms in years	3 years 9 months 18 days
Aggregate intrinsic Value	$ 11,378

EARNINGS (LOSS) PER SHARE (Schedule of outstanding shares of common stock equivalents were excluded from the calculation due to their antidilutive nature) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Stock-based awards	1,827,030	192,339
Notes due 2025	2,276,818	0
Total shares excluded	4,103,848	192,339

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2024

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

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 5: PREPAID EXPENSES AND OTHER CURRENT ASSETS

	March 31, 2024		December 31, 2023
Vendor non-trade receivables¹	$	54,294	$	102,991
Government authorities		157,248		167,221
Loan receivables²		61,480		55,418
Interest from marketable securities		6,141		7,515
Prepaid expenses and other		75,756		45,249
Total prepaid expenses and other current assets	$	354,919	$	378,394

¹Vendor 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.

²Loan receivables are loans to third parties. The loan repayments are expected on a monthly or annual basis as per the contractual terms of each loan agreement. The loan is measured at its amortized cost and is subjected to the Company's credit risk policy. The loans bear interest that represent market interest rate. As of March 31, 2024, the Company's provision for credit loss was $2,395. The amortized cost of the loan receivable approximates its fair value as of March 31, 2024.

RESTRUCTURING AND OTHER EXIT ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of restructuring and other exit charges by reportable segments and type of cost

	Solar				e-Mobility
	Employee termination costs		Contract termination and other		Employee termination costs			Inventory write-down			Total
Cost of revenues	$	807	$	5,015	$	(200	)	$	(234	)	$	5,388
Research and development		2,913		-		-			-			2,913
Sales and marketing		645		-		(4	)		-			641
General and administrative		385		-		(43	)		-			342
Total	$	4,750	$	5,015	$	(247	)	$	(234	)	$	9,284

Schedule of liability balance for the restructuring and other exit charges

	Employee termination costs			Inventory write-down ¹			Contract termination and other
Balance as of December 31, 2023	$	2,373		$	27,774		$	30,393
Charges		4,503			(234	)		5,015
Cash payments		(6,548	)		-			(10,468	)
Non-cash utilization and other		(9	)		(3,133	)		(178	)

Balance as of March 31, 2024	$	319		$	24,407		$	24,762

¹Inventory write-down is included under Inventories, net on the balance sheet.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Fair Values of Outstanding Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative assets of options and forward contracts:
Total derivative assets	$ 1,881	$ 4,887
Designated cash flow hedges [Member] \| Prepaid expenses and other current assets [Member]
Derivative assets of options and forward contracts:
Total derivative assets	$ 1,807	4,477
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:PrepaidExpenseAndOtherAssets
Designated cash flow hedges [Member] \| Accrued expenses and other current liabilities [Member]
Derivative liabilities of options and forward contracts:
Total derivative liabilities	$ (17)	0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Non-designated hedges [Member] \| Prepaid expenses and other current assets [Member]
Derivative assets of options and forward contracts:
Total derivative assets	$ 74	$ 410
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:PrepaidExpenseAndOtherAssets

STOCK CAPITAL (Schedule of RSUs and PSUs Activity) (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	1,860,286
Granted \| shares	242,099
Vested \| shares	(163,974)
Forfeited \| shares	(91,612)
Unvested at end of period \| shares	1,846,799
Weighted average grant date fair value, beginning of period \| $ / shares	$ 182.52
Weighted average grant date fair value, granted \| $ / shares	70.54
Weighted average grant date fair value, vested \| $ / shares	207.93
Weighted average grant date fair value, forfeited \| $ / shares	221.97
Weighted average grant date fair value, end of period \| $ / shares	$ 163.63
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	74,415
Granted \| shares	81,249
Vested \| shares	(7,859)
Forfeited \| shares	(8,836)
Unvested at end of period \| shares	138,969
Weighted average grant date fair value, beginning of period \| $ / shares	$ 302.58
Weighted average grant date fair value, granted \| $ / shares	99.13
Weighted average grant date fair value, vested \| $ / shares	298.93
Weighted average grant date fair value, forfeited \| $ / shares	288.77
Weighted average grant date fair value, end of period \| $ / shares	$ 184.72

SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands	1 Months Ended
SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands	Apr. 30, 2024 USD ($)
Subsequent Event [Member] \| Wevo [Member]
Subsequent Event [Line Items]
Cash paid for acquisition of the remaining outstanding shares	$ 13,300

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Tables)

3 Months Ended

Mar. 31, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of balances of deferred revenues

	Three Months Ended March 31,
	2024			2023
Balance, at the beginning of the period	$	255,443		$	213,577
Revenue recognized		(30,056	)		(11,742	)
Increase in deferred revenues and customer advances		29,229			22,589
Balance, at the end of the period		254,616			224,424
Less current portion		(36,081	)		(27,507	)
Long term portion	$	218,535		$	196,917

Schedule estimated revenues expected to recognized in future to performance obligations

2024	$	32,493
2025		13,899
2026		13,529
2027		11,430
2028		10,436
Thereafter		172,829
Total deferred revenues	$	254,616

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of reportable segments and operating income

	Three Months Ended March 31, 2024
	Solar			Energy Storage			All other
Revenues	$	190,102		$	10,616		$	3,447
Cost of revenues		196,782			17,828			2,872
Gross profit (loss)		(6,680	)		(7,212	)		575
Research and development	$	51,286		$	3,559		$	185
Sales and marketing		29,195			817			222
General and administrative		23,222			589			113
Segments profit (loss)	$	(110,383	)	$	(12,177	)	$	55

	Three Months Ended March 31, 2023
	Solar		Energy Storage			All other
Revenues	$	908,505	$	9,133		$	26,064
Cost of revenues		590,105		19,578			26,638
Gross profit (loss)		318,400		(10,445	)		(574	)
Research and development	$	55,823	$	4,209		$	2,319
Sales and marketing		31,145		915			646
General and administrative		24,743		2,952			826
Segments profit (loss)	$	206,689	$	(18,521	)	$	(4,365	)

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 March 31,
	2024		2023
Solar segment revenues	$	190,102	$	908,505
Energy Storage segment revenues		10,616		9,133
All other segment revenues		3,447		26,064
Revenues from financing component		234		187
Consolidated revenues	$	204,399	$	943,889

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

	Three Months Ended March 31,
	2024			2023
Solar segment profit (loss)	$	(110,383	)	$	206,689
Energy Storage segment (loss)		(12,177	)		(18,521	)
All other segment profit (loss)		55			(4,365	)
Segments operating profit (loss)		(122,505	)		183,803
Amounts not allocated to segments:
Stock based compensation expenses		(37,606	)		(39,235	)
Restructuring and other exit activities		(9,284	)		-
Impairment of long-lived assets		(1,732	)		-
Amortization and depreciation of acquired assets		(1,947	)		(2,035	)
Other unallocated expenses		(631	)		1,621
Consolidated operating income (loss)		(173,705	)		144,154
Financial income (expense), net		(7,064	)		23,674
Other loss, net		-			(125	)
Income (loss) before income taxes	$	(180,769	)	$	167,703

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (157,311)	$ 138,378

- Definition

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

+ References

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+ Details

RESTRUCTURING AND OTHER EXIT ACTIVITIES

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER EXIT ACTIVITIES

NOTE 17: RESTRUCTURING AND OTHER EXIT ACTIVITIES

On January 21, 2024, the Company announced the adoption of a restructuring plan in response to challenging industry conditions (the “Restructuring Plan”). Under the Restructuring Plan, the Company reduced its headcount by approximately 16% over the first half of 2024 through an involuntary workforce reduction plan. The adoption of the Restructuring Plan follows the Company’s previous measures taken to align with current market conditions, including termination of manufacturing in Mexico, reduction of manufacturing capacity in China, and discontinuation of the Company’s light commercial vehicle e-mobility activity.

Restructuring and other exit charges for the three months ended March 31, 2024 by segment and type of cost were as follows:

	Solar				e-Mobility
	Employee termination costs		Contract termination and other		Employee termination costs			Inventory write-down			Total
Cost of revenues	$	807	$	5,015	$	(200	)	$	(234	)	$	5,388
Research and development		2,913		-		-			-			2,913
Sales and marketing		645		-		(4	)		-			641
General and administrative		385		-		(43	)		-			342
Total	$	4,750	$	5,015	$	(247	)	$	(234	)	$	9,284

The Company’s liability balance for the restructuring and other exit charges is as follows:

	Employee termination costs			Inventory write-down ¹			Contract termination and other
Balance as of December 31, 2023	$	2,373		$	27,774		$	30,393
Charges		4,503			(234	)		5,015
Cash payments		(6,548	)		-			(10,468	)
Non-cash utilization and other		(9	)		(3,133	)		(178	)

Balance as of March 31, 2024	$	319		$	24,407		$	24,762

¹Inventory write-down is included under Inventories, net on the balance sheet.

The total amount expected to be incurred for restructuring and other exit charges, which primarily consists of contract terminations related to the Solar segment, is $5,497.

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 14: COMMITMENTS AND CONTINGENT LIABILITIES a. Guarantees: As of March 31, 2024, contingent liabilities exist regarding guarantees in the amounts of $6,002, and $1,841 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 March 31, 2024, the Company had non-cancellable purchase obligations totaling approximately $484,287, out of which the Company recorded a provision for loss in the amount of $23,259. As of March 31, 2024, the Company had contractual obligations for capital expenditures totaling approximately $32,967. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s general manufacturing process and are primarily for its new manufacturing sites 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. 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 punitively 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 violations of Section 10(b) and Rule 10b-5 of the Exchange Act, as well as violations of Section 20(a) of the Exchange Act against the individual defendants. The complaint seeks class certification, damages, interest, attorneys’ fees, and other relief. On December 13, 2023, Javier Cascallar filed a similar proposed class action. On February 7, 2024, the Court consolidated the two actions, and appointed co-lead plaintiffs and lead counsel. On April 22, 2024, the co-lead Plaintiffs filed an amended complaint adding two additional officers. The amended complaint makes substantially similar allegations and claims. Due to the early stage of this proceeding, the Company cannot reasonably estimate the potential range of loss, if any, or the likelihood of a potential adverse outcome. The Company disputes the allegations of wrongdoing and intends to vigorously defend against them. In August 2019, the Company was served with a lawsuit filed in the civil courts of Milan, Italy against the Italian subsidiary of SolarEdge e-Mobility S.r.l (previously SMRE S.p.A) that purchased the shares of SolarEdge e-Mobility in the tender offer that followed the SolarEdge e-Mobility Acquisition by certain former shareholders of SolarEdge e-Mobility who tendered their shares. The lawsuit asked for damages of approximately $3,000, representing the difference between the amount for which they tendered their shares (6 Euro per share) and 6.7 Euros per share. In December 2023, the court of Milan, rendered a decision ordering SolarEdge to pay, in favor of each plaintiff, the difference between the price paid (6 Euro per share) and 6.44 Euro per share, (i.e. 0.44 euros per share) for a total payment of approximately $1,700, which consists, in addition to the shareholders' compensation, legal expenses, court fees, VAT, and CPA expenses per local law. The Company is currently evaluating whether to appeal this decision. As of March 31, 2024, the Company recorded an accrual of $2,229 for legal claims which was recorded under accrued expenses and other current liabilities.

CONVERTIBLE SENIOR NOTES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 25, 2020	Mar. 31, 2024	Mar. 31, 2023
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		$ 735	$ 731
Amortized period		1 year 6 months
Effective interest		0.47%
Senior Notes [Member] \| Level 2 [Member]
Debt Instrument [Line Items]
Estimated fair value of notes		$ 577,428

OTHER LONG TERM ASSETS

3 Months Ended

Mar. 31, 2024

Other Assets, Noncurrent [Abstract]

OTHER LONG TERM ASSETS

NOTE 6: OTHER LONG TERM ASSETS

	March 31, 2024		December 31, 2023
Cloud computing arrangements	$	18,212	$	13,666
Severance pay fund		8,329		9,241
Investments in privately held companies		16,183		7,650
Loan receivables		-		2,438
Prepaid expenses and other		5,060		4,606
Total other long term assets	$	47,784	$	37,601

RESTRUCTURING AND OTHER EXIT ACTIVITIES (Schedule of restructuring and other exit charges by reportable segments and type of cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total	$ 9,284	$ 0
Cost of revenues [Member]
Restructuring Cost and Reserve [Line Items]
Total	5,388
Research and development [Member]
Restructuring Cost and Reserve [Line Items]
Total	2,913
Sales and marketing [Member]
Restructuring Cost and Reserve [Line Items]
Total	641
General and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Total	342
Solar [Member] \| Employee termination costs [Member]
Restructuring Cost and Reserve [Line Items]
Total	4,750
Solar [Member] \| Employee termination costs [Member] \| Cost of revenues [Member]
Restructuring Cost and Reserve [Line Items]
Total	807
Solar [Member] \| Employee termination costs [Member] \| Research and development [Member]
Restructuring Cost and Reserve [Line Items]
Total	2,913
Solar [Member] \| Employee termination costs [Member] \| Sales and marketing [Member]
Restructuring Cost and Reserve [Line Items]
Total	645
Solar [Member] \| Employee termination costs [Member] \| General and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Total	385
Solar [Member] \| Contract termination and other [Member]
Restructuring Cost and Reserve [Line Items]
Total	5,015
Solar [Member] \| Contract termination and other [Member] \| Cost of revenues [Member]
Restructuring Cost and Reserve [Line Items]
Total	5,015
Solar [Member] \| Contract termination and other [Member] \| Research and development [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
Solar [Member] \| Contract termination and other [Member] \| Sales and marketing [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
Solar [Member] \| Contract termination and other [Member] \| General and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
All other [Member] \| Employee termination costs [Member]
Restructuring Cost and Reserve [Line Items]
Total	(247)
All other [Member] \| Employee termination costs [Member] \| Cost of revenues [Member]
Restructuring Cost and Reserve [Line Items]
Total	(200)
All other [Member] \| Employee termination costs [Member] \| Research and development [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
All other [Member] \| Employee termination costs [Member] \| Sales and marketing [Member]
Restructuring Cost and Reserve [Line Items]
Total	(4)
All other [Member] \| Employee termination costs [Member] \| General and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Total	(43)
All other [Member] \| Inventory write-off [Member]
Restructuring Cost and Reserve [Line Items]
Total	(234)
All other [Member] \| Inventory write-off [Member] \| Cost of revenues [Member]
Restructuring Cost and Reserve [Line Items]
Total	(234)
All other [Member] \| Inventory write-off [Member] \| Research and development [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
All other [Member] \| Inventory write-off [Member] \| Sales and marketing [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
All other [Member] \| Inventory write-off [Member] \| General and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Total	$ 0

STOCK CAPITAL (Schedule of Stock-based Compensation Expense for Employees and Nonemployee) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 37,606	$ 39,235
Total stock-based compensation capitalized	1,282	835
Cost of revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	5,968	5,927
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	17,139	17,209
Selling and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	7,911	8,079
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	6,588	8,020
Inventory [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation capitalized	804	405
Other long-term assets [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation capitalized	$ 478	$ 430

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Reclassifications of Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenues	$ 230,586	$ 643,763
Research and development	75,351	79,873
Sales and marketing	38,911	40,966
General and administrative	30,865	36,567
Total, before income taxes	147,518	155,972
Income taxes	(23,754)	29,325
Total, net of income taxes	(157,311)	138,378
Available-for-sale marketable securities [Member] \| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Financial income (expense), net	0	(107)
Income taxes	0	29
Total, net of income taxes	0	(78)
Cash flow hedges [Member] \| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenues	105	(212)
Research and development	565	(1,129)
Sales and marketing	122	(225)
General and administrative	147	(274)
Total, before income taxes	939	(1,840)
Income taxes	(112)	114
Total, net of income taxes	827	(1,726)
Total reclassifications for the period	$ 827	$ (1,804)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income Loss [Abstract]

Schedule of changes in AOCI

	Three Months Ended March 31,
	2024			2023
Unrealized gains (losses) on available-for-sale marketable securities
Beginning balance	$	(4,960	)	$	(25,449	)
Revaluation		1,860			7,570
Tax on revaluation		(369	)		(1,471	)
Other comprehensive income before reclassifications		1,491			6,099
Reclassification		-			107
Tax on reclassification		-			(29	)
Losses reclassified from accumulated other comprehensive income		-			78
Net current period other comprehensive income		1,491			6,177
Ending balance	$	(3,469	)	$	(19,272	)
Unrealized gains (losses) on cash flow hedges
Beginning balance	$	3,940		$	(1,761	)
Revaluation		(1,748	)		(2,196	)
Tax on revaluation		210			139
Other comprehensive loss before reclassifications		(1,538	)		(2,057	)
Reclassification		(939	)		1,840
Tax on reclassification		112			(114	)
Losses (gains) reclassified from accumulated other comprehensive income (loss)		(827	)		1,726
Net current period other comprehensive loss		(2,365	)		(331	)
Ending balance	$	1,575		$	(2,092	)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature
Beginning balance	$	(43,335	)	$	(37,960	)
Revaluation		(13,382	)		(10,800	)
Ending balance	$	(56,717	)	$	(48,760	)
Unrealized gains (losses) on foreign currency translation
Beginning balance	$	(2,530	)	$	(7,939	)
Revaluation		(5,470	)		859
Ending balance	$	(8,000	)	$	(7,080	)
Total	$	(66,611	)	$	(77,204	)

Schedule of reclassifications out of AOCI

Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 31,						Affected Line Item in the Statement of Income
	2024			2023
Available-for-sale marketable securities
	$	-		$	(107	)	Financial income (expense), net
		-			29		Tax benefits (income taxes)
	$	-		$	(78	)	Total, net of tax benefits (income taxes)
Cash flow hedges
		105			(212	)	Cost of revenues
		565			(1,129	)	Research and development
		122			(225	)	Sales and marketing
		147			(274	)	General and administrative
	$	939		$	(1,840	)	Total, before income taxes
		(112	)		114		Tax benefits (income taxes)
		827			(1,726	)	Total, net of tax benefits (income taxes)
Total reclassifications for the period	$	827		$	(1,804	)

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of prepaid expenses and other current assets

	March 31, 2024		December 31, 2023
Vendor non-trade receivables¹	$	54,294	$	102,991
Government authorities		157,248		167,221
Loan receivables²		61,480		55,418
Interest from marketable securities		6,141		7,515
Prepaid expenses and other		75,756		45,249
Total prepaid expenses and other current assets	$	354,919	$	378,394

EARNINGS (LOSS) PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income (loss)	$ (157,311)	$ 138,378
Denominator:
Shares used in computing net earnings (loss) per share of common stock, basic	57,140,126	56,215,490
Numerator:
Net income (loss) attributable to common stock, basic	$ (157,311)	$ 138,378
Notes due 2025	0	552
Net income (loss) attributable to common stock, diluted	$ (157,311)	$ 138,930
Denominator:
Shares used in computing net earnings (loss) per share of common stock, basic	57,140,126	56,215,490
Notes due 2025	0	2,276,818
Effect of stock-based awards	0	701,523
Shares used in computing net earnings (loss) per share of common stock, diluted	57,140,126	59,193,831
Earnings (loss) per share:
Basic	$ (2.75)	$ 2.46
Diluted	$ (2.75)	$ 2.35

GENERAL

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 future ready Energy Hub inverter which supports, among other things, connection to a DC-coupled battery for full or partial home backup capabilities, 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) batteries for PV applications that are used to increase energy independence and maximize self-consumption for PV system's owners 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 offers a variety of energy solutions, which include lithium-ion cells, batteries, and energy storage systems (“Energy Storage”), automated machines for industrial use (“Automation Machines”), as well as cloud-based energy management solutions.

Basis of Presentation:

Use of estimates:

Concentrations of supply risks:

As of March 31, 2024, and December 31, 2023, two contract manufacturers collectively accounted for 44.9% and 58.5% of the Company’s total trade payables, net, respectively.

New accounting standards updates:

INVENTORIES, NET

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 4: INVENTORIES, NET

	March 31, 2024		December 31, 2023
Raw materials	$	311,748	$	340,604
Work in process		19,324		20,885
Finished goods		1,218,050		1,081,960
Total inventories, net	$	1,549,122	$	1,443,449

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands

Common Stock [Member]

Additional paid in capital [Member]

Treasury stock [Member]

Accumulated Other comprehensive income (loss) [Member]

Retained earnings [Member]

Total

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

Stock based compensation

$ 0

40,070

Other comprehensive loss adjustments

(4,095)

Net income (loss)

138,378

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

Balance at Dec. 31, 2023

$ 6

1,680,622

$ 0

(46,885)

778,166

2,411,909

Balance (in shares) at Dec. 31, 2023

57,123,437

Issuance of common stock upon exercise of stock-based awards

$ 0

^[1]

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

175,254

Stock based compensation

$ 0

38,888

Repurchase of common stock

$ 0

^[1]

(33,222)

Repurchase of common stock (in shares)

(505,896)

Other comprehensive loss adjustments

$ 0

(19,726)

Net income (loss)

(157,311)

Balance at Mar. 31, 2024

$ 6

$ 1,719,523

$ (33,222)

$ (66,611)

$ 620,855

$ 2,240,551

Balance (in shares) at Mar. 31, 2024

56,792,795

[1]	Represents an amount less than $1.

- Definition

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

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 19: EARNINGS (LOSS) PER SHARE

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

	Three Months Ended March 31,
	2024			2023
Basic EPS:
Numerator:
Net income (loss)	$	(157,311	)	$	138,378
Denominator:
Shares used in computing net earnings (loss) per share of common stock, basic		57,140,126			56,215,490
Diluted EPS:
Numerator:
Net income (loss) attributable to common stock, basic	$	(157,311	)	$	138,378
Notes due 2025		-			552
Net income (loss) attributable to common stock, diluted	$	(157,311	)	$	138,930
Denominator:
Shares used in computing net earnings (loss) per share of common stock, basic		57,140,126			56,215,490
Notes due 2025		-			2,276,818
Effect of stock-based awards		-			701,523
Shares used in computing net earnings (loss) per share of common stock, diluted		57,140,126			59,193,831
Earnings per share:
Basic	$	(2.75	)	$	2.46
Diluted	$	(2.75	)	$	2.35

The following outstanding shares of common stock equivalents were excluded from the calculation due to their antidilutive nature:

	Three Months Ended March 31,
	2024		2023
Stock-based awards		1,827,030		192,339
Notes due 2025		2,276,818		-
Total shares excluded		4,103,848		192,339

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 20: SEGMENT INFORMATION

Following the discontinuation of its e-Mobility LCV activity, the Company operates in three different operating segments: Solar, Energy Storage and Automation Machines.

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 (“financing component”), related to Accounting Standard Codification 606, “Revenue from Contracts with Customers” (ASC 606).

Segment profit (loss) is comprised of gross profit (loss) for the segment less operating expenses that do not include amortization and impairment of purchased intangible assets, stock based compensation expenses, restructuring charges, discontinued activity charges 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 two operating segments as reportable – the Solar segment and the Energy Storage 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 batteries for PV applications. The Solar segment solution consists mainly of the Company’s power optimizers, inverters, batteries, and cloud‑based monitoring platform.

The Energy Storage segment includes the design, development, manufacturing, and sales of high-energy, high-power, lithium-ion cells and racks and containerized battery systems for C&I and Utility markets. The Energy Storage segment provides purpose-built components and solutions, hardware and software, as well as pre and post sales engineering support to design, build, and manage battery and system solutions according to the customer’s use cases and mission profiles.

The “All other” category includes automated machines and e-Mobility (in prior periods).

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

	Three Months Ended March 31, 2024
	Solar			Energy Storage			All other
Revenues	$	190,102		$	10,616		$	3,447
Cost of revenues		196,782			17,828			2,872
Gross profit (loss)		(6,680	)		(7,212	)		575
Research and development	$	51,286		$	3,559		$	185
Sales and marketing		29,195			817			222
General and administrative		23,222			589			113
Segments profit (loss)	$	(110,383	)	$	(12,177	)	$	55

	Three Months Ended March 31, 2023
	Solar		Energy Storage			All other
Revenues	$	908,505	$	9,133		$	26,064
Cost of revenues		590,105		19,578			26,638
Gross profit (loss)		318,400		(10,445	)		(574	)
Research and development	$	55,823	$	4,209		$	2,319
Sales and marketing		31,145		915			646
General and administrative		24,743		2,952			826
Segments profit (loss)	$	206,689	$	(18,521	)	$	(4,365	)

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

	Three Months Ended March 31,
	2024		2023
Solar segment revenues	$	190,102	$	908,505
Energy Storage segment revenues		10,616		9,133
All other segment revenues		3,447		26,064
Revenues from financing component		234		187
Consolidated revenues	$	204,399	$	943,889

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

	Three Months Ended March 31,
	2024			2023
Solar segment profit (loss)	$	(110,383	)	$	206,689
Energy Storage segment (loss)		(12,177	)		(18,521	)
All other segment profit (loss)		55			(4,365	)
Segments operating profit (loss)		(122,505	)		183,803
Amounts not allocated to segments:
Stock based compensation expenses		(37,606	)		(39,235	)
Restructuring and other exit activities		(9,284	)		-
Impairment of long-lived assets		(1,732	)		-
Amortization and depreciation of acquired assets		(1,947	)		(2,035	)
Other unallocated expenses		(631	)		1,621
Consolidated operating income (loss)		(173,705	)		144,154
Financial income (expense), net		(7,064	)		23,674
Other loss, net		-			(125	)
Income (loss) before income taxes	$	(180,769	)	$	167,703

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value

		Fair value measurements as of
Description	Fair Value Hierarchy	March 31, 2024			December 31, 2023
Assets:
Cash and cash equivalents:
Cash	Level 1	$	196,434		$	309,521
Money market mutual funds	Level 1	$	12,734		$	22,311
Deposits	Level 1	$	5,061		$	6,636
Derivative instruments	Level 2	$	1,881		$	4,887
Short-term marketable securities:
Corporate bonds	Level 2	$	438,050		$	481,820
U.S. Treasury securities	Level 2	$	6,367		$	15,261
U.S. Government agency securities	Level 2		3,103			8,795
Non-U.S. Government securities	Level 2	$	18,887		$	15,694
Long-term marketable securities:
Corporate bonds	Level 2	$	207,442		$	339,681
U.S. Treasury securities	Level 2	$	-		$	2,408
U.S. Government agency securities	Level 2		44,071			44,086
Non-U.S. Government securities	Level 2	$	16,690		$	21,650
Liabilities:
Derivative instruments	Level 2	$	(17	)	$	-

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

	March 31, 2024		December 31, 2023
Accrued expenses	$	126,435	$	142,130
Government authorities		38,220		34,309
Operating lease liabilities		16,525		17,704
Accrual for sales incentives		8,869		5,862
Finance lease liabilities		3,257		3,253
Other		3,092		2,653
Total accrued expenses and other current liabilities	$	196,398	$	205,911

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (157,311)	$ 138,378
Other comprehensive income (loss), net of tax:
Available-for-sale marketable securities	1,491	6,177
Cash flow hedges	(2,365)	(331)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature	(13,382)	(10,800)
Foreign currency translation adjustments	(5,470)	859
Total other comprehensive loss	(19,726)	(4,095)
Comprehensive income (loss)	$ (177,037)	$ 134,283

- Definition

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

+ References

+ Details

MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

Schedule of available-for-sale marketable securities

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Matures within one year:
Corporate bonds	$	440,981	$	1,018	$	(3,949	)	$	438,050
U.S. Treasury securities		6,434		-		(67	)		6,367
U.S. Government agency securities		3,112		-		(9	)		3,103
Non-U.S. Government securities		18,328		648		(89	)		18,887
		468,855		1,666		(4,114	)		466,407
Matures after one year:
Corporate bonds		209,742		516		(2,816	)		207,442
U.S. Government agency securities		44,128		35		(92	)		44,071
Non-U.S. Government securities		16,158		532		-			16,690
		270,028		1,083		(2,908	)		268,203
Total	$	738,883	$	2,749	$	(7,022	)	$	734,610

The following is a summary of available-for-sale marketable securities as of December 31, 2023:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Matures within one year:
Corporate bonds	$	487,083	$	679	$	(5,942	)	$	481,820
U.S. Treasury securities		15,324		-		(63	)		15,261
U.S. Government agency securities		8,787		11		(3	)		8,795
Non-U.S. Government securities		15,161		673		(140	)		15,694
		526,355		1,363		(6,148	)		521,570
Matures after one year:
Corporate bonds		342,223		1,902		(4,444	)		339,681
U.S. Treasury securities		2,430		-		(22	)		2,408
U.S. Government agency securities		44,100		107		(121	)		44,086
Non-U.S. Government securities		20,488		1,162		-			21,650
		409,241		3,171		(4,587	)		407,825
Total	$	935,596	$	4,534	$	(10,735	)	$	929,395

DEFERRED REVENUES AND CUSTOMERS ADVANCES

3 Months Ended

Mar. 31, 2024

Revenue Recognition and Deferred Revenue [Abstract]

DEFERRED REVENUES AND CUSTOMERS ADVANCES

NOTE 10: 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 March 31,
	2024			2023
Balance, at the beginning of the period	$	255,443		$	213,577
Revenue recognized		(30,056	)		(11,742	)
Increase in deferred revenues and customer advances		29,229			22,589
Balance, at the end of the period		254,616			224,424
Less current portion		(36,081	)		(27,507	)
Long term portion	$	218,535		$	196,917

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 March 31, 2024:

2024	$	32,493
2025		13,899
2026		13,529
2027		11,430
2028		10,436
Thereafter		172,829
Total deferred revenues	$	254,616

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Schedule Estimated Revenues Expected To Recognized In Future To Performance Obligations) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Deferred revenues	$ 254,616	$ 255,443	$ 224,424	$ 213,577
2024 [Member]
Deferred revenues	32,493
2025 [Member]
Deferred revenues	13,899
2026 [Member]
Deferred revenues	13,529
2027 [Member]
Deferred revenues	11,430
2028 [Member]
Deferred revenues	10,436
Thereafter [Member]
Deferred revenues	$ 172,829

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Schedule of Balances of Deferred Revenues and Customer Advances) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Balance, at the beginning of the period	$ 255,443	$ 213,577
Revenue recognized	(30,056)	(11,742)
Increase in deferred revenues and customer advances	29,229	22,589
Balance, at the end of the period	254,616	224,424
Less current portion	(36,081)	(27,507)
Long term portion	$ 218,535	$ 196,917

RESTRUCTURING AND OTHER EXIT ACTIVITIES (Schedule of liability balance for the restructuring and other exit charges) (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2024

USD ($)

Employee termination costs [Member]

Restructuring Reserve [Roll Forward]

Balance as of January 1, 2023

$ 2,373

Charges

4,503

Cash payments

(6,548)

Non-cash utilization and other

(9)

Balance as of December 31, 2023

319

Inventory write-off [Member]

Restructuring Reserve [Roll Forward]

Balance as of January 1, 2023

27,774

^[1]

Charges

(234)

^[1]

Cash payments

^[1]

Non-cash utilization and other

(3,133)

^[1]

Balance as of December 31, 2023

24,407

^[1]

Contract termination and other [Member]

Restructuring Reserve [Roll Forward]

Balance as of January 1, 2023

30,393

Charges

5,015

Cash payments

(10,468)

Non-cash utilization and other

(178)

Balance as of December 31, 2023

$ 24,762

[1]	Inventory write-down is included under Inventories, net on the balance sheet.

RESTRUCTURING AND OTHER EXIT ACTIVITIES (Narrative) (Details) - Contract termination and other [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 5,015
Solar [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 5,497

- Definition

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

+ References + Details

OTHER OPERATING EXPENSE (INCOME) (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of other operating expense (income)

	Three Months Ended March 31,
	2024			2023
Impairment of property, plant and equipment	$	1,732		$	-
Loss (gain) from sales and disposal of assets		1,058			(1,434	)
Legal settlements and contingencies		(399	)		-
Total other operating expense (income), net	$	2,391		$	(1,434	)

MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2024

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE 3: MARKETABLE SECURITIES

The following is a summary of available-for-sale marketable securities as of March 31, 2024:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Matures within one year:
Corporate bonds	$	440,981	$	1,018	$	(3,949	)	$	438,050
U.S. Treasury securities		6,434		-		(67	)		6,367
U.S. Government agency securities		3,112		-		(9	)		3,103
Non-U.S. Government securities		18,328		648		(89	)		18,887
		468,855		1,666		(4,114	)		466,407
Matures after one year:
Corporate bonds		209,742		516		(2,816	)		207,442
U.S. Government agency securities		44,128		35		(92	)		44,071
Non-U.S. Government securities		16,158		532		-			16,690
		270,028		1,083		(2,908	)		268,203
Total	$	738,883	$	2,749	$	(7,022	)	$	734,610

The following is a summary of available-for-sale marketable securities as of December 31, 2023:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Matures within one year:
Corporate bonds	$	487,083	$	679	$	(5,942	)	$	481,820
U.S. Treasury securities		15,324		-		(63	)		15,261
U.S. Government agency securities		8,787		11		(3	)		8,795
Non-U.S. Government securities		15,161		673		(140	)		15,694
		526,355		1,363		(6,148	)		521,570
Matures after one year:
Corporate bonds		342,223		1,902		(4,444	)		339,681
U.S. Treasury securities		2,430		-		(22	)		2,408
U.S. Government agency securities		44,100		107		(121	)		44,086
Non-U.S. Government securities		20,488		1,162		-			21,650
		409,241		3,171		(4,587	)		407,825
Total	$	935,596	$	4,534	$	(10,735	)	$	929,395

The Company did not sell any available-for-sale marketable securities during the three months ended March 31, 2024

Proceeds from sales of available-for-sale marketable securities during the three months ended March 31, 2023 were $2,807, which led to realized losses of $125.

As of March 31, 2024, and December 31, 2023, the Company did not record an allowance for credit losses for its available-for-sale marketable securities.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Taxes [Abstract]
INCOME TAXES	NOTE 18: INCOME TAXES For the three months ended March 31, 2024, the Company reported tax benefits and its effective tax rate was 13.1%, compared to the three months ended March 31, 2023, where the Company reported income taxes and its effective tax rate was 17.5%. The change in effective tax rate in the three months ended March 31, 2024 compared to the corresponding period in 2023 is primarily attributable to the fact that the pre-tax loss for the quarter was in jurisdictions where the Company is either subject to a lower tax rate or where we do not anticipate a future tax benefit. As of March 31, 2024, and December 31, 2023, unrecognized tax benefits were $18,496 and $15,908, 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 as of March 31, 2024 and December 31, 2023 were $4,570 and $2,927, respectively. 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 significant tax credits for qualifying energy projects, and Advanced Manufacturing tax credits ("AMPTC") for U.S. manufacturing of eligible components (under IRC §45X), including PV inverters and DC-optimized systems.The Company has been manufacturing eligible products in the U.S. since the fourth quarter of 2023. In the three months ended March 31, 2024, the Company manufactured and sold products that entitle it to $14,960 of AMPTCs, which were recorded as a reduction in of cost of revenues. In the three months ended March 31, 2023, the Company did not record AMPTCs. As of March 31, 2024 and December 31, 2023, benefits recognized from AMPTCs of $20,980 and $6,020, respectively, were recorded as a tax prepayment within prepayment and other current assets. The implementation of the new incentive rules is complex and further guidance by the U.S. Treasury on these rules is still pending.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Entity Registrant Name	SOLAREDGE TECHNOLOGIES, INC.
Entity Central Index Key	0001419612
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		57,299,404

MARKETABLE SECURITIES (Narrative) (Details) $ in Thousands	3 Months Ended
MARKETABLE SECURITIES (Narrative) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Marketable Securities Schedule Of Contractual Maturities Details [Abstract]
Proceeds from sale of available-for-sale securities	$ 2,807
Realized loss	$ 125

SEGMENT INFORMATION (Schedule of Reportable Segments Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 204,399	$ 943,889
Solar segment revenues [Member]
Segment Reporting Information [Line Items]
Revenues	190,102	908,505
Energy Storage segment revenues [Member]
Segment Reporting Information [Line Items]
Revenues	10,616	9,133
All other segment revenues [Member]
Segment Reporting Information [Line Items]
Revenues	3,447	26,064
Revenues from financing component [Member]
Segment Reporting Information [Line Items]
Revenues	$ 234	$ 187

- Definition

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).

+ References

+ Details

OTHER OPERATING EXPENSE (INCOME) (Schedule of Other Operating Expense and Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Impairment of property, plant and equipment	$ 1,732	$ 0
Loss (gain) from sales and disposal of assets	1,058	(1,434)
Legal settlements and contingencies	(399)	0
Total other operating expense (income), net	$ 2,391	$ (1,434)

SEGMENT INFORMATION (Narrative) (Details)	3 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segment	3

MARKETABLE SECURITIES (Schedule of AFS Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale - matures within one year, Amortized cost	$ 468,855	$ 526,355
Available-for-sale - matures within one year, Gross unrealized gains	1,666	1,363
Available-for-sale - matures within one year, Gross unrealized losses	(4,114)	(6,148)
Available-for-sale - matures within one year, Fair value	466,407	521,570
Available-for-sale - matures after one year, Amortized cost	270,028	409,241
Available-for-sale - matures after one year, Gross unrealized gains	1,083	3,171
Available-for-sale - matures after one year, Gross unrealized losses	(2,908)	(4,587)
Available-for-sale - matures after one year, Fair value	268,203	407,825
Amortized cost	738,883	935,596
Gross unrealized gains	2,749	4,534
Gross unrealized losses	(7,022)	(10,735)
Fair value	734,610	929,395
Corporate bonds [Member]
Available-for-sale - matures within one year, Amortized cost	440,981	487,083
Available-for-sale - matures within one year, Gross unrealized gains	1,018	679
Available-for-sale - matures within one year, Gross unrealized losses	(3,949)	(5,942)
Available-for-sale - matures within one year, Fair value	438,050	481,820
Available-for-sale - matures after one year, Amortized cost	209,742	342,223
Available-for-sale - matures after one year, Gross unrealized gains	516	1,902
Available-for-sale - matures after one year, Gross unrealized losses	(2,816)	(4,444)
Available-for-sale - matures after one year, Fair value	207,442	339,681
U.S. Treasury securities [Member]
Available-for-sale - matures within one year, Amortized cost	6,434	15,324
Available-for-sale - matures within one year, Gross unrealized gains	0	0
Available-for-sale - matures within one year, Gross unrealized losses	(67)	(63)
Available-for-sale - matures within one year, Fair value	6,367	15,261
Available-for-sale - matures after one year, Amortized cost		2,430
Available-for-sale - matures after one year, Gross unrealized gains		0
Available-for-sale - matures after one year, Gross unrealized losses		(22)
Available-for-sale - matures after one year, Fair value		2,408
U.S. Government agency securities [Member]
Available-for-sale - matures within one year, Amortized cost	3,112	8,787
Available-for-sale - matures within one year, Gross unrealized gains	0	11
Available-for-sale - matures within one year, Gross unrealized losses	(9)	(3)
Available-for-sale - matures within one year, Fair value	3,103	8,795
Available-for-sale - matures after one year, Amortized cost	44,128	44,100
Available-for-sale - matures after one year, Gross unrealized gains	35	107
Available-for-sale - matures after one year, Gross unrealized losses	(92)	(121)
Available-for-sale - matures after one year, Fair value	44,071	44,086
Non-U.S. Government securities [Member]
Available-for-sale - matures within one year, Amortized cost	18,328	15,161
Available-for-sale - matures within one year, Gross unrealized gains	648	673
Available-for-sale - matures within one year, Gross unrealized losses	(89)	(140)
Available-for-sale - matures within one year, Fair value	18,887	15,694
Available-for-sale - matures after one year, Amortized cost	16,158	20,488
Available-for-sale - matures after one year, Gross unrealized gains	532	1,162
Available-for-sale - matures after one year, Gross unrealized losses	0	0
Available-for-sale - matures after one year, Fair value	$ 16,690	$ 21,650

SEGMENT INFORMATION (Schedule of Reportable Segments and Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 204,399	$ 943,889
Cost of revenues	230,586	643,763
Gross profit (loss)	(26,187)	300,126
Research and development	75,351	79,873
Sales and marketing	38,911	40,966
General and administrative	30,865	36,567
Solar segment profit (loss)	110,383	206,689
Energy Storage segment (loss)	12,177	18,521
All other segment profit (loss)	(55)	(4,365)
Segments operating profit (loss)	(122,505)	183,803
Amounts not allocated to segments:
Stock based compensation expenses	(37,606)	(39,235)
Restructuring and other exit activities	(9,284)	0
Impairment of long-lived assets	(1,732)	0
Amortization and depreciation of acquired assets	(1,947)	(2,035)
Other unallocated expenses	(631)	1,621
Consolidated operating income (loss)	(173,705)	144,154
Financial income (expense), net	(7,064)	23,674
Other loss, net	0	(125)
Income (loss) before income taxes	(180,769)	167,703
Solar [Member]
Segment Reporting Information [Line Items]
Revenues	190,102	908,505
Cost of revenues	196,782	590,105
Gross profit (loss)	(6,680)	318,400
Research and development	51,286	55,823
Sales and marketing	29,195	31,145
General and administrative	23,222	24,743
Segments profit (loss)	(110,383)	206,689
Energy Storage [Member]
Segment Reporting Information [Line Items]
Revenues	10,616	9,133
Cost of revenues	17,828	19,578
Gross profit (loss)	(7,212)	(10,445)
Research and development	3,559	4,209
Sales and marketing	817	915
General and administrative	589	2,952
Segments profit (loss)	(12,177)	(18,521)
All Other [Member]
Segment Reporting Information [Line Items]
Revenues	3,447	26,064
Cost of revenues	2,872	26,638
Gross profit (loss)	575	(574)
Research and development	185	2,319
Sales and marketing	222	646
General and administrative	113	826
Segments profit (loss)	$ 55	$ 4,365

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

Mar. 31, 2024

Dec. 31, 2023

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

Vendor non-trade receivables

^[1]

$ 54,294

$ 102,991

Government authorities

157,248

167,221

Loan receivables

^[2]

61,480

55,418

Interest from marketable securities

6,141

7,515

Prepaid expenses and other

75,756

45,249

Total prepaid expenses and other current assets

$ 354,919

$ 378,394

[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 are loans to third parties. The loan repayments are expected on a monthly or annual basis as per the contractual terms of each loan agreement. The loan is measured at its amortized cost and is subjected to the Company's credit risk policy. The loans bear interest that represent market interest rate. As of March 31, 2024, the Company's provision for credit loss was $2,395. The amortized cost of the loan receivable approximates its fair value as of March 31, 2024.

INVESTMENTS IN PRIVATELY-HELD COMPANIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net loss from equity method investments	$ (296)	$ 0
Other Long-Term Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investment amount	16,183
Weev Energy B F Ltd [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Investment amount				$ 5,500
Ownership percentage on outstanding shares				34.80%
Ivy Energy Inc [Member] \| Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Investment amount			$ 6,000
Non-marketable equity securities	6,000
Stardust Solution Inc [Member] \| Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Investment amount	5,000
Non-marketable equity securities	$ 5,000

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Beginning balance	$ (46,885)
Net current period other comprehensive income (loss)	(19,726)	$ (4,095)
Ending balance	(66,611)	(77,204)
Unrealized gains (losses) on available-for-sale marketable securities [Member]
Beginning balance	(4,960)	(25,449)
Revaluation	1,860	7,570
Tax on revaluation	(369)	(1,471)
Other comprehensive income (loss) before reclassifications	1,491	6,099
Reclassification	0	107
Tax on reclassification	0	(29)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	0	78
Net current period other comprehensive income (loss)	1,491	6,177
Ending balance	(3,469)	(19,272)
Unrealized gains (losses) on cash flow hedges [Member]
Beginning balance	3,940	(1,761)
Revaluation	(1,748)	(2,196)
Tax on revaluation	210	139
Other comprehensive income (loss) before reclassifications	(1,538)	(2,057)
Reclassification	(939)	1,840
Tax on reclassification	112	(114)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	(827)	1,726
Net current period other comprehensive income (loss)	(2,365)	(331)
Ending balance	1,575	(2,092)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature [Member]
Beginning balance	(43,335)	(37,960)
Revaluation	(13,382)	(10,800)
Ending balance	(56,717)	(48,760)
Unrealized gains (losses) on foreign currency translation [Member]
Beginning balance	(2,530)	(7,939)
Revaluation	(5,470)	859
Ending balance	$ (8,000)	$ (7,080)

EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

	Three Months Ended March 31,
	2024			2023
Basic EPS:
Numerator:
Net income (loss)	$	(157,311	)	$	138,378
Denominator:
Shares used in computing net earnings (loss) per share of common stock, basic		57,140,126			56,215,490
Diluted EPS:
Numerator:
Net income (loss) attributable to common stock, basic	$	(157,311	)	$	138,378
Notes due 2025		-			552
Net income (loss) attributable to common stock, diluted	$	(157,311	)	$	138,930
Denominator:
Shares used in computing net earnings (loss) per share of common stock, basic		57,140,126			56,215,490
Notes due 2025		-			2,276,818
Effect of stock-based awards		-			701,523
Shares used in computing net earnings (loss) per share of common stock, diluted		57,140,126			59,193,831
Earnings per share:
Basic	$	(2.75	)	$	2.46
Diluted	$	(2.75	)	$	2.35

Schedule of outstanding shares of common stock equivalents were excluded from the calculation due to their antidilutive nature

	Three Months Ended March 31,
	2024		2023
Stock-based awards		1,827,030		192,339
Notes due 2025		2,276,818		-
Total shares excluded		4,103,848		192,339

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of outstanding derivative instruments

	Balance sheet location	March 31, 2024			December 31, 2023
Derivative assets of options and forward contracts:
Designated cash flow hedges	Prepaid expenses and other current assets	$	1,807		$	4,477
Non-designated hedges	Prepaid expenses and other current assets		74			410
Total derivative assets		$	1,881		$	4,887
Derivative liabilities of options and forward contracts:
Designated cash flow hedges	Accrued expenses and other current liabilities	$	(17	)	$	-

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

	Affected line item	Three Months Ended March 31,
	Affected line item	2024			2023
Foreign exchange contracts
Non Designated Hedging Instruments	Condensed Consolidated Statements of Income (loss) - Financial income (expense), net	$	612		$	-
Designated Hedging Instruments	Condensed Consolidated Statements of Comprehensive Income (loss) - Cash flow hedges	$	(1,538	)	$	(2,057	)

INVENTORIES, NET (Schedule of Inventories, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 311,748	$ 340,604
Work in process	19,324	20,885
Finished goods	1,218,050	1,081,960
Total inventories, net	$ 1,549,122	$ 1,443,449

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 214,229	$ 338,468
Marketable securities	466,407	521,570
Trade receivables, net of allowances of $19,110 and $16,400, respectively	404,390	622,425
Inventories, net	1,549,122	1,443,449
Prepaid expenses and other current assets	354,919	378,394
Total current assets	2,989,067	3,304,306
LONG-TERM ASSETS:
Marketable securities	268,203	407,825
Deferred tax assets, net	122,564	80,912
Property, plant and equipment, net	605,223	614,579
Operating lease right-of-use assets, net	59,474	64,167
Intangible assets, net	33,037	35,345
Goodwill	41,470	42,996
Other long-term assets	47,784	37,601
Total long-term assets	1,177,755	1,283,425
Total assets	4,166,822	4,587,731
CURRENT LIABILITIES:
Trade payables, net	171,412	386,471
Employees and payroll accruals	73,666	76,966
Warranty obligations	181,333	183,047
Deferred revenues and customers advances	36,081	40,836
Accrued expenses and other current liabilities	196,398	205,911
Total current liabilities	658,890	893,231
LONG-TERM LIABILITIES:
Convertible senior notes, net	628,115	627,381
Warranty obligations	321,166	335,197
Deferred revenues	218,535	214,607
Finance lease liabilities	40,630	41,892
Operating lease liabilities	40,982	45,070
Other long-term liabilities	17,953	18,444
Total long-term liabilities	1,267,381	1,282,591
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares; issued: 57,298,691 shares at March 31, 2024 and 57,123,437 shares at December 31, 2023; outstanding: 56,792,795 shares at March 31, 2024 and 57,123,437 shares at December 31, 2023.	6	6
Additional paid-in capital	1,719,523	1,680,622
Treasury stock, at cost; 505,896 shares held	(33,222)	0
Accumulated other comprehensive loss	(66,611)	(46,885)
Retained earnings	620,855	778,166
Total stockholders’ equity	2,240,551	2,411,909
Total liabilities and stockholders’ equity	$ 4,166,822	$ 4,587,731