v3.24.2
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue
The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(In thousands)
Primary geographical markets:
United States$198,712 $417,582 $348,686 $890,543 
International104,746 293,536 218,111 546,591 
Total$303,458 $711,118 $566,797 $1,437,134 
Timing of revenue recognition:
Products delivered at a point in time$272,592 $684,122 $505,737 $1,385,774 
Products and services delivered over time30,866 26,996 61,060 51,360 
Total$303,458 $711,118 $566,797 $1,437,134 
Contract Balances
Accounts receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
June 30,
2024		December 31,
2023
(In thousands)
Accounts receivables$277,475 $445,959 
Short-term contract assets (Prepaid expenses and other assets)41,736 40,241 
Long-term contract assets (Other assets)119,644 124,190 
Short-term contract liabilities (Deferred revenues, current)123,577 118,300 
Long-term contract liabilities (Deferred revenues, non-current)353,199 369,172 
The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional. The Company maintains allowances for doubtful accounts for uncollectible accounts receivable. Management estimates anticipated credit losses from doubtful accounts based on days past due, customer specific experience, collection history, the financial health of customers including from the impacts of the broad-based slowdown in solar industry beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors. Accounts receivables are recorded net of allowance for doubtful accounts totaling $3.3 million and $2.5 million as of June 30, 2024 and December 31, 2023, respectively. Management will continue to monitor certain customers experiencing considerable financial difficulties as more information is publicly available to perform collectability assessment and evaluate the impact to the Company's revenue recognition and allowance for doubtful accounts on its financial statements.
Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the six months ended June 30, 2024.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of June 30, 2024 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$164,431 
Amount recognized(21,225)
Increased due to billings18,174 
Contract Assets, end of period$161,380 
Contract liabilities are recorded as deferred revenue on the accompanying condensed consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
Significant changes in the balances of contract liabilities (deferred revenues) as of June 30, 2024 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$487,472 
Revenue recognized(61,060)
Increased due to billings50,364 
Contract Liabilities, end of period$476,776 
Remaining Performance Obligations
Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows:
June 30,
2024
(In thousands)
Fiscal year:
2024 (remaining six months)$62,818 
2025117,914 
2026100,983 
202781,367 
202860,125 
Thereafter53,569 
Total$476,776