v3.25.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2025
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 (“PV”) 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
March 31,
20252024
(In thousands)
Primary geographical markets:
United States$263,238 $149,974 
International
92,846 113,365 
Total$356,084 $263,339 
Timing of revenue recognition:
Products delivered at a point in time$322,886 $233,145 
Products and services delivered over time33,198 30,194 
Total$356,084 $263,339 
Contract Balances
Accounts receivable, and contract assets and contract liabilities from contracts with customers, are as follows:
March 31,
2025		December 31,
2024
(In thousands)
Accounts receivable$225,625 $223,749 
Short-term contract assets (Prepaid expenses and other current assets)42,098 42,001 
Long-term contract assets (Other assets)108,403 110,954 
Short-term contract liabilities (Deferred revenues, current)167,771 237,225 
Long-term contract liabilities (Deferred revenues, non-current)333,704 341,982 
The Company receives payments from customers based upon contractual payment terms. 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.
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 three months ended March 31, 2025.
Significant changes in the balances of contract assets (prepaid expenses and other current assets) as of March 31, 2025 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$152,955 
Amount recognized(9,879)
Increased due to billings7,425 
Contract Assets, end of period$150,501 
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 contract liabilities (deferred revenues) as of March 31, 2025 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$579,207 
Revenue recognized(103,106)
Increased due to billings25,374 
Contract Liabilities, end of period$501,475 
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:
March 31,
2025
(In thousands)
Fiscal year:
2025 (remaining nine months)$138,025 
2026113,805 
202793,659 
202872,391 
202947,931 
Thereafter35,664 
Total$501,475