v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The Company has one business activity, which entails the design, development, manufacture and sale of solutions for the solar PV industry. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The primary measure of segment profit or loss is consolidated net income as presented below and is used by the CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.
Three Months Ended
March 31,
20252024
(In thousands)
Net revenues$356,084 $263,339 
Less:
Other cost of revenues(1)
219,882 155,493 
Income-based government grants(53,631)(18,617)
Incremental cost for manufacturing in the United States(2)
15,773 4,882 
Stock-based compensation expense55,633 60,833 
Acquisition related amortization4,429 5,353 
Other restructuring and asset impairment charges(3)
2,653 1,907 
Other research and development(4)
28,527 29,661 
Other sales and marketing(5)
29,703 31,667 
Other general and administrative(6)
21,193 21,259 
Income (loss) from operations31,922 (29,099)
Total other income, net14,971 17,600 
Income (loss) from income taxes46,893 (11,499)
Income tax provision(17,163)(4,598)
Net Income (loss)$29,730 $(16,097)
(1)    Represents consolidated cost of revenue, excluding stock-based compensation, acquisition related amortization, income-based government grants and incremental costs for manufacturing in the United States.
(2)    Represents the incremental manufacturing cost incurred in the United States relative to manufacturing in India. This is calculated based on the difference in product cost for manufacturing the product in the United States as compared to India for the same or similar products. It also includes the portion of the income-based government grants earned that the Company remits to its contract manufacturers.
(3)    Represents consolidated restructuring and asset impairment charges, excluding stock-based compensation.
(4)    Represents consolidated research and development, excluding stock-based compensation.
(5)    Represents consolidated sales and marketing, excluding stock-based compensation and acquisition related amortization.
(6)    Represents consolidated general and administrative, excluding stock-based compensation.