SolarEdge (SEDG) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Cover [Abstract]
Entity Central Index Key	0001419612
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-36894
Entity Registrant Name	SOLAREDGE TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
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 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		55,387,285

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 1,002,772	$ 530,089
Marketable securities	158,557	167,728
Trade receivables, net of allowances of $3,226 and $2,626, respectively	676,820	456,339
Inventories, net	432,504	380,143
Prepaid expenses and other current assets	191,664	176,992
Total current assets	2,462,317	1,711,291
LONG-TERM ASSETS:
Marketable securities	449,673	482,228
Deferred tax assets, net	31,205	27,572
Property, plant and equipment, net	473,511	410,379
Operating lease right-of-use assets, net	59,783	47,137
Intangible assets, net	55,734	58,861
Goodwill	127,109	129,629
Other long-term assets	23,583	24,963
Total long-term assets	1,220,598	1,180,769
Total assets	3,682,915	2,892,060
CURRENT LIABILITIES:
Trade payables, net	241,630	252,068
Employees and payroll accruals	84,309	74,465
Warranty obligations	82,340	71,480
Deferred revenues and customers advances	25,511	17,789
Accrued expenses and other current liabilities	134,951	109,379
Total current liabilities	568,741	525,181
LONG-TERM LIABILITIES:
Convertible senior notes, net	622,263	621,535
Warranty obligations	210,326	193,680
Deferred revenues	158,734	151,556
Finance lease liabilities	53,405	40,508
Operating lease liabilities	48,480	38,912
Other long-term liabilities	10,441	10,649
Total long-term liabilities	1,103,649	1,056,840
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2022 and December 31, 2021; issued and outstanding: 55,386,146 and 52,815,395 shares as of March 31, 2022 and December 31, 2021, respectively	6	5
Additional paid-in capital	1,373,405	687,295
Accumulated other comprehensive loss	(46,067)	(27,319)
Retained earnings	683,181	650,058
Total stockholders' equity	2,010,525	1,310,039
Total liabilities and stockholders' equity	$ 3,682,915	$ 2,892,060

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowances of trade receivable	$ 3,226	$ 2,626
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	125,000,000	125,000,000
Common stock, issued shares	55,386,146	52,815,395
Common stock, outstanding shares	55,386,146	52,815,395

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 655,080	$ 405,489
Cost of Revenue	476,122	265,415
Gross profit	178,958	140,074
Operating expenses:
Research and Development Expense	66,349	46,977
Selling and Marketing Expense	35,316	26,911
General and Administrative Expense	26,429	19,849
Other operating expenses	0	2,209
Total operating expenses	128,094	95,946
Operating income	50,864	44,128
Financial expense, net	(5,449)	(6,097)
Income before income taxes	45,415	38,031
Income taxes	12,292	7,955
Net income	$ 33,123	$ 30,076
Net income per share:
Net basic earnings per share of common stock	$ 0.62	$ 0.58
Net diluted earnings per share of common stock	$ 0.60	$ 0.55
Weighted average number of shares used in computing net basic earnings per share of common stock	53,134,937	51,726,998
Weighted average number of shares used in computing net diluted earnings per share of common stock	56,315,193	55,997,136

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 33,123	$ 30,076
Other comprehensive income (loss), net of tax:
Net change related to available-for-sale securities	(9,506)	(1,185)
Net change related to cash flow hedges	(680)	(128)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature	(6,983)	(3,675)
Foreign currency translation adjustments, net	(1,579)	(5,630)
Total other comprehensive income (loss)	(18,748)	(10,618)
Comprehensive income	$ 14,375	$ 19,458

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]		Additional paid in capital [Member]	Accumulated Other comprehensive income (loss) [Member]	Retained earnings [Member]	Total
Balance at Dec. 31, 2020	$ 5		$ 603,891	$ 3,857	$ 478,004	$ 1,085,757
Balance (in shares) at Dec. 31, 2020	51,560,936
Cumulative effect of adopting ASU 2020-06			(36,336)	0	2,884	(33,452)
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	$ 0	[1]	5,008	0	0	5,008
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares	405,239
Stock based compensation expenses	$ 0		23,153	0	0	23,153
Other comprehensive loss adjustments	0		0	(10,618)	0	(10,618)
Net income	0		0	0	30,076	30,076
Balance at Mar. 31, 2021	$ 5		595,716	(6,761)	510,964	1,099,924
Balance (in shares) at Mar. 31, 2021	51,966,175
Balance at Dec. 31, 2021	$ 5		687,295	(27,319)	650,058	1,310,039
Balance (in shares) at Dec. 31, 2021	52,815,395
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards	$ 0	[1]	1,478	0	0	1,478
Issuance of Common Stock upon exercise of employee and non-employees stock-based awards, shares	270,751
Stock based compensation expenses	$ 0		34,107	0	0	34,107
Issuance of common stock related to public offering	$ 1		650,525	0	0	650,526
Issuance of common stock related to public offering, shares	2,300,000
Other comprehensive loss adjustments	$ 0		0	(18,748)	0	(18,748)
Net income	0		0	0	33,123	33,123
Balance at Mar. 31, 2022	$ 6		$ 1,373,405	$ (46,067)	$ 683,181	$ 2,010,525
Balance (in shares) at Mar. 31, 2022	55,386,146
[1]	Represents an amount less than $1.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (PARENTHETICALS) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Statement of Stockholders' Equity [Abstract]
Underwriters discounts and commissions	$ 27,140
Offering costs	$ 834

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows provided by operating activities:
Net income	$ 33,123	$ 30,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	9,002	6,887
Amortization of intangible assets	2,658	2,391
Amortization of debt discount and debt issuance costs	728	724
Amortization of premium and accretion of discount on available-for-sale marketable securities, net	2,550	1,295
Share-based Payment Arrangement, Noncash Expense	34,107	23,153
Deferred income taxes, net	(1,034)	(2,141)
Loss (gain) from sale and disposal of assets	(410)	2,147
Exchange rate fluctuations and other items, net	3,024	13,303
Changes in assets and liabilities:
Inventories, net	(51,323)	(8,376)
Prepaid expenses and other assets	(17,163)	20,218
Trade receivables, net	(224,865)	(57,380)
Trade payables, net	(28,045)	(39,034)
Employees and payroll accruals	9,246	7,477
Warranty obligations	27,629	13,088
Deferred revenues and customers advances	15,029	3,615
Other liabilities, net	22,755	6,640
Net cash provided by (used in) operating activities	(162,989)	24,083
Cash flows from investing activities:
Proceed from sales and maturities of available-for-sale marketable securities	53,096	40,450
Purchase of property, plant and equipment	(43,210)	(24,545)
Investment in available-for-sale marketable securities	(26,712)	(186,528)
Withdrawal from bank deposits, net	0	16,470
Other investing activities	1,692	571
Net cash used in investing activities	(15,134)	(153,582)
Cash flows from financing activities:
Proceeds from secondary public offering, net of issuance costs	650,526	0
Proceeds from exercise of stock-based awards	1,478	5,008
Proceeds (withholdings) from stock-based awards, net	822	(6,724)
Other financing activities	(491)	(346)
Net cash provided by (used in) financing activities	652,335	(2,062)
Increase (decrease) in cash and cash equivalents	474,212	(131,561)
Cash and cash equivalents at the beginning of the period	530,089	827,146
Effect of exchange rate differences on cash and cash equivalents	(1,529)	(10,428)
Cash and cash equivalents at the end of the period	1,002,772	685,157
Supplemental disclosure of non-cash activities:
Right-of-use asset recognized with corresponding lease liability	$ 27,248	$ 1,745

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1: GENERAL a. 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 backup capabilities, (iii) a remote cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters to enable customers and system owners, to monitor and manage the solar PV system (iv) a residential storage and backup solution which includes a company designed and manufactured lithium-ion DC-coupled battery that is used to increase energy independence and maximize self-consumption for homeowners including a battery, and (v) additional smart energy management solutions. The Company and its subsidiaries sell products worldwide through large distributors, electrical equipment wholesalers, as well as directly to large solar installers and engineering, procurement and construction firms. b. The Company has expanded its activity to other areas of smart energy technology organically and through acquisitions. The Company now offers a variety of energy solutions, which include lithium-ion cells, batteries and energy storage systems (“Energy Storage”), full powertrain kits for electric vehicles, or EVs (“e-Mobility”), uninterrupted power supply solutions or UPS (“Critical Power”), as well as automated machines for industrial use (“Automation Machines”). c. 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, 2021, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 22, 2022, have been applied consistently in these unaudited interim condensed consolidated financial statements. d. 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. The duration, scope and effects of the ongoing Covid-19 pandemic and the conflict in Ukraine, government and other third-party responses to it, and the related macroeconomic effects, including to the Company’s business and the business of the Company’s suppliers and customers are uncertain, rapidly changing and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to this evolving situation. Such changes could result in future impairments of goodwill, intangibles, long-lived assets, inventories, incremental credit losses on receivables and available-for-sale marketable debt securities, or an increase in the Company’s insurance liabilities as of the time of a relevant measurement event. e. 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, 2022, and December 31, 2021, two contract manufacturers collectively accounted for 20.9% and 27.9% of the Company’s total trade payables, net, respectively. During 2020, the Company began commercial shipments from its manufacturing facility in the North of Israel, “Sella 1”. During the second quarter of 2021, Sella 1 reached full manufacturing capacity. f. New accounting pronouncements not yet adopted: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. g. Recently issued and adopted pronouncements: In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company elected to early adopt ASU 2021-08 on January 1, 2022, and will apply this new guidance to all business combinations consummated subsequent to this date. Currently this ASU has no material impact on our consolidated financial statements. In November 2021 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. Under ASU 2021-10, the accounting entities with transactions with a government that are accounted for by analogy to a grant or contribution accounting model are required to annually disclose certain information regarding the transaction including: (i) nature and related accounting policy used; (ii) line items on the balance sheet and income statement affected by the transactions; (iii) amounts applicable to each line item; and (iv) significant terms and conditions. This guidance is effective for financial statements issued for annual periods beginning after 15 December 2021. The adoption of this ASU will have a minor impact on the disclosures to the annual consolidated financial statements. h. Certain prior period amounts have been reclassified to conform to the current period presentation.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
MARKETABLE SECURITIES	NOTE 2: MARKETABLE SECURITIES The following is a summary of available-for-sale marketable securities as of March 31, 2022: Amortized Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 154,930 $ - $ (882 ) $ 154,048 Governmental bonds 4,528 - (19 ) 4,509 159,458 - (901 ) 158,557 Available-for-sale – matures after one year: Corporate bonds 453,220 - (16,507 ) 436,713 Governmental bonds 13,428 - (468 ) 12,960 466,648 - (16,975 ) 449,673 Total $ 626,106 $ - $ (17,876 ) $ 608,230 The following is a summary of available-for-sale marketable securities as of December 31, 2021: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 160,462 $ 23 $ (320 ) $ 160,165 Governmental bonds 7,576 - (13 ) 7,563 168,038 23 (333 ) 167,728 Available-for-sale – matures after one year: Corporate bonds 474,412 9 (5,580 ) 468,841 Governmental bonds 13,506 - (119 ) 13,387 487,918 9 (5,699 ) 482,228 Total $ 655,956 $ 32 $ (6,032 ) $ 649,956 As of March 31, 2022 and December 31, 2021 the Company didn’t record an allowance for credit losses for its available-for-sale marketable debt securities.

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES, NET	NOTE 3: INVENTORIES, NET March 31, 2022 December 31, 2021 Raw materials $ 317,173 $ 247,386 Work in process 16,800 13,863 Finished goods 98,531 118,894 $ 432,504 $ 380,143

INVESTMENT IN PRIVATELY-HELD CO

INVESTMENT IN PRIVATELY-HELD COMPANY	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN PRIVATELY-HELD COMPANY	NOTE 4: INVESTMENT IN PRIVATELY-HELD COMPANY On January 31, 2021, the Company completed an investment of $11,643 in the preferred stock of AutoGrid Systems, Inc. ("AutoGrid"), a privately held company without readily determinable fair values. On February 1, 2021, the Company signed on a preferred stock purchase agreement for an additional investment of $5,000 in AutoGrid's preferred stock (the "second investment"). On April 28, 2021, the Company completed the second investment. The Company accounted for the AutoGrid 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 $16,643 as of March 31, 2022 and December 31, 2021. Investments in privately-held companies are included within other long-term assets on the consolidated balance sheets. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three months ended March 31, 2022 and 2021.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 5: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES To protect against the increase in value of forecasted foreign currency cash flows resulting from salary denominated in the Israeli currency, the New Israeli Shekels (“NIS”), during the three months ended March 31, 2022, the Company instituted a foreign currency cash flow hedging program. The Company hedges portions of the anticipated payroll denominated in NIS for a period of one to nine months with hedging contracts. Accordingly, when the dollar strengthens against the NIS, the decline in present value of future foreign currency expenses is offset by losses in the fair value of the hedging contracts. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by gains in the fair value of the 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, 2022, the Company entered into forward contracts and put and call options to sell and buy U.S. dollars (“USD”) for NIS in the amount of $29 million and $44 million, respectively. In addition to the above-mentioned cash flow hedges transactions, the Company also entered into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the U.S. dollar. These derivative instruments are not designated as cash flow hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of income, under "Financial expense, net". As of March 31, 2022, the Company entered into forward contracts to sell Australian dollars (“AUD”) for U.S. dollars in the amount of AUD 19 million. As of March 31, 2022, the Company entered into forward contracts to sell Euro for U.S. dollars in the amount of €29 million. As of March 31, 2022, the Company entered into forward contracts to sell U.S. dollars for South Korean Won in the amount of $5,000. The fair value of derivative assets as of March 31, 2022, and December 31, 2021 was $2,042 and $4,009, which was recorded in prepaid expenses and other current assets in the Consolidated Balance Sheets, respectively. The fair value of derivative liabilities as of March 31, 2022, and December 31, 2021 was $536 and $169, which was recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets, respectively. For the three months ended March 31, 2022 and 2021, the Company recorded a gain and in the amount of $934 and $3,536, respectively, in "Financial expense, net", related to the derivative instruments not designated as hedging instruments. For the three months ended March 31, 2022 and 2021, the Company recorded an unrealized loss in the amount of $1,178 and $128, net of tax effect, respectively, in “Accumulated other comprehensive loss” related to the derivative assets designated as hedging instruments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 6: FAIR VALUE MEASUREMENTS In accordance with ASC 820, the Company measures its cash equivalents and marketable securities, at fair value using the market approach valuation technique. Cash equivalents and marketable securities are classified within Level 1 and Level 2, respectively, because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments. The following table sets forth the Company’s assets that were measured at fair value as of March 31, 2022 and December 31, 2021 by level within the fair value hierarchy: Fair value measurements as of Description Fair Value Hierarchy March 31, 2022 December 31, 2021 Assets: Cash equivalents: Money market mutual funds Level 1 $ 603,405 $ 21,680 Derivative instruments asset: Forward contracts designated as hedging instruments Level 2 $ 465 $ 992 Options and forward contracts not designated as hedging instruments Level 2 $ 1,577 $ 3,017 Short-term marketable securities: Corporate bonds Level 2 $ 154,048 $ 160,165 Governmental bonds Level 2 $ 4,509 $ 7,563 Long-term marketable securities: Corporate bonds Level 2 $ 436,713 $ 468,841 Governmental bonds Level 2 $ 12,960 $ 13,387 Liabilities Derivative instruments liability: Options and forward contracts designated as hedging instruments Level 2 $ (245 ) $ - Forward contracts not designated as hedging instruments Level 2 $ (291 ) $ 169

WARRANTY OBLIGATIONS

WARRANTY OBLIGATIONS	3 Months Ended
	Mar. 31, 2022
Product Warranties Disclosures [Abstract]
WARRANTY OBLIGATIONS	NOTE 7: WARRANTY OBLIGATIONS Changes in the Company’s product warranty obligations for the three months ended March 31, 2022 and 2021, were as follows: Three Months Ended March 31, 2022 2021 Balance, at the beginning of the period $ 265,160 $ 204,994 Additions and adjustments to cost of revenues 47,907 29,971 Usage and current warranty expenses (20,401 ) (17,012 ) Balance, at end of the period 292,666 217,953 Less current portion (82,340 ) (63,443 ) Long term portion $ 210,326 $ 154,510

DEFERRED REVENUES

DEFERRED REVENUES	12 Months Ended
	Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
DEFERRED REVENUES	NOTE 8: DEFERRED REVENUES 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. Significant changes in the balances of deferred revenues during the period are as follows: Three Months Ended March 31, 2022 2021 Balance, at the beginning of the period $ 169,345 $ 140,020 Revenue recognized (14,529 ) (19,786 ) Increase in deferred revenues and customer advances 29,429 22,999 Balance, at the end of the period 184,245 143,233 Less current portion (25,511 ) (21,065 ) Long term portion $ 158,734 $ 122,168 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, 2022: 2022 $ 15,468 2023 17,380 2024 8,468 2025 7,506 2026 6,769 Thereafter 128,654 Total deferred revenues $ 184,245

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 9: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES March 31, 2022 December 31, 2021 Accrued expenses $ 65,903 $ 51,014 Government authorities 27,707 22,631 Operating lease liabilities 14,570 12,728 Provision for legal claims 11,476 11,622 Other 15,295 11,384 $ 134,951 $ 109,379

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
CONVERTIBLE SENIOR NOTES	NOTE 10: 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, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Liability: Principal $ 632,500 $ 632,500 Unamortized issuance costs (10,237 ) (10,965 ) Net carrying amount $ 622,263 $ 621,535 For the three months ended March 31, 2022 and 2021 the Company recorded issuance costs related to the Notes in the amount of $728 and $724, respectively. As of March 31, 2022, the issuance costs of the Notes will be amortized over the remaining term of approximately 3.5 years. The annual effective interest rate of the liability component is 0.47%. As of March 31, 2022, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $878,985. 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, 2022, the if-converted value of the Notes exceeded the principal amount by $246,485.

STOCK CAPITAL

STOCK CAPITAL	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCK CAPITAL	NOTE 11: STOCK CAPITAL a. Common stock rights: Common stock confers upon its holders the right to receive notice of, and to participate in, all general meetings of the Company, where each share of common stock shall have one vote for all purposes; to share equally, on a per share basis, in bonuses, profits, or distributions out of fund legally available therefor; and to participate in the distribution of the surplus assets of the Company in the event of liquidation of the Company. b. Secondary public offering: On March 17, 2022, the Company offered and sold 2,300,000 shares of the Company’s common stock, at a public offering price of $295.00 per share. The shares of Common Stock were issued and sold pursuant to the underwriting agreement dated March 17, 2022 among the Company, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (the “Underwriting Agreement”). All of the offered shares were issued at closing, including 300,000 shares of Common Stock that were issued and sold pursuant to the underwriters’ option to purchase additional shares under the Underwriting Agreement, which was exercised in full on March 18, 2022. The shares of Common Stock were issued and sold pursuant to the Company’s Registration Statement on Form S-3, which became effective upon filing with the Securities and Exchange Commission on February 22, 2022, the related prospectus dated February 22, 2022, and the prospectus supplement dated March 17, 2022. The net proceeds to the Company after underwriters' discounts and commissions of $27,140 and $834 of offering costs was $650,526. c. Equity Incentive Plans: The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. The 2007 Plan terminated upon the Company’s IPO on March 31, 2015 and no further awards may be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grant 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, 2022, a total of 18,047,085 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”). The Share Reserve will automatically increase on January 1 st st st st 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, 2022, an aggregate of 8,617,974 options are still available for future grant 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, 2021 474,280 $ 44.68 5.22 $ 112,479 Exercised (51,759 ) 28.55 - 15,142 Forfeited or expired (243 ) 5.01 - - Outstanding as of March 31, 2022 422,278 $ 46.63 5.04 $ 114,987 Vested and expected to vest as of March 31, 2022 420,193 $ 46.36 5.45 $ 115,977 Exercisable as of March 31, 2022 342,083 $ 31.86 4.99 $ 99,379 The aggregate intrinsic value in the tables above represents the total intrinsic value (the difference between the fair value of the Company’s common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period. 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, 2021 1,759,972 $ 189.25 Granted 94,839 312.32 Vested (218,992 ) 118.04 Forfeited (44,567 ) 204.02 Unvested as of March 31, 2022 1,591,252 $ 185.66 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, 2021 108,595 $ 296.40 Granted 54,964 209.33 Unvested as of March 31, 2022 163,559 $ 267.14 d. Employee Stock Purchase Plan: The Company adopted an ESPP effective upon the consummation of the IPO. As of March 31, 2022, a total of 3,662,737 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 1st 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, 2022, 661,827 shares of common stock had been purchased under the ESPP. As of March 31, 2022, 3,000,910 shares of common stock were available for future issuance under the ESPP. In accordance with ASC No. 718, the ESPP is compensatory and, as such, results in recognition of compensation cost. e. Stock-based compensation expenses: The Company recognized stock-based compensation expenses related to all stock-based awards in the consolidated statement of income for the three months ended March 31, 2022, and 2021, as follows: Three Months Ended March 31, 2022 2021 Cost of revenues $ 5,062 $ 5,790 Research and development 14,985 8,798 Selling and marketing 6,701 5,435 General and administrative 7,359 3,130 Total stock-based compensation expenses $ 34,107 $ 23,153 The total tax benefit associated with share-based compensation for the three months ended March 31, 2022 and 2021 was $3,478 and $4,397, respectively. The tax benefit realized from share-based compensation for three months ended March 31, 2022 and 2021 was $2,927 and $2,749, respectively. As of March 31, 2022, there were total unrecognized compensation expenses in the amount of $308,373 related to non-vested equity-based compensation arrangements granted under the Company’s plans and non-plan awards. These expenses are expected to be recognized during the period from April 1, 2022 through October 31, 2026.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 12: COMMITMENTS AND CONTINGENT LIABILITIES a. Guarantees: As of March 31, 2022, contingent liabilities exist regarding guarantees in the amounts of $6,284 and $1,541 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, 2022, the Company had non-cancelable purchase obligations totaling approximately $1,426,689, out of which the Company recorded a provision for loss in the amount of $4,745. As of March 31, 2022, the Company had contractual obligations for capital expenditures totaling approximately $144,201. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s manufacturing process as well as capital expenditures associated with the construction of Sella 2, the Company’s planned second lithium-ion cell and battery factory in Korea. c. Legal claims: From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. In September 2018, the Company’s German subsidiary, SolarEdge Technologies GmbH received a complaint filed by competitor SMA Solar Technology AG (“SMA”). The complaint, filed in the District Court Düsseldorf, Germany, alleges that SolarEdge's 12.5kW - 27.6kW inverters infringe two of the plaintiff’s patents. SMA asserted a value in dispute of EUR 5.5 million (approximately $6,102) for both patents. The Company challenged the validity of both patents. With respect to one of the claims, in October 2020, the German Patent Court rendered the SMA patent invalid and this invalidity has been appealed by SMA. With respect to the other claim, in November 2019, the first instance court stayed the infringement proceedings since it considered it to be highly likely that the second SMA patent would also be rendered invalid. The Company believes that it has meritorious defenses to the claims asserted and intends to vigorously defend against the remaining lawsuit. In May 2019, the Company’s two Chinese subsidiaries and its equipment manufacturer in China were served with three lawsuits by Huawei Technologies Co., Ltd., a Chinese entity (“Huawei”). The lawsuits, filed in the Guangzhou intellectual property court, alleged infringement of three patents and asked for an injunction of manufacture, use, sale and offer for sale, and damage awards. A first-instance judgment was issued on August 7, 2020 ordering the three defendants to collectively pay damages in the amount of approximately Chinese Yuan (“CNY”) 10.5 million (approximately $1,658), including court fees. The Company has filed an appeal with the Supreme People’s Court of China. The Company's appeal to the Supreme People's Court was denied in December of 2021, rendering a payment by us to Huawei in an amount of $1,658. The judgement has not been enforced. In addition, in January 2021, Huawei filed a motion to increase its claimed monetary damages to CNY 50.5 million (approximately $7,975) with respect to the second lawsuit. In February 2021, a preliminary injunction was rendered by the Guangzhou intellectual property court with respect to such second lawsuit and applying to seven inverter models. In line with the court’s mandate, the Company took immediate action to make software changes to meet the court order. In addition, in February 22, 2021 a first-instance judgment was issued ordering payment of damages in the amount of CNY 50.5 million (approximately $7,975), including court fees, with respect to the second patent. The Company appealed this judgement with the Supreme People’s Court which case is still pending. The first instance court’s judgement is not effective or enforceable pending the appeal. In October 2021, a first-instance judgment was issued ordering to pay damages in the amount of approximately CNY 10.5 million (approximately $1,658), including court fees, with respect to the third lawsuit. The Company has filed an appeal with the Supreme People’s Court of China which also is still pending. The first instance court’s judgement is not effective or enforceable pending the appeal. The Company believes that it has meritorious defenses to the claims asserted by Huawei. In December 2019, the Company received a lawsuit filed by a former consultant of the Company and its Israeli subsidiary in the amount of NIS 25.5 million (approximately $8,029) claiming damages caused relating to a terminated consulting agreement and stock options therein. The Company believes it has meritorious defenses to the claims asserted and intends to vigorously defend against this lawsuit. As of March 31, 2022, accrued amounts for legal claims of $11,476 were recorded in accrued expenses and other current liabilities.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income Loss [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 13: 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, 2022 2021 Unrealized gains (losses) on available-for-sale marketable securities Beginning balance $ (4,709 ) $ 240 Revaluation (12,721 ) (1,468 ) Tax on revaluation 2,471 283 Other comprehensive loss before reclassifications (10,250 ) (1,185 ) Reclassification 844 - Tax on reclassification (100 ) - Losses reclassified from accumulated other comprehensive income 744 - Net current period other comprehensive loss (9,506 ) (1,185 ) Ending balance $ (14,215 ) $ (945 ) Unrealized gains (losses) on cash flow hedges Beginning balance $ 874 $ - Revaluation (1,337 ) (146 ) Tax on revaluation 159 18 Other comprehensive loss before reclassifications (1,178 ) (128 ) Reclassification 565 - Tax on reclassification (67 ) - Losses reclassified from accumulated other comprehensive loss 498 - Net current period other comprehensive loss (680 ) (128 ) Ending balance $ 194 $ (128 ) Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature Beginning balance $ (17,420 ) $ - Revaluation (6,983 ) (3,675 ) Tax on revaluation - - Other comprehensive loss before reclassifications (6,983 ) (3,675 ) Net current period other comprehensive loss (6,983 ) (3,675 ) Ending balance $ (24,403 ) $ (3,675 ) Unrealized gains (losses) on foreign currency translation Beginning balance $ (6,064 ) $ 3,617 Revaluation (1,579 ) (5,630 ) Tax on revaluation - - Other comprehensive loss before reclassifications (1,579 ) (5,630 ) Net current period other comprehensive loss (1,579 ) (5,630 ) Ending balance $ (7,643 ) $ (2,013 ) Total $ (46,067 ) $ (6,761 ) The following table summarizes the changes in "Accumulated other comprehensive loss", net of taxes: Details about Accumulated Other Comprehensive Loss Components Three Months Ended Affected Line Item in the Statement of Income 2022 2021 Unrealized losses on available-for-sale marketable securities $ (844 ) $ - Financial expense, net 100 - Income taxes $ (744 ) $ - Total, net of income taxes Unrealized losses on cash flow hedges, net (67 ) - Cost of revenues (338 ) - Research and development (71 ) - Sales and marketing (89 ) - General and administrative $ (565 ) $ - Total, before income taxes 67 - Income taxes (498 ) - Total reclassifications for the period $ (1,242 ) $ -

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Net income per share:
EARNINGS PER SHARE	NOTE 14: EARNINGS PER SHARE The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, 2022 2021 Basic EPS: Numerator: Net income $ 33,123 $ 30,076 Denominator: Shares used in computing net earnings per share of common stock, basic 53,134,937 51,726,998 Diluted EPS: Numerator: Net income attributable to common stock, basic $ 33,123 $ 30,076 Notes due 2025 553 534 Net income attributable to common stock, diluted $ 33,676 $ 30,610 Denominator: Shares used in computing net earnings per share of common stock, basic 53,134,937 51,726,998 Notes due 2025 2,276,818 2,276,818 Effect of stock-based awards 903,438 1,993,320 Shares used in computing net earnings per share of common stock, diluted 56,315,193 55,997,136 No shares were excluded from the calculation for the three months ended March 31, 2022 and 2021.

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
OTHER OPERATING EXPENSES (INCOME), NET	NOTE 15: OTHER OPERATING EXPENSES In the three months ended March 31, 2021, the Company recorded a write-off of long-lived assets in the amount of $2,209.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Taxes
INCOME TAXES	NOTE 16: INCOME TAXES The effective tax rate for the three months ended March 31, 2022 and 2021 was 27.1% and 20.9%, respectively. The increase in the effective tax rate in the three months ended March 31, 2022, is primarily due to a different allocation of income among the Company’s US, Israeli, and foreign subsidiaries and the change to Section 174 of the U.S Internal Revenue Code, which went into effect on January 1, 2022. The change eliminates the option to deduct research and development expenditures currently and requires taxpayers to amortize them over five years (if generated from a US entity) and fifteen years (if generated from non-US entities). This change resulted in an increase in the Company’s taxable income and Global Intangible Low Taxed Income (“GILTI”) tax. As of March 31, 2022, and December 31, 2021, unrecognized tax benefits were $2,303 and $2,192, respectively. If recognized, such benefits would favorably affect the Company’s effective tax rate. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. The total amount of penalties and interest were immaterial as of March 31, 2022, and December 31, 2021.

SEGMENT, GEOGRAPHIC AND PRODUCT

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION	NOTE 17: SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION (Cont.) The Company operates in five different operating segments: Solar, Energy Storage, e-Mobility, Critical Power 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, related to Accounting Standard Codification 606, “Revenue from Contracts with Customers” (ASC 606). Segment profit is comprised of gross profit for the segment less operating expenses that do not include amortization of purchased intangible assets, stock based compensation expenses and certain other items. The Company manages its assets on a group basis, not by segments, as many of its assets are shared or co-mingled. The Company’s CODM does not regularly review asset information by segments and, therefore, the Company does not report asset information by segment. The Company identified one operating segment as reportable – the Solar segment. The other operating segments are insignificant individually and therefore their results are presented together under “All other”. The Solar segment includes the design, development, manufacturing, and sales of an intelligent inverter solution designed to maximize power generation at the individual PV module level and a residential storage solution, compatible with the Company’s energy hub inverter, intended to store and supply power for back-up and to maximize self-consumption. The Solar segment solution consists mainly of the Company’s power optimizers, inverters, batteries and cloud‑based monitoring platform. The “All other” category includes the design, development, manufacturing and sales of energy storage products, e-Mobility products, UPS products and automated machines. The following table presents information on reportable segments profit (loss) for the period presented: Three Months Ended March 31, 2022 2021 Solar All other Solar All other Revenues $ 607,997 $ 46,948 $ 376,287 $ 29,116 Cost of revenues 424,500 44,341 226,833 30,483 Gross profit (loss) 183,497 2,607 149,454 (1,367 ) Research and development $ 43,131 $ 7,930 31,902 6,265 Sales and marketing 25,805 2,574 18,742 2,497 General and administrative 15,849 3,625 13,272 3,501 Segments profit (loss) $ 98,712 $ (11,522 ) $ 85,538 $ (13,630 ) The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented: Three Months Ended March 31, 2022 2021 Solar revenues $ 607,997 $ 376,287 All other revenues 46,948 29,116 Revenues from services ASC 606 135 86 Consolidated revenues $ 655,080 $ 405,489 The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: Three Months Ended March 31, 2022 2021 Solar segment profit $ 98,712 $ 85,538 All other segment loss (11,522 ) (13,630 ) Segments operating profit 87,190 71,908 Amounts not allocated to segments: Stock based compensation expenses (34,107 ) (23,153 ) Other unallocated expenses (2,219 ) (4,627 ) Consolidated operating income $ 50,864 $ 44,128

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
Schedule of Available-For-Sale Marketable Securities	The following is a summary of available-for-sale marketable securities as of March 31, 2022: Amortized Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 154,930 $ - $ (882 ) $ 154,048 Governmental bonds 4,528 - (19 ) 4,509 159,458 - (901 ) 158,557 Available-for-sale – matures after one year: Corporate bonds 453,220 - (16,507 ) 436,713 Governmental bonds 13,428 - (468 ) 12,960 466,648 - (16,975 ) 449,673 Total $ 626,106 $ - $ (17,876 ) $ 608,230 The following is a summary of available-for-sale marketable securities as of December 31, 2021: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 160,462 $ 23 $ (320 ) $ 160,165 Governmental bonds 7,576 - (13 ) 7,563 168,038 23 (333 ) 167,728 Available-for-sale – matures after one year: Corporate bonds 474,412 9 (5,580 ) 468,841 Governmental bonds 13,506 - (119 ) 13,387 487,918 9 (5,699 ) 482,228 Total $ 655,956 $ 32 $ (6,032 ) $ 649,956

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	March 31, 2022 December 31, 2021 Raw materials $ 317,173 $ 247,386 Work in process 16,800 13,863 Finished goods 98,531 118,894 $ 432,504 $ 380,143

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	Fair value measurements as of Description Fair Value Hierarchy March 31, 2022 December 31, 2021 Assets: Cash equivalents: Money market mutual funds Level 1 $ 603,405 $ 21,680 Derivative instruments asset: Forward contracts designated as hedging instruments Level 2 $ 465 $ 992 Options and forward contracts not designated as hedging instruments Level 2 $ 1,577 $ 3,017 Short-term marketable securities: Corporate bonds Level 2 $ 154,048 $ 160,165 Governmental bonds Level 2 $ 4,509 $ 7,563 Long-term marketable securities: Corporate bonds Level 2 $ 436,713 $ 468,841 Governmental bonds Level 2 $ 12,960 $ 13,387 Liabilities Derivative instruments liability: Options and forward contracts designated as hedging instruments Level 2 $ (245 ) $ - Forward contracts not designated as hedging instruments Level 2 $ (291 ) $ 169

WARRANTY OBLIGATIONS (Tables)

WARRANTY OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Product Warranties Disclosures [Abstract]
Schedule of Warranty Obligations	Changes in the Company’s product warranty obligations for the three months ended March 31, 2022 and 2021, were as follows: Three Months Ended March 31, 2022 2021 Balance, at the beginning of the period $ 265,160 $ 204,994 Additions and adjustments to cost of revenues 47,907 29,971 Usage and current warranty expenses (20,401 ) (17,012 ) Balance, at end of the period 292,666 217,953 Less current portion (82,340 ) (63,443 ) Long term portion $ 210,326 $ 154,510

DEFERRED REVENUES (Tables)

DEFERRED REVENUES (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Balances of Deferred Revenues	Three Months Ended March 31, 2022 2021 Balance, at the beginning of the period $ 169,345 $ 140,020 Revenue recognized (14,529 ) (19,786 ) Increase in deferred revenues and customer advances 29,429 22,999 Balance, at the end of the period 184,245 143,233 Less current portion (25,511 ) (21,065 ) Long term portion $ 158,734 $ 122,168
Schedule Estimated Revenues Expected To Recognized In Future To Performance Obligations	2022 $ 15,468 2023 17,380 2024 8,468 2025 7,506 2026 6,769 Thereafter 128,654 Total deferred revenues $ 184,245

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	March 31, 2022 December 31, 2021 Accrued expenses $ 65,903 $ 51,014 Government authorities 27,707 22,631 Operating lease liabilities 14,570 12,728 Provision for legal claims 11,476 11,622 Other 15,295 11,384 $ 134,951 $ 109,379

CONVERTIBLE SENIOR NOTES (Table

CONVERTIBLE SENIOR NOTES (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Convertible Senior Notes	March 31, 2022 December 31, 2021 Liability: Principal $ 632,500 $ 632,500 Unamortized issuance costs (10,237 ) (10,965 ) Net carrying amount $ 622,263 $ 621,535

STOCK CAPITAL (Tables)

STOCK CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of RSU Activity	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, 2021 1,759,972 $ 189.25 Granted 94,839 312.32 Vested (218,992 ) 118.04 Forfeited (44,567 ) 204.02 Unvested as of March 31, 2022 1,591,252 $ 185.66 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, 2021 108,595 $ 296.40 Granted 54,964 209.33 Unvested as of March 31, 2022 163,559 $ 267.14
Schedule of Recognized Stock-based Compensation Expenses	Three Months Ended March 31, 2022 2021 Cost of revenues $ 5,062 $ 5,790 Research and development 14,985 8,798 Selling and marketing 6,701 5,435 General and administrative 7,359 3,130 Total stock-based compensation expenses $ 34,107 $ 23,153
Option [Member] | Employees and Members of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of the Activity in the Share Options Granted to Employees and Members of the 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, 2021 474,280 $ 44.68 5.22 $ 112,479 Exercised (51,759 ) 28.55 - 15,142 Forfeited or expired (243 ) 5.01 - - Outstanding as of March 31, 2022 422,278 $ 46.63 5.04 $ 114,987 Vested and expected to vest as of March 31, 2022 420,193 $ 46.36 5.45 $ 115,977 Exercisable as of March 31, 2022 342,083 $ 31.86 4.99 $ 99,379

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income Loss [Abstract]
Schedule of Changes in AOCI	Three Months Ended March 31, 2022 2021 Unrealized gains (losses) on available-for-sale marketable securities Beginning balance $ (4,709 ) $ 240 Revaluation (12,721 ) (1,468 ) Tax on revaluation 2,471 283 Other comprehensive loss before reclassifications (10,250 ) (1,185 ) Reclassification 844 - Tax on reclassification (100 ) - Losses reclassified from accumulated other comprehensive income 744 - Net current period other comprehensive loss (9,506 ) (1,185 ) Ending balance $ (14,215 ) $ (945 ) Unrealized gains (losses) on cash flow hedges Beginning balance $ 874 $ - Revaluation (1,337 ) (146 ) Tax on revaluation 159 18 Other comprehensive loss before reclassifications (1,178 ) (128 ) Reclassification 565 - Tax on reclassification (67 ) - Losses reclassified from accumulated other comprehensive loss 498 - Net current period other comprehensive loss (680 ) (128 ) Ending balance $ 194 $ (128 ) Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature Beginning balance $ (17,420 ) $ - Revaluation (6,983 ) (3,675 ) Tax on revaluation - - Other comprehensive loss before reclassifications (6,983 ) (3,675 ) Net current period other comprehensive loss (6,983 ) (3,675 ) Ending balance $ (24,403 ) $ (3,675 ) Unrealized gains (losses) on foreign currency translation Beginning balance $ (6,064 ) $ 3,617 Revaluation (1,579 ) (5,630 ) Tax on revaluation - - Other comprehensive loss before reclassifications (1,579 ) (5,630 ) Net current period other comprehensive loss (1,579 ) (5,630 ) Ending balance $ (7,643 ) $ (2,013 ) Total $ (46,067 ) $ (6,761 )
Schedule of Reclassifications out of AOCI	Details about Accumulated Other Comprehensive Loss Components Three Months Ended Affected Line Item in the Statement of Income 2022 2021 Unrealized losses on available-for-sale marketable securities $ (844 ) $ - Financial expense, net 100 - Income taxes $ (744 ) $ - Total, net of income taxes Unrealized losses on cash flow hedges, net (67 ) - Cost of revenues (338 ) - Research and development (71 ) - Sales and marketing (89 ) - General and administrative $ (565 ) $ - Total, before income taxes 67 - Income taxes (498 ) - Total reclassifications for the period $ (1,242 ) $ -

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Net income per share:
Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share	Three Months Ended March 31, 2022 2021 Basic EPS: Numerator: Net income $ 33,123 $ 30,076 Denominator: Shares used in computing net earnings per share of common stock, basic 53,134,937 51,726,998 Diluted EPS: Numerator: Net income attributable to common stock, basic $ 33,123 $ 30,076 Notes due 2025 553 534 Net income attributable to common stock, diluted $ 33,676 $ 30,610 Denominator: Shares used in computing net earnings per share of common stock, basic 53,134,937 51,726,998 Notes due 2025 2,276,818 2,276,818 Effect of stock-based awards 903,438 1,993,320 Shares used in computing net earnings per share of common stock, diluted 56,315,193 55,997,136

SEGMENT, GEOGRAPHIC AND PRODU_2

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Reportable Segments and Operating Income	Three Months Ended March 31, 2022 2021 Solar All other Solar All other Revenues $ 607,997 $ 46,948 $ 376,287 $ 29,116 Cost of revenues 424,500 44,341 226,833 30,483 Gross profit (loss) 183,497 2,607 149,454 (1,367 ) Research and development $ 43,131 $ 7,930 31,902 6,265 Sales and marketing 25,805 2,574 18,742 2,497 General and administrative 15,849 3,625 13,272 3,501 Segments profit (loss) $ 98,712 $ (11,522 ) $ 85,538 $ (13,630 )
Schedule of Reportable Segments Reconciliation to Consolidated Revenues	The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented: Three Months Ended March 31, 2022 2021 Solar revenues $ 607,997 $ 376,287 All other revenues 46,948 29,116 Revenues from services ASC 606 135 86 Consolidated revenues $ 655,080 $ 405,489 The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: Three Months Ended March 31, 2022 2021 Solar segment profit $ 98,712 $ 85,538 All other segment loss (11,522 ) (13,630 ) Segments operating profit 87,190 71,908 Amounts not allocated to segments: Stock based compensation expenses (34,107 ) (23,153 ) Other unallocated expenses (2,219 ) (4,627 ) Consolidated operating income $ 50,864 $ 44,128

GENERAL (Narrative) (Details)

GENERAL (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts Payable [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration risk (as a percent)	20.90%	27.90%

MARKETABLE SECURITIES (Schedule

MARKETABLE SECURITIES (Schedule of AFS Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Available-for-sale - matures within one year, Amortized cost	$ 159,458	$ 168,038
Available-for-sale - matures within one year, Gross unrealized gains	0	23
Available-for-sale - matures within one yearr, Gross unrealized losses	(901)	(333)
Available-for-sale - matures within one year, Fair value	158,557	167,728
Available-for-sale - matures after one year, Amortized cost	466,648	487,918
Available-for-sale - matures after one year, Gross unrealized gains	0	9
Available-for-sale - matures after one year, Gross unrealized losses	(16,975)	(5,699)
Available-for-sale - matures after one year, Fair value	449,673	482,228
Amortized cost	626,106	655,956
Gross unrealized gains	0	32
Gross unrealized losses	(17,876)	(6,032)
Fair value	608,230	649,956
Corporate bonds [Member]
Available-for-sale - matures within one year, Amortized cost	154,930	160,462
Available-for-sale - matures within one year, Gross unrealized gains	0	23
Available-for-sale - matures within one yearr, Gross unrealized losses	(882)	(320)
Available-for-sale - matures within one year, Fair value	154,048	160,165
Available-for-sale - matures after one year, Amortized cost	453,220	474,412
Available-for-sale - matures after one year, Gross unrealized gains	0	9
Available-for-sale - matures after one year, Gross unrealized losses	(16,507)	(5,580)
Available-for-sale - matures after one year, Fair value	436,713	468,841
Governmental bonds [Member]
Available-for-sale - matures within one year, Amortized cost	4,528	7,576
Available-for-sale - matures within one year, Gross unrealized gains	0	0
Available-for-sale - matures within one yearr, Gross unrealized losses	(19)	(13)
Available-for-sale - matures within one year, Fair value	4,509	7,563
Available-for-sale - matures after one year, Amortized cost	13,428	13,506
Available-for-sale - matures after one year, Gross unrealized gains	0	0
Available-for-sale - matures after one year, Gross unrealized losses	(468)	(119)
Available-for-sale - matures after one year, Fair value	$ 12,960	$ 13,387

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 317,173	$ 247,386
Work in process	16,800	13,863
Finished goods	98,531	118,894
Inventories, net	$ 432,504	$ 380,143

INVESTMENT IN PRIVATELY-HELD _2

INVESTMENT IN PRIVATELY-HELD COMPANY (Details) - AutoGrid Systems [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Feb. 01, 2021	Jan. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments of preferred stock		$ 5,000	$ 11,643
Carrying value of non-marketable equity securities	$ 16,643

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) ₩ in Thousands, $ in Thousands, € in Millions, ₪ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022EUR (€)	Mar. 31, 2022AUD ($)	Mar. 31, 2022ILS (₪)	Mar. 31, 2022KRW (₩)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Derivative [Line Items]
Fair value of derivative assets							$ 2,042	$ 4,009
Gain and loss of financial income (expense), net	$ 934	$ 3,536
Fair value of derivative liabilities							536	$ 169
Unrealized gain (loss) net of tax effect	$ 1,178	$ 128
Foreign exchange forward contracts [Member] | USD [Member]
Derivative [Line Items]
Forward/option contracts			€ 29	$ 19		₩ 5,000	$ 29,000
Foreign exchange forward contracts [Member] | NIS [Member]
Derivative [Line Items]
Forward/option contracts | ₪					₪ 44

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Level 1 [Member] | Money Market Mutual Funds [Member]
Fair value of assets	$ 603,405	$ 21,680
Level 2 [Member] | Forward contracts designated as hedging instruments [Member] | Derivative Financial Instruments Liabilities [Member]
Fair value of liabilities	(245)	0
Level 2 [Member] | Options and forward contracts not designated as hedging instruments [Member] | Derivative Financial Instruments Liabilities [Member]
Fair value of liabilities	(291)	169
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts designated as hedging instruments [Member]
Fair value of assets	465	992
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | Options and forward contracts not designated as hedging instruments [Member]
Fair value of assets	1,577	3,017
Level 2 [Member] | Short-term corporate bonds [Member]
Fair value of assets	154,048	160,165
Level 2 [Member] | Short-term governmental bonds [Member]
Fair value of assets	4,509	7,563
Level 2 [Member] | Long-term corporate bonds [Member]
Fair value of assets	436,713	468,841
Level 2 [Member] | Long-term governmental bonds [Member]
Fair value of assets	$ 12,960	$ 13,387

WARRANTY OBLIGATIONS (Details)

WARRANTY OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Changes in the Company's product warranty liability
Balance, at the beginning of the period	$ 265,160	$ 204,994
Additions and adjustments to cost of revenues	47,907	29,971
Usage and current warranty expenses	(20,401)	(17,012)
Balance, at end of the period	292,666	217,953
Less current portion	(82,340)	(63,443)	$ (71,480)
Long term portion	$ 210,326	$ 154,510	$ 193,680

DEFERRED REVENUES (Schedule of

DEFERRED REVENUES (Schedule of Balances of Deferred Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Balance, at the beginning of the period	$ 169,345	$ 140,020
Revenue recognized	(14,529)	(19,786)
Increase in deferred revenues and customer advances	29,429	22,999
Balance, at the end of the period	184,245	143,233
Less current portion	(25,511)	(21,065)
Long term portion	$ 158,734	$ 122,168

DEFERRED REVENUES (Schedule Est

DEFERRED REVENUES (Schedule Estimated Revenues Expected To Recognized In Future To Performance Obligations) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Deferred revenues	$ 184,245	$ 169,345	$ 143,233	$ 140,020
2022 [Member]
Deferred revenues	15,468
2023 [Member]
Deferred revenues	17,380
2024 [Member]
Deferred revenues	8,468
2025 [Member]
Deferred revenues	7,506
2026 [Member]
Deferred revenues	6,769
Thereafter [Member]
Deferred revenues	$ 128,654

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 65,903	$ 51,014
Government authorities	27,707	22,631
Operating lease liabilities	14,570	12,728
Provision for legal claims	11,476	11,622
Other	15,295	11,384
Accrued expenses and other accounts payable	$ 134,951	$ 109,379

CONVERTIBLE SENIOR NOTES (Narra

CONVERTIBLE SENIOR NOTES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 25, 2020	Mar. 31, 2022	Dec. 31, 2021
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Debt Instrument [Line Items]
Effective interest			0.47%
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	$ 277.80
Issuance costs		$ 728	$ 724
Amortized period		3 years 6 months
Amount by which the if-converted value of the Notes exceeded the principal amount		$ 246,485
Senior Notes [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Estimated fair value of notes		$ 878,985

CONVERTIBLE SENIOR NOTES (Sched

CONVERTIBLE SENIOR NOTES (Schedule of Convertible Senior Notes) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liability:
Net carrying amount	$ 622,263	$ 621,535
Convertible Senior Notes [Member]
Liability:
Principal	632,500	632,500
Unamortized issuance costs	(10,237)	(10,965)
Net carrying amount	$ 622,263	$ 621,535

STOCK CAPITAL (Stock option pla

STOCK CAPITAL (Stock option plans) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 17, 2022	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from secondary public offering, net of issuance costs		$ 650,526	$ 0
Underwriters discounts and commissions		27,140
Offering costs		$ 834
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		10,000,000
Tax benefit associated with share-based compensation		$ 3,478	4,397
Tax benefit realized from share-based compensation		2,927	$ 2,749
Unrecognized compensation expense		$ 308,373
IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold in public offerings	2,300,000
Per share price of common stock sold	$ 295
IPO [Member] | Underwriting Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold in public offerings	300,000
Proceeds from secondary public offering, net of issuance costs	$ 650,526
Underwriters discounts and commissions	27,140
Offering costs	$ 834
Option [Member] | 2007 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		18,047,085
Number of shares available for future grant under the plan		379,358
Option [Member] | 2015 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
Percentage of common shares increase automatically each year		5.00%
ESPP [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		3,662,737
Number of shares available for future grant under the plan		3,000,910
Number of Common stock purchased		661,827
Period of plan increase automatically number of shares		487,643
Percentage of common shares increase automatically each year		1.00%
Maximum percentage of salary		15.00%
Aggregate limit per participant		$ 15
Purchase price of common stock, percent		85.00%

STOCK CAPITAL (Summary of the a

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, 2022	Dec. 31, 2021
Number of options
Outstanding at the beginning of the period	474,280
Exercised	(51,759)
Forfeited or expired	(243)
Outstanding at the end of the period	422,278	474,280
Weighted average exercise price
Outstanding at the beginning of the period	$ 44.68
Exercised	28.55
Forfeited or expired	5.01
Outstanding at the end of the period	$ 46.63	$ 44.68
Weighted average remaining contractual term in years
Outstanding	5 years 14 days	5 years 2 months 19 days
Aggregate intrinsic Value
Outstanding	$ 114,987	$ 112,479
Exercised	$ 15,142
Vested and expected to vest at the end of the period
Number of options	420,193
Weighted average exercise price	$ 46.36
Weighted average remaining contractual term in years	5 years 5 months 12 days
Aggregate intrinsic Value	$ 115,977
Exercisable at the end of the period
Number of options	342,083
Weighted average exercise price	$ 31.86
Weighted average remaining contractual term in years	4 years 11 months 26 days
Aggregate intrinsic Value	$ 99,379

STOCK CAPITAL (Schedule of RSUs

STOCK CAPITAL (Schedule of RSUs and PSUs Activity) (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period | shares	1,759,972
Granted | shares	94,839
Vested | shares	(218,992)
Forfeited | shares	(44,567)
Unvested at end of period | shares	1,591,252
Weighted average grant date fair value, beginning of period | $ / shares	$ 189.25
Weighted average grant date fair value, granted | $ / shares	312.32
Weighted average grant date fair value, vested | $ / shares	118.04
Weighted average grant date fair value, forfeited | $ / shares	204.02
Weighted average grant date fair value, end of period | $ / shares	$ 185.66
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period | shares	108,595
Granted | shares	54,964
Unvested at end of period | shares	163,559
Weighted average grant date fair value, beginning of period | $ / shares	$ 296.40
Weighted average grant date fair value, granted | $ / shares	209.33
Weighted average grant date fair value, end of period | $ / shares	$ 267.14

STOCK CAPITAL (Schedule of stoc

STOCK CAPITAL (Schedule of stock-based compensation expense for employees and nonemployee) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 34,107	$ 23,153
Cost of revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	5,062	5,790
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	14,985	8,798
Selling and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	6,701	5,435
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 7,359	$ 3,130

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands, € in Millions, ₪ in Millions, ¥ in Millions	1 Months Ended						3 Months Ended			12 Months Ended
	Oct. 31, 2021CNY (¥)	Oct. 31, 2021USD ($)	Feb. 22, 2021CNY (¥)	Feb. 22, 2021USD ($)	Jan. 31, 2021CNY (¥)	Jan. 31, 2021USD ($)	Mar. 31, 2022EUR (€)	Mar. 31, 2022CNY (¥)	Mar. 31, 2022USD ($)	Dec. 31, 2019ILS (₪)	Dec. 31, 2019USD ($)
Non-cancelable purchase obligations									$ 1,426,689
Provision for loss									4,745
Contractual obligations for capital expenditures									144,201
Lawsuit claims					¥ 50.5	$ 7,975		¥ 10.5	1,658
Accured amount of legal claims									11,476
Former Consultant and Israeli Subsidiary [Member]
Lawsuit claims										₪ 25.5	$ 8,029
Patents [Member]
Value in dispute							€ 5.5		6,102
Second Patent [Member]
Damages Paid	¥ 10.5	$ 1,658	¥ 50.5	$ 7,975
Office Rent Lease Agreements [Member]
Guarantees amount									6,284
Other Transactions [Member]
Guarantees amount									$ 1,541

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Beginning balance	$ (27,319)
Net current period other comprehensive income (loss)	(18,748)	$ (10,618)
Ending balance	(46,067)	(6,761)
Unrealized gains (losses) on available-for-sale marketable securities [Member]
Beginning balance	(4,709)	240
Revaluation	(12,721)	(1,468)
Tax on revaluation	2,471	283
Other comprehensive income (loss) before reclassifications	(10,250)	(1,185)
Reclassification	844	0
Tax on reclassification	(100)	0
Losses (gains) reclassified from accumulated other comprehensive income	744	0
Net current period other comprehensive income (loss)	(9,506)	(1,185)
Ending balance	(14,215)	(945)
Unrealized gains on cash flow hedges [Member]
Beginning balance	874	0
Revaluation	(1,337)	(146)
Tax on revaluation	159	18
Other comprehensive income (loss) before reclassifications	(1,178)	(128)
Reclassification	565	0
Tax on reclassification	(67)	0
Losses (gains) reclassified from accumulated other comprehensive income	498	0
Net current period other comprehensive income (loss)	(680)	(128)
Ending balance	194	(128)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature [Member]
Beginning balance	(17,420)	0
Revaluation	(6,983)	(3,675)
Tax on revaluation	0	0
Other comprehensive income (loss) before reclassifications	(6,983)	(3,675)
Net current period other comprehensive income (loss)	(6,983)	(3,675)
Ending balance	(24,403)	(3,675)
Unrealized gains (losses) on foreign currency translation [Member]
Beginning balance	(6,064)	3,617
Revaluation	(1,579)	(5,630)
Tax on revaluation	0	0
Other comprehensive income (loss) before reclassifications	(1,579)	(5,630)
Net current period other comprehensive income (loss)	(1,579)	(5,630)
Ending balance	$ (7,643)	$ (2,013)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Reclassifications of Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenues	$ 476,122	$ 265,415
Research and development, net	66,349	46,977
Sales and marketing	35,316	26,911
General and administrative	26,429	19,849
Total, before income taxes	128,094	95,946
Income taxes	12,292	7,955
Net income	33,123	30,076
Unrealized gains on 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 expense, net	(844)	0
Income taxes	100	0
Total, net of income taxes	(744)	0
Unrealized gains on cash flow hedges, net [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	(67)	0
Research and development, net	(338)	0
Sales and marketing	(71)	0
General and administrative	(89)	0
Total, before income taxes	(565)	0
Income taxes	67	0
Net income	(498)	0
Total reclassifications for the period	$ (1,242)	$ 0

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 33,123	$ 30,076
Denominator:
Shares used in computing net earnings per share of common stock, basic	53,134,937	51,726,998
Numerator:
Net income attributable to common stock, basic	$ 33,123	$ 30,076
Notes due 2025	553	534
Net income attributable to common stock, diluted	$ 33,676	$ 30,610
Denominator:
Shares used in computing net earnings per share of common stock, basic	53,134,937	51,726,998
Notes due 2025	2,276,818	2,276,818
Effect of stock-based awards	903,438	1,993,320
Shares used in computing net earnings per share of common stock, diluted	56,315,193	55,997,136

OTHER OPERATING EXPENSES (Narra

OTHER OPERATING EXPENSES (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Options [Member]
Write-off of long-lived assets	$ 2,209

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes Schedule Of Taxes On Income Details
Effective tax rate	27.10%	20.90%
Unrecognized tax benefits	$ 2,303	$ 2,192

SEGMENT, GEOGRAPHIC AND PRODU_3

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION (Schedule of Reportable Segments and Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 655,080	$ 405,489
Cost of revenues	476,122	265,415
Gross profit	178,958	140,074
Research and development	66,349	46,977
Sales and marketing	35,316	26,911
General and administrative	26,429	19,849
Segments profit (loss)	33,123	30,076
Solar segment profit	98,712	85,538
All other segment loss	(11,522)	(13,630)
Segments operating profit	87,190	71,908
Amounts not allocated to segments:
Stock based compensation expenses	(34,107)	(23,153)
Other unallocated expenses	(2,219)	(4,627)
Consolidated operating income	50,864	44,128
Solar [Member]
Segment Reporting Information [Line Items]
Revenues	607,997	376,287
Cost of revenues	424,500	226,833
Gross profit	183,497	149,454
Research and development	43,131	31,902
Sales and marketing	25,805	18,742
General and administrative	15,849	13,272
Segments profit (loss)	98,712	85,538
All Other [Member]
Segment Reporting Information [Line Items]
Revenues	46,948	29,116
Cost of revenues	44,341	30,483
Gross profit	2,607	(1,367)
Research and development	7,930	6,265
Sales and marketing	2,574	2,497
General and administrative	3,625	3,501
Segments profit (loss)	$ (11,522)	$ (13,630)

SEGMENT, GEOGRAPHIC AND PRODU_4

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION (Schedule of Reportable Segments Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 655,080	$ 405,489
Solar revenues [Member]
Segment Reporting Information [Line Items]
Revenues	607,997	376,287
All other revenues [Member]
Segment Reporting Information [Line Items]
Revenues	46,948	29,116
Revenues from services ASC 606 [Member]
Segment Reporting Information [Line Items]
Revenues	$ 135	$ 86