Enphase Energy (ENPH) 10-Q 25 Apr 23 2023 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35480
Entity Registrant Name	Enphase Energy, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	20-4645388
Entity Address, Address Line One	47281 Bayside Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	877
Local Phone Number	774-7000
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	ENPH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		137,043,726
Entity Central Index Key	0001463101
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 286,045	$ 473,244
Marketable securities	1,492,352	1,139,599
Accounts receivable, net of allowances of $1,164 and $979 at March 31, 2023 and December 31, 2022, respectively	516,106	440,896
Inventory	150,563	149,708
Prepaid expenses and other assets	67,567	60,824
Total current assets	2,512,633	2,264,271
Property and equipment, net	133,268	111,367
Operating lease, right of use asset, net	21,647	21,379
Intangible assets, net	92,756	99,541
Goodwill	213,882	213,559
Other assets	184,138	169,291
Deferred tax assets, net	222,529	204,872
Total assets	3,380,853	3,084,280
Current liabilities:
Accounts payable	106,154	125,085
Accrued liabilities	396,688	295,939
Deferred revenues, current	99,819	90,747
Warranty obligations, current	34,513	35,556
Debt, current	92,115	90,892
Total current liabilities	729,289	638,219
Long-term liabilities:
Deferred revenues, non-current	322,487	281,613
Warranty obligations, non-current	111,521	95,890
Other liabilities	47,187	43,520
Debt, non-current	1,200,276	1,199,465
Total liabilities	2,410,760	2,258,707
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.00001 par value, 300,000 shares authorized; and 137,002 shares and 136,441 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1	1
Additional paid-in capital	812,618	819,119
Accumulated equity	164,208	17,335
Accumulated other comprehensive loss	(6,734)	(10,882)
Total stockholders’ equity	970,093	825,573
Total liabilities and stockholders’ equity	$ 3,380,853	$ 3,084,280
Common stock, shares authorized (in shares)	300,000,000	300,000,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,164	$ 979
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	137,002,000	136,441,000
Common stock, shares outstanding (in shares)	137,002,000	136,441,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenues	$ 726,016	$ 441,292
Cost of revenues	399,645	264,319
Gross profit	326,371	176,973
Operating expenses:
Research and development	57,129	35,719
Sales and marketing	64,621	41,344
General and administrative	36,265	38,086
Restructuring charges	693	0
Total operating expenses	158,708	115,149
Income from operations	167,663	61,824
Other income (expense), net
Interest income	13,040	460
Interest expense	(2,156)	(2,736)
Other income (expense), net	426	(2,141)
Total other income (expense), net	11,310	(4,417)
Income before income taxes	178,973	57,407
Income tax provision	(32,100)	(5,586)
Net income	$ 146,873	$ 51,821
Net income per share:
Basic (in USD per share)	$ 1.07	$ 0.39
Diluted (in USD per share)	$ 1.02	$ 0.37
Shares used in per share calculation:
Basic (in shares)	136,689	134,327
Diluted (in shares)	145,986	144,617

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 146,873	$ 51,821
Other comprehensive income (loss):
Foreign currency translation adjustments	1,077	264
Marketable securities
Change in net unrealized gain (loss) on marketable securities, net of tax	3,071	(5,568)
Comprehensive income	$ 151,021	$ 46,517

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Marketable Securities, income tax benefit	$ 1,079	$ (1,956)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock and paid-in capital	Common stock and paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Income (Deficit)	Accumulated Income (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period at Dec. 31, 2021		$ 837,925	$ (207,967)	$ (405,737)	$ 25,710	$ (2,020)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan		404
Issuance of common stock related to 365 Pronto, Inc. post combination expense		0
Payment of withholding taxes related to net share settlement of equity awards		(9,344)
Stock-based compensation		45,494
Net income	$ 51,821			51,821
Foreign currency translation adjustments	264					264
Change in net unrealized gain (loss) on marketable securities, net of tax						(5,568)
Balance, end of period at Mar. 31, 2022	330,982	666,512		(328,206)		(7,324)
Balance, beginning of period at Dec. 31, 2021		837,925	(207,967)	(405,737)	25,710	(2,020)
Balance, end of period at Dec. 31, 2022	$ 825,573	819,120	$ 0	17,335	$ 0	(10,882)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Issuance of common stock from exercise of equity awards and employee stock purchase plan		40
Issuance of common stock related to 365 Pronto, Inc. post combination expense		6,307
Payment of withholding taxes related to net share settlement of equity awards		(71,845)
Stock-based compensation		58,997
Net income	$ 146,873			146,873
Foreign currency translation adjustments	1,077					1,077
Change in net unrealized gain (loss) on marketable securities, net of tax						3,071
Balance, end of period at Mar. 31, 2023	$ 970,093	$ 812,619		$ 164,208		$ (6,734)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 146,873	$ 51,821
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,591	14,103
Amortization of marketable securities premiums, net of accretion of purchase (discounts)	(7,548)	1,455
Provision for doubtful accounts	180	147
Non-cash interest expense	2,034	1,979
Change in fair value of debt securities	(1,744)	1,116
Stock-based compensation	59,655	47,797
Deferred income taxes	(16,181)	3,165
Changes in operating assets and liabilities:
Accounts receivable	(79,529)	(24,224)
Inventory	(855)	(22,036)
Prepaid expenses and other assets	(21,457)	(3,042)
Accounts payable, accrued and other liabilities	82,540	(1,805)
Warranty obligations	14,588	9,906
Deferred revenues	51,085	22,061
Net cash provided by operating activities	246,232	102,443
Cash flows from investing activities:
Purchases of property and equipment	(22,476)	(12,375)
Business acquisitions, net of cash acquired	0	(24,625)
Purchases of marketable securities	(695,387)	0
Maturities and sale of marketable securities	(354,333)	(76,735)
Net cash provided by (used in) investing activities	(363,530)	39,735
Cash flows from financing activities:
Proceeds from exercise of equity awards and employee stock purchase plan	40	404
Payment of withholding taxes related to net share settlement of equity awards	(71,845)	(9,344)
Net cash used in financing activities	(71,805)	(8,940)
Effect of exchange rate changes on cash and cash equivalents	1,904	(704)
Net increase (decrease) in cash and cash equivalents	(187,199)	132,534
Cash and cash equivalents—Beginning of period	473,244	119,316
Cash and cash equivalents—End of period	286,045	251,850
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	9,814	4,352
Purchases of property and equipment through tenant improvement allowance	$ 0	$ 748

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Enphase Energy, Inc. (the “Company”) is a global energy technology company. The Company delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. The Company revolutionized the solar industry with its microinverter technology and produces a fully integrated solar-plus-storage solution. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year. 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 and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for doubtful accounts, stock-based compensation, deferred compensation arrangements, inventory valuation, accrued warranty obligations, fair value of investments, debt derivatives, convertible notes and contingent consideration, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the ongoing semiconductor supply and logistics constraints. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. The Company filed audited consolidated financial statements, which included all information and notes necessary for such a complete presentation in conjunction with its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 13, 2023 (the “Form 10‑K”). Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in Note 2, “Summary of Significant Accounting Policies” of the notes to consolidated financial statements included in Part II, Item 8 of the Form 10-K. Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Updated (“ASU”) 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" (“ASU 2021-08”). ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, “Revenue from Contracts with Customers,” as if it had originated the contracts. This should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of ASU 2021-08 did not have an impact on the Company’s consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Disaggregated Revenue The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows: Three Months Ended 2023 2022 (In thousands) Primary geographical markets: U.S. $ 472,961 $ 369,492 International 253,055 71,800 Total $ 726,016 $ 441,292 Timing of revenue recognition: Products delivered at a point in time $ 701,652 $ 424,149 Products and services delivered over time 24,364 17,143 Total $ 726,016 $ 441,292 Contract Balances Receivables, and contract assets and contract liabilities from contracts with customers, are as follows: March 31, December 31, (In thousands) Receivables $ 516,106 $ 440,896 Short-term contract assets (Prepaid expenses and other assets) 34,127 32,120 Long-term contract assets (Other assets) 114,104 100,991 Short-term contract liabilities (Deferred revenues, current) 99,819 90,747 Long-term contract liabilities (Deferred revenues, non-current) 322,487 281,613 The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the three months ended March 31, 2023. Significant changes in the balances of contract assets (prepaid expenses and other assets) as of March 31, 2023 are as follows (in thousands): Contract Assets Contract Assets, beginning of period $ 133,121 Amount recognized (8,808) Increased due to shipments 23,918 Contract Assets, end of period $ 148,231 Contract liabilities are recorded as deferred revenue on the accompanying condensed consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract. Significant changes in the balances of contract liabilities (deferred revenues) as of March 31, 2023 are as follows (in thousands): Contract Liabilities Contract Liabilities, beginning of period $ 372,360 Revenue recognized (24,364) Increased due to billings 74,310 Contract Liabilities, end of period $ 422,306 Remaining Performance Obligations Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows: March 31, (In thousands) Fiscal year: 2023 (remaining nine months) $ 75,245 2024 94,602 2025 87,103 2026 71,195 2027 51,548 Thereafter 42,613 Total $ 422,306

OTHER FINANCIAL INFORMATION

OTHER FINANCIAL INFORMATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OTHER FINANCIAL INFORMATION	OTHER FINANCIAL INFORMATION Inventory Inventory consists of the following: March 31, December 31, (In thousands) Raw materials $ 28,583 $ 34,978 Finished goods 121,980 114,730 Total inventory $ 150,563 $ 149,708 Accrued liabilities consist of the following: March 31, December 31, (In thousands) Customer rebates and sales incentives $ 184,475 $ 153,916 Income tax payable 60,312 16,146 Salaries, commissions, incentive compensation and benefits 34,820 18,009 Liability due to supply agreements 32,283 17,341 VAT payable 29,486 19,852 Freight 28,657 35,011 Operating lease liabilities, current 5,624 5,371 Post combination expense accrual 3,489 9,138 Liabilities related to restructuring activities 323 714 Other 17,219 20,441 Total accrued liabilities $ 396,688 $ 295,939

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill as of March 31, 2023 and December 31, 2022 were as follows: Goodwill March 31, December 31, (In thousands) Goodwill, beginning of period $ 213,559 $ 181,254 Goodwill acquired — 33,354 Currency translation adjustment 323 (1,049) Goodwill, end of period $ 213,882 $ 213,559 The Company’s purchased intangible assets as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Gross Additions Accumulated Amortization Net Gross Additions Accumulated Amortization Net (In thousands) Intangible assets: Other indefinite-lived intangibles $ 286 $ — $ — $ 286 $ 286 $ — $ — $ 286 Intangible assets with finite lives: Developed technology 51,044 — (19,710) 31,334 38,650 12,394 (17,260) 33,784 Customer relationships 55,106 — (22,152) 32,954 41,021 14,085 (19,702) 35,404 Trade names 37,700 — (9,518) 28,182 37,700 — (7,633) 30,067 Order backlog 600 — (600) — 600 — (600) — Total purchased intangible assets $ 144,736 $ — $ (51,980) $ 92,756 $ 118,257 $ 26,479 $ (45,195) $ 99,541 During the three months ended March 31, 2023, intangible assets acquired increased by less than $0.1 million due to the impact of foreign currency translation. Amortization expense related to finite-lived intangible assets were as follows: Three Months Ended 2023 2022 (In thousands) Developed technology $ 2,455 $ 1,866 Customer relationships 2,454 1,758 Trade names 1,885 1,885 Order backlog — 277 Total amortization expense $ 6,794 $ 5,786 Amortization of developed technology is recorded to cost of sales, amortization of customer relationships and trade names are recorded to sales and marketing expense, and amortization of certain customer relationships is recorded as a reduction to revenue. The expected future amortization expense of intangible assets as of March 31, 2023 is presented below (in thousands): March 31, Fiscal year: 2023 (remaining nine months) $ 20,369 2024 24,356 2025 23,032 2026 19,473 2027 5,217 Thereafter 23 Total $ 92,470

CASH EQUIVALENTS AND MARKETABLE

CASH EQUIVALENTS AND MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
CASH EQUIVALENTS AND MARKETABLE SECURITIES	CASH EQUIVALENTS AND MARKETABLE SECURITIES The cash equivalents and marketable securities consist of the following: As of March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities (In thousands) Money market funds $ 120,657 $ — $ — $ 120,657 $ 120,657 $ — Certificates of deposit 50,684 26 (71) 50,639 — 50,639 Commercial paper 127,549 99 (179) 127,469 1,522 125,947 Corporate notes and bonds 295,271 16 (2,893) 292,394 2,000 290,394 U.S. Treasuries 348,693 97 (133) 348,657 16,395 332,262 U.S. Government agency securities 696,448 199 (3,537) 693,110 — 693,110 Total $ 1,639,302 $ 437 $ (6,813) $ 1,632,926 $ 140,574 $ 1,492,352 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities (In thousands) Money market funds $ 165,407 $ — $ — $ 165,407 $ 165,407 $ — Certificates of deposit 31,874 13 (130) 31,757 — 31,757 Commercial paper 148,832 10 (171) 148,671 50,764 97,907 Corporate notes and bonds 168,887 2 (3,313) 165,576 — 165,576 U.S. Treasuries 301,349 8 (132) 301,225 4,094 297,131 U.S. Government agency securities 554,035 — (6,807) 547,228 — 547,228 Total $ 1,370,384 $ 33 $ (10,553) $ 1,359,864 $ 220,265 $ 1,139,599 The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2023: Amortized Cost Fair Value (In thousands) Due within one year $ 1,354,415 $ 1,349,591 Due within one to three years 284,887 283,335 Total $ 1,639,302 $ 1,632,926 All available-for-sale securities have been classified as current, based on management's intent and ability to use the funds in current operations.

WARRANTY OBLIGATIONS

WARRANTY OBLIGATIONS	3 Months Ended
	Mar. 31, 2023
Product Warranties Disclosures [Abstract]
WARRANTY OBLIGATIONS	WARRANTY OBLIGATIONS The Company’s warranty obligation activities were as follows: Three Months Ended 2023 2022 (In thousands) Warranty obligations, beginning of period $ 131,446 $ 73,377 Accruals for warranties issued during period 16,171 8,910 Changes in estimates 3,728 4,912 Settlements (8,894) (5,881) Increase due to accretion expense 3,545 1,515 Other 38 746 Warranty obligations, end of period 146,034 83,579 Less: warranty obligations, current (34,513) (23,960) Warranty obligations, non-current $ 111,521 $ 59,619 Changes in Estimates In the three months ended March 31, 2023, the Company recorded $3.7 million in warranty expense from change in estimates, of which $9.9 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis primarily for Enphase IQ™ Battery storage systems and prior generation products, partially offset by $6.2 million related to a decrease in product replacement costs and labor reimbursement. In the three months ended March 31, 2022, the Company recorded $4.9 million in warranty expense from a change in estimates primarily related to increase in expedited freight costs and replacement costs for IQ batteries.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: • Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment. • Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories: March 31, 2023 December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 120,657 $ — $ — $ 165,407 $ — $ — Commercial paper — 1,522 — — 50,764 — Corporate notes and bonds — 2,000 — — — — U.S. Treasuries — 16,395 — — 4,094 — Marketable securities: Certificates of deposit — 50,639 — — 31,757 — Commercial paper — 125,947 — — 97,907 — Corporate notes and bonds — 290,394 — — 165,576 — U.S. Treasuries — 332,262 — — 297,131 — U.S. Government agency securities — 693,110 — — 547,228 — Other assets Investments in debt securities — — 58,521 — — 56,777 Total assets measured at fair value $ 120,657 $ 1,512,269 $ 58,521 $ 165,407 $ 1,194,457 $ 56,777 Liabilities: Warranty obligations Current $ — $ — $ 29,490 $ — $ — $ 30,740 Non-current — — 90,018 — — 75,749 Total warranty obligations measured at fair value — — 119,508 — — 106,489 Total liabilities measured at fair value $ — $ — $ 119,508 $ — $ — $ 106,489 Notes due 2028 , Notes due 2026 and Notes due 2025 The Company carries the Notes due 2028 and Notes due 2026 at face value less issuance costs on its condensed consolidated balance sheets. The Company carries the Notes due 2025 at face value less unamortized discount and issuance costs on its condensed consolidated balance sheets. As of March 31, 2023, the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 was $596.1 million, $613.0 million and $261.5 million, respectively. The fair value as of March 31, 2023 was determined based on the closing trading price per $100 principal amount as of the last day of trading for the period. The Company considers the fair value of the Notes due 2028, Notes due 2026 and Notes due 2025 to be a Level 2 measurement as they are not actively traded. See Note 8 , “Debt,” for additional information about the Company’s outstanding debt. Investments in debt securities In January 2021, the Company invested approximately $25.0 million in a privately-held company. The Company concluded the investment qualifies as an investment in a debt security, as it accrues interest and principal plus accrued interest becomes payable back to the Company at certain dates unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any change in fair value of the investment is recognized in “Other income (expense), net” in the Company’s condensed consolidated statement of operations for that period. Further, the Company has concluded that the Company’s investment in a debt security is considered to be a Level 3 measurement due to the use of significant unobservable inputs in the valuation model. The fair value was determined using discounted cash flow methodology and assumptions include implied yield and change in estimated term of investment being held-to-maturity. In September 2021, the Company invested approximately $13.0 million in secured convertible promissory notes issued by the stockholders of a privately-held company. The investment qualifies as an investment in a debt security and will accrete interest and principal plus accrued interest that becomes payable at certain dates unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any change in fair value of the investment is recognized in “Other income (expense), net” in the Company’s condensed consolidated statement of operations for that period. Principal plus accrued interest receivable of the investment approximates the fair value. In December 2022, the Company took a non-voting participating interest of approximately $15.0 million in a loan held by a privately-held company. The debt security qualifies as an investment in a debt security and interest will be payable on a monthly basis. Principal becomes repayable at a certain date when a qualified equity investment or a junior debt is raised or as long as certain applicable payment conditions are satisfied. The accreted interest is recognized in “Other income (expense), net” in the Company’s condensed consolidated statement of operations for that period. Principal plus unpaid accrued interest receivable of the investment approximates the fair value. Investment in debt securities is recorded in “Other assets” on the accompanying condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022. The changes in the balance in investments in debt securities during the period were as follows: Three Months Ended 2023 2022 (In thousands) Balance at beginning of period $ 56,777 $ 41,042 Fair value adjustments included in other income (expense), net 1,744 (1,116) Balance at end of period $ 58,521 $ 39,926 Warranty obligations Fair Value Option for Warranty Obligations Related to Products Sold Since January 1, 2014 The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain Level 3 inputs which are unobservable and significant to the overall fair value measurement. Such additional assumptions are based on the Company’s credit-adjusted risk-free rate (“discount rate”) and compensation comprised of a profit element and risk premium required of a market participant to assume the obligation. The following table provides information regarding changes in nonfinancial liabilities related to the Company’s warranty obligations measured at fair value on a recurring basis using significant unobservable inputs designated as Level 3 for the periods indicated: Three Months Ended 2023 2022 (In thousands) Balance at beginning of period $ 106,489 $ 51,007 Accruals for warranties issued during period 16,025 8,770 Changes in estimates 1,245 3,899 Settlements (7,834) (4,056) Increase due to accretion expense 3,545 1,515 Other 38 451 Balance at end of period $ 119,508 $ 61,586 Quantitative and Qualitative Information about Level 3 Fair Value Measurements As of March 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows, of which the monetary impact for change in discount rate is captured in “Other” in the table above: Percent Used (Weighted Average) Item Measured at Fair Value Valuation Technique Description of Significant Unobservable Input March 31, December 31, Warranty obligations for products sold since January 1, 2014 Discounted cash flows Profit element and risk premium 17% 16% Credit-adjusted risk-free rate 13% 13% Sensitivity of Level 3 Inputs - Warranty Obligations Each of the significant unobservable inputs is independent of the other. The profit element and risk premium are estimated based on requirements of a third-party participant willing to assume the Company’s warranty obligations. The discount rate is determined by reference to the Company’s own credit standing at the fair value measurement date. Increasing the profit element and risk premium input by 100 basis points would result in a $0.9 million increase to the liability. Decreasing the profit element and risk premium by 100 basis points would result in a $0.9 million reduction of the liability. Increasing the discount rate by 100 basis points would result in a $5.2 million reduction of the liability. Decreasing the discount rate by 100 basis points would result in a $5.7 million increase to the liability.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT The following table provides information regarding the Company’s debt: March 31, December 31, (In thousands) Convertible notes Notes due 2028 $ 575,000 $ 575,000 Less: unamortized debt issuance costs (6,389) (6,705) Carrying amount of Notes due 2028 568,611 568,295 Notes due 2026 632,500 632,500 Less: unamortized debt issuance costs (5,822) (6,307) Carrying amount of Notes due 2026 626,678 626,193 Notes due 2025 102,175 102,175 Less: unamortized debt discount (9,124) (10,229) Less: unamortized debt issuance costs (936) (1,054) Carrying amount of Notes due 2025 92,115 90,892 Notes due 2023 5,000 5,000 Less: unamortized issuance costs (13) (23) Carrying amount of Notes due 2023 4,987 4,977 Total carrying amount of debt 1,292,391 1,290,357 Less: debt, current (92,115) (90,892) Debt, non-current $ 1,200,276 $ 1,199,465 Convertible Senior Notes due 2028 On March 1, 2021, the Company issued $575.0 million aggregate principal amount of our 0.0% convertible senior notes due 2028 (the “Notes due 2028”). The Notes due 2028 will not bear regular interest, and the principal amount of the Notes due 2028 will not accrete. The Notes due 2028 are general unsecured obligations and are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2028 will mature on March 1, 2028, unless earlier repurchased by the Company or converted at the option of the holders. The Company received approximately $566.4 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2028. The initial conversion rate for the Notes due 2028 is 3.5104 shares of common stock per $1,000 principal amount of the Notes due 2028 (which represents an initial conversion price of approximately $284.87 per share). The conversion rate for the Notes due 2028 will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest, if any. In addition, if a make-whole fundamental change or a redemption with respect to the Notes due 2028 occurs prior to the maturity date, under certain circumstances as specified in the relevant indenture, the Company will increase the conversion rate for the Notes due 2028 by a number of additional shares of the Company’s common stock for a holder that elects to convert its notes in connection with such make-whole fundamental change or redemption. Upon conversion, the Company will settle conversions of the Notes due 2028 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The Company may not redeem the Notes due 2028 prior to September 6, 2024. The Company may redeem for cash all or any portion of the Notes due 2028, at the Company’s election, on or after September 6, 2024, if the last reported sale price of the Company’s common stock has been greater than or equal to 130% of the conversion price then in effect for the Notes due 2028 ( i.e. $370.33, which is 130% of the current conversion price for the Notes due 2028) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100% of the principal amount of the Notes due 2028 to be redeemed, plus accrued and unpaid special interest, if any to, but excluding, the relevant redemption date. No sinking fund is provided for the Notes due 2028. The Notes due 2028 may be converted on any day prior to the close of business on the business day immediately preceding September 1, 2027, in multiples of $1,000 principal amount, at the option of the holder only under any of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a 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 for the Notes due 2028 ( i.e. , $370.33 which is 130% of the current conversion price for the Notes due 2028) on each applicable trading day; (2) during the five In accounting for the issuance of the Notes due 2028 on March 1, 2021, the Company separated the Notes due 2028 into liability and equity components. The carrying amount of the liability component of approximately $415.0 million was calculated by using a discount rate of 4.77%, which was the Company’s borrowing rate on the date of the issuance of the Notes due 2028 for a similar debt instrument without the conversion feature. The carrying amount of the equity component of approximately $160.0 million, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the Notes due 2028. The equity component of the Notes due 2028 was included in additional paid-in capital in the condensed consolidated balance sheet through December 31, 2021 and was not remeasured. The difference between the principal amount of the Notes due 2028 and the liability component (the “debt discount”) was amortized to interest expense using the effective interest method over the term of the Notes due 2028 through December 31, 2021. Through December 31, 2021, the Company separated the Notes due 2028 into liability and equity components which resulted in a tax basis difference associated with the liability component that represents a temporary difference. The Company recognized the deferred taxes of $40.1 million for the tax effect of that temporary difference as an adjustment to the equity component included in additional paid-in capital in the condensed consolidated balance sheet. Debt issuance costs for the issuance of the Notes due 2028 were approximately $9.1 million, consisting of initial purchasers' discount and other issuance costs. In accounting for the transaction costs, the Company allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds from the Notes due 2028. Transaction costs attributable to the liability component were approximately $6.6 million, which were recorded as debt issuance cost (presented as contra debt in the condensed consolidated balance sheet) and are being amortized to interest expense over the term of the Notes due 2028. The transaction costs attributable to the equity component were approximately $2.5 million and were netted with the equity component in stockholders’ equity. Following the adoption ASU 2020-06, “Debt - Debt with Conversion and Other Options (subtopic 470-20)” (“ASU 2020-06”) as of January 1, 2022, the Company no longer records the conversion feature of Notes due 2028 in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to the carrying amount of Notes due 2028 and is amortized over the remaining term of the notes. Accordingly, the Company recorded a net decrease to additional paid-in capital by approximately $117.3 million, net of tax to remove the equity component separately recorded for the conversion features associated with the Notes due 2028 and equity component associated with the issuance costs, an increase of approximately $141.3 million in the carrying value of Notes due 2028 to reflect the full principal amount of the Notes due 2028, net of issuance costs, a decrease to deferred tax liability of approximately $36.0 million, and a decrease to accumulated deficit of approximately $12.0 million, net of tax in the Company’s consolidated balance sheet with no impact on the Company’s consolidated statements of operations. As of March 31, 2023, the unamortized deferred issuance cost for the Notes due 2028 was $6.4 million on the condensed consolidated balance sheet. Notes due 2028 Hedge and Warrant Transactions In connection with the offering of the Notes due 2028, the Company entered into privately-negotiated convertible note hedge transactions (“Notes due 2028 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 2.0 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the Notes due 2028, at a price of $284.87 per share, which is the initial conversion price of the Notes due 2028. The total cost of the convertible note hedge transactions was approximately $161.6 million. The convertible note hedge transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2028 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be. Additionally, the Company separately entered into privately-negotiated warrant transactions (the “2028 Warrants”) whereby the Company sold warrants to acquire approximately 2.0 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $397.91 per share. The Company received aggregate proceeds of approximately $123.4 million from the sale of the 2028 Warrants. If the market value per share of the Company’s common stock, as measured under the 2028 Warrants, exceeds the strike price of the 2028 Warrants, the 2028 Warrants will have a dilutive effect on the Company’s earnings per share, unless the Company elects, subject to certain conditions, to settle the 2028 Warrants in cash. Taken together, the purchase of the Notes due 2028 Hedge and the sale of the 2028 Warrants are intended to reduce potential dilution from the conversion of the Notes due 2028 and to effectively increase the overall conversion price from $284.87 to $397.91 per share. The 2028 Warrants are only exercisable on the applicable expiration dates in accordance with the Notes due 2028 Hedge. Subject to the other terms of the 2028 Warrants, the first expiration date applicable to the Notes due 2028 Hedge is June 1, 2028, and the final expiration date applicable to the Notes due 2028 Hedge is July 27, 2028. Given that the transactions meet certain accounting criteria, the Notes due 2028 Hedge and the 2028 Warrants transactions are recorded in stockholders’ equity, and they are not accounted for as derivatives and are not remeasured each reporting period. Convertible Senior Notes due 2026 On March 1, 2021, the Company issued $575.0 million aggregate principal amount of 0.0% convertible senior notes due 2026 (the “Notes due 2026”). In addition, on March 12, 2021, the Company issued an additional $57.5 million aggregate principal amount of the Notes due 2026 pursuant to the initial purchasers’ full exercise of the over-allotment option for additional Notes due 2026. The Notes due 2026 will not bear regular interest, and the principal amount of the Notes due 2026 will not accrete. The Notes due 2026 are general unsecured obligations and are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2026 will mature on March 1, 2026, unless repurchased earlier by the Company or converted at the option of the holders. The Company received approximately $623.0 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2026. The initial conversion rate for the Notes due 2026 is 3.2523 shares of common stock per $1,000 principal amount of the Notes due 2026 (which represents an initial conversion price of approximately $307.47 per share). The conversion rate for the Notes due 2026 will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, if a make-whole fundamental change or a redemption with respect to the Notes due 2026 occurs prior to the maturity date, under certain circumstances as specified in the relevant indenture, the Company will increase the conversion rate for the Notes due 2026 by a number of additional shares of the Company’s common stock for a holder that elects to convert its notes in connection with such make-whole fundamental change or redemption. Upon conversion, the Company will settle conversions of Notes due 2026 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The Company may not redeem the Notes due 2026 prior to the September 6, 2023. The Company may redeem for cash all or any portion of the Notes due 2026, at the Company’s election, on or after September 6, 2023, if the last reported sale price of the Company’s common stock has been greater than or equal to 130% of the conversion price then in effect for the Notes due 2026 ( i.e ., $399.71, which is 130% of the current conversion price for the Notes due 2026) for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100% of the principal amount of the Notes due 2026 to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the relevant redemption date for the Notes due 2026. The redemption price will be increased as described in the relevant indentures by a number of additional shares of the Company in connection with such optional redemption by the Company. No sinking fund is provided for the Notes due 2026. The Notes due 2026 may be converted on any day prior to the close of business on the business day immediately preceding September 1, 2025, in multiples of $1,000 principal amount, at the option of the holder only under any of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a 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 of the Notes due 2026 ( i.e ., $399.71, which is 130% of the current conversion price for the Notes due 2026) on each applicable trading day; (2) during the five In accounting for the issuance of the Notes due 2026 on March 1, 2021, the Company separated the Notes due 2026 into liability and equity components. The carrying amount of the liability component of approximately $509.0 million was calculated by using a discount rate of 4.44%, which was the Company’s borrowing rate on the date of the issuance of the Notes due 2026 for a similar debt instrument without the conversion feature. The carrying amount of the equity component of approximately $123.5 million, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the Notes due 2026. The equity component of the Notes due 2026 was included in additional paid-in capital in the condensed consolidated balance sheet through December 31, 2021 and was not remeasured. The difference between the principal amount of the Notes due 2026 and the liability component (the “debt discount”) was amortized to interest expense using the effective interest method over the term of the Notes due 2026 through December 31, 2021. Through December 31, 2021, the Company separated the Notes due 2026 into liability and equity components which resulted in a tax basis difference associated with the liability component that represents a temporary difference. The Company recognized the deferred taxes of $31.0 million for the tax effect of that temporary difference as an adjustment to the equity component included in additional paid-in capital in the condensed consolidated balance sheet. Debt issuance costs for the issuance of the Notes due 2026 were approximately $10.0 million, consisting of initial purchasers' discount and other issuance costs. In accounting for the transaction costs, the Company allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds from the Notes due 2026. Transaction costs attributable to the liability component were approximately $8.0 million, which were recorded as debt issuance cost (presented as contra debt in the condensed consolidated balance sheet) and are being amortized to interest expense over the term of the Notes due 2026. The transaction costs attributable to the equity component were approximately $2.0 million and were netted with the equity component in stockholders’ equity. Following the adoption of ASU 2020-06 as of January 1, 2022, the Company no longer records the conversion feature of Notes due 2026 in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount. Similarly, the portion of issuance costs previously allocated to equity was reclassified to the carrying amount debt and is amortized over the remaining term of the notes. Accordingly, the Company recorded a net decrease to additional paid-in capital by approximately $90.6 million, net of tax to remove the equity component separately recorded for the conversion features associated with the Notes due 2026 and equity component associated with the issuance costs, an increase of approximately $103.2 million in the carrying value of its Notes due 2026 to reflect the full principal amount of the Notes due 2026 outstanding net of issuance costs, a decrease to deferred tax liability of approximately $26.3 million, and a decrease to accumulated deficit of approximately $13.7 million, net of tax in the Company’s consolidated balance sheet with no impact on the Company’s consolidated statements of operations. As of March 31, 2023, the unamortized deferred issuance cost for the Notes due 2026 was $5.8 million on the condensed consolidated balance sheet. Notes due 2026 Hedge and Warrant Transactions In connection with the offering of the Notes due 2026 (including in connection with the issuance of additional Notes due 2026 upon the initial purchasers’ exercise of their over-allotment option), the Company entered into privately-negotiated convertible note hedge transactions (the “Notes due 2026 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 2.1 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the Notes due 2026, at a price of $307.47 per share, which is the initial conversion price of the Notes due 2026. The total cost of the Notes due 2026 Hedge was approximately $124.6 million. The Notes due 2026 Hedge are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2026 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be. Additionally, the Company separately entered into privately-negotiated warrant transactions, including in connection with the issuance of additional Notes due 2026 upon the initial purchasers’ exercise of their over-allotment option (the “2026 Warrants”), whereby the Company sold warrants to acquire approximately 2.1 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $397.91 per share. The Company received aggregate proceeds of approximately $97.4 million from the sale of the 2026 Warrants. If the market value per share of the Company’s common stock, as measured under the 2026 Warrants, exceeds the strike price of the 2026 Warrants, the 2026 Warrants will have a dilutive effect on the Company’s earnings per share, unless the Company elects, subject to certain conditions, to settle the 2026 Warrants in cash. Taken together, the purchase of the Notes due 2026 Hedge and the sale of the 2026 Warrants are intended to reduce potential dilution from the conversion of the Notes due 2026 and to effectively increase the overall conversion price from $307.47 to $397.91 per share. The 2026 Warrants are only exercisable on the applicable expiration dates in accordance with the 2026 Warrants. Subject to the other terms of the 2026 Warrants, the first expiration date applicable to the Warrants is June 1, 2026, and the final expiration date applicable to the 2026 Warrants is July 27, 2026. Given that the transactions meet certain accounting criteria, the Notes due 2026 Hedge and the 2026 Warrants transactions are recorded in stockholders’ equity, and they are not accounted for as derivatives and are not remeasured each reporting period. Convertible Senior Notes due 2025 On March 9, 2020, the Company issued $320.0 million aggregate principal amount of our 0.25% convertible senior notes due 2025 (the “Notes due 2025”). The Notes due 2025 are general unsecured obligations and bear interest at an annual rate of 0.25% per year, payable semi-annually on March 1 and September 1 of each year, beginning September 1, 2020. The Notes due 2025 are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2025 will mature on March 1, 2025, unless earlier repurchased by the Company or converted at the option of the holders. The Company may not redeem the notes prior to the maturity date, and no sinking fund is provided for the notes. The Notes due 2025 may be converted, under certain circumstances as described below, based on an initial conversion rate of 12.2637 shares of common stock per $1,000 principal amount (which represents an initial conversion price of $81.54 per share). The conversion rate for the Notes due 2025 will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the relevant indenture), the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its notes in connection with such make-whole fundamental change. The Company received approximately $313.0 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2025. The Notes due 2025 may be converted prior to the close of business on the business day immediately preceding September 1, 2024, in multiples of $1,000 principal amount, at the option of the holder only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a 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 As of March 31, 2023 and December 31, 2022, the sale price of the Company’s common stock was greater than or equal to $106.00 (130% of the notes conversion price) for at least 20 trading days (whether consecutive or not) during a period of 30 consecutive trading days preceding the quarter-ended March 31, 2023 and December 31, 2022. As a result, the Notes due 2025 are convertible at the holders’ option through June 30, 2023. Accordingly, the Company classified the net carrying amount of the Notes due 2025 of $92.1 million and $90.9 million as Debt, current on the condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022, respectively. From April 1, 2023 through the date this Quarterly Report on Form 10-Q is available to be issued, the Company has not received any requests for conversion of the Notes due 2025. For the period from March 9, 2020, the issuance date, through May 19, 2020, the number of authorized and unissued shares of the Company’s common stock that are not reserved for other purposes was less than the maximum number of underlying shares that would be required to settle the Notes due 2025 into equity. Accordingly, unless and until the Company had a number of authorized shares that were not issued or reserved for any other purpose that equaled or exceeded the maximum number of underlying shares (the “Share Reservation Condition”), the Company would have been required to pay to the converting holder in respect of each $1,000 principal amount of notes being converted solely in cash in an amount equal to the sum of the daily conversion values for each of the 20 consecutive trading days during the related observation period. However, following satisfaction of the Share Reservation Condition, the Company could settle conversions of notes through payment or delivery, as the case may be, of cash, shares of the Company’s common stock or a combination of cash and shares of its common stock, at the Company’s election. As further discussed below, the Company satisfied the Share Reservation Condition during May 2020. In accounting for the issuance of the Notes due 2025, on March 9, 2020, the conversion option of the Notes due 2025 was deemed an embedded derivative requiring bifurcation from the Notes due 2025 (the “host contract”) and separate accounting as an embedded derivative liability, as a result of the Company not having the necessary number of authorized but unissued shares of its common stock available to settle the conversion option of the Notes due 2025 in shares. The proceeds from the Notes due 2025 were first allocated to the embedded derivative liability and the remaining proceeds were then allocated to the host contract. On March 9, 2020, the carrying amount of the embedded derivative liability of $68.7 million representing the conversion option was determined using the Binomial Lattice model and the remaining $251.3 million was allocated to the host contract. The difference between the principal amount of the Notes due 2025 and the fair value of the host contract (the “debt discount”) is amortized to interest expense using the effective interest method over the term of the Notes due 2025. On May 20, 2020, at the Company’s annual meeting of stockholders, the stockholders approved an amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of the Company’s common stock, par value $0.00001 per share, from 150,000,000 shares to 200,000,000 shares (the “Amendment”). The Amendment became effective upon filing with the Secretary of State of Delaware on May 20, 2020. As a result, the Company satisfied the Share Reservation Condition. The Company may now settle the Notes due 2025 and warrants issued in conjunction with the Notes due 2025 (the “2025 Warrants”) through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. Accordingly, on May 20, 2020, the embedded derivative liability was remeasured at a fair value of $116.3 million and was then reclassified to additional paid-in-capital in the condensed consolidated balance sheet in the second quarter of 2020 and is no longer remeasured as long as it continues to meet the conditions for equity classification. The Company recorded the change in the fair value of the embedded derivative in other expense, net in the condensed consolidated statement of operations during the year ended December 31, 2020. The Company separated the Notes due 2025 into liability and equity components which resulted in a tax basis difference associated with the liability component that represents a temporary difference. The Company recognized the deferred taxes of $0.2 million for the tax effect of that temporary difference as an adjustment to the equity component included in additional paid-in capital in the condensed consolidated balance sheet. Debt issuance costs for the issuance of the Notes due 2025 were approximately $7.6 million, consisting of initial purchasers' discount and other issuance costs. In accounting for the transaction costs, the Company allocated the total amount incurred to the Notes due 2025 host contract. Transaction costs were recorded as debt issuance cost (presented as contra debt in the condensed consolidated balance sheet) and are being amortized to interest expense over the term of the Notes due 2025. Partial repurchase of Notes due 2025 Concurrently with the offering of the Notes due 2026 and Notes due 2028, the Company entered into separately- and privately-negotiated transactions to repurchase approximately $217.7 million aggregate principal amount of the Notes due 2025. The Company paid $217.7 million in cash and issued approximately 1.67 million shares of its common stock to the holders of the repurchased notes with an aggregate fair value of $302.7 million, representing the conversion value in excess of the principal amount of the Notes due 2025, which were fully offset by shares received from the Company’s settlement of the associated note hedging arrangements discussed below. The total amount of $217.7 million paid to partially settle the repurchases of the Notes due 2025 was allocated between the liability and equity components of the amount extinguished by determining the fair value of the liability component immediately prior to the note repurchases and allocating that portion of the conversion price to the liability component in the amount of $184.5 million. The residual of the conversion price of $4.3 million of the repurchased Notes due 2025, net of inducement loss of $37.5 million for additional shares issued, was allocated to the equity component of the repurchased Notes due 2025 as an increase of additional paid-in capital. The fair value of the note settlement for such repurchases was calculated using a discount rate of 4.35%, representing an estimate of the Company's borrowing rate at the date of repurchase with a remaining expected life of approximately 4.1 years. As part of the settlement of the repurchase of the Notes due 2025, the Company wrote-off the $38.5 million unamortized debt discount and $4.1 million debt issuance cost apportioned to the principal amount of Notes due 2025 repurchased. The Company recorded a loss on partial settlement of the repurchased Notes due 2025 of $9.4 million in Other income (expense), net in the three months ended March 31, 2021, representing the difference between the consideration attributed to the liability component and the sum of the net carrying amount of the liability component and unamortized debt issuance costs. Further, the Company also recorded loss on inducement of $37.5 million in Other income (expense), net in the three months ended March 31, 2021, representing the difference between the fair value of the shares that would have been issued under the original conversion terms with respect to the repurchased Notes due 2025. During the second quarter of 2021, $0.1 million in aggregate principal amount of the Notes due 2025 were converted, and the principal amount of the converted Notes due 2025 was repaid in cash. In connection with such conversions during the second quarter of 2021, the Company also issued 485 shares of its common stock to the holders of the converted Notes due 2025, with an aggregate fair value of $0.1 million, representing the conversion value in excess of the principal amount of the Notes due 2025, which were fully offset by shares received from the settlements of the associated note hedging arrangements. Following the repurchase transactions summarized above, as of March 31, 2023, $102.2 million aggregate principal amount of the Notes due 2025 remained outstanding. The derived effective interest rate on the Notes due 2025 host contract was determined to be 5.18%, whic

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases office facilities under noncancellable operating leases that expire on various dates through 2032, some of which may include options to extend the leases for up to 12 years. The components of lease expense are presented as follows: Three Months Ended 2023 2022 (In thousands) Operating lease costs $ 2,592 $ 1,937 The components of lease liabilities are presented as follows: March 31, December 31, (In thousands except years and percentage data) Operating lease liabilities, current (Accrued liabilities) $ 5,624 $ 5,371 Operating lease liabilities, non-current (Other liabilities) 19,116 19,077 Total operating lease liabilities $ 24,740 $ 24,448 Supplemental lease information: Weighted average remaining lease term 5.4 years 5.3 years Weighted average discount rate 6.5% 6.5% Supplemental cash flow and other information related to operating leases, were as follows: Three Months Ended 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,702 $ 1,518 Non-cash investing activities: Lease liabilities arising from obtaining right-of-use assets $ 1,516 $ 6,742 Undiscounted cash flows of operating lease liabilities as of March 31, 2023 were as follows: Lease Amounts (In thousands) Year: 2023 (remaining nine months) $ 5,274 2024 6,315 2025 5,482 2026 3,792 2027 2,507 Thereafter 6,143 Total lease payments 29,513 Less: imputed lease interest (4,773) Total lease liabilities $ 24,740 Purchase Obligations The Company has contractual obligations related to component inventory that its contract manufacturers procure on its behalf in accordance with its production forecast as well as other inventory related purchase commitments. As of March 31, 2023, these purchase obligations totaled approximately $563.2 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock-based Compensation Expense Stock-based compensation expense for all stock-based awards, which includes stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”), expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period. In addition, as part of certain business acquisitions, the Company is obligated to issue shares of common stock of the Company as payment subject to achievement of certain targets. For such payments, the Company records stock-based compensation classified as post-combination expense recognized ratably over the measurement period presuming the targets will be met. The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented: Three Months Ended 2023 2022 (In thousands) Cost of revenues $ 3,669 $ 2,507 Research and development 21,478 13,729 Sales and marketing 21,419 13,057 General and administrative 13,089 18,504 Total $ 59,655 $ 47,797 The following table summarizes the various types of stock-based compensation expense for the periods presented: Three Months Ended 2023 2022 (In thousands) Stock options, RSUs and PSUs $ 56,957 $ 44,112 Employee stock purchase plan 2,040 1,382 Post combination expense accrual (Accrued liabilities) 658 2,303 Total $ 59,655 $ 47,797 As of March 31, 2023, there was approximately $452.7 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.4 years. Equity Awards Activity Stock Options The following table summarizes stock option activity: Number of Weighted- Weighted- Aggregate (1) (In thousands) (Years) (In thousands) Outstanding at December 31, 2022 1,464 $ 1.83 Granted — — Exercised (11) 3.66 $ 2,291 Canceled — — Outstanding at March 31, 2023 1,453 $ 1.82 1.7 $ 302,859 Vested and expected to vest at March 31, 2023 1,453 $ 1.82 1.7 $ 302,859 Exercisable at March 31, 2023 1,453 $ 1.82 1.7 $ 302,859 (1) The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of March 31, 2023 is based on the closing price of the last trading day during the period ended March 31, 2023. The Company’s stock fair value used in this computation was $210.28 per share. The following table summarizes information about stock options outstanding at March 31, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- (In thousands) (Years) (In thousands) $0.70 —– $1.11 422 2.2 $ 0.89 422 $ 0.89 $1.29 —– $1.29 935 1.5 1.29 935 1.29 $1.31 —– $5.53 69 2.0 4.38 69 4.38 $14.58 —– $14.58 20 3.1 14.58 20 14.58 $64.17 —– $64.17 7 4.1 64.17 7 64.17 Total 1,453 1.7 $ 1.82 1,453 $ 1.82 Restricted Stock Units The following table summarizes RSU activity: Number of Weighted- Weighted- Aggregate (1) (In thousands) (Years) (In thousands) Outstanding at December 31, 2022 2,253 $ 181.01 Granted 306 220.13 Vested (484) 147.60 $ 104,382 Canceled (67) 173.91 Outstanding at March 31, 2023 2,008 $ 195.27 1.4 $ 422,303 Expected to vest at March 31, 2023 2,008 $ 195.27 1.4 $ 422,278 (1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of March 31, 2023 is based on the closing price of the last trading day during the period ended March 31, 2023. The Company’s stock fair value used in this computation was $210.28 per share. Performance Stock Units The following summarizes PSU activity: Number of Weighted- Weighted- Aggregate (1) (In thousands) (Years) (In thousands) Outstanding at December 31, 2022 376 $ 197.82 Granted 383 240.72 Vested (375) 195.81 $ 79,438 Canceled (6) 195.14 Outstanding at March 31, 2023 378 $ 243.30 1.9 $ 79,425 Expected to vest at March 31, 2023 378 $ 243.30 1.9 $ 79,425 (1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of March 31, 2023 is based on the closing price of the last trading day during the period ended March 31, 2023. The Company’s stock fair value used in this computation was $210.28 per share.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2023 and 2022, the Company’s income tax provision of $32.1 million and $5.6 million, respectively, on a net income before income taxes of $179.0 million and $57.4 million, respectively, was calculated using the annualized effective tax rate method and was primarily due to projected tax expense in the U.S. and foreign jurisdictions that are profitable, partially offset by a tax deduction from employee stock compensation reported as a discrete event. For the three months ended March 31, 2023 and 2022, in accordance with FASB guidance for interim reporting of income tax, the Company has computed its provision for income taxes based on a projected annual effective tax rate while excluding loss jurisdictions which cannot be benefited.

NET INCOME PER SHARE

NET INCOME PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive. Potential common shares include stock options, RSUs, PSUs, shares to be purchased under the Company’s 2011 Employee Stock Purchase Plan (“ESPP”), the Notes due 2023, Notes due 2025, Notes due 2026, Notes due 2028, 2025 Warrants, 2026 Warrants and the 2028 Warrants. Refer to Note 8 . “Debt,” for additional information about the Company’s outstanding debt. The following table presents the computation of basic and diluted net income per share for the periods presented: Three Months Ended 2023 2022 (In thousands, except per share data) Numerator: Net income $ 146,873 $ 51,821 Convertible senior notes interest and financing costs, net 1,604 1,559 Adjusted net income $ 148,477 $ 53,380 Denominator: Shares used in basic per share amounts: Weighted average common shares outstanding 136,689 134,327 Shares used in diluted per share amounts: Weighted average common shares outstanding used for basic calculation 136,689 134,327 Effect of dilutive securities: Employee stock-based awards 2,434 3,661 Notes due 2023 900 900 Notes due 2025 1,253 1,253 2025 Warrants 635 401 Notes due 2026 2,057 2,057 Notes due 2028 2,018 2,018 Weighted average common shares outstanding for diluted calculation 145,986 144,617 Basic and diluted net income per share Net income per share, basic $ 1.07 $ 0.39 Net income per share, diluted $ 1.02 $ 0.37 Diluted earnings per share for the three months ended March 31, 2023 and 2022 includes the dilutive effect of potentially dilutive common shares by application of the treasury stock method for stock options, RSUs, PSUs, ESPP, the 2025 Warrants, the 2026 Warrants, the 2028 Warrants and includes potentially dilutive common shares by application of the if-converted method for the Notes due 2025, Notes due 2026 and Notes due 2028. To the extent these potential common shares are antidilutive, they are excluded from the calculation of diluted net income per share. Further, the Company under the relevant sections of the indentures, irrevocably may elect to settle principal in cash and any excess in cash or shares of the Company’s common stock for its Notes due 2025, Notes due 2026 and Notes due 2028. If and when the Company makes such election, there will be no adjustment to the net income and the Company will use the average share price for the period to determine the potential number of shares to be issued based upon assumed conversion to be included in the diluted share count. The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net income per share attributable to common stockholders because their effect would have been antidilutive: Three Months Ended 2023 2022 (In thousands) Employee stock-based awards 781 359 2028 Warrants 1,690 3,093 2026 Warrants 1,722 3,152 Total 4,193 6,604

RELATED PARTY

RELATED PARTY	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY	RELATED PARTY In 2018, a member of the Company’s board of directors and one of its principal stockholders, Thurman John Rodgers, purchased $5.0 million aggregate principal amount of the Notes due 2023 in a concurrent private placement. As of both March 31, 2023 and December 31, 2022, $5.0 million aggregate principal amount of the Notes due 2023 were outstanding. Refer to Note 8

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for doubtful accounts, stock-based compensation, deferred compensation arrangements, inventory valuation, accrued warranty obligations, fair value of investments, debt derivatives, convertible notes and contingent consideration, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the ongoing semiconductor supply and logistics constraints.
Recently Adopted Accounting Pronouncement	Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Updated (“ASU”) 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" (“ASU 2021-08”). ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, “Revenue from Contracts with Customers,” as if it had originated the contracts. This should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of ASU 2021-08 did not have an impact on the Company’s consolidated financial statements.
Fair Value Measurement	The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: • Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment. • Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Earnings Per Share	Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive. Potential common shares include stock options, RSUs, PSUs, shares to be purchased under the Company’s 2011 Employee Stock Purchase Plan (“ESPP”), the Notes due 2023, Notes due 2025, Notes due 2026, Notes due 2028, 2025 Warrants, 2026 Warrants and the 2028 Warrants. Refer to Note 8 . “Debt,” for additional information about the Company’s outstanding debt.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Revenue Disaggregation	Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows: Three Months Ended 2023 2022 (In thousands) Primary geographical markets: U.S. $ 472,961 $ 369,492 International 253,055 71,800 Total $ 726,016 $ 441,292 Timing of revenue recognition: Products delivered at a point in time $ 701,652 $ 424,149 Products and services delivered over time 24,364 17,143 Total $ 726,016 $ 441,292
Summary of Contract Assets and Contract Liabilities, and Changes in Balances from Contracts with Customers	Receivables, and contract assets and contract liabilities from contracts with customers, are as follows: March 31, December 31, (In thousands) Receivables $ 516,106 $ 440,896 Short-term contract assets (Prepaid expenses and other assets) 34,127 32,120 Long-term contract assets (Other assets) 114,104 100,991 Short-term contract liabilities (Deferred revenues, current) 99,819 90,747 Long-term contract liabilities (Deferred revenues, non-current) 322,487 281,613 Significant changes in the balances of contract assets (prepaid expenses and other assets) as of March 31, 2023 are as follows (in thousands): Contract Assets Contract Assets, beginning of period $ 133,121 Amount recognized (8,808) Increased due to shipments 23,918 Contract Assets, end of period $ 148,231 Significant changes in the balances of contract liabilities (deferred revenues) as of March 31, 2023 are as follows (in thousands): Contract Liabilities Contract Liabilities, beginning of period $ 372,360 Revenue recognized (24,364) Increased due to billings 74,310 Contract Liabilities, end of period $ 422,306
Summary of Estimated Revenue Expected to be Recognized in Future Periods	Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows: March 31, (In thousands) Fiscal year: 2023 (remaining nine months) $ 75,245 2024 94,602 2025 87,103 2026 71,195 2027 51,548 Thereafter 42,613 Total $ 422,306

OTHER FINANCIAL INFORMATION (Ta

OTHER FINANCIAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Inventory	Inventory consists of the following: March 31, December 31, (In thousands) Raw materials $ 28,583 $ 34,978 Finished goods 121,980 114,730 Total inventory $ 150,563 $ 149,708
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: March 31, December 31, (In thousands) Customer rebates and sales incentives $ 184,475 $ 153,916 Income tax payable 60,312 16,146 Salaries, commissions, incentive compensation and benefits 34,820 18,009 Liability due to supply agreements 32,283 17,341 VAT payable 29,486 19,852 Freight 28,657 35,011 Operating lease liabilities, current 5,624 5,371 Post combination expense accrual 3,489 9,138 Liabilities related to restructuring activities 323 714 Other 17,219 20,441 Total accrued liabilities $ 396,688 $ 295,939

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The Company’s goodwill as of March 31, 2023 and December 31, 2022 were as follows: Goodwill March 31, December 31, (In thousands) Goodwill, beginning of period $ 213,559 $ 181,254 Goodwill acquired — 33,354 Currency translation adjustment 323 (1,049) Goodwill, end of period $ 213,882 $ 213,559
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class	The Company’s purchased intangible assets as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Gross Additions Accumulated Amortization Net Gross Additions Accumulated Amortization Net (In thousands) Intangible assets: Other indefinite-lived intangibles $ 286 $ — $ — $ 286 $ 286 $ — $ — $ 286 Intangible assets with finite lives: Developed technology 51,044 — (19,710) 31,334 38,650 12,394 (17,260) 33,784 Customer relationships 55,106 — (22,152) 32,954 41,021 14,085 (19,702) 35,404 Trade names 37,700 — (9,518) 28,182 37,700 — (7,633) 30,067 Order backlog 600 — (600) — 600 — (600) — Total purchased intangible assets $ 144,736 $ — $ (51,980) $ 92,756 $ 118,257 $ 26,479 $ (45,195) $ 99,541
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	The Company’s purchased intangible assets as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Gross Additions Accumulated Amortization Net Gross Additions Accumulated Amortization Net (In thousands) Intangible assets: Other indefinite-lived intangibles $ 286 $ — $ — $ 286 $ 286 $ — $ — $ 286 Intangible assets with finite lives: Developed technology 51,044 — (19,710) 31,334 38,650 12,394 (17,260) 33,784 Customer relationships 55,106 — (22,152) 32,954 41,021 14,085 (19,702) 35,404 Trade names 37,700 — (9,518) 28,182 37,700 — (7,633) 30,067 Order backlog 600 — (600) — 600 — (600) — Total purchased intangible assets $ 144,736 $ — $ (51,980) $ 92,756 $ 118,257 $ 26,479 $ (45,195) $ 99,541
Schedule of Amortization Expense	Amortization expense related to finite-lived intangible assets were as follows: Three Months Ended 2023 2022 (In thousands) Developed technology $ 2,455 $ 1,866 Customer relationships 2,454 1,758 Trade names 1,885 1,885 Order backlog — 277 Total amortization expense $ 6,794 $ 5,786 The expected future amortization expense of intangible assets as of March 31, 2023 is presented below (in thousands): March 31, Fiscal year: 2023 (remaining nine months) $ 20,369 2024 24,356 2025 23,032 2026 19,473 2027 5,217 Thereafter 23 Total $ 92,470

CASH EQUIVALENTS AND MARKETAB_2

CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Debt Securities, Available-for-sale	The cash equivalents and marketable securities consist of the following: As of March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities (In thousands) Money market funds $ 120,657 $ — $ — $ 120,657 $ 120,657 $ — Certificates of deposit 50,684 26 (71) 50,639 — 50,639 Commercial paper 127,549 99 (179) 127,469 1,522 125,947 Corporate notes and bonds 295,271 16 (2,893) 292,394 2,000 290,394 U.S. Treasuries 348,693 97 (133) 348,657 16,395 332,262 U.S. Government agency securities 696,448 199 (3,537) 693,110 — 693,110 Total $ 1,639,302 $ 437 $ (6,813) $ 1,632,926 $ 140,574 $ 1,492,352 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities (In thousands) Money market funds $ 165,407 $ — $ — $ 165,407 $ 165,407 $ — Certificates of deposit 31,874 13 (130) 31,757 — 31,757 Commercial paper 148,832 10 (171) 148,671 50,764 97,907 Corporate notes and bonds 168,887 2 (3,313) 165,576 — 165,576 U.S. Treasuries 301,349 8 (132) 301,225 4,094 297,131 U.S. Government agency securities 554,035 — (6,807) 547,228 — 547,228 Total $ 1,370,384 $ 33 $ (10,553) $ 1,359,864 $ 220,265 $ 1,139,599
Investments Classified by Contractual Maturity Date	The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2023: Amortized Cost Fair Value (In thousands) Due within one year $ 1,354,415 $ 1,349,591 Due within one to three years 284,887 283,335 Total $ 1,639,302 $ 1,632,926

WARRANTY OBLIGATIONS (Tables)

WARRANTY OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Product Warranties Disclosures [Abstract]
Summary of Warranty Activities	The Company’s warranty obligation activities were as follows: Three Months Ended 2023 2022 (In thousands) Warranty obligations, beginning of period $ 131,446 $ 73,377 Accruals for warranties issued during period 16,171 8,910 Changes in estimates 3,728 4,912 Settlements (8,894) (5,881) Increase due to accretion expense 3,545 1,515 Other 38 746 Warranty obligations, end of period 146,034 83,579 Less: warranty obligations, current (34,513) (23,960) Warranty obligations, non-current $ 111,521 $ 59,619

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories: March 31, 2023 December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 120,657 $ — $ — $ 165,407 $ — $ — Commercial paper — 1,522 — — 50,764 — Corporate notes and bonds — 2,000 — — — — U.S. Treasuries — 16,395 — — 4,094 — Marketable securities: Certificates of deposit — 50,639 — — 31,757 — Commercial paper — 125,947 — — 97,907 — Corporate notes and bonds — 290,394 — — 165,576 — U.S. Treasuries — 332,262 — — 297,131 — U.S. Government agency securities — 693,110 — — 547,228 — Other assets Investments in debt securities — — 58,521 — — 56,777 Total assets measured at fair value $ 120,657 $ 1,512,269 $ 58,521 $ 165,407 $ 1,194,457 $ 56,777 Liabilities: Warranty obligations Current $ — $ — $ 29,490 $ — $ — $ 30,740 Non-current — — 90,018 — — 75,749 Total warranty obligations measured at fair value — — 119,508 — — 106,489 Total liabilities measured at fair value $ — $ — $ 119,508 $ — $ — $ 106,489
Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Assets Designated as Level 3	The changes in the balance in investments in debt securities during the period were as follows: Three Months Ended 2023 2022 (In thousands) Balance at beginning of period $ 56,777 $ 41,042 Fair value adjustments included in other income (expense), net 1,744 (1,116) Balance at end of period $ 58,521 $ 39,926
Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	The following table provides information regarding changes in nonfinancial liabilities related to the Company’s warranty obligations measured at fair value on a recurring basis using significant unobservable inputs designated as Level 3 for the periods indicated: Three Months Ended 2023 2022 (In thousands) Balance at beginning of period $ 106,489 $ 51,007 Accruals for warranties issued during period 16,025 8,770 Changes in estimates 1,245 3,899 Settlements (7,834) (4,056) Increase due to accretion expense 3,545 1,515 Other 38 451 Balance at end of period $ 119,508 $ 61,586
Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3	As of March 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows, of which the monetary impact for change in discount rate is captured in “Other” in the table above: Percent Used (Weighted Average) Item Measured at Fair Value Valuation Technique Description of Significant Unobservable Input March 31, December 31, Warranty obligations for products sold since January 1, 2014 Discounted cash flows Profit element and risk premium 17% 16% Credit-adjusted risk-free rate 13% 13%

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides information regarding the Company’s debt: March 31, December 31, (In thousands) Convertible notes Notes due 2028 $ 575,000 $ 575,000 Less: unamortized debt issuance costs (6,389) (6,705) Carrying amount of Notes due 2028 568,611 568,295 Notes due 2026 632,500 632,500 Less: unamortized debt issuance costs (5,822) (6,307) Carrying amount of Notes due 2026 626,678 626,193 Notes due 2025 102,175 102,175 Less: unamortized debt discount (9,124) (10,229) Less: unamortized debt issuance costs (936) (1,054) Carrying amount of Notes due 2025 92,115 90,892 Notes due 2023 5,000 5,000 Less: unamortized issuance costs (13) (23) Carrying amount of Notes due 2023 4,987 4,977 Total carrying amount of debt 1,292,391 1,290,357 Less: debt, current (92,115) (90,892) Debt, non-current $ 1,200,276 $ 1,199,465 The following table presents the total amount of interest cost recognized in the condensed consolidated statement of operations relating to the Notes: Three Months Ended 2023 2022 (In thousands) Notes due 2028 Amortization of debt issuance costs $ 316 $ 316 Total interest cost recognized $ 316 $ 316 Notes due 2026 Amortization of debt issuance costs $ 485 $ 485 Total interest cost recognized $ 485 $ 485 Notes due 2025 Contractual interest expense $ 64 $ 64 Amortization of debt discount 1,105 1,049 Amortization of debt issuance costs 118 118 Total interest cost recognized $ 1,287 $ 1,231 Notes due 2023 Contractual interest expense $ 50 $ 50 Amortization of debt issuance costs 10 10 Total interest costs recognized $ 60 $ 60

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Components of Lease	The components of lease expense are presented as follows: Three Months Ended 2023 2022 (In thousands) Operating lease costs $ 2,592 $ 1,937 The components of lease liabilities are presented as follows: March 31, December 31, (In thousands except years and percentage data) Operating lease liabilities, current (Accrued liabilities) $ 5,624 $ 5,371 Operating lease liabilities, non-current (Other liabilities) 19,116 19,077 Total operating lease liabilities $ 24,740 $ 24,448 Supplemental lease information: Weighted average remaining lease term 5.4 years 5.3 years Weighted average discount rate 6.5% 6.5% Supplemental cash flow and other information related to operating leases, were as follows: Three Months Ended 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,702 $ 1,518 Non-cash investing activities: Lease liabilities arising from obtaining right-of-use assets $ 1,516 $ 6,742
Schedule of Future Minimum Rental Payments for Operating Leases	Undiscounted cash flows of operating lease liabilities as of March 31, 2023 were as follows: Lease Amounts (In thousands) Year: 2023 (remaining nine months) $ 5,274 2024 6,315 2025 5,482 2026 3,792 2027 2,507 Thereafter 6,143 Total lease payments 29,513 Less: imputed lease interest (4,773) Total lease liabilities $ 24,740

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of the Components of Total Stock-Based Compensation Expense	The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented: Three Months Ended 2023 2022 (In thousands) Cost of revenues $ 3,669 $ 2,507 Research and development 21,478 13,729 Sales and marketing 21,419 13,057 General and administrative 13,089 18,504 Total $ 59,655 $ 47,797
Summary of Stock-Based Compensation Associated with Each Type of Award	The following table summarizes the various types of stock-based compensation expense for the periods presented: Three Months Ended 2023 2022 (In thousands) Stock options, RSUs and PSUs $ 56,957 $ 44,112 Employee stock purchase plan 2,040 1,382 Post combination expense accrual (Accrued liabilities) 658 2,303 Total $ 59,655 $ 47,797
Summary of Stock Option Activity	The following table summarizes stock option activity: Number of Weighted- Weighted- Aggregate (1) (In thousands) (Years) (In thousands) Outstanding at December 31, 2022 1,464 $ 1.83 Granted — — Exercised (11) 3.66 $ 2,291 Canceled — — Outstanding at March 31, 2023 1,453 $ 1.82 1.7 $ 302,859 Vested and expected to vest at March 31, 2023 1,453 $ 1.82 1.7 $ 302,859 Exercisable at March 31, 2023 1,453 $ 1.82 1.7 $ 302,859 (1) The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of March 31, 2023 is based on the closing price of the last trading day during the period ended March 31, 2023. The Company’s stock fair value used in this computation was $210.28 per share.
Summary of Stock Option Outstanding	The following table summarizes information about stock options outstanding at March 31, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Weighted- Number of Weighted- (In thousands) (Years) (In thousands) $0.70 —– $1.11 422 2.2 $ 0.89 422 $ 0.89 $1.29 —– $1.29 935 1.5 1.29 935 1.29 $1.31 —– $5.53 69 2.0 4.38 69 4.38 $14.58 —– $14.58 20 3.1 14.58 20 14.58 $64.17 —– $64.17 7 4.1 64.17 7 64.17 Total 1,453 1.7 $ 1.82 1,453 $ 1.82
Summary of Restricted Stock Unit Activity	The following table summarizes RSU activity: Number of Weighted- Weighted- Aggregate (1) (In thousands) (Years) (In thousands) Outstanding at December 31, 2022 2,253 $ 181.01 Granted 306 220.13 Vested (484) 147.60 $ 104,382 Canceled (67) 173.91 Outstanding at March 31, 2023 2,008 $ 195.27 1.4 $ 422,303 Expected to vest at March 31, 2023 2,008 $ 195.27 1.4 $ 422,278 (1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of March 31, 2023 is based on the closing price of the last trading day during the period ended March 31, 2023. The Company’s stock fair value used in this computation was $210.28 per share.
Share-based Compensation, Performance Shares Award Outstanding Activity	The following summarizes PSU activity: Number of Weighted- Weighted- Aggregate (1) (In thousands) (Years) (In thousands) Outstanding at December 31, 2022 376 $ 197.82 Granted 383 240.72 Vested (375) 195.81 $ 79,438 Canceled (6) 195.14 Outstanding at March 31, 2023 378 $ 243.30 1.9 $ 79,425 Expected to vest at March 31, 2023 378 $ 243.30 1.9 $ 79,425 (1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of March 31, 2023 is based on the closing price of the last trading day during the period ended March 31, 2023. The Company’s stock fair value used in this computation was $210.28 per share.

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share	The following table presents the computation of basic and diluted net income per share for the periods presented: Three Months Ended 2023 2022 (In thousands, except per share data) Numerator: Net income $ 146,873 $ 51,821 Convertible senior notes interest and financing costs, net 1,604 1,559 Adjusted net income $ 148,477 $ 53,380 Denominator: Shares used in basic per share amounts: Weighted average common shares outstanding 136,689 134,327 Shares used in diluted per share amounts: Weighted average common shares outstanding used for basic calculation 136,689 134,327 Effect of dilutive securities: Employee stock-based awards 2,434 3,661 Notes due 2023 900 900 Notes due 2025 1,253 1,253 2025 Warrants 635 401 Notes due 2026 2,057 2,057 Notes due 2028 2,018 2,018 Weighted average common shares outstanding for diluted calculation 145,986 144,617 Basic and diluted net income per share Net income per share, basic $ 1.07 $ 0.39 Net income per share, diluted $ 1.02 $ 0.37
Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income (Loss) Per Share	The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net income per share attributable to common stockholders because their effect would have been antidilutive: Three Months Ended 2023 2022 (In thousands) Employee stock-based awards 781 359 2028 Warrants 1,690 3,093 2026 Warrants 1,722 3,152 Total 4,193 6,604

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Disaggregated Revenue by Primary Geographical Market and Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 726,016	$ 441,292
Products delivered at a point in time
Disaggregation of Revenue [Line Items]
Net revenues	701,652	424,149
Products and services delivered over time
Disaggregation of Revenue [Line Items]
Net revenues	24,364	17,143
U.S.
Disaggregation of Revenue [Line Items]
Net revenues	472,961	369,492
International
Disaggregation of Revenue [Line Items]
Net revenues	$ 253,055	$ 71,800

REVENUE RECOGNITION - Summary_2

REVENUE RECOGNITION - Summary of Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables	$ 516,106	$ 440,896
Short-term contract assets (Prepaid expenses and other assets)	34,127	32,120
Long-term contract assets (Other assets)	114,104	100,991
Short-term contract liabilities (Deferred revenues, current)	99,819	90,747
Long-term contract liabilities (Deferred revenues, non-current)	$ 322,487	$ 281,613

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Contract asset impairment charges	$ 0

REVENUE RECOGNITION - Summary_3

REVENUE RECOGNITION - Summary of Significant Changes in the Balances of Contract Liabilities and Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Contract Assets
Balance, beginning of period	$ 133,121
Amount recognized	(8,808)
Increased due to shipments	23,918
Balance, end of period	148,231
Contract Liabilities
Balance, beginning of period	372,360
Revenue recognized	(24,364)
Increased due to billings	74,310
Balance, end of period	$ 422,306

REVENUE RECOGNITION - Summary_4

REVENUE RECOGNITION - Summary of Estimated Revenue Expected to be Recognized in Future Periods (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Total estimated revenue expected to be recognized in future periods	$ 422,306
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue from Contract with Customer [Abstract]
Total estimated revenue expected to be recognized in future periods	$ 75,245
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Total estimated revenue expected to be recognized in future periods	$ 94,602
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Total estimated revenue expected to be recognized in future periods	$ 87,103
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue from Contract with Customer [Abstract]
Total estimated revenue expected to be recognized in future periods	$ 71,195
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue from Contract with Customer [Abstract]
Total estimated revenue expected to be recognized in future periods	$ 51,548
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue from Contract with Customer [Abstract]
Total estimated revenue expected to be recognized in future periods	$ 42,613
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods, expected timing

OTHER FINANCIAL INFORMATION - I

OTHER FINANCIAL INFORMATION - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 28,583	$ 34,978
Finished goods	121,980	114,730
Total inventory	$ 150,563	$ 149,708

OTHER FINANCIAL INFORMATION - A

OTHER FINANCIAL INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Customer rebates and sales incentives	$ 184,475	$ 153,916
Income tax payable	60,312	16,146
Salaries, commissions, incentive compensation and benefits	34,820	18,009
Liability due to supply agreements	32,283	17,341
VAT payable	29,486	19,852
Freight	28,657	35,011
Operating lease liabilities, current	5,624	5,371
Post combination expense accrual	3,489	9,138
Liabilities related to restructuring activities	323	714
Other	17,219	20,441
Total accrued liabilities	$ 396,688	$ 295,939

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 213,559	$ 181,254
Goodwill acquired	0	33,354
Currency translation adjustment	323	(1,049)
Ending balance	$ 213,882	$ 213,559

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Other indefinite-lived intangibles	$ 286	$ 286
Intangible assets with finite lives:
Additions	0	26,479
Accumulated Amortization	(51,980)	(45,195)
Net	92,470
Total purchased intangible assets, Gross	144,736	118,257
Total purchased intangible assets, Net	92,756	99,541
Developed technology
Intangible assets with finite lives:
Gross	51,044	38,650
Additions	0	12,394
Accumulated Amortization	(19,710)	(17,260)
Net	31,334	33,784
Customer relationship
Intangible assets with finite lives:
Gross	55,106	41,021
Additions	0	14,085
Accumulated Amortization	(22,152)	(19,702)
Net	32,954	35,404
Trade names
Intangible assets with finite lives:
Gross	37,700	37,700
Additions	0	0
Accumulated Amortization	(9,518)	(7,633)
Net	28,182	30,067
Order backlog
Intangible assets with finite lives:
Gross	600	600
Additions	0	0
Accumulated Amortization	(600)	(600)
Net	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 6,794	$ 5,786
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	2,455	1,866
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	2,454	1,758
Trade names
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	1,885	1,885
Order backlog
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0	$ 277

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining nine months)	$ 20,369
2024	24,356
2025	23,032
2026	19,473
2027	5,217
Thereafter	23
Total	$ 92,470

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
GreenCom
Finite-Lived Intangible Assets [Line Items]
Increase in intangible assets acquired	$ 0.1

CASH EQUIVALENTS AND MARKETAB_3

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,639,302	$ 1,370,384
Gross Unrealized Gains	437	33
Gross Unrealized Losses	(6,813)	(10,553)
Fair Value	1,632,926	1,359,864
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	140,574	220,265
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,492,352	1,139,599
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120,657	165,407
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	120,657	165,407
Money market funds | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	120,657	165,407
Money market funds | Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,684	31,874
Gross Unrealized Gains	26	13
Gross Unrealized Losses	(71)	(130)
Fair Value	50,639	31,757
Certificates of deposit | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Certificates of deposit | Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	50,639	31,757
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	127,549	148,832
Gross Unrealized Gains	99	10
Gross Unrealized Losses	(179)	(171)
Fair Value	127,469	148,671
Commercial paper | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,522	50,764
Commercial paper | Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	125,947	97,907
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	295,271	168,887
Gross Unrealized Gains	16	2
Gross Unrealized Losses	(2,893)	(3,313)
Fair Value	292,394	165,576
Corporate notes and bonds | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	2,000	0
Corporate notes and bonds | Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	290,394	165,576
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	348,693	301,349
Gross Unrealized Gains	97	8
Gross Unrealized Losses	(133)	(132)
Fair Value	348,657	301,225
U.S. Treasuries | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	16,395	4,094
U.S. Treasuries | Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	332,262	297,131
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	696,448	554,035
Gross Unrealized Gains	199	0
Gross Unrealized Losses	(3,537)	(6,807)
Fair Value	693,110	547,228
U.S. Government agency securities | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
U.S. Government agency securities | Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 693,110	$ 547,228

CASH EQUIVALENTS AND MARKETAB_4

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Contractual maturities, Due within one year, Amortized Cost	$ 1,354,415
Contractual maturities, Due within one year, Fair Value	1,349,591
Contractual maturities, Due within one to three years, Amortized Cost	284,887
Contractual maturities, Due within one to three years, Fair Value	283,335
Amortized Cost	1,639,302	$ 1,370,384
Fair Value	$ 1,632,926	$ 1,359,864

WARRANTY OBLIGATIONS - Summary

WARRANTY OBLIGATIONS - Summary of Warranty Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Changes in the Company's product warranty liability
Warranty obligations, beginning of period	$ 131,446	$ 73,377
Accruals for warranties issued during period	16,171	8,910
Changes in estimates	3,728	4,912
Settlements	(8,894)	(5,881)
Increase due to accretion expense	3,545	1,515
Other	38	746
Warranty obligations, end of period	146,034	83,579
Less: warranty obligations, current	(34,513)	(23,960)	$ (35,556)
Warranty obligations, non-current	$ 111,521	$ 59,619	$ 95,890

WARRANTY OBLIGATIONS - Narrativ

WARRANTY OBLIGATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Product Warranty Liability [Line Items]
Changes in estimates	$ 3,728	$ 4,912
Field Performance Data And Diagnostic Root-Cause Failure Analysis
Product Warranty Liability [Line Items]
Changes in estimates	9,900	$ 4,900
Product Replacement Costs And Labor Reimbursement
Product Warranty Liability [Line Items]
Changes in estimates	$ (6,200)

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Marketable securities:	$ 1,632,926	$ 1,359,864
Certificates of deposit
Assets [Abstract]
Marketable securities:	50,639	31,757
Commercial paper
Assets [Abstract]
Marketable securities:	127,469	148,671
Corporate notes and bonds
Assets [Abstract]
Marketable securities:	292,394	165,576
U.S. Treasuries
Assets [Abstract]
Marketable securities:	348,657	301,225
U.S. Government agency securities
Assets [Abstract]
Marketable securities:	693,110	547,228
Recurring | Level 1
Assets [Abstract]
Investments in debt securities	0	0
Total assets measured at fair value	120,657	165,407
Warranty obligations
Current	0	0
Non-current	0	0
Total warranty obligations measured at fair value	0	0
Total liabilities measured at fair value	0	0
Recurring | Level 1 | Certificates of deposit
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 1 | Commercial paper
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 1 | Corporate notes and bonds
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 1 | U.S. Treasuries
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 1 | U.S. Government agency securities
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 1 | Money market funds
Assets [Abstract]
Cash and cash equivalents	120,657	165,407
Recurring | Level 1 | Commercial paper
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring | Level 1 | Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring | Level 1 | U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring | Level 2
Assets [Abstract]
Investments in debt securities	0	0
Total assets measured at fair value	1,512,269	1,194,457
Warranty obligations
Current	0	0
Non-current	0	0
Total warranty obligations measured at fair value	0	0
Total liabilities measured at fair value	0	0
Recurring | Level 2 | Certificates of deposit
Assets [Abstract]
Marketable securities:	50,639	31,757
Recurring | Level 2 | Commercial paper
Assets [Abstract]
Marketable securities:	125,947	97,907
Recurring | Level 2 | Corporate notes and bonds
Assets [Abstract]
Marketable securities:	290,394	165,576
Recurring | Level 2 | U.S. Treasuries
Assets [Abstract]
Marketable securities:	332,262	297,131
Recurring | Level 2 | U.S. Government agency securities
Assets [Abstract]
Marketable securities:	693,110	547,228
Recurring | Level 2 | Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring | Level 2 | Commercial paper
Assets [Abstract]
Cash and cash equivalents	1,522	50,764
Recurring | Level 2 | Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	2,000	0
Recurring | Level 2 | U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	16,395	4,094
Recurring | Level 3
Assets [Abstract]
Investments in debt securities	58,521	56,777
Total assets measured at fair value	58,521	56,777
Warranty obligations
Current	29,490	30,740
Non-current	90,018	75,749
Total warranty obligations measured at fair value	119,508	106,489
Total liabilities measured at fair value	119,508	106,489
Recurring | Level 3 | Certificates of deposit
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 3 | Commercial paper
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 3 | Corporate notes and bonds
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 3 | U.S. Treasuries
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 3 | U.S. Government agency securities
Assets [Abstract]
Marketable securities:	0	0
Recurring | Level 3 | Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring | Level 3 | Commercial paper
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring | Level 3 | Corporate notes and bonds
Assets [Abstract]
Cash and cash equivalents	0	0
Recurring | Level 3 | U.S. Treasuries
Assets [Abstract]
Cash and cash equivalents	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2021	Jan. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in liability as a result of increasing the profit element and risk premium input by 100 basis points	$ 900
Decrease in liability as a result of decreasing the profit element and risk premium input by 100 basis points	900
Increase in liability as a result of decreasing the discount rate by 100 basis points	5,200
Decrease in liability as a result of increasing the discount rate by 100 basis points	5,700
Debt Securities, One
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities				$ 25,000
Debt Securities, Two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities			$ 13,000
Non-Voting Debt Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities		$ 15,000
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	$ 0
Level 2 | Recurring | Convertible Notes | Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	596,100
Level 2 | Recurring | Convertible Notes | Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	613,000
Level 2 | Recurring | Convertible Notes | Notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	$ 261,500

FAIR VALUE MEASUREMENTS - Debt

FAIR VALUE MEASUREMENTS - Debt Securities Schedule of Fair Value (Details) - Investments in debt securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 56,777	$ 41,042
Fair value adjustments included in other income (expense), net	1,744	(1,116)
Balance at end of period	$ 58,521	$ 39,926

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Recurring - Total warranty obligations measured at fair value - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 106,489	$ 51,007
Accruals for warranties issued during period	16,025	8,770
Changes in estimates	1,245	3,899
Settlements	(7,834)	(4,056)
Increase due to accretion expense	3,545	1,515
Other	38	451
Balance at end of period	$ 119,508	$ 61,586

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3 (Details) - Recurring - Level 3 - Warranty obligations for products sold since January 1, 2014	Mar. 31, 2023	Dec. 31, 2022
Profit element and risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	17%	16%
Credit-adjusted risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	13%	13%

DEBT - Long-term debt (Details)

DEBT - Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 01, 2021
Debt Instrument [Line Items]
Total carrying amount of debt	$ 1,292,391	$ 1,290,357
Less: debt, current	(92,115)	(90,892)
Debt, non-current	1,200,276	1,199,465
Convertible Notes | Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross	575,000	575,000
Less: unamortized debt issuance costs	(6,389)	(6,705)	$ (6,600)
Total carrying amount of debt	568,611	568,295
Convertible Notes | Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	632,500	632,500
Less: unamortized debt issuance costs	(5,822)	(6,307)
Total carrying amount of debt	626,678	626,193
Convertible Notes | Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	102,175	102,175
Less: unamortized debt discount	(9,124)	(10,229)
Less: unamortized debt issuance costs	(936)	(1,054)
Total carrying amount of debt	92,115	90,892
Less: debt, current	(102,200)
Convertible Notes | Notes due 2023
Debt Instrument [Line Items]
Long-term debt, gross	5,000	5,000
Less: unamortized debt issuance costs	(13)	(23)
Total carrying amount of debt	$ 4,987	$ 4,977

DEBT - Schedule of Interest Cos

DEBT - Schedule of Interest Cost Recognized In Statements Of Operations (Details) - Convertible Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Notes due 2028
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 316	$ 316
Total interest cost recognized	316	316
Notes due 2026
Debt Instrument [Line Items]
Amortization of debt issuance costs	485	485
Total interest cost recognized	485	485
Notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	64	64
Amortization of debt discount	1,105	1,049
Amortization of debt issuance costs	118	118
Total interest cost recognized	1,287	1,231
Notes due 2023
Debt Instrument [Line Items]
Contractual interest expense	50	50
Amortization of debt issuance costs	10	10
Total interest cost recognized	$ 60	$ 60

DEBT - Convertible Senior Notes

DEBT - Convertible Senior Notes due in 2028 Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Deferred taxes		$ 222,529	$ 204,872
Additional paid in capital		(812,618)	(819,119)
Retained earnings (Accumulated deficit)		(164,208)	(17,335)
Notes due 2028 | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Additional paid in capital				$ 117,300
Convertible debt				141,300
Deferred income tax liabilities				36,000
Retained earnings (Accumulated deficit)				$ 12,000
Convertible Notes | Notes due 2028
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000
Interest rate	0%
Proceeds from convertible debt	$ 566,400
Conversion ratio	0.0035104
Debt conversion price (in USD per share) | $ / shares	$ 284.87
Convertible note, liability component	$ 415,000
Convertible note, equity component	160,000
Deferred taxes					$ 40,100
Debt issuance costs	9,100
Unamortized debt issuance costs	6,600	$ 6,389	$ 6,705
Debt issuance costs, allocated to capital	$ 2,500
Conversion shares (in shares) | shares	2
Payment for bonds hedge	$ 161,600
Warrants issued, strike price (in USD per share) | $ / shares	$ 397.91
Proceeds from sale of warrants	$ 123,400
Convertible Notes | Notes due 2028 | Discount rate
Debt Instrument [Line Items]
Measurement input	0.0477
Period One | Convertible Notes | Notes due 2028
Debt Instrument [Line Items]
Threshold percentage	130%
Stock trigger price (in USD per share) | $ / shares	$ 370.33
Number of threshold trading days | tradingDay	20
Number of consecutive trading days | tradingDay	30
Measurement period percentage of stock price trigger	98%
Period Two | Convertible Notes | Notes due 2028
Debt Instrument [Line Items]
Threshold percentage	100%
Number of consecutive trading days | tradingDay	5
Business day period after measurement period	5 days

DEBT - Convertible Senior Not_2

DEBT - Convertible Senior Notes due in 2026 Narrative (Details) $ / shares in Units, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 12, 2021 USD ($)
Debt Instrument [Line Items]
Deferred taxes		$ 222,529,000	$ 204,872,000
Additional paid in capital		(812,618,000)	(819,119,000)
Retained earnings (Accumulated deficit)		(164,208,000)	(17,335,000)
Notes due 2026 | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Additional paid in capital				$ 90,600,000
Convertible debt				103,200,000
Deferred income tax liabilities				26,300,000
Retained earnings (Accumulated deficit)				$ 13,700,000
Convertible Notes | Notes due 2026
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000,000					$ 57,500,000
Interest rate	0%
Proceeds from convertible debt	$ 623,000,000
Conversion ratio	0.0032523
Debt conversion price (in USD per share) | $ / shares	$ 307.47
Convertible note, liability component	$ 509,000,000
Convertible note, equity component	123,500,000
Deferred taxes					$ 31,000,000
Debt issuance costs	10,000,000				$ 8,000,000
Debt issuance costs, allocated to capital	$ 2,000,000
Conversion shares (in shares) | shares	2.1
Payment for bonds hedge	$ 124,600,000
Warrants issued, strike price (in USD per share) | $ / shares	$ 397.91
Proceeds from sale of warrants	$ 97,400,000
Unamortized debt issuance costs		$ 5,822,000	$ 6,307,000
Convertible Notes | Notes due 2026 | Discount rate
Debt Instrument [Line Items]
Measurement input	0.0444
Period One | Convertible Notes | Notes due 2026
Debt Instrument [Line Items]
Threshold percentage	130%
Stock trigger price (in USD per share) | $ / shares	$ 399.71
Number of threshold trading days | tradingDay	20
Number of consecutive trading days | tradingDay	30
Measurement period percentage of stock price trigger	98%
Period Two | Convertible Notes | Notes due 2026
Debt Instrument [Line Items]
Threshold percentage	100%
Number of consecutive trading days | tradingDay	5
Business day period after measurement period	5 days

DEBT - Convertible Senior Not_3

DEBT - Convertible Senior Notes due in 2025 Narrative (Details)			2 Months Ended	3 Months Ended			12 Months Ended
	Mar. 01, 2021 USD ($) shares	Mar. 09, 2020 USD ($) tradingDay $ / shares shares	May 19, 2020 tradingDay shares	Mar. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	May 20, 2020 USD ($) $ / shares shares
Debt Instrument [Line Items]
Principal amount outstanding				$ 1,292,391,000			$ 1,290,357,000
Common stock, par value (in usd per share) | $ / shares				$ 0.00001			$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares) | shares			150,000,000	300,000,000			300,000,000	200,000,000
Deferred taxes				$ 222,529,000			$ 204,872,000
Debt, current				92,115,000			90,892,000
Warrants obligations measured at fair value								$ 96,400,000
Convertible Notes
Debt Instrument [Line Items]
Convertible notes embedded derivative								117,100,000
Convertible Notes | Notes due 2025
Debt Instrument [Line Items]
Debt instrument face amount		$ 320,000,000
Interest rate		0.25%
Conversion ratio		0.0122637
Debt conversion price (in USD per share) | $ / shares		$ 81.54
Proceeds from convertible debt		$ 313,000,000
Number of consecutive trading days | tradingDay			20
Principal amount outstanding				92,115,000			90,892,000
Convertible notes embedded derivative		68,700,000						116,300,000
Embedded derivative, host contract		$ 251,300,000
Deferred taxes								200,000
Debt issuance costs								$ 7,600,000
Partial repurchase of convertible notes						$ 217,700,000
Exercise of warrants related to convertible senior notes (in shares) | shares	1,670,000				485
Equity component of convertible senior notes, net	$ 302,700,000				$ 100,000
Convertible note, liability component	184,500,000
Residual conversion price	$ 4,300,000
Induced conversion of convertible debt expense						37,500,000
Remaining expected life	4 years 1 month 6 days
Write off of debt discount	$ 38,500,000
Write off of deferred debt issuance cost	$ 4,100,000
Loss on partial settlement of convertible notes						$ 9,400,000
Conversion of debt					$ 100,000
Debt, current				$ 102,200,000
Effective percentage rate				5.18%
Unamortized discount				$ 9,124,000			$ 10,229,000
Remaining discount amortization period				1 year 10 months 24 days
Conversion shares (in shares) | shares		3,900,000
Payment for bonds hedge		$ 89,100,000
Warrants issued, strike price (in USD per share) | $ / shares		$ 106.94
Proceeds from sale of warrants		$ 71,600,000
Convertible notes hedge settlements, shares received (in shares) | shares						1,900,000
Warrants unwound, shares issued (in shares) | shares						1,800,000
Convertible notes hedge transaction, options outstanding (in shares) | shares				1,300,000
Warrants outstanding (in shares) | shares				1,300,000
Convertible Notes | Notes due 2025 | Discount rate
Debt Instrument [Line Items]
Measurement input	0.0435
Period One | Convertible Notes | Notes due 2025
Debt Instrument [Line Items]
Number of threshold trading days | tradingDay		20
Number of consecutive trading days | tradingDay		30
Threshold percentage		130%
Stock trigger price (in USD per share) | $ / shares				$ 106			$ 106
Period Two | Convertible Notes | Notes due 2025
Debt Instrument [Line Items]
Number of consecutive trading days | tradingDay		5
Threshold percentage		100%
Business day period after measurement period		5 days
Measurement period percentage of stock price trigger		98%

DEBT - Convertible Senior Not_4

DEBT - Convertible Senior Notes due 2023 Narrative (Details) - Convertible Notes - Notes due 2023		1 Months Ended
	Jun. 05, 2019 USD ($) shares	Aug. 31, 2018 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument face amount		$ 65,000,000	$ 5,000,000	$ 5,000,000
Interest rate		4%
Debt converted	$ 60,000,000
Conversion shares (in shares) | shares	10,801,080
Fees paid for repurchase and exchange of convertible notes	$ 6,000,000
Conversion ratio		0.1800180
Debt conversion price (in USD per share) | $ / shares		$ 5.56
Redemption price percentage		100%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Term of lease contract, maximum renewal term	12 years
Purchase obligation	$ 563.2

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Lease Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,592	$ 1,937

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease liabilities, current (Accrued liabilities)	$ 5,624	$ 5,371
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities, non-current (Other liabilities)	$ 19,116	$ 19,077
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 24,740	$ 24,448
Weighted average remaining lease term	5 years 4 months 24 days	5 years 3 months 18 days
Weighted average discount rate	6.50%	6.50%

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,702	$ 1,518
Lease liabilities arising from obtaining right-of-use assets	$ 1,516	$ 6,742

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Schedule of Minimum Lease Payments Under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2023 (remaining nine months)	$ 5,274
2024	6,315
2025	5,482
2026	3,792
2027	2,507
Thereafter	6,143
Total lease payments	29,513
Less: imputed lease interest	(4,773)
Total lease liabilities	$ 24,740	$ 24,448

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 59,655	$ 47,797
Stock options, RSUs and PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	56,957	44,112
Employee stock purchase plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,040	1,382
Post combination expense accrual (Accrued liabilities)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	658	2,303
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,669	2,507
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	21,478	13,729
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	21,419	13,057
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 13,089	$ 18,504

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense Associated with Each Type of Award (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 59,655	$ 47,797
Stock options, RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	56,957	44,112
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,040	1,382
Post combination expense accrual (Accrued liabilities)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 658	$ 2,303

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) 10Q $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Total unrecognized compensation cost	$ 452.7
Weighted-average recognition period for unrecognized compensation cost	2 years 4 months 24 days

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares) | shares	1,464
Granted (in shares) | shares	0
Exercised (in shares) | shares	(11)
Canceled (in shares) | shares	0
Outstanding, ending balance (in shares) | shares	1,453
Shares outstanding, vested and expected to vest (in shares) | shares	1,453
Shares outstanding, exercisable (in shares) | shares	1,453
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (in usd per share)	$ 1.83
Granted (in usd per share)	0
Exercised (in usd per share)	3.66
Canceled (in usd per share)	0
Outstanding, ending balance (in usd per share)	1.82
Weighted-average exercise price, vested and expected (in usd per share)	1.82
Weighted-average exercise price, exercisable (in usd per share)	$ 1.82
Weighted-Average Remaining Contractual Term
Outstanding	1 year 8 months 12 days
Vested and expected to vest	1 year 8 months 12 days
Exercisable	1 year 8 months 12 days
Aggregate Intrinsic Value
Exercised | $	$ 2,291
Outstanding | $	302,859
Vested and expected to vest | $	302,859
Exercisable | $	$ 302,859
Share price (in usd per share)	$ 210.28

STOCK-BASED COMPENSATION - Su_4

STOCK-BASED COMPENSATION - Summary of Stock Options Outstanding (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, number of shares (shares) | shares	1,453
Options outstanding - weighted- average remaining life	1 year 8 months 12 days
Options outstanding - weighted- average exercise price (usd per share)	$ 1.82
Options exercisable - number of shares exercisable (shares) | shares	1,453
Options exercisable - weighted-average exercise price (usd per share)	$ 1.82
$0.70 —– $1.11
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	0.70
Exercise price range, upper limit (usd per share)	$ 1.11
Options outstanding, number of shares (shares) | shares	422
Options outstanding - weighted- average remaining life	2 years 2 months 12 days
Options outstanding - weighted- average exercise price (usd per share)	$ 0.89
Options exercisable - number of shares exercisable (shares) | shares	422
Options exercisable - weighted-average exercise price (usd per share)	$ 0.89
$1.29 —– $1.29
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	1.29
Exercise price range, upper limit (usd per share)	$ 1.29
Options outstanding, number of shares (shares) | shares	935
Options outstanding - weighted- average remaining life	1 year 6 months
Options outstanding - weighted- average exercise price (usd per share)	$ 1.29
Options exercisable - number of shares exercisable (shares) | shares	935
Options exercisable - weighted-average exercise price (usd per share)	$ 1.29
$1.31 —– $5.53
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	1.31
Exercise price range, upper limit (usd per share)	$ 5.53
Options outstanding, number of shares (shares) | shares	69
Options outstanding - weighted- average remaining life	2 years
Options outstanding - weighted- average exercise price (usd per share)	$ 4.38
Options exercisable - number of shares exercisable (shares) | shares	69
Options exercisable - weighted-average exercise price (usd per share)	$ 4.38
$14.58 —– $14.58
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	14.58
Exercise price range, upper limit (usd per share)	$ 14.58
Options outstanding, number of shares (shares) | shares	20
Options outstanding - weighted- average remaining life	3 years 1 month 6 days
Options outstanding - weighted- average exercise price (usd per share)	$ 14.58
Options exercisable - number of shares exercisable (shares) | shares	20
Options exercisable - weighted-average exercise price (usd per share)	$ 14.58
$64.17 —– $64.17
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (usd per share)	64.17
Exercise price range, upper limit (usd per share)	$ 64.17
Options outstanding, number of shares (shares) | shares	7
Options outstanding - weighted- average remaining life	4 years 1 month 6 days
Options outstanding - weighted- average exercise price (usd per share)	$ 64.17
Options exercisable - number of shares exercisable (shares) | shares	7
Options exercisable - weighted-average exercise price (usd per share)	$ 64.17

STOCK-BASED COMPENSATION - Su_5

STOCK-BASED COMPENSATION - Summary of Restricted Stock Unit Activity and Performance Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Aggregate Intrinsic Value
Share price (in usd per share)	$ 210.28
Restricted stock units
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	2,253
Granted (in shares)	306
Vested (in shares)	(484)
Canceled (in shares)	(67)
Outstanding, ending balance (in shares)	2,008
Number of shares outstanding, expected to vest (in shares)	2,008
Weighted Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 181.01
Granted (in usd per share)	220.13
Vested (in usd per share)	147.60
Canceled (in usd per share)	173.91
Outstanding, ending balance (in usd per share)	195.27
Weighted-Average Fair Value per Share at Grant Date, Expected to vest (in usd per share)	$ 195.27
Weighted-Average Remaining Contractual Term
Outstanding	1 year 4 months 24 days
Expected to vest	1 year 4 months 24 days
Aggregate Intrinsic Value
Outstanding	$ 422,303
Vested	104,382
Aggregate intrinsic value, expected to vest	$ 422,278
Performance shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	376
Granted (in shares)	383
Vested (in shares)	(375)
Canceled (in shares)	(6)
Outstanding, ending balance (in shares)	378
Number of shares outstanding, expected to vest (in shares)	378
Weighted Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 197.82
Granted (in usd per share)	240.72
Vested (in usd per share)	195.81
Canceled (in usd per share)	195.14
Outstanding, ending balance (in usd per share)	243.30
Weighted-Average Fair Value per Share at Grant Date, Expected to vest (in usd per share)	$ 243.30
Weighted-Average Remaining Contractual Term
Outstanding	1 year 10 months 24 days
Expected to vest	1 year 10 months 24 days
Aggregate Intrinsic Value
Outstanding	$ 79,425
Vested	79,438
Aggregate intrinsic value, expected to vest	$ 79,425

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 32,100	$ 5,586
Net income before income taxes	$ 178,973	$ 57,407

NET INCOME PER SHARE - Schedule

NET INCOME PER SHARE - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 146,873	$ 51,821
Convertible senior notes interest and financing costs, net	1,604	1,559
Adjusted net income	$ 148,477	$ 53,380
Denominator:
Weighted average common shares outstanding (in shares)	136,689	134,327
Employee stock-based awards (in shares)	2,434	3,661
Weighted average common shares outstanding for diluted calculation (in shares)	145,986	144,617
Basic and diluted net income per share
Net income per share, basic (in USD per share)	$ 1.07	$ 0.39
Net income per share, diluted (in USD per share)	$ 1.02	$ 0.37
Notes due 2025
Denominator:
Warrants (in shares)	635	401
Convertible Notes | Notes due 2023
Denominator:
Notes due (in shares)	900	900
Convertible Notes | Notes due 2025
Denominator:
Notes due (in shares)	1,253	1,253
Convertible Notes | Notes due 2026
Denominator:
Notes due (in shares)	2,057	2,057
Convertible Notes | Notes due 2028
Denominator:
Notes due (in shares)	2,018	2,018

NET INCOME PER SHARE- Schedule

NET INCOME PER SHARE- Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,193	6,604
Employee stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	781	359
Warrants | Notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,690	3,093
Warrants | Notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,722	3,152

RELATED PARTY (Details)

RELATED PARTY (Details) - Convertible Notes - Notes due 2023 - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	Aug. 31, 2018
Related Party Transaction [Line Items]
Debt instrument face amount	$ 5,000,000	$ 5,000,000		$ 65,000,000
Thurman John Rodgers
Related Party Transaction [Line Items]
Debt instrument face amount	$ 5,000,000	$ 5,000,000	$ 5,000,000