Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Notes To Financial Statements [Abstract]

Inventories consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	97,264	$	124,377
Work in process	63,097		73,660
Finished goods	67,800		56,250
Total inventories	$	228,161	$	254,287

During the three months ended September 30, 2025, we recognized an impairment loss on inventory of $14.9 million to adjust our inventory balance to its net realizable value. This loss was recorded in Cost of net revenues in our Condensed Consolidated Statements of Operations.

Prepaid expenses and other current assets consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Value added tax receivables	$	41,190	$	34,028
Prepaid expenses	75,884		82,978
Other current assets	57,040		81,576
Total prepaid expenses and other current assets	$	174,114	$	198,582

Accrued liabilities consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued payroll and benefits	$	210,499	$	248,003
Accrued expenses	62,177		66,391
Accrued income taxes	39,522		48,808
Accrued sales and marketing expenses	34,247		37,617
Current operating lease liabilities	33,993		31,063
Accrued property, plant and equipment	8,411		13,462

Other accrued liabilities	157,444		152,844
Total accrued liabilities	$	546,293	$	598,188

Accrued warranty, which is included in the “Other accrued liabilities” category of the Total accrued liabilities table above, consists of the following activity (in thousands):


	Nine Months Ended September 30,
	2025		2024
Balance at beginning of period	$	31,211	$	22,426
Charged to cost of net revenues	12,596		14,658
Actual warranty expenditures	(9,108)		(9,889)
Balance at end of period	$	34,699	$	27,195

Deferred revenues consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Deferred revenues - current	$	1,294,623	$	1,331,146
Deferred revenues - long-term 1	84,424		102,164
Total deferred revenues	$	1,379,047	$	1,433,310

1 Included in Other long-term liabilities within our Condensed Consolidated Balance Sheets.

During the three months ended September 30, 2025 and 2024, we recognized $995.7 million and $977.9 million of net revenues, respectively, of which $200.0 million and $199.0 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.

During the nine months ended September 30, 2025 and 2024, we recognized $2,987.4 million and $3,003.8 million of net revenues, respectively, of which $675.3 million and $658.2 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.

Our unfulfilled performance obligations, including deferred revenues and backlog, as of September 30, 2025 were $1,383.3 million. These performance obligations are expected to be fulfilled over a period of up to five years.