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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2024
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 2034, some of which may include options to extend the leases for up to 12 years. The components of lease expense are presented as follows:
|  |  | Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (In thousands)
Operating lease costs |  |  |  |  | $ | 11,047 |  |  | $ | 10,406 |  |  |
The components of lease liabilities are presented as follows:
| December 31, 2024 |  | December 31, 2023
| (In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities) | $ | 5,815 |  |  | $ | 5,220 |
Operating lease liabilities, non-current (Other liabilities) | 23,044 |  |  | 18,802 |
Total operating lease liabilities | $ | 28,859 |  |  | $ | 24,022 |
Supplemental lease information: |  |  |
Weighted average remaining lease term | 5.9 years |  | 5.8 years
Weighted average discount rate | 6.7% |  | 7.0%
Supplemental cash flow and other information related to operating leases were as follows:
|  |  | Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 7,641 |  |  | $ | 7,225 |  |  |
Non-cash investing activities: |  |  |  |  |  |  |  |  |
Lease liabilities arising from obtaining right-of-use assets |  |  |  |  | $ | 12,687 |  |  | $ | 5,005 |  |  |
Undiscounted cash flows of operating lease liabilities as of December 31, 2024 were as follows:
| Lease Amounts
| (In thousands)
Year: |
2025 | $ | 7,629 |
2026 | 7,067 |
2027 | 4,690 |
2028 | 3,688 |
2029 | 3,603 |
Thereafter | 9,061 |
Total lease payments | 35,738 |
Less: imputed lease interest | (6,879) |
Total lease liabilities | $ | 28,859 |
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 December 31, 2024, these purchase obligations totaled approximately $130.9 million. Litigation The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. An accrual for a loss contingency or loss recovery is recognized when it is probable and the amount of loss or recovery can be reasonably estimated. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s business, results of operations, financial position and cash flows for that reporting period could be materially adversely affected. As of December 31, 2024 and 2023, in the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims. On July 17, 2024, Zola Electric International, Ltd. (“Zola”) filed a complaint in the United States District Court for the Northern District of California against us, alleging breach of contract and breach of the covenant of good faith and fair dealing related to a joint development agreement and master supply agreement between Zola and the Company. On September 19, 2024, the Company filed a motion to dismiss the complaint, and all briefing papers were filed with the Court on or before November 8, 2024. The Company entered into a settlement and mutual release agreement with Zola on November 25, 2024 and Zola filed a stipulation of dismissal with prejudice on December 3, 2024, which was entered by the Court on December 4, 2024.

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