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SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The Company has one business activity, which entails the design, development, manufacture and sale of solutions for the solar PV industry. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The accounting policies related to operating and reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies”. The primary measure of segment profit or loss is consolidated net income as presented below and is used the by CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.
Years Ended December 31,
202420232022
(In thousands)
Net revenues$1,330,383 $2,290,786 $2,330,853 
Less:
Other cost of revenues(1)
798,425 1,253,328 1,336,837 
Income-based government grants(157,538)(53,470)— 
Incremental cost for manufacturing in the United States(2)
38,351 11,603 — 
Stock-based compensation expense211,360 212,857 216,802 
Acquisition related amortization20,380 22,897 22,845 
Other restructuring and asset impairment charges(3)
12,887 15,684 2,384 
Other research and development(4)
115,814 138,969 99,764 
Other sales and marketing(5)
128,549 150,772 119,762 
Other general and administrative(6)
84,863 92,405 84,198 
Income from operations77,292 445,741 448,261 
Total other income, net42,867 67,398 3,787 
Income from income taxes120,159 513,139 452,048 
Income tax provision(17,501)(74,203)(54,686)
Net Income$102,658 $438,936 $397,362 
(1)    Represents consolidated cost of revenue, excluding stock-based compensation, acquisition related amortization, income-based government grants and incremental costs for manufacturing in the United States.
(2)    Represents the incremental manufacturing cost incurred in the U.S. relative to manufacturing in India. This is calculated based on the difference in product cost for manufacturing the product in the U.S. as compared to India for the same or
similar products. It also includes the portion of the income-based government grants earned that the Company remits to its contract manufacturers.
(3)    Represents consolidated restructuring and asset impairment charges, excluding stock-based compensation.
(4)    Represents consolidated research and development, excluding stock-based compensation.
(5)    Represents consolidated sales and marketing, excluding stock-based compensation and acquisition related amortization.
(6)    Represents consolidated general and administrative, excluding stock-based compensation.
See Note 3. “Revenue Recognition,” for the table presenting net revenues (based on the destination of shipments). The following table presents long-lived assets by geographic region as of the periods presented:
Long-Lived Assets
December 31,
20242023
(In thousands)
United States$103,823 $107,448 
India18,153 22,978 
China11,619 12,883 
New Zealand6,775 8,959 
Mexico4,418 6,028 
Romania— 5,280 
Others2,726 4,668 
Total$147,514 $168,244 
The segment assets are not reviewed by the CODM at a different asset level or category and is reviewed at the consolidated level.