SolarEdge (SEDG) 10-Q8 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Entity Registrant Name	SOLAREDGE TECHNOLOGIES, INC.
Entity Central Index Key	0001419612
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36894
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5338862
Entity Address, Country	IL
Entity Address, City or Town	Herziliya Pituach
Entity Address, Address Line One	1 HaMada Street
Entity Address, Postal Zip Code	4673335
City Area Code	972
Local Phone Number	(9) 957-6620
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Title of each class	Common stock, par value $0.0001 per share
Trading Symbol	SEDG
Name of Exchange on which Security is Registered	NASDAQ
Entity Common Stock, Shares Outstanding		56,344,727

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 727,849	$ 783,112
Marketable securities	410,820	241,117
Trade receivables, net of allowances of $4,422 and $3,202, respectively	969,543	905,146
Inventories, net	874,212	729,201
Prepaid expenses and other current assets	259,642	241,082
Total current assets	3,242,066	2,899,658
LONG-TERM ASSETS:
Marketable securities	509,127	645,491
Deferred tax assets, net	46,612	44,153
Property, plant and equipment, net	556,138	543,969
Operating lease right-of-use assets, net	69,710	62,754
Intangible assets, net	17,933	19,929
Goodwill	29,934	31,189
Other long-term assets	24,906	18,806
Total long-term assets	1,254,360	1,366,291
Total assets	4,496,426	4,265,949
CURRENT LIABILITIES:
Trade payables, net	408,523	459,831
Employees and payroll accruals	90,853	85,158
Warranty obligations	129,278	103,975
Deferred revenues and customers advances	27,507	26,641
Accrued expenses and other current liabilities	243,881	214,112
Total current liabilities	900,042	889,717
LONG-TERM LIABILITIES:
Convertible senior notes, net	625,182	624,451
Warranty obligations	313,693	281,082
Deferred revenues	196,917	186,936
Finance lease liabilities	43,711	45,385
Operating lease liabilities	50,855	46,256
Other long-term liabilities	15,232	15,756
Total long-term liabilities	1,245,590	1,199,866
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of March 31, 2023 and December 31, 2022; issued and outstanding: 56,343,164 and 56,133,404 shares as of March 31, 2023 and December 31, 2022, respectively	6	6
Additional paid-in capital	1,545,777	1,505,632
Accumulated other comprehensive loss	(77,204)	(73,109)
Retained earnings	882,215	743,837
Total stockholders’ equity	2,350,794	2,176,366
Total liabilities and stockholders’ equity	$ 4,496,426	$ 4,265,949

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances of trade receivable	$ 4,422	$ 3,202
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	125,000,000	125,000,000
Common stock, issued shares	56,343,164	56,133,404
Common stock, outstanding shares	56,343,164	56,133,404

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 943,889	$ 655,080
Cost of revenues	643,763	476,122
Gross profit	300,126	178,958
Operating expenses:
Research and development	79,873	66,349
Sales and marketing	40,966	35,316
General and administrative	36,567	26,429
Other operating income, net	(1,434)	0
Total operating expenses	155,972	128,094
Operating income	144,154	50,864
Financial income (expense), net	23,674	(4,605)
Other loss	(125)	(844)
Income before income taxes	167,703	45,415
Income taxes	29,325	12,292
Net income	$ 138,378	$ 33,123
Net income per share:
Net basic earnings per share of common stock	$ 2.46	$ 0.62
Net diluted earnings per share of common stock	$ 2.35	$ 0.6
Weighted average number of shares used in computing net basic earnings per share of common stock	56,215,490	53,134,937
Weighted average number of shares used in computing net diluted earnings per share of common stock	59,193,831	56,315,193

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 138,378	$ 33,123
Other comprehensive income (loss), net of tax:
Available-for-sale marketable securities	6,177	(9,506)
Cash flow hedges	(331)	(680)
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature	(10,800)	(6,983)
Foreign currency translation adjustments	859	(1,579)
Total other comprehensive loss	(4,095)	(18,748)
Comprehensive income	$ 134,283	$ 14,375

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]		Additional paid in capital [Member]	Accumulated Other comprehensive income (loss) [Member]	Retained earnings [Member]	Total
Balance at Dec. 31, 2021	$ 5		$ 687,295	$ (27,319)	$ 650,058	$ 1,310,039
Balance (in shares) at Dec. 31, 2021	52,815,395
Issuance of common stock upon exercise of stock-based awards	$ 0	[1]	1,478	0	0	1,478
Issuance of common stock upon exercise of stock-based awards (in shares)	270,751
Stock based compensation	$ 0		34,107	0	0	34,107
Issuance of common stock in a secondary public offering, net of underwriters' discounts and commissions of $27,140 and $834 of offering costs	$ 1		650,525	0	0	650,526
Issuance of common stock in a secondary public offering, net of underwriters' discounts and commissions of $27,140 and $834 of offering costs (in shares)	2,300,000
Other comprehensive loss adjustments	$ 0		0	(18,748)	0	(18,748)
Net income	0		0	0	33,123	33,123
Balance at Mar. 31, 2022	$ 6		1,373,405	(46,067)	683,181	2,010,525
Balance (in shares) at Mar. 31, 2022	55,386,146
Balance at Dec. 31, 2022	$ 6		1,505,632	(73,109)	743,837	2,176,366
Balance (in shares) at Dec. 31, 2022	56,133,404
Issuance of common stock upon exercise of stock-based awards	$ 0	[1]	75	0	0	75
Issuance of common stock upon exercise of stock-based awards (in shares)	209,760
Stock based compensation	$ 0		40,070	0	0	40,070
Other comprehensive loss adjustments	0		0	(4,095)	0	(4,095)
Net income	0		0	0	138,378	138,378
Balance at Mar. 31, 2023	$ 6		$ 1,545,777	$ (77,204)	$ 882,215	$ 2,350,794
Balance (in shares) at Mar. 31, 2023	56,343,164

[1]Represents an amount less than $1.

CONDENSED CONSOLIDATED STATEM_4

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

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 138,378	$ 33,123
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	13,464	11,660
Stock-based compensation expenses	39,235	34,107
Deferred income taxes, net	(3,930)	(1,034)
Loss (gain) from exchange rate fluctuations	(20,441)	1,725
Other items	2,810	4,167
Changes in assets and liabilities:
Inventories, net	(141,521)	(51,323)
Prepaid expenses and other assets	(20,591)	(17,163)
Trade receivables, net	(55,002)	(224,865)
Trade payables, net	(50,410)	(28,045)
Employees and payroll accruals	10,227	9,246
Warranty obligations	57,864	27,629
Deferred revenues and customers advances	9,325	15,029
Accrued expenses and other liabilities, net	28,515	22,755
Net cash provided by (used in) operating activities	7,923	(162,989)
Cash flows from investing activities:
Proceed from sales and maturities of available-for-sale marketable securities	11,597	53,096
Purchase of property, plant and equipment	(38,338)	(43,210)
Investment in available-for-sale marketable securities	(38,979)	(26,712)
Investment in a privately-held company	(5,500)	0
Other investing activities	3,440	1,692
Net cash used in investing activities	(67,780)	(15,134)
Cash flows from financing activities:
Proceeds from secondary public offering, net of issuance costs	0	650,526
Proceeds from exercise of stock-based awards	75	1,478
Tax withholding in connection with stock-based awards, net	(4,541)	822
Other financing activities	(756)	(491)
Net cash provided by (used in) financing activities	(5,222)	652,335
Increase (decrease) in cash and cash equivalents	(65,079)	474,212
Cash and cash equivalents at the beginning of the period	783,112	530,089
Effect of exchange rate differences on cash and cash equivalents	9,816	(1,529)
Cash and cash equivalents at the end of the period	727,849	1,002,772
Supplemental disclosure of non-cash activities:
Right-of-use asset recognized with a corresponding lease liability	11,258	27,248
Purchase of property, plant and equipment	$ 12,304	$ 19,536

GENERAL

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1: GENERAL a. SolarEdge Technologies, Inc. (the “Company”) and its subsidiaries design, develop, and sell an intelligent inverter solution designed to maximize power generation at the individual photovoltaic (“PV”) module level while lowering the cost of energy produced by the solar PV system and providing comprehensive and advanced safety features. The Company’s products consist mainly of (i) power optimizers designed to maximize energy throughput from each and every module through constant tracking of Maximum Power Point individually per module, (ii) inverters which invert direct current (DC) from the PV module to alternating current (AC) including the Company’s Energy Hub inverter which supports, among other things, connection to a DC-coupled battery for full or partial home backup, and optional connection to the Company's smart EV charger, (iii) a remote cloud-based monitoring platform, that collects and processes information from the power optimizers and inverters to enable customers and system owners, to monitor and manage the solar PV system (iv) a residential storage and backup solution which includes a company designed and manufactured lithium-ion DC-coupled battery that is used to increase energy independence and maximize self-consumption for homeowners including a battery, and (v) additional smart energy management solutions. The Company and its subsidiaries sell products worldwide through large distributors, electrical equipment wholesalers, as well as directly to large solar installers and engineering, procurement, and construction firms. b. The Company has expanded its activity to other areas of smart energy technology organically and through acquisitions. The Company now offers a variety of energy solutions, which include lithium-ion cells, batteries, and energy storage systems (“Energy Storage”), full powertrain kits for electric vehicles, or EVs (“e-Mobility”), as well as automated machines for industrial use (“Automation Machines”). c. Basis of Presentation: The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2022, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 22, 2023, have been applied consistently in these unaudited interim condensed consolidated financial statements. Certain prior year amounts have been reclassified to conform to current year presentation. d. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. The duration, scope and effects of the ongoing Covid-19 pandemic and the conflict in Ukraine, government and other third-party responses to it, and the related macroeconomic effects, including to the Company’s business and the business of the Company’s suppliers and customers are uncertain, rapidly changing and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to this evolving situation. Such changes could result in future impairments of goodwill, intangibles, long-lived assets, inventories, incremental credit losses on receivables and available-for-sale marketable debt securities, or an increase in the Company’s insurance liabilities as of the time of a relevant measurement event. e. Concentrations of supply risks: The Company depends on two contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields, and costs. As of March 31, 2023, and December 31, 2022, two contract manufacturers collectively accounted for 31.3% and 34.3% of the Company’s total trade payables, net, respectively. In the second quarter of 2022, the Company announced the opening of “Sella 2”, a two gigawatt-hour (GWh) Li-Ion battery cell manufacturing facility located in South Korea. Sella 2 began producing and shipping cells at the end of 2022 and is expected to reach full manufacturing capacity in 2023. Sella 2 is the Company's second owned manufacturing facility following the establishment of Sella 1 in 2020. Sella 1 is the Company's manufacturing facility in the North of Israel that produces power optimizers and inverters for the Company's solar activities. f. New accounting standards updates: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued or newly effective standards were not applicable to the Company, did not have a material impact on the condensed consolidated financial statements or are not expected to have a material impact on the condensed consolidated financial statements.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
MARKETABLE SECURITIES	Mar. 31, 2023
Marketable Securities [Abstract]
MARKETABLE SECURITIES	NOTE 2: MARKETABLE SECURITIES The following is a summary of available-for-sale marketable securities as of March 31, 2023: Amortized Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 390,012 $ 82 $ (8,595 ) $ 381,499 Governmental bonds 29,788 - (467 ) 29,321 419,800 82 (9,062 ) 410,820 Available-for-sale – matures after one year: Corporate bonds 515,425 698 (15,855 ) 500,268 Governmental bonds 9,251 - (392 ) 8,859 524,676 698 (16,247 ) 509,127 Total $ 944,476 $ 780 $ (25,309 ) $ 919,947 The following is a summary of available-for-sale marketable securities as of December 31, 2022: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 222,482 $ - $ (4,657 ) $ 217,825 Governmental bonds 23,845 - (553 ) 23,292 246,327 - (5,210 ) 241,117 Available-for-sale – matures after one year: Corporate bonds 657,238 80 (26,460 ) 630,858 Governmental bonds 15,250 - (617 ) 14,633 672,488 80 (27,077 ) 645,491 Total $ 918,815 $ 80 $ (32,287 ) $ 886,608 As of March 31, 2023, and December 31, 2022, the Company did not record an allowance for credit losses for its available-for-sale marketable securities.

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
INVENTORIES, NET	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES, NET	NOTE 3: INVENTORIES, NET March 31, 2023 December 31, 2022 Raw materials $ 503,445 $ 503,257 Work in process 37,754 23,407 Finished goods 333,013 202,537 Total inventories, net $ 874,212 $ 729,201

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 4: PREPAID EXPENSES AND OTHER CURRENT ASSETS March 31, 2023 December 31, 2022 Vendor non-trade receivables () $ 147,238 $ 147,597 Government authorities 57,275 55,670 Prepaid expenses and other 55,129 37,815 Total prepaid expenses and other current assets $ 259,642 $ 241,082 () Vendor non-trade receivables derived from the sale of components to manufacturing vendors who manufacture products for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in its revenues.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 5: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES During the three months ended March 31, 2023, the Company instituted a foreign currency cash flow hedging program to reduce the risk of a forecasted increase in the value of foreign currency cash flows, resulting from payment of salaries in Israeli currency, the New Israeli Shekels (“NIS”). The Company hedges portions of the anticipated payroll denominated in NIS for a period of one to nine months with hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges. As of March 31, 2023, the Company entered into forward contracts and put and call options to sell U.S. dollars (“USD”) for NIS in the amount of approximately NIS 231 million and NIS 125 million, respectively. In addition to the above-mentioned cash flow hedge transactions, the Company occasionally enters into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the USD. These derivative instruments are not designated as cash flow hedges, as defined by ASC 815, and therefore all gains and losses, resulting from fair value remeasurement, were recorded immediately in the statement of income, under "Financial income (expense), net". The Company classifies cash flows related to its hedging as operating activities in its condensed consolidated statement of cash flows. The fair values of outstanding derivative instruments were as follows: Balance sheet location March 31, 2023 December 31, 2022 Derivative assets of options and forward contracts: Designated cash flow hedges Prepaid expenses and other current assets $ 353 $ - Derivative liabilities of options and forward contracts: Designated cash flow hedges Accrued expenses and other current liabilities $ (2,583 ) $ (1,874 ) Gains (losses) on derivative instruments are summarized below: Three Months Ended March 31, Affected line item 2023 2022 Foreign exchange contracts Non Designated Hedging Instruments Condensed Consolidated Statements of Income - Financial income (expense), net $ - $ 934 Designated Hedging Instruments Condensed Consolidated Statements of Comprehensive Income - Cash flow hedges $ (2,057 ) $ (1,178 ) See Note 13 for information regarding losses from designated hedging instruments reclassified from accumulated other comprehensive loss.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 6: FAIR VALUE MEASUREMENTS In accordance with ASC 820, the Company measures its cash equivalents and marketable securities, at fair value using the market approach valuation technique. Cash and cash equivalents are classified within Level 1 because these assets are valued using quoted market prices. Marketable securities and foreign currency derivative contracts are classified within level 2 due to these assets being valued by alternative pricing sources and models utilizing market observable inputs. The following table sets forth the Company’s assets that were measured at fair value as of March 31, 2023 and December 31, 2022, by level within the fair value hierarchy: Fair Value Hierarchy Fair value measurements as of Description March 31, 2023 December 31, 2022 Assets: Cash and cash equivalents: Cash Level 1 $ 667,384 $ 695,004 Money market mutual funds Level 1 $ 17,486 $ 25,149 Deposits Level 1 $ 42,979 $ 62,959 Derivative instruments Level 2 $ 353 $ - Short-term marketable securities: Corporate bonds Level 2 $ 381,499 $ 217,825 Governmental bonds Level 2 $ 29,321 $ 23,292 Long-term marketable securities: Corporate bonds Level 2 $ 500,268 $ 630,858 Governmental bonds Level 2 $ 8,859 $ 14,633 Liabilities: Derivative instruments Level 2 $ (2,583 ) $ (1,874 )

WARRANTY OBLIGATIONS

WARRANTY OBLIGATIONS	3 Months Ended
WARRANTY OBLIGATIONS	Mar. 31, 2023
Product Warranties Disclosures [Abstract]
WARRANTY OBLIGATIONS	NOTE 7: WARRANTY OBLIGATIONS Changes in the Company’s product warranty obligations for the three months ended March 31, 2023 and 2022, were as follows: Three Months Ended March 31, 2023 2022 Balance, at the beginning of the period $ 385,057 $ 265,160 Additions and adjustments to cost of revenues 91,570 47,907 Usage and current warranty expenses (33,656 ) (20,401 ) Balance, at end of the period 442,971 292,666 Less current portion (129,278 ) (82,340 ) Long term portion $ 313,693 $ 210,326

DEFERRED REVENUES AND CUSTOMERS

DEFERRED REVENUES AND CUSTOMERS ADVANCES	3 Months Ended
DEFERRED REVENUES AND CUSTOMERS ADVANCES	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
DEFERRED REVENUES AND CUSTOMERS ADVANCES	NOTE 8: DEFERRED REVENUES AND CUSTOMERS ADVANCES Deferred revenues consist of deferred cloud-based monitoring services, communication services, warranty extension services and advance payments received from customers for the Company’s products. Deferred revenues are classified as short-term and long-term deferred revenues based on the period in which revenues are expected to be recognized. Significant changes in the balances of deferred revenues and customer advances during the period are as follows: Three Months Ended March 31, 2023 2022 Balance, at the beginning of the period $ 213,577 $ 169,345 Revenue recognized (11,742 ) (14,529 ) Increase in deferred revenues and customer advances 22,589 29,429 Balance, at the end of the period 224,424 184,245 Less current portion (27,507 ) (25,511 ) Long term portion $ 196,917 $ 158,734 The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2023 2023 $ 23,888 2024 12,073 2025 10,764 2026 10,389 2027 8,363 Thereafter 158,947 Total deferred revenues $ 224,424

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Mar. 31, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 9: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES March 31, 2023 December 31, 2022 Accrued expenses $ 127,018 $ 117,638 Government authorities 87,159 67,514 Operating lease liabilities 17,215 16,183 Accrual for sales incentives 5,746 6,790 Other 6,743 5,987 Total accrued expenses and other current liabilities $ 243,881 $ 214,112

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	3 Months Ended
CONVERTIBLE SENIOR NOTES	Mar. 31, 2023
Debt Disclosure [Abstract]
Convertible Senior Notes	NOTE 10: CONVERTIBLE SENIOR NOTES On September 25, 2020, the Company sold $632,500 aggregate principal amount of its 0.00% convertible senior notes due 2025 (the “Notes”). The Notes were sold pursuant to an indenture, dated September 25, 2020 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The Notes do not bear regular interest and mature on September 15, 2025, unless earlier repurchased or converted in accordance with their terms. The Notes are general senior unsecured obligations of the Company. Holders may convert their Notes prior to the close of business on the business day immediately preceding June 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the Indenture. In addition, holders may convert their Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after June 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the Notes, without regard to the foregoing circumstances. The initial conversion rate for the Notes was 3.5997 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $277.80 per share of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture. Upon conversion, the Company may choose to pay or deliver, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock. In addition, upon the occurrence of a fundamental change (as defined in the Indenture), holders of the Notes may require the Company to repurchase all or a portion of their Notes, in multiples of $1,000 principal amount, at a repurchase price of 100% of the principal amount of the Notes, plus any accrued and unpaid special interest to, but excluding the fundamental change repurchase date. If certain fundamental changes referred to as make-whole fundamental changes occur, the conversion rate for the Notes may be increased. The Convertible Senior Notes consisted of the following as of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Liability: Principal $ 632,500 $ 632,500 Unamortized issuance costs (7,318 ) (8,049 ) Net carrying amount $ 625,182 $ 624,451 For the three months ended March 31, 2023 and 2022 the Company related to the Notes in the amount of $731 and $728, respectively. As of March 31, 2023, costs of the Notes will be amortized over the remaining term of approximately 2.5 years. The annual effective interest rate of the Notes is 0.47%. As of March 31, 2023, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $823,730. The estimated fair value was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period. As of March 31, 2023, the if-converted value of the Notes exceeded the principal amount by $59,537.

STOCK CAPITAL

STOCK CAPITAL	3 Months Ended
STOCK CAPITAL	Mar. 31, 2023
Share-based Payment Arrangement [Abstract]
STOCK CAPITAL	NOTE 11: STOCK CAPITAL a. Common stock rights: Common stock confers upon its holders the right to receive notice of, and to participate in, all general meetings of the Company, where each share of common stock shall have one vote for all purposes, to share equally, on a per share basis, in bonuses, profits, or distributions out of fund legally available therefor, and to participate in the distribution of the surplus assets of the Company in the event of liquidation of the Company. b. Secondary public offering: On March 17, 2022, the Company offered and sold 2,300,000 shares of the Company’s common stock, at a public offering price of $295.00 per share. The shares of Common Stock were issued and sold in a registered offering pursuant to the underwriting agreement dated March 17, 2022, among the Company, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC (the “Underwriting Agreement”). All of the offered shares were issued at closing, including 300,000 shares of Common Stock that were issued and sold pursuant to the underwriters’ option to purchase additional shares under the Underwriting Agreement, which was exercised in full on March 18, 2022. The net proceeds to the Company were $650,526 after deducting underwriters' discounts of $27,140 and commissions of $834. c. Equity Incentive Plans: The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. The 2007 Plan terminated upon the Company’s IPO on March 31, 2015 and no further awards may be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grants were transferred to the Company’s 2015 Global Incentive Plan (the “2015 Plan”) and are reserved for future issuances under the 2015 plan. The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, restricted stock units ("RSU"), performance stock units ("PSU"), and other share-based awards to directors, employees, officers, and non-employees of the Company and its subsidiaries. As of March 31, 2023, a total of 20,853,755 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”) , an aggregate of 12,005,195 The Share Reserve will automatically increase on January 1 st st 5% of the total number of shares of capital stock outstanding on December 31 st st st The Company granted under its 2015 Plan, PSU awards to certain employees and officers which vest upon the achievement of certain performance or market conditions subject to their continued employment with the Company. In 2021, the Company has also committed to issuing additional shares, which carry certain performance conditions (including business performance targets and a continued service relationship with the Company) and are treated as PSUs for accounting purposes. The market condition for the PSUs is based on the Company’s total shareholder return ("TSR") compared to the TSR of companies listed in the S&P 500 index over a one to three year performance period. The Company uses a Monte-Carlo simulation to determine the grant date fair value for these awards, which takes into consideration the market price of a share of the Company’s common stock on the date of grant less the present value of dividends expected during the requisite service period, as well as the possible outcomes pertaining to the TSR market condition. The Company recognizes such compensation expenses on an accelerated vesting method. The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is 10,000,000. As of March 31, 2023, an aggregate of 8,617,974 options are still available for future grants under the 2015 Plan. A summary of the activity in stock options and related information is as follows: Number of options Weighted average exercise price Weighted average remaining contractual term in years Aggregate intrinsic Value Outstanding as of December 31, 2022 339,029 $ 50.64 4.86 $ 79,414 Exercised (3,645 ) 20.46 - 1,073 Outstanding as of March 31, 2023 335,384 $ 50.97 4.63 $ 84,989 Vested and expected to vest as of March 31, 2023 334,950 $ 50.80 4.62 $ 84,937 Exercisable as of March 31, 2023 311,240 $ 40.47 4.43 $ 82,079 The aggregate intrinsic value in the tables above represents the total intrinsic value (the difference between the fair value of the Company’s common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period. A summary of the activity in the RSUs and related information is as follows: Number of RSUs Weighted average grant date fair value Unvested as of December 31, 2022 1,488,515 $ 232.05 Granted 103,081 296.64 Vested (197,866 ) 164.31 Forfeited (31,296 ) 254.24 Unvested as of March 31, 2023 1,362,434 $ 246.27 A summary of the activity in the PSUs and related information is as follows: Number of PSUs Weighted average grant date fair value Unvested as of December 31, 2022 149,232 $ 295.88 Granted 31,911 314.22 Vested (8,249 ) 270.93 Unvested as of March 31, 2023 172,894 $ 300.45 d. Employee Stock Purchase Plan ("ESPP"): The Company adopted an ESPP effective upon the consummation of the IPO. As of March 31, 2023, a total of 4,150,380 shares were reserved for issuance under this plan. The number of shares of common stock reserved for issuance under the ESPP will increase automatically on January 1 st The ESPP is implemented through an offering every six months. According to the ESPP, eligible employees may use up to 15% of their salaries to purchase common stock up to an aggregate limit of $15 per participant for every six months plan. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the subscription date of each offering period or on the purchase date. As of March 31, 2023, 738,876 shares of common stock had been purchased under the ESPP. As of March 31, 2023, 3,411,504 shares of common stock were available for future issuance under the ESPP. In accordance with ASC No. 718, the ESPP is compensatory and, as such, results in recognition of compensation cost. e. Stock-based compensation expenses: The Company recognized stock-based compensation expenses related to all stock-based awards in the condensed consolidated statement of income for the three months ended March 31, 2023, and 2022, as follows: Three Months Ended March 31, 2023 2022 Cost of revenues $ 5,927 $ 5,062 Research and development 17,209 14,985 Selling and marketing 8,079 6,701 General and administrative 8,020 7,359 Total stock-based compensation expenses $ 39,235 $ 34,107 For the three months ended March 31, 2023, the Company capitalized stock-based compensation expenses in the amount of $430 related to ERP implementation, which were included within other long-term assets in the condensed consolidated balance sheets and $405 related to inventory. For the three months ended March 31, 2022, the Company did not capitalize any stock-based compensation expenses. The total tax benefit associated with share-based compensation for the three months ended March 31, 2023 and 2022 was $4,197 and $3,478, respectively. The tax benefit realized from share-based compensation for three months ended March 31, 2023 and 2022 was $2,842 and $2,927, respectively. As of March 31, 2023, there were total unrecognized compensation expenses in the amount of $335,864 related to non-vested equity-based compensation arrangements granted. These expenses are expected to be recognized during the period from April 1, 2023 through February 28, 2027.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 12: COMMITMENTS AND CONTINGENT LIABILITIES a. Guarantees: As of March 31, 2023 $5,876 $1,899 b. Contractual purchase obligations: The Company has contractual obligations to purchase goods and raw materials. These contractual purchase obligations relate to inventories and other purchase orders, which cannot be canceled without penalty. In addition, the Company acquires raw materials or other goods and services, including product components, by issuing authorizations to its suppliers to purchase materials based on its projected demand and manufacturing needs. As of March 31, 2023 $1,617,376 $8,052 As of March 31, 2023 $121,347 c. Legal claims: From time to time, the Company may be involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. In September 2018, the Company’s German subsidiary, SolarEdge Technologies GmbH, received a complaint filed by competitor SMA Solar Technology AG (“SMA”). The complaint, filed in the District Court Düsseldorf, Germany, alleges that SolarEdge's 12.5kW - 27.6kW inverters infringed on two of the plaintiff’s patents. SMA asserted a value in dispute of EUR 5.5 million (approximately $5,983) for both patents. The Company challenged the validity of both patents and the first patent was invalidated and SMA’s appeal on the matter was denied in January 2023. In August 2021, the German Patent Court rendered SMA's second patent invalid, and this invalidity has been appealed by SMA and a hearing is pending. The Company believes that it has meritorious defenses to these claims and intends to vigorously defend against the remaining lawsuit. On July 28, 2022, the Company was served with complaints filed by Ampt LLC in the International Trade Commission (the “Commission”) pursuant to Section 337 of the Tariff Act of 1930, as amended, in the District Court for the District of Delaware alleging patent infringement against the Company and its subsidiary SolarEdge Technologies Ltd. On October 24, 2022, the complaint filed in the District Court of Delaware was administratively stayed until the Commission's action is resolved. The Company believes that it has meritorious defenses to the complaints and intend to vigorously defend against them. As of March 31, 2023

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Mar. 31, 2023
Accumulated Other Comprehensive Income Loss [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 13: ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in accumulated balances of other comprehensive gain (loss), net of taxes: Three Months Ended March 31, 2023 2022 Unrealized gains (losses) on available-for-sale marketable securities Beginning balance $ (25,449 ) $ (4,709 ) Revaluation 7,570 (12,721 ) Tax on revaluation (1,471 ) 2,471 Other comprehensive income (loss) before reclassifications 6,099 (10,250 ) Reclassification 107 844 Tax on reclassification (29 ) (100 ) Losses reclassified from accumulated other comprehensive income 78 744 Net current period other comprehensive income (loss) 6,177 (9,506 ) Ending balance $ (19,272 ) $ (14,215 ) Unrealized gains (losses) on cash flow hedges Beginning balance $ (1,761 ) $ 874 Revaluation (2,196 ) (1,337 ) Tax on revaluation 139 159 Other comprehensive loss before reclassifications (2,057 ) (1,178 ) Reclassification 1,840 565 Tax on reclassification (114 ) (67 ) Losses reclassified from accumulated other comprehensive loss 1,726 498 Net current period other comprehensive loss (331 ) (680 ) Ending balance $ (2,092 ) $ 194 Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature Beginning balance $ (37,960 ) $ (17,420 ) Revaluation (10,800 ) (6,983 ) Ending balance $ (48,760 ) $ (24,403 ) Unrealized gains (losses) on foreign currency translation Beginning balance $ (7,939 ) $ (6,064 ) Revaluation 859 (1,579 ) Ending balance $ (7,080 ) $ (7,643 ) Total $ (77,204 ) $ (46,067 ) The following table summarizes the reclassifications from "Accumulated other comprehensive loss" into the statement of income: Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, Affected Line Item in the Statement of Income 2023 2022 Available-for-sale marketable securities $ (107 ) $ (844) Financial income (expense), net 29 100 Income taxes $ (78 ) $ (744) Total, net of income taxes Cash flow hedges (212 ) (67 ) Cost of revenues (1,129 ) (338 ) Research and development (225 ) (71 ) Sales and marketing (274 ) (89 ) General and administrative $ (1,840 ) $ (565) Total, before income taxes 114 67 Income taxes (1,726 ) (498 ) Total, net of income taxes Total reclassifications for the period $ (1,804 ) $ (1,242)

OTHER OPERATING INCOME

OTHER OPERATING INCOME	3 Months Ended
OTHER OPERATING INCOME	Mar. 31, 2023
Other Income and Expenses [Abstract]
OTHER OPERATING INCOME	NOTE 14: OTHER OPERATING INCOME In the three months ended March 31, 2023, the Company recorded a gain from sale of property, plant and equipment and other assets in the amount of $1,434.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Taxes
INCOME TAXES	NOTE 15: INCOME TAXES The effective tax rate for the three months ended March 31, 2023, and 2022 was 17.5% and 27.1%, respectively. The lower tax rate in the current quarter compared to the first quarter of 2022 is mainly due to the fact that the Company's income before tax, most of which is subject to tax rates lower than the US statutory rate, increased. Conversely, the IRC Section 174 R&D capitalization, and other expenses not recognized for GILTI purposes, did not increase in the same proportion. As of March 31, 2023, and December 31, 2022, unrecognized tax benefits were $2,883 and $2,756, respectively. If recognized, such benefits would favorably affect the Company’s effective tax rate. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. The total amount of penalties and interest were immaterial as of March 31, 2023, and December 31, 2022. In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”), which includes several incentives intended to promote clean energy, battery and energy storage, electrical vehicles, and other solar products, and is expected to impact our business and operations. As part of such incentives the IRA, will among other things, extend the investment tax credit (“ITC”) through 2034 and is therefore expected to increase the demand for solar products. The IRA is expected to further incentivize residential and commercial solar customers and developers due to the inclusion of a tax credit for qualifying energy projects of up to 30%. Since these regulations are new and their implementation is still pending administrative guidance from the Internal Revenue Service and U.S. Treasury Department, the Company will be examining the benefits that may be available to it, such as the availability of tax credits for domestic manufacturers, in the coming months. The Company also announced its plans to establish manufacturing capabilities in the United States during 2023.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2023
Net income per share:
EARNINGS PER SHARE	NOTE 16: EARNINGS PER SHARE The following table presents the computation of basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2023 2022 Basic EPS: Numerator: Net income $ 138,378 $ 33,123 Denominator: Shares used in computing net earnings per share of common stock, basic 56,215,490 53,134,937 Diluted EPS: Numerator: Net income attributable to common stock, basic $ 138,378 $ 33,123 Notes due 2025 552 553 Net income attributable to common stock, diluted $ 138,930 $ 33,676 Denominator: Shares used in computing net earnings per share of common stock, basic 56,215,490 53,134,937 Notes due 2025 2,276,818 2,276,818 Effect of stock-based awards 701,523 903,438 Shares used in computing net earnings per share of common stock, diluted 59,193,831 56,315,193 Earnings per share: Basic $ 2.46 $ 0.62 Diluted $ 2.35 $ 0.60 Shares excluded from the calculation of diluted net EPS due to their anti-dilutive effect 192,339 223,776

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 17: SEGMENT INFORMATION Following the discontinuation of Critical Power in June 2022, the Company operates in four different operating segments: Solar, Energy Storage, e-Mobility and Automation Machines. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the operating segments. The Company does not allocate to its operating segments revenue recognized due to advance payments received for performance obligations that extend for a period greater than one year, related to Accounting Standard Codification 606, “Revenue from Contracts with Customers” (ASC 606). Segment profit is comprised of gross profit for the segment less operating expenses that do not include amortization of purchased intangible assets, impairments of goodwill and intangible assets, stock based compensation expenses, and certain other items. The Company manages its assets on a group basis, not by segments, as many of its assets are shared or co-mingled. The Company’s CODM does not regularly review asset information by segments and, therefore, the Company does not report asset information by segment. The Company identified one operating segment as reportable – the Solar segment. The other operating segments are insignificant individually and therefore their results are presented together under “All other”. The Solar segment includes the design, development, manufacturing, and sales of an intelligent inverter solution designed to maximize power generation at the individual PV module level and a residential storage solution, compatible with the Company’s Energy Hub inverter, intended to store and supply power for back-up and to maximize self-consumption. The Solar segment solution consists mainly of the Company’s power optimizers, inverters, batteries, and cloud‑based monitoring platform. The “All other” category includes the design, development, manufacturing, and sales of energy storage products, e-Mobility products, UPS products, and automated machines. The following table presents information on reportable segments profit (loss) for the period presented: Three Months Ended March 31, 2023 2022 Solar All other Solar All other Revenues $ 908,505 $ 35,197 $ 607,997 $ 46,948 Cost of revenues 590,105 46,216 424,500 44,341 Gross profit (loss) 318,400 (11,019 ) 183,497 2,607 Research and development $ 55,823 $ 6,528 $ 43,131 $ 7,930 Sales and marketing 31,145 1,561 25,805 2,574 General and administrative 24,743 3,778 15,849 3,625 Segments profit (loss) $ 206,689 $ (22,886 ) $ 98,712 $ (11,522 ) The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented: Three Months Ended March 31, 2023 2022 Solar revenues $ 908,505 $ 607,997 All other segment revenues 35,197 46,948 Revenues from financing component 187 135 Consolidated revenues $ 943,889 $ 655,080 The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: Three Months Ended March 31, 2023 2022 Solar segment profit $ 206,689 $ 98,712 All other segment loss (22,886 ) (11,522 ) Segments operating profit 183,803 87,190 Amounts not allocated to segments: Stock based compensation expenses (39,235 ) (34,107 ) Other unallocated expenses (414 ) (2,219 ) Consolidated operating income $ 144,154 $ 50,864

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18: SUBSEQUENT EVENTS On April 6, 2023, the Company completed the acquisition of all outstanding shares of Hark Systems Ltd. ("Hark"), a UK-based energy IoT company for the commercial and industrial ("C&I") sector for approximately USD 16.7 million in cash. Hark's platform is expected to enable the Company to offer its commercial and industrial customers expanded capabilities in energy management and connectivity, including identification of potential energy savings, detection of anomalies in assets’ energy consumption, and optimization of energy usage and carbon emissions through load orchestration and storage control.

GENERAL (Policies)

GENERAL (Policies)	3 Months Ended
GENERAL (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	c. Basis of Presentation: The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2022, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 22, 2023, have been applied consistently in these unaudited interim condensed consolidated financial statements. Certain prior year amounts have been reclassified to conform to current year presentation.
Use of estimates	d. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. The duration, scope and effects of the ongoing Covid-19 pandemic and the conflict in Ukraine, government and other third-party responses to it, and the related macroeconomic effects, including to the Company’s business and the business of the Company’s suppliers and customers are uncertain, rapidly changing and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to this evolving situation. Such changes could result in future impairments of goodwill, intangibles, long-lived assets, inventories, incremental credit losses on receivables and available-for-sale marketable debt securities, or an increase in the Company’s insurance liabilities as of the time of a relevant measurement event.
Concentrations of supply risks	e. Concentrations of supply risks: The Company depends on two contract manufacturers and several limited or single source component suppliers. Reliance on these vendors makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields, and costs. As of March 31, 2023, and December 31, 2022, two contract manufacturers collectively accounted for 31.3% and 34.3% of the Company’s total trade payables, net, respectively. In the second quarter of 2022, the Company announced the opening of “Sella 2”, a two gigawatt-hour (GWh) Li-Ion battery cell manufacturing facility located in South Korea. Sella 2 began producing and shipping cells at the end of 2022 and is expected to reach full manufacturing capacity in 2023. Sella 2 is the Company's second owned manufacturing facility following the establishment of Sella 1 in 2020. Sella 1 is the Company's manufacturing facility in the North of Israel that produces power optimizers and inverters for the Company's solar activities.
New accounting standards updates	f. New accounting standards updates: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued or newly effective standards were not applicable to the Company, did not have a material impact on the condensed consolidated financial statements or are not expected to have a material impact on the condensed consolidated financial statements.

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
MARKETABLE SECURITIES (Tables)	Mar. 31, 2023
Marketable Securities [Abstract]
Schedule of available-for-sale marketable securities	The following is a summary of available-for-sale marketable securities as of March 31, 2023: Amortized Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 390,012 $ 82 $ (8,595 ) $ 381,499 Governmental bonds 29,788 - (467 ) 29,321 419,800 82 (9,062 ) 410,820 Available-for-sale – matures after one year: Corporate bonds 515,425 698 (15,855 ) 500,268 Governmental bonds 9,251 - (392 ) 8,859 524,676 698 (16,247 ) 509,127 Total $ 944,476 $ 780 $ (25,309 ) $ 919,947 The following is a summary of available-for-sale marketable securities as of December 31, 2022: Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale – matures within one year: Corporate bonds $ 222,482 $ - $ (4,657 ) $ 217,825 Governmental bonds 23,845 - (553 ) 23,292 246,327 - (5,210 ) 241,117 Available-for-sale – matures after one year: Corporate bonds 657,238 80 (26,460 ) 630,858 Governmental bonds 15,250 - (617 ) 14,633 672,488 80 (27,077 ) 645,491 Total $ 918,815 $ 80 $ (32,287 ) $ 886,608

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	3 Months Ended
INVENTORIES, NET (Tables)	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	March 31, 2023 December 31, 2022 Raw materials $ 503,445 $ 503,257 Work in process 37,754 23,407 Finished goods 333,013 202,537 Total inventories, net $ 874,212 $ 729,201

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	March 31, 2023 December 31, 2022 Vendor non-trade receivables () $ 147,238 $ 147,597 Government authorities 57,275 55,670 Prepaid expenses and other 55,129 37,815 Total prepaid expenses and other current assets $ 259,642 $ 241,082 () Vendor non-trade receivables derived from the sale of components to manufacturing vendors who manufacture products for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in its revenues.

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of outstanding derivative instruments	Balance sheet location March 31, 2023 December 31, 2022 Derivative assets of options and forward contracts: Designated cash flow hedges Prepaid expenses and other current assets $ 353 $ - Derivative liabilities of options and forward contracts: Designated cash flow hedges Accrued expenses and other current liabilities $ (2,583 ) $ (1,874 )
Schedule of gains (losses) on derivative instruments recognized in our income statements	Three Months Ended March 31, Affected line item 2023 2022 Foreign exchange contracts Non Designated Hedging Instruments Condensed Consolidated Statements of Income - Financial income (expense), net $ - $ 934 Designated Hedging Instruments Condensed Consolidated Statements of Comprehensive Income - Cash flow hedges $ (2,057 ) $ (1,178 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value	Fair Value Hierarchy Fair value measurements as of Description March 31, 2023 December 31, 2022 Assets: Cash and cash equivalents: Cash Level 1 $ 667,384 $ 695,004 Money market mutual funds Level 1 $ 17,486 $ 25,149 Deposits Level 1 $ 42,979 $ 62,959 Derivative instruments Level 2 $ 353 $ - Short-term marketable securities: Corporate bonds Level 2 $ 381,499 $ 217,825 Governmental bonds Level 2 $ 29,321 $ 23,292 Long-term marketable securities: Corporate bonds Level 2 $ 500,268 $ 630,858 Governmental bonds Level 2 $ 8,859 $ 14,633 Liabilities: Derivative instruments Level 2 $ (2,583 ) $ (1,874 )

WARRANTY OBLIGATIONS (Tables)

WARRANTY OBLIGATIONS (Tables)	3 Months Ended
WARRANTY OBLIGATIONS (Tables)	Mar. 31, 2023
Product Warranties Disclosures [Abstract]
Schedule of warranty obligations	Three Months Ended March 31, 2023 2022 Balance, at the beginning of the period $ 385,057 $ 265,160 Additions and adjustments to cost of revenues 91,570 47,907 Usage and current warranty expenses (33,656 ) (20,401 ) Balance, at end of the period 442,971 292,666 Less current portion (129,278 ) (82,340 ) Long term portion $ 313,693 $ 210,326

DEFERRED REVENUES AND CUSTOME_2

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Tables)	3 Months Ended
DEFERRED REVENUES AND CUSTOMERS ADVANCES (Tables)	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of balances of deferred revenues	Three Months Ended March 31, 2023 2022 Balance, at the beginning of the period $ 213,577 $ 169,345 Revenue recognized (11,742 ) (14,529 ) Increase in deferred revenues and customer advances 22,589 29,429 Balance, at the end of the period 224,424 184,245 Less current portion (27,507 ) (25,511 ) Long term portion $ 196,917 $ 158,734
Schedule estimated revenues expected to recognized in future to performance obligations	2023 $ 23,888 2024 12,073 2025 10,764 2026 10,389 2027 8,363 Thereafter 158,947 Total deferred revenues $ 224,424

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of accrued expenses and other current liabilities	March 31, 2023 December 31, 2022 Accrued expenses $ 127,018 $ 117,638 Government authorities 87,159 67,514 Operating lease liabilities 17,215 16,183 Accrual for sales incentives 5,746 6,790 Other 6,743 5,987 Total accrued expenses and other current liabilities $ 243,881 $ 214,112

CONVERTIBLE SENIOR NOTES (Table

CONVERTIBLE SENIOR NOTES (Tables)	3 Months Ended
CONVERTIBLE SENIOR NOTES (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of convertible senior notes	March 31, 2023 December 31, 2022 Liability: Principal $ 632,500 $ 632,500 Unamortized issuance costs (7,318 ) (8,049 ) Net carrying amount $ 625,182 $ 624,451

STOCK CAPITAL (Tables)

STOCK CAPITAL (Tables)	3 Months Ended
STOCK CAPITAL (Tables)	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of activity in the share options granted to employees and members of board of directors	Number of options Weighted average exercise price Weighted average remaining contractual term in years Aggregate intrinsic Value Outstanding as of December 31, 2022 339,029 $ 50.64 4.86 $ 79,414 Exercised (3,645 ) 20.46 - 1,073 Outstanding as of March 31, 2023 335,384 $ 50.97 4.63 $ 84,989 Vested and expected to vest as of March 31, 2023 334,950 $ 50.80 4.62 $ 84,937 Exercisable as of March 31, 2023 311,240 $ 40.47 4.43 $ 82,079
Schedule of RSU activity	Number of RSUs Weighted average grant date fair value Unvested as of December 31, 2022 1,488,515 $ 232.05 Granted 103,081 296.64 Vested (197,866 ) 164.31 Forfeited (31,296 ) 254.24 Unvested as of March 31, 2023 1,362,434 $ 246.27
Schedule of recognized stock-based compensation expenses	Three Months Ended March 31, 2023 2022 Cost of revenues $ 5,927 $ 5,062 Research and development 17,209 14,985 Selling and marketing 8,079 6,701 General and administrative 8,020 7,359 Total stock-based compensation expenses $ 39,235 $ 34,107
Option [Member] \| Employees and members of board of directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of RSU activity	Number of PSUs Weighted average grant date fair value Unvested as of December 31, 2022 149,232 $ 295.88 Granted 31,911 314.22 Vested (8,249 ) 270.93 Unvested as of March 31, 2023 172,894 $ 300.45

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Mar. 31, 2023
Accumulated Other Comprehensive Income Loss [Abstract]
Schedule of changes in AOCI	Three Months Ended March 31, 2023 2022 Unrealized gains (losses) on available-for-sale marketable securities Beginning balance $ (25,449 ) $ (4,709 ) Revaluation 7,570 (12,721 ) Tax on revaluation (1,471 ) 2,471 Other comprehensive income (loss) before reclassifications 6,099 (10,250 ) Reclassification 107 844 Tax on reclassification (29 ) (100 ) Losses reclassified from accumulated other comprehensive income 78 744 Net current period other comprehensive income (loss) 6,177 (9,506 ) Ending balance $ (19,272 ) $ (14,215 ) Unrealized gains (losses) on cash flow hedges Beginning balance $ (1,761 ) $ 874 Revaluation (2,196 ) (1,337 ) Tax on revaluation 139 159 Other comprehensive loss before reclassifications (2,057 ) (1,178 ) Reclassification 1,840 565 Tax on reclassification (114 ) (67 ) Losses reclassified from accumulated other comprehensive loss 1,726 498 Net current period other comprehensive loss (331 ) (680 ) Ending balance $ (2,092 ) $ 194 Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature Beginning balance $ (37,960 ) $ (17,420 ) Revaluation (10,800 ) (6,983 ) Ending balance $ (48,760 ) $ (24,403 ) Unrealized gains (losses) on foreign currency translation Beginning balance $ (7,939 ) $ (6,064 ) Revaluation 859 (1,579 ) Ending balance $ (7,080 ) $ (7,643 ) Total $ (77,204 ) $ (46,067 )
Schedule of reclassifications out of AOCI	Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, Affected Line Item in the Statement of Income 2023 2022 Available-for-sale marketable securities $ (107 ) $ (844) Financial income (expense), net 29 100 Income taxes $ (78 ) $ (744) Total, net of income taxes Cash flow hedges (212 ) (67 ) Cost of revenues (1,129 ) (338 ) Research and development (225 ) (71 ) Sales and marketing (274 ) (89 ) General and administrative $ (1,840 ) $ (565) Total, before income taxes 114 67 Income taxes (1,726 ) (498 ) Total, net of income taxes Total reclassifications for the period $ (1,804 ) $ (1,242)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2023
Net income per share:
Schedule of computation of basic and diluted net earnings (loss) per share	Three Months Ended March 31, 2023 2022 Basic EPS: Numerator: Net income $ 138,378 $ 33,123 Denominator: Shares used in computing net earnings per share of common stock, basic 56,215,490 53,134,937 Diluted EPS: Numerator: Net income attributable to common stock, basic $ 138,378 $ 33,123 Notes due 2025 552 553 Net income attributable to common stock, diluted $ 138,930 $ 33,676 Denominator: Shares used in computing net earnings per share of common stock, basic 56,215,490 53,134,937 Notes due 2025 2,276,818 2,276,818 Effect of stock-based awards 701,523 903,438 Shares used in computing net earnings per share of common stock, diluted 59,193,831 56,315,193 Earnings per share: Basic $ 2.46 $ 0.62 Diluted $ 2.35 $ 0.60 Shares excluded from the calculation of diluted net EPS due to their anti-dilutive effect 192,339 223,776

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
SEGMENT INFORMATION (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of reportable segments and operating income	Three Months Ended March 31, 2023 2022 Solar All other Solar All other Revenues $ 908,505 $ 35,197 $ 607,997 $ 46,948 Cost of revenues 590,105 46,216 424,500 44,341 Gross profit (loss) 318,400 (11,019 ) 183,497 2,607 Research and development $ 55,823 $ 6,528 $ 43,131 $ 7,930 Sales and marketing 31,145 1,561 25,805 2,574 General and administrative 24,743 3,778 15,849 3,625 Segments profit (loss) $ 206,689 $ (22,886 ) $ 98,712 $ (11,522 )
Schedule of reconciliation to consolidated operating income	The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented: Three Months Ended March 31, 2023 2022 Solar revenues $ 908,505 $ 607,997 All other segment revenues 35,197 46,948 Revenues from financing component 187 135 Consolidated revenues $ 943,889 $ 655,080 The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented: Three Months Ended March 31, 2023 2022 Solar segment profit $ 206,689 $ 98,712 All other segment loss (22,886 ) (11,522 ) Segments operating profit 183,803 87,190 Amounts not allocated to segments: Stock based compensation expenses (39,235 ) (34,107 ) Other unallocated expenses (414 ) (2,219 ) Consolidated operating income $ 144,154 $ 50,864

GENERAL (Narrative) (Details)

GENERAL (Narrative) (Details)	3 Months Ended	12 Months Ended
GENERAL (Narrative) (Details)	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable [Member] \| Supplier Concentration Risk [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration Risk As Percent	31.30%	34.30%

MARKETABLE SECURITIES (Schedule

MARKETABLE SECURITIES (Schedule of AFS Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale - matures within one year, Amortized cost	$ 419,800	$ 246,327
Available-for-sale - matures within one year, Gross unrealized gains	82	0
Available-for-sale - matures within one year, Gross unrealized losses	(9,062)	(5,210)
Available-for-sale - matures within one year, Fair value	410,820	241,117
Available-for-sale - matures after one year, Amortized cost	524,676	672,488
Available-for-sale - matures after one year, Gross unrealized gains	698	80
Available-for-sale - matures after one year, Gross unrealized losses	(16,247)	(27,077)
Available-for-sale - matures after one year, Fair value	509,127	645,491
Amortized cost	944,476	918,815
Gross unrealized gains	780	80
Gross unrealized losses	(25,309)	(32,287)
Fair value	919,947	886,608
Corporate bonds [Member]
Available-for-sale - matures within one year, Amortized cost	390,012	222,482
Available-for-sale - matures within one year, Gross unrealized gains	82	0
Available-for-sale - matures within one year, Gross unrealized losses	(8,595)	(4,657)
Available-for-sale - matures within one year, Fair value	381,499	217,825
Available-for-sale - matures after one year, Amortized cost	515,425	657,238
Available-for-sale - matures after one year, Gross unrealized gains	698	80
Available-for-sale - matures after one year, Gross unrealized losses	(15,855)	(26,460)
Available-for-sale - matures after one year, Fair value	500,268	630,858
Governmental bonds [Member]
Available-for-sale - matures within one year, Amortized cost	29,788	23,845
Available-for-sale - matures within one year, Gross unrealized gains	0	0
Available-for-sale - matures within one year, Gross unrealized losses	(467)	(553)
Available-for-sale - matures within one year, Fair value	29,321	23,292
Available-for-sale - matures after one year, Amortized cost	9,251	15,250
Available-for-sale - matures after one year, Gross unrealized gains	0	0
Available-for-sale - matures after one year, Gross unrealized losses	(392)	(617)
Available-for-sale - matures after one year, Fair value	$ 8,859	$ 14,633

INVENTORIES, NET (Schedule of I

INVENTORIES, NET (Schedule of Inventories, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 503,445	$ 503,257
Work in process	37,754	23,407
Finished goods	333,013	202,537
Total inventories, net	$ 874,212	$ 729,201

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Vendor non-trade receivables	[1]	$ 147,238	$ 147,597
Government authorities		57,275	55,670
Prepaid expenses and other		55,129	37,815
Total prepaid expenses and other current assets		$ 259,642	$ 241,082

[1]Vendor non-trade receivables derived from the sale of components to manufacturing vendors who manufacture products for the Company. The Company purchases these components directly from other suppliers. The Company does not reflect the sale of these components to the contract manufacturers in its revenues.

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - Foreign exchange forward contracts [Member] - NIS [Member] ₪ in Millions	Mar. 31, 2023 ILS (₪)
Put option [Member]
Derivative [Line Items]
Forward/option contracts	₪ 231
Call option [Member]
Derivative [Line Items]
Forward/option contracts	₪ 125

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of fair values of outstanding derivative instruments) (Details) - Designated cash flow hedges [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative assets of options and forward contracts:
Total derivative assets	$ 353	$ 0
Derivative liabilities of options and forward contracts:
Total derivative liabilities	$ (2,583)	$ (1,874)

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Gains (losses) on derivative instruments recognized in our income statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Designated Hedging Instruments [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gains (losses) on derivative instruments	$ (2,057)	$ (1,178)
Non Designated Hedging Instruments [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gains (losses) on derivative instruments	$ 0	$ 934

FAIR VALUE MEASUREMENTS (Schedu

FAIR VALUE MEASUREMENTS (Schedule of Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Level 1 [Member] \| Cash [Member]
Fair value of assets	$ 667,384	$ 695,004
Level 1 [Member] \| Money Market Mutual Funds [Member]
Fair value of assets	17,486	25,149
Level 1 [Member] \| Deposits [Member]
Fair value of assets	42,979	62,959
Level 2 [Member] \| Derivative instruments, Liabilities [Member]
Fair value of liabilities	(2,583)	(1,874)
Level 2 [Member] \| Derivative instruments, Assets [Member]
Fair value of assets	353	0
Level 2 [Member] \| Short-term Corporate bonds [Member]
Fair value of assets	381,499	217,825
Level 2 [Member] \| Short-term Governmental bonds [Member]
Fair value of assets	29,321	23,292
Level 2 [Member] \| Long-term Corporate bonds [Member]
Fair value of assets	500,268	630,858
Level 2 [Member] \| Long-term Governmental bonds [Member]
Fair value of assets	$ 8,859	$ 14,633

WARRANTY OBLIGATIONS (Schedule

WARRANTY OBLIGATIONS (Schedule of product warranty obligations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Changes in the Company's product warranty liability
Balance, at the beginning of the period	$ 385,057	$ 265,160
Additions and adjustments to cost of revenues	91,570	47,907
Usage and current warranty expenses	(33,656)	(20,401)
Balance, at end of the period	442,971	292,666
Less current portion	(129,278)	(82,340)	$ (103,975)
Long term portion	$ 313,693	$ 210,326	$ 281,082

DEFERRED REVENUES AND CUSTOME_3

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Schedule of Balances of deferred revenues and customer advances) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Balance, at the beginning of the period	$ 213,577	$ 169,345
Revenue recognized	(11,742)	(14,529)
Increase in deferred revenues and customer advances	22,589	29,429
Balance, at the end of the period	224,424	184,245
Less current portion	(27,507)	(25,511)
Long term portion	$ 196,917	$ 158,734

DEFERRED REVENUES AND CUSTOME_4

DEFERRED REVENUES AND CUSTOMERS ADVANCES (Schedule Estimated Revenues Expected To Recognized In Future To Performance Obligations) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Deferred revenues	$ 224,424	$ 213,577	$ 184,245	$ 169,345
2023 [Member]
Deferred revenues	23,888
2024 [Member]
Deferred revenues	12,073
2025 [Member]
Deferred revenues	10,764
2026 [Member]
Deferred revenues	10,389
2027 [Member]
Deferred revenues	8,363
Thereafter [Member]
Deferred revenues	$ 158,947

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 127,018	$ 117,638
Government authorities	87,159	67,514
Operating lease liabilities	17,215	16,183
Accrual for sales incentives	5,746	6,790
Other	6,743	5,987
Total accrued expenses and other current liabilities	$ 243,881	$ 214,112

CONVERTIBLE SENIOR NOTES (Narra

CONVERTIBLE SENIOR NOTES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 25, 2020	Mar. 31, 2023	Mar. 31, 2022
Convertible Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt conversion description		On September 25, 2020, the Company sold $632,500 aggregate principal amount of its 0.00% convertible senior notes due 2025 (the “Notes”). The Notes were sold pursuant to an indenture, dated September 25, 2020 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The Notes do not bear regular interest and mature on September 15, 2025, unless earlier repurchased or converted in accordance with their terms. The Notes are general senior unsecured obligations of the Company. Holders may convert their Notes prior to the close of business on the business day immediately preceding June 15, 2025 in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the Indenture. In addition, holders may convert their Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after June 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the Notes, without regard to the foregoing circumstances. The initial conversion rate for the Notes was 3.5997 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $277.80 per share of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture.
Principal amount sold	$ 632,500
Effective coupon rate	0%
Maturity date	Sep. 15, 2025
Conversion amount	$ 1,000
Number of shares of common stock per $1,000 principal amount of Notes converted	3.5997
Amount of conversion	$ 1,000
Conversion price	$ 277.8
Amortization of debt discount and debt issuance costs		$ 731	$ 728
Amortized period		2 years 6 months
Effective interest		0.47%
Amount by which the if-converted value of the Notes exceeded the principal amount		$ 59,537
Senior Notes [Member] \| Level 2 [Member]
Debt Instrument [Line Items]
Estimated fair value of notes		$ 823,730

CONVERTIBLE SENIOR NOTES (Sched

CONVERTIBLE SENIOR NOTES (Schedule of Convertible Senior Notes) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liability Abstract
Net carrying amount	$ 625,182	$ 624,451
Convertible Senior Notes [Member]
Liability Abstract
Principal	632,500	632,500
Unamortized issuance costs	(7,318)	(8,049)
Net carrying amount	$ 625,182	$ 624,451

STOCK CAPITAL (Narrative) (Deta

STOCK CAPITAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 17, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from secondary public offering, net of issuance costs		$ 0	$ 650,526
Underwriters discounts and commissions			27,140
Offering costs			834
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		10,000,000
Equity based compensation expenses to employees and nonemployees		$ 4,197	3,478
Capitalized stock-based compensation expenses related to ERP		430
Inventory		405
Tax benefit realized from share-based compensation		2,842	$ 2,927
Unrecognized compensation expense		$ 335,864
IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold in public offerings	2,300,000
Per share price of common stock sold	$ 295
IPO [Member] \| Underwriting Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold in public offerings	300,000
Proceeds from secondary public offering, net of issuance costs	$ 650,526
Underwriters discounts and commissions	27,140
Offering costs	$ 834
Option [Member] \| Two Thousand Seven Global Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		20,853,755
Number of shares available for future grant under the plan		12,005,195
Option [Member] \| Two Thousand Fifteen Global Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Common Shares Increase Automatically Each Year		5%
Number of shares available for future grant under the plan		8,617,974		379,358
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		4,150,380
Percentage Of Common Shares Increase Automatically Each Year		1%
Period Of Plan Increase Automatically Number Of Shares		487,643
Maximum Percentage Of Salary		15%
Aggregate Limit Per Participant		$ 15
Purchase price of common stock, percent		85%
Number of Common stock purchased		738,876
Number of shares available for future grant under the plan		3,411,504

STOCK CAPITAL (Summary of the A

STOCK CAPITAL (Summary of the Activity in the Share Options) (Details) - Option [Member] - Employees and Members of Board of Directors [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of options
Outstanding at the beginning of the period	339,029
Exercised	(3,645)
Outstanding at the end of the period	335,384	339,029
Weighted average exercise price
Outstanding at the beginning of the period	$ 50.64
Exercised	20.46
Outstanding at the end of the period	$ 50.97	$ 50.64
Weighted Average Remaining Contractual Term In Years
Outstanding	4 years 7 months 17 days	4 years 10 months 9 days
Aggregate Intrinsic Value
Outstanding	$ 84,989	$ 79,414
Exercised	$ 1,073
Vested and expected to vest at the end of the period
Number of options	334,950
Weighted average exercise price	$ 50.8
Weighted average remaining contractual term in years	4 years 7 months 13 days
Aggregate intrinsic Value	$ 84,937
Exercisable at the end of the period
Number of options	311,240
Weighted average exercise price	$ 40.47
Weighted average remaining contractual term in years	4 years 5 months 4 days
Aggregate intrinsic Value	$ 82,079

STOCK CAPITAL (Schedule of RSUs

STOCK CAPITAL (Schedule of RSUs and PSUs Activity) (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	1,488,515
Granted \| shares	103,081
Vested \| shares	(197,866)
Forfeited \| shares	(31,296)
Unvested at end of period \| shares	1,362,434
Weighted average grant date fair value, beginning of period \| $ / shares	$ 232.05
Weighted average grant date fair value, granted \| $ / shares	296.64
Weighted average grant date fair value, vested \| $ / shares	164.31
Weighted average grant date fair value, forfeited \| $ / shares	254.24
Weighted average grant date fair value, end of period \| $ / shares	$ 246.27
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	149,232
Granted \| shares	31,911
Vested \| shares	(8,249)
Unvested at end of period \| shares	172,894
Weighted average grant date fair value, beginning of period \| $ / shares	$ 295.88
Weighted average grant date fair value, granted \| $ / shares	314.22
Weighted average grant date fair value, vested \| $ / shares	270.93
Weighted average grant date fair value, end of period \| $ / shares	$ 300.45

STOCK CAPITAL (Schedule of Stoc

STOCK CAPITAL (Schedule of Stock-based Compensation Expense for Employees and Nonemployee) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 39,235	$ 34,107
Cost of revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	5,927	5,062
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	17,209	14,985
Sales and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	8,079	6,701
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 8,020	$ 7,359

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) - 3 months ended Mar. 31, 2023 $ in Thousands, € in Millions	EUR (€)	USD ($)
Non-cancelable purchase obligations		$ 1,617,376
Provision for loss		8,052
Contractual obligations for capital expenditures		121,347
Patents [Member]
Value in dispute	€ 5.5	5,983
Office Rent Lease Agreements [Member]
Guarantees amount		5,876
Projects With Customers [Member]
Guarantees amount		$ 1,899

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning balance	$ (73,109)
Net current period other comprehensive income (loss)	(4,095)	$ (18,748)
Ending balance	(77,204)	(46,067)
Unrealized gains (losses) on available-for-sale marketable securities [Member]
Beginning balance	(25,449)	(4,709)
Revaluation	7,570	(12,721)
Tax on revaluation	(1,471)	2,471
Other comprehensive income (loss) before reclassifications	6,099	(10,250)
Reclassification	107	844
Tax on reclassification	(29)	(100)
Losses reclassified from accumulated other comprehensive income	78	744
Net current period other comprehensive income (loss)	6,177	(9,506)
Ending balance	(19,272)	(14,215)
Unrealized gains (losses) on cash flow hedges [Member]
Beginning balance	(1,761)	874
Revaluation	(2,196)	(1,337)
Tax on revaluation	139	159
Other comprehensive income (loss) before reclassifications	(2,057)	(1,178)
Reclassification	1,840	565
Tax on reclassification	(114)	(67)
Losses reclassified from accumulated other comprehensive income	1,726	498
Net current period other comprehensive income (loss)	(331)	(680)
Ending balance	(2,092)	194
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature [Member]
Beginning balance	(37,960)	(17,420)
Revaluation	(10,800)	(6,983)
Ending balance	(48,760)	(24,403)
Unrealized gains (losses) on foreign currency translation [Member]
Beginning balance	(7,939)	(6,064)
Revaluation	(859)	(1,579)
Ending balance	$ (7,080)	$ (7,643)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Reclassifications of Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenues	$ 643,763	$ 476,122
Research and development	79,873	66,349
Sales and marketing	40,966	35,316
General and administrative	36,567	26,429
Total, before income taxes	155,972	128,094
Income taxes	29,325	12,292
Total, net of income taxes	138,378	33,123
Available-for-sale marketable securities [Member] \| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Financial income (expense), net	(107)	(844)
Income taxes	29	100
Total, net of income taxes	(78)	(744)
Cash flow hedges [Member] \| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenues	(212)	(67)
Research and development	(1,129)	(338)
Sales and marketing	(225)	(71)
General and administrative	(274)	(89)
Total, before income taxes	(1,840)	(565)
Income taxes	114	67
Total, net of income taxes	(1,726)	(498)
Total reclassifications for the period	$ (1,804)	$ (1,242)

OTHER OPERATING INCOME (Narrati

OTHER OPERATING INCOME (Narrative) (Details) $ in Thousands	3 Months Ended
OTHER OPERATING INCOME (Narrative) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Other Income and Expenses [Abstract]
Sale of property, plant and equipment	$ 1,434

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Taxes Schedule Of Taxes On Income Details
Effective tax rate	17.50%	27.10%
Unrecognized tax benefits	$ 2,883		$ 2,756

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 138,378	$ 33,123
Denominator:
Shares used in computing net earnings per share of common stock, basic	56,215,490	53,134,937
Numerator:
Net income attributable to common stock, basic	$ 138,378	$ 33,123
Notes due 2025	552	553
Net income attributable to common stock, diluted	$ 138,930	$ 33,676
Denominator:
Shares used in computing net earnings per share of common stock, basic	56,215,490	53,134,937
Notes due 2025	2,276,818	2,276,818
Effect of stock-based awards	701,523	903,438
Shares used in computing net earnings per share of common stock, diluted	59,193,831	56,315,193
Earnings per share:
Basic	$ 2.46	$ 0.62
Diluted	$ 2.35	$ 0.6
Shares excluded from the calculation of diluted net EPS due to their anti-dilutive effect	192,339	223,776

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of reportable segments and operating income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 943,889	$ 655,080
Cost of revenues	643,763	476,122
Gross profit (loss)	300,126	178,958
Research and development	79,873	66,349
Sales and marketing	40,966	35,316
General and administrative	36,567	26,429
Solar segment profit	206,689	98,712
All other segment loss	(22,886)	(11,522)
Segments operating profit	183,803	87,190
Amounts not allocated to segments:
Stock based compensation expenses	(39,235)	(34,107)
Other unallocated expenses	(414)	(2,219)
Consolidated operating income	144,154	50,864
Solar [Member]
Segment Reporting Information [Line Items]
Revenues	908,505	607,997
Cost of revenues	590,105	424,500
Gross profit (loss)	318,400	183,497
Research and development	55,823	43,131
Sales and marketing	31,145	25,805
General and administrative	24,743	15,849
Segments profit (loss)	206,689	98,712
All Other [Member]
Segment Reporting Information [Line Items]
Revenues	35,197	46,948
Cost of revenues	46,216	44,341
Gross profit (loss)	(11,019)	2,607
Research and development	6,528	7,930
Sales and marketing	1,561	2,574
General and administrative	3,778	3,625
Segments profit (loss)	$ (22,886)	$ (11,522)

SEGMENT INFORMATION (Schedule_2

SEGMENT INFORMATION (Schedule of reportable segments reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 943,889	$ 655,080
Solar revenues [Member]
Segment Reporting Information [Line Items]
Revenues	908,505	607,997
All other revenues [Member]
Segment Reporting Information [Line Items]
Revenues	35,197	46,948
Revenues from finance component [Member]
Segment Reporting Information [Line Items]
Revenues	$ 187	$ 135

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) $ in Millions	Apr. 06, 2023 USD ($)
Subsequent Event [Member] \| Hark Systems Ltd. ("Hark") [Member]
Subsequent Event [Line Items]
Amount of business acquisition	$ 16.7