0001178913-22-003868 | 10-Q | XBRL Viewer | Solaredge Technologies INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Entity Registrant Name	SOLAREDGE TECHNOLOGIES, INC.
Entity Central Index Key	0001419612
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36894
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
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 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		55,894,875

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 678,329	$ 530,089
Marketable securities	202,598	167,728
Trade receivables, net of allowances of $4,283 and $2,626, respectively	785,325	456,339
Inventories, net	561,352	380,143
Prepaid expenses and other current assets	224,169	176,992
Total current assets	2,451,773	1,711,291
LONG-TERM ASSETS:
Marketable securities	688,753	482,228
Deferred tax assets, net	38,268	27,572
Property, plant and equipment, net	491,433	410,379
Operating lease right-of-use assets, net	62,535	47,137
Intangible assets, net	46,286	58,861
Goodwill	108,860	129,629
Other long-term assets	15,638	33,856
Total long-term assets	1,451,773	1,189,662
Total assets	3,903,546	2,900,953
CURRENT LIABILITIES:
Trade payables, net	311,565	252,068
Employees and payroll accruals	71,905	74,465
Warranty obligations	97,222	71,480
Deferred revenues and customers advances	31,896	17,789
Accrued expenses and other current liabilities	181,892	109,379
Total current liabilities	694,480	525,181
LONG-TERM LIABILITIES:
Convertible senior notes, net	623,721	621,535
Warranty obligations	248,917	193,680
Deferred revenues	176,824	151,556
Finance lease liabilities	45,509	40,508
Operating lease liabilities	46,398	38,912
Other long-term liabilities	15,570	19,542
Total long-term liabilities	1,156,939	1,065,733
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of September 30, 2022 and December 31, 2021; issued and outstanding: 55,894,106 and 52,815,395 shares as of September 30, 2022 and December 31, 2021, respectively	6	5
Additional paid-in capital	1,457,379	687,295
Accumulated other comprehensive loss	(128,266)	(27,319)
Retained earnings	723,008	650,058
Total stockholders’ equity	2,052,127	1,310,039
Total liabilities and stockholders’ equity	$ 3,903,546	$ 2,900,953

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowances of trade receivable	$ 4,283	$ 2,626
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	125,000,000	125,000,000
Common stock, issued shares	55,894,106	52,815,395
Common stock, outstanding shares	55,894,106	52,815,395

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 836,723	$ 526,404	$ 2,219,577	$ 1,411,950
Cost of revenues	614,722	353,843	1,635,976	943,123
Gross profit	222,001	172,561	583,601	468,827
Operating expenses:
Research and development	69,659	55,666	210,855	155,307
Sales and marketing	42,726	29,383	117,017	85,752
General and administrative	27,933	21,098	82,483	60,317
Other operating expenses (income), net	(2,724)	0	1,963	1,350
Total operating expenses	137,594	106,147	412,318	302,726
Operating income	84,407	66,414	171,283	166,101
Financial expense, net	(33,025)	(5,751)	(52,785)	(13,591)
Other income	7,533	0	7,533	0
Income before income taxes	58,915	60,663	126,031	152,510
Income taxes	34,172	7,615	53,081	24,294
Net income	$ 24,743	$ 53,048	$ 72,950	$ 128,216
Net income per share:
Net basic earnings per share of common stock	$ 0.44	$ 1.01	$ 1.33	$ 2.46
Net diluted earnings per share of common stock	$ 0.43	$ 0.96	$ 1.29	$ 2.32
Weighted average number of shares used in computing net basic earnings per share of common stock	55,730,328	52,355,867	54,788,734	52,056,233
Weighted average number of shares used in computing net diluted earnings per share of common stock	58,747,538	55,929,000	57,886,041	55,955,441

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 24,743	$ 53,048	$ 72,950	$ 128,216
Other comprehensive income (loss), net of tax:
Net change related to available-for-sale securities	(9,579)	29	(23,647)	(1,847)
Net change related to cash flow hedges	(140)	308	(4,656)	619
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment nature	(30,799)	(12,272)	(66,129)	(14,168)
Foreign currency translation adjustments, net	1,872	(3,664)	(6,515)	(7,596)
Total other comprehensive loss	(38,646)	(15,599)	(100,947)	(22,992)
Comprehensive income (loss)	$ (13,903)	$ 37,449	$ (27,997)	$ 105,224

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

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, 2020

$ 5

$ 603,891

$ 3,857

$ 478,004

Balance (in shares) at Dec. 31, 2020

51,560,936

1,085,757

Cumulative effect of adopting ASU 2020-06

$ 0

(36,336)

2,884

$ (33,452)

Issuance of Common Stock upon exercise of stock-based awards

$ 0

^[1]

5,008

Issuance of Common Stock upon exercise of stock-based awards (in shares)

405,239

Stock based compensation

$ 0

23,153

Other comprehensive loss adjustments

(10,618)

Net income

30,076

Balance at Mar. 31, 2021

$ 5

595,716

(6,761)

510,964

$ 1,099,924

Balance (in shares) at Mar. 31, 2021

51,966,175

Balance at Dec. 31, 2020

$ 5

603,891

3,857

478,004

Balance (in shares) at Dec. 31, 2020

51,560,936

1,085,757

Other comprehensive loss adjustments

$ (22,992)

Net income

128,216

Balance at Sep. 30, 2021

$ 5

652,109

(19,135)

609,104

1,242,083

Balance (in shares) at Sep. 30, 2021

52,519,490

Balance at Mar. 31, 2021

$ 5

595,716

(6,761)

510,964

1,099,924

Balance (in shares) at Mar. 31, 2021

51,966,175

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

$ 0

^[1]

5,500

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards (in shares)

297,801

Stock based compensation

$ 0

24,052

Other comprehensive loss adjustments

3,225

Net income

45,092

Balance at Jun. 30, 2021

$ 5

625,268

(3,536)

556,056

1,177,793

Balance (in shares) at Jun. 30, 2021

52,263,976

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards

$ 0

^[1]

656

Issuance of Common Stock upon exercise of employee and non-employees stock-based awards (in shares)

255,514

Stock based compensation

$ 0

26,185

Other comprehensive loss adjustments

(15,599)

Net income

53,048

Balance at Sep. 30, 2021

$ 5

652,109

(19,135)

609,104

1,242,083

Balance (in shares) at Sep. 30, 2021

52,519,490

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

Issuance of Common Stock upon exercise of stock-based awards (in shares)

270,751

Stock based compensation

$ 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

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

(18,748)

Net income

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, 2021

$ 5

687,295

(27,319)

650,058

1,310,039

Balance (in shares) at Dec. 31, 2021

52,815,395

Other comprehensive loss adjustments

(100,947)

Net income

72,950

Balance at Sep. 30, 2022

$ 6

1,457,379

(128,266)

723,008

2,052,127

Balance (in shares) at Sep. 30, 2022

55,894,106

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

Issuance of Common Stock upon exercise of stock-based awards

$ 0

^[1]

164

Issuance of Common Stock upon exercise of stock-based awards (in shares)

211,839

Issuance of Common stock under employee stock purchase plan

$ 0

^[1]

8,141

Issuance of Common stock under employee stock purchase plan (in shares)

35,105

Stock based compensation

$ 0

37,171

Other comprehensive loss adjustments

(43,553)

Net income

15,084

Balance at Jun. 30, 2022

$ 6

1,418,881

(89,620)

698,265

$ 2,027,532

Balance (in shares) at Jun. 30, 2022

55,633,090

Issuance of Common Stock upon exercise of stock-based awards

$ 0

^[1]

1,866

Issuance of Common Stock upon exercise of stock-based awards (in shares)

261,016

1,866

Stock based compensation

$ 0

36,632

$ 36,632

Other comprehensive loss adjustments

(38,646)

Net income

24,743

Balance at Sep. 30, 2022

$ 6

$ 1,457,379

$ (128,266)

$ 723,008

$ 2,052,127

Balance (in shares) at Sep. 30, 2022

55,894,106

[1]	Represents an amount less than $1.

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 STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 72,950	$ 128,216
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property, plant and equipment	29,571	21,492
Amortization of intangible assets	7,741	7,487
Amortization of debt discount and debt issuance costs	2,186	2,175
Amortization of premium and accretion of discount on available-for-sale marketable securities, net	7,864	6,301
Impairment of goodwill and intangible assets	4,008	0
Stock-based compensation expenses	106,932	73,390
Gain from sale of privately held company	(7,533)	0
Deferred income taxes, net	(3,822)	(6,686)
Loss (gain) from sale and disposal of assets	(485)	2,013
Exchange rate fluctuations and other items, net	64,662	13,086
Changes in assets and liabilities:
Inventories, net	(188,579)	30,678
Prepaid expenses and other assets	(55,478)	(14,977)
Trade receivables, net	(377,089)	(206,131)
Trade payables, net	53,683	(22,959)
Employees and payroll accruals	12,119	14,321
Warranty obligations	82,025	42,368
Deferred revenues and customers advances	41,440	13,723
Other liabilities, net	67,789	20,055
Net cash provided by (used in) operating activities	(80,016)	124,552
Cash flows from investing activities:
Proceed from sales and maturities of available-for-sale marketable securities	178,415	174,817
Purchase of property, plant and equipment	(125,085)	(94,135)
Investment in available-for-sale marketable securities	(461,491)	(511,615)
Investment in a privately-held company	0	(16,643)
Proceeds from sale of a privately-held company	24,175	0
Withdrawal from bank deposits, net	0	50,020
Payment for asset acquisition, net of cash acquired	0	(2,996)
Other investing activities	3,472	2,593
Net cash used in investing activities	(380,514)	(397,959)
Cash flows from financing activities:
Proceeds from secondary public offering, net of issuance costs	650,526	0
Repayment of bank loans	(104)	(16,219)
Proceeds from exercise of stock-based awards	3,508	6,128
Tax withholding in connection with stock-based awards, net	(4,686)	(8,402)
Other financing activities	(2,109)	(939)
Net cash provided by (used in) financing activities	647,135	(19,432)
Increase (decrease) in cash and cash equivalents	186,605	(292,839)
Cash and cash equivalents at the beginning of the period	530,089	827,146
Effect of exchange rate differences on cash and cash equivalents	(38,365)	(7,719)
Cash and cash equivalents at the end of the period	678,329	526,588
Supplemental disclosure of non-cash activities:
Right-of-use asset recognized with a corresponding lease liability	$ 43,274	$ 2,253

GENERAL

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GENERAL

NOTE 1: GENERAL

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 future ready energy hub inverter which supports, among other things, connection to a DC- coupled battery for backup capabilities, (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.

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”).

In June 2022, the Company decided to discontinue its stand-alone uninterrupted power supply solutions or UPS (“Critical Power”). The Company determined that the discontinuance of the Critical Power business does not represent a strategic shift that will have a major effect on the Company's operations and financial results and therefore it did not meet the criteria for discontinued operations classification.

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, 2021, contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 22, 2022, 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:

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:

The Company depends on two contract manufacturers and several limited or single source component suppliers, including, Samsung SDI, that provides lithium-ion battery cells required for the Company's residential storage solution. 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 September 30, 2022, and December 31, 2021, two contract manufacturers collectively accounted for 30.1% and 27.9% 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 is currently in testing phase with ramp-up expected during the fourth quarter of 2022. Sella 2, is the Company's second owned manufacturing facility following the opening of the Company's manufacturing facility in the North of Israel, “Sella 1” in 2020 that produces power optimizers and inverters for the Company's solar activities.

New accounting pronouncements not yet adopted:

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 standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Recently issued and adopted pronouncements:

In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company elected to early adopt ASU 2021-08 on January 1, 2022, and will apply this new guidance to all business combinations consummated subsequent to this date. Currently, this ASU has no impact on our consolidated financial statements.

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. Under ASU 2021-10, the accounting entities with transactions with a government that are accounted for by analogy to a grant or contribution accounting model are required to annually disclose certain information regarding the transaction including: (i) nature and related accounting policy used; (ii) line items on the balance sheet and income statement affected by the transactions; (iii) amounts applicable to each line item; and (iv) significant terms and conditions. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this ASU will have a minor impact on the disclosures to the annual consolidated financial statements.

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2022

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE 2: MARKETABLE SECURITIES

The following is a summary of available-for-sale marketable securities as of September 30, 2022:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	203,445	$	-	$	(4,049	)	$	199,396
Governmental bonds		3,254		-		(52	)		3,202
		206,699		-		(4,101	)		202,598
Available-for-sale – matures after one year:
Corporate bonds		683,804		-		(30,753	)		653,051
Governmental bonds		36,901		-		(1,199	)		35,702
		720,705		-		(31,952	)		688,753
Total	$	927,404	$	-	$	(36,053	)	$	891,351

The following is a summary of available-for-sale marketable securities as of December 31, 2021:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	160,462	$	23	$	(320	)	$	160,165
Governmental bonds		7,576		-		(13	)		7,563
		168,038		23		(333	)		167,728
Available-for-sale – matures after one year:
Corporate bonds		474,412		9		(5,580	)		468,841
Governmental bonds		13,506		-		(119	)		13,387
		487,918		9		(5,699	)		482,228
Total	$	655,956	$	32	$	(6,032	)	$	649,956

As of September 30, 2022, and December 31, 2021, the Company did not record an allowance for credit losses for its available-for-sale marketable securities.

INVENTORIES, NET

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 3: INVENTORIES, NET

	September 30, 2022		December 31, 2021
Raw materials	$	432,766	$	247,386
Work in process		15,529		13,863
Finished goods		113,057		118,894
	$	561,352	$	380,143

INVESTMENT IN PRIVATELY-HELD COMPANY	9 Months Ended
INVESTMENT IN PRIVATELY-HELD COMPANY	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN PRIVATELY-HELD COMPANY	NOTE 4: INVESTMENT IN PRIVATELY-HELD COMPANY On January 31, 2021, the Company completed an investment of $11,643 in the preferred stock of AutoGrid Systems, Inc. ("AutoGrid"), a privately held company. On February 1, 2021, the Company signed on a preferred stock purchase agreement for an additional investment of $5,000 in AutoGrid's preferred stock (the "second investment"). On April 28, 2021, the Company completed the second investment. The Company accounted for the AutoGrid investment as an equity investment without readily determinable fair values. The Company’s non-marketable equity securities had a carrying value of $16,643 as of December 31, 2021. Investments in privately-held companies are included within other long-term assets on the consolidated balance sheets. On July 20, 2022, the Company completed the sale of its investment in AutoGrid for proceeds of $24,175, thus recognizing a gain of $7,533 which was recorded in the statement of income under "Other income". No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified up to the date of the sale.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 5: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

During the nine months ended September 30, 2022, the Company instituted a foreign currency cash flow hedging program to protect against a forecasted increase in value of foreign currency cash flows resulting from salary denominated 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. Accordingly, when the dollar strengthens against the NIS, the decline in present value of future foreign currency expenses is offset by losses in the fair value of the hedging contracts. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by gains in the fair value of the hedging contracts. These hedging contracts are designated as cash flow hedges, as defined by ASC 815 and are all effective hedges.

As of September 30, 2022, 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 334 million and NIS 10 million, respectively.

In addition to the above-mentioned cash flow hedge transactions, the Company also entered 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 expense, net".

The Company classifies cash flows related to its hedging as operating activities in its condensed consolidated statement of cash flows.

As of September 30, 2022, the Company entered into forward contracts to sell Australian dollars (“AUD”) for USD in the amount of AUD 4 million.

As of September 30, 2022, the Company entered into forward contracts to sell Euro for USD in the amount of €9 million.

The fair values of outstanding derivative instruments were as follows:

	Balance sheet location	September 30, 2022			December 31, 2021
Derivative assets of options and forward contracts:
Designated cash flow hedges	Prepaid expenses and other current assets	$	-		$	992
Non-designated hedges	Prepaid expenses and other current assets		1,813			3,017
Total derivative assets		$	1,813		$	4,009
Derivative liabilities of options and forward contracts:
Designated cash flow hedges	Accrued expenses and other current liabilities	$	(4,269	)	$	-
Non-designated hedges	Accrued expenses and other current liabilities		-			(169	)
Total derivative liabilities		$	(4,269	)	$	(169	)

Gains (losses) on derivative instruments recognized in our income statements are summarized below:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021	Affected line item
Foreign exchange contracts
Non Designated Hedging Instruments	$1,211	$3,350	$5,154	$7,706	Financial expenses, net

See Note 13 for information regarding gains (losses) from designated hedging instruments reclassified from accumulated other comprehensive loss.

Gains (losses) on derivative instruments recognized in the consolidated comprehensive income (loss) statements were as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Foreign exchange contracts:
Designated Hedging Instruments	$	(1,399	)	$	1,006	$	(8,928	)	$	1,719

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

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 equivalents and marketable securities are classified within Level 1 and Level 2, respectively, because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments.

The following table sets forth the Company’s assets that were measured at fair value as of September 30, 2022 and December 31, 2021, by level within the fair value hierarchy:

		Fair value measurements as of
Description	Fair Value Hierarchy	September 30, 2022			December 31, 2021
Assets:
Cash equivalents:
Cash	Level 1	$	552,800		$	508,389
Money market mutual funds	Level 1	$	94,581		$	21,680
Deposits	Level 1	$	30,948		$	20
Derivative instruments	Level 2	$	1,813		$	4,009
Short-term marketable securities:
Corporate bonds	Level 2	$	199,396		$	160,165
Governmental bonds	Level 2	$	3,202		$	7,563
Long-term marketable securities:
Corporate bonds	Level 2	$	653,051		$	468,841
Governmental bonds	Level 2	$	35,702		$	13,387
Liabilities:
Derivative instruments	Level 2	$	(4,269	)	$	(169	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

WARRANTY OBLIGATIONS

9 Months Ended

Sep. 30, 2022

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

NOTE 7: WARRANTY OBLIGATIONS

Changes in the Company’s product warranty obligations for the three and nine months ended September 30, 2022 and 2021, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Balance, at the beginning of the period	$	324,176		$	232,167		$	265,160		$	204,994
Additions and adjustments to cost of revenues		56,815			43,068			163,783			109,382
Usage and current warranty expenses		(34,852	)		(28,172	)		(82,804	)		(67,313	)
Balance, at end of the period		346,139			247,063			346,139			247,063
Less current portion		(97,222	)		(67,096	)		(97,222	)		(67,096	)
Long term portion	$	248,917		$	179,967		$	248,917		$	179,967

DEFERRED REVENUES

9 Months Ended

Sep. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

DEFERRED REVENUES

NOTE 8: DEFERRED REVENUES

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 during the period are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Balance, at the beginning of the period	$	200,695		$	144,253		$	169,345		$	140,020
Revenue recognized		(12,731	)		(10,667	)		(37,855	)		(46,259	)
Increase in deferred revenues and customer advances		20,756			19,622			77,230			59,447
Balance, at the end of the period		208,720			153,208			208,720			153,208
Less current portion		(31,896	)		(16,939	)		(31,896	)		(16,939	)
Long term portion	$	176,824		$	136,269		$	176,824		$	136,269

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 September 30, 2022:

2022	$	11,697
2023		23,044
2024		10,466
2025		9,648
2026		9,047
Thereafter		144,818
Total deferred revenues	$	208,720

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 9: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

	September 30, 2022		December 31, 2021
Accrued expenses	$	112,388	$	57,158
Government authorities		40,189		22,631
Operating lease liabilities		15,307		12,728
Provision for legal claims		39		11,622
Accrual for sales incentives		5,558		3,048
Other		8,411		2,192
	$	181,892	$	109,379

CONVERTIBLE SENIOR NOTES

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021:

	September 30, 2022			December 31, 2021
Liability:
Principal	$	632,500		$	632,500
Unamortized issuance costs		(8,779	)		(10,965	)
Net carrying amount	$	623,721		$	621,535

For the three months ended September 30, 2022 and 2021 the Company recorded amortized debt issuance costs related to the Notes in the amount of $730 and $726, respectively.

For the nine months ended September 30, 2022 and 2021 the Company recorded amortized debt issuance costs related to the Notes in the amount of $2,186 and $2,175, respectively.

As of September 30, 2022, the unamortized issuance costs of the Notes will be amortized over the remaining term of approximately 3.0 years.

The annual effective interest rate of the Notes is 0.47%.

As of September 30, 2022, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $691,190. 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 September 30, 2022, the if-converted value of the Notes did not exceed the principal amount.

STOCK CAPITAL

9 Months Ended

Sep. 30, 2022

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 September 30, 2022, a total of 18,047,085 shares of common stock were reserved for issuance pursuant to stock awards under the 2015 Plan (the “Share Reserve”), an aggregate of 9,802,734 shares are still available for future grants.

The Share Reserve will automatically increase on January 1^st of each year during the term of the 2015 Plan, commencing on January 1^st of the year following the year in which the 2015 Plan becomes effective, in an amount equal to 5% of the total number of shares of capital stock outstanding on December 31^st of the preceding calendar year; provided, however, that the Company’s board of directors may determine that there will not be a January 1^st increase in the Share Reserve in a given year or that the increase will be less than 5% of the shares of capital stock outstanding on the preceding December 31^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.

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 September 30, 2022, 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, 2021		474,280		$	44.68		5.22	$	112,479
Exercised		(123,420	)		28.42		-		-
Forfeited or expired		(243	)		5.01		-		-
Outstanding as of September 30, 2022		350,617		$	50.43		5.07	$	65,030
Vested and expected to vest as of September 30, 2022		349,682		$	50.22		5.10	$	64,916
Exercisable as of September 30, 2022		298,440		$	36.94		4.75	$	58,637

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, 2021		1,759,972		$	189.25
Granted		259,198			299.66
Vested		(620,186	)		128.46
Forfeited		(115,327	)		209.13
Unvested as of September 30, 2022		1,283,657		$	214.73

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, 2021		108,595	$	296.40
Granted		39,263		293.04
Unvested as of September 30, 2022		147,858	$	295.51

d. Employee Stock Purchase Plan:

The Company adopted an ESPP effective upon the consummation of the IPO. As of September 30, 2022, a total of 3,662,737 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 1st of each year, for ten years, by the lesser of 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or 487,643 shares. However, the Company’s board of directors may reduce the amount of the increase in any particular year at their discretion, including a reduction to zero.

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 September 30, 2022, 696,852 shares of common stock had been purchased under the ESPP.

As of September 30, 2022, 2,965,885 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 consolidated statement of income for the three and nine months ended September 30, 2022, and 2021, as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenues	$	4,660	$	4,289	$	15,008	$	14,370
Research and development		14,553		11,949		46,357		30,552
Selling and marketing		9,341		5,737		23,089		16,952
General and administrative		7,197		4,210		22,478		11,516
Total stock-based compensation expenses	$	35,751	$	26,185	$	106,932	$	73,390

The Company capitalized stock-based compensation as part of inventories and prepaid expenses for the three and nine months ended September 30, 2022, in the amount of $881 and $977, respectively. In 2021 the Company did not capitalize any stock- based compensation expenses.

The total tax benefit associated with share-based compensation for the three months ended September 30, 2022 and 2021 was $2,646 and $3,791, respectively. The tax benefit realized from share-based compensation for the three months ended September 30, 2022, and 2021 was $3,060 and $4,720, respectively.

The total tax benefit associated with share-based compensation for the nine months ended September 30, 2022, and 2021 was $9,182 and $10,249, respectively. The tax benefit realized from share-based compensation for the nine months ended September 30, 2022, and 2021 was $8,871 and $10,400, respectively.

As of September 30, 2022, there were total unrecognized compensation expenses in the amount of $279,982 related to non-vested equity-based compensation arrangements granted under the Company’s plans and non-plan awards. These expenses are expected to be recognized during the period from October 1, 2022, through August 31, 2026.

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 12: COMMITMENTS AND CONTINGENT LIABILITIES a. Guarantees: As of September 30, 2022, contingent liabilities exist regarding guarantees in the amounts of $5,924, $2,767, and $1,321 in respect of office rent lease agreements, projects with customers, and other transactions, respectively. 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 September 30, 2022, the Company had non-cancelable purchase obligations totaling approximately $1,639,157, out of which the Company recorded a provision for loss in the amount of $5,874. As of September 30, 2022, the Company had contractual obligations for capital expenditures totaling approximately $69,158. These commitments reflect purchases of automated assembly lines and other machinery related to the Company’s manufacturing process as well as capital expenditures associated with the construction of Sella 2, the Company’s second lithium-ion cell and battery factory in Korea. 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 infringe two of the plaintiff’s patents. SMA asserted a value in dispute of EUR 5.5 million (approximately $5,411) for both patents. The Company challenged the validity of both patents. With respect to one of the claims, in October 2020, the German Patent Court rendered the SMA patent invalid and this invalidity has been appealed by SMA. With respect to the other claim, in November 2019, the first instance court stayed the infringement proceedings since it considered it to be highly likely that the second SMA patent would also be rendered invalid. The Company believes that it has meritorious defenses to the claims asserted and intends to vigorously defend against the remaining lawsuit. In May 2019, the Company was served with three lawsuits by Huawei Technologies Co., Ltd., a Chinese entity (“Huawei”), against its two Chinese subsidiaries and equipment manufacturer in China. In May 2022, the Company announced that it had agreed on a global patent license agreement with Huawei. The agreement includes a cross license that covers patents relating to both companies’ products and resulted in the settlement of all pending patent litigation between the companies. In December 2019, the Company received a lawsuit filed by a former consultant of the Company and its Israeli subsidiary in the amount of NIS 25.5 million (approximately $7,197) claiming damages caused relating to a terminated consulting agreement and stock options therein. The claim was recently settled with no payment due by the Company. 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 and 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 September 30, 2022, an immaterial amount for legal claims was recorded in accrued expenses and other current liabilities.

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2022

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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Unrealized gains (losses) on available-for-sale marketable securities
Beginning balance	$	(18,777	)	$	(1,636	)	$	(4,709	)	$	240
Revaluation		(12,424	)		6			(31,064	)		(2,340	)
Tax on revaluation		2,694			35			6,522			505
Other comprehensive income (loss) before reclassifications		(9,730	)		41			(24,542	)		(1,835	)
Reclassification		166			(16	)		1,010			(16	)
Tax on reclassification		(15	)		4			(115	)		4
Gains (losses) reclassified from accumulated other comprehensive income (loss)		151			(12	)		895			(12	)
Net current period other comprehensive income (loss)		(9,579	)		29			(23,647	)		(1,847	)
Ending balance	$	(28,356	)	$	(1,607	)	$	(28,356	)	$	(1,607	)
Unrealized gains (losses) on cash flow hedges
Beginning balance	$	(3,642	)	$	311		$	874		$	-
Revaluation		(1,569	)		1,146			(10,094	)		1,956
Tax on revaluation		170			(140	)		1,166			(237	)
Other comprehensive income (loss) before reclassifications		(1,399	)		1,006			(8,928	)		1,719
Reclassification		1,422			(794	)		4,833			(1,251	)
Tax on reclassification		(163	)		96			(561	)		151
Gains (losses) reclassified from accumulated other comprehensive income (loss)		1,259			(698	)		4,272			(1,100	)
Net current period other comprehensive income (loss)		(140	)		308			(4,656	)		619
Ending balance	$	(3,782	)	$	619		$	(3,782	)	$	619
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature
Beginning balance	$	(52,750	)	$	(1,896	)	$	(17,420	)	$	-
Revaluation		(30,799	)		(12,272	)		(66,129	)		(14,168	)
Ending balance	$	(83,549	)	$	(14,168	)	$	(83,549	)	$	(14,168	)
Unrealized gains (losses) on foreign currency translation
Beginning balance	$	(14,451	)	$	(315	)	$	(6,064	)	$	3,617
Revaluation		1,872			(3,664	)		(6,515	)		(7,596	)
Ending balance	$	(12,579	)	$	(3,979	)	$	(12,579	)	$	(3,979	)
Total	$	(128,266	)	$	(19,135	)	$	(128,266	)	$	(19,135	)

The following table summarizes the changes in "Accumulated other comprehensive loss", net of taxes:

Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30,						Nine Months Ended September 30,						Affected Line Item in the Statement of Income
	2022			2021			2022			2021
Unrealized gains (losses) on available-for-sale marketable securities
	$	(166)		$	12		$	(1010	)	$	16		Financial expense, net
		15			-			115			(4	)	Income taxes
	$	(151)		$	12		$	(895	)	$	12		Total, net of income taxes
Unrealized gains (losses) on cash flow hedges, net
		(157	)		97			(542	)		152		Cost of revenues
		(808	)		476			(2,841	)		751		Research and development
		(242	)		97			(662	)		153		Sales and marketing
		(215	)		124			(788	)		196		General and administrative
	$	(1,422	)	$	794		$	(4,833	)	$	1252		Total, before income taxes
		163			(96	)		561			(152	)	Income taxes
		(1,259	)		698			(4,272	)		1,100		Total, net of income taxes
Total reclassifications for the period	$	(1,410	)	$	710		$	(5,167	)	$	1,112

OTHER OPERATING EXPENSES

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

OTHER OPERATING EXPENSES

NOTE 14: OTHER OPERATING EXPENSES

The following table presents the expenses recorded in the three and nine months ended September 30, 2022, and 2021:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Impairment of goodwill and intangible assets (1)	$	-		$	-	$	4,008		$	-
Write-off of property, plant and equipment		(19	)		-		660			2,209
Sale of property, plant and equipment		(1,146	)		-		(1,146	)		-
Sale of Critical Power assets		(1,559	)		-		(1,559	)		-
Kokam purchase escrow (2)		-			-		-			(859	)
Total other operating expenses (income)	$	(2,724	)	$	-	$	1,963		$	1,350

(1) In June 2022, the Company decided to discontinue its stand-alone Critical Power activities. The Company recorded an impairment of goodwill and intangible assets related to its Critical Power business in an amount of $4,008, see also Note 1b.

(2) In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam acquisition escrow, with regards to a working capital adjustment.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Taxes
INCOME TAXES	NOTE 15: INCOME TAXES The effective tax rate for the three months ended September 30, 2022, and 2021 was 58.0% and 12.6%, respectively, and for the nine months ended September 30, 2022, and 2021 the effective tax rate was 42.1% and 15.9%, respectively. The increase in the effective tax rate in the current year, is primarily due to the change to Section 174 of the U.S Internal Revenue Code, which came into effect on January 1, 2022. The change requires taxpayers to amortize research and development expenditures over five years (if expensed by a U.S. entity) or fifteen years (if expensed by non-U.S. entities). This change resulted in an increase in the Company’s taxable income and Global Intangible Low Taxed Income (“GILTI”) tax. In addition, the change in the Company's tax rate resulted from a different allocation of income among the Company’s U.S., Israeli, and foreign subsidiaries, and lower tax benefits relating to stock-based compensation. As of September 30, 2022, and December 31, 2021, unrecognized tax benefits were $2,561 and $2,192, 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 September 30, 2022, and December 31, 2021. In August 2022, the U.S. government signed into law the Inflation Reduction Act of 2022 (the “IRA”), which, among other things, revised U.S. tax law by, including a new corporate alternative minimum tax (the “CAMT”) of 15% on certain large corporations, imposing a 1% excise tax on stock buybacks, and providing incentives to address climate change, including the introduction of advanced manufacturing production tax credits, that may be relevant to the company's products, if they will be manufactured in the US. The provisions of the IRA are generally effective for tax years beginning after 2022. Given the complexities of the IRA, which is pending technical guidance and regulations from the Internal Revenue Service and U.S. Treasury Department, the Company is in the process of evaluating provisions included under the IRA and its impact to the Company’s consolidated financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic EPS:
Numerator:
Net income	$	24,743	$	53,048	$	72,950	$	128,216
Denominator:
Shares used in computing net EPS of common stock, basic		55,730,328		52,355,867		54,788,734		52,056,233
Diluted EPS:
Numerator:
Net income attributable to common stock, basic	$	24,743	$	53,048	$	72,950	$	128,216
Notes due 2025		551		525		1,651		1,575
Net income attributable to common stock, diluted	$	25,294	$	53,573	$	74,601	$	129,791
Denominator:
Shares used in computing net EPS of common stock, basic		55,730,328		52,355,867		54,788,734		52,056,233
Notes due 2025		2,276,818		2,276,818		2,276,818		2,276,818
Effect of stock-based awards		740,392		1,296,315		820,489		1,622,390
Shares used in computing net EPS of common stock, diluted		58,747,538		55,929,000		57,886,041		55,955,441

Shares excluded from the calculation of diluted net EPS due to their anti-dilutive effect		138,916		243,689		181,802		169,597

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION

NOTE 17: SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION

The Company operates in five different operating segments: Solar, Energy Storage, e-Mobility, Critical Power and Automation Machines. In June 2022, the Company decided to discontinue its stand-alone Critical Power activities, see also Note 1b.

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 September 30, 2022					Nine Months Ended September 30, 2022
	Solar		All other			Solar		All other
Revenues	$	788,610	$	47,954		$	2,084,206	$	134,931
Cost of revenues		565,403		42,594			1,484,303		125,883
Gross profit		223,207		5,360			599,903		9,048
Research and development		47,943		6,861			140,215		23,378
Sales and marketing		30,996		2,202			85,220		8,059
General and administrative		17,534		2,795			49,779		10,209
Segments profit (loss)	$	126,734	$	(6,498	)	$	324,689	$	(32,598	)

	Three Months Ended September 30, 2021					Nine Months Ended September 30, 2021
	Solar		All other			Solar		All other
Revenues	$	476,838	$	49,455		$	1,284,574	$	127,080
Cost of revenues		302,081		45,132			799,163		122,536
Gross profit		174,757		4,323			485,411		4,544
Research and development		34,657		8,853			102,151		22,376
Sales and marketing		21,127		2,290			60,758		7,340
General and administrative		14,054		2,863			39,094		9,783
Segments profit (loss)	$	104,919	$	(9,683	)	$	283,408	$	(34,955	)

The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Solar revenues	$	788,610	$	476,838	$	2,084,206	$	1,284,574
All other revenues		47,954		49,455		134,931		127,080
Revenues from finance component		159		111		440		296
Consolidated revenues	$	836,723	$	526,404	$	2,219,577	$	1,411,950

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Solar segment profit	$	126,734		$	104,919		$	324,689		$	283,408
All other segment loss		(6,498	)		(9,683	)		(32,598	)		(34,955	)
Segments operating profit		120,236			95,236			292,091			248,453
Amounts not allocated to segments:
Stock based compensation expenses		(35,751	)		(26,185	)		(106,932	)		(73,390	)
Amortization related to business combinations		(2,559	)		(2,785	)		(8,039	)		(8,007	)
Impairment of goodwill and intangible assets		-			-			(4,008	)		-
Disposal of assets related to Critical Power		-			-			(4,314	)		-
Sale of Critical Power assets		1,559			-			1,559			-
Other unallocated income (expenses), net		922			148			926			(955	)
Consolidated operating income	$	84,407		$	66,414		$	171,283		$	166,101

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18: SUBSEQUENT EVENTS On November 3, 2022, the Company received notice that a class action lawsuit was filed in the U.S District Court of the Southern District of New York against the Company, SolarEdge Technologies Ltd., the Company’s CEO and the Company’s CFO, by a purported stockholder of the Company, alleging violations of the Federal Securities Act in connection with complaints filed against the Company by Ampt LLC, the details for which can be found under “Note 12- Commitments and Contingent Liabilities”. The Company believes the allegations contained in this new action are without merit and intends to vigorously defend against them.

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

Marketable Securities [Abstract]

Schedule of available-for-sale marketable securities

The following is a summary of available-for-sale marketable securities as of September 30, 2022:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	203,445	$	-	$	(4,049	)	$	199,396
Governmental bonds		3,254		-		(52	)		3,202
		206,699		-		(4,101	)		202,598
Available-for-sale – matures after one year:
Corporate bonds		683,804		-		(30,753	)		653,051
Governmental bonds		36,901		-		(1,199	)		35,702
		720,705		-		(31,952	)		688,753
Total	$	927,404	$	-	$	(36,053	)	$	891,351

The following is a summary of available-for-sale marketable securities as of December 31, 2021:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale – matures within one year:
Corporate bonds	$	160,462	$	23	$	(320	)	$	160,165
Governmental bonds		7,576		-		(13	)		7,563
		168,038		23		(333	)		167,728
Available-for-sale – matures after one year:
Corporate bonds		474,412		9		(5,580	)		468,841
Governmental bonds		13,506		-		(119	)		13,387
		487,918		9		(5,699	)		482,228
Total	$	655,956	$	32	$	(6,032	)	$	649,956

INVENTORIES, NET (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

	September 30, 2022		December 31, 2021
Raw materials	$	432,766	$	247,386
Work in process		15,529		13,863
Finished goods		113,057		118,894
	$	561,352	$	380,143

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of outstanding derivative instruments

	Balance sheet location	September 30, 2022			December 31, 2021
Derivative assets of options and forward contracts:
Designated cash flow hedges	Prepaid expenses and other current assets	$	-		$	992
Non-designated hedges	Prepaid expenses and other current assets		1,813			3,017
Total derivative assets		$	1,813		$	4,009
Derivative liabilities of options and forward contracts:
Designated cash flow hedges	Accrued expenses and other current liabilities	$	(4,269	)	$	-
Non-designated hedges	Accrued expenses and other current liabilities		-			(169	)
Total derivative liabilities		$	(4,269	)	$	(169	)

Schedule of gains (losses) on derivative instruments recognized in our income statements

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021	Affected line item
Foreign exchange contracts
Non Designated Hedging Instruments	$1,211	$3,350	$5,154	$7,706	Financial expenses, net

Schedule of gains (losses) on derivative instruments recognized in the consolidated comprehensive income statements

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Foreign exchange contracts:
Designated Hedging Instruments	$	(1,399	)	$	1,006	$	(8,928	)	$	1,719

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value

		Fair value measurements as of
Description	Fair Value Hierarchy	September 30, 2022			December 31, 2021
Assets:
Cash equivalents:
Cash	Level 1	$	552,800		$	508,389
Money market mutual funds	Level 1	$	94,581		$	21,680
Deposits	Level 1	$	30,948		$	20
Derivative instruments	Level 2	$	1,813		$	4,009
Short-term marketable securities:
Corporate bonds	Level 2	$	199,396		$	160,165
Governmental bonds	Level 2	$	3,202		$	7,563
Long-term marketable securities:
Corporate bonds	Level 2	$	653,051		$	468,841
Governmental bonds	Level 2	$	35,702		$	13,387
Liabilities:
Derivative instruments	Level 2	$	(4,269	)	$	(169	)

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

WARRANTY OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2022

Product Warranties Disclosures [Abstract]

Schedule of warranty obligations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Balance, at the beginning of the period	$	324,176		$	232,167		$	265,160		$	204,994
Additions and adjustments to cost of revenues		56,815			43,068			163,783			109,382
Usage and current warranty expenses		(34,852	)		(28,172	)		(82,804	)		(67,313	)
Balance, at end of the period		346,139			247,063			346,139			247,063
Less current portion		(97,222	)		(67,096	)		(97,222	)		(67,096	)
Long term portion	$	248,917		$	179,967		$	248,917		$	179,967

DEFERRED REVENUES (Tables)

9 Months Ended

Sep. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of balances of deferred revenues

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Balance, at the beginning of the period	$	200,695		$	144,253		$	169,345		$	140,020
Revenue recognized		(12,731	)		(10,667	)		(37,855	)		(46,259	)
Increase in deferred revenues and customer advances		20,756			19,622			77,230			59,447
Balance, at the end of the period		208,720			153,208			208,720			153,208
Less current portion		(31,896	)		(16,939	)		(31,896	)		(16,939	)
Long term portion	$	176,824		$	136,269		$	176,824		$	136,269

Schedule estimated revenues expected to recognized in future to performance obligations

2022	$	11,697
2023		23,044
2024		10,466
2025		9,648
2026		9,047
Thereafter		144,818
Total deferred revenues	$	208,720

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

	September 30, 2022		December 31, 2021
Accrued expenses	$	112,388	$	57,158
Government authorities		40,189		22,631
Operating lease liabilities		15,307		12,728
Provision for legal claims		39		11,622
Accrual for sales incentives		5,558		3,048
Other		8,411		2,192
	$	181,892	$	109,379

CONVERTIBLE SENIOR NOTES (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of convertible senior notes

	September 30, 2022			December 31, 2021
Liability:
Principal	$	632,500		$	632,500
Unamortized issuance costs		(8,779	)		(10,965	)
Net carrying amount	$	623,721		$	621,535

STOCK CAPITAL (Tables)

9 Months Ended

Sep. 30, 2022

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, 2021		474,280		$	44.68		5.22	$	112,479
Exercised		(123,420	)		28.42		-		-
Forfeited or expired		(243	)		5.01		-		-
Outstanding as of September 30, 2022		350,617		$	50.43		5.07	$	65,030
Vested and expected to vest as of September 30, 2022		349,682		$	50.22		5.10	$	64,916
Exercisable as of September 30, 2022		298,440		$	36.94		4.75	$	58,637

Schedule of RSU activity

	Number of RSUs			Weighted average grant date fair value
Unvested as of December 31, 2021		1,759,972		$	189.25
Granted		259,198			299.66
Vested		(620,186	)		128.46
Forfeited		(115,327	)		209.13
Unvested as of September 30, 2022		1,283,657		$	214.73

Schedule of recognized stock-based compensation expenses

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenues	$	4,660	$	4,289	$	15,008	$	14,370
Research and development		14,553		11,949		46,357		30,552
Selling and marketing		9,341		5,737		23,089		16,952
General and administrative		7,197		4,210		22,478		11,516
Total stock-based compensation expenses	$	35,751	$	26,185	$	106,932	$	73,390

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, 2021		108,595	$	296.40
Granted		39,263		293.04
Unvested as of September 30, 2022		147,858	$	295.51

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income Loss [Abstract]

Schedule of changes in AOCI

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Unrealized gains (losses) on available-for-sale marketable securities
Beginning balance	$	(18,777	)	$	(1,636	)	$	(4,709	)	$	240
Revaluation		(12,424	)		6			(31,064	)		(2,340	)
Tax on revaluation		2,694			35			6,522			505
Other comprehensive income (loss) before reclassifications		(9,730	)		41			(24,542	)		(1,835	)
Reclassification		166			(16	)		1,010			(16	)
Tax on reclassification		(15	)		4			(115	)		4
Gains (losses) reclassified from accumulated other comprehensive income (loss)		151			(12	)		895			(12	)
Net current period other comprehensive income (loss)		(9,579	)		29			(23,647	)		(1,847	)
Ending balance	$	(28,356	)	$	(1,607	)	$	(28,356	)	$	(1,607	)
Unrealized gains (losses) on cash flow hedges
Beginning balance	$	(3,642	)	$	311		$	874		$	-
Revaluation		(1,569	)		1,146			(10,094	)		1,956
Tax on revaluation		170			(140	)		1,166			(237	)
Other comprehensive income (loss) before reclassifications		(1,399	)		1,006			(8,928	)		1,719
Reclassification		1,422			(794	)		4,833			(1,251	)
Tax on reclassification		(163	)		96			(561	)		151
Gains (losses) reclassified from accumulated other comprehensive income (loss)		1,259			(698	)		4,272			(1,100	)
Net current period other comprehensive income (loss)		(140	)		308			(4,656	)		619
Ending balance	$	(3,782	)	$	619		$	(3,782	)	$	619
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature
Beginning balance	$	(52,750	)	$	(1,896	)	$	(17,420	)	$	-
Revaluation		(30,799	)		(12,272	)		(66,129	)		(14,168	)
Ending balance	$	(83,549	)	$	(14,168	)	$	(83,549	)	$	(14,168	)
Unrealized gains (losses) on foreign currency translation
Beginning balance	$	(14,451	)	$	(315	)	$	(6,064	)	$	3,617
Revaluation		1,872			(3,664	)		(6,515	)		(7,596	)
Ending balance	$	(12,579	)	$	(3,979	)	$	(12,579	)	$	(3,979	)
Total	$	(128,266	)	$	(19,135	)	$	(128,266	)	$	(19,135	)

Schedule of reclassifications out of AOCI

Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30,						Nine Months Ended September 30,						Affected Line Item in the Statement of Income
	2022			2021			2022			2021
Unrealized gains (losses) on available-for-sale marketable securities
	$	(166)		$	12		$	(1010	)	$	16		Financial expense, net
		15			-			115			(4	)	Income taxes
	$	(151)		$	12		$	(895	)	$	12		Total, net of income taxes
Unrealized gains (losses) on cash flow hedges, net
		(157	)		97			(542	)		152		Cost of revenues
		(808	)		476			(2,841	)		751		Research and development
		(242	)		97			(662	)		153		Sales and marketing
		(215	)		124			(788	)		196		General and administrative
	$	(1,422	)	$	794		$	(4,833	)	$	1252		Total, before income taxes
		163			(96	)		561			(152	)	Income taxes
		(1,259	)		698			(4,272	)		1,100		Total, net of income taxes
Total reclassifications for the period	$	(1,410	)	$	710		$	(5,167	)	$	1,112

OTHER OPERATING EXPENSES (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Schedule of other operating expenses

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Impairment of goodwill and intangible assets (1)	$	-		$	-	$	4,008		$	-
Write-off of property, plant and equipment		(19	)		-		660			2,209
Sale of property, plant and equipment		(1,146	)		-		(1,146	)		-
Sale of Critical Power assets		(1,559	)		-		(1,559	)		-
Kokam purchase escrow (2)		-			-		-			(859	)
Total other operating expenses (income)	$	(2,724	)	$	-	$	1,963		$	1,350

(2) In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam acquisition escrow, with regards to a working capital adjustment.

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Net income per share:

Schedule of computation of basic and diluted net earnings (loss) per share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic EPS:
Numerator:
Net income	$	24,743	$	53,048	$	72,950	$	128,216
Denominator:
Shares used in computing net EPS of common stock, basic		55,730,328		52,355,867		54,788,734		52,056,233
Diluted EPS:
Numerator:
Net income attributable to common stock, basic	$	24,743	$	53,048	$	72,950	$	128,216
Notes due 2025		551		525		1,651		1,575
Net income attributable to common stock, diluted	$	25,294	$	53,573	$	74,601	$	129,791
Denominator:
Shares used in computing net EPS of common stock, basic		55,730,328		52,355,867		54,788,734		52,056,233
Notes due 2025		2,276,818		2,276,818		2,276,818		2,276,818
Effect of stock-based awards		740,392		1,296,315		820,489		1,622,390
Shares used in computing net EPS of common stock, diluted		58,747,538		55,929,000		57,886,041		55,955,441

Shares excluded from the calculation of diluted net EPS due to their anti-dilutive effect		138,916		243,689		181,802		169,597

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of reportable segments and operating income

	Three Months Ended September 30, 2022					Nine Months Ended September 30, 2022
	Solar		All other			Solar		All other
Revenues	$	788,610	$	47,954		$	2,084,206	$	134,931
Cost of revenues		565,403		42,594			1,484,303		125,883
Gross profit		223,207		5,360			599,903		9,048
Research and development		47,943		6,861			140,215		23,378
Sales and marketing		30,996		2,202			85,220		8,059
General and administrative		17,534		2,795			49,779		10,209
Segments profit (loss)	$	126,734	$	(6,498	)	$	324,689	$	(32,598	)

	Three Months Ended September 30, 2021					Nine Months Ended September 30, 2021
	Solar		All other			Solar		All other
Revenues	$	476,838	$	49,455		$	1,284,574	$	127,080
Cost of revenues		302,081		45,132			799,163		122,536
Gross profit		174,757		4,323			485,411		4,544
Research and development		34,657		8,853			102,151		22,376
Sales and marketing		21,127		2,290			60,758		7,340
General and administrative		14,054		2,863			39,094		9,783
Segments profit (loss)	$	104,919	$	(9,683	)	$	283,408	$	(34,955	)

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Solar revenues	$	788,610	$	476,838	$	2,084,206	$	1,284,574
All other revenues		47,954		49,455		134,931		127,080
Revenues from finance component		159		111		440		296
Consolidated revenues	$	836,723	$	526,404	$	2,219,577	$	1,411,950

The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Solar segment profit	$	126,734		$	104,919		$	324,689		$	283,408
All other segment loss		(6,498	)		(9,683	)		(32,598	)		(34,955	)
Segments operating profit		120,236			95,236			292,091			248,453
Amounts not allocated to segments:
Stock based compensation expenses		(35,751	)		(26,185	)		(106,932	)		(73,390	)
Amortization related to business combinations		(2,559	)		(2,785	)		(8,039	)		(8,007	)
Impairment of goodwill and intangible assets		-			-			(4,008	)		-
Disposal of assets related to Critical Power		-			-			(4,314	)		-
Sale of Critical Power assets		1,559			-			1,559			-
Other unallocated income (expenses), net		922			148			926			(955	)
Consolidated operating income	$	84,407		$	66,414		$	171,283		$	166,101

GENERAL (Narrative) (Details)	9 Months Ended	12 Months Ended
GENERAL (Narrative) (Details)	Sep. 30, 2022	Dec. 31, 2021
Accounts Payable [Member] \| Supplier Concentration Risk [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration risk (as a percent)	30.10%	27.90%

MARKETABLE SECURITIES (Schedule of AFS Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Available-for-sale - matures within one year, Amortized cost	$ 206,699	$ 168,038
Available-for-sale - matures within one year, Gross unrealized gains	0	23
Available-for-sale - matures within one year, Gross unrealized losses	(4,101)	(333)
Available-for-sale - matures within one year, Fair value	202,598	167,728
Available-for-sale - matures after one year, Amortized cost	720,705	487,918
Available-for-sale - matures after one year, Gross unrealized gains	0	9
Available-for-sale - matures after one year, Gross unrealized losses	(31,952)	(5,699)
Available-for-sale - matures after one year, Fair value	688,753	482,228
Amortized cost	927,404	655,956
Gross unrealized gains	0	32
Gross unrealized losses	(36,053)	(6,032)
Fair value	891,351	649,956
Corporate bonds [Member]
Available-for-sale - matures within one year, Amortized cost	203,445	160,462
Available-for-sale - matures within one year, Gross unrealized gains	0	23
Available-for-sale - matures within one year, Gross unrealized losses	(4,049)	(320)
Available-for-sale - matures within one year, Fair value	199,396	160,165
Available-for-sale - matures after one year, Amortized cost	683,804	474,412
Available-for-sale - matures after one year, Gross unrealized gains	0	9
Available-for-sale - matures after one year, Gross unrealized losses	(30,753)	(5,580)
Available-for-sale - matures after one year, Fair value	653,051	468,841
Governmental bonds [Member]
Available-for-sale - matures within one year, Amortized cost	3,254	7,576
Available-for-sale - matures within one year, Gross unrealized gains	0	0
Available-for-sale - matures within one year, Gross unrealized losses	(52)	(13)
Available-for-sale - matures within one year, Fair value	3,202	7,563
Available-for-sale - matures after one year, Amortized cost	36,901	13,506
Available-for-sale - matures after one year, Gross unrealized gains	0	0
Available-for-sale - matures after one year, Gross unrealized losses	(1,199)	(119)
Available-for-sale - matures after one year, Fair value	$ 35,702	$ 13,387

INVENTORIES, NET (Schedule of Inventories, Net) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 432,766	$ 247,386
Work in process	15,529	13,863
Finished goods	113,057	118,894
Inventories, net	$ 561,352	$ 380,143

INVESTMENT IN PRIVATELY-HELD COMPANY (Narrative) (Details) - AutoGrid Systems [Member] - USD ($) $ in Thousands	1 Months Ended
	Jul. 20, 2022	Dec. 31, 2021	Feb. 01, 2021	Jan. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments of preferred stock			$ 5,000	$ 11,643
Carrying value of non-marketable equity securities		$ 16,643
Proceeds from sale of investments	$ 24,175
Recorded gain	$ 7,533

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - Sep. 30, 2022 - Foreign exchange forward contracts [Member] $ in Millions, $ in Millions	AUD ($)	USD ($)
USD [Member]
Derivative [Line Items]
Forward/option contracts	$ 4	$ 9
Put option [Member] \| NIS [Member]
Derivative [Line Items]
Forward/option contracts		334
Call option [Member] \| NIS [Member]
Derivative [Line Items]
Forward/option contracts		$ 10

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of fair values of outstanding derivative instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative assets of options and forward contracts:
Total derivative assets	$ 1,813	$ 4,009
Derivative liabilities of options and forward contracts:
Total derivative liabilities	(4,269)	(169)
Designated cash flow hedges [Member] \| Prepaid expenses and other current assets [Member]
Derivative assets of options and forward contracts:
Total derivative assets	0	992
Designated cash flow hedges [Member] \| Accrued expenses and other current liabilities [Member]
Derivative liabilities of options and forward contracts:
Total derivative liabilities	(4,269)	0
Non-designated hedges [Member] \| Prepaid expenses and other current assets [Member]
Derivative assets of options and forward contracts:
Total derivative assets	1,813	3,017
Non-designated hedges [Member] \| Accrued expenses and other current liabilities [Member]
Derivative liabilities of options and forward contracts:
Total derivative liabilities	$ 0	$ (169)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Gains (losses) on derivative instruments recognized in our income statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financial expenses, net [Member] \| Non-designated hedges [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gains (losses) on derivative instruments	$ 1,211	$ 3,350	$ 5,154	$ 7,706

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Gains (losses) on derivative instruments recognized in the consolidated comprehensive income statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Comprehensive Income (Loss) [Member] \| Designated cash flow hedges [Member] \| Foreign exchange contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gains (losses) on derivative instruments recognized in the consolidated comprehensive income	$ (1,399)	$ 1,006	$ (8,928)	$ 1,719

FAIR VALUE MEASUREMENTS (Schedule of Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Level 1 [Member] \| Cash [Member]
Fair value of assets	$ 552,800	$ 508,389
Level 1 [Member] \| Money Market Mutual Funds [Member]
Fair value of assets	94,581	21,680
Level 1 [Member] \| Deposits [Member]
Fair value of assets	30,948	20
Level 2 [Member] \| Derivative Financial Instruments Liabilities [Member]
Fair value of liabilities	(4,269)	(169)
Level 2 [Member] \| Derivative Financial Instruments, Assets [Member]
Fair value of assets	1,813	4,009
Level 2 [Member] \| Short-term corporate bonds [Member]
Fair value of assets	199,396	160,165
Level 2 [Member] \| Short-term governmental bonds [Member]
Fair value of assets	3,202	7,563
Level 2 [Member] \| Long-term corporate bonds [Member]
Fair value of assets	653,051	468,841
Level 2 [Member] \| Long-term governmental bonds [Member]
Fair value of assets	$ 35,702	$ 13,387

WARRANTY OBLIGATIONS (Schedule of product warranty obligations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Changes in the Company's product warranty liability
Balance, at the beginning of the period	$ 324,176	$ 232,167	$ 265,160	$ 204,994
Additions and adjustments to cost of revenues	56,815	43,068	163,783	109,382
Usage and current warranty expenses	(34,852)	(28,172)	(82,804)	(67,313)
Balance, at end of the period	346,139	247,063	346,139	247,063
Less current portion	(97,222)	(67,096)	(97,222)	(67,096)	$ (71,480)
Warranty obligations	$ 248,917	$ 179,967	$ 248,917	$ 179,967	$ 193,680

DEFERRED REVENUES (Schedule of Balances of Deferred Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Balance, at the beginning of the period	$ 200,695	$ 144,253	$ 169,345	$ 140,020
Revenue recognized	(12,731)	(10,667)	(37,855)	(46,259)
Increase in deferred revenues and customer advances	20,756	19,622	77,230	59,447
Balance, at the end of the period	208,720	153,208	208,720	153,208
Less current portion	(31,896)	(16,939)	(31,896)	(16,939)
Long term portion	$ 176,824	$ 136,269	$ 176,824	$ 136,269

DEFERRED REVENUES (Schedule Estimated Revenues Expected To Recognized In Future To Performance Obligations) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Deferred revenues	$ 208,720	$ 200,695	$ 169,345	$ 153,208	$ 144,253	$ 140,020
2022 [Member]
Deferred revenues	11,697
2023 [Member]
Deferred revenues	23,044
2024 [Member]
Deferred revenues	10,466
2025 [Member]
Deferred revenues	9,648
2026 [Member]
Deferred revenues	9,047
Thereafter [Member]
Deferred revenues	$ 144,818

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 112,388	$ 57,158
Government authorities	40,189	22,631
Operating lease liabilities	15,307	12,728
Provision for legal claims	39	11,622
Accrual for sales incentives	5,558	3,048
Other	8,411	2,192
Accrued expenses and other current liabilities	$ 181,892	$ 109,379

CONVERTIBLE SENIOR NOTES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs				$ 2,186	$ 2,175
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 interest						0.47%
Effective coupon rate	0.00%
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		$ 730	$ 726	$ 2,186	$ 2,175
Amortized period				3 years
Senior Notes [Member] \| Level 2 [Member]
Debt Instrument [Line Items]
Estimated fair value of notes		$ 691,190		$ 691,190

CONVERTIBLE SENIOR NOTES (Schedule of Convertible Senior Notes) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Liability:
Net carrying amount	$ 623,721	$ 621,535
Convertible Senior Notes [Member]
Liability:
Principal	632,500	632,500
Unamortized issuance costs	(8,779)	(10,965)
Net carrying amount	$ 623,721	$ 621,535

STOCK CAPITAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Mar. 17, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Underwriters discounts and commissions			$ 27,140
Offering costs			$ 834
Proceeds from secondary public offering, net of issuance costs					$ 650,526	$ 0
Number of shares of common stock reserved for issuance pursuant to stock awards under the plan		10,000,000			10,000,000
Capitalized stock-based compensation		$ 881			$ 977
Equity based compensation expenses to employees and nonemployees		2,646		$ 3,791	9,182	10,249
Tax benefit realized from share-based compensation		3,060		$ 4,720	8,871	$ 10,400
Unrecognized compensation expense		$ 279,982			$ 279,982
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
Underwriters discounts and commissions	$ 27,140
Offering costs	834
Proceeds from secondary public offering, net of issuance costs	$ 650,526
Option [Member] \| 2007 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		18,047,085			18,047,085
Number of shares available for future grant under the plan		9,802,734			9,802,734
Option [Member] \| 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant under the plan		8,617,974			8,617,974		379,358
Percentage of common shares increase automatically each year					5.00%
ESPP [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		3,662,737			3,662,737
Number of shares available for future grant under the plan		2,965,885			2,965,885
Number of Common stock purchased					696,852
Period of plan increase automatically number of shares					487,643
Percentage of common shares increase automatically each year					1.00%
Maximum percentage of salary		15.00%			15.00%
Aggregate limit per participant					$ 15
Purchase price of common stock, percent					85.00%

STOCK CAPITAL (Summary of the Activity in the Share Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Number of options
Exercised	(1,866)
Option [Member] \| Employees and Members of Board of Directors [Member]
Number of options
Outstanding at the beginning of the period		474,280
Exercised		(123,420)
Forfeited or expired		(243)
Outstanding at the end of the period	350,617	350,617	474,280
Weighted average exercise price
Outstanding at the beginning of the period		$ 44.68
Exercised		28.42
Forfeited or expired		5.01
Outstanding at the end of the period	$ 50.43	$ 50.43	$ 44.68
Weighted average remaining contractual term in years
Outstanding		5 years 25 days	5 years 2 months 19 days
Aggregate intrinsic Value
Outstanding	$ 65,030	$ 65,030	$ 112,479
Exercised	$ 0	$ 0
Vested and expected to vest at the end of the period
Number of options	349,682	349,682
Weighted average exercise price	$ 50.22	$ 50.22
Weighted average remaining contractual term in years		5 years 1 month 6 days
Aggregate intrinsic Value	$ 64,916	$ 64,916
Exercisable at the end of the period
Number of options	298,440	298,440
Weighted average exercise price	$ 36.94	$ 36.94
Weighted average remaining contractual term in years		4 years 9 months
Aggregate intrinsic Value	$ 58,637	$ 58,637

STOCK CAPITAL (Schedule of RSUs and PSUs Activity) (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	1,759,972
Granted \| shares	259,198
Vested \| shares	(620,186)
Forfeited \| shares	(115,327)
Unvested at end of period \| shares	1,283,657
Weighted average grant date fair value, beginning of period \| $ / shares	$ 189.25
Weighted average grant date fair value, granted \| $ / shares	299.66
Weighted average grant date fair value, vested \| $ / shares	128.46
Weighted average grant date fair value, forfeited \| $ / shares	209.13
Weighted average grant date fair value, end of period \| $ / shares	$ 214.73
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of period \| shares	108,595
Granted \| shares	39,263
Unvested at end of period \| shares	147,858
Weighted average grant date fair value, beginning of period \| $ / shares	$ 296.4
Weighted average grant date fair value, granted \| $ / shares	293.04
Weighted average grant date fair value, end of period \| $ / shares	$ 295.51

STOCK CAPITAL (Schedule of Stock-based Compensation Expense for Employees and Nonemployee) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 35,751	$ 26,185	$ 106,932	$ 73,390
Cost of Sales [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	4,660	4,289	15,008	14,370
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	14,553	11,949	46,357	30,552
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	9,341	5,737	23,089	16,952
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 7,197	$ 4,210	$ 22,478	$ 11,516

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) $ in Thousands, € in Millions, ₪ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Dec. 31, 2019 ILS (₪)	Dec. 31, 2019 USD ($)
Non-cancelable purchase obligations		$ 1,639,157
Provision for loss		5,874
Contractual obligations for capital expenditures		69,158
Former Consultant and Israeli Subsidiary [Member]
Lawsuit claims			₪ 25.5	$ 7,197
Patents [Member]
Value in dispute	€ 5.5	5,411
Office Rent Lease Agreements [Member]
Guarantees amount		5,924
Projects With Customers [Member]
Guarantees amount		2,767
Other Transactions [Member]
Guarantees amount		$ 1,321

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Changes in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Beginning balance			$ (27,319)				$ (27,319)
Net current period other comprehensive income (loss)	$ (38,646)	$ (43,553)	(18,748)	$ (15,599)	$ 3,225	$ (10,618)	(100,947)	$ (22,992)
Ending balance	(128,266)			(19,135)			(128,266)	(19,135)
Unrealized gains (losses) on available-for-sale marketable securities [Member]
Beginning balance	(18,777)		(4,709)	(1,636)		240	(4,709)	240
Revaluation	(12,424)			6			(31,064)	(2,340)
Tax on revaluation	2,694			35			6,522	505
Other comprehensive income (loss) before reclassifications	(9,730)			41			(24,542)	(1,835)
Reclassification	166			(16)			1,010	(16)
Tax on reclassification	(15)			4			(115)	4
Gains (losses) reclassified from accumulated other comprehensive income (loss)	151			(12)			895	(12)
Net current period other comprehensive income (loss)	(9,579)			29			(23,647)	(1,847)
Ending balance	(28,356)	(18,777)		(1,607)	(1,636)		(28,356)	(1,607)
Unrealized gains on cash flow hedges [Member]
Beginning balance	(3,642)		874	311		0	874	0
Revaluation	(1,569)			1,146			(10,094)	1,956
Tax on revaluation	170			(140)			1,166	(237)
Other comprehensive income (loss) before reclassifications	(1,399)			1,006			(8,928)	1,719
Reclassification	1,422			(794)			4,833	(1,251)
Tax on reclassification	(163)			96			(561)	151
Gains (losses) reclassified from accumulated other comprehensive income (loss)	1,259			(698)			4,272	(1,100)
Net current period other comprehensive income (loss)	(140)			308			(4,656)	619
Ending balance	(3,782)	(3,642)		619	311		(3,782)	619
Foreign currency translation adjustments on intra-entity transactions that are of a long-term investment in nature [Member]
Beginning balance	(52,750)		(17,420)	(1,896)		0	(17,420)	0
Revaluation	(30,799)			(12,272)			(66,129)	(14,168)
Ending balance	(83,549)	(52,750)		(14,168)	(1,896)		(83,549)	(14,168)
Unrealized gains (losses) on foreign currency translation [Member]
Beginning balance	(14,451)		$ (6,064)	(315)		$ 3,617	(6,064)	3,617
Revaluation	1,872			(3,664)			(6,515)	(7,596)
Ending balance	$ (12,579)	$ (14,451)		$ (3,979)	$ (315)		$ (12,579)	$ (3,979)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of Reclassifications of Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenues	$ 614,722	$ 353,843	$ 1,635,976	$ 943,123
Research and development	69,659	55,666	210,855	155,307
Sales and marketing	42,726	29,383	117,017	85,752
General and administrative	27,933	21,098	82,483	60,317
Total, before income taxes	137,594	106,147	412,318	302,726
Income taxes	34,172	7,615	53,081	24,294
Net income	24,743	53,048	72,950	128,216
Unrealized gains (losses) on 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 expense, net	(166)	12	(1,010)	16
Income taxes	15	0	115	(4)
Total, net of income taxes	151	12	(895)	12
Unrealized gains (losses) on cash flow hedges, net [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	(157)	97	(542)	152
Research and development	(808)	476	(2,841)	751
Sales and marketing	(242)	97	(662)	(153)
General and administrative	(215)	124	(788)	196
Total, before income taxes	(1,422)	794	(4,833)	1,252
Income taxes	163	(96)	561	(152)
Net income	(1,259)	698	(4,272)	1,100
Total reclassifications for the period	$ (1,410)	$ 710	$ (5,167)	$ 1,112

OTHER OPERATING EXPENSES (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Other Income and Expenses [Abstract]

Impairment of goodwill and intangible assets

^[1]

$ 0

$ 4,008

$ 0

Legal settlement related to Kokams acquisition

^[2]

$ 0

$ (859)

[1]	In June 2022, the Company decided to discontinue its stand-alone Critical Power activities. The Company recorded an impairment of goodwill and intangible assets related to its Critical Power business in an amount of $4,008, see also Note 1b.
[2]	In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam acquisition escrow, with regards to a working capital adjustment.

OTHER OPERATING EXPENSES (Schedule of Other Operating Expenses Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Other Income and Expenses [Abstract]

Impairment of goodwill and intangible assets

^[1]

$ 0

$ 4,008

$ 0

Write-off of property, plant and equipment

(19)

660

2,209

Sale of property, plant and equipment

(1,146)

Sale of Critical Power assets

(1,559)

Kokam purchase escrow

^[2]

(859)

Total other operating expenses (income)

$ (2,724)

$ 0

$ 1,963

$ 1,350

[1]	In June 2022, the Company decided to discontinue its stand-alone Critical Power activities. The Company recorded an impairment of goodwill and intangible assets related to its Critical Power business in an amount of $4,008, see also Note 1b.
[2]	In the nine months ended September 30, 2021, the Company received a payment of $859 out of the Kokam acquisition escrow, with regards to a working capital adjustment.

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Taxes Schedule Of Taxes On Income Details
Corporate alternative minimum tax rate			15.00%
Excise tax rate on stock buybacks			1.00%
Effective tax rate	58.00%	12.60%	42.10%	15.90%
Unrecognized tax benefits	$ 2,561		$ 2,561		$ 2,192

EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 24,743	$ 53,048	$ 72,950	$ 128,216
Denominator:
Shares used in computing net earnings per share of common stock, basic	55,730,328	52,355,867	54,788,734	52,056,233
Numerator:
Net income attributable to common stock, basic	$ 24,743	$ 53,048	$ 72,950	$ 128,216
Notes due 2025	551	525	1,651	1,575
Net income attributable to common stock, diluted	$ 25,294	$ 53,573	$ 74,601	$ 129,791
Denominator:
Shares used in computing net earnings per share of common stock, basic	55,730,328	52,355,867	54,788,734	52,056,233
Notes due 2025	2,276,818	2,276,818	2,276,818	2,276,818
Effect of stock-based awards	740,392	1,296,315	820,489	1,622,390
Shares used in computing net earnings per share of common stock, diluted	58,747,538	55,929,000	57,886,041	55,955,441
Shares excluded from the calculation of diluted net EPS due to their anti-dilutive effect	138,916	243,689	181,802	169,597

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION (Schedule of Reportable Segments and Operating Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Segment Reporting Information [Line Items]

Revenues

$ 836,723

$ 526,404

$ 2,219,577

$ 1,411,950

Cost of revenues

614,722

353,843

1,635,976

943,123

Gross profit

222,001

172,561

583,601

468,827

Research and development

69,659

55,666

210,855

155,307

Sales and marketing

42,726

29,383

117,017

85,752

General and administrative

27,933

21,098

82,483

60,317

Solar segment profit

126,734

104,919

324,689

283,408

All other segment loss

(6,498)

(9,683)

(32,598)

(34,955)

Segments operating profit

120,236

95,236

292,091

248,453

Amounts not allocated to segments:

Stock based compensation expenses

(35,751)

(26,185)

(106,932)

(73,390)

(2,559)

(2,785)

(8,039)

(8,007)

Impairment of goodwill and intangible assets

^[1]

(4,008)

Disposal of assets related to Critical Power

(4,314)

Sale of Critical Power assets

1,559

Other unallocated income (expenses), net

922

148

926

(955)

Consolidated operating income

84,407

66,414

171,283

166,101

Solar [Member]

Segment Reporting Information [Line Items]

Revenues

788,610

476,838

2,084,206

1,284,574

Cost of revenues

565,403

302,081

1,484,303

799,163

Gross profit

223,207

174,757

599,903

485,411

Research and development

47,943

34,657

140,215

102,151

Sales and marketing

30,996

21,127

85,220

60,758

General and administrative

17,534

14,054

49,779

39,094

Segments profit (loss)

126,734

104,919

324,689

283,408

All Other [Member]

Segment Reporting Information [Line Items]

Revenues

47,954

49,455

134,931

127,080

Cost of revenues

42,594

45,132

125,883

122,536

Gross profit

5,360

4,323

9,048

4,544

Research and development

6,861

8,853

23,378

22,376

Sales and marketing

2,202

2,290

8,059

7,340

General and administrative

2,795

2,863

10,209

9,783

Segments profit (loss)

$ (6,498)

$ (9,683)

$ (32,598)

$ (34,955)

[1]	In June 2022, the Company decided to discontinue its stand-alone Critical Power activities. The Company recorded an impairment of goodwill and intangible assets related to its Critical Power business in an amount of $4,008, see also Note 1b.

SEGMENT, GEOGRAPHIC AND PRODUCT INFORMATION (Schedule of Reportable Segments Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 836,723	$ 526,404	$ 2,219,577	$ 1,411,950
Solar revenues [Member]
Segment Reporting Information [Line Items]
Revenues	788,610	476,838	2,084,206	1,284,574
All other revenues [Member]
Segment Reporting Information [Line Items]
Revenues	47,954	49,455	134,931	127,080
Revenues from finance component [Member]
Segment Reporting Information [Line Items]
Revenues	$ 159	$ 111	$ 440	$ 296

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details