REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

The Company has one business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:



	Three Months Ended March 31,
	2020		2019
	(In thousands)
Primary geographical markets:
United States	$	179,600	$	77,686
International	25,945		22,464
Total	$	205,545	$	100,150

Timing of revenue recognition:
Products delivered at a point in time	$	194,679	$	90,400
Products and services delivered over time	10,866		9,750
Total	$	205,545	$	100,150

Contract Balances

Receivables, and contract assets and contract liabilities from contracts with customers are as follows:



	March 31, 2020		December 31, 2019
	(In thousands)
Receivables	$	95,484	$	145,413
Short-term contract assets (Prepaid expenses and other assets)	15,928		15,055
Long-term contract assets (Other assets)	45,361		42,087
Short-term contract liabilities (Deferred revenues)	39,022		81,783
Long-term contract liabilities (Deferred revenues)	106,205		100,204

The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets in the three months ended March 31, 2020.

Significant changes in the balances of contract assets (prepaid expenses and other assets) during the period are as follows (in thousands):



Contract Assets
Balance on December 31, 2019	$	57,142
Amount recognized	(4,140		)
Increase	8,287
Balance as of March 31, 2020	$	61,289

Contract liabilities are recorded as deferred revenue on the accompanying condensed consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.

Significant changes in the balances of contract liabilities (deferred revenues) during the period are as follows (in thousands):



Contract Liabilities
Balance on December 31, 2019	$	181,987
Revenue recognized	(55,373		)
Increase due to billings	18,613
Balance as of March 31, 2020	$	145,227

Remaining Performance Obligations

Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows:



	March 31, 2020
	(In thousands)
Fiscal year:
2020 (remaining nine months)	$	30,514
2021	33,553
2022	28,527
2023	22,743
2024	17,566
Thereafter	12,324
Total	$	145,227