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COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Operating Leases
The Company leases office facilities under noncancellable operating leases that expire on various dates through 2034, some of which may include options to extend the leases for up to 12 years.
The components of lease expense are presented as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(In thousands)
Operating lease costs$2,675 $2,416 $5,322 $5,008 
The components of lease liabilities are presented as follows:
June 30,
2024		December 31,
2023
(In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities)
$5,123 $5,220 
Operating lease liabilities, non-current (Other liabilities)18,200 18,802 
Total operating lease liabilities
$23,323 $24,022 
Supplemental lease information:
Weighted average remaining lease term
6.0 years5.8 years
Weighted average discount rate
6.9%7.0%
Supplemental cash flow and other information related to operating leases were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$1,699 $1,788 $3,604 $3,490 
Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets
$655 $2,852 $2,350 $4,368 
Undiscounted cash flows of operating lease liabilities as of June 30, 2024 were as follows:
Lease Amounts
(In thousands)
Year:
2024 (remaining six months)$3,260 
20256,219 
20264,557 
20273,211 
20282,801 
Thereafter8,995 
Total lease payments
29,043 
Less: imputed lease interest
(5,720)
Total lease liabilities
$23,323 
Purchase Obligations
The Company has contractual obligations related to component inventory that its contract manufacturers procure on its behalf in accordance with its production forecast as well as other inventory related purchase commitments. As of June 30, 2024, these purchase obligations totaled approximately $159.3 million.
Litigation
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. An accrual for a loss contingency or loss recovery is recognized when it is probable and the amount of loss or recovery can be reasonably estimated. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s business, results of operations, financial position and cash flows for that reporting period could be materially adversely affected. As of June 30, 2024 and December 31, 2023, in the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims, except for the complaint described below.
On July 17, 2024, Zola Electric International, Ltd. (“Zola”) filed a complaint with the United States District Court for the Northern District of California against the Company, alleging breach of contract and breach of the covenant of good faith and fair dealing related to a joint development agreement and master supply agreement between Zola and the Company. Zola does not quantify any alleged damages in the complaint, but in addition to attorneys' fees and costs, seeks an order compelling specific performance of the Company's contractual obligations, as well as damages in an amount to be proven at trial. Due to the early stage of this proceeding, the Company cannot reasonably estimate the potential range of loss, if any, or the likelihood of a potential adverse outcome. The Company intends to defend this case vigorously.