
	Year Ended December 31,
(In thousands)	2025		2024		2023
Goods and services transferred at a point in time	$	294,337	$	321,410	$	324,433
Goods and services transferred over time	73,951		73,469		96,024
Net sales	$	368,288	$	394,879	$	420,457

Our net sales to external customers by channel were as follows:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Connected home (1)	$	125,384	$	108,258	$	125,546
Home entertainment (2)	242,904		286,621		294,911
Net sales	$	368,288	$	394,879	$	420,457

(1)The connected home channel represents climate control, smart home and security product sales sold primarily to HVAC, security, home automation and home appliance customers.

(2)The home entertainment channel represents entertainment-related product sales sold primarily to video service providers, consumer electronics original equipment manufacturers ("OEMs") and retailers. It also includes sales associated with intellectual property licensing and our cloud-based software solution.

Our net sales to external customers by geographic area were as follows:


	Year Ended December 31,
(In thousands)	2025		2024		2023
United States	$	110,564	$	106,718	$	129,528
Asia (excluding the PRC)	81,186		78,225		85,347
Europe	98,108		90,622		90,221
Latin America	24,135		34,433		28,870
PRC	32,463		60,338		63,334
Other	21,832		24,543		23,157
Total net sales	$	368,288	$	394,879	$	420,457

Specific identification of the customer billing location was the basis used for attributing revenues from external customers to geographic areas.


	December 31,
(In thousands)	2025		2024
Trade receivables, gross	$	71,410	$	93,773
Allowance for credit losses	(723)		(1,863)
Allowance for sales returns	(283)		(383)
Trade receivables, net	70,404		91,527
Other (1)	8,916		22,655
Accounts receivable, net (2)	$	79,320	$	114,182

(1) Other accounts receivable is primarily comprised of supplier, supplier rebate and interest receivables.

(2) Accounts receivable, net at December 31, 2023 was $112.6 million.


(In thousands)	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	1,863	$	815	$	957
Additions (reductions) to costs and expenses	454		1,081		70
Cash receipts	(1,063)		—		—
Write-offs/Foreign exchange effects	(531)		(33)		(212)
Balance at end of period	$	723	$	1,863	$	815

Contract assets were $8.1 million, $10.3 million, and $4.2 million at December 31, 2025, 2024 and 2023, respectively. The change in balances between periods is due to the fluctuation of custom product inventory balances for which we have an enforceable right to payment for performance completed to date.

We have current and non-current contract liability balances primarily consist of cash received in advance of providing our cloud-based software services. Contract liabilities are included within other accrued liabilities and other long-term liabilities in our consolidated balance sheets.

Changes in the carrying amount of contract liabilities were as follows:


(In thousands)	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	3,236	$	3,501

Payments received	4,270		5,524
Revenue recognized	(4,640)		(5,736)
Foreign exchange effects	13		(53)
Balance at end of period	$	2,879	$	3,236

Net sales to the following customers totaled more than 10% of our net sales:


	Year Ended December 31,
	2025				2024				2023
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	67,511	18.3	%	$	52,421	13.3	%	$	58,843	14.0	%
Comcast Corporation	$	45,431	12.3	%	(1)		(1)		(1)		(1)

(1) Sales associated with this customer did not total more than 10% of our net sales for the indicated period.