Note 7 - Segment, Significant Customers and Geographic Information

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

7. SEGMENT, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance, semiconductor-based power electronic solutions for the storage and computing, enterprise data, automotive, industrial, communications and consumer markets. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations.

The Company sells its products primarily through third-party distributors and value-added resellers, and directly to OEMs, ODMs and EMS providers. The following table summarizes those customers with sales equal to 10% or more of the Company’s total revenue:

	Three Months Ended September 30,						Nine Months Ended September 30,
Customer	2023			2022			2023			2022
Distributor A		27	%		25	%		23	%		24	%
Distributor B		21	%		18	%		21	%		18	%
Distributor C		11	%		10	%		10	%		11	%

The Company’s agreements with these third-party customers were made in the ordinary course of business and may be terminated with or without cause by these customers with advance notice. Although the Company may experience a short-term disruption in the distribution of its products and a short-term decline in revenue if its agreement with any of the distributors were terminated, the Company believes that such termination would not have a material adverse effect on its financial statements because it would be able to engage alternative distributors, resellers and other distribution channels to deliver its products to end customers within a short period following any termination of the agreement with a distributor.

The following table summarizes those customers with accounts receivable equal to 10% or more of the Company’s total accounts receivable:

	September 30,			December 31,
Customer	2023			2022
Distributor A		37	%		29	%
Distributor B		17	%		23	%

The following is a summary of revenue by geographic region (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Country or Region	2023		2022		2023		2022
China	$	234,924	$	265,053	$	676,148	$	720,911
Taiwan		103,537		58,920		222,582		185,025
South Korea		41,698		52,613		128,047		136,031
Europe		29,827		44,885		109,278		101,279
United States		23,565		24,965		82,153		62,384
Japan		18,605		22,399		77,708		63,690
Southeast Asia		22,538		26,458		70,678		64,460
Other		173		125		466		356
Total	$	474,867	$	495,418	$	1,367,060	$	1,334,136

The following is a summary of revenue by product family (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Product Family	2023		2022		2023		2022
Direct Current (“DC”) to DC	$	447,394	$	462,982	$	1,290,750	$	1,264,081
Lighting Control		27,473		32,436		76,310		70,055
Total	$	474,867	$	495,418	$	1,367,060	$	1,334,136

The following is a summary of long-lived assets by geographic region (in thousands):

	September 30,		December 31,
Country	2023		2022
China	$	182,646	$	200,508
United States		118,957		113,996
Taiwan		32,956		20,074
Other		23,667		22,579
Total	$	358,226	$	357,157