Note 8 - Segment, Significant Customers and Geographic Information

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

8. 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 electronics solutions for the enterprise data, storage and computing, automotive, communications, consumer and industrial 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 to 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 March 31,
Customer	2024			2023
Distributor A		41	%		20	%
Distributor B		13	%		21	%

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:

	March 31,			December 31,
Customer	2024			2023
Distributor A		49	%		42	%
Distributor B		14	%		13	%
Distributor C		*			10	%

* Represents less than 10%

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

	Three Months Ended March 31,
Country or Region	2024		2023
China	$	263,040	$	225,052
Taiwan		100,450		48,833
South Korea		35,537		45,680
Europe		17,742		43,103
United States		14,820		31,017
Southeast Asia		13,239		26,432
Japan		12,948		30,815
Other		109		133
Total	$	457,885	$	451,065

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

	Three Months Ended March 31,
Product Family	2024		2023
Direct Current (“DC”) to DC	$	415,975	$	425,181
Lighting Control		41,910		25,884
Total	$	457,885	$	451,065

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

	March 31,		December 31,
Country	2024		2023
China	$	188,698	$	184,685
United States		121,775		119,430
Taiwan		38,084		39,419
Other		27,016		25,418
Total	$	375,573	$	368,952