Note 8 - Segment, Significant Customers and Geographic Information

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
Customer	2024			2023			2024			2023
Distributor A		38	%		22	%		40	%		21	%
Distributor B		17	%		20	%		15	%		21	%
Distributor C		*			11	%		*			10	%

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:

	June 30,			December 31,
Customer	2024			2023
Distributor A		41	%		42	%
Distributor B		24	%		13	%
Distributor C		*			10	%

* Represents less than 10%

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

	Three Months Ended June 30,				Six Months Ended June 30,
Country or Region	2024		2023		2024		2023
China	$	282,514	$	216,172	$	545,554	$	441,224
Taiwan		127,396		70,212		227,846		119,045
South Korea		39,513		40,669		75,050		86,349
Europe		19,105		36,348		36,847		79,451
United States		13,927		27,571		28,747		58,588
Southeast Asia		11,352		21,708		24,591		48,140
Japan		13,552		28,288		26,500		59,103
Other		72		160		181		293
Total	$	507,431	$	441,128	$	965,316	$	892,193

In the second quarter of 2024, the Company reclassified certain products in its product families. The prior periods in the table below have been updated to conform with the new methodology.

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

	Three Months Ended June 30,				Six Months Ended June 30,
Product Family	2024		2023		2024		2023
Direct Current (“DC”) to DC	$	501,302	$	418,175	$	947,367	$	843,356
Lighting Control		6,129		22,953		17,949		48,837
Total	$	507,431	$	441,128	$	965,316	$	892,193

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

	June 30,		December 31,
Country	2024		2023
China	$	207,614	$	184,685
United States		124,000		119,430
Taiwan		37,071		39,419
Other		31,849		25,418
Total	$	400,534	$	368,952