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Geographic and Other Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Geographic and Segment Information
15. Geographic and Other Information
Historically, the Company operated in two reportable segments: Foundry Services Group and Standard Products Group. The Company’s Foundry Services Group provides specialty analog and mixed-signal foundry services mainly for fabless and Integrated Device Manufacturer (“IDM”) semiconductor companies that primarily serve communications, IoT, consumer, industrial and automotive applications. The Company’s Standard Products Group is comprised of two business lines: Display Solutions and Power Solutions. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and mobile, automotive applications and home appliances. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer and industrial applications.
On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and Fab 4. This divestiture allows the Company to strategically shift its operational focus to its standard products business. As a result, the results of the Foundry Services Group business were classified as discontinued operations in the Company’s consolidated statements of operations and thus excluded from both continuing operations and segment results for all periods presented. Please see “Item 1. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 2. Discontinued Operations and Assets Held for Sale” for additional information on the results of discontinued operations. Accordingly, the Company now has one reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who allocates resources and assesses performance of the business and other activities based on gross profit.
The following sets forth information relating to the single continuing operating segment (in thousands):
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
 
  
September 30,
2020
 
  
September 30,
2019
 
  
September 30,
2020
 
  
September 30,
2019
 
Revenues
  
      
  
      
  
      
  
      
Standard products business
            
Display Solutions
   
$
69,583
 
   
$
90,550
 
   
$
216,352
 
   
$
233,041
 
Power Solutions
   
 
46,679
 
   
 
48,723
 
   
 
119,601
 
   
 
138,502
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total standard products business
   
 
116,262
 
   
 
139,273
 
   
 
335,953
 
   
 
371,543
 
Transitional Fab 3 foundry services
   
 
8,551
 
   
 
9,894
 
   
 
28,161
 
   
 
25,776
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
   
$
 124,813
 
   
$
 149,167
 
   
$
 364,114
 
   
$
 397,319
 
  
 
 
     
 
 
     
 
 
     
 
 
  
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,

2020
     
September 30,

2019
     
September 30,

2020
     
September 30,

2019
  
Gross Profit
            
Standard products business
    $  28,768      $  35,255      $  90,036      $  85,900  
Transitional Fab 3 foundry services
      (180 )       —          (180 )       —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total gross profit
    $ 28,588      $ 35,255      $ 89,856      $ 85,900  
  
 
 
     
 
 
     
 
 
     
 
 
  
The following is a summary of net sales – standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands):
 
                                                                                   
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,

2020
     
September 30,

2019
     
September 30,

2020
     
September 30,

2019
  
Korea
   
$
28,370
 
   
$
36,114
 
   
$
81,144
 
   
$
107,319
 
Asia Pacific (other than Korea)
   
 
84,188
 
   
 
100,872
 
   
 
245,940
 
   
 
258,276
 
United States
   
 
1,789
 
   
 
482
 
   
 
3,959
 
   
 
1,600
 
Europe
   
 
1,451
 
   
 
1,501
 
   
 
3,278
 
   
 
3,515
 
Others
   
 
464
 
   
 
304
 
   
 
1,632
 
   
 
833
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
116,262
 
   
$
139,273
 
   
$
335,953
 
   
$
371,543
 
  
 
 
     
 
 
     
 
 
     
 
 
  
For the three months ended September 30, 2020 and 2019, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in Greater China (China, Hong Kong and Macau) represented 87.7% and 95.8%, respectively.
For the nine months ended September 30, 2020 and 2019, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in Greater China (China, Hong Kong and Macau) represented 88.4% and 95.8%, respectively.
Net sales from the Company’s top ten largest customers in the standard products business (which does not include the Transitional Fab 3 Foundry Services) accounted for 87% and 90% for the three months ended September 30, 2020 and 2019, respectively, and 88% and 90% for the nine months ended September 30, 2020 and 2019, respectively.
For the three months ended September 30, 2020, the Company had one customer that represented 52.9% of its net sales – standard products business, and for the nine months ended September 30, 2020, the Company had one customer that represented 54.0% of its net sales – standard products business.
For the three months ended September 30, 2019, the Company had one customer that represented 56.1% of its net sales – standard products business, and for the nine months ended September 30, 2019, the Company had one customer that represented 52.6% of its net sales – standard products business.
As of September 30, 2020 and December 31, 2019, one customer accounted for 39.4% and 43.1% of accounts receivable, net, respectively.