Revenues from contracts with customers

3 Months Ended

Sep. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Revenues from contracts with customers

Revenue by Geographic Area and End Market

Revenues are attributed to a particular geographic area based on the bill-to-location of the Company’s customers. The Company operates in three geographic regions: North America; Asia-Pacific and others; and Europe.

The following table presents total revenues by geographic region:

(in thousands, except percentages)	Three Months Ended September 29, 2023		As a % of Total Revenues		Three Months Ended September 30, 2022		As a % of Total Revenues
North America
U.S.	$	254,859			$	345,080
Others (1)	3,460				3,624
Total revenue in North America	258,319		37.7	%	348,704		53.2	%
Asia-Pacific and others
Israel (2)	210,676				37,277
India	70,777				80,033
Malaysia	33,319				49,324
China	20,260				23,064
Hong Kong	15,788				32,472
Thailand	13,027				12,616
Japan	6,810				10,348
Others	1,165				3,160
Total revenue in Asia-Pacific and others	371,822		54.2	%	248,294		37.9	%
Europe
U.K.	29,774				32,832
Germany	12,780				13,314
Others	12,782				12,285
Total revenue in Europe	$	55,336	8.1	%	$	58,431	8.9	%
Total revenue	$	685,477	100.0	%	$	655,429	100.0	%

(1)Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0.

(2)Due to increase in revenue from a significant customer.

The following table presents revenues by end market:

(in thousands, except percentages)	Three Months Ended September 29, 2023		As a % of Total Revenues		Three Months Ended September 30, 2022		As a % of Total Revenues
Optical communications	$	533,257	77.8	%	$	497,561	75.9	%
Automotive, lasers and other	152,220		22.2	%	157,868		24.1	%
Total	$	685,477	100.0	%	$	655,429	100.0	%

Contract Assets and Liabilities

A contract asset is recognized when the Company has recognized revenues prior to an invoice for payment. Contract assets are recognized in the unaudited condensed consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional.

As of September 29, 2023 and June 30, 2023, the contract assets are de minimis.

A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the unaudited condensed consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months.

The following tables summarize the activity in the Company’s contract liabilities during the three months ended September 29, 2023:

(in thousands)	Contract Liabilities
Beginning balance, June 30, 2023	$	3,036
Advance payment received during the period	1,497
Revenue recognized	(3,285)
Ending balance, September 29, 2023	$	1,248