Revenues from contracts with customers

3 Months Ended

Sep. 27, 2024

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Revenues from contracts with customers

Revenue by Geographic Area, End Market and Product Category

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 27, 2024		As a % of Total Revenues		Three Months Ended September 29, 2023		As a % of Total Revenues
North America
U.S.	$	307,820			$	254,859
Others (1)	1,658				3,460
Total revenue in North America	309,478		38.5	%	258,319		37.7	%
Asia-Pacific and others
Israel	290,953				210,676
India	76,830				70,777
Hong Kong	18,547				15,788
China	11,872				20,260
Thailand	11,121				13,027
Singapore	10,763				683
Malaysia	7,498				33,319
Others	9,054				7,292
Total revenue in Asia-Pacific and others	436,638		54.3	%	371,822		54.2	%
Europe
U.K.	32,450				29,774
Germany	9,344				12,780
Others	16,318				12,782
Total revenue in Europe	$	58,112	7.2	%	$	55,336	8.1	%
Total revenue	$	804,228	100.0	%	$	685,477	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.

The following table presents revenues by end market and product category:

(in thousands, except percentages)	Three Months Ended September 27, 2024		As a % of Total Revenues		Three Months Ended September 29, 2023		As a % of Total Revenues
Optical communications
Datacom	$	328,881			$	242,043
Telecom	297,434				291,214
Total revenue - Optical communications	$	626,315	77.9	%	$	533,257	77.8	%
Non-optical communications
Automotive	$	102,741			$	88,358
Industrial laser	35,326				29,915
Others	39,846				33,947
Total revenue - Non-optical communications	$	177,913	22.1	%	$	152,220	22.2	%
Total revenue	$	804,228	100.0	%	$	685,477	100.0	%

Contract Assets and Liabilities

A contract asset is recognized when the Company has recognized revenues, but has not yet issued an invoice to its customer 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 27, 2024 and June 28, 2024, the Company's contract assets were 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 27, 2024:

(in thousands)	Contract Liabilities
Beginning balance, June 28, 2024	$	7,846
Advance payments received during the period	2,627
Revenue recognized	(1,550)
Ending balance, September 27, 2024	$	8,923