Revenue

12 Months Ended

Dec. 31, 2022

Revenue.

Revenue

3. Revenue

The Company sells products to its distributors and OEMs. The Company also recognizes revenue under licensing, patent, and royalty agreements with some customers. The following table presents the Company’s revenues disaggregated by sales channel (in thousands):

	Year Ended December 31,
	2022		2021
Distributor	$	50,943		36,479
Non-distributor		9,042		18,667
Total revenue	$	59,985	$	55,146

The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):

	Year Ended December 31,
	2022		2021
Point in time	$	56,675		51,204
Over time		3,310		3,942
Total revenue	$	59,985	$	55,146

The following table presents the Company’s revenues disaggregated by type (in thousands):

	Year Ended December 31,
	2022		2021
Product sales	$	55,032	$	43,931
Licensing		1,937		3,326
Royalties		1,414		2,021
Patents		—		5,250
Other revenue		1,602		618
Total revenue	$	59,985	$	55,146

In September 2021, the Company entered into an intellectual property monetization deal to sell five patents to a customer for a total contract value of $5.25 million. Two of the patents were assigned to the customer in September 2021, and the remaining three patents were assigned to the customer in October 2021. Control is transferred when the patents are assigned to the customer. As a result, all $5.25 million of patent revenue was recognized during the year ended December 31, 2021, related to the patent sales. There were no patent sales for the year ended December 31, 2022.

The Company licenses its intellectual property and is entitled to consideration based on the customer’s sales. The Company makes estimates in instances when the customer reports sales on a lagged basis and actual information is not available timely. The estimates are based on historical trends in the customer’s activity and current market conditions. In the year ended December 31, 2022, the Company recognized $0.3 million of royalty revenue related to activity occurring in the year ended December 31, 2021. In the year ended December 31, 2021, the Company recognized $0.8 million of royalty revenue related to activity occurring in the year ended December 31, 2020. This is a change in estimate and is based on actual information received from the customer. The amounts are reported in licensing, royalty, patent and other revenue in the statements of income and comprehensive income.

The Company recognizes revenue in three geographic regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). We recognize revenue by geography based on the region in which our products are sold, and not to where the end products in which they are assembled are shipped. Our revenue by region for the periods indicated was as follows (in thousands):

	Year Ended December 31,
	2022		2021
APAC	$	35,631	$	32,327
North America		14,533		15,813
EMEA		9,821		7,006
Total revenue	$	59,985	$	55,146