Note 4 - Revenue

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

4. REVENUE

The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:

	Three Months Ended March 31, 2024
	Power Solutions and Protection		Connectivity Solutions		Magnetic Solutions		Consolidated
By Geographic Region:
North America	$	39,549	$	43,884	$	6,123	$	89,556
Europe		16,333		9,436		1,216		26,985
Asia		4,365		965		6,219		11,549
	$	60,247	$	54,285	$	13,558	$	128,090
By Sales Channel:
Direct to customer	$	38,825	$	34,070	$	9,786	$	82,681
Through distribution		21,422		20,215		3,772		45,409
	$	60,247	$	54,285	$	13,558	$	128,090

	Three Months Ended March 31, 2023
	Power Solutions and Protection		Connectivity Solutions		Magnetic Solutions		Consolidated
By Geographic Region:
North America	$	62,800	$	43,013	$	10,354	$	116,167
Europe		13,599		8,401		2,766		24,766
Asia		6,782		1,982		22,647		31,411
	$	83,181	$	53,396	$	35,767	$	172,344
By Sales Channel:
Direct to customer	$	59,614	$	33,725	$	27,411	$	120,750
Through distribution		23,567		19,671		8,356		51,594
	$	83,181	$	53,396	$	35,767	$	172,344

The balances of the Company’s contract assets and contract liabilities at  March 31, 2024 and December 31, 2023 are as follows:

	March 31,		December 31,
	2024		2023
Contract assets - current (unbilled receivables)	$	9,150	$	12,793
Contract liabilities - current (deferred revenue)	$	2,606	$	3,046

The change in balance of our unbilled receivables from December 31, 2023 to March 31, 2024 primarily relates to a timing difference between the Company’s performance (i.e. when our product is shipped to a customer-controlled hub) and the point at which the Company can invoice the customer per the terms of the customer contract (i.e. when the customer pulls our product from the customer-controlled hub). Our deferred revenue balance at  December 31, 2023 and  March 31, 2024 primarily relates to customer prepayments on invoices related to surcharges and expedite fees, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer.

Transaction Price Allocated to Future Obligations:

The aggregate amount of transaction price allocated to remaining performance obligations that have not been fully satisfied as of  March 31, 2024 related to contracts that exceed one year in duration amounted to $6.7 million, with expected contract expiration dates that range largely from 2025 – 2026. It is expected that $0.7 million of this aggregate amount will be recognized in 2025, $6.0 million will be recognized in 2026 and the remainder will be recognized in years beyond 2026.  The majority of the Company's orders received (but not yet shipped) at  March 31, 2024 is related to contracts that have an original expected duration of one year or less, for which the Company is electing to utilize the practical expedient available within the guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers.