Note 4 - Revenue

9 Months Ended

Sep. 30, 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 September 30, 2024								Nine Months Ended September 30, 2024
	Power Solutions and Protection		Connectivity Solutions		Magnetic Solutions		Consolidated		Power Solutions and Protection		Connectivity Solutions		Magnetic Solutions		Consolidated
By Geographic Region:
North America	$	30,806	$	42,414	$	7,335	$	80,555	$	109,552	$	131,678	$	20,808	$	262,038
Europe		13,172		11,422		1,315		25,909		44,115		32,100		3,649		79,864
Asia		4,702		1,879		10,593		17,174		13,811		4,044		25,176		43,031
	$	48,680	$	55,715	$	19,243	$	123,638	$	167,478	$	167,822	$	49,633	$	384,933
By Sales Channel:
Direct to customer	$	32,960	$	34,085	$	13,398	$	80,443	$	109,357	$	104,583	$	34,977	$	248,917
Through distribution		15,720		21,630		5,845		43,195		58,121		63,239		14,656		136,016
	$	48,680	$	55,715	$	19,243	$	123,638	$	167,478	$	167,822	$	49,633	$	384,933

	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
	Power Solutions and Protection		Connectivity Solutions		Magnetic Solutions		Consolidated		Power Solutions and Protection		Connectivity Solutions		Magnetic Solutions		Consolidated
By Geographic Region:
North America	$	55,262	$	42,841	$	12,980	$	111,083	$	182,183	$	130,086	$	34,680	$	346,949
Europe		13,759		7,500		1,545		22,804		43,266		25,462		6,976		75,704
Asia		5,841		1,430		17,524		24,795		19,685		4,462		53,003		77,150
	$	74,862	$	51,771	$	32,049	$	158,682	$	245,134	$	160,010	$	94,659	$	499,803
By Sales Channel:
Direct to customer	$	52,507	$	31,369	$	25,021	$	108,897	$	174,143	$	101,063	$	70,700	$	345,906
Through distribution		22,355		20,402		7,028		49,785		70,991		58,947		23,959		153,897
	$	74,862	$	51,771	$	32,049	$	158,682	$	245,134	$	160,010	$	94,659	$	499,803

  
The balances of the Company’s contract assets and contract liabilities at  September 30, 2024 and December 31, 2023 are as follows:

	September 30,		December 31,
	2024		2023
Contract assets - current (unbilled receivables)	$	5,312	$	12,793
Contract liabilities - current (deferred revenue)	$	2,579	$	3,046

The change in balance of our unbilled receivables from December 31, 2023 to September 30, 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 balances at  December 31, 2023 and  September 30, 2024 primarily relates to customer prepayments on invoices, 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  September 30, 2024 related to contracts that exceed one year in duration amounted to $16.6 million, with expected contract expiration dates that range largely from 2025 – 2027. It is expected that $3.8 million of this aggregate amount will be recognized in 2025, $8.1 million will be recognized in 2026, $0.7 million will be recognized in 2027 and the remainder will be recognized in years beyond 2027. The majority of the Company's orders received (but not yet shipped) at  September 30, 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.