SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES

12 Months Ended

Dec. 31, 2022

Significant Customers and Geographic Net Revenues

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES

8. SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES:

Customer Concentration

The Company’s top ten customers accounted for approximately 76%, 78% and 62% of revenues in 2022, 2021 and 2020, respectively. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including OEMs and merchant power supply manufacturers. Sales to distributors in 2022, 2021 and 2020 were $457.7 million, $525.7 million and $367.7 million, respectively. Direct sales to OEMs and power-supply manufacturers accounted for the remainder.

The following customers represented 10% or more of the Company’s net revenues for the respective years:

	Year Ended December 31,
Customer	2022		2021		2020
Avnet	31	%	30	%	19	%
Honestar Technologies Co., Ltd.	11	%	16	%	11	%

No other customers accounted for 10% or more of the Company’s net revenues in the periods presented.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consisted principally of cash investments and trade receivables. The Company does not have any off-balance-sheet credit exposure related to its customers. As of years ended December 31, 2022 and 2021, 87% and 86% of accounts receivable were concentrated with the Company’s top ten customers, respectively.

The following customers represented 10% or more of accounts receivable:

	December 31,		December 31,
Customer	2022		2021
Avnet	42	%	45	%
Salcomp Group	13	%	*
Flextronics Group	11	%	*

*Total customer accounts receivable was less than 10% of accounts receivable.

No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented.

Geographic Net Revenues

The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues based on “bill to” customer locations were as follows:

	Year Ended December 31,
(In thousands)	2022		2021		2020
United States of America	$	25,500	$	17,238	$	11,065
Hong Kong/China		356,865		446,980		306,938
India		33,159		25,961		19,845
Taiwan		19,789		25,991		21,650
Korea		52,074		59,501		40,059
Western Europe (excluding Germany)		32,429		35,835		33,564
Japan		34,924		25,101		17,453
Germany		52,876		32,664		23,242
Other		43,522		34,006		14,502
Total net revenues	$	651,138	$	703,277	$	488,318