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Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates in one segment, machine vision technology. The Company has a single, company-wide management team that administers operations as a whole rather than as discrete operating segments. The Company’s chief operating decision maker is the chief executive officer, who assesses performance and allocates resources at the corporate level, as compared to the geography, product line, or end market levels. The Company offers a variety of machine vision products that have similar economic characteristics and are distributed by the same sales channels to the same types of customers.
The following table summarizes information about geographic areas (in thousands):
United StatesEuropeGreater China OtherTotal
Year Ended December 31, 2024
Revenue$306,766 $217,880 $164,147 $225,722 $914,515 
Long-lived assets56,948 15,655 14,844 16,025 $103,472 
Year Ended December 31, 2023
Revenue$288,324 $220,665 $164,115 $164,443 $837,547 
Long-lived assets62,946 17,005 17,028 15,958 $112,937 
Year Ended December 31, 2022
Revenue$343,835 $234,643 $227,447 $200,165 $1,006,090 
Long-lived assets66,928 14,725 1,334 3,370 $86,357 
Revenue is presented geographically based on the customer’s country of domicile.
Revenue from a single customer accounted for 10% and 11% of total revenue in 2024 and 2022, respectively. Revenue from this customer was not greater than 10% of total revenue in 2023. Accounts receivable from this customer was 10% of total accounts receivable as of December 31, 2024 and was not greater than 10% of total accounts receivable as of December 31, 2023.
Revenue from a second customer accounted for 11% of total revenue in 2022. Revenue from this customer was not greater than 10% of total revenue in 2024 or 2023. Accounts receivable from this customer was not greater than 10% of total accounts receivable as of December 31, 2024 or December 31, 2023.
The measure of segment profit or loss for the Company's single segment is net income. Segment expenses were disaggregated based on the information the chief operating decision maker uses to assess performance and allocate resources considering both quantitative and qualitative factors. The following table summarizes significant segment expenses, which represents the difference between segment revenue and segment net income, (in thousands):
Year Ended December 31,
202420232022
Revenue$914,515 $837,547 $1,006,090 
Less:
Cost of revenue (1)288,721 236,306 284,185 
Gross profit625,794 601,241 721,905 
Less:
Research, development, and engineering expenses
Salaries and fringe benefits79,544 78,762 76,448 
Incentive compensation (2)4,711 1,446 3,447 
Stock-based compensation14,628 16,480 17,693 
Depreciation and amortization3,229 3,056 2,649 
Other segment expenses (3)37,703 39,656 40,896 
Total research, development, and engineering expenses139,815 139,400 141,133 
Selling, general, and administrative expenses
Salaries and fringe benefits179,898 166,612 150,696 
Incentive compensation (2)45,565 35,513 40,716 
Stock-based compensation35,849 36,309 34,796 
Depreciation and amortization16,936 11,759 10,702 
Other segment expenses (3)92,666 88,946 75,197 
Total selling, general, and administrative expenses370,914 339,139 312,107 
Loss (recovery) from fire— (8,000)20,779 
Restructuring charges— — 1,657 
Operating income115,065 130,702 246,229 
Foreign currency gain (loss)1,531 (10,039)(1,837)
Investment income13,971 14,093 6,715 
Other income (expense)922 592 (412)
Income before income tax expense131,489 135,348 250,695 
Income tax expense25,318 22,114 35,170 
Net income$106,171 $113,234 $215,525 
(1) Cost of revenue includes depreciation and amortization expense (including amortization of acquired technologies) of $12,524,000, $7,065,000, and $6,270,000 for 2024, 2023, and 2022, respectively.
(2) Incentive compensation includes company bonus and sales commissions.
(3) Other segment expenses include outside services, prototyping materials, sales demonstration equipment, travel and entertainment, marketing programs, and rent, among other less significant expenses.