Note 3 - Revenue From Contracts With Customers

3 Months Ended

Mar. 29, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 3 - Revenue from Contracts with Customers

Disaggregation of Revenue

The following tables provide information about revenue from contracts with customers disaggregated by channel and by geographical market, based on ship-to location of our customers:

	Three Months Ended
Revenue by Channel	March 29,				March 30,
(In thousands)	2025				2024
Distributors	$	94,337	79	%	$	123,205	87	%
Direct		25,813	21	%		17,610	13	%
Total revenue	$	120,150	100	%	$	140,815	100	%
Revenue by Geographical Market
(In thousands)
China	$	57,135	48	%	$	56,872	40	%
Japan		12,954	11	%		24,988	18	%
Other Asia		7,652	6	%		10,568	8	%
Asia		77,741	65	%		92,428	66	%
Americas		29,997	25	%		31,980	22	%
Europe		12,412	10	%		16,407	12	%
Total revenue	$	120,150	100	%	$	140,815	100	%

Contract Balances

Our contract assets relate primarily to our rights to consideration for licenses and royalties due to us as a member of the HDMI Founders consortium. The balance results primarily from the amount of estimated revenue related to HDMI that we have recognized to date, but which has not yet been distributed to us by the HDMI licensing agent. Contract assets are included in Prepaid expenses and other current assets on our Consolidated Balance Sheets. The following table summarizes activity during the first three months of fiscal 2025:

(In thousands)
Contract assets as of December 28, 2024	$	17,878
Revenues recorded during the period		9,494
Transferred to Accounts receivable or collected		(21,410	)
Contract assets as of March 29, 2025	$	5,962

Contract liabilities are included in Accrued liabilities on our Consolidated Balance Sheets. The following table summarizes activity during the first three months of fiscal 2025:

(In thousands)
Contract liabilities as of December 28, 2024	$	11,182
Revenue recognized from satisfied performance obligations		(6,469	)
Accruals for estimated future stock rotation and scrap returns		1,461
Less: Release of accruals for recognized stock rotation and scrap returns		(1,812	)
Contract liabilities as of March 29, 2025	$	4,362