Note 8 - Segment, Significant Customers and Geographic Information

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

8. SEGMENT, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance, semiconductor-based power electronics solutions for the enterprise data, storage and computing, automotive, communications, consumer and industrial markets. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations.

The Company sells its products primarily to third-party distributors and value-added resellers, and directly to OEMs, ODMs and EMS providers. The following table summarizes those customers with sales equal to 10% or more of the Company’s total revenue:

	Three Months Ended September 30,						Nine Months Ended September 30,
Customer	2024			2023			2024			2023
Distributor A		24	%		27	%		33	%		23	%
Distributor B		25	%		21	%		19	%		21	%
Distributor C		*			11	%		*			10	%

* Represents less than 10%

The Company’s agreements with these third-party customers were made in the ordinary course of business and may be terminated with or without cause by these customers with advance notice. Although the Company may experience a short-term disruption in the distribution of its products and a short-term decline in revenue if its agreement with any of the distributors were terminated, the Company believes that such termination would not have a material adverse effect on its financial statements because it would be able to engage alternative distributors, resellers and other distribution channels to deliver its products to end customers within a short period following any termination of the agreement with a distributor.

The following table summarizes those customers with accounts receivable equal to 10% or more of the Company’s total accounts receivable:

	September 30,			December 31,
Customer	2024			2023
Distributor A		25	%		42	%
Distributor B		25	%		13	%
Distributor C		10	%		10	%

The following is a summary of revenue by geographic region (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Country or Region	2024		2023		2024		2023
China	$	310,472	$	234,924	$	856,026	$	676,148
Taiwan		179,747		103,537		407,593		222,582
South Korea		51,815		41,698		126,865		128,047
Europe		25,145		29,827		61,992		109,278
United States		13,797		23,565		42,544		82,153
Southeast Asia		22,772		22,538		47,363		70,678
Japan		16,286		18,605		42,786		77,708
Other		85		173		266		466
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

In the second quarter of 2024, the Company reclassified certain products in its product families. The prior periods in the table below have been updated to conform with the new methodology.

The following is a summary of revenue by product family (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Product Family	2024		2023		2024		2023
Direct Current (“DC”) to DC	$	616,105	$	447,394	$	1,563,472	$	1,290,750
Lighting Control		4,014		27,473		21,963		76,310
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

The following is a summary of long-lived assets by geographic region (in thousands):

	September 30,		December 31,
Country	2024		2023
China	$	237,113	$	184,685
United States		125,952		119,430
Taiwan		39,929		39,419
Other		33,271		25,418
Total	$	436,265	$	368,952