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Note 3 - Revenue From Contracts With Customers | 3 Months Ended
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Mar. 30, 2024
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 customer:
|  | Three Months Ended |
Revenue by Channel |  | March 30, |  |  | April 1, |
(In thousands) |  | 2024 |  |  | 2023 |
Distributors |  | $ | 123,205 |  |  |  | 87 | % |  | $ | 161,346 |  |  |  | 88 | %
Direct |  |  | 17,610 |  |  |  | 13 | % |  |  | 22,964 |  |  |  | 12 | %
Total revenue |  | $ | 140,815 |  |  |  | 100 | % |  | $ | 184,310 |  |  |  | 100 | %
Revenue by Geographical Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China |  |  | 56,872 |  |  |  | 40 | % |  |  | 55,722 |  |  |  | 30 | %
Japan |  |  | 24,988 |  |  |  | 18 | % |  |  | 30,017 |  |  |  | 16 | %
Other Asia |  |  | 10,568 |  |  |  | 8 | % |  |  | 20,016 |  |  |  | 11 | %
Asia |  |  | 92,428 |  |  |  | 66 | % |  |  | 105,755 |  |  |  | 57 | %
Americas |  |  | 31,980 |  |  |  | 22 | % |  |  | 41,903 |  |  |  | 23 | %
Europe |  |  | 16,407 |  |  |  | 12 | % |  |  | 36,652 |  |  |  | 20 | %
Total revenue |  | $ | 140,815 |  |  |  | 100 | % |  | $ | 184,310 |  |  |  | 100 | %
Contract Balances Our contract assets relate 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 2024:
(In thousands) |  |  |  |
Contract assets as of December 30, 2023 |  | $ | 11,194 |
Revenues recorded during the period |  |  | 3,947 |
Transferred to Accounts receivable or collected |  |  | (418 | )
Contract assets as of March 30, 2024 |  | $ | 14,723 |
Contract liabilities are included in Accrued liabilities on our Consolidated Balance Sheets. The following table summarizes activity during the first three months of fiscal 2024:
(In thousands) |  |  |  |
Contract liabilities as of December 30, 2023 |  | $ | 5,304 |
Accruals for estimated future stock rotation and scrap returns |  |  | 4,551 |
Less: Release of accruals for recognized stock rotation and scrap returns |  |  | (3,364 | )
Contract liabilities as of March 30, 2024 |  | $ | 6,491 |

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