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Segment and Geographic Information | 12 Months Ended
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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 States |  | Europe |  | Greater China |  | Other |  | Total
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |
Revenue | $ | 306,766 |  |  | $ | 217,880 |  |  | $ | 164,147 |  |  | $ | 225,722 |  |  | $ | 914,515 |
Long-lived assets | 56,948 |  |  | 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 assets | 62,946 |  |  | 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 assets | 66,928 |  |  | 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,
| 2024 |  | 2023 |  | 2022
Revenue | $ | 914,515 |  |  | $ | 837,547 |  |  | $ | 1,006,090 |
Less: |  |  |  |  |
Cost of revenue (1) | 288,721 |  |  | 236,306 |  |  | 284,185 |
Gross profit | 625,794 |  |  | 601,241 |  |  | 721,905 |
Less: |  |  |  |  |
Research, development, and engineering expenses |  |  |  |  |
Salaries and fringe benefits | 79,544 |  |  | 78,762 |  |  | 76,448 |
Incentive compensation (2) | 4,711 |  |  | 1,446 |  |  | 3,447 |
Stock-based compensation | 14,628 |  |  | 16,480 |  |  | 17,693 |
Depreciation and amortization | 3,229 |  |  | 3,056 |  |  | 2,649 |
Other segment expenses (3) | 37,703 |  |  | 39,656 |  |  | 40,896 |
Total research, development, and engineering expenses | 139,815 |  |  | 139,400 |  |  | 141,133 |
Selling, general, and administrative expenses |  |  |  |  |
Salaries and fringe benefits | 179,898 |  |  | 166,612 |  |  | 150,696 |
Incentive compensation (2) | 45,565 |  |  | 35,513 |  |  | 40,716 |
Stock-based compensation | 35,849 |  |  | 36,309 |  |  | 34,796 |
Depreciation and amortization | 16,936 |  |  | 11,759 |  |  | 10,702 |
Other segment expenses (3) | 92,666 |  |  | 88,946 |  |  | 75,197 |
Total selling, general, and administrative expenses | 370,914 |  |  | 339,139 |  |  | 312,107 |
Loss (recovery) from fire | — |  |  | (8,000) |  |  | 20,779 |
Restructuring charges | — |  |  | — |  |  | 1,657 |
Operating income | 115,065 |  |  | 130,702 |  |  | 246,229 |
Foreign currency gain (loss) | 1,531 |  |  | (10,039) |  |  | (1,837) |
Investment income | 13,971 |  |  | 14,093 |  |  | 6,715 |
Other income (expense) | 922 |  |  | 592 |  |  | (412) |
Income before income tax expense | 131,489 |  |  | 135,348 |  |  | 250,695 |
Income tax expense | 25,318 |  |  | 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.

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